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US launches new strikes against Iran, causing oil to rise by more than $1 per barrel
After the U.S. military launched new strikes against Iran, oil prices rose by more than $1 a barrel on Wednesday. After Donald Trump's threat to strike Iran again on Wednesday night, both?crude benchmarks? had reached their highest levels in?more than two weeks. Trump said the interim agreement to end Iran's war was over, but ruled out a full-blown war. Brent crude futures closed Wednesday's session at $79.28 per barrel after closing the previous day at $78.02, up by more than 5%. U.S. West Texas Intermediate Crude futures traded at $74.76 per barrel, an increase from the session's settlement price of $73.52. The U.S. Central Command announced Wednesday that it would launch new strikes against?Iran to keep the Strait of Hormuz traffic-friendly. Ongoing 'U.S. A U.S. official said that the strikes against Iran are expected to be more powerful than those carried out on Tuesday. Iranian media reported explosions in Bandar Abbas Abu Musa Bushehr and other areas of the country. The latest strikes come after a flare up in tensions caused by Iranian attacks on ships in Strait of Hormuz. Following this, the U.S. has revoked the sanctions relief for Iranian Oil Sales that was?agreed to in the interim agreement between the two parties?last month. Iran announced on Wednesday that it had attacked U.S. military bases in Bahrain and Kuwait. This triggered a retaliatory strike by the U.S. The strait was the route of a fifth of all global oil before the Iran War. Tehran's control over the waterway is its primary leverage in the conflict that began with the U.S. Israeli airstrikes on Iran began on February 28. After the attacks on two oil tankers Tuesday, maritime authorities increased the threat level for vessels transiting through the Strait.
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US Nuclear Power Regulator proposes to narrow scope of environmental reviews
The U.S. nuclear power regulator on Wednesday proposed narrowing the scope of environmental?reviews required under federal law for licenses for new and renewed reactors. The?U.S. nuclear regulator proposed on Wednesday to narrow the scope of?environmental?reviews required by federal law for licenses to new and renewed reactors. The proposal is just one of many changes that the Nuclear Regulatory Commission has made to its rules. The U.S. President Donald Trump wants to quadruple the nuclear power capacity of the U.S. by 2050 in order to meet the power demand, which has risen due to data centers and electric vehicles. The NRC has also proposed a change to a rule that protects people from radiation coming from power plants, and security standards for reactors. Ho Nieh, chairman of the Nuclear Regulatory Commission (NRC), told reporters that the NRC "did much more for many, many, years than was required by law under the National Environmental 'Policy Act." This brings us right back to the NEPA requirements, nothing more and nothing less." Nieh stated that the NRC is proposing to limit areas in which it doesn't have authority over environmental effects, such as the construction of nuclear power plants. He said: "Dust and noise, air impact, non-radiological waters, or nonradiological effects are all examples of things that we will not be doing in the future." The proposal would also "eliminate routine requests for public comments on draft Environmental Impact Statements." The public will still be able to provide comments during other stages of the approval process. The proposal also expands categorical exemptions for certain actions. This includes some new reactor projects where the NRC determined that they do not normally result in significant environmental impact. Kimyata Savoy is the NRC’s chief environmental review and permitting officer. She told reporters the proposal would save the NRC about $135 millions in costs. Trump approved four executive orders last year on nuclear energy that sought to'shorten the approvals of new reactor licenses from a multiyear process to a 18-month one. The orders called for a revamp of the NRC, including examining staffing levels and instructing the Energy and Defense Departments that they should work together to construct pilot nuclear plants on federal land. (Reporting and editing by David Gregorio; Timothy Gardner)
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Wall Street falls as Iran tensions re-ignite, Oil reaches multi-week high
After U.S. President Donald Trump said that the interim peace agreement with?Iran?was "over", and the U.S. declared new military strikes, stocks were mostly lower. Oil prices rose nearly 5% as tensions in the Middle East re-emerged and fears mounted that global energy supply could be disrupted if vessels moving through the Strait of Hormuz were stopped. Brent futures LCOc1 climbed $3.86 or 5.2% to $78.02 per barrel, their highest price since June 19. U.S. West Texas Intermediate crude (WTI)?CLc1 climbed $3.08 or 4.4% to $73.52, its highest level since June 22. This week, data showed that crude oil stocks in the U.S. Strategic Petroleum Reserve?have reached their lowest levels since 1983. Markets are more susceptible to future supply shocks. The Dow Jones Industrial Average, which closed at 52,348.09, was the Wall Street market's?most dramatic selloff. It fell 1.09%. S&P 500 ended with a 0.28% drop to 7,482.59 while Nasdaq Composite managed a 0.2% gain to 25,870.65. The International Monetary Fund warned that the conflict would have a negative impact on global growth in 2015. The MSCI index of global stocks fell by 0.60% to 1,114.54. The market was largely unresponsive to the minutes of Chairman Kevin Warsh’s first rate setting meeting released by Federal Reserve, which revealed concern over rising inflation. Investors were more interested in Warsh's desire for a