Trump becomes first sitting US president in history to cross border into North Korea

US President Donald Trump walking with North Korea’s leader Kim Jong Un during a break in talks at the second US-North Korea summit at the Sofitel Legend Metropole hotel in Hanoi on February 28, 2019. U.S. President Donald Trump and North Korean leader Kim Jong Un extended warm invitations to one another on Sunday, exchanging lofty visions for the future as they met at the Demilitarized Zone (DMZ) separating the two Koreas. The leaders shook hands on the North Korean side of the DMZ, making Trum


US President Donald Trump walking with North Korea’s leader Kim Jong Un during a break in talks at the second US-North Korea summit at the Sofitel Legend Metropole hotel in Hanoi on February 28, 2019. U.S. President Donald Trump and North Korean leader Kim Jong Un extended warm invitations to one another on Sunday, exchanging lofty visions for the future as they met at the Demilitarized Zone (DMZ) separating the two Koreas. The leaders shook hands on the North Korean side of the DMZ, making Trum
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Company: cnbc, Activity: cnbc, Date: 2019-06-30  Authors: natasha turak
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Trump becomes first sitting US president in history to cross border into North Korea

US President Donald Trump walking with North Korea’s leader Kim Jong Un during a break in talks at the second US-North Korea summit at the Sofitel Legend Metropole hotel in Hanoi on February 28, 2019.

U.S. President Donald Trump and North Korean leader Kim Jong Un extended warm invitations to one another on Sunday, exchanging lofty visions for the future as they met at the Demilitarized Zone (DMZ) separating the two Koreas.

The leaders shook hands on the North Korean side of the DMZ, making Trump the first sitting American president to ever set foot in the hermit state, before crossing together to the South Korean side and shaking hands again.

“It’s a great honor to be here,” Trump said, adding, “I feel great.” Upon leaving closed-door talks with Kim, he described the meeting as “very, very good.”

Kim said this was “an expression of his willingness” to work toward a new future.

While the two spoke of reconciliation and diplomatic progress, Trump said that U.S. sanctions on the country over its nuclear weapons and missile development programs would stay for now. The leaders agreed to designate a team to work out the details of future negotiations, Trump said, adding that the U.S. team would be headed by Washington’s nuclear envoy Stephen Biegun and that work would begin “over the next two or three weeks.”

The sticking point between the historical adversaries has long been the issue of denuclearization, a term whose definition the two countries can’t seem to agree on. Washington wants Pyongyang to give up its nuclear weapons, while Kim and his predecessors view the term to mean broader concessions from the U.S., including the removal of its troops from the Korean peninsula.

Trump made the surprise announcement just hours earlier of his intention to meet Kim at the Joint Security Area patrolled by soldiers from both Koreas near the inter-Korean border. Sunday also marks the first meeting between American and North Korean heads of state at the historic border since a cease-fire was signed ending the Korean War in 1953.

The meeting, which comes on the tails of the G-20, is the third between the two leaders in just over a year. The most recent, in Hanoi, Vietnam in February, collapsed due to disagreements over U.S. sanctions on Pyongyang.


Company: cnbc, Activity: cnbc, Date: 2019-06-30  Authors: natasha turak
Keywords: news, cnbc, companies, president, leaders, nuclear, history, weapons, border, sitting, cross, korea, trump, kim, meeting, north, korean, work


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US military drone shot down by missile in international airspace, US official says

A surface-to-air missile shot down a U.S. military drone in international airspace over the Strait of Hormuz, a U.S. official told NBC News Thursday morning. The U.S. official said a US RQ-4 Global Hawk drone was shot down in international airspace above the Strait of Hormuz. It was not in Iranian airspace, the official said, which has been disputed by Iran. The recently appointed chief of Iran’s elite Islamic Revolutionary Guard Corps (IRGC), Major General Hossein Salami, told Iranian state TV


A surface-to-air missile shot down a U.S. military drone in international airspace over the Strait of Hormuz, a U.S. official told NBC News Thursday morning. The U.S. official said a US RQ-4 Global Hawk drone was shot down in international airspace above the Strait of Hormuz. It was not in Iranian airspace, the official said, which has been disputed by Iran. The recently appointed chief of Iran’s elite Islamic Revolutionary Guard Corps (IRGC), Major General Hossein Salami, told Iranian state TV
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Company: cnbc, Activity: cnbc, Date: 2019-06-20  Authors: natasha turak
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US military drone shot down by missile in international airspace, US official says

A surface-to-air missile shot down a U.S. military drone in international airspace over the Strait of Hormuz, a U.S. official told NBC News Thursday morning.

