The AAA national average price for regular gas is back above $4 again amid the U.S. war with the Islamic Republic of Iran.

As of July 21, the AAA national average for regular fuel is $4.019, up from yesterday’s average of $4.003, the week-ago average of $3.859 and the month-ago average of $3.938. The year-ago average was much lower at just $3.141.

Fox News Digital reached out to the White House on Tuesday.

IRS RAISES BUSINESS MILEAGE DEDUCTION RATE AMID FUEL PRICE SURGE

A person pumps gas at a BP station on March 17, 2026, in the Kensington neighborhood of the Brooklyn borough in New York City. (Michael M. Santiago/Getty Images / Getty Images)

“Every time Iran kills an American Soldier they will pay for that killing many times over! This directive has been passed on to Secretary of War, Pete Hegseth, Chairman of the Joint Chiefs of Staff, Daniel Caine, and every Leader in the Military,” President Donald Trump asserted in a Monday Truth Social post.

Former Rep. Marjorie Taylor Greene, who left Congress early this year after a falling out with the president last year, responded to Trump’s comments by writing in a post on X, “Our American soldiers wouldn’t be getting killed if you weren’t fighting an unnecessary war against Iran to open the Strait of Hormuz that was already open before you went to war. End the war. In your 1st term in 2019, gas was under $2 and inflation was 1.8%, DO THAT AGAIN!”

ARMY IDS 2 VICTIMS KILLED IN JORDAN AIR BASE ATTACK; TRUMP: IRAN WILL PAY ‘MANY TIMES OVER’

U.S. President Donald Trump looks on during a bilateral meeting with the Prime Minister of Iraq, Ali al-Zaidi, in the Oval Office of the White House on July 14, 2026, in Washington, D.C. (Andrew Harnik/Getty Images / Getty Images)

House Minority Leader Hakeem Jeffries, D-N.Y., declared in a Monday post on X, “Gas prices are back above $4 per gallon. The Republican war of choice in Iran is making life more expensive. Why is Pete Hegseth still around?”

U.S. Central Command (CENTCOM) noted on Monday that it had “completed another round of strikes against Iran at 9 p.m. ET, July 20.”

TRUMP WEIGHS IRAN WAR EXPANSION AS FRESH US STRIKES TARGET HORMUZ SHIPPING THREATS

U.S. House Minority Leader Hakeem Jeffries, D-N.Y., speaks during a news conference at the U.S. Capitol Building on July 13, 2026, in Washington, D.C. (Anna Moneymaker/Getty Images / Getty Images)

GET FOX BUSINESS ON THE GO BY CLICKING HERE

“U.S. forces struck Iranian military command centers, maritime capabilities, missile and drone launch sites, and air defense systems to degrade Iran’s ability to continue attacking commercial vessels flowing through the Strait of Hormuz. Commercial vessel transits through the vital international maritime corridor continue. Since early May, CENTCOM forces have helped facilitate the transit of approximately 900 commercial vessels and 450 million barrels of crude oil,” the release noted.

Copyright ©2026 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8

Andy Burnham has been in Downing Street for barely a day, and rural Britain has already presented him with his first invoice. Farmers, landowners and the wider countryside economy are demanding that the new Prime Minister and his surprise Chancellor, John Healey, reverse the inheritance tax changes that have convulsed British agriculture since 2024.

The pressure lands squarely on the new occupant of No 11, a former Treasury minister who now inherits the most contentious tax policy of the Labour era alongside the nation’s chequebook.

The row dates back to Rachel Reeves’s first Budget, when she announced that agricultural property relief (APR) and business property relief (BPR), the mechanisms that allow farms and family firms to pass between generations without a tax bill forcing a sale, would be restricted from April 2026.

After months of tractor protests in Westminster, the government blinked just before Christmas. The threshold for 100 per cent relief was raised from £1 million to £2.5 million per estate, with married couples able to combine allowances to £5 million, and 50 per cent relief above that. According to the House of Commons Library, the Treasury expects the concession to halve the number of affected estates, from 375 to 185 in 2026-27.

For many in the sector that was mitigation, not resolution. The Country Land and Business Association has argued the reforms could affect around 70,000 farms, and a group of farmers took the government to the High Court in March in a judicial review over the lack of formal consultation on the changes.

What gives the campaign fresh teeth is Burnham’s own words. During his by-election campaign in Makerfield, he said: “I personally have heard from farmers on family farms and I do think that needs looking at again.”

Farming groups intend to hold him to it. CLA director north Harriet Ranson said: “To date, he has made several commitments to the farming and food sector such as pledging to revisit the growth-inhibiting inheritance tax on farms, as well as directing the public sector to procure food more locally.”

She added: “It is my sincere hope that our ‘prime minister in waiting’ will appreciate the entrepreneurial attitudes and business brains that make up the rural economy and work with us to strengthen food production, nature recovery and the valued skills of the communities we represent.”