limited forward guidance. This suggests that investors will have less information about future Fed actions. In a recent note, Russ Brownback said that the Fed has decided to give less information in its post-meeting statements, with forward guidance being placed more in the rearview mirror. He said that while the minutes retain a familiar structure, the statements and the forward-looking language of the policy are noticeably more guarded. The yield on the benchmark 10-year U.S. Treasury note rose for a seventh consecutive day. It was last up 4,01 basis points to 4.569%, after hitting a month-high of 4.58%. Dollar index, which measures greenback against a basket including yen, euro and other currencies, dropped 0.22% on currency markets to?100.96. The yen was hovering around 162.4, which is not far off its 40-year low. Gold prices were also affected by renewed Middle East tensions, and inflation fears that followed. Spot gold dropped 0.52%, to $4.084.19 per ounce. U.S. gold?futures? fell 1.45%, to $4.085.00 per?ounce. Gold is often seen as a hedge to inflation but the metal's non-yielding nature makes it less appealing in an environment with high interest rates. (Reporting from Washington by Pete Schroeder; Additional reporting by Amanda Cooper and Tom Westbrook, in London; Editing by Kevin Buckland and Jan Harvey; Hugh Lawson, Edmund Klamann and Edmund Klamann).
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US Diesel Futures Post the Biggest Daily Gains in Four Years After Russia Bans Exports
U.S. Diesel futures are set to make their biggest daily gains in the last four years on Wednesday, after Russia announced an export ban. This has heightened supply concerns for a market that is still grappling with uncertainties about Middle Eastern oil flow. The benchmark ultra-low sulfur futures contract on the New York Mercantile Exchange closed up 11.6% to $154.71 a barrel, its highest level in more than a month. It also marked the largest daily gain for the contract since march 2022. The price spike in response to the 'Russian export ban', imposed in response to intensifying drone attacks by Ukraine on its refineries highlights the tightness of the global diesel markets. Diesel production has been limited by the attacks on Russian refineries and other plant closures, as well as years of supply cuts from the OPEC+ and disruptions resulting from the Iran War. Tom Kloza, Gulf Oil's chief energy advisor, said: "Diesel should be the product everyone is watching." It was emphasized even before the Russian banning, and now you have a very strong setup for the middle barrel. According to government data released on Wednesday, the United States' diesel and heating oil stocks fell by almost 5 million barrels in the last week, down to 103.6 million. This was due to a record-breaking seasonal export and a strong domestic demand. This is about 7% less than the average for the past five years. Energy Information Administration data released on Wednesday showed that U.S. distillate fuel exports were averaging 1.7 million barrels per day, the highest ever for the beginning of July. Domestic demand was 4.3 million barrels per day, which is 1.6% more than it was at the same time last year. Although the United States does not import any Russian diesel anymore, U.S. customers could still "feel" the pinch as nations who do rely upon Russian flows are likely to turn west for replacement barrels. The expected pull from other nations on a tighter market may translate into higher prices in the US. Consumers are now facing new inflation worries. Kloza said that wholesale diesel prices will rise by more than 40 cents a gallon as a result of the Russian export ban. The developments are likely to translate into better profits for U.S. refiners: "the diesel futures cracked spread, or the differential between the price the fuel and crude oil price, surged above $80 per barrel on Wednesday." This is the highest price since early April. Reporting by Shariq KHan and Scott DiSavino, New York; editing by Chizu NOMIYAWA
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Gold falls after Trump declares Iran deal 'over
Gold prices dropped on Wednesday, as oil prices'surged' and inflation fears grew after U.S. president Donald Trump said a 'interim agreement aimed at ending conflict with Iran is over. Gold prices fell 0.9% by 2:10 pm EDT (1810 GMT), after they had hit their lowest level since the beginning of July. U.S. Gold Futures for August Delivery settled 1.8% lower, at $4.082.40 an ounce. David Meger is director of metals trading for High Ridge Futures. Iran has reacted to a flurry of hostilities by claiming that it targeted U.S. military targets in?Bahrain? and Kuwait? after U.S. forces had attacked Iranian targets as a response to the attacks?on oil tankers in?the Strait of?Hormuz? Crude oil prices increased by more than 5%. Energy prices that are higher can cause inflation, and central banks may raise interest rates in order to control price pressures. Gold is often seen as a hedge to inflation but the metal's non-yielding nature makes it less appealing in an environment of high interest rates. Concern about high inflation grew?at last month's Federal Reserve meeting, amid fears that price increases are spreading and could require interest rate increases. Minutes of the 'June 16-17 meeting showed that a few participants saw the case for raising rates immediately. According to CME FedWatch Tool, traders are now pricing in a 69% probability of an increase in U.S. interest rates in September. This is up from 62% Tuesday. In a note dated Tuesday, Bank of America said that its 2026 gold forecasts have been reduced by 14%, to $4360, due to a more hawkish Fed. However, it added that $5,000 is still within reach when the tightening cycles ends. Spot silver dropped 2.9% to $58.25 an ounce. Platinum fell 3.6% to $1.580.92 and palladium declined 4.5% to 1,219.84.
