Strong jobs report amid tariff uncertainty
There was a surge on Wall Street amid a strong jobs report, with the S&P and NASDAQ recovering all losses since President Trump announced tariffs on April 2. Meanwhile, in an exclusive interview, President Trump told NBC News that the U.S. is in an economic transition period. NBC News' Garrett Haake reports.May 2, 2025
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The Guardian
2 hours ago
- The Guardian
The strait of Hormuz: what is it, and why does it matter to global trade?
President Donald Trump's unprecedented decision to bomb three Iranian nuclear sites has deepened fears of a widening conflict in the Middle East. Joining Israel in the biggest western military action against the Islamic Republic since its 1979 revolution, the world is now bracing for Iran's response. One way Iran could retaliate, analysts say, is to close off the strait of Hormuz, a vital trade route, through which over a fifth of the world's oil supply, 20m barrels, and much of its liquified gas, passes each day. Iran has in the past threatened to close the strait, which would restrict trade and impact global oil prices, but has never followed through on the threat. Among the world's most important oil chokepoints, the strait of Hormuz is geo-strategically important to the United States and beyond, as the strength of the global economy is heavily dependent on the flow of oil. The strait lies between Oman and Iran and links the Gulf to the north with the Gulf of Oman to the south and the Arabian Sea beyond. It is 33km wide at its narrowest point, with the shipping lane just 3km wide. About one-fifth of the world's total oil consumption passes through the strait. Between the start of 2022 and last month, approximately 17.8 million to 20.8m barrels of crude, condensate, and fuels flowed through the strait daily, according to data from analytics firm Vortexa. Members of the Organization of the Petroleum Exporting Countries (OPEC) – Saudi Arabia, Iran, the United Arab Emirates, Kuwait and Iraq – export most of their crude via the strait, mainly to Asia. The US Fifth Fleet, based in Bahrain, is tasked with protecting commercial shipping in the area. Closing the strait has the advantage of being a means to impose a direct cost on Trump, as it would trigger an oil price spike with a near immediate inflationary effect in the US and across the globe. But it would also be an act of dramatic economic self-harm. Iranian oil uses the same gateway, and shutting Hormuz risks bringing Gulf Arab states, who have been highly critical of the Israeli attack, into the war to safeguard their own interests. In particular, closing the strait would significantly harm China. The world's second-largest economy buys almost 90% of Iran's oil exports, which are subject to international sanctions. US secretary of state Marco Rubio has called on China to help stop Iran from closing it, telling Fox news: 'I encourage the Chinese government in Beijing to call them about that, because they heavily depend on the strait of Hormuz for their oil.' 'If they do that, it will be another terrible mistake,' he added, 'It's economic suicide for them if they do it.' There are already reports that some supertankers have U-turned in the strategic waterway following the US strikes. Iran's Press TV reported at the weekend that the Iranian parliament approved a measure to close the strait of Hormuz, but ultimately the decision will come down to Iran's top leaders. On Sunday Iran's foreign minister, Seyed Abbas Araghchi, hinted at what could be an open-ended retaliation when he said that Trump's decision to bomb Iran 'will have everlasting consequences'. In his first comments since the US joined Israel's war on his country, Iran's supreme leader Ayatollah Ali Khamenei said that Israel has made a 'grave mistake' and 'must be punished', but did not make any specific reference to the strait of Hormuz.