The prize, from the Treasury’s perspective, is modest revenue. The risk is a repeat of the scenes that defined the past 18 months: tractors on Whitehall, farm-gate protests and a rural economy that feels singled out. NFU president Tom Bradshaw described December’s concession as one that “will come as a huge relief to many”, while CLA president Gavin Lane said it spared family farms from “seeing their businesses taxed out of existence”. Neither organisation regards the matter as closed.

For Burnham, the politics are finely balanced. He has already signalled there is “room for movement” on tax, pledging business rates cuts for pubs and high street firms. Extending that flexibility to the countryside would delight a sector that spans everything from dairy farms to diversified visitor attractions, the breadth of enterprise celebrated at the Rural Business Awards, which are taking place at the National Conference Centre this November.

For rural business owners, the practical advice is unchanged: succession planning cannot wait on Westminster. But with a Prime Minister on record promising to look again, and a Chancellor with his first Budget to write this autumn, the countryside has rarely had a clearer window in which to press its case.

Paul Jones

Harvard alumni and former New York Times journalist. Editor of Business Matters for over 15 years, the UKs largest business magazine. I am also head of Capital Business Media’s automotive division working for clients such as Red Bull Racing, Honda, Aston Martin and Infiniti.

The financial math behind fleeing high-tax states for a Florida paradise is hitting a major roadblock.

While the absence of a state income tax in the Sunshine State remains a powerful draw for transplants, a combination of rising property taxes, soaring property insurance premiums and everyday inflation has pushed Miami’s total cost of living above New York City’s for the first time.

A recent Bloomberg analysis found that data from the U.S. Bureau of Economic Analysis indicate that the combined cost of living in the Miami, Fort Lauderdale and Palm Beach region — dubbed the “Gold Coast” — is now roughly 5% higher than that of the New York metropolitan area and its surrounding suburbs.

CEO: MIAMI’S LUXURY BOOM FUELS ‘MECCA’ FOR WEALTHY AS OTHER BUYERS FEEL PRICED OUT

Additionally, consumer prices in South Florida have risen 36% since 2019, according to the U.S. Bureau of Labor Statistics. That represents the second-highest inflation surge among major American markets, trailing only Tampa.

The Miami metro area has now outpaced New York City for cost of living. (Getty Images/stock / Getty Images)

Despite the state’s lack of an income tax, S&P CoreLogic Case-Shiller data show South Florida home prices have jumped 79% since the pandemic, while the average annual homeowners insurance premium stands at $8,292 — the highest in the country and roughly four times the average cost of insuring a home in New York.

U.S. Census Bureau data also shows that the typical household income in the Miami metro area sits approximately $1,000 below the national median, and the cost of daily tasks like dining out has climbed 4% year-over-year to $94 per person per restaurant bill, compared to New York City’s average of $79 per person per check.

GET FOX BUSINESS ON THE GO BY CLICKING HERE

However, price relief could be on Florida’s horizon after Gov. Ron DeSantis and the Florida Legislature approved a proposed constitutional amendment for the November 2026 general election ballot that would expand the state’s homestead exemption. Under the proposal, eligible homeowners could receive up to a $250,000 exemption from non-school property taxes, phased in beginning in 2027 if voters approve the measure.

If approved by at least 60% of voters, the constitutional amendment could mean lower property tax bills and significant savings for millions of Florida homeowners.

READ MORE FROM FOX BUSINESS

Thames Water’s main lenders are offering the government a “golden share” and more control for local authorities in a bid to stop the troubled supplier from being nationalised.

The government recently rejected a previous rescue proposal, and the BBC understands the lenders are preparing a legal challenge in case the new Andy Burnham-led government takes the firm into public hands.

In his first speech as prime minister on Monday, Burnham said he wanted to see greater public control of “life’s essentials”.

The new proposal offers local authorities greater involvement in the firm, similar to the relationship between United Utilities and Greater Manchester agreed when Burnham was the city’s mayor.

The London & Valley Water (L&VW ) consortium of lenders had already proposed a £10bn deal to prevent Thames Water from entering administration. It would involve writing off nearly half of its debt and injecting new cash in return for leniency on future pollution fines.

The deal was rejected by the government in June, with then-environment secretary Emma Reynolds saying it did not do enough for consumers or the environment.

Sources close to the new deal said the creditors had sweetened it with hundreds of millions in new money on top of the existing offer. A golden share would give the government veto power over decisions.

The government has been contacted for comment.

L&VW said on Tuesday that the new offer had “material improvements” on the old one, and would benefit customers.

A spokesperson said: “We continue to believe that the L&VW plan is by far the fastest and most reliable route to solving Thames Water’s complex problems and improving outcomes for customers and the environment.”

They said the new deal “achieves this without any government funding or cost to taxpayers”.

Fears first emerged three years ago that Thames Water could collapse and it has recently warned it could run out of cash by November.

The company, which supplies water and wastewater services for 16 million people across London and parts of southern England, was handed a £122.7m fine last year, the biggest ever issued by the industry regulator Ofwat, for breaching rules on sewage spills and shareholder payouts.

Sources close to the creditors have previously told the BBC that in the event of full nationalisation, they would pursue payment in full of the outstanding debts as has happened in previous cases, which could leave the government with a multi-billion-pound bill.

