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New York Times
25 minutes ago
- New York Times
U.S. Bombing of Iran Keeps Oil Markets on Edge
If the United States had acted a couple of decades ago to bomb Iran's nuclear weapons program, as it did on Saturday, oil prices would have soared. But even though prices might jump when trading resumes this week, the longer-term effect is far less clear. Oil traders must weigh whether the American attack will lead to wider fighting that harms exports from the Persian Gulf, said Muyu Xu, senior Asia crude oil analyst at Kpler, a global commodities and shipping data firm. Wider fighting could drive up prices if oil-loading facilities are damaged or tanker traffic is interrupted. There have been no major disruptions so far since the Israel-Iran conflict escalated this month, though Israel's air attacks did set fire to a refinery and refined products depot supplying Tehran. 'Until now, we haven't seen a single barrel removed from the market,' Ms. Xu said. Military action by Iran to interrupt the flow of oil would mostly harm China, which is closely aligned with Iran and buys nearly all of Iran's oil exports. Oil prices have risen about 10 percent since the recent eruption of hostilities, which began with a surprise attack on Iran by Israel on June 13. They fell on Friday after President Trump said he would decide within two weeks whether to enter the war against Iran. Ever since the Iranian Revolution in 1979, American policymakers worried that Iran might act against the United States by using mines or missiles to block tanker traffic through the Strait of Hormuz. The strait is the entrance to the Persian Gulf, through which a sixth of the world's oil moves on tankers, and the northern side of the strait is Iran's coastline. China buys a third of all oil coming out of the gulf, according to Kpler's data, and helped broker a rapprochement two years ago between Iran and Saudi Arabia, another big exporter of oil from the Persian Gulf. By contrast, the United States buys less than 3 percent of the oil coming out of the Persian Gulf, notably from northern Saudi Arabia. The United States became an overall net exporter of oil in 2020 as fracking technologies enabled a big increase in domestic oil production. Iran's oil exports have declined steeply in recent years, although there was a partial rebound last year as China stepped up purchases from Iran following the rapprochement with Saudi Arabia. The United States and Europe have imposed broad prohibitions on the purchases of Iran's oil so as to pressure Tehran to abandon its nuclear weapons program. China has bought Iran's exports at a deep discount to world prices. Beijing leaders have long contended that the sanctions against Iran are not binding on China because the United Nations has not endorsed them. Even more unclear is what could happen to Iran's oil long-term oil exports. The sanctions that have curtailed much of Iran's exports were aimed at forcing it to stop developing nuclear weapons.
Washington Post
28 minutes ago
- Washington Post
D.C. region leaders criticize, endorse U.S. attack on Iran
Sen. Tim Kaine (D-Virginia) called President Donald Trump's attack on Iranian nuclear sites a reckless display of 'horrible judgment' as elected leaders from the Washington region swiftly responded to Saturday night's news. After the U.S. strikes on the sites became known, responses came quickly, and appeared to split along party lines. Democrats suggested that the U.S. was being drawn into war, while Republicans praised the president, as someone who, in the words of Virginia Gov. Glenn Youngkin, 'meant what he has said, over and over again.' In a message posted on social media, Youngkin added: 'Iran must never have a nuclear weapon. Promises made, promises kept.' Support for Trump also came from Virginia's attorney general, Jason Miyares (R), who said the U.S. had responded to what he called the longtime rallying cry of Iran's theocratic regime: 'Death to America.' Rep. Jane Kiggans (R-Virginia) said she supported the bombing 'because Iran cannot have nuclear weapons.' Our goal remained 'peace through strength,' she said, and urged Iran to heed Trump's warning not to retaliate against U.S. forces or citizens. Both of Virginia's Democratic Senators, Kaine and Mark R. Warner, voiced objections to Trump's actions. Warner said Trump had taken office pledging to stop unending foreign wars. But Warner added, 'Tonight he took steps that could drag the United States into another one.' Kaine, in a message posted like many of the others on the platform X, formerly Twitter, appeared particularly vehement in his objections to the decision to attack. Quoting an Israeli official as saying that his country's bombing had set back Iran's nuclear program at least two or three years, Kaine asked: 'So what made Trump recklessly decide to rush and bomb today?' He said the president had displayed 'horrible judgment,' adding that he would try to allow all senators 'to vote on whether they are for this third idiotic Middle East war.' His opposition appeared similar to that of Sen. Chris Van Hollen (D-Maryland) who asserted that Trump had 'dragged us into' war, violating the Constitution. He said Trump's attack 'endangers American lives and risks unleashing dangerous forces we can't control.' Meanwhile, D.C. Mayor Muriel E. Bowser (D) addressed the possible security implications of the attack for Washington as the nation's capital. Following the strikes on Iran, she said, consultations had been held with federal security officials to assess possible threats and protect the city. 'Together, we are monitoring intelligence and, as always, ask everyone to stay vigilant. If you see something, say something.'
