Latest news with #militarystrikes
Yahoo
4 hours ago
- Business
- Yahoo
European stock markets opened higher despite escalating Israel-Iran conflict
Israel's attack on Iranian nuclear and military targets caused the price of oil to surge more than 7% on Friday since Tehran is one of the world's major producers of oil, despite sanctions by Western countries limiting its sales. A wider war could slow the flow of Iranian oil to its customers and keep prices of crude and gasoline higher for everyone worldwide. But early Monday, those concerns appeared to abate slightly. Oil prices were still volatile on the fourth day of the Israeli-Iran crisis, before giving back a bit of their gains. On Monday morning, the US benchmark crude oil was traded at $73.71 per barrel. Brent crude, the international standard, cost $74 per barrel, down from Friday but still 7% higher than the price before the missile fire started. Military strikes between Israel and Iran are fuelling concerns that oil exports from the Middle East could be significantly disrupted. However, there is currently no indication that the oil flow is impacted, and concerns are running high. Meanwhile, major oil companies are being rewarded on the stock market: BP and Shell both gained more than 1% in the Monday morning trade in Europe. Related Oil prices surge, Europe's markets open lower on Israel Iran strikes What's at stake for Europe if the Strait of Hormuz is blocked? 'Gains in oil majors and defence contractors have helped to push the FTSE 100 onto a positive footing in early trade,' said Susannah Streeter, head of money and markets at Hargreaves Lansdown financial services company. Shares in the FTSE 100's top banks were also rising on inflation fears that could result in higher key interest rates. Standard Chartered rose nearly 3%, Barclays and Natwest were up by more than 1% by 11 am CEST. Also strengthening the banking sector's gains in London, Metro Bank shares soared by more than 14% following speculation that investment firm Pollen Street Capital would take over the lender, Sky News first reported over the weekend. Investors in London also gained confidence after data for May showed a 6.1% year-on-year jump in retail sales in China, the world's second biggest economy. However, it was coupled with lower-than-expected growth in industrial output, which still rose 5.8% from the previous year. After 11 am in Europe, Britain's FTSE 100 inched up 0.3% to 8,876.26. Germany's DAX gained 0.2% to 23,572.39 and the CAC 40 in Paris edged 0.6% higher to 7,728.66. The futures for the S&P 500 and the Dow Jones Industrial Average were up 0.5%. During Asian trading, Tokyo's Nikkei 225 added 1.3% to 38,311.33, while the Kospi in Seoul gained 1.8% to 2,946.66. Hong Kong's Hang Seng surged 0.7% to 24,060.99 and the Shanghai Composite Index added 0.4% to 3,388.73. The price of gold has climbed as it remains a safe haven asset. An ounce of gold added 1.4% on Friday, but gave back some of its gains on Monday morning, and was traded at around $3,437 an ounce. Prices for US Treasury bonds are also on the rise when investors are feeling nervous, but Treasury prices fell Friday, which in turn pushed up their yields, in part because of worries that a spike in oil prices could drive inflation higher. Inflation in the US has remained relatively tame recently, and it's near the Federal Reserve's target of 2%. However, concerns remain high that it could accelerate due to President Donald Trump's tariffs. A better-than-expected report Friday on sentiment among US consumers also helped drive yields higher. The preliminary report from the University of Michigan stated that sentiment improved for the first time in six months after Trump put many of his tariffs on pause, while US consumers' expectations for future inflation eased. In currency trading early Monday, the US dollar gained to 144.18 Japanese yen from 144.03 yen. The euro rose to $1.1582 from $1.1533. The Middle East conflict is set to be the focus of the G7 meeting of leaders of wealthy nations in Canada this week. There are also hopes that Trump will sign more trade deals, which keeps trade optimism a bit higher. 'It's a big week in terms of decisions on interest rates and the direction of monetary policy," Streeter said. "The Federal Reserve is expected to keep rates on hold this week but comments from chair Jerome Powell will be closely watched for future direction of policy.' Meanwhile, there is a monetary policy meeting of the Bank of England this week, where 'policymakers are expected to press pause on rate cuts,' Streeter explained, citing the potential impact of higher energy costs. Meanwhile, the UK government's infrastructure plans are going to be revealed in more detail this week. 'The 10-year strategy, worth £725 billion (€850.8 bn), is the backbone of the Starmer administration's plan to kickstart growth,' Streeter said. Sign in to access your portfolio
LBCI
6 hours ago
- Politics
- LBCI
Israeli army says bombed Iranian military targets, including nuclear research site
The Israeli army said on Friday that it carried out overnight strikes on dozens of military targets in Iran, including an attack on the Organization for Defense Innovation and Research, which it said is involved in developing nuclear weapons. Reuters
Washington Post
8 hours ago
- Politics
- Washington Post
The Latest: Israeli airstrikes reach into Iranian city of Rasht
Israel and Iran exchanged strikes a week into their war Friday as new diplomatic efforts appeared to be underway. Iran's Foreign Minister Abbas Araghchi appeared headed to Geneva for meetings with the European Union's top diplomat and counterparts from the United Kingdom, France and Germany. A plane with his usual call sign took off from the Turkish city of Van, near the Iranian border, flight-tracking data from FlightRadar24 showed. Iran typically acknowledges his departure hours afterward.
