Bank of America CEO on raising minimum wage: It's an investment in our teammates President Joe Biden stops to talk to the media as he drives a Ford F-150 Lightning truck at Ford Dearborn Development Center, Tuesday, May 18, 2021, in Dearborn, Mich. Ethereum's 27-year-old founder says we're in a crypto bubble. Did it just burst? QAnon is spreading in churches. These pastors are trying to stop it Left: James Kendall is the Senior Pastor at Grace Community Church in Madera, California. Kendall gave a sermon at his church warning congregants about QAnon. Right: Ben Marsh is a pastor at First Alliance Church in Winston-Salem, North Carolina. He has seen members of his church share conspiracy theories on their social media pages. Carlos Ghosn says he has to tell his side of the story TOPSHOT - Former Renault-Nissan boss Carlos Ghosn looks on before addressing a large crowd of journalists on his reasons for dodging trial in Japan, where he is accused of financial misconduct, at the Lebanese Press Syndicate in Beirut on January 8, 2020. - Ghosn arrived at the venue, making his first public appearance since skipping bail in Japan. The fugitive tycoon, who denies any wrongdoing, skipped bail while awaiting trial on multiple charges of financial misconduct including allegedly under-reporting his compensation to the tune of $85 million. (Photo by JOSEPH EID/AFP via Getty Images) B25_25594_R James Bond (Daniel Craig) prepares to shoot in NO TIME TO DIE, an EON Productions and Metro-Goldwyn-Mayer Studios film Credit: Nicola Dove © 2020 DANJAQ, LLC AND MGM. ALL RIGHTS RESERVED. Flames are seen at the production facility of Saudi Aramco's Shaybah oilfield in the Empty Quarter, Saudi Arabian on May 22, 2018. (CNN Business) — Oil prices are rising as escalating tensions in the Middle East stoke fears about a global supply crunch. Saudi Arabia said two of its oil tankers had been sabotaged off the coast of the United Arab Emirates, in attacks it said posed a threat to shipping and the security of global oil supplies. Brent crude futures — the global benchmark — gained about 1.9% earlier on Monday to trade at $71.75 a barrel. US crude oil futures gained about 1.6% to $62.48. Both markets pared those gains later as the escalating US-China trade war clouded the outlook for global oil demand growth. Four tankers were targeted overall, according to the UAE, in what the country said was a “sabotage attack” that took place near the strategic port of Fujairah on Sunday. A senior source at Saudi Arabia’s ministry of energy told CNN Business that the attacks were particularly alarming because the tankers were targeted outside the Strait of Hormuz. The US Energy Information Administration calls the Strait of Hormuz “the world’s most important oil transit chokepoint,” with an estimated 20% of oil traded worldwide moving through the channel. One of the two Saudi vessels was on its way to be loaded with Saudi crude oil from the port of Ras Tanura, to be delivered to customers in the United States, the state-run Saudi Press Agency reported Monday. The third and fourth tankers involved in the attack were carrying a UAE flag and a Norwegian flag, UAE officials said. The Norwegian tanker suffered hull damage after being struck by an unknown object at the waterline, its managers, Thome Shipmanagement, said in a statement. The US Energy Department said in a statement that it is “aware of efforts to disrupt oil shipping,” but is confident that oil markets “remain well-supplied.” Tensions have risen in the oil-rich region in recent weeks amid the deployment of a growing number of United States military assets to the Middle East due to deteriorating relations with Iran. The Trump administration vowed last month to bring Iran’s oil exports to “zero” by ending the sanctions’ waivers that had allowed some countries to continue to buy crude from the OPEC nation. It said the United States, Saudi Arabia and the United Arab Emirates would make up for the loss of Iranian supply. Saudi oil minister Khalid al-Falih has said that the kingdom would coordinate with other producers “to ensure the availability of enough oil.” Oil prices have surged in recent months in response to the crackdown on Iran, US sanctions on Venezuela and supply cuts implemented by OPEC and Russia at the start of the year. The Saudi source said the market reaction on Monday would have been much more dramatic but traders were worried that the US-China trade war could depress demand for oil. Global stocks slumped on Monday as the dispute between the world’s top two economies escalated. – CNN’s John Defterios and Sarah Dean contributed to this report.<doc-sep>The spike in tensions comes after the Trump administration’s decision to lift sanctions waivers from eight countries that import Iranian oil, in a bid to bring Iran’s exports down to “zero,” according to U.S. officials. Iranian imports had already plunged after the United States reimposed sanctions in November, following the Trump administration’s decision to pull out of the Iran nuclear accord. The expiration of the waivers is expected to inflict further pain on Iran’s already reeling economy.