The U.S. and Israel's war with Iran has begun to take a major toll on the global economy. Oil prices skyrocketed overnight to more than $100 per barrel. Plus, the global market tumbled this morning.
The stock market has seen steady losses since the military operation began, but today has been eye-catching: "The Dow Jones Industrial Average fell 500 points after the opening bell Monday, dropping 1.1 percent. The S&P 500 index opened with a loss of 0.9 percent, and the Nasdaq composite fell 0.7 percent after the opening bell." Read more on today's losses
President Trump sees the rising prices of oil as "a very small price to pay" for "safety and peace." He argues that "ONLY FOOLS WOULD THINK DIFFERENTLY!"
Energy Secretary Chris Wright has tried to downplay the surge in oil prices, predicting the spike in gas prices will not last for months.
THIS IS A FASCINATING FIGURE ABOUT PRESIDENT TRUMP'S ECONOMY:
The New York Times's Peter Baker pointed out that "in the 13 months since Trump took office, the economy has created a net total of 198,000 jobs compared with 1.4 million created in the last 13 months of the Biden administration."
WHEN WILL THE WAR END? TRUMP GIVES SOME INSIGHT:
Trump says the decision to end the war in Iran will be a "mutual" decision with Israel.
WILL THE U.S. HAVE BOOTS ON THE GROUND IN IRAN?:
That's the big question lurking in discussions about the war in Iran. Defense Secretary Pete Hegseth spoke with CBS's "60 Minutes" and refused to rule out U.S. boots on the ground in Iran. "We reserve the right," Hegseth said. "We would be completely unwise if we did not reserve the right to take any particular option, whether it included boots on the ground or no boots on the ground."
Iran chose its new leader:
Iranian clerics have selected the country's next leader: the son of the country's late supreme leader. 56-year-old Mojtaba Khamenei, whose father was killed in U.S.-Israeli strikes, will now lead Iran despite "never being elected or appointed to a government position."
Keep in mind: CNN reported that father-to-son succession is frowned upon in the Shiite Muslim clerical establishment as it mirrors the hereditary monarchy the revolution overthrew in 1979.
What does this mean for the U.S. and Israel's conflict with Iran?: The Wall Street Journal notes it signals that Iran won't back down in its escalating war. Read more: 'Iran Signals a Fight to the End With Appointment of Khamenei's Son'
More evidence that U.S. struck that Iranian school:
President Trump and Defense Secretary Pete Hegeth have both accused Iran of bombing an Iranian girls school that killed more than 165 people, mostly children.
However, The New York Times reviewed video of the attack and determined it was likely the U.S. that conducted the attack. The new video shows a Tomahawk cruise missile hitting a naval base beside the school. The U.S. military is the only force involved in the war that uses Tomahawk missiles, according to the Times.
The Times has other evidence: "A body of evidence assembled by The Times — including satellite imagery, social media posts and other verified videos — indicates that the Shajarah Tayyebeh elementary school building was severely damaged by a precision strike that occurred at the same time as attacks on the naval base. The base is operated by the Islamic Revolutionary Guards Corps." 🔎 See more evidence
Keep in mind: Trump and Hegseth have said the attack is being investigated. Neither the U.S. nor Iran has taken responsibility for it.
💬 Follow today's live blog
SIGHTS AND SOUNDS IN IRAN:
When I first saw this video, I thought it was AI: Video has emerged of a massive fire in Tehran after strikes on an oil depot. 🎥 Watch the video, via NBC News.
If you follow one journalist for Iran updates: CNN's Frederik Pleitgen is on the ground in Iran, reporting on the war. His updates have given us a clearer picture of the situation there.
He posted footage of the black smoke after the oil strike and noted that "breathing the air feels quite toxic" 🎥 His footage 🎥 His live reporting
🎥 Pleitgen's video of it raining oil in Tehran
Black rain in Tehran: "The rain is black, I can't believe it, I'm seeing black rain," a Tehran resident and engineer told Time magazine.
WILL IRAN COMPETE IN THE WORLD CUP?:
Iran's ability to compete in the World Cup later this year is in doubt as the U.S. military conducts operations in the country.
There are two reasons Iran may not compete: Iran could be completely taken out of the tournament, which is being held in the U.S., Canada and Mexico, if the U.S. hasn't ended its war. But even if it is allowed to compete, it's unclear whether the country's players and coaches could safely exit Iran. Read more on the uncertainty of Iran competing in the World Cup
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