After threatening on Saturday to strike Iran’s power plants within 48 hours unless the Islamic Republic reopened the Strait of Hormuz, US President Donald Trump said on Monday morning he would postpone the attacks for at least five days after he held “productive conversations” with Tehran. But Iran denied that there was any direct communication – a US source reportedly told Axios said the talks took place via Turkish, Egyptian, and Pakistani intermediaries. Whether Trump’s announcement tangibly changes the course of the war is one thing – Tehran still may not allow boats to peacefully pass through the Strait of Hormuz. In the short term, however, Trump’s comments prompted oil prices to fall 10% and US stocks to jump more than 2%. Some financial analysts speculated that calming these markets was the real aim of Trump’s announcement.
Eight states are urging a US judge to block a $3.5 billion merger between local television station owners Nexstar and Tegna. Their concern? The deal would put 80% of US TV households under their control. On Thursday, the Federal Communications Commission announced it had waived a rule that prohibits television station owners from reaching more than 39% of households. California, Colorado, Illinois, Oregon, New York, North Carolina, Connecticut, and Virginia are trying to stop the deal because they fear it will allows the companies to wield unprecedented broadcasting power. FCC Chair Brandon Carr contends that this gives local news channels the power to rival major national broadcasters like Comcast-owned NBC and the Walt Disney Company’s ABC.
Between the groundedflights, shutairports in the Middle East, and the spiking cost of jet fuel, the airline industry is suffering as a result of the Iran war. More than $50 billion has been wiped off the value of the world’s largest airline carriers. Europe and Africa are especially affected, with each continent getting 40% and 70% of its jet fuel, respectively, via the Strait of Hormuz. Meanwhile, the United States is experiencing air travel issues of its own. Security lines are snaking around airports across the country, as Transportation Security Administration employees go unpaid due to a DHS funding shutdown. Trumpsaid he will deploy ICE officials to fill the gaps at security turnstiles.
The Democratic Republic of Congo has reportedly banned exports of copper and cobalt concentrates – the goal is to force more processing at home and capture a larger share of profits generated from its natural resources.
Brazilian presidential candidate Flávio Bolsonaro has until tomorrow to find a VP candidate
The unprecedented surge stunned European governments and prompted an emergency meeting of EU interior ministers today on strengthening the bloc’s migration policies
In his latest Quick Take, Ian Bremmer examines the growing gap between President Trump’s threats to escalate against Iran and his reluctance to follow through with military action.