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Egypt and other lower-income Middle Eastern countries like Lebanon and Pakistan are worried about what comes next after Russia pulled out of a crucial wartime grain deal CAIRO -- Ahmed Salah grew anxious when he heard the news that Russia had suspended a crucial wartime grain deal. The bakery owner in Egypt's capital is concerned it could mean global food prices soar. “There mightn’t be immediate impact,” the 52-year-old said last week as he oversaw workers baking bread in his shop in Cairo, “but if they didn’t find a solution soonest, things would be very difficult.” Russia pulled out of the deal brokered by the U.N. and Turkey to allow Ukraine’s grain to flow during a global food crisis. It helped stabilize food prices that soared last year after Russia invaded Ukraine — two countries that are major suppliers of wheat, barley, sunflower oil and other food to developing nations. Egypt, the world's largest wheat importer, and other lower-income Middle Eastern countries like Le...

Saudi Arabia says it will extend its unilateral production cut of 1 million barrels of oil a day through the end of September in its effort to boost flagging energy prices DUBAI, United Arab Emirates -- Saudi Arabia said Thursday it will extend its unilateral production cut of 1 million barrels of oil a day through the end of September in its effort to boost flagging energy prices, a move that could push U.S. gas prices higher. The Saudi reduction, which began in July, comes as the other OPEC+ producers have agreed to extend earlier production cuts through next year. The national average for U.S. gas prices stood at about $3.82 a gallon on Tuesday — about 30 cents higher than a month ago, according to motor club AAA. While today’s prices at the pump remain far lower than they were last year, when energy costs soared worldwide in the months following Russia’s invasion of Ukraine, experts say such a jump is unusual. This year's record-breaking summer heat has also had an impact, dri...

Global prices for food commodities like rice and vegetable oil have risen for the first time in months after Russia ended a deal allowing Ukraine ship grain and India restricted some rice exports LONDON -- Global prices for food commodities like rice and vegetable oil have risen for the first time in months after Russia pulled out of a wartime agreement allowing Ukraine to ship grain to the world, and India restricted some of its rice exports, the U.N. Food and Agriculture Organization said Friday. The FAO Food Price Index, which tracks monthly changes in the international price s of commonly traded food commodities, increased 1.3% in July over June, driven by higher costs for rice and vegetable oil. It was the first uptick since April, when higher sugar price s bumped up the index slightly for the first time in a year. Commodity prices have been falling since hitting record highs last year in the wake of Russia’s invasion of Ukraine. Disrupted supplies from the two countries exacerbat...

Tesla faces weakening demand amid heightened competition. Electric vehicle company Tesla slashed the price of its cars across global markets as much as 20%, the automaker announced on Thursday night. The move aims to bolster demand as Tesla faces falling sales amid recession fears and heightened com Pet ition, some analysts and investors said. The U.S. price cuts on top-selling cars – such as the Model 3 sedan and Model Y crossover – came in between 6% and 20%, according to an analysis from Reuters. The basic Model Y now costs $52,990, a sharp decline from $65,990, Reuters found. The price cuts add to the savings that U.S. customers will receive from a $7,500 federal tax credit that took hold for many electric vehicles at the outset of the year. CEO Elon Musk, who acquired Twitter in late October, has drawn scrutiny over his apparent focus on the social media platform. MORE: Tesla stock plummeted 12% in a single day. Here's why "It's no secret that demand for Tesla is st...