The tentative agreement to end the war in Iran and reopen the Strait of Hormuz would be good news for the global economy. But even as the price of oil dropped Monday, many questions remain.

Consumer prices rose 4.2% in May from a year earlier, the Labor Department said Wednesday, up from 3.8% in April and the third straight monthly increase. On a monthly basis, prices rose 0.5% last month, after big gains of 0.6% in April and 0.9% in March.

Prices for tomatoes have soared more than any other food product over the past year to cement a spot as one of the consumer headaches du jour.

Gas prices in Chicago are up 70 cents from one month ago, and nearly $1.70 compared to last year, according to data from AAA.

While President Donald Trump and Chinese President Xi Jinping reached some agreement on trade deals, questions still loom large over Taiwanese independence and which country will emerge as the dominant world power for decades to come.

United Airlines CEO Scott Kirby on Monday outlined why he thinks a merger between his airline and rival American would benefit travelers, despite American’s refusal to engage in negotiations.

Chicago restaurants must phase out the tipped minimum wage by July 1, 2028, while giving servers and other workers who earn gratuities 8% raises annually every July 1.

A lack of domestic workforce participation in agriculture pushes Illinois farmers to employ foreign workers through the temporary H-2A non-immigrant visa program.

According to AAA, the national average for a gallon of regular gasoline is now $4.02 — over a dollar more expensive than it was before the war began on Feb. 28. That’s the largest monthly jump the motor club has seen on record.

The national average price for a gallon of regular unleaded gasoline is on the verge of hitting $4 for the first time since 2022.

It will take 34 votes for the Chicago City Council to override Mayor Brandon Johnson’s veto, the third he has issued in less than a year. That effort is expected to take place on April 15.

“I will not abandon phasing out the sub-minimum wage for tipped workers at a time when Trump’s wars and tariffs are making it increasingly difficult to live and raise a family throughout the city and country,” Mayor Brandon Johnson said in a statement.

“Volatile” is the word many are using to describe the economy these days. How should you react to the ups and downs of the market?

“We respectfully urge you to cast aside any efforts to codify the invalidated levies struck down by the Supreme Court and instead enact meaningful statutory constraints on presidential tariff power that allow for appropriate congressional review,” the letter reads.

The national average gas price was $3.48 a gallon on Monday, up from $2.90 a month ago, before the war, according to tracking by AAA.

Iran named the hard-line Ayatollah Mojtaba Khamenei to succeed his late father as supreme leader on Monday, signaling no letup in the war launched by the United States and Israel.