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.
Consumers aren’t so worried about tariffs any more. American...
Consumers aren’t so worried about tariffs any more. American consumers have decided to look on the bright side this month. The University of Michigan released its high-profile preliminary index of consumer sentiment for June, and the data showed the first increase in shoppers’ attitudes since December. “Consumers appear to have settled somewhat from the shock of the extremely high tariffs announced in April and the policy volatility seen in the weeks that followed,” Joanne Hsu, the survey’s director said, though she noted consumers are still wary about the economy and potential inflation.
President Trump issued an executive order approving US Steel’s merger with Japan’s Nippon Steel, after the companies signed a national security agreement.
23andMe founder Anne Wojcicki is poised to regain control of the company because a nonprofit she controls outbid Regeneron Pharmaceuticals for its assets in a bankruptcy auction, offering $305 million. Wojcicki’s return to power over the company—and its DNA data—comes as a surprise after 23andMe announced last month that Regeneron had won the bidding (it got reopened because the nonprofit made an unsolicited bid).
A federal judge paused portions of President Trump’s executive order requiring proof of citizenship to register to vote and limiting how states count mail-in ballots. It’s the second federal judge to put parts of the order on hold.
The sole survivor of the Air India crash recounted what he experienced.
Iran Fires Missiles at Israel in Retaliation for Strikes on Nuclear Sites
Explosions were...
Explosions were heard over the sky of Jerusalem and Tel Aviv on Friday as Iran launched missiles toward Israel, beginning its retaliatory campaign after waves of Israeli strikes devastated Tehran’s military chain of command and hit critical nuclear facilities.
Sirens blared across Israel, including in Jerusalem, and smoke was seen billowing into the sky in Tel Aviv as residents were told to go to bomb shelters: “You must enter the protected areas and remain there until further notice,” the Israeli military said in a statement.
Bechtel Inks $9B in Contracts for NextDecade’s Rio Grande LNG Trains
NextDecade Corp. (NEXT) subsidiaries have finalized contracts with Bechtel...
NextDecade Corp. (NEXT) subsidiaries have finalized contracts with Bechtel Energy for construction of Rio Grande LNG’s Train 4 and related infrastructure and a similar contract for Train 5. Taken together, the contracts are worth $9.09 billion, NextDecade said on June 12.
NextDecade finalized a “pricing refresh” of Bechtel’s lump-sum, turnkey engineering, procurement and construction (EPC) for Train 4, the company said in a press release. Rio Grande LNG Train 4 LLC will pay Bechtel approximately $4.77 billion. Pricing validity under the Train 4 EPC contract extends through Sept. 15.
NextDecade said it projects owner’s costs, contingencies, financing fees and interest during construction will total approximately $1.8 billion to $2.0 billion for Train 4.
Under a separate contract, Rio Grande LNG Train 5 LLC agreed to pay Bechtel approximately $4.32 billion for the work under the EPC contract for Train 5.