The U.S. official said a US RQ-4 Global Hawk drone was shot down in international airspace above the Strait of Hormuz. It was not in Iranian airspace, the official said, which has been disputed by Iran. The official said they consider this to be an unprovoked attack.

The recently appointed chief of Iran’s elite Islamic Revolutionary Guard Corps (IRGC), Major General Hossein Salami, told Iranian state TV that the downing was “a clear message” to Washington.

“The downing of the American drone was a clear message to America … our borders are Iran’s red line and we will react strongly against any aggression,” Salami said. “Iran is not seeking war with any country, but we are fully prepared to defend Iran.”


Company: cnbc, Activity: cnbc, Date: 2019-06-20  Authors: natasha turak
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EU top diplomat says Europe will try to make sure ‘escalation is avoided’ between US, Iran

Federica Mogherini, the EU’s High Representative for Foreign Affairs and Security Policy, told CNBC ahead of a gathering of European leaders in Brussels Thursday afternoon that Europe will try to “open channels of communication and make sure that an escalation is avoided,” as oil prices spiked significantly over widespread supply fears. This followed an earlier claim from Iranian state-run broadcaster Press TV that the country’s Revolutionary Guard had successfully brought down an “intruding Ame


Federica Mogherini, the EU’s High Representative for Foreign Affairs and Security Policy, told CNBC ahead of a gathering of European leaders in Brussels Thursday afternoon that Europe will try to “open channels of communication and make sure that an escalation is avoided,” as oil prices spiked significantly over widespread supply fears. This followed an earlier claim from Iranian state-run broadcaster Press TV that the country’s Revolutionary Guard had successfully brought down an “intruding Ame
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EU top diplomat says Europe will try to make sure 'escalation is avoided' between US, Iran

The European Union has a crucial role to play in diffusing military tensions between the United States and Iran, the bloc’s top diplomat said, after the U.S. Defense Department insisted that an American surveillance drone shot down by an Iranian projectile in the Gulf region on Wednesday was operating over international waters.

Federica Mogherini, the EU’s High Representative for Foreign Affairs and Security Policy, told CNBC ahead of a gathering of European leaders in Brussels Thursday afternoon that Europe will try to “open channels of communication and make sure that an escalation is avoided,” as oil prices spiked significantly over widespread supply fears.

President Trump said in a Twitter post that Iran had made a “very big mistake” in its decision to shoot down the RQ-4A Global Hawk, an unarmed, unmanned but highly advanced high-altitude surveillance aircraft. Later Thursday, Trump seemed to downplay the incident, suggesting that it may have been unintentional.

This followed an earlier claim from Iranian state-run broadcaster Press TV that the country’s Revolutionary Guard had successfully brought down an “intruding American spy drone.”

But according to Navy Capt. Bill Urban, a spokesman for the U.S. military’s Middle East regional command known as Centcom, Iran’s use of a surface-to-air missile on the Global Hawk represented an “unprovoked attack on a U.S. surveillance asset in international airspace.”

In a sign of the seriousness with which the U.S. military is treating this latest incident, the top U.S. Air Force commander in the region, Lt. Gen. Joseph T. Guastella, spoke to Pentagon journalists from the Al Udeid Air Base in Qatar, where around 10,000 US military personnel are permanently stationed.

The United States last week announced it would send an additional 1,000 troops to the Middle East, in addition to the 1,500 extra personnel it promised to dispatch in May.

And senior military commanders have previously warned that Iranian attacks on U.S. forces or interests in the region would prompt a response.

Mogherini, the European diplomat, told CNBC she had agreed with her American counterpart Secretary of State Mike Pompeo earlier this week at a meeting in Washington D.C. that it was not in anybody’s interest “to see a military escalation,” and her focus remained on keeping Iran compliant with its obligations under the nuclear deal she helped broker, formally known as the Joint Comprehensive Plan of Action or JCPOA.

“We’ll try to do what we can to diffuse tensions,” she said.

But Sanam Vakil, who heads the Iran forum at the London-based think tank Chatham House, said the drone shooting was the latest in a “cascading series of attacks,” which included several that damaged oil tankers in the stretch of water that separates Iran from the Arabian peninsula.

“Iran is increasing its leverage for future negotiations” over sanctions relief and its nuclear capabilities, Vakil told CNBC via email.

“Without dialogue, diplomacy and serious de-escalation, the risk of action and reaction and a slide into a wider regional conflict is significant.”


