Stocks fall and oil surges as war with Iran spreads

Kraig Pakulski 0 23 Article rating: No rating

By John Towfighi, CNN

New York (CNN) — Oil prices surged, global stocks sank and gold rose Monday as concerns about a broadening war with Iran began to ripple through financial markets.

Investors are bracing for volatility in global energy markets as developments unfold in the Middle East. While markets saw sharp moves, the volatility so far has been largely as expected, and Wall Street is on watch for potential further disruptions to oil and gas prices.

The escalation in tensions between the United States and Iran sparked a bid for haven assets, with investors scooping up gold and the US dollar as places to park their cash during the turmoil. Here’s a wrap up of how markets are reacting to the developing turmoil:

Global oil prices on Monday traded at their highest level in just over one year. Brent crude, the international benchmark, surged almost 9%, to $79.33 per barrel. That marks its highest level since last January — surpassing the levels reached during US strikes on Iranian nuclear facilities in June.

Meanwhile, West Texas Intermediate crude, the US benchmark, gained almost 8%, reaching $72.39 per barrel, its highest level since June. Oil prices surged as much as 13% Sunday evening before paring gains as investors hold hope for limited long-term disruptions to markets.

Stocks were lower across the globe. The Dow was down 483 points, or 1%, shortly after US markets opened Monday. The broader S&P 500 and tech-heavy Nasdaq each fell roughly 0.7%. Europe’s benchmark Stoxx 600 fell 1.88%. Japan’s Nikkei 225 dropped 1.35%.

Wall Street is widely betting on a tumultuous yet relatively short conflict. Stocks historically tend to shrug off geopolitical concerns or rebound shortly after tensions settle. Just how high oil prices rise will be critical for determining the impact on stocks.

And while investors are grappling with resurgent geopolitical turmoil, Wall Street is also dealing with lingering weakness in tech and AI stocks as well as some concerns about the health of private credit, elevated stock valuations and potential complacency in markets.

Wall Street’s fear gauge, the VIX, jumped 18% and traded at its highest level in three months.

Diesel prices surged on Monday, outpacing the gains in oil prices and hitting their highest level in two years. Europe gasoil futures surged nearly 20% and US diesel futures surged 15%.

Natural gas futures surged by a whopping 46% in Europe as the region braces for fallout from volatility in energy markets as conflicts rages in the Middle East. QatarEnergy, Qatar’s state-run energy company, on Monday halted production of liquefied natural gas after an Iranian attack on its facility in Ras Laffan. US natural gas futures rose 4%.

Gold prices surged 2.5% and traded at their highest level in one month. Gold briefly reclaimed $5,400 a troy ounce and was set for its biggest single-day gain since early February. Gold, traditional considered a haven, had been acting like a meme stock in recent weeks with volatile swings. But the metal benefited from haven demand Monday as the US-Iran conflict stirred up fresh uncertainty in markets.

The US dollar strengthened against other major currencies, benefitting from investors seeking ou

Mild temperatures and gusty winds for first week of March

Kraig Pakulski 0 17 Article rating: No rating

SANTA BARBARA, Calif. - A weak trough of low pressure is bringing a minor cooldown for Monday. Temperatures will cool 5-10 degrees with morning clouds. Morning marine layer and clouds may produce drizzle and mist for the beach communities and areas north of Point Conception. It will start to clear by midday.

Temperatures Monday will stay within 60-70 degrees throughout the Central Coast.

Gusty winds will start to increase Monday afternoon, coming from the North West to North East. A wind advisory goes into place for portions of Santa Barbara and Ventura county at 3 p.m. Monday until 3 a.m. Tuesday for wind speeds of 25-45 mph. There is a chance the wind advisory could be extended for later Tuesday. The National Weather Service says the higher terrain areas will feel the gustiest conditions, so be sure to plan accordingly.

By Wednesday another weak trough will drop through the region, keeping temperatures mild, however it will still be rather pleasant with mostly clear skies. The weekend will be another warm one, with temperatures reaching the 80s!

The post Mild temperatures and gusty winds for first week of March appeared first on News Channel 3-12.

