Oil surges as Iran tensions spike further
U.S.-Iran escalation intensifies while Trump reverses Strait of Hormuz toll plan.
Crude prices are climbing sharply as military tensions between the U.S. and Iran continue escalating, with new strikes reported [UPI]. President Trump is meeting with Iraqi Prime Minister Ali al-Zaidi at the White House this morning amid the renewed conflict [The Hill]. In a surprising reversal, Trump announced he's backing away from plans to charge a 20% toll on cargo through the Strait of Hormuz, saying Middle Eastern countries will handle the costs instead [PBS].
The geopolitical turmoil threatens to derail recent inflation gains. June inflation cooled more than expected to 3.5%, down from May's three-year high, as gas prices fell [PBS, NPR]. Federal Reserve Chair Kevin Warsh told Congress the Fed has "no tolerance for persistently elevated inflation" in his first testimony [CBS News]. But economists warn the Iran conflict could reverse these gains by pushing energy costs back up [NPR].
Health & Safety
A mysterious foodborne illness outbreak is spreading rapidly. Nearly 7,000 cases of cyclosporiasis have been confirmed or are under investigation nationwide, the CDC reported [NBC News]. The parasite causes severe diarrhea lasting weeks, and officials are struggling to identify contamination sources, suggesting multiple points in the food supply may be affected [BBC]. Experts recommend thoroughly washing fresh produce and avoiding cross-contamination [Newsweek].
Meanwhile, the WHO warns the Ebola outbreak in the Democratic Republic of Congo may be double official case counts, with doctors at the epicenter threatening strikes over conditions [Al Jazeera].
Capitol Hill
Supreme Court Justices Elena Kagan and Amy Coney Barrett are testifying before Congress about security threats, the first time justices have appeared before lawmakers in seven years [UPI]. They're seeking additional funding to combat rising security incidents [NBC News]. Congress is also moving to honor late Sen. Lindsey Graham with quick passage of a bipartisan Russia sanctions bill he authored [The Hill]. His sister, Darline Graham, has been appointed by South Carolina's governor to finish his term [NPR Politics].
Sources
- Escalation in U.S.-Iran conflict sends oil prices sharply higher
- Watch live: Trump meets Iraqi prime minister as Iran war intensifies
- WHO warns DR Congo Ebola outbreak may be double the official tally
- Russia sanctions bill may move as Congress looks to honor Graham
- Inflation cools more than expected in June as gas costs fall and underlying prices ease
- Inflation slowed sharply -- but it may not last
- Warsh vows to tackle inflation in first testimony as Fed chairman
- Supreme Court justices ask Congress for additional security funding
- Nearly 7,000 cases of cyclosporiasis confirmed or under investigation nationwide, CDC says
- South Carolina's governor appoints Lindsey Graham's sister to serve out his term
- Kagan, Barrett to speak before House committee about justice security
- Trump loses key Senate ally as election integrity fight enters critical phase
- Some states will ask voters to make it harder to pass constitutional amendments
- Trump backs away from plans to charge fees in the Strait of Hormuz
- Watch live: Warsh testifies before House on state of US economy
- Investigative journalist reports on the abuse inside ICE's largest detention facility
- People Told To Cook Food, Make Pies To Avoid 'Explosive' Diarrhea Outbreak
- 'Explosive diarrhoea' outbreak remains a mystery as officials struggle to find sources
- Trump: FBI shouldn't waste time on "conspiracy theories" in Graham's death
- French and Spanish parties