Iranian president says Tehran does not seek nuclear weapons
DUBAI, June 16 (Reuters) - Iran does not intend to develop nuclear weapons but will pursue its right to nuclear energy and research, President Masoud Pezeshkian said on Monday, reiterating Supreme Leader Ayatollah Ali Khamenei's religious edict against weapons of mass destruction.
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Reuters
an hour ago
- Reuters
Morning Bid: Markets calm as Israel-Iran war rages
LONDON, June 16 (Reuters) - What matters in U.S. and global markets today I'm excited to announce that I'm now part of Reuters Open Interest (ROI), opens new tab, an essential new source for data-driven, expert commentary on market and economic trends. You can find ROI on the Reuters website, opens new tab, and you can follow us on LinkedIn, opens new tab and X., opens new tab World markets were calm on Monday, even in the face of this weekend's escalation of the Israel-Iran conflict, as volatile oil prices fell slightly from Friday's 4-month peak. I'll discuss all of today's market-moving news below. Today's Market Minute * Iranian missiles struck Israel's Tel Aviv and the port city of Haifa before dawn on Monday, killing at least eight people and destroying homes, prompting Israel's defense minister to warn that Tehran residents would "pay the price and soon". * Iran has told mediators Qatar and Oman that it is not open to negotiating a ceasefire while it is under Israeli attack, an official briefed on the communications told Reuters on Sunday, as the two foes launched fresh attacks and raised fears of a wider conflict. * A two-day manhunt ended on Sunday with the arrest of a 57-year-old man for allegedly killing a Minnesota Democratic state lawmaker and her husband while posing as a police officer, Governor Tim Walz said. * U.S. President Donald Trump's administration is considering significantly expanding its travel restrictions by potentially banning citizens of 36 additional countries from entering the United States, according to an internal State Department cable seen by Reuters. * When watching energy markets during times of heightened Middle East tensions, it can be helpful to look more at what is not happening, rather than fixating on the dramatic headlines. Read the latest from ROI columnist Clyde Russell. Markets calm despite Israel and Iran exchanging fire Israel began its military strikes with a surprise attack on Friday that targeted the top echelon of Iran's military command and damaged its nuclear sites. The move occurred after the United Nations nuclear watchdog declared for the first time in 20 years that Iran was in breach of its non-proliferation obligations. Iran has vowed retaliation and reiterating Tehran's official stance against developing nuclear weapons. Iran has always said its nuclear program is peaceful, although the Board of Governors of the U.N. International Atomic Energy Agency declared last week that Tehran was in violation of its non-proliferation obligations. Iran's foreign ministry and atomic energy organization said the findings were politically motivated and lacked technical or legal foundation. The attacks from both sides were far more extensive than the more limited exchanges between the two in recent years, but oil production and export facilities have largely been unaffected so far. Oil prices fell back after jumping about 7% to 4-month peaks on Friday, with U.S. crude slipping to $72.40 per barrel from last week's high of $77.62. Gold also retreated, having failed to breach April's record last week. U.S. Treasury yields held Friday's gains, but remain largely stuck in recent ranges as the Federal Reserve meets this week and prepares to release its quarterly economic forecasts. A 20-year bond auction will occur later today. Wall Street stock futures recovered some of Friday's losses before today's bell, and stocks in Asia and Europe rallied. Middle East bourses, however, continue to fall. Even as oil analysts and brokers put forward $100-plus forecasts on "worst-case" scenarios, crude remains down 8% year-on-year and still subdued historically, a critical factor for investors focused on the inflationary impact of any new oil shock. The last time crude topped $100 per barrel was after Russia's full-scale invasion of Ukraine in 2022, but it sustained those heights for less than four months. Prior to that, you have to go back over a decade to see crude hit triple digits. A key question is whether the conflict will lead to disruptions in the Strait of Hormuz. About a fifth of the world's total oil consumption, or some 18 to 19 million barrels per day of oil, condensate and fuel, passes through the strait. The possibility of further escalation looms over a meeting of the Group of Seven leaders in Canada, with U.S. President Donald Trump expressing hope on Sunday that a deal could be done. But there is no sign of the fighting abating as we enter the fourth day of war. As an indication of how far the situation could spiral, two U.S. officials told Reuters that Trump had vetoed an Israeli plan to kill Iran's Supreme Leader Ayatollah Ali Khamenei. While the G7 talks will likely center on the Middle East conflict, leaders will also discuss lowering the Russian oil cap, with European nations and some others expected to go ahead with the move and further sanctions on Moscow even if Trump objects. Beyond geopolitics, it's a week jammed with central bank meetings. There is the Fed, of course, which is not expected to move rates lower until September. The Bank of Japan started its two-day policy meeting today. The trade and geopolitical uncertainties are widely expected to keep the BOJ on hold too. Likewise, the Bank of England is expected to stand pat until August. Perhaps the most notable central bank meeting of this week will involve the Swiss National Bank, which is widely expected to move policy rates back to zero. The likelihood of a cut into negative territory has also risen amid fresh franc strength and domestic price deflation. The franc flirted with its strongest level in more than 10 years against the dollar last week, but held steady on Monday. Chart of the day China's new home prices fell in May, extending two years of stagnation, official data showed on Monday, highlighting challenges in the sector despite several rounds of policy support measures. New home prices fell 0.2% month-on-month in May after showing no growth the previous month. From a year earlier, prices fell 3.5% in May. The market entered a prolonged slump in 2021, with debt-laden developers struggling to deliver homes that buyers had already paid for, further denting consumer confidence and hitting the wider economy. Monetary and fiscal supports have been extensive. But even though major cities had shown tentative signs of recovery in recent months, they saw a relapse as well in May, snapping a streak of five consecutive monthly gains. Today's events to watch * New York Federal Reserve June manufacturing survey * G7 summit in Kananaskis, Alberta * European Central Bank board member Piero Cipollone and Bundesbank President Joachim Nagel speak * U.S. Treasury sells $13 billion of 20-year bonds * U.S. corporate earnings: Lennar Opinions expressed are those of the author. They do not reflect the views of Reuters News, which, under the Trust Principles, opens new tab, is committed to integrity, independence, and freedom from bias. Want to receive the Morning Bid in your inbox every weekday morning? Sign up for the newsletter here.
