SCOTUS Decisions With Sweeping Implications - The Arena with Kasie Hunt - Podcast on CNN Podcasts
SCOTUS Decisions With Sweeping Implications The Arena with Kasie Hunt 47 mins
Kasie Hunt and her panel look at the bigger impact of today's Supreme Court decisions about birthright citizenship and LGBTQ books in schools. The top Democrat on the Senate Armed Services Committee discusses the latest on Iran. Plus, a look at the gown at the Bezos-Sanchez wedding.
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Yahoo
35 minutes ago
- Yahoo
Oil rises and Europe's markets open lower after US strikes on Iran
Investors reacted to US strikes on Iran over the weekend as Iran and Israel continued to trade missile fire on Monday morning. The price of Brent crude oil rose around 1.53% to $78.19 a barrel as of around 7.15 CEST, while WTI rose 1.48% to $74.93 a barrel. On Sunday, US forces attacked three Iranian nuclear and military sites, stating that Tehran must not be allowed to possess a nuclear weapon. President of Iran Masoud Pezeshkian said that the country "will never surrender to bullying and oppression", while Iranian foreign minister Abbas Araghchi has arrived in Moscow for talks with Russian president Vladimir Putin. European markets opened in the red on Monday as investors digested the news. The FTSE 100 was down 0.28% to 8,749.98, the CAC 40 fell 0.66% to 7,539.68, the DAX slipped 0.55% to 23,222.90, while the FTSE MIB dropped 0.97% to 38,852.55. The STOXX 600 fell 0.28% to 535.03 while the EURO STOXX 50 dropped 0.26% to 5,220.02. Over in the US, futures for the S&P 500 slipped 0.13% to 6,010.25 and Dow Jones Industrial Average futures dropped 0.2% to 42,431.00. Nasdaq futures fell 0.18% to 21,804.50 on Monday morning. In Asian trading, Tokyo's Nikkei 225 index fell 0.19% to 38,331.12, the Kospi in Seoul dropped 0.3% to 3,012.88, and Australia's S&P/ASX 200 declined 0.37% to 8,474.40. Hong Kong's Hang Seng and the Shanghai Composite Index were in positive territory, with respective gains of 0.35% to 23,611.68 and 0.13% to 3,364.29. Related Energy in Europe is also at stake as Israel-Iran conflict escalates Israel-Iran conflict fuels best month for energy stocks since 2022 The conflict, which flared up after an Israeli attack against Iran on 13 June, has sent oil prices higher linked to Iran's status as a major oil producer. The nation is also located on the narrow Strait of Hormuz, through which much of the world's crude oil passes. Investors are concerned that Tehran might decide to bomb oil infrastructure in neighbouring countries or block tankers from travelling through the Strait of Hormuz. Shipping company Maersk said on Sunday that it was continuing to operate through the strait, adding: "We will continuously monitor the security risk to our specific vessels in the region and are ready to take operational actions as needed." According to vessel tracking data compiled by Bloomberg, two supertankers Coswisdom Lake and South Loyalty U-turned in the Strait of Hormuz on Sunday. The situation now hinges on whether Tehran decides to opt for aggression or a more diplomatic response to US and Israeli strikes. Iran could attempt to close the waterway by setting mines across the Strait or striking and seizing vessels. Even so, this would likely be met by a forceful response from the US navy, meaning the oil price spike may not be sustained. Some analysts also think Iran is unlikely to close down the waterway because the country uses it to transport its own crude, mostly to China, and oil is a major revenue source for the regime. If Tehran did successfully close the Strait, this would cause a wider price spike for transported goods and complicate the deflationary process in the US, potentially keeping interest rates higher for longer. On Monday morning, Trump also floated the possibility of regime change in Iran. "If the current Iranian regime is unable to make Iran great again, why wouldn't there be regime change?" said the US president on Truth Social. Vice president J.D. Vance had commented earlier that the administration did not seek regime change in Iran. Sign in to access your portfolio
Yahoo
35 minutes ago
- Yahoo
Why the Strait of Hormuz remains critical for the global economy
As oil prices are climbing after the attacks on Iran by Israel and then the US, investors are closely watching the fate of a narrow sea passage in the Middle East. The Strait of Hormuz is vital for gas and oil exporters in the Gulf region, as this is the only route by sea to export large volumes of oil and gas produced among the oil-rich countries in the region. This narrow passage is located between Oman and Iran, connecting the Persian Gulf with the Gulf of Oman and the Arabian Sea. It is about 167 km long, and at its narrowest point, 39 km wide. According to the Joint Maritime Information Centre, June 2024 averaged 114 vessels transiting the strait daily and so far traffic in June 2025 is consistent with this. On 21 June, for instance, there were 122 vessels passing through the strait. The passage is deep enough and wide enough to handle the world's largest crude oil tankers, and it is one of the world's most important oil chokepoints (narrow channels along widely used global sea routes that are critical to global energy security). Related Oil price drops, shares jump as Trump announces Israel-Iran ceasefire Israel-Iran conflict fuels best month for energy stocks since 2022 The health of the world economy depends on the flow of oil from this region. Oil tankers on average carry through the strait 20 million barrels per day (b/d), or the equivalent of about 20% of global petroleum liquids consumption, according to the US Energy Information Administration analysis. 'A potential Iranian blockade of the Strait of Hormuz would send shockwaves through the global economy," Professor Guido Cozzi, Chair of Macroeconomics at the University of St. Gallen, said to Euronews. He added that any disruption to the oil flow in this narrow waterway would drive up energy prices, fuel inflation, and strain supply chains. Related What's at stake for Europe if the Strait of Hormuz is blocked? Continental Europe and China are losing the most, both heavily reliant on imported energy and lacking domestic buffers. "They would face rising costs, slower growth, and heightened inflation without any upside," Cozzi said. Meanwhile, the US and the UK would see their exports become more competitive, as they are sourcing the majority of their energy from elsewhere. And if the strait would be closed, pushing prices up globally, that would benefit Western producers more than it would harm them, according to the professor. Besides oil, global natural gas supply could also be seriously impacted, as Qatar, one of the world's biggest natural gas exporters uses the narrow seaway to export about 77 million metric tons of liquefied natural gas (LNG) a year. This is one-fifth of the global LNG supply. "Alternative supply routes for Middle Eastern oil and gas are limited, with pipeline capacity insufficient to offset potential maritime disruptions through the Persian Gulf and Red Sea,' S&P said in an analysis. 