Oil prices drop as Israel agrees to ceasefire with Iran
Oil prices tumbled by nearly 5% on Tuesday after Israel agreed to a ceasefire with Iran after nearly two weeks of conflict.Brent crude, the international benchmark for oil prices, fell to $68 a barrel, which is below the level it was at when Israel launched missiles against Iran's nuclear sites on 13 June.Prices had spiked in recent days as concerns grew that Iran could disrupt global supplies by blockading the Strait of Hormuz, a key shipping route for oil and gas. Stock markets in Asia rose as US President Donald Trump declared the ceasefire "is now in effect", after which Israel confirmed that it had agreed to the move.
Oil prices have soared to as much as $81 a barrel since the missile strikes began, stoking fears that the cost of living could increase as petrol, diesel and business expenses grew. "If the ceasefire is followed as announced, investors might expect the return to normalcy in oil," said Priyanka Sachdeva, senior market analyst at Phillip Nova.But he added that "the extent to which Israel and Iran adhere to the recently announced ceasefire conditions will play a significant role in determining oil prices". Japan's Nikkei share index rose by 1.1% while Hong Kong's Hang Seng increased by 2.1%.
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Daily Mail
19 minutes ago
- Daily Mail
Living Nostradamus predicts Middle East ceasefire is 'NOT the end of hostilities' and issues chilling WWIII warning to Brits
A psychic has warned Donald Trump's Middle East ceasefire is 'not the end of hostilities' and claims the UK will be 'dragged into the conflict'. Athos Salomé, 38, from Brazil, is often referred to as the 'Living Nostradamus' because he accurately predicted dozens of events such as the Microsoft global outage, the coronavirus pandemic and Queen Elizabeth's death. In May, he warned we were 'just seconds away' from 'a silent nuclear crisis' saying the destruction of an Iranian nuclear reactor would have a global environmental and political impact. Now, Salomé has issued a chilling warning about the current geopolitical scene after the United States president Donald Trump launched strikes on three Iranian nuclear facilities on Saturday evening and announced the 'bilateral ceasefire' on Monday. Salomé revealed that this is 'not the end of hostilities', saying: 'It is merely a theatrical interlude in a script written to manipulate headlines, delay investigations and test how far misinformation can be sold as heroism.' 'True peace does not come about suddenly, nor from a solitary speech during prime time. It requires real commitment, mature diplomacy and, above all, respect for life.' None of this was present in yesterday's announcement, according to the Living Nostradamus. Contrary to what has been suggested, the psychic believes 'war is not over'; it has merely changed its guise. Salomé added: 'Drones continue to fly over sensitive regions, troops remain in position, and reconnaissance satellites have not changed their focus. 'Deep down, we are not talking about a ceasefire, we are talking about political survival, a possible freeze. 'Trump, who vowed to restore American greatness, now plays with the pieces of his own ego. Every move he makes is calculated: not to avoid war, but to avoid his downfall.' The psychic also predicted that the UK will be dragged into the conflict 'not by choice, but by force of silent alliances, strategic treaties and hidden pressures that escape public scrutiny.' According to Athos, the 'first domino has already fallen' and the UK is already very much involved behind the scenes. He claimed: 'Even more worrying is the silent involvement of the United Kingdom, which, although it has not made an official statement, is already moving its military bases in Diego Garcia to support American logistical operations. 'Fuel, transport, evacuation of diplomats, all of this is being treated as 'technical support,' although the smell of pre-engagement is in the air.' Salomé revealed three unprecedented fronts through which Britain will become a 'key player' in the international crisis. He warned of three potential scenarios in which Britain's involvement in the conflict could escalate. 1. Iran targets the British base at Diego Garcia The British base at Diego Garcia in the Indian Ocean, which is technically under UK sovereignty but operated in close collaboration with the US, is already in full 'hidden' activity, serving as a logistical and digital support centre. Salomé added: 'Even without a public statement, Diego Garcia is being used for diplomatic evacuation operations, strategic weapons transport and electronic surveillance. 'Emergency contracts with civilian companies have been hastily signed. In the event of retaliation by Iran, the base could become an indirect target for cruise missiles or attacks by Iranian drones and their proxies in Yemen or Pakistan.' If this happens, says Athos, the United Kingdom will be forced to react, not of its own volition, but because its territorial integrity will have been violated. According to Salomé, the second front is already discreetly in motion. After the US bombed Iran's three main nuclear sites, Tehran said it will reserve all options to defend itself. This has stoked speculation that Iran's leadership may pressure its enemies to relent by blocking or effectively closing the Strait of Hormuz to shipping. The waterway at the mouth of the Persian Gulf handles about a quarter of the world's seaborne oil trade, so if Iran were to block access to the massive tankers that deliver oil and gas to China, Europe, and other major markets, it could drive up global oil prices and trigger widespread economic disruption. Salomé claims the British Royal Navy has received secret orders to reposition ships between Oman and Bahrain as a containment plan called 'Operation Shield of Hormuz.' He added: 'If Iran blocks the strait, as it has already threatened to do, the United Kingdom will act immediately, escorting oil tankers and conducting naval mine sweeps. 