'Game over': Former Israeli spokesperson calls for peace with Iran

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Yahoo

20 minutes ago

• Yahoo

Oil tanks 6% as Iranian retaliation against US spares energy supply

Oil futures slid 6% on Monday as Iran appeared to spare the energy market while the country launched missiles targeted at a US air base in Qatar in retaliation for US bombings on Iranian nuclear sites. Brent crude (BZ=F), the international benchmark, dropped to $72 per barrel. West Texas Intermediate (CL=F) also fell roughly 6% to trade below $70 per barrel. The declines came after Iranian state media said it launched missile attacks against a US air base in Qatar, matching the number of bombs dropped by the US over the weekend, in a move the Associated Press said signaled "a likely desire to deescalate." Prior to the retaliatory move, Wall Street weighed various scenarios after President Trump announced on Saturday that the US struck three Iranian nuclear facilities, including the threat of Iran closing the Strait of Hormuz, a critical chokepoint for oil flows. On Monday morning, President Trump posted on social media: "To The Department of Energy: DRILL, BABY, DRILL!!! And I mean NOW!!!" "The main reason for this stability is that energy infrastructure has largely been spared from direct attacks, with number of oil tankers transiting through the Strait of Hormuz remaining steady," JPMorgan's Natasha Kaneva and her team wrote on Monday morning. On Sunday, futures spiked after Iran's parliament voted to close the Strait of Hormuz, but the final decision rests with Iran's Supreme National Security Council and Supreme Leader Ayatollah Ali Khamenei. The oil market is now factoring in "a one-in-five chance of a material disruption in Gulf energy production flows, with potential for crude prices to reach the $120-130 range," Kaneva wrote. "Yet, beyond the short-term spike induced by geopolitics, our base case for oil remains anchored by our supply-demand balance, which shows that the world has enough oil," she added. She also noted that "with fewer reliable partners in the Middle East and limited regional appetite for a broader conflict, Iran faces a constrained set of options and a heightened set of risks as it deliberates its course of action." Other possible retaliatory moves from Iran could include supporting Yemen's Houthi rebels in renewed attacks on commercial shipping, or going after energy infrastructure in neighboring countries. If crude climbs into the $120 to $130 range, analysts predict gasoline and diesel prices could rise by as much as $1.25 per gallon. "Consumers would be looking at a national average gasoline price of around $4.50 per gallon — closer to $6.00 if you're in California," Lipow Oil Associates president Andy Lipow said in a Sunday note. The key issue isn't just the potential for supply disruption, but how long it lasts, Rebecca Babin, senior energy trader at CIBC Private Wealth, told Yahoo Finance on Sunday. "If infrastructure is hit but can be quickly restored, crude may struggle to hold gains," she said. "But if Iran's response causes lasting damage or introduces long-term supply risk, we're likely to see a stronger and more sustained move higher." Last week, JPMorgan analysts noted that since 1967 — aside from the Yom Kippur War in 1973 — none of the 11 major military conflicts involving Israel have had a lasting impact on oil prices. In contrast, events directly involving major regional oil producers, such as the first Gulf War in 1990, the Iraq War in 2003 and the imposition of sanctions on Iran in 2018, have all led to meaningful and sustained moves in oil markets. "During these episodes, we estimate that oil traded at a $7–$14 per barrel premium to its fair value for an extended period," JPMorgan's Kaneva wrote. They added that the most significant and lasting price impacts historically come from "regime changes" in oil-producing countries, whether that be through leadership transitions, coups, revolutions, or major political shifts. "While demand conditions and OPEC's spare capacity shape the broader market response, these events typically drive substantial oil price spikes, averaging a 76% increase from onset to peak," Kaneva wrote. The Organization of the Petroleum Exporting Countries and its allies (OPEC+) had raised output in the months leading up to Israel's strike on Iran on June 13. Ines Ferre is a Senior Business Reporter for Yahoo Finance. Follow her on X at @ines_ferre. Click here for in-depth analysis of the latest stock market news and events moving stock prices Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data