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Officials say that a wildfire in central France poses an explosion risk to the KNDS site.
Local officials reported on Thursday that a wildfire in central France has posed a threat to residents of Morthomiers and threatens the industrial site nearby where KNDS manufactures munitions. This would present a risk for explosions or 'further fires'. KNDS confirmed that the wildfire was threatening the munitions site and informed the 500 employees of the facility to evacuate. Officials said that in Morthomiers, 100 residents of the 845-person town have been evacuated and are now sheltering at the 'town hall. It said that an internal firefighting unit had been deployed, and that 'night shift workers' had been put on standby. In a message on X, the prefect of Cher in central France said that the facility had been closed to traffic. He also urged residents of the area to take shelter. Since last week, wildfires have raged in southern Europe. In France, thousands of people were forced to evacuate their homes. The heatwaves that swept across France and western Europe between May and June dries out vast areas, which makes them more vulnerable to wildfires. This week, temperatures are expected to reach 40 degrees Celsius in southwest France. The French Interior Minister announced earlier on Wednesday that a 22 year old volunteer firefighter had died fighting a forest fire in the Savoie region of the French Alps. In the Pyrenees Orientales, the 'Trevillach wildfire' has burned 12,108 acres (4,900 hectares). The local prefect told X that the fire did not spread overnight. This allowed residents from a dozen villages to return to their homes. However, the fire is still not completely contained. The European Commission pre-positioned an unprecedented 777 firefighters from fourteen European countries across high-risk zones in?Cyprus?, Greece?, Italy?, France?, Spain?and Portugal? Portugal and France activated?EU Civil Protection Mechanism at the weekend in response to simultaneous wildfires that scorched thousands of acres. Reporting by Dominique Vidalon and Hugo Lhomedet; Editing and production by Barbara Lewis, David Gregorio and Makini Brice
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Guatemalan zoo breeds rare species of lizards to save endangered species
Conservationists are working in Guatemala to breed a new generation of Guatemalan Beaded Lizards. These lizards are one of the most endangered species in the world. They hope that this will help rebuild the wild populations decimated by habitat loss and the illegal pet trade. Heloderma charlesbogerti is also known as the "nino dormido", or sleeping child in Spanish, and it's endemic in the thornscrub in Guatemala's Motagua Valley. This region, which is one of the driest in Central America, has a lot of thornscrub. Rowland Griffin is the director of La Aurora zoo’s conservation project. He estimates that there are only 500 to 700 wild adults left. The Guatemala City Zoo is monitoring eggs with remote cameras, incubator tanks, and baby lizards to be released next year. He said, "We are just getting them accustomed to eating and climbing. They will need these skills when they are released into the wild." Scientists will monitor the progress of lizards before they are released. In 2007, the species was elevated to the highest protection tier?of CITES, the Convention on the International Trade in 'Endangered Species Of Wild Fauna And Flora. Guatemalan beaded Lizards are known to primarily eat bird and reptile eggs. Their venom is not fatal to humans.
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Oil prices are a 'wake up call' for investors as Trump drives up inflation.