BreakingNews.ie
8 hours ago
- Politics
- BreakingNews.ie
Israel and Iran launch new strikes as new diplomatic effort takes shape
Israel and Iran have exchanged strikes a week into their war as Donald Trump considered US military involvement and new diplomatic efforts appeared to be under way. The US president has been weighing whether to attack Iran by striking its well-defended Fordo uranium enrichment facility, which is buried under a mountain and widely considered to be out of reach of all but America's 'bunker-buster' bombs. Advertisement He said he will decide within two weeks whether the US military will be directly involved in the war given the 'substantial chance' for renewed negotiations over Tehran's nuclear programme. Iran's foreign minister Abbas Araghchi appeared to be heading to Geneva for meetings with the European Union's top diplomat and counterparts from the UK, France and Germany. A plane with his usual call sign took off from the Turkish city of Van, near the Iranian border, flight-tracking data from FlightRadar24 showed. Britain's Foreign Secretary David Lammy said he met US secretary of state Marco Rubio and envoy Steve Witkoff at the White House to discuss the potential for a deal to cool the conflict. Advertisement Israel said it conducted air strikes into Friday morning in Iran with more than 60 aircraft hitting what it said were industrial sites to manufacture missiles. It also said it hit the headquarters of Iran's Organisation of Defensive Innovation and Research, known by its acronym in Farsi, SPND. The US has linked the agency to alleged Iranian research and testing tied to the possible development of nuclear explosive devices. Iran's foreign minister Abbas Araghchi (Hassan Ammar/AP) Israeli air strikes reached into the city of Rasht on the Caspian Sea early on Friday, Iranian media reported. The Israeli military had warned the public to flee the area around Rasht's Industrial City, but with Iran's internet shut off to the outside world, it is unclear how many people could see the message. Advertisement In Israel, paramedic service Magen David Adom said missiles struck a residential area in southern Israel, causing damage to buildings, including one six-storey building. Crews provided medical treatment to five people with minor injuries, it added. It comes a day after at least 80 patients and medical workers were wounded in a strike on the Soroka Medical Centre in the southern Israeli city of Beersheba. Israel's defence minister threatened Iranian Supreme Leader Ayatollah Ali Khamenei after the Iranian missile crashed into the hospital. Israel's military 'has been instructed and knows that in order to achieve all of its goals, this man absolutely should not continue to exist', said defence minister Israel Katz. Smokes rises from the Soroka hospital complex (Leo Correa/AP) Israeli Prime Minister Benjamin Netanyahu said he trusted that Mr Trump would 'do what's best for America'. Speaking from the rubble and shattered glass around the hospital, he added: 'I can tell you that they're already helping a lot.' Advertisement The war between Israel and Iran erupted on June 13 with Israeli air strikes targeting nuclear and military sites, senior generals and nuclear scientists. At least 657 people, including 263 civilians, have been killed in Iran and more than 2,000 wounded, according to a Washington-based Iranian human rights group. Iran has retaliated by firing 450 missiles and 1,000 drones at Israel, according to Israeli army estimates. Most have been shot down by Israel's air defences, but at least 24 people have been killed and hundreds wounded. Iran has long maintained its nuclear programme is for peaceful purposes, but it is the only non-nuclear-weapon state to enrich uranium up to 60%, a short technical step away from weapons-grade levels of 90%. Israel is widely believed to be the only Middle Eastern country with a nuclear weapons programme but has never acknowledged it. Advertisement The Israeli air campaign has targeted Iran's enrichment site at Natanz, centrifuge workshops around Tehran, a nuclear site in Isfahan and what the army assesses to be most of Iran's ballistic missile launchers. The destruction of those launchers has contributed to the steady decline in Iranian attacks since the start of the conflict.
