NEWSNATIONNOW (JON GAMBRELL and ALI SWENSON, Associated Press) - US military says it struck multiple targets in Iran
Iran state TV reported explosions north of the Strait of Hormuz.
AXIOS (Ben Geman) - UAE leaves OPEC to pursue "accelerated" production
The United Arab Emirates said Tuesday it's exiting OPEC after more than 50 years — a blow to the powerful alliance of big oil producers. Why it matters: The UAE is the group's third-largest producer, and the departure will make it tougher for OPEC to control output and prices. - The country has previously bristled at production quotas under OPEC's market-management strategy. - But the departure came as a surprise. Driving the news: The UAE pointed to rising energy demand over the medium- to long-term. - The decision "reflects the UAE's long-term strategic and economic vision and evolving energy profile, including accelerated investment in domestic energy production," the country's energy ministry said. - The move "reinforces its…
The United Arab Emirates said Tuesday it's exiting OPEC after more than 50 years — a blow to the powerful alliance of big oil producers. Why it matters: The UAE is the group's third-largest producer, and the departure will make it tougher for OPEC to control output and prices. - The country has previously bristled at production quotas under OPEC's market-management strategy. - But the departure came as a surprise. Driving the news: The UAE pointed to rising energy demand over the medium- to long-term. - The decision "reflects the UAE's long-term strategic and economic vision and evolving energy profile, including accelerated investment in domestic energy production," the country's energy ministry said. - The move "reinforces its…Open
AXIOS (Marc Caputo) - The Iran conflict has become the new Cold War
The Iran conflict has entered a Cold War-like phase of financial sanctions, gunboat interdictions and talks about having talks. Why it matters: The tense stalemate has no immediate end in sight. So higher energy prices appear certain for months — and a hot war could break out at any moment. The big picture: Several U.S. officials told Axios they're concerned about America getting drawn into a frozen conflict of no war and no deal. - In this scenario, the U.S. would have to keep its forces in the region for many more months. The Strait of Hormuz would stay closed, the U.S. blockade would remain, and both sides would continue waiting for the other to blink or fire first. - With the November midterm elections now six months away, "a…
The Iran conflict has entered a Cold War-like phase of financial sanctions, gunboat interdictions and talks about having talks. Why it matters: The tense stalemate has no immediate end in sight. So higher energy prices appear certain for months — and a hot war could break out at any moment. The big picture: Several U.S. officials told Axios they're concerned about America getting drawn into a frozen conflict of no war and no deal. - In this scenario, the U.S. would have to keep its forces in the region for many more months. The Strait of Hormuz would stay closed, the U.S. blockade would remain, and both sides would continue waiting for the other to blink or fire first. - With the November midterm elections now six months away, "a…Open
AXIOS (Jason Lalljee) - Why Trump's Kharg Island attacks could make the oil crisis worse
President Trump is zeroing in on a major vulnerability for Iran as the war's risks to the global economy grow increasingly serious. Why it matters: Trump is ramping up his threats to Kharg Island, where Iran handles most of its oil, as the country maintains a stranglehold over the Strait of Hormuz . The latest: The president told reporters on Monday that he is considering further strikes to Kharg Island following U.S. attacks this weekend. - "We can do that on five minutes notice it'll be over, but for purposes of someday rebuilding that country, I guess we did the right thing, but it may not stay that way," he said. Context: Trump said Friday the U.S. had bombed military targets on the island, but said on Truth Social he had spared…
President Trump is zeroing in on a major vulnerability for Iran as the war's risks to the global economy grow increasingly serious. Why it matters: Trump is ramping up his threats to Kharg Island, where Iran handles most of its oil, as the country maintains a stranglehold over the Strait of Hormuz . The latest: The president told reporters on Monday that he is considering further strikes to Kharg Island following U.S. attacks this weekend. - "We can do that on five minutes notice it'll be over, but for purposes of someday rebuilding that country, I guess we did the right thing, but it may not stay that way," he said. Context: Trump said Friday the U.S. had bombed military targets on the island, but said on Truth Social he had spared…Open