<doc-sep>Oil futures rose on Monday on increasing concerns about supply disruptions in the crucial producing region of the Middle East even as investors and traders fretted over global economic growth prospects amid a standoff in the Sino-US trade talks . Brent crude futures were at $71.00 a barrel, up 38 cents, or 0.5%, from their last close by 0624 GMT. US West Texas Intermediate (WTI) futures were at $61.73 per barrel, up 7 cents, or 0.1%, from their previous settlement. Saudi Arabia said on Monday that two Saudi oil tankers were among vessels targeted by a "sabotage attack" off the coast of the United Arab Emirates, condemning it as an attempt to undermine the security of global crude supplies. Saudi Arabia and the UAE are the largest and third-largest producers, respectively, in the Organization of the Petroleum Exporting Countries (OPEC), according to the latest survey by Reuters. "Rising geopolitical tensions in the Middle East, together with sharply declining oil supplies from Venezuela and Iran, will remain bullish for prices," said Abhishek Kumar, head of analytics at Interfax Energy in London. Markets have been supported by Washington's bid to cut Iran's oil exports to zero and reduce exports from Venezuela, where infrastructure problems have also cut output. The United States reimposed sanctions on Iran in November after pulling out of a 2015 nuclear accord between Tehran and world powers last year. Investors are also focused on tightened supplies following OPEC-led production cuts since the start of the year. There is a consensus that OPEC and its producer allies will extend the six-month output-cut agreement when they meet in June. But the trade friction between Washington and China, which intensified last week will keep a lid on prices, said Kumar. The United States and China together accounted for 34% of global oil consumption in the first quarter of 2019, data from the International Energy Agency showed. "The US-China trade war is set to intensify, which will limit gains in prices," Kumar said. "Market participants will closely watch China's retaliatory steps in response to the imposition of additional US tariffs on Chinese goods," Kumar said, adding the dispute "could be particularly detrimental to the growth in global oil demand". The trade turmoil has prompted hedge funds to cut their bullish wagers on US crude oil to the lowest level in a month and raised their bets on Brent crude to the highest in nearly seven months, US government data showed on Friday. Separately, in an early indicator of future output, US energy companies last week reduced the number of oil rigs operating for the third time in four weeks, cutting them by two and bringing the count down 805. This story has been published from a wire agency feed without modifications to the text. Only the headline has been changed. Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Never miss a story! Stay connected and informed with Mint. Download our App Now! ! Topics<doc-sep>Saudi Arabia claims "sabotage attacks" left two of its oil tankers damaged off the coast of the UAE, not far from the vital Strait of Hormuz shipping channel. Nobody is casting blame yet, but it comes just days after the U.S. warned that "Iran or its proxies" could target commercial vessels in the region. Britain says the incident highlights the danger of "a conflict happening by accident" between the U.S. and Iran. Mike Pompeo was meeting European leaders as they try to keep the nuclear deal viable months after President Trump abandoned it. A U.S. defense official told CBS News that a team of U.S. investigators was on their way to the UAE to help look into the incidents. Saudi Arabia said Monday two of its oil tankers were sabotaged off the coast of the United Arab Emirates in attacks that caused "significant damage" to the vessels. One of the ships was en route to pick up Saudi oil to take to the United States, a Saudi government minister said. The announcement by the kingdom's energy minister, Khalid al-Falih, came on the heels of a new warning to sailors in the region from the U.S. While no blame was cast at Iran or any other nation for the alleged attack on the ships, it fuelled fears that a miscommunication or small act of antagonism in the politically charged region could quickly escalate into a full conflict. Late last week the U.S. Maritime Administration warned commercial shipping companies that from the beginning of May there had been, "an increased possibility that Iran and/or its regional proxies could take action against U.S. and partner interests, including oil production infrastructure, after recently threatening to close the Strait of Hormuz. Iran or its proxies could respond by targeting commercial vessels, including oil tankers, or U.S. military vessels in the Red Sea, Bab-el-Mandeb Strait, or the Persian Gulf." The statement from the Saudi government on the alleged "sabotage attacks" off the United Arab Emirates port at Fujairah came just hours after Iranian and Lebanese media outlets aired false reports of explosions at the port, which sits less than 100 miles from the mouth of the vital Strait of Hormuz shipping channel. Emirati officials have declined to elaborate on the nature of the sabotage or say who might have been responsible. A U.S. defense official told CBS News national security correspondent David Martin that the UAE had requested American assistance investigating the incidents, and the U.S. was sending a team of investigators to help. A total of four tankers sustained some damage on Sunday, according to UAE officials. One of the others was Norwegian owned, but officials in that country did not immediately confirm any links to the apparent attacks on the Saudi-flagged vessels. Early Sunday, the U.S. Maritime Administration issued a new warning to sailors about the alleged sabotage, while stressing "the incident has not been confirmed." It urged shippers to exercise caution in the area for the next week. It remains unclear if the previous warning from the U.S. agency is the same perceived threat, or part of it, that prompted the White House to order the USS Abraham Lincoln aircraft carrier strike group and the B-52 bombers to the region on May 4. "One of the two vessels was on its way to be loaded with Saudi crude oil from the port of Ras Tanura, to be delivered to Saudi Aramco's customers in the United States," al-Falih said. "Fortunately, the attack didn't lead to any casualties or oil spill; however, it caused significant damage to