President Trump and other heads of state are meeting in Alberta for the ...
President Trump and other heads of state are meeting in Alberta for the annual G7 summit—the first of Trump’s second term. The Israel–Iran conflict is expected to dominate the agenda, but the global economy and tariffs will also draw considerable attention, with Trump’s self-imposed July 9 trade-deal deadline fast approaching. NATO Secretary General Mark Rutte and Ukrainian President Volodymyr Zelensky are expected to join the summit on Tuesday.
The Fed meets as inflation and the labor market cool: Federal...
The Fed meets as inflation and the labor market cool: Federal Reserve Chair Jerome Powell is expected to hold interest rates steady following the central bank’s Wednesday meeting, continuing a wait-and-see approach due to the fog of uncertainty hanging over the economy. That could provoke an angry response from President Trump, who recently called Powell a “numbskull” for not lowering rates already. Yet a growing number of analysts say the Fed could start thinking about dropping rates soon, given that inflation has stayed cool and the labor market is showing signs of weakness.
US rig count falls for seventh week as drilling hits lowest level since 2021
Energy services firm Baker Hughes said in its closely followed report...
Energy services firm Baker Hughes said in its closely followed report on Friday that U.S. energy firms this week cut the number of oil and natural gas rigs operating for a seventh week in a row to the lowest since November 2021.
The total combined oil and gas rig count, an early indicator of future output, fell by four to 555 in the week to June 13th.
Baker Hughes said this week's decline brings the total count down by 35 rigs, or 6%, from this time last year.
The oil rig count fell by three to 439 this week, its lowest since October 2021, while gas rigs slipped by one to 113.
Total rig counts in the Permian Basin in West Texas and eastern New Mexico, and in the state of Texas fell this week to their lowest levels since November 2021.
In New Mexico, meanwhile, the rig count fell this week to its lowest since December 2021. Oklahoma lost 1 down to 49 rigs.
Israel launched a sweeping attack on Iran’s nuclear facilities and missile sites early yesterday, killing military top brass, nuclear scientists, and civilians. Israel says it will continue striking military targets in the country, and Iran responded by launching drones and missiles at Israel, with civilian deaths and injuries reported. (See the latest updates here.)
The risk of further escalation has implications for the people living in both countries—and for the world economy. The conflagration in the region known for its oil fields sent Brent international crude oil prices up by as much as 13% to $78 per barrel yesterday, as traders priced in the risk of shipments getting disrupted.
While oil prices pared gains once investors noted that Israel has so far abstained from targeting Iran’s Kharg Island terminals—which 90% of the oil Iran ships abroad passes through—there are other possible threats to the world’s supply of black gold.
Some analysts fear Iran could make the unlikely move of attempting to block ships passing through the Strait of Hormuz, which serves as a conduit for a third of the world’s seaborne oil.
That would scramble oil exports from other Persian Gulf countries, including the United Arab Emirates, Saudi Arabia, and Kuwait.
Analysts project that this scenario could cause oil prices to shoot up past $120 per barrel, driving inflation globally as the commodity not only fuels transportation but is also a vital industrial input.
It’s likely to be a busy day on America’s streets. More than 6,000...
It’s likely to be a busy day on America’s streets. More than 6,000 troops are scheduled to march on parade through Washington today to celebrate the Army’s 250th anniversary, which also coincides with President Trump’s birthday. About 200,000 people are expected to attend, and the event is expected to cost up to $45 million—but there’s a chance thunderstorms could dampen the festivities. Meanwhile, activists who object to the president’s policies are planning to hold “No Kings” protests across the US at the same time. Tensions are running high amid demonstrations against federal immigration raids in LA that President Trump deployed the National Guard and Marines to stop this week.
