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US forces repelled attacks from Iranian drones, missiles, and armed small boats while escorting two U.S. flagged vessels through the Strait of Hormuz.
The war in the Middle East caused the largest oil supply disruption in history, reversing what was expected to be a year of unprecedented oversupply.
Bloomberg Economics has revised down its global growth forecast for the current year, projecting the slowest growth since the COVID-19 pandemic due to the war.
The world has lost at least 10% of its oil supplies due to the conflict.
The United States, under the Trump administration's Genius Act, has opted against creating a central bank digital currency, instead favoring a private sector-led approach through stablecoins.
The United Arab Emirates' air defense systems engaged with approximately 12 ballistic missiles, cruise missiles, and drones.
The United Arab Emirates intercepted Iranian cruise missiles and blamed an Iranian drone strike for a large fire at the Fujairah port that hospitalized three people.
Brent crude prices jumped nearly 6% before settling around $113 a barrel following news of renewed conflict in the Strait of Hormuz.
Chevron CEO Mike Wirth has warned the White House that the buffers in the global energy supply system are being drawn down, creating potential for upside price pressure and volatility.
EU Economy Chief Valdis D'Ambroskas warned that Europe is facing a stagflationary shock due to the war in Iran, characterized by slowing economic growth and rising inflation.
European electricity prices have remained stable and far below 2022 levels despite the oil price shock from the Iran war, due to improved nuclear, hydro, and solar power generation.
In March, Iran was exporting as much oil as it did before the war and was earning more from oil sales due to higher prices.