Oil prices jump and stocks tumble following Israel’s attack on Iran
Oil prices jumped and stocks tumbled Friday following Israel’s attack on Iran, which raised fears of a wider conflict in the Middle East.
Crude oil prices saw their biggest increase since Russia’s invasion of Ukraine more than three years ago, pushing the U.S. benchmark close to $73 a barrel. If sustained, that could reverse the downward slide in gasoline prices, which has helped to keep inflation in check. The Labor Department said Wednesday that gas prices had fallen 12% in the last twelve months.
Stocks fell sharply Friday as investors weighed the potential fallout from the conflict. The Dow Jones Industrial Average fell close to 500 points, or 1.1% in the first two hours of trading.
Investors were rattled after Israel launched air strikes into Iran, targeting the country’s nuclear facilities, and Iran sent drones towards Israel to retaliate.
Ordinarily, nervous traders would seek shelter in U.S. government bonds, pushing bond prices up and yields down. That didn’t happen early Friday, however, perhaps signaling investors’ lingering worries over the high level of U.S. debt. This week, the Treasury Department reported that the federal deficit had topped $1.2 trillion, with four months still to go in the fiscal year.
PBS cuts 15% of jobs in wake of federal funding cut
After Congress clawed back public media funding PBS cuts 15% of its staff. More than 100 jobs jobs are being lost.
President Trump plans to rename the Defense Department as the Department of War
The change would return the department to a name that it carried for much of its history, until it became the Department of Defense in the wake of World War II.
The U.S. is designating Ecuador’s largest gangs as terrorists
The U.S. is designating Ecuador's two largest gangs — Los Choneros and Los Lobos — as foreign terrorist organizations.
For mixed status families, deportation fears cast shadow over new academic year
As the new school year begins, mixed immigration status families face heightened fears about ICE enforcement near schools, creating anxiety that extends far beyond the classroom.
Senators from both parties grilled RFK Jr. on vaccines and more
In a blistering hearing, Senators from both parties challenged the health secretary to defend his actions, including on vaccines access and CDC leadership.
Why the medical community is thrilled by U.S. support for a ‘breakthrough’ HIV drug
Lenacapavir has the potential to end the HIV epidemic, researchers say. The Trump administration says backing this kind of effort will be a model for how it does global health work in the future.