Company: cnbc, Activity: cnbc, Date: 2019-06-20  Authors: willem marx, natasha turak
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‘They want to hit where it hurts’: Here’s why Iran could want to attack foreign tankers

So why would elements within Iran risk blowing up foreign merchant tankers in their own backyard? It’s crucial to note that the culprit behind attacks on two commercial tankers last week has not been conclusively proven. The U.S. and the Saudis say Iran is behind the attacks, while the U.K. says they’re “almost certain” of the same; Iran vociferously denies it. Here’s a look at what might’ve driven elements within Iran, particularly its Revolutionary Guard Corps, to carry out the tanker attacks.


So why would elements within Iran risk blowing up foreign merchant tankers in their own backyard? It’s crucial to note that the culprit behind attacks on two commercial tankers last week has not been conclusively proven. The U.S. and the Saudis say Iran is behind the attacks, while the U.K. says they’re “almost certain” of the same; Iran vociferously denies it. Here’s a look at what might’ve driven elements within Iran, particularly its Revolutionary Guard Corps, to carry out the tanker attacks.
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Company: cnbc, Activity: cnbc, Date: 2019-06-20  Authors: natasha turak
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'They want to hit where it hurts': Here's why Iran could want to attack foreign tankers

Undated handout archive photo by the Norwegian shipowner Frontline of the crude oil tanker Front Altair, released June 13, 2019. NTB Scanpix | Reuters

DUBAI — Iran’s economy is crumbling. It’s in a region bristling with U.S. military hardware, and it’s staring down an American administration that has made clear all military options are on the table. So why would elements within Iran risk blowing up foreign merchant tankers in their own backyard? It’s a question many people were asking even before the Pentagon reported Thursday that an American drone was shot down over the Strait of Hormuz. Iran claimed responsibility for that strike. It’s crucial to note that the culprit behind attacks on two commercial tankers last week has not been conclusively proven. On June 13, explosions crippled the Japanese Kokuka Courageous and the Norwegian Front Altair, forcing their crews to abandon ship. The U.S. and the Saudis say Iran is behind the attacks, while the U.K. says they’re “almost certain” of the same; Iran vociferously denies it. But video footage and photographs from U.S. CENTCOM provides what a range of security experts say is credible evidence of Iranian responsibility. Here’s a look at what might’ve driven elements within Iran, particularly its Revolutionary Guard Corps, to carry out the tanker attacks.

1. Iran ‘has nothing to lose’

“Iran has probably arrived at the conclusion that it has less to lose from acting this way than from doing nothing,” Aniseh Tabrizi, a research fellow and Iran expert at London’s Royal United Services Institute, told CNBC via phone Tuesday. “There is a gamble behind it that wasn’t there before, which is: ‘If other countries retaliate, we are willing to take the risk because we have really nothing to lose at this point’,” Tabrizi described. “And that is a dangerous way to feel.” Iran’s economy is expected to shrink by 6% this year, after having contracted 3.9% last year, the International Monetary Fund says. By contrast, it clocked 3.8% growth in 2017, before the Trump administration re-imposed economic sanctions after withdrawing from the 2015 nuclear deal that offered the Islamic Republic relief from prior sanctions. The combination of hard-hitting sanctions, particularly on the country’s oil exports, and years of economic mismanagement have led to skyrocketing unemployment and inflation headed toward 40%. “The more the U.S. maximum pressure policy succeeds in driving the Iranian economy into the ground,” Ali Vaez, Iran Project Director at Crisis Group, told CNBC, “the less risk averse the Iranians will become and the more aggressive they’re likely to be.”

2. Calling Trump’s ‘bluff’

“It’s all about careful calibration and plausible deniability,” Hussein Ibish, a senior resident scholar at the Arab Gulf States Institute in Washington, told CNBC. Iran’s tactics, experts say, are designed to disrupt but not provoke a military response. So far, attacks have specifically avoided civilian deaths and environmental damage like an oil spill. Instead, the Revolutionary Guard or its naval equivalent may be sending the message that it’s capable of undermining U.S. and Arab Gulf states’ interests in the region. And if they feel they can get away with it, it’s because they’re banking on President Donald Trump not wanting to actually start a war. “Ultimately, Iran’s intention is to call President Trump’s bluff,” says Ibish.

Imagery taken from a U.S. Navy MH-60R helicopter that allegedly shows Islamic Revolutionary Guard Corps Navy after removing an unexploded limpet mine from the M/T Kokuka Courageous. US Navy

And indeed, Trump told Time Magazine in an interview this week that he views the tanker incidents as “very minor,” suggesting that attacks of this nature are not worth going to war over. The administration has already gone almost all out on economic sanctions, “So the repercussions are virtually nil,” says Ibish. “That’s one reason why Iran is taking these actions: they have nothing to lose except getting into a war they don’t want, but which Trump does not want either. And that’s what they’re testing right now,” he said.