Reuters
5 hours ago
- Reuters
Shares dip in Asia, oil up as world awaits Iran response
SYDNEY, June 23 (Reuters) - Wall Street share futures slipped on Monday and oil prices briefly hit five-month highs as investors anxiously waited to see if Iran would retaliate to U.S. attacks on its nuclear sites, with resulting risks to global activity and inflation. Early moves were contained, with the dollar getting only a minor safe-haven bid and no sign of panic selling across markets. Oil prices were up around 2%, but already well off their initial peaks. Optimists were hoping Iran might back down now its nuclear ambitions had been curtailed, or even that regime change might bring a less hostile government to power there. Analysts at JPMorgan, however, cautioned that past episodes of regime change in the region typically resulted in oil prices spiking by as much as 76% and averaging a 30% rise over time. Key will be access through the Strait of Hormuz, which is only about 33 km (21 miles) wide at its narrowest point and sees around 20% of the world's daily oil consumption. "With the U.S. becoming involved, the risk of Iran retaliating by disrupting the flows of oil from the Middle East has risen significantly," warned analysts at ANZ. "Prices in the $90–95/bbl range would be the likely outcome." For now, Brent was up a relatively restrained 1.9% at $78.46 a barrel, while U.S. crude rose 2% to $75.30. Elsewhere in commodity markets, gold edged up 0.2% to $3,375 an ounce . Share markets were proving resilient so far, with S&P 500 futures off 0.3% and Nasdaq futures down 0.5%, having both started with losses near 1%. Nikkei futures were just a fraction lower at 38,380, pointing to a small opening fall for the cash index (.N225), opens new tab. The dollar edged up 0.2% on the Japanese yen to 146.36 yen , while the euro dipped 0.3% to $1.1485 . The dollar index firmed 0.25% to 99.008 . There was also no sign of a rush to the traditional safety of Treasuries, with futures up only 1 tick . Futures for Federal Reserve interest rates were a tick lower, likely reflecting concerns a sustained rise in oil prices would add to inflationary pressures at a time when tariffs were just being felt in U.S. prices. Markets are still pricing a slim chance the Fed will cut at its next meeting on July 30, even after Fed Governor Christopher Waller broke ranks and argued for a July easing. Most other Fed members, including Chair Jerome Powell, have been more cautious on policy leading markets to wager a cut is far more likely in September. At least 15 Fed officials are speaking this week, and Powell faces two days of questions from lawmakers, which is certain to cover the potential impact of President Donald Trump's tariffs and the attack on Iran. The Middle East will be high on the agenda at a NATO leaders meeting at the Hague this week, where most members have agreed to commit to a sharp rise in defence spending. Among the economic data due are figures on U.S. core inflation and weekly jobless claims, along with early readings on June factory activity from across the globe.
Metro
5 hours ago
- Metro
One in seven people lost money to fraud last year, survey finds
One in seven of us has lost money to fraud or scams in the past year, according to a new survey. Some 14% of those surveyed said they had fallen victim to a fraud which had cost them money in the last 12 months. Half of respondents said they had received a fraud attempt within the last three months. The prevalence of online fraud has increased support for tightening online security, with more people saying they are willing to go through additional checks to stay safe. Just under half (49%) of those surveyed by financial insights company TransUnion said they didn't mind being asked to reauthenticate after an initial login, for example, when changing a password or making a payment. An overwhelming 78% of the 1,000 over-18s asked said they did not want to be able to access their accounts without their identity being verified first. Chad Reimers, general manager of fraud and identity at TransUnion in the UK said: 'Quick and seamless journeys have become the norm. 'However, consumers are increasingly demanding trust as part of their interactions with digital channels. To view this video please enable JavaScript, and consider upgrading to a web browser that supports HTML5 video 'There are increasing demands from consumers to ensure security and authentication – and this spans across sectors, from financial services, to gaming, to online dating.' As well as reporting incidents to the police, people who believe they have fallen victim to fraud should tell their bank or payments provider as soon as they can. This can help the provider to claw back the money and could also help to prevent further fraud attempts on the account. Many banks have signed up to the 159 service – a memorable number that people can call if they have received contact that they suspect to be fraudulent. More Trending People can also check their credit reports for any activity which may indicate fraud. The UK lost around £23.9 billion to fraud and scams last year, according to the Nasdaq financial crime report – the equivalent to around 1% of Britain's GDP. This was the biggest loss in any country in the European region, followed France and Germany. View More » UK fraud reportedly accounts for more than 40% of crime but it receives 'less than 1% of police resources,' Janine Hirt, the CEO of Innovate Finance told Compliance Corylated. Get in touch with our news team by emailing us at webnews@ For more stories like this, check our news page. MORE: Family pays tribute to mum killed before house was blown up MORE: Full list of Santander bank branches closing this week MORE: Man, 22, fighting for life after stabbing outside prayer centre
