Oil Prices Jump as US‑Iran Clash Rages, Jobs Shift, and Politicians Spar
Oil prices climbed sharply after the United States announced it had finished a temporary deal with Iran, prompting military strikes on ships in the Strait of Hormuz. The shock rippled through global markets, lifting both West Texas Intermediate and Brent crude. Economist Justin Wolfers noted that a hidden trend often drives fuel costs, but the immediate spike was tied to political tension.
U.S. Job Growth Skewed Toward Services
A Wall Street veteran reported that most U.S. jobs added since the second Trump term have come from health care and education, not manufacturing. Labor Department data shows this sector added about 1.1 million positions, while factory jobs fell by roughly 113,000.
Warren Critiques UAE Chip Export Rule
Senator Elizabeth Warren criticized a new rule from the United Arab Emirates that limits chip exports, calling it “corrupt.” She added that the policy undermines U.S. interests in technology.
Schiff on Trump’s Tariff Program
Economist Peter Schiff argued that Trump’s tariff program has not closed the trade gap. In May, the U.S. trade deficit grew by 42 %, a level not seen since March of the previous year, revealing that imports remain high despite tariff hikes.
El‑Erian on Fed Leadership Change
Financial analyst Mohamed El‑Erian warned that a recent change in the Federal Reserve’s leadership might prompt a reassessment of how much data the bank relies on. He suggested that policymakers could face similar doubts about over‑dependence on quantitative information.
