logo
Trump's Iranian U-Turn Exposes an Uncomfortable Oil Truth

Trump's Iranian U-Turn Exposes an Uncomfortable Oil Truth

Bloomberg25-06-2025
Welcome to our guide to the commodities markets powering the global economy. Today, Asia oil trading team leader Serene Cheong looks at the US president's surprising announcement that China can carry on buying crude from Iran.
Even for seasoned observers of Donald Trump's White House, Tuesday's pronouncement was a headscratcher. China, he wrote on social media, 'can now continue to buy oil from Iran.'
Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

Bitcoin Miner TeraWulf's Stock Surges as Google Ups Its Stake in the Company
Bitcoin Miner TeraWulf's Stock Surges as Google Ups Its Stake in the Company

Yahoo

timea minute ago

  • Yahoo

Bitcoin Miner TeraWulf's Stock Surges as Google Ups Its Stake in the Company

Terawulf stock (NASDAQ: WULF) surged more than 12% Monday after the Bitcoin miner said it was expanding and that Google was upping its stake in the company. The Easton, Maryland-based firm said that Google will provide an incremental $1.4 billion backstop to support project-related debt financing, bringing its total stake to $3.2 billion. In exchange, Google will receive warrants to buy 32.5 million shares of the sustainable Bitcoin miner. The latest agreement increases the tech giant's pro forma equity stake to 14% from a previously announced 8% share. Terawulf will also build a new data center, dubbed CB-5, with help from AI cloud platform Fluidstack. Terawulf last week signed two 10-year computing deals with AI cloud provider Fluidstack to offer more than 200 megawatts of capacity at its Lake Mariner datacenter space. WULF was recently trading at $10.06 per share Monday morning Eastern Time, according to Yahoo Finance. Over the past week, the stock is up by nearly 86%. "By adding CB-5, we are not only increasing our contracted capacity with Fluidstack, but also further deepening our strategic alignment with Google as a critical financial partner in delivering the next generation of AI infrastructure," Terawulf CEO Paul Prager said in a statement. Terrawulf is a Bitcoin miner that also works in the AI space. Both crypto mining and the AI space use huge amounts of energy; when BTC's price falls and minting new digital coins isn't generating enough revenue, some miners have pivoted their infrastructure to address AI demand. Two firms, BitMine Immersion and Bit Digital have shifted their focus entirely to create Ethereum treasuries. Experts previously told Decrypt that the AI business isn't necessarily easy for Bitcoin miners to pivot because it requires different infrastructure and various adjustments in technology. Famed Short Seller Warns Strategy's $51M Bitcoin Buy Signals Weak Demand for Latest Offering Bitcoin's price was trading 2% lower Monday at $115,592 per coin. Last week, the leading cryptocurrency hit a new high of $124,128, according to digital asset data provider CoinGecko. 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

Hillary Clinton warns SCOTUS 'will do to gay marriage what they did to abortion'
Hillary Clinton warns SCOTUS 'will do to gay marriage what they did to abortion'

Yahoo

timea minute ago

  • Yahoo

Hillary Clinton warns SCOTUS 'will do to gay marriage what they did to abortion'

Hillary Clinton believes the U.S. Supreme Court will overturn marriage equality, and she's urging LGBTQ+ couples to get married while they still can. The former Secretary of State and presidential candidate predicted that the court would reverse Obergefell v. Hodges in an interview with Jessica Tarlov of Fox News' The Five, warning that "there are going to be real world consequences." "American voters, and to some extent the American media, don't understand how many years the Republicans have been working in order to get us to this point," Clinton said. "It took 50 years to overturn Roe v. Wade. The Supreme Court will hear a case about gay marriage. My prediction is they will do to gay marriage what they did to abortion. They will send it back to the states." WATCH: @HillaryClinton predicts to @JessicaTarlov that SCOTUS will overturn marriage equality and 'send it back to the states' (like abortion) — leading to a ban in much of 🇺🇸 On Trump & Republicans stealing seats: 'they don't want a fair fight' Full: If the Supreme Court reverses Obergefell , marriages between same-sex couples will still be recognized federally under the Respect for Marriage Act. Signed into law by President Joe Biden in 2022, the act mandates that the federal government recognizes same-sex and interracial marriages, and that all states recognize those performed in other states. The act does not require states to allow marriages between same-sex couples. As state bans on these unions were struck down in Obergefell, such bans could be enacted again if Obergefell is overturned. If that were to happen, the fallout would likely be similar to that after Roe v. Wade's reversal, in which red states immediately enacted bans. Related: While the Supreme Court has made no official move to reconsider marriage equality, nine states have recently introduced resolutions asking the court to hear the case again. None have yet passed, and even if they were to, the resolutions are nonbinding — meaning they carry no legal weight, and the court is not obligated to hear them. However, some justices have voiced opposition to Obergefell even after the ruling. When the conservative majority created by Donald Trump overturned Roe v. Wade, Clarence Thomas wrote in his concurring opinion at the time that the court should also revisit and overrule decisions that prevent state restrictions on contraception, marriage equality, sodomy, and other private consensual sex acts, calling the rulings "demonstrably erroneous." "Anybody in a committed relationship out there in the LGBTQ community, you ought to consider getting married," Clinton continued. "'Cause I don't think they'll undo existing marriages, but I fear that they will undo the national right." This article originally appeared on Advocate: Hillary Clinton warns SCOTUS 'will do to gay marriage what they did to abortion' RELATED Gay weddings have boosted state and local economies by $6 billion since marriage equality Idaho Republicans' resolution to repeal marriage equality is 'foreshadowing' for the U.S. New poll finds record-low support of marriage equality from Republicans since Obergefell v. Hodges