3. ‘Hit them where it hurts’ — oil and shipping security

Iranian leaders have often threatened that if they can’t export their oil, neither will anyone else. And last week’s suspected attacks took place near the Strait of Hormuz, the narrow waterway for 30% of the world’s seaborne oil traffic. Combined with the four tankers allegedly sabotaged off the United Arab Emirates’ coast of Fujairah on May 12, last week’s attacks “appear to be part of a systematic Iranian effort to demonstrate that peace and security in the Gulf is contingent on its own economic stability,” political consultancy Eurasia Group said in a June 13 briefing.

They do not seek a war, exactly, but they are obviously willing to risk one in order to get out of an impossible conundrum. Hussein Ibish senior resident scholar, Arab Gulf States Institute in Washington

Iran’s Supreme Leader Ayatollah Ali Khamenei “has made threats to the Americans saying we’re going to hit where it hurts — and the hydrocarbon lifeline of the Strait of Hormuz is what hurts,” Andreas Krieg, a lecturer at the School of Security Studies at King’s College London, told CNBC. Targeting commercial tankers and oil traffic hurts Iran as well, Krieg says — “but the Iranians have their backs against the wall, and there’s very little they can lose because they’re already in a state of absolute loss after the imposition of the maximum pressure sanctions regime.”

4. Deterrence and leverage

“If the Iranians were indeed behind this then I think the main motive is to deter the U.S. from further ratcheting up pressure on Iranian oil exports,” says Crisis Group’s Vaez. “But this also has the added benefit of ransoming the oil market which will jack up the price on shipping insurance premiums, and this will allow the Iranians to compensate to a certain extent for the loss of their oil exports as a result of U.S. sanctions.”

And for Iran, this type of unconventional warfare also demonstrates that it can wreak significant damage on Western interests at a fairly low financial cost, something that can’t be said for the U.S. military. “The Iranians have a lot more flexibility and political will to operate in this area than the Americans,” says Krieg. “The problem with the Americans is there is no political will, there’s limited capability to strike back, and the costs are exponentially higher.”

5. History


Company: cnbc, Activity: cnbc, Date: 2019-06-20  Authors: natasha turak
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Trump calls alleged Iranian tanker attacks ‘very minor’

President Donald Trump downplayed the seriousness of suspected attacks on two oil tankers in the Gulf of Oman last week, essentially dismissing the idea that the recent events would trigger a war with Iran. In an interview with Time magazine published Tuesday, Trump called the June 13 attacks, which his administration has blamed on Iran and which crippled two vessels and forced their crews to abandon ship, “very minor.” “So far, it’s been very minor,” Trump told Time Magazine. “Other places get


President Donald Trump downplayed the seriousness of suspected attacks on two oil tankers in the Gulf of Oman last week, essentially dismissing the idea that the recent events would trigger a war with Iran. In an interview with Time magazine published Tuesday, Trump called the June 13 attacks, which his administration has blamed on Iran and which crippled two vessels and forced their crews to abandon ship, “very minor.” “So far, it’s been very minor,” Trump told Time Magazine. “Other places get
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Trump calls alleged Iranian tanker attacks 'very minor'

U.S. President Donald Trump listens during a working lunch with governors on workforce freedom and mobility in the Cabinet Room of the White House in Washington, D.C., U.S., on Thursday, June 13, 2019.

President Donald Trump downplayed the seriousness of suspected attacks on two oil tankers in the Gulf of Oman last week, essentially dismissing the idea that the recent events would trigger a war with Iran.

In an interview with Time magazine published Tuesday, Trump called the June 13 attacks, which his administration has blamed on Iran and which crippled two vessels and forced their crews to abandon ship, “very minor.”

“So far, it’s been very minor,” Trump told Time Magazine.

While he endorsed the U.S. intelligence community’s assessment that Iran was the likely culprit in last week’s events, he seemed to suggest that energy interests in the region — including the Strait of Hormuz, near the site of the attacks and the conduit for 30% of the world’s seaborne oil exports — were not worth starting a war over.

“Other places get such vast amounts of oil there,” Trump told Time, referring to major importers of Middle East crude like China and Japan. “We get very little. We have made tremendous progress in the last two and a half years in energy … So we’re not in the position that we used to be in in the Middle East where … some people would say we were there for the oil.”

The president’s comments are markedly less hawkish than those coming from the Pentagon and State Department, where national security leaders have insisted that all options are on the table, including military action, in order to defend U.S. interests.