Sky News
an hour ago
- Sky News
Israel-Iran live: Eight killed in Israel as Iran breaches Iron Dome; minister rows back on threat to Tehran residents
Iran and Israel have exchanged attacks for a fourth night, with Iranian rockets killing at least eight in Israel and explosions reported in Tehran. Iran's intelligence chief has been reported dead. Follow the latest here and listen to Trump 100 as you scroll.
Telegraph
an hour ago
- Telegraph
The Ayatollahs are tottering. Only the BBC hasn't noticed
BBC reporting of the attacks on Iran contrasts with how the corporation covers the Gaza conflict. On Gaza, it repeatedly complains that journalists are forbidden entry to the area by Israel. This then becomes an excuse for repeating uncritically every line of Hamas and the UN agencies. In the case of Iran, the BBC reminds audiences that it is not allowed there, but does not criticise Iran for this. Instead, it concentrates on reporting from Israel, where it tries to make as much of the war damage as possible. This leads to a severe imbalance of reporting and analysis. In Israel, there is no chance whatever that the democracy will fall apart. In Iran, there is a serious possibility that the autocratic regime will collapse and its leaders flee or die. In global power politics, this is arguably the biggest news story since the end of the Cold War. Yet the BBC muffles the plight of Iran and sets up a sort of moral equivalence in which the two countries 'trade blows'. It does not remind us that Israel attacked because it is the policy of Iran to destroy it and it has nearly reached the nuclear capacity to do so. Nor does it mention that most of the Iranian attacks target civilians, whereas none of the Israeli ones do. Its reporting also gives the impression that the effect of Iranian bombing of Israel is devastating. It is horrible all right but, so far at least, largely ineffective. The BBC even blames the Israeli government that its citizens are bombed, although it fails to find Israeli victims who endorse this line. Signing off from the scene of an Iranian raid on Bat Yam this morning on the Today programme, Anna Foster complained not about the Iranian raids whose effects she had just seen with her own eyes, but about 'what has been a dangerous and provocative raid on Iran'. The BBC's next trick will be to acclaim 'peace moves'. It would be beyond satire, but not beyond possibility, that it promotes an offer of talks sponsored by President Putin, slyly endorsed by President Trump. Britain owes a huge debt to Israel and Ukraine Western powers, particularly the United States, are often criticised for protecting Israel. In Britain, with the rise of Muslim influence in the Labour Party, large protest marches allege this against the government of the day. Sir Keir Starmer is clearly frightened. As leader of the Opposition, he got off to a good start. In response to the Hamas atrocities of October 7 2023, he immediately supported Israel's right to self-defence, facing down internal critics. As Prime Minister, however, he has bent with his party's wind, as his pro-Gaza MPs rebel. Now the Government backs sanctions against two Israeli cabinet ministers, restricts arms sales to Israel and encourages the idea that Benjamin Netanyahu should be indicted by the International Criminal Court. After Israel attacked Iran last week, Britain's reaction expressed this weakness. Although sending aircraft to the region, the Government would not say whether we were providing our previous air-force protection for Israel against Iranian raids. Sir Keir implicitly criticised Israel, calling for 'a return to diplomacy'. This is hypocritical. Britain has rightly developed a close intelligence relationship with Israel, having a common interest in state and non-state Islamist terrorist threats. Yet publicly it gives Israel no credit. Because of our increasing hostility, there is evidence that Israel no longer trusts us not to leak secrets and may cut us out of them. Even more important is the obvious fact that Iran's possession of an atomic bomb would be extremely dangerous to the region and to the world. Western allied attempts over many years to prevent this by negotiation have failed. Iran has proved incapable of acting in good faith. Its regime is a constant threat to peace. Israel warned of this for decades. Last week, it finally acted, with astonishing accuracy, against a vast range of Iranian installations and individuals. As a result, the extremist theocracy trembles. It may fall. So Israel has protected the West, more than the other way round. Even the United States, by far Israel's most important friend, has equivocated. President Trump, as if it has little to do with him, says 'Both sides may have to fight it out.' Britain has rendered itself almost completely irrelevant. On the other side, Russia, which backs Iran, has done less than nothing for peace, and has lost power in Syria. The great powers have looked small. Only the small power – Israel – has acted on the grand scale required. If it succeeds, it will have altered the balance of power in the Middle East in favour of moderate regimes and in the whole world against Russia, China (which also backs Iran) and Islamist extremism. It gets precious few thanks. There is an analogy here. We in the West, particularly Britain, pride ourselves on training Ukraine to fight against the Russian invasion. Our contribution has certainly been helpful. But increasingly, Ukraine, like Israel, has led the way in ingenious technological development, notably with drones. Both countries have innovated brilliantly under the pressure of war. Ukraine, like Israel, is protecting the West from the advance of our enemies. We should let its armed services train ours. The wisdom is that 'The price of liberty is eternal vigilance'. We seem to have contracted out our vigilance to the two nations which are ready to fight for their lives. We should be much more grateful, and much more helpful.
