Oil prices edged lower Friday, giving up some of the ground made in a recent rally spurred by supply concerns in Venezuela and Iran. The economic crisis in Venezuela is curtailing the country’s oil production, while the planned reinstatement of U.S. sanctions against Iran is expected to hit production from the third-largest member of the Organization of the Petroleum Exporting Countries. Click Read More below for additional information.

The flipping of the calendar brought with it increases in the minimum wage in select states across the country. Nineteen states increased their minimum wages on Jan. 1, raising earnings for more than 8.3 million workers (list of states at end of article). For the first time, there are more workers in states with a $15 or greater minimum wage than in states with the federal minimum of $7.25, according to the Economic Policy Institute. In addition, 47 cities and counties raised their minimum wages, adding to the number of workers likely to get larger paychecks. The state with the biggest increase in 2026 is Hawaii, where the minimum wage increased by $2 per house, rising from $14 to $16. Other states with minimum wage increases include Arizona, California, Michigan, New Jersey and New York. With the 2026 increases, Washington maintains its position as the state with the highest minimum wage in the country, with workers receiving $17.20 per hour. New York City is next, at $17 per hour (the increase also applies to New York’s Long Island and Westchester.)