Acting Defense Secretary Pat Shanahan has announced a fresh deployment of 1,000 additional troops to the region on top of the 1,500 announced last month as tensions climb between the two adversaries one year after Trump withdrew from the Joint Comprehensive Plan of Action, commonly known as the 2015 Iran nuclear deal.

When asked by Time about what provocations would lead him to move toward war with Iran, the president replied, “I would certainly go over nuclear weapons.” Tehran announced Monday that it would breach the nuclear deal’s internationally agreed limits on its uranium enrichment and stockpiles in 10 days.

Trump has been reluctant to drive a war narrative, having run his 2016 campaign on promises of ending America’s drawn-out Middle East conflicts. Hawkishness toward Iran has been mainly attributed to his national security advisor John Bolton and Secretary of State Mike Pompeo, who called for military action against Iran long before Trump’s ascent to the Oval Office.

Read Time Magazine’s full interview here.


Company: cnbc, Activity: cnbc, Date: 2019-06-18  Authors: natasha turak
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Iran says it will break internationally-agreed limit on uranium levels in 10 days

DUBAI — Iran will surpass the internationally agreed limit on its low-enriched uranium stockpiles in 10 days, the country’s atomic energy body said Monday. “We have quadrupled the rate of enrichment and even increased it more recently, so that in 10 days it will bypass the 300 kilogram limit,” Iran’s Atomic Energy Organization spokesman Behrouz Kamalvandi said on state TV, as quoted by Reuters. Iran would be exceeding its internationally-agreed enrichment cap of 3.67%, which is the amount allowe


DUBAI — Iran will surpass the internationally agreed limit on its low-enriched uranium stockpiles in 10 days, the country’s atomic energy body said Monday. “We have quadrupled the rate of enrichment and even increased it more recently, so that in 10 days it will bypass the 300 kilogram limit,” Iran’s Atomic Energy Organization spokesman Behrouz Kamalvandi said on state TV, as quoted by Reuters. Iran would be exceeding its internationally-agreed enrichment cap of 3.67%, which is the amount allowe
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Iran says it will break internationally-agreed limit on uranium levels in 10 days

DUBAI — Iran will surpass the internationally agreed limit on its low-enriched uranium stockpiles in 10 days, the country’s atomic energy body said Monday.

A spokesperson for the Iranian Atomic Energy Organization said that the country would increase enrichment levels to 20% — significantly closer to weapons-grade material — for use in local reactors, but emphasized that Europe still had a chance to rescue the 2015 nuclear deal if its remaining signatories found a way to shield the Islamic Republic from the crippling effect of U.S. economic sanctions.

“We have quadrupled the rate of enrichment and even increased it more recently, so that in 10 days it will bypass the 300 kilogram limit,” Iran’s Atomic Energy Organization spokesman Behrouz Kamalvandi said on state TV, as quoted by Reuters. “There is still time … if European countries act.”

Iran would be exceeding its internationally-agreed enrichment cap of 3.67%, which is the amount allowed for civilian nuclear power development. Weapons-grade enrichment is 90%, but according to nuclear experts, reaching 3 to 4% enrichment equates to roughly two-thirds of the work done toward that 90% figure, as any increases beyond that seemingly small amount disproportionately speeds up breakout time.

Tehran is threatening to roll back its obligations under the nuclear deal a year after the Trump administration withdrew from it and reimposed punishing sanctions on the Iranian economy, most significantly its oil sector, the country’s largest source of revenue.

The nuclear agreement, officially known as the Joint Comprehensive Plan of Action (JCPOA), was meant to offer Iran financial relief from sanctions in exchange for curbs to its nuclear program and was signed under the Obama administration along with the U.S., France, Germany, the U.K., Russia and China.

The deal’s non-U.S. signatories opposed the Trump administration’s withdrawal and have pledged to keep the deal alive, even going so far as creating a special-purpose vehicle that could facilitate trade with Iran while skirting U.S. secondary sanctions.

Iran’s Atomic Energy Organization spokesman said Monday that European leaders needed to “act, not talk.”