Yahoo

21 minutes ago

• Yahoo

Fed officials are starting to break rank and join Trump

Some Federal Reserve officials are joining President Donald Trump in calling for lower interest rates as soon as July. Fed Vice Chair for Supervision Michelle Bowman on Monday downplayed the potential impacts of Trump's tariffs on prices and said the US central bank should swiftly lower rates to preserve the labor market's health. 'It is time to consider adjusting the policy rate,' Bowman said. 'Should inflation pressures remain contained, I would support lowering the policy rate as soon as our next meeting in order to bring it closer to its neutral setting and to sustain a healthy labor market.' Bowman is the second Fed official to join Trump in calling for lower borrowing costs. On Friday, Fed Governor Christopher Waller said tariffs will likely only result in a 'one-off' increase in inflation. Both Bowman and Waller are Trump appointees. For months, Fed officials have said they prefer to wait to see how Trump's major policy shifts affect the US economy first before considering further rate cuts. At its policy meeting earlier this month, the Fed kept its benchmark lending rate unchanged for the fourth consecutive time. But that strategy hasn't sat well with Trump, who has relentlessly lashed out at the central bank and its leader, Fed Chair Jerome Powell, for not lowering rates. Trump has hurled various insults at Powell, describing him as a 'fool' and a 'numbskull.' Now, the Fed's wait-and-see posture is slowly crumbling, even as tensions in the Middle East heat up, which raises the risk of higher global energy prices. And the jury is still out on the ultimate impact of Trump's tariffs. Bowman said it's possible the Israel-Iran conflict — which escalated over the weekend with the US striking at three Iranian nuclear sites — results in higher commodity prices. And there's still the lingering possibility of Trump's trade war also pushing up prices, she said. Still, that may not even result in higher consumer prices because businesses don't have much leverage to hike prices this time around, Bowman said. 'I am certainly attentive to these inflation risks, but I am not yet seeing a major concern, as some retailers seem unwilling to raise prices for essentials due to high price sensitivity among low-income consumers and as supply chains appear to be largely unaffected so far,' Bowman said. Bowman isn't the only Fed official seemingly not worried about the potential economic impact of the Israel-Iran conflict. Powell has said higher energy prices spurred by the conflict will likely be short lived. 'When there's turmoil in the Middle East, you may see a spike in energy prices, but it tends to come down. Those things don't generally tend to have lasting effects on inflation, although of course in the 1970s, they famously did,' Powell said in a news conference following the Fed's June 17-18 policy meeting. 'But, we haven't seen anything like that now. The U.S. economy is far less dependent on foreign oil than it was back in the 1970s,' he added. Economists have said the economic impact of the current conflict largely depends on how out of hand it gets. A forecast from analysts at EY-Parthenon shows that the US economy could contract by a massive 1.9% annualized rate if the Middle East plunges into an all-out regional war. But in a 'contained' scenario, the US economy could contract only slightly. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data

