Iran, Israel
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Oil slips amid Israel-Iran conflict, stocks cautious
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The Group of Seven summit has opened in Canada with world leaders scrambling to contain the escalating conflict between Israel and Iran over Tehran’s nuclear program.
The young girl sits on the dusty floor, clutching her father’s shoe close to her chest as she cries and screams in anger. Bisan Qwaider is unconsolable. Her father has just been killed while trying to get food for her and her 10 hungry siblings.
Iran has threatened to close the Strait of Hormuz, through which roughly a third of the world’s oil and gas is exported via ships. But the threat may be bluster amid reports today that Iran is seeking to de-escalate the fighting with Israel and statements by President Trump, who said he will not allow the Strait to close.
Israel's blistering attack with warplanes and drones against Iran’s nuclear and military structure has sparking an open conflict between the two long-time foes that threatens to spiral into a wider, more dangerous regional war.
Israel has launched a series of strikes against Iran, targeting the country’s nuclear program and other military infrastructure. Iran has launched its own strikes in retaliation.
The U.S. oil benchmark hovered around $71 per barrel on June 16—about where it started the year—but up roughly 9% from a week prior. The current price tag is considered a relatively healthy value—profitable for most oil producers without creating particularly high fuel prices.
Carlson and Bannon are the face of the MAGA wing staunchly opposed to the U.S. wading into the Israel-Iran conflict.
Israel says it first bombed Iran to stop it from being able to produce nuclear weapons and the “existential threat” they would represent.