Company: cnbc, Activity: cnbc, Date: 2019-06-17  Authors: natasha turak
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Explosions on two oil tankers near Iran send oil prices 2% higher

Oil prices jumped as much as 4% on Thursday following attacks on tanker ships off the coast of Iran, renewing fears of conflict in the Middle East following a series of strikes last month. The attacks occurred in the Gulf of Oman, near the Strait of Hormuz, the world’s busiest sea lane for oil shipments. Brent crude, the international benchmark for oil prices, was up $1.22, or 2%, at $61.19 per barrel around 12:30 p.m. Oil prices earlier fell toward five-month lows on Thursday, continuing a stee


Oil prices jumped as much as 4% on Thursday following attacks on tanker ships off the coast of Iran, renewing fears of conflict in the Middle East following a series of strikes last month. The attacks occurred in the Gulf of Oman, near the Strait of Hormuz, the world’s busiest sea lane for oil shipments. Brent crude, the international benchmark for oil prices, was up $1.22, or 2%, at $61.19 per barrel around 12:30 p.m. Oil prices earlier fell toward five-month lows on Thursday, continuing a stee
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Explosions on two oil tankers near Iran send oil prices 2% higher

Oil prices jumped as much as 4% on Thursday following attacks on tanker ships off the coast of Iran, renewing fears of conflict in the Middle East following a series of strikes last month.

The vessels sustained significant damage and their crews have been evacuated, according to shipping agents and chartering sources. The attacks occurred in the Gulf of Oman, near the Strait of Hormuz, the world’s busiest sea lane for oil shipments.

It was not immediately clear who was responsible for the attacks, but the incident occurred against the backdrop of heightened tension within the Middle East and between the U.S. and Iran. The Iranian leadership has repeatedly threatened to block traffic in the Strait of Hormuz in retaliation for U.S. sanctions on the Islamic Republic.

Brent crude, the international benchmark for oil prices, was up $1.22, or 2%, at $61.19 per barrel around 12:30 p.m. ET (1630 GMT). Brent earlier rose more than 4% to $62.64.

U.S. West Texas Intermediate crude rose $1.09, or 2.1%, to $52.23, after topping out at $53.45 earlier in the session.

Oil prices earlier fell toward five-month lows on Thursday, continuing a steep slide fueled by concerns that the U.S.-China trade war will slow global growth and dent fuel demand. On Wednesday, crude futures fell 4% on the ongoing demand fears and another big jump in U.S. crude stockpiles.

OPEC on Thursday cut its forecast for oil demand growth in 2019 as the 14-nation producer group pumped at its lowest level in five years.

But the attacks in the Gulf of Oman renewed geopolitical concerns that have largely abated in recent weeks.

“This is the kind of nightmare headline that you don’t necessarily want to wake up to,” John Kilduff, founding partner at energy hedge fund Again Capital, told CNBC’s “Squawk Box.”

The Trump administration believes it knows who is responsible for the incident and will make its conclusions public on Thursday, according to Bloomberg News. Separately, a spokesperson for the Saudi-led military coalition waging war in Yemen said he can connect Thursday’s attack to a previous tanker strike by Yemen’s Iran-backed Houthi rebels, Reuters reported.

Iran has been hosting Japanese Prime Minister Shinzo Abe for a two-day visit aimed at easing tensions between Tehran and Washington. Iranian Foreign Minister Javad Zarif addressed Thursday’s incident on Twitter, writing, “Suspicious doesn’t begin to describe what likely transpired this morning.”

The Iranian navy is investigating the incidents, according to state-owned news agency IRNA. The crew aboard the ships were initially picked up by nearby ships, but have been transferred to Iranian rescue vessels and brought to a port in southern Iran, according to IRNA.

A spokesman for the U.S. Navy’s Fifth Fleet in Bahrain told The Associated Press that his command was “aware” of the incident and was seeking further details. U.S. naval ships are in the area and are “rendering assistance” after forces in the region received two separate distress calls, the Fifth Fleet said.


Company: cnbc, Activity: cnbc, Date: 2019-06-13  Authors: natasha turak tom dichristopher, natasha turak, tom dichristopher
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‘We have all these tools’: Mnuchin defends using punishing tariffs to solve security problems

Speaking to CNBC’s Nancy Hungerford in Fukuoka, Japan, Mnuchin defended the president’s mixing of trade and non-trade issues — something that’s drawn criticism from outside commentators. Asked if trade could again be used as a weapon in non-trade disputes, Mnuchin said, “I think it’s very important that we have all these tools, that we use them. And President Trump has really done a great job at using these tools.” Mnuchin stressed that Washington’s ongoing campaign against telecommunications be


Speaking to CNBC’s Nancy Hungerford in Fukuoka, Japan, Mnuchin defended the president’s mixing of trade and non-trade issues — something that’s drawn criticism from outside commentators. Asked if trade could again be used as a weapon in non-trade disputes, Mnuchin said, “I think it’s very important that we have all these tools, that we use them. And President Trump has really done a great job at using these tools.” Mnuchin stressed that Washington’s ongoing campaign against telecommunications be
‘We have all these tools’: Mnuchin defends using punishing tariffs to solve security problems Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-06-09  Authors: natasha turak
Keywords: news, cnbc, companies, punishing, using, tariffs, problems, security, tools, mnuchin, trump, solve, trade, president, nontrade, defends, issues, american, secretary


'We have all these tools': Mnuchin defends using punishing tariffs to solve security problems

The White House has had no problem leveraging American economic heft to bring other countries to heel on issues that aren’t related to the economy — and it may continue to do so, Treasury Secretary Steven Mnuchin indicated to CNBC on Sunday.