CNN

24 minutes ago

• CNN

Dangerous heat wave underway for parts of the US

Dangerous heat wave underway for parts of the US An extremely dangerous heat wave is underway for the eastern half of the United States as a potent heat dome reaches its peak, bringing the hottest temperatures of the year so far – the hottest in years for some cities. CNN meteorologist Derek Van Dam reports. 01:01 - Source: CNN Dashcam captures strike near Ashdod Dashcam footage posted on social media shows the moment an Iranian airstrike made impact near the Israeli city of Ashdod. According to Israeli national emergency service MDA, crews have been dispatched to reported impact sites across the country following a barrage of missiles from Iran. 00:46 - Source: CNN CNN team witnesses Israeli strike on Tehran Israeli airstrikes rocked the north of Tehran on Monday. CNN's Frederik Pleitgen shows the aftermath of the attack. 01:14 - Source: CNN Why the Strait of Hormuz is so significant As Iran threatens to disrupt and close the Strait of Hormuz, CNN's Nick Paton Walsh breaks down why this narrow passage is so important. 00:58 - Source: CNN World leaders divided after US attack on Iran The UN Security Council was deeply divided during an emergency session called after US military strikes on Iran's nuclear facilities. 01:27 - Source: CNN Iranians demonstrate against US strikes US President Donald Trump's decision to launch direct strikes against Iranian nuclear sites has sparked a wave of anger in the country, with people on the streets of Tehran telling CNN they expect their country to strike back. 01:33 - Source: CNN Bernie Sanders reacts to US strikes on Iran during speech Sen. Bernie Sanders held a "Fighting Oligarchy" rally in Tulsa, Oklahoma, when he received news of President Donald Trump's strikes on Iran. 01:38 - Source: CNN Satellite images show before and after US strikes in Iran Iran's largest nuclear complex was dealt a series of severe blows in US strikes on Sunday, a CNN analysis of satellite imagery found. See the before and after images, provided by Maxar Technologies, showing the damage visible at three of Iran's nuclear facilities. Initial damage assessments to the three sites are ongoing, according to the UN's International Atomic Energy Agency. 00:54 - Source: CNN Iranian foreign minister responds to US strikes The Iranian Foreign Minister Abbas Araghchi has condemned US strikes on the country's nuclear facilities. He said Iran continues to defend itself by all means necessary against US and Israeli military aggression, and that the US holds "full responsibility for the consequences of its actions." 01:12 - Source: CNN 'No one dirtier than Trump': Iranians react to US strikes CNN's Fred Pleitgen is on the streets of Tehran, Iran's capital city, a day after US President Donald Trump confirmed he approved US strikes on Iran. Hear from residents in the city who say the strikes strengthen their support for Iranian leadership. 00:56 - Source: CNN General describes moment US bomb was dropped on Iran Chairman of the Joint Chiefs of Staff General Dan Caine detailed the moment US B2 bombers dropped Massive Ordnance Penetrator bombs on Iran's Fordow nuclear plant followed by Tomahawk missiles striking Isfahan. The strikes were announced Saturday by President Trump. 00:53 - Source: CNN Iranian FM spokesperson: Trump administration betrayed diplomacy Iranian Foreign Ministry Spokesperson Esmail Baghaei spoke exclusively to CNN's Fred Pleitgen in Iran after the US attacked three key nuclear facilities in the country. Baghaei said the US' actions were "unprecedentedly dangerous" and a "betrayal of diplomacy." 01:27 - Source: CNN First attack on Israel since US struck Iran Israeli emergency responders deployed to multiple sites after reports of impacts from a fresh wave of Iranian missiles. The strikes were the first by Iran since the US announced it had attacked the country's nuclear facilities. 00:49 - Source: CNN CNN on blast site in Tel Aviv: 'A scene of complete devastation' CNN International Diplomatic Editor Nic Robertson in Tel Aviv walks through destroyed apartment buildings after the site got hit by Iranian missile strikes in response to the US' attack. 01:21 - Source: CNN Here's what the US used to attack Iran The US launched a significant military operation targeting Iran's nuclear facilities. CNN military analyst Cedric Leighton breaks down which weapons were deployed, including the Massive Ordnance Penetrator (MOP) for the first time in US combat history. 01:38 - Source: CNN Fareed reacts to US strikes in Iran The US has struck three nuclear sites in Iran, including Fordow, Natanz, and Isfahan, US President Donald Trump said on social media, as the conflict between Israel and Iran enters its second week. CNN's Fareed Zakaria joins Anderson Cooper to discuss. 02:30 - Source: CNN Hegseth says 'American deterrence is back' US Defense Secretary Pete Hegseth addressed reporters during a Pentagon briefing Sunday morning following President Trump's weekend announcement of US strikes on Iran. Trump had said the US had struck Iranian nuclear sites including Fordow, Natanz, and Isfahan. 01:17 - Source: CNN Video shows missiles from Iran streaking skies of Israel CNN's Anderson Cooper reports live from Tel Aviv, as Israel's military says it identified missiles launched from Iran and that defense systems are working to intercept them. The military called on the public to "enter a protected space" and stay there until further notice. Israel has also begun a new wave of attacks in Iran, its military said Saturday. 00:31 - Source: CNN Mahmoud Khalil speaks after being released from ICE detention center Palestinian activist Mahmoud Khalil was released on bail on Friday from a Louisiana ICE detention center, more than three months after he was arrested outside his apartment on Columbia University's campus. The judge found Khalil is not a flight risk or a danger to public safety, saying it's 'highly unusual' to be seeking his detention at this point. 00:36 - Source: CNN Israel and Iran vow to keep fighting Both Iran and Israel's UN ambassadors say that their countries will continue to fight during a tense UN Security Council meeting. 