Mild temperatures and gusty winds for first week of March

Kraig Pakulski 0 18 Article rating: No rating

SANTA BARBARA, Calif. - A weak trough of low pressure is bringing a minor cooldown for Monday. Temperatures will cool 5-10 degrees with morning clouds. Morning marine layer and clouds may produce drizzle and mist for the beach communities and areas north of Point Conception. It will start to clear by midday.

Temperatures Monday will stay within 60-70 degrees throughout the Central Coast.

Gusty winds will start to increase Monday afternoon, coming from the North West to North East. A wind advisory goes into place for portions of Santa Barbara and Ventura county at 3 p.m. Monday until 3 a.m. Tuesday for wind speeds of 25-45 mph. There is a chance the wind advisory could be extended for later Tuesday. The National Weather Service says the higher terrain areas will feel the gustiest conditions, so be sure to plan accordingly.

By Wednesday another weak trough will drop through the region, keeping temperatures mild, however it will still be rather pleasant with mostly clear skies. The weekend will be another warm one, with temperatures reaching the 80s!

The post Mild temperatures and gusty winds for first week of March appeared first on News Channel 3-12.

Social media videos and surprise phone calls: How Trump told the world about Iran

Kraig Pakulski 0 14 Article rating: No rating

By Brian Stelter, CNN

(CNN) — President Trump is coming under increasing pressure to explain his military campaign in Iran to the American people.

So far, the president has not delivered a prime-time address or held a press conference. He ignored shouted questions from reporters as he flew from Florida to Washington on Sunday. “Pre-recorded social media clips won’t cut it,” Democratic Sen. Chris Coons remarked.

But Trump is communicating on his own terms — in ways that didn’t even exist for past presidents in wartime. He is posting updates to the social media platform he controls; chatting with reporters who call his cell phone; sharing links to supportive op-eds; and even cracking a joke at the Iranian Navy’s expense.

Trump has projected strength but has also sent mixed messages about the objectives of the military strikes. The New York Times, after a brief phone interview with Trump, said he offered “several seemingly contradictory visions” about a transition of power in Iran.

Earlier, when Trump spoke with an Axios reporter on Saturday, he suggested the military campaign might not take long: “I can go long and take over the whole thing, or end it in two or three days.”

Then, on Sunday, he told the Daily Mail that “it’s always been a four-week process,” and he told The Times “we intended four to five weeks” for the joint US-Israel attacks in Iran.

In another phone call, this one with reporters from MS NOW, Trump — a cable news obsessive — indicated that he’d been watching news coverage of the combat operations. He said he had seen “celebrations” of Ayatollah Ali Khamenei’s death both inside Iran and on the streets of Los Angeles.

That call, MS NOW said, was less than a minute long. It reflects Trump’s scattershot approach to communicating about the conflict — a Truth Social post here, a phone call there.

“There’s no better communicator than our president,” Defense Secretary Pete Hegseth said at a press conference Monday morning.

During the first weekend of fighting, Trump’s main messages came via two web videos recorded and published by the White House.

The first video, early Saturday morning, announced the combat operations and called on Iranians to topple their leader. The second, on Sunday afternoon, highlighted Khamenei’s death and said the US and Israel were acting “to ensure security” for the world.

The videos totaled 14 minutes and contained claims that fact-checkers and government sources have challenged.

The taped video format gave Trump an unusual amount of control — the opportunity to record more than once, for instance, and to edit out remarks.

The videos were an end run around the news media and a break from presidential tradition, as CNN’s chief White House correspondent Kaitlan Collins noted on air.

“Typically,” she said, US presidents deliver speeches “in front of the White House press pool,” with reporters there to bear witness and try to ask questions.

In another break from tradition, Trump did not deliver an Oval Office address announcing the outbreak of war, a format past presidents have utilized to amass the country’s attention and influence public opinion.

“By eschewing an address to the nation, Trump clearly has no plan or intention to explain to the American people why we went to war with Iran, what happens next, and what victory looks like,” Dan Pfeiffer, a former communications director for President Barack Obama, told CNN.

“By offering a different spin to every reporter whose call he answers, he comes across as making it up as he goes, which is probably the c

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