Markets have been on edge in recent weeks as U.S. President Donald Trump threatened Mexico with tariffs unless it vowed new assistance on immigration issues, and suggested that he was willing to link trade talks with Beijing to American security concerns around Chinese tech giant Huawei.

Speaking to CNBC’s Nancy Hungerford in Fukuoka, Japan, Mnuchin defended the president’s mixing of trade and non-trade issues — something that’s drawn criticism from outside commentators.

Asked if trade could again be used as a weapon in non-trade disputes, Mnuchin said, “I think it’s very important that we have all these tools, that we use them. And President Trump has really done a great job at using these tools.”

The secretary was referring, in particular, to the threat of tariffs on Mexico over its role in Central American migration as well as the increasing tariffs imposed on China in an attempt to address the U.S.-China trade deficit and curb what the administration calls Beijing’s “unfair” trade practices.

Mnuchin stressed that Washington’s ongoing campaign against telecommunications behemoth Huawei is a national security issue, not a trade-related one. But he added that Trump may soften the stiff restrictions that the U.S. has slapped on the Shenzhen-based company after feeling satisfied on the trade issue.


Company: cnbc, Activity: cnbc, Date: 2019-06-09  Authors: natasha turak
Keywords: news, cnbc, companies, punishing, using, tariffs, problems, security, tools, mnuchin, trump, solve, trade, president, nontrade, defends, issues, american, secretary


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Oil at $100? Experts predict where crude could go if an Iran conflict breaks out

Oil is in the crosshairs as the prospect of confrontation brews between the U.S. and Iran. A top military aide to Iran’s supreme leader Ayatollah Ali Khamenei, Yahya Rahim Safavi, warned over the weekend that “The first bullet fired in the Persian Gulf will push oil prices above $100.” In an area responsible for the shipment of one-third of the world’s seaborne oil, just how high could military confrontation — or indeed, an outright war — send the price of crude? “I think that $100 per barrel is


Oil is in the crosshairs as the prospect of confrontation brews between the U.S. and Iran. A top military aide to Iran’s supreme leader Ayatollah Ali Khamenei, Yahya Rahim Safavi, warned over the weekend that “The first bullet fired in the Persian Gulf will push oil prices above $100.” In an area responsible for the shipment of one-third of the world’s seaborne oil, just how high could military confrontation — or indeed, an outright war — send the price of crude? “I think that $100 per barrel is
Oil at $100? Experts predict where crude could go if an Iran conflict breaks out Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-06-06  Authors: natasha turak
Keywords: news, cnbc, companies, breaks, iranian, think, crude, experts, oil, predict, 100, sanctions, military, irans, region, conflict, nuclear, iran, market


Oil at $100? Experts predict where crude could go if an Iran conflict breaks out

Oil is in the crosshairs as the prospect of confrontation brews between the U.S. and Iran. At least, that’s how Iranian officials would have it.

A top military aide to Iran’s supreme leader Ayatollah Ali Khamenei, Yahya Rahim Safavi, warned over the weekend that “The first bullet fired in the Persian Gulf will push oil prices above $100.” He added, “This would be unbearable to America, Europe and the U.S. allies like Japan and South Korea.”

More than a million barrels of oil per day have been wiped off the market as U.S. sanctions, imposed after the Donald Trump administration withdrew from the 2015 Iran nuclear deal last year, endeavor to bring the exports of OPEC’s third-largest producer to zero. This has contributed to the crippling of Iran’s economy, which the U.S. administration says will continue unless Iran “acts like a normal country” and ceases its support of terrorist proxies in the region and ballistic missile testing.

Iran has responded to the sanctions by threatening to ditch its obligations under the nuclear deal — which had promised economic relief in exchange for limits to its nuclear development — and return to higher levels of uranium enrichment.

A series of attacks in the United Arab Emirates (UAE) and Saudi Arabia that are being blamed on Iran have now pushed tensions to new highs, and prompted the U.S. to deploy more troops and military hardware to the region. In an area responsible for the shipment of one-third of the world’s seaborne oil, just how high could military confrontation — or indeed, an outright war — send the price of crude?

