Amidst tensions in the Middle East and recent attacks on Iran, global oil markets have stabilized with Brent crude around $66, and prices are expected to remain in the $55-70 range, reflecting a rebalanced market influenced by increased U.S. and Gulf Arab production, a slower energy transition, and shifting geopolitical dynamics. The crisis has not caused significant disruptions, and the U.S. has become a key player in global energy security, with a diversified production landscape including Canada and Brazil.
Congressional briefings on the Iran conflict have been postponed amid ongoing tensions and legislative negotiations, with key bills and trade deals also in flux as lawmakers race against the July 4 deadline to pass major legislation, including a significant tax and spending bill, amidst internal disagreements and procedural delays.
Lawmakers are warning that proposed budget cuts to the DOJ, including the FBI, could threaten U.S. national security amid escalating tensions with Iran, with bipartisan concern over reduced resources during a time of increased threat levels.
Former President Biden’s physician, Kevin O’Connor, is set to testify before the House Oversight Committee regarding Biden’s mental acuity, amid ongoing investigations. Meanwhile, Attorney General Pam Bondi testified on DOJ’s budget amidst rising tensions with Iran, which could impact national security funding. Other political developments include Alaska Senator Lisa Murkowski considering caucusing with Democrats, GOP efforts to modify SNAP spending cuts, and ongoing debates over the Capitol Police plaque and legislative bills related to Iran and domestic policy. The week is marked by significant legislative negotiations and political maneuvers across Congress.
Federal Reserve Chair Jerome Powell is set to testify before Congress, addressing the Fed's cautious stance on interest rates, its independence amid political pressures, and the economic implications of the U.S. conflict with Iran, amid a backdrop of stable inflation and low unemployment.
Several airlines have canceled or rerouted flights to the Middle East due to escalating conflicts involving Iran, leading to longer travel times, schedule changes, and potential profit losses amid rising oil prices and airspace closures.
US stock futures declined and oil prices rose following Iran's attack on US interests, with markets remaining volatile amid geopolitical tensions and awaiting further developments, while investors monitor economic data and central bank policies.
Bitcoin initially dropped below $100,000 following US and Israeli airstrikes on Iran but recovered to trade above $101,000 as markets perceived the conflict as short-lived. The crypto market experienced significant liquidations, but overall market sentiment remained cautious with expectations of a contained escalation. Gold and oil showed minor fluctuations, reflecting investor uncertainty and a belief that broader escalation remains unlikely.
Hungarian Prime Minister Viktor Orban urged the EU to drop its proposed ban on Russian energy imports, citing concerns over rising energy prices due to the US bombing of Iran and the Iran-Israel conflict, which could impact the region's inflation and energy security.
Late-night hosts humorously highlighted Donald Trump's frequent use of a two-week timeline for decision-making, especially in relation to the Iran conflict, pointing out it as his preferred measure of time for action or delay.
Oil markets are experiencing volatility due to escalating tensions between Israel and Iran, with uncertainties surrounding US intervention under President Trump. Brent crude fluctuated between $70.56 and $79.04 per barrel, influenced more by geopolitical developments than traditional factors like OPEC+ or Chinese imports. Meanwhile, Iran is discounting its oil to boost exports, and other global oil activities include Chevron's divestment plans, Kazakhstan's OPEC+ stance, and Canada's LNG projects. The conflict has also led to operational disruptions in Israel and increased geopolitical tensions in oil exploration and production worldwide.
The UK is organizing charter flights to evacuate British nationals from Israel once Israeli airspace reopens amid ongoing conflict with Iran, with support for land crossings and diplomatic talks with Iran in Geneva. Several other countries are also evacuating their citizens from Iran and Israel due to the escalating conflict.
U.S. stock futures are down amid geopolitical tensions with Iran, oil prices fall, Accenture's bookings miss estimates, Home Depot considers acquiring GMS, and Circle's stock rises on stablecoin legislation passing.
Israeli civilians face daily fears and disruptions due to escalating missile attacks from Iran, with many experiencing personal losses, displacement, and psychological stress amid ongoing conflict and security concerns.
U.S. stock futures declined amid concerns over the Israel-Iran conflict, with President Trump expected to decide on potential military action within two weeks. Oil prices fell slightly despite ongoing regional tensions, and European efforts to ease tensions continue. Additionally, Home Depot is reportedly bidding for GMS, and SoftBank's Son is proposing a $1 trillion AI hub in the U.S.
