U.S. GDP grew at a 2 percent annualized rate in the first quarter of 2026, according to the latest report from the Bureau of Economic Analysis. That is up significantly from last quarter’s anemic 0.5 percent rate, but narrowly missed economists’ expectations of 2.2 percent.
Economic prospects for the rest of the year remain clouded by the Iran War, which has pushed up fuel prices. Iran’s closure of the Strait of Hormuz has cut off a significant portion of global oil supply. Brent crude oil prices remained elevated at $111 per barrel Thursday, while the average price of a gallon of gas reached $4.30, the highest since 2022.
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