Iran's fast boat fleet is a concern for the U.S. Navy: Here's what to know
CNBC's Morgan Brennan reports on the latest developments in the Israel-Iran conflict following Washington's surprise attack against Iranian nuclear sites.
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USA Today
33 minutes ago
- USA Today
Oil hits five-month high after US strikes key Iranian nuclear sites
SINGAPORE - Oil prices jumped on Monday, local time, to their highest since January as Washington's weekend move to join Israel in attacking Iran's nuclear facilities stoked supply worries. Brent crude futures rose $1.88 or 2.44% at $78.89 a barrel as of 1122 GMT. U.S. West Texas Intermediate crude advanced $1.87 or 2.53% at $75.71. Both contracts jumped by more than 3% earlier in the session to $81.40 and $78.40, respectively, five-month highs, before giving up some gains. The rise in prices came after President Donald Trump said he had "obliterated" Iran's main nuclear sites in strikes over the weekend, joining an Israeli assault in an escalation of conflict in the Middle East as Tehran vowed to defend itself. Iran is OPEC's third-largest crude producer. Market participants expect further price gains amid mounting fears that an Iranian retaliation may include a closure of the Strait of Hormuz, through which roughly a fifth of global crude supply flows. Iran's Press TV reported that the Iranian parliament approved a measure to close the strait. Iran has in the past threatened to close the strait but has never followed through on the move. "The risks of damage to oil infrastructure ... have multiplied," said Sparta Commodities senior analyst June Goh. Although there are alternative pipeline routes out of the region, there will still be crude volumes that cannot be fully exported out if the Strait of Hormuz becomes inaccessible. Shippers will increasingly stay out of the region, she added. Brent has risen 13% since the conflict began on June 13, while WTI has gained around 10%. The current geopolitical risk premium is unlikely to last without tangible supply disruptions, analysts said. Meanwhile, the unwinding of some of the long positions accumulated following a recent price rally could cap an upside to oil prices, Ole Hansen, head of commodity strategy at Saxo Bank, wrote in a market commentary on Sunday. (Reporting by Siyi Liu in Singapore; Editing by Himani Sarkar)
Yahoo
35 minutes ago
- Yahoo
Watch These Bitcoin Price Levels Amid Volatile Trading After U.S. Strikes Iran
Bitcoin briefly fell below $99,000 on Sunday to its lowest level in more than six weeks as news that the U.S. had struck Iranian nuclear sites caused investors to reassess their appetite for risky assets. After trending sharply higher between early April and late May, the cryptocurrency has consolidated within a descending channel. Investors should watch crucial support levels on Bitcoin's chart around $100,000 and $92,000, while also monitoring resistance levels near $107,000 and $112, (BTCUSD) briefly fell below $99,000 on Sunday as news that the U.S. had struck Iranian nuclear sites caused investors to reassess their appetite for risky assets. The digital currency moved as low as $98,200 on Sunday afternoon, its lowest level since May 8, amid uncertainty about the geopolitical and economic outlook after the U.S. late Saturday entered a conflict between Israel that had intensified over the past week. In recent trading, bitcoin had rebounded to about $101,200 but was still well down from its high last Monday of near $109,000. Below, we take a closer look at bitcoin's chart and apply technical analysis to identify crucial price levels worth watching out for. After trending sharply higher between early April and late May, bitcoin has consolidated within a descending channel. Over the past week, the cryptocurrency's price has retraced toward the pattern's lower trendline, an area on the chart that closely aligns with the psychological $100,000 level. Moreover, recent selling has coincided with the relative strength index falling below its neutral threshold, signaling weakening price momentum. Let's identify crucial support and resistance levels on Bitcoin's chart. Investors should initially monitor the $100,000 level. This area on the chart is likely to gain significant attention near the descending channel's lower trendline and a range of corresponding trading activity stretching back to last November. A decisive close below this level could see the cryptocurrency's price revisit lower support around $92,000. Investors may seek buying opportunities in this area near a horizontal line that links a series of price action on the chart between November and April. The first resistance level to watch sits around $107,000. The cryptocurrency could face overhead selling pressure in this location near the descending channel's top trendline, which also closely aligns with prominent peaks that formed on the chart in December and January. Finally, buying above this level could see BTC bulls push the price toward $112,000. Investors who have accumulated bitcoin during its recent retracement could decide to lock in profits near last month's high, which also marks the cryptocurrency's all-time high. The comments, opinions, and analyses expressed on Investopedia are for informational purposes only. Read our warranty and liability disclaimer for more info. As of the date this article was written, the author does not own any of the above securities. Read the original article on Investopedia Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
CBS News
36 minutes ago
- CBS News
Boston protesters condemn U.S. attack in Iran as Rep. Lynch criticizes president's decision
A crowd of approximately 500 demonstrators took to the streets of downtown Boston Sunday to protest recent U.S. military strikes against Iran, while Gov. Maura Healey was briefed by Homeland Security. The march began at Park Street Station and culminated with a rally on the Boston Common, where activists, community leaders and concerned citizens gathered to make their voices heard. Protesters' demands The demonstration was organized by several advocacy groups, including the National Iranian American Council, Massachusetts Peace Action, Northshore for Palestine, and Jewish Voice for Peace Boston. Protesters said they were calling for a clear rejection by Congress of any steps toward war with Iran, a negotiated nuclear deal, and a formal congressional investigation into the strikes recently ordered by President Donald Trump against Iranian nuclear facilities. Lynch: Congress not told of strikes In an interview with WBZ-TV, Democratic Rep. Stephen Lynch said that Congress was not made aware of these military strikes. "We had no prior contact or notification from the president," said Rep. Lynch. "He informed some of the Republican members and then did not inform the Democratic members. That's a complete breach of protocol. I think every American president in our history has always made sure that when we go into battle, we go in together as one country." Lynch also said that this is something he would consider an act of war, one that would require congressional approval. "It involved the deployment of U.S. forces, and we could have just as easily had casualties there," Rep. Lynch said. Rep. Lynch said that confidential security briefings will be held for members of congress over the coming days. He also added that conversation amongst Republican members of the house are split at the moment, with several members feeling betrayed after President Trump campaigned on not bringing the United States into foreign conflict. "The narrative was that President Trump was going to keep us out of these types of situations," he said. "There will be consequences to these attacks." Healey briefed by Homeland Security In a statement, Massachusetts Gov. Healey said she received a briefing from Department of Homeland Security Secretary Kristi Noem Sunday afternoon. "While there are no specific threats to Massachusetts at this time, we are continuing to coordinate with state, local and federal partners to closely monitor the situation," said Healey in the statement.