Fox News
30 minutes ago
- Fox News
At UN Security Council, Israel's ambassador slams Iranian hypocrisy
Israel's Ambassador to the United Nations Danny Danon, slammed Iran's UN representative as "a wolf disguised as a diplomat," during a fiery session of the Security Council on Saturday, hours before the US struck three nuclear sites in Iran. Following the US strike on nuclear sites in Fordow, Natanz and Isfahan, which President Donald Trump said had been "totally obliterated," Iran's Ambassador to the UN Amir Saeid Iravani demanded another "emergency meeting" of the Security Council calling for condemnation "in the strongest possible terms" of the US actions and for it not to go "unpunished." "The Islamic Republic of Iran urgently requests the Security Council to convene an emergency meeting without delay to address this blatant and unlawful act of aggression," Iravani wrote in a letter to UN Secretary General António Guterres. Iravani called the US strikes "premeditated, and unprovoked," and said it was a "flagrant violation of international law." Earlier, Danon, in response to similar allegations against Israel, highlighted the council's hypcoricy, callilng the Iranian representative a "wolf disguised as a diplomat." "How dare a representative of a regime that finances, arms and orchestrates terrorism all over the world, ask for compassion from this Council?" Danon said during a council session on Saturday. "You are not a victim. You are not a diplomat. You are a wolf disguised as a diplomat, and we are done pretending otherwise." Following the US strike on Iran, which included five to six bunker buster bombs dropped on Fordow nuclear site and some 30 Tomahawk missiles fired against sites in Natanz and Isfahan, Danon told Fox News Digital that "after decades of ignoring the International community, Iran is trying to play victim and ask for sympathy from the Security Council." "Sec Gen Guterres should be thanking President Trump for taking action and making the world a safer place — instead of condemning the U.S. for promoting peace through strength," Danon told Fox News Digital. "After years of the UN's incompetence that allowed Iran to accelerate its dangerous nuclear weapons program, the U.S. has acted forcefully to prevent a destructive nuclear Iran from threatening Israel, the U.S. and the free world," he said. "I am gravely alarmed by the use of force by the United States against Iran today. This is a dangerous escalation in a region already on the edge – and a direct threat to international peace and security," Guterres said in a statement. "There is a growing risk that this conflict could rapidly get out of control – with catastrophic consequences for civilians, the region, and the world," he added, calling on UN member states to "de-escalate and to uphold their obligations under the UN Charter and other rules of international law." An Iranian missile attack on Israel on Sunday, hours after the US struck nuclear facilities in Iran, scored direct hits in the cities of Tel Aviv, Haifa and Nes Ziona, causing widespread destruction but no immediate fatalities, Israeli authorities said. Images shared by Israel's first responders showed multistorey buildings with their sides blown away and windows shattered and single family homes in ruins, as rescue crews searched the debris for survivors. Israel's first aid agency, Magen David Adom, said there were no initial reports of fatalities but that more than 16 people were injured and evacuated to hospital. In a press briefing, Tel Aviv's Mayor Ron Huldai said the damage in his city was "very extensive but in terms of human life, we are okay." "Houses here were hit very, very badly," he said, adding that "fortunately, one of them was slated for demolition and reconstruction, so there were no residents inside. Those who were in the shelter are all safe and well." In Nes Ziona, a town just south of Tel Aviv, a house was directly hit by a missile and the surrounding buildings destroyed, but, according to Israeli media reports, the families were in their shelter. Israel's home front command on Sunday put the country back onto emergency footing, days after some of the restrictions on commercial centers and larger gatherings had been eased.
