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Mideast tensions: After Israel attacked Iran last week, experts predicted gas prices would increase for U.S. consumers by roughly 20 cents per gallon. Drivers will start to feel the hike in the coming days. There is typically a lag of a few days between spikes in oil prices and what drivers pay at the pump, as gas stations run through their inventory. Read more from The Washington Post.
Charge it: The premium credit card battle is intensifying as JPMorgan Chase prepares to refresh its Sapphire Reserve card. In response, American Express announced major upcoming updates to its Platinum cards—its biggest refresh yet—promising new benefits and value that will significantly exceed the annual fee. Read more from CNBC.
Moving forward: All 50 states as well as the District of Columbia and U.S. territories have approved a $7.4 billion settlement with Purdue Pharma, maker of Oxycontin, over the company’s improper marketing of opioids. The deal was filed with a federal bankruptcy court by Purdue Pharma officials in March after negotiations with state attorneys general and other stakeholders. If this plan is finalized, payouts will occur over the next 15 years. Read more from NPR.