Not as high as you might think, according to some experts.

“I think that $100 per barrel is ambitious,” Stephen Brennock, an oil analyst at PVM Oil Associates in London, told CNBC via email on Tuesday. He pointed out that the oil market has “more or less shrugged off” the disappearance of a further 500,000 barrels per day of Iranian oil since Washington terminated its sanctions waivers in May.


Company: cnbc, Activity: cnbc, Date: 2019-06-06  Authors: natasha turak
Keywords: news, cnbc, companies, breaks, iranian, think, crude, experts, oil, predict, 100, sanctions, military, irans, region, conflict, nuclear, iran, market


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Saudi Arabia’s largest IPO since 2014 begins trading, with shares edging above their offer price

DUBAI — Saudi Arabia’s largest initial public offering (IPO) in five years has edged above expectations as it debuted on the Tadawul, the country’s stock exchange, Wednesday morning. Shares of Saudi shopping mall operator Arabian Centres were trading at 26.1 riyals ($6.96) just after 10 a.m. in Riyadh. Omar Al Mohammedy, CEO of Fawaz Alhokair Group, spoke to CNBC about the IPO the week prior and emphasized the importance of Saudi Arabia’s social and economic liberalization plans to the expansion


DUBAI — Saudi Arabia’s largest initial public offering (IPO) in five years has edged above expectations as it debuted on the Tadawul, the country’s stock exchange, Wednesday morning. Shares of Saudi shopping mall operator Arabian Centres were trading at 26.1 riyals ($6.96) just after 10 a.m. in Riyadh. Omar Al Mohammedy, CEO of Fawaz Alhokair Group, spoke to CNBC about the IPO the week prior and emphasized the importance of Saudi Arabia’s social and economic liberalization plans to the expansion
Saudi Arabia’s largest IPO since 2014 begins trading, with shares edging above their offer price Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-05-22  Authors: natasha turak
Keywords: news, cnbc, companies, offer, saudi, shopping, largest, shares, riyals, range, trading, arabias, fawaz, ipo, million, begins, edging, share, social, price


Saudi Arabia's largest IPO since 2014 begins trading, with shares edging above their offer price

DUBAI — Saudi Arabia’s largest initial public offering (IPO) in five years has edged above expectations as it debuted on the Tadawul, the country’s stock exchange, Wednesday morning.

Shares of Saudi shopping mall operator Arabian Centres were trading at 26.1 riyals ($6.96) just after 10 a.m. in Riyadh.

The price is just a hair above the retail giant’s initial pricing at 26 riyals per share, at the bottom of its indicative range, compared with a price range of 26 to 33 riyals per share for 95 million shares being sold.

The company had been aiming to raise 2.8 billion riyals ($747) million.

Arabian Centres Company — which operates, develops and owns 19 malls across 10 cities in Saudi Arabia — is owned by Fawaz Alhokair Group, whose majority shareholder is Saudi billionaire Fawaz Alhokair.

The 17-year-old shopping mall operator had a revenue of $576 million in 2018, up from $511 million in 2016. Its future plans include the opening of four more malls and one extension in the coming 12 months, according to the company.

Omar Al Mohammedy, CEO of Fawaz Alhokair Group, spoke to CNBC about the IPO the week prior and emphasized the importance of Saudi Arabia’s social and economic liberalization plans to the expansion of his business.

“Vision 2030 presents a tremendous opportunity for us,” he told CNBC’s Dan Murphy in Abu Dhabi, referencing the economic diversification plan spearheaded by Crown Prince Mohammed bin Salman to reduce Saudi Arabia’s reliance on oil revenue.

“One of the vision policy objectives is to improve the quality of life for Saudi citizens and Saudi residents. This includes many entertainment initiatives. One example that directly helps our business is cinemas.”

Saudi Arabia legalized movie theaters in late 2017 for the first time in more than 35 years as part of a drive to open up notoriously conservative social norms in the Islamic monarchy.

“We’re launching 15 cinemas across our existing 19 assets and we’ll have more cinemas in our growth assets,” the CEO continued. “Many of these policy objectives allow us to add concepts that in the past we could not add, whether it’s across entertainment, or fine dining, so we’re excited that there is significant room for us to give a hungry Saudi consumer the product that they demand.”

—Reuters contributed to this story


Company: cnbc, Activity: cnbc, Date: 2019-05-22  Authors: natasha turak
Keywords: news, cnbc, companies, offer, saudi, shopping, largest, shares, riyals, range, trading, arabias, fawaz, ipo, million, begins, edging, share, social, price


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