DUBAI, United Arab Emirates (AP) — Iran has intensified its attacks on oil and gas facilities around the Gulf, dramatically raising the stakes in a war that is sending shock waves through the global economy. Thursday’s strikes came in retaliation for an Israeli attack on a key Iranian natural gas field. They sent fuel prices soaring and risked drawing Iran’s Arab neighbors directly into the conflict. Tehran targeted energy production, further stressing global supplies already under pressure because of Iran’s stranglehold on the Strait of Hormuz. That’s a strategic waterway through which a fifth of the world’s oil is transported. Lebanon’s health ministry says over 1,000 people have been killed in the fighting between Israel and the Iran-backed militant group Hezbollah.
Pentagon seeks $200 billion in additional funds for the Iran war, AP source says
WASHINGTON (AP) — A senior administration official says the Pentagon is seeking $200 billion in additional funds for the Iran war. The department sent the request to the White House, according to the official, who spoke on condition of anonymity to discuss the private information. It’s an extraordinarily high number and comes on top of extra funding the Defense Department already received last year in President Donald Trump’s big tax cuts bill. Asked about the figure at a press conference Thursday, Defense Secretary Pete Hegseth did not directly confirm the amount, saying it could change. Congress is bracing for a new spending request but it is unclear it would have support. Trump says it’s a small price to pay for security.
Trump faces his most difficult Iran war decision: Will he deploy US troops to seize uranium?
WASHINGTON (AP) — President Donald Trump faces the most daunting question of the Iran war: Will he put U.S. troops on the ground to secure the enriched uranium Tehran could use for nuclear weapons? Trump has offered shifting justifications for launching the war but has been consistent in articulating a primary objective in joining Israel in it is ensuring Iran will “never have a nuclear weapon.” However, the Republican president has been more circumspect about whether he’s willing to send troops into Iran to seize or dilute its enriched uranium. Iran’s foreign minister told CBS that Iran offered to dilute the enriched uranium stockpile during talks with Trump’s negotiators before the war began.
Brent crude briefly tops $119 per barrel before pulling back, and stocks sink worldwide
NEW YORK (AP) — Oil prices climbed again because of the war with Iran, tightening their grip on the global economy and sending stock markets lower around the world. Brent crude briefly rose above $119 per barrel Thursday before pulling back to $110. The S&P 500 fell 0.7% and is on track for a fourth straight losing week. The Dow Jones Industrial Average dropped 418 points, and the Nasdaq composite fell 0.8%. In Europe and Asia, where companies are more reliant on Middle Eastern oil, stock indexes sank more. Treasury yields rose as traders trimmed bets for a cut to interest rates this year by the Federal Reserve.