NYPD, prosecutorial misconduct court settlement payouts exceed $77 million, Legal Aid report says
NYPD, prosecutorial misconduct court settlement payouts exceed $77 million, Legal Aid report says

Yahoo

timea minute ago

  • Yahoo

NYPD, prosecutorial misconduct court settlement payouts exceed $77 million, Legal Aid report says

NEW YORK — City taxpayers shelled out more than $77 million to settle lawsuits alleging police and prosecutorial misconduct and overturned convictions through the first six months of the year, according to a new report by the Legal Aid Society. The payouts covered 592 cases of alleged misconduct against the NYPD and city prosecutors that were settled out of court. Two settlements had payouts of more than $10 million, with the largest payout topping $13 million, according to the Legal Aid report. If City Hall continues along this track, taxpayers could be on the hook for paying out more than $155 million in police misconduct cases, which would be a drop from the $206 million paid out last year, the highest annual total since 2018. The number of settlements exceeded the 416 made in the first half of 2024, the agency said. The data the Legal Aid Society pulled together for its report did not account for settlements with the New York City Comptroller's Office before a formal lawsuit was filed. An NYPD spokesman said 41% of the cases settled this year — about $72.5 million — were for lawsuits regarding overturned convictions that occurred decades ago in varied circumstances that were not immediately clear. 'Over a third of these payouts are for reverse conviction cases that happened more than 20 years ago,' the spokesman said. 'While these cases are very important, they tell you nothing about the state of policing today.' 'The NYPD works closely and collaboratively with the District Attorney's Offices and their conviction review units to get them the materials they need to review these cases, and ultimately secure these payouts,' the spokesman added. Police Benevolent Association President Patrick Hendry said that, despite the Legal Aid Society's report, 'lawsuit settlements are not a reflection on how police officers are doing their jobs.' 'The city routinely settles lawsuits for reasons that have nothing to do with police officers' conduct, often without informing those officers,' Hendry said. 'It is shameful that those settlements are being used to smear police officers' reputations without any regard for the facts in the case.' The payouts including a $5.7 million settlement to a Brooklyn man who was blinded in one eye when cops tasered him in the face, according to the report. Kenneth Bacote was walking through NYCHA's Kingsborough Houses during the pandemic lockdown on June 2, 2020, when he got into a confrontation with several officers, the lawsuit states. The officers tasered Bacote as they took him into custody, charging him with obstructing traffic, resisting arrest, harassment, and other misdemeanor charges, which were all eventually dropped, court documents show. A taser prong pierced his left eye, which needed to be surgically removed, the lawsuit stated. Doctors told Bacote that he likely won't recover his vision. 'No amount of money can compensate someone for losing sight in one eye, but at least he can live his life more comfortably,' Bacote's attorney, Sanford Rubenstein, said. Jennvine Wong, supervising attorney for the Cop Accountability Project, a special Legal Aid litigation unit, said the amount of settlements being made by the city remain 'disconcerting' even though they are lower than last year's numbers. She said she doesn't see these settlements slowing down anytime soon with Mayor Eric Adams continuing to promote a broken-windows philosophy to crime fighting, which is based on the theory that violent crimes could be stopped by clamping down on misdemeanor quality of life crimes. 'What that means is that the taxpayers are going to be paying for the Adams administration policies for many, many years, even after he's out of office,' Wong said. _____

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into a world of global content with local flavor? Download Daily8 app today from your preferred app store and start exploring.
app-storeplay-store