Lower-income Americans sharply reduced their gas consumption in the month following the Iran war, yet spiking prices still forced them to spend more at the pump, worsening the economy’s disparities, new research released Wednesday showed.

Higher-income households, meanwhile, ratcheted up their spending on gas while barely reducing their consumption, according to a report from the Federal Reserve Bank of New York. Middle-income households fell in-between.

Hopes for strait reopening push Asian shares higher

Asian shares are sharply higher and the price of crude oil was holding above $100 a barrel as investors bet on hopes the U.S. and Iran will strike a deal allowing tankers to deliver crude from the Persian Gulf again.

On Wednesday, oil prices fell nearly 8% and the S&P 500 climbed 1.5% for its best day in nearly a month, setting a fresh record. The Dow Jones Industrial Average jumped 1.2%, and the Nasdaq composite rose 2%. Markets rallied worldwide after President Donald Trump said the Strait of Hormuz could be “OPEN TO ALL” if Iran accepts a reported agreement that the U.S. president did not detail.

Disney offsets fewer overseas visitors

Disney exceeded most expectations in the second quarter due to strength in its streaming service and strong spending at U.S. theme parks that offset weak international tourism.

The company warned early this year that its theme parks division would likely see modest growth due in part to declining tourism from abroad. International tourism in the U.S. has waned for a number of reasons after President Donald Trump’s return to the White House, including tariffs, a crackdown on immigrants, and repeated jabs at allied nations.

Fishing firms reflag ships to tap tuna quotas

A new report reveals European companies have taken a third of the Indian Ocean’s tropical tuna catch.

The Blue Marine Foundation and Kroll found European fleets register ships under flags of countries like Seychelles and Oman to access larger quotas. This practice, while legal, obscures ownership and complicates regulation.

US rights agency sues New York Times

A federal civil rights agency filed a discrimination lawsuit Tuesday against the New York Times, claiming that the new organization passed over a white male employee for a promotion in favor of a lesser qualified woman to meet its diversity goals.

The New York Times called the lawsuit politically motivated and said it would defend itself “vigorously.” The Equal Employment Opportunity Commission filed the lawsuit Tuesday on behalf of a New York Times editor who lodged a complaint after he didn’t get the role of deputy real estate editor in 2025, alleging gender and racial discrimination.

DoorDash to spend millions on gas price relief

DoorDash said Wednesday it expects to spend more than $50 million in the second quarter on gas price relief for its delivery drivers.

The San Francisco-based company said in March that it would offer extra compensation to U.S. and Canadian drivers as part of a temporary program to offset a sharp increase in gas prices due to the Iran war. DoorDash said demand for deliveries remained strong in the January-March period despite higher gas prices. Total orders rose 27% to 933 million. But that fell short of Wall Street’s forecast. First quarter revenue also fell short of expectations.