Yahoo
9 hours ago
- Politics
- Yahoo
Israel and Iran launch new strikes as new diplomatic effort takes shape
Israel and Iran have exchanged strikes a week into their war as Donald Trump considered US military involvement and new diplomatic efforts appeared to be under way. The US president has been weighing whether to attack Iran by striking its well-defended Fordo uranium enrichment facility, which is buried under a mountain and widely considered to be out of reach of all but America's 'bunker-buster' bombs. He said he will decide within two weeks whether the US military will be directly involved in the war given the 'substantial chance' for renewed negotiations over Tehran's nuclear programme. Iran's foreign minister Abbas Araghchi appeared to be heading to Geneva for meetings with the European Union's top diplomat and counterparts from the UK, France and Germany. A plane with his usual call sign took off from the Turkish city of Van, near the Iranian border, flight-tracking data from FlightRadar24 showed. Britain's Foreign Secretary David Lammy said he met US secretary of state Marco Rubio and envoy Steve Witkoff at the White House to discuss the potential for a deal to cool the conflict. Israel said it conducted air strikes into Friday morning in Iran with more than 60 aircraft hitting what it said were industrial sites to manufacture missiles. It also said it hit the headquarters of Iran's Organisation of Defensive Innovation and Research, known by its acronym in Farsi, SPND. The US has linked the agency to alleged Iranian research and testing tied to the possible development of nuclear explosive devices. Israeli air strikes reached into the city of Rasht on the Caspian Sea early on Friday, Iranian media reported. The Israeli military had warned the public to flee the area around Rasht's Industrial City, but with Iran's internet shut off to the outside world, it is unclear how many people could see the message. In Israel, paramedic service Magen David Adom said missiles struck a residential area in southern Israel, causing damage to buildings, including one six-storey building. Crews provided medical treatment to five people with minor injuries, it added. It comes a day after at least 80 patients and medical workers were wounded in a strike on the Soroka Medical Centre in the southern Israeli city of Beersheba. Israel's defence minister threatened Iranian Supreme Leader Ayatollah Ali Khamenei after the Iranian missile crashed into the hospital. Israel's military 'has been instructed and knows that in order to achieve all of its goals, this man absolutely should not continue to exist', said defence minister Israel Katz. Israeli Prime Minister Benjamin Netanyahu said he trusted that Mr Trump would 'do what's best for America'. Speaking from the rubble and shattered glass around the hospital, he added: 'I can tell you that they're already helping a lot.' The war between Israel and Iran erupted on June 13 with Israeli air strikes targeting nuclear and military sites, senior generals and nuclear scientists. At least 657 people, including 263 civilians, have been killed in Iran and more than 2,000 wounded, according to a Washington-based Iranian human rights group. Iran has retaliated by firing 450 missiles and 1,000 drones at Israel, according to Israeli army estimates. Most have been shot down by Israel's air defences, but at least 24 people have been killed and hundreds wounded. Iran has long maintained its nuclear programme is for peaceful purposes, but it is the only non-nuclear-weapon state to enrich uranium up to 60%, a short technical step away from weapons-grade levels of 90%. Israel is widely believed to be the only Middle Eastern country with a nuclear weapons programme but has never acknowledged it. The Israeli air campaign has targeted Iran's enrichment site at Natanz, centrifuge workshops around Tehran, a nuclear site in Isfahan and what the army assesses to be most of Iran's ballistic missile launchers. The destruction of those launchers has contributed to the steady decline in Iranian attacks since the start of the conflict.