01:25 - Source: CNN Border patrol agents arrest US citizen standing up for detained maintenance worker A US citizen has been arrested after a physical altercation with immigration agents after they detained a maintenance worker at a shopping center in Pico Rivera, California. 01:33 - Source: CNN Anderson Cooper reports from a bomb shelter in Israel CNN's Anderson Cooper reports from a bomb shelter in the basement of a hotel in Tel Aviv as Iran fires another round of missiles at Israel. 01:13 - Source: CNN Why Trump rebuked his own intel chief CNN's Kristen Holmes reports on how Tulsi Gabbard's standing inside the Trump administration has diminished in recent weeks. President Donald Trump has come to see the director of national intelligence as "off message" when it comes to the conflict in the Middle East, according to one senior White House advisor. 02:04 - Source: CNN Inside the room of the Geneva-Iran talks Talks between European and Iranian officials in Geneva, Switzerland were "very tense" at first, but then became much more positive. CNN's Matthew Chance takes us inside the room where these talks took place. 02:04 - Source: CNN Why aren't tariffs causing inflation? For the past year, many economists warned that tariffs would increase prices, but inflation is lower today than when President Trump took office. CNN's Matt Egan breaks down why this might be the case and how economists expect that to change in the coming months. 01:09 - Source: CNN Aftermath of Iranian strike on Haifa CNN's Nic Robertson shows the aftermath of an Iranian strike on Haifa, Israel, less than an hour after it made impact. The strike wounded at least 17 people according to Israeli national emergency service MDA. 00:48 - Source: CNN Jewish GOP Congressman says he was 'run off the road' GOP Rep. Max Miller said he was 'run off the road' on his way to work in Ohio by an individual who yelled "Death to Israel" and had a Palestinian flag. Miller is Jewish and describes himself as a staunch defender of Israel. 00:50 - Source: CNN Iran's foreign minister responds to Trump's call for negotiations After President Trump opened a two-week negotiating window before he decides whether to strike Iran, Iranian Foreign Minister Abbas Araghchi says the country is not seeking negotiations with the United States. 00:16 - Source: CNN Obama's energy secretary on Iran's ability to make a nuclear bomb CNN's Erin Burnett speaks with Ernest Moniz, the former US energy secretary under Obama and negotiator of the Iran nuclear deal, about the country's nuclear capabilities. 02:03 - Source: CNN CDC official who resigned warns of 'older adults dying unnecessarily' Former infectious disease expert Dr. Fiona Havers speaks with CNN's Jake Tapper after resigning from the CDC citing concerns about changes to the agency's vaccine processes under US Health and Human Services Secretary Robert F. Kennedy Jr. 01:02 - Source: CNN IAEA chief says report on Iran's nuclear program 'not new' CNN's Anderson Cooper speaks with IAEA Director General Rafael Mariano Grossi about the watchdog agency's report findings cited in part by Israeli authorities for its attacks on Iran. 03:24 - Source: CNN Scores killed in Gaza in latest Israeli strikes Israeli strikes in Gaza killed more than 70 people on Thursday, with multiple children dying. Injured children, screaming in pain, were brought to Baptist Hospital in Gaza City and other children appeared lifeless as they were carried into the ward. 00:45 - Source: CNN Video appears to show increase in aerial activity over Tehran CNN's Fred Pleitgen reports on the ground in Tehran, Iran, and witnesses increased aerial activity over the city as the Israel-Iran conflict continues. 01:02 - Source: CNN FDA approves twice-a-year shot to prevent HIV A drug already used to treat HIV has now been given FDA approval to prevent new infections, and the drugmaker says it is remarkably effective. 01:20 - Source: CNN Iranian missile strikes major Israeli medical center CNN's International Diplomatic Editor, Nic Robertson, reports from Beer Sheva, Israel, where a hospital was struck during an Iranian attack. Iran said it was targeting an Israeli intelligence and command center 'near a hospital.' There have been no reported deaths from the strike. 01:04 - Source: CNN Trump admin. to end 988 suicide prevention service for LGBTQ+ youth The Trump administration is ending the 988 Suicide & Crisis Lifeline's specialized services for LGBTQ+ youth on July 17. CNN's Jacqueline Howard reports. 01:01 - Source: CNN Israel's defense minister: Khamenei cannot 'continue to exist' Israel's Defense Minister Israel Katz said Iran's Supreme Leader Ayatollah Ali Khamenei cannot be allowed to 'continue to exist,' after an Israeli hospital was struck by an Iranian missile on Thursday. 00:13 - Source: CNN SpaceX Starship rocket explodes An explosion occurred late Wednesday night at SpaceX's Starbase facility in South Texas. A Starship rocket preparing for its tenth flight test experienced a 'major anomaly,' SpaceX says. There were no injuries and all employees are accounted for, according to SpaceX. The cause of the explosion and the extent of any damage are unclear. CNN has reached out to local police and fire departments for more information. 00:35 - Source: CNN Sole survivor of Air India crash mourns brother Vishwash Kumar Ramesh is the only survivor among 242 on board an Air India flight that crashed in Ahmedabad on June 12. On Wednesday Ramesh attended the funeral for his brother, who died in the tragedy. 00:30 - Source: CNN Hear former President Obama's warning about direction of the US Former President Barack Obama warned that the United States is 'dangerously close' to becoming 'consistent with autocracies' during a civic group event in Connecticut. 00:56 - Source: CNN Anne Burrell dead at 55 Anne Burrell, a chef and television personality whose joyful demeanor made her a beloved fixture on the Food Network, has died, according to the network. She was 55. 00:38 - Source: CNN NYC mayoral candidate arrested at immigration court New York City Comptroller and mayoral candidate Brad Lander was released from federal custody Tuesday afternoon, hours after he was arrested by officers at an immigration court in Manhattan when he tried to escort a migrant whom officers were attempting to arrest. 01:48 - Source: CNN