If the company does go bust, households will still have drinking water and sewerage services.

This article was written by

Follow

Analyst’s Disclosure: I/we have a beneficial long position in the shares of CAI either through stock ownership, options, or other derivatives. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

Seeking Alpha’s Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.

SEOUL — South Korea’s benchmark KOSPI index surged 3.56%, or 231.68 points, to close at 6,747.95 on Tuesday, snapping a two-day losing streak as investors returned in force to beaten-down semiconductor stocks and the country’s bourse operator briefly halted program trading amid the sharp rebound.

The index’s rally came after the KOSPI had lost 10.5% over the two preceding trading sessions, a stretch that had left the benchmark down more than a quarter from its record closing high reached June 22. Tuesday’s session began on shakier footing, with the index initially losing ground in early trading before sharply reversing course around midday and continuing to climb into the close.

A trading halt as the rally accelerated

The strength of Tuesday’s rebound prompted the Korea Exchange to activate what is known locally as a buy-side sidecar, a trading curb triggered when the Kospi 200 Futures index rises 5% or more within a one-minute window. Program trading for Kospi-listed shares was suspended for five minutes starting at 12:41 p.m. local time as the rally accelerated, with the index briefly touching an intraday high above 6,821 before settling to its final close of 6,747.95.

Chip stocks lead the recovery

Semiconductor giants Samsung Electronics and SK Hynix led Tuesday’s gains, with Samsung climbing 5.94% and SK Hynix rising 6.4% as bargain hunters moved back into technology shares that had been battered during the preceding sessions of the broader AI-related market correction. SK Square also posted strong gains, up 6.97%, while other notable advancers included KB Financial Group, up 3.02%, Kia Corporation, up 2.64%, Shinhan Financial Group, up 3.34%, Hanwha Aerospace, up 2.17%, Doosan Enerbility, up 2.93%, and SK Inc, up 3.28%.

Trading volume for the session came in at a moderate 387.8 million shares, worth approximately 24.5 trillion won, or roughly $16.6 billion. By investor type, foreign investors and institutions were both net buyers during the session, while individual retail investors were net sellers, according to Korea Exchange data.

Strong export data fuels investor confidence

Beyond the technical rebound in chip stocks, Tuesday’s rally was further supported by unexpectedly strong export figures. South Korea’s exports during the first 20 days of July climbed more than 50% year-over-year, driven in large part by a roughly 180% surge in semiconductor shipments tied to sustained global demand for artificial intelligence infrastructure. That data reinforced investor confidence in the earnings outlook for the country’s dominant memory chip manufacturers, further bolstering the case for Tuesday’s rebound.

A pullback that analysts describe as technical

The KOSPI’s steep decline over the prior two sessions has drawn attention from major international banks assessing whether the pullback represents a lasting shift in sentiment or a more temporary correction. Citi analysts characterized the recent sell-off as largely technical in nature. “We think the recent share price pullback of KOSPI equities, led by KR memory suppliers, is more of a technical correction driven by market-wide profit-taking and therefore could represent a potential buying opportunity,” the analysts wrote in a note.

Citi’s assessment echoed a broader narrative in which South Korea’s stock market, the best-performing major global index in 2025, saw its momentum disrupted more recently by concerns over the sustainability of global AI infrastructure spending, concentration risk tied to its two largest listed companies, and speculative trading activity among the country’s large base of domestic retail investors.

Easing geopolitical tensions add to the positive tone

Beyond the chip sector-specific catalysts, easing concerns over the conflict between the United States and Iran also contributed to improved investor sentiment across South Korean markets Tuesday. While lingering worries about the Middle East conflict kept some investors cautious, reports of renewed mediation efforts between Iran and the United States helped support broader risk appetite, encouraging buying across a wide range of sectors beyond just technology and semiconductors.

The won strengthens alongside the equity rally

South Korea’s currency also firmed against the U.S. dollar as part of Tuesday’s broader market rebound, easing back from a 10-week high reached during the recent period of equity market weakness. The combination of a strengthening currency and a sharply higher stock market reflected a broader improvement in investor sentiment toward South Korean assets following the difficult stretch that preceded Tuesday’s session.

A volatile year for Korean markets overall

Despite the recent turbulence, the KOSPI remains up substantially over the past year, trading roughly 112.87% higher than the same point in 2025, according to available trading data, even after declining nearly 26% over the trailing month amid the sharp AI-related correction. The index’s dramatic rise over the past year has been driven substantially by South Korea’s dominant position in global memory chip production, particularly high-bandwidth memory chips essential to artificial intelligence data center infrastructure, a theme that has periodically fueled both sharp rallies and equally sharp pullbacks throughout 2026.

With Tuesday’s rebound helping stabilize sentiment following the recent two-day rout, investors are likely to continue closely watching both South Korea’s export data trends and developments in the broader global AI infrastructure investment cycle for further signals about the durability of the current rally. At the same time, the trajectory of the U.S.-Iran conflict remains a key variable for both energy prices and broader risk sentiment, with any further progress toward diplomatic resolution likely to provide additional support for South Korean equities in the sessions ahead.