'But beware: although sold to the press as a 'humanitarian action', this mission will involve direct clashes with drones, torpedoes and underwater sabotage. The war will be technical, but real.' Athos warns that this involvement will be the beginning of a continuous and inevitable presence of British forces in the Persian Gulf. 3. NATO's hidden card and cyber warfare The third and most insidious line of involvement will come, according to Salomé, from the digital realm. Behind the scenes at NATO, there are confidential talks about the possible invocation of Article 5, the collective defence clause, in the event of coordinated cyber attacks by Tehran against American facilities in Europe, such as the Ramstein air base in Germany. 'If there is an Iranian digital offensive against military targets in Europe, the United Kingdom will be legally compelled to participate in NATO's defence. 'This will include coordinated blockades, electronic sanctions, cyber espionage and even attacks on Iranian servers.' In other words, the United Kingdom could enter the war not with tanks, but with algorithms, firewalls and state viruses, according to the Brazilian medium. Keir Starmer is currently engaged in frantic diplomacy over the Iran crisis with Donald Trump. The PM and president spoke last night after the US strikes on Tehran's nuclear sites. But Downing Street's readout notably did not include any reference to the 'de-escalation' Sir Keir has been urging in other statements. Instead No10 said the leaders agreed Iran must not be allowed to develop a nuclear weapon and should return to negotiations. Soon after the call Mr Trump took to social media apparently endorsing regime change - swiping that it could be time to 'Make Iran Great Again'. The stance raises fresh questions about Sir Keir's influence and the health of the Special Relationship. After meeting Mr Trump in person at the G7 in Canada last week, the premier had insisted he did not believe the US would go ahead with the attacks. America did not ask to use the Diego Garcia base for the bombing raid, amid speculation that Attorney General Lord Hermer had advised UK participation would be illegal. Ministers again refused to say explicitly this morning whether Britain supported the action taken by the US. Last month Salomé warned: 'There are wars that aren't televised, but they happen every day. 'One of them is the underground conflict between Iran and Israel. Drones, industrial sabotage and cyber-attacks already make up a silent theatre of war. He revealed the greatest risk is the destruction of an Iranian nuclear reactor, which would have a global environmental and political impact. 'The world is just seconds away from a silent nuclear crisis,' he warned, saying that only three heads of state are aware of the real magnitude of this threat.
Reuters
21 minutes ago
- Reuters
South Korea special prosecutor seeks arrest warrant for ex-President Yoon, Yonhap says
SEOUL, June 24 (Reuters) - South Korea's special prosecutor asked a court on Tuesday to issue an arrest warrant for former President Yoon Suk Yeol, marking an intensifying investigation of the ousted leader over his botched bid to impose martial law, Yonhap News Agency said. Yoon, who is already facing a criminal trial on insurrection charges for leading the martial law declaration, was arrested in January after resisting authorities trying to take him into custody, but was released after 52 days on technical grounds. The martial law attempt shocked a country that had prided itself on being a thriving democracy after overcoming military dictatorship in the 1980s and triggered a snap presidential election to pick Yoon's successor amid bitter political infighting. The new warrant is on a charge of obstruction, Yonhap said. Yoon had been under investigation by the police and the state prosecutors' office on a number of charges stemming from the failed attempt in December to impose military rule. The special prosecutor's office could not be immediately reached for comment. A lawyer who has represented Yoon during his impeachment and criminal trials did not immediately respond to a request for comment. In January, Yoon initially resisted an attempt by investigators trying to execute a court warrant for his arrest, holed up in the presidential residence while his security service led by officials loyal to him barricaded the gates. The special prosecutor was appointed just days after liberal President Lee Jae-myung took office on June 4 after winning the snap election called after Yoon's ouster in April and has launched a team of more than 200 prosecutors and investigators to take over ongoing investigations against Yoon. Yoon is fighting the charges against him that include masterminding insurrection, which is punishable by death or life in prison, claiming he had declared martial law on December 3 to sound the alarm over the threat to democracy posed by then-opposition Democratic Party.