the structures of the two vessels." Saudi Arabia did not identify the vessels involved, nor did it say whom it suspected of carrying out the alleged sabotage. The U.S. Navy's 5th Fleet, which oversees the region, did not immediately offer comment. Emirati officials declined to answer questions from The Associated Press, saying their investigation is ongoing. Iran calls for details Shortly after the Saudi announcement, Iran's Foreign Ministry called for further clarification about what exactly happened with the Saudi tankers. The ministry' spokesman, Abbas Mousavi, was quoted by the official IRNA news agency as saying there should be more information about the incident. Mousavi also warned against any "conspiracy orchestrated by ill-wishers" and "adventurism by foreigners" to undermine the maritime region's stability and security. An Iranian lawmaker suggested in the country's parliament on Monday that the attacks on the Saudi ships could have been carried out by unspecified "saboteurs" from an also unspecified third country. Fears of an escalation Even without any actual accusation that Iran or its "proxies" were behind the purported attack on the Saudi tankers, the incident clearly demonstrated how high tensions are in the region, and some other countries were quick to express their concern. Britain's Foreign Minister Jeremy Hunt warned of the risks of an "accident" sparking a conflict between the United States and Iran. "We are very worried about the risk of a conflict happening by accident with an escalation that is unintended," Hunt said in Brussels, where U.S. Secretary of State Mike Pompeo arrived to discuss the Iran standoff with European counterparts. "What we need is a period of calm to make sure that everyone understands what the other side is thinking," Hunt said, adding that would share those concerns Monday with his European partners and Pompeo. Underlying the regional risk, the general-secretary of the six-nation Gulf Cooperation Council described the alleged sabotage as a "serious escalation" in an overnight statement. "Such irresponsible acts will increase tension and conflicts in the region and expose its peoples to great danger," Abdullatif bin Rashid al-Zayani said. Bahrain, Egypt and Yemen's internationally recognized government similarly condemned the alleged sabotage. Tensions have risen in the year since President Trump unilaterally withdrew the United States from the 2015 nuclear deal between Iran and world powers, restoring American sanctions that have pushed Iran's economy into crisis. Last week, Iran warned it would begin enriching uranium at higher levels in 60 days if world powers failed to negotiate new terms for the deal. Europe clings to the nuke deal<doc-sep>
Global oil prices surge Monday as military tensions between Iran and the United States continued to escalate and Saudi Arabia alleged that two of its tankers were victims of a 'sabotage attack' near a key transportation route in the middle east. Global oil prices surged Monday as military tensions between Iran and the United States continued to escalate and Saudi Arabia alleged that two of its tankers were victims of a 'sabotage attack' near a key transportation route in the middle east. Saudi Arabia's energy minister said two of his country's tankers were "attacked" near the Strait of Hormuz, a busy shipping route which separates the Persian Gulf states from Iran and the epicenter of military tensions between Washington and Tehran. The Kingdom did not say who was responsible for the incident, while the United Arab Emirates added that four of its vessels were also sabotaged. Iran's foreign ministry, which threatened to close the strait to oil traffic earlier this year, described it as ""worrisome and dreadful" and called for a full investigation. "The international community has a joint responsibility to protect the safety of maritime navigation and the security of oil tankers, to mitigate against the adverse consequences of such incidents on energy markets and the danger they pose to the global economy," Saudi energy minister Khalid al-Faliah said in a statement Monday. Brent crude contracts for July delivery, the global benchmark for oil prices, were rising 2.2% to $72.15 a barrel, while West Texas Intermediate crude contracts for June delivery were up 2.1% at $62.95 a barrel. The alleged attack comes just hours ahead of a visit to Brussels by U.S. Secretary of State Mike Pompeo, who is expected to arrive in the Belgian capital later today for meetings with European leaders on how to "best support the full implementation of the nuclear deal", according to EU foreign minister Federica Mogherini. The deal in question, the Joint Comprehensive Plan of Action (JCPOA) treaty, was abandoned by the U.S. last year in a move that sparked the simmering tensions with Tehran and alienated European allies that still support the effort aimed and thwarting Iran's nuclear ambitions in a non-confrontational manner. Last week, Iran's President Hassan Rouhani said his administration would start enriching uranium within 60 days if European signatories to JCPOA didn't press Washington to revoke the sanctions it has placed on the sale of Iranian crude. Trump revoked waivers that allowed eight different countries -- including China and Japan -- to purchase Iranian crude despite U.S. sanctions. The move triggered stockpiling of exports from Tehran, with China importing a record 10.64 million barrels last month, according to official customs data, despite consistent signals of slowing growth and weakening demand in the world's second-largest economy. Trump has since called on OPEC members to make up for the shortfall in global supply that would result from the sanctions, although key producers such as Saudi Arabia and Russia have been reluctant to heed the President's message.