'Any Iranian closure of the Strait of Hormuz would affect not only its own exports but also those of Saudi Arabia, the UAE, Kuwait and Qatar, potentially removing over 17 million b/d of crude oil from global markets,' added the analysis, saying that Saudi Arabia and the UAE have pipelines that can circumvent the strait. Analysts expect oil prices to skyrocket and surpass $100 a barrel if Iran decides to close the passage. Though insurance for the oil tankers passing through the strait increased and the situation is quite tense, according to the Joint Maritime Information Centre, there are no indications of threats to commercial shipping. Related The dollar sees a rebound after US strikes Iran, but can it continue? After US attacks on three Iranian nuclear sites, on 22 June, the Parliament in Tehran voted to close down the strait. A step that has never been taken. The decision is pending approval by the Islamic Republic's Supreme National Security Council. Iran threatened several times in the past that it would cut this artery of oil in the past but it never followed through with the threat. US Vice-President JD Vance called the move 'suicidal' for Iran's economy on Sunday at a press conference. Creating a major disruption in the strait would be extremely difficult due to various economic, political and military forces present in the region today, said the Robert Strauss Center for International Security and Law in an analysis. Experts agree that Iran itself has a lot to lose and very little to gain as it would cut its own oil exports to major trade partners such as China. Besides losing a key source of revenue, Iran would also anger its oil-producing neighbours whose support they may not be able to afford to risk. Related Oil rises and Europe's markets open lower after US strikes on Iran If Iran decides to close the passageway, another question is, for how long? The duration could be key, as global stockpiles are currently sufficient. The nations in need have at least 5.8 billion barrels of crude and fuel stockpiled between them, according to Bloomberg. This shows a healthy buffer, compared to the annual 7.3 billion barrels a year, passing through the strait. According to Barclays, other possible scenarios include Iran trying to target the Strait of Hormuz using missile attacks, making ships and insurance firms hesitant to use Hormuz. They could also consider mining the strait, which would hit traffic to a greater extent. There are also less aggressive ways to further disturb commercial shipping through Hormuz. For instance, the widespread jamming of GPS signals could make it harder to navigate safely in certain conditions. Error in retrieving data Sign in to access your portfolio Error in retrieving data
Yahoo
an hour ago
- Yahoo
Thousands mourn top Iranian military commanders and scientists killed in Israeli strikes
DUBAI, United Arab Emirates (AP) — Thousands of mourners lined the streets of downtown Tehran on Saturday for the funeral of the head of the Revolutionary Guard and other top commanders and nuclear scientists killed during a 12-day war with Israel. The caskets of Guard's chief Gen. Hossein Salami, the head of the Guard's ballistic missile program, Gen. Amir Ali Hajizadeh and others were driven on trucks along the capital's Azadi Street as people in the crowds chanted: 'Death to America' and 'Death to Israel.' Salami and Hajizadeh were both killed on the first day of the war, June 13, as Israel launched a war it said meant to destroy Iran's nuclear program, specifically targeting military commanders, scientists and nuclear facilities. There was no immediate sign of Iran's Supreme Leader, Ayatollah Ali Khamenei, in the state broadcast of the funeral. Khamenei, who has not made a public appearance since before the outbreak of the war, has in past funerals held prayers for fallen commanders over their caskets before the open ceremonies, later aired on state television. Over 12 days before a ceasefire was declared on Tuesday, Israel claimed it killed around 30 Iranian commanders and 11 nuclear scientists, while hitting eight nuclear-related facilities and more than 720 military infrastructure sites. More than 1,000 people were killed, including at least 417 civilians, according to the Washington-based Human Rights Activists group. Iran fired more than 550 ballistic missiles at Israel, most of which were intercepted, but those that got through caused damage in many areas and killed 28 people. Saturday's ceremonies were the first public funerals for top commanders since the ceasefire, and Iranian state television reported that they were for 60 people in total, including four women and four children. Authorities closed government offices to allow public servants to attend the ceremonies. Iran has always insisted its nuclear program is only for peaceful purposes. But Israel views it as an existential threat and said its military campaign was necessary to prevent Iran from building an atomic weapon. Khamenei's last public appearance was June 11, two days before hostilities with Israel broke out, when he met with Iranian parliamentarians. On Thursday, however, he released a pre-recorded video, in his first message since the end of the war, filled with warnings and threats directed toward the United States and Israel, the Islamic Republic's longtime adversaries. The 86-year-old downplayed U.S. strikes on three Iranian nuclear sites as having not achieved 'anything significant' and claimed victory over Israel. The head of the United Nations nuclear watchdog agency, Rafael Grossi, has characterized the damage done by American bunker-buster bombs to Iran's Fordo nuclear site, which was built into a mountain, as 'very, very, very considerable.'
