Brent crude exceeds $105; Macy’s receives $116 million in tariff refunds

Amid the U.S.-Iran conflict, Brent crude briefly exceeded $105 per barrel during trading on September 10 for the first time since May, while U.S. benchmark crude also briefly topped $100. The average U.S. regular gasoline price rose to about $4.28 per gallon, up nearly 34% year over year, increasing pressure on transportation costs. Macy’s said it received $116 million in tariff refunds, including $98 million during the quarter and another $18 million after the quarter ended, with some of the refunds used to lower prices on furniture and other products.