After U.S. president Donald Trump announced on Wednesday that the interim?agreement to end the conflict with Iran "is over", global investors were reminded of the speed at which the oil?market could reignite concerns about inflation and volatility. Oil's 5% increase has pushed down inflation-sensitive assets like bonds and gold. Aneeka Gupta is the director of macroeconomics research at Wisdomtree. We expected "that the oil flow would return to the markets and that inflation expectations would be reduced". Everyone is watching oil After Trump's comments, oil prices jumped up to 6% to reach a new two-week high. Brent futures are still far below the $100 and above they traded at for two months starting in mid-March. This caused policymakers' inflation indicators to flash red. After the U.S. signed a memorandum of agreement with Iran in June to reopen the Strait of Hormuz and release the stranded tankers, prices fell rapidly. It is unclear where the prices will settle after the mini-glut has passed. The latest developments will make tankers less willing to return to the Gulf. KEEPING THE FIDELITY The news came at a bad time for the stock market. There is some doubt in the AI story as traders wonder if companies who have made billions for AI models and chips will continue to do so, if there are no more supply bottlenecks or if the demand doesn't pan out like they expected. Since the Nasdaq reached a record high in June, memory chip makers have experienced a volatile correction. The price of an?ETF that tracks memory chip stocks has dropped by nearly 8%. Meanwhile, the Philadelphia semiconductor index has declined by 5%. The world outside AI has done much better. The S&P 500 equal-weight index, which removes the large impact of the biggest stocks, is up nearly 3%. Europe's STOXX 600, which has "poor AI", is also up 4%. BOND YIELDS SURFACE Bond yields surged after Trump's remarks, taking their cues from oil prices. Traders raised their expectations for price increases, and positioned themselves to increase interest rates, reversing the recent reduction of bets. The contracts tracking the euro zone CPI inflation expectation in a year rose by 14 basis points to 1.992%. Traders last priced in an additional 35 basis points of tightening from the European Central Bank this year, up from 25 basis points on Tuesday. According to LSEG, the Federal Reserve tightened by 36 bps on the Fed Funds Market, while the Bank of England tightened its policy by 32 bps. Markets expect consumer inflation in the U.S. will be just 2.15 % in a year, a sharp drop from the 4.2% recorded in May. The biggest moves were in shorter-dated bonds. These are more sensitive to expectations of interest rates. Germany's and Britain's yields on 2-year bonds both rose 10 basis points to their highest level in just under a week. The U.S. reaction, an energy exporter country, was less dramatic, with 2-year bond yields rising by 5 bps. VOL WAKES UPS Volatility was largely absent in the past few months. But Wednesday's news sent a number of measures higher. Early June saw the VIX index return to pre-war levels, with only a short spike due to concerns about high-flying technology stocks. The same story is told by the volatility?gauges of currencies and bonds -- a nearly unbroken drop in recent weeks and a spike on Wednesday. There are exceptions, such as equity indexes heavily exposed to chips in South Korea and Taiwan, where the volatility is astronomical. Gold Not So Shiny Gold prices are 23% lower than they were before the outbreak of war. It had been on a six month run, which saw the price rise by 70%. After a modest rally that began at the beginning of July, the price of gold is almost back to where it was when the month started, with a daily decline of 1.1%, or $4,060 per ounce. Gold, which is generally considered a safe haven and hedge against inflation rose initially when the Iran War began. However, it fell sharply almost immediately. Investors' thoughts were dominated by the dollar strength and bets on central banks raising rates, rather than safe-haven demand. This put pressure on prices.
Four people are killed and more than a dozen injured by tornadoes in rural Michigan
Local authorities reported that tornadoes and storms in southern Michigan killed or injured at least 'four' people on Friday. Multiple homes were destroyed and a large number of residents lost power.
Videos on social media, claiming to come from Three Rivers and Union City, showed massive whirlwinds that tore roofs off of buildings and lifted debris into the sky.
Local media footage showed cars and buildings smashed, as well as poles, trees, and road signs that had been blown.
The sheriff's department of Branch County reported three fatalities and 12 injuries in the area where Union City is situated.
According to local authorities, one person died and several others were injured in?Cass County.
According to a Cass County website, "multiple large structures including homes and pole barns sustained damage ranging from structural impacts to total destruction."
Local officials reported that hundreds of people were affected by power outages.
We have many utility poles that are down, transformers that are damaged, and long power lines lying on the ground. According to a post on Union City's official Facebook page, the?northside of Union Lake sustained most of the damage. Two miles of power lines were brought down there alone.
Michigan Governor Gretchen Whitmer announced that she had activated a State Emergency Operations Center? to monitor the situation.
The state is prepared to meet any requests for resources that may arise. Yet, we haven't received any. Clayton Cummins is a spokesperson from Michigan emergency services and the police. He said that it sounds 'like' local response has been able to deal with 'what's a been a very destructive afternoon and evening in Southwest Michigan. (Reporting and editing by Donna Bryson, Tom Hogue, and Maria Tsvetkova)
(source: Reuters)