Reuters
21 minutes ago
- Reuters
Exclusive: Fed should wait on rate cuts with price hikes expected, Bostic says
ATLANTA, June 24 (Reuters) - The Federal Reserve need not cut interest rates with companies planning to raise prices later this year in response to higher import taxes and with the job market still stable, Atlanta Fed President Raphael Bostic told Reuters. "I think we have some space and time" to watch how the tariff and other policy debates evolve, said Bostic in an interview at his office in downtown Atlanta. He sees the Fed only needing to approve a single quarter-point rate cut late in 2025, based on his view that economic growth will fall to perhaps 1.1% this year and inflation returning to nearly 3% by year's end. Though some Fed officials say rates could fall as soon as July, and U.S. President Donald Trump has been criticizing tight Fed monetary policy, Bostic said the job market shows little sign of fading, while inflation remains a risk. "I'm more concerned about what happens if we don't get to our 2% mandate. Because of that I'm willing to stay in this restrictive posture for longer just to be absolutely sure," said Bostic, referring to the 4.25% to 4.5% policy interest rate the Fed has maintained since December to contain inflation. "I would see the last quarter (of the year) is sort of when I would expect we would know enough to move." Fed policy will be the focus of congressional hearings this week, with Fed Chair Jerome Powell beginning two days of testimony Tuesday morning before the House Financial Services Committee. Trump has called for immediate rate cuts, but uncertainty around his trade and other policies has pushed the central bank onto a cautious footing that may be further amplified by new risks around the conflict with Iran. After a turbulent few months in which recession risk rose alongside the Trump administration's plans for historically high import tariffs, then fell as Trump backed off, Bostic said business sentiment has improved recently - something Powell alluded to in a press conference last week. "Business leaders have lowered the probability of the doomsday scenario" in which tariffs and prices skyrocket and demand wanes, Bostic said. Business executives, he said, have told him they are confident about finding strategies to deal with the tariff levels they expect they are most likely to face. Those strategies include raising prices, perhaps in several steps over time, as companies respond to their competitors, negotiate with suppliers and monitor how consumers adapt, he noted. "They tell me 'I'm pretty sure I am going to have to raise my prices. The question is not whether but when,'" Bostic said, citing a major reason he remains reluctant to cut rates until more is known. Bostic's single anticipated cut this year is less than the two quarter-point cuts at the median of projections issued last week by the Fed's 19 policymakers. Bostic is not a voter this year on interest rates, but like all Fed officials he participates in Federal Open Market Committee debates about appropriate policy. Since December that has meant holding the benchmark overnight rate steady as the Trump administration moved to reorder global trade by imposing stiff tariffs on imported goods. Some of those levies are already in place, but have yet to significantly affect the pace of price increases that are near but still above the central bank's 2% target. In recent days, Fed Governors Chris Waller and Michelle Bowman, who is also the U.S. central bank board's vice chair for supervision, said recent inflation data has been mild enough to justify a rate cut as soon as July. But much remains unknown ahead of a July 9 deadline for the imposition of U.S. tariffs as high as 50% on European Union nations and various levies across much of the rest of the world. Bostic said many businesses in his southern Fed district say they have held the line on prices so far, but have nearly exhausted the tools at hand to keep doing so. "More and more businesses are telling me that in their sector, the strategies that they had to forbear are increasingly running their course," Bostic said. "They have worked but they have run their course and they can't keep doing it."
