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Oil market shrugs off fears of wider war after Iranian strike on Israel

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Oil market shrugs off fears of wider war after Iranian strike on Israel

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Oil prices were muted as markets reopened following Iran’s military strike on Israel, as traders shrugged off fears the conflict could escalate into a full-blown war and curb supplies from the region.

Brent crude, the international benchmark, was flat at $90.45 a barrel as trading began in Asia on Monday morning. West Texas Intermediate, the US marker, was also broadly unchanged at $85.72 a barrel.

The subdued reaction suggested markets were betting that the fallout from the strike would be contained after Iran said it considered the matter “concluded” and Washington sought to de-escalate tensions.

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Traders had been anxiously watching to see how the market would react after the Islamic republic launched its first-ever strike on Israel from its own territory on Saturday. Tehran sent drones and missiles into the Jewish state in retaliation for a suspected Israeli attack on its consulate in Damascus that killed several military commanders.

Daniel Hynes, senior commodity strategist at ANZ Bank, said the calibrated nature of the attacks and the fact that they were well telegraphed had eased market concerns.

“We had a build-up in the oil price before the weekend and so a geopolitical price premium was already built in prior to this event,” he said.

US President Joe Biden has urged Israel to take a measured approach in its response. Prime Minister Benjamin Netanyahu’s war cabinet met on Sunday but has not made a decision on how the country will react.

In a statement on Saturday, Iran’s permanent mission to the UN said: “The matter can be deemed concluded. However, should the Israeli regime make another mistake, Iran’s response will be considerably more severe.”

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Experts warned that a severe response from Israel could ratchet up the conflict, restricting oil supplies from the region and pushing up prices.

“A significant Israeli retaliation could trigger a destabilising retaliatory cycle and move this conflict up the escalation ladder,” said Helima Croft, head of global commodity strategy at RBC Capital Markets and a former CIA analyst. “In such a scenario, we think the risk to oil is not insignificant.”

She added: “While Iran lacks the capability to close the Strait of Hormuz, they seemingly retain the capacity to replicate the 2019 playbook of attacking tankers, pipelines and critical energy infrastructure.”

Oil markets had climbed to their highest level since October in recent weeks following the attack on Damascus as markets weighed the potential for an escalation of the conflict that could affect Gulf supplies.

Bob McNally, president of consultancy Rapidan Energy and a former energy adviser to George W Bush, said the fallout from the strike could still propel prices “towards, if not beyond, $100 per barrel”.

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“The market had been complacent about the Gaza conflict expanding to include Iran and, therefore, a material risk to Arabian Gulf oil and [liquefied natural gas] production and exports,” he said.

An exacerbation of the conflict risks shocking an already tight oil market globally as demand escalates in big economies such as the US and China while Opec+ producers constrain supply.

“The US and China stand to lose from the conflict’s expansion as it would significantly impact on energy exports from the region, the price of oil, and the global economy,” said Ayham Kamel, practice head for the Middle East and north Africa region at consultancy Eurasia group.

Any spike in prices would come at a particularly delicate moment for the US president, who has struggled to sell his economic record to voters ahead of November’s election amid stubbornly high inflation.

A further rise in crude prices threaten to exacerbate already-elevated prices at the pump months before Americans head to the polls. Average US petrol prices sit at $3.63 a gallon, according to the AAA motoring group, up about 15 per cent since the start of the year.

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“It’s hard to overstate how unwelcome a geopolitically driven oil price spike would be for both the economy and President Biden’s re-election,” said McNally.

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Family, former presidents and a Hall of Famer give Rev. Jesse Jackson a final sendoff

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Family, former presidents and a Hall of Famer give Rev. Jesse Jackson a final sendoff

The casket with the Rev. Jesse Jackson is seen before the Public Homegoing Service at the House of Hope in Chicago, on Friday, March 6, 2026.

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Erin Hooley/AP

The rare qualities that distinguished the Rev. Jesse Jackson — his fortitude as a civil rights leader, and the love he shared as a mentor, a friend and father — were praised time and again on Friday, as his family and a roster of luminaries, including three former U.S. presidents, gathered for Jackson’s funeral service on Chicago’s South Side.

Repeatedly, it came down to three words that Jackson made famous.

“I am! Somebody!” the crowd chanted in the House of Hope megachurch, repeating Jackson’s belief that every person matters, no matter their race or economic standing.

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“He paved the road,” former President Barack Obama said. He noted that Jackson brought social change, and also proved, in the 1980s, that a Black presidential candidate could be taken seriously.

“His voice called on each of us to be heralds of change, to be messengers of hope, to step forward and say, ‘Send me,’” Obama said. “Wherever we have a chance to make an impact, whether it’s in our schools, our workplaces, our neighborhoods, our cities.”

Jackson’s son, Yusef, gave vivid detail to Jackson’s commitment to helping those who need it most.

“I intend to die with my shoes on,” Yusef Jackson said, quoting his father’s refusal to let health problems stop him from aspiring to help people in war-torn Ukraine, and Americans struggling with food insecurity. Along the way, Yusef Jackson said, his father also managed to find time to share his love for his children and grandchildren.

“Keep hope alive,” Yusef Jackson said in closing, echoing another of Jesse Jackson’s mottos.

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Speakers emphasized Jackson’s message of hope throughout the service, especially as some referenced the Trump administration. 

Obama said “it’s hard to hope” when “every day you wake up to things you just didn’t think were possible. Each day we’re told … to fear each other, to turn on each other and that some Americans count more than others, and that some don’t even count at all.” 

Former presidential candidate Kamala Harris said she predicted how President Trump’s second term would play out. 

“I’m not into saying ‘I told you so,’ but we did see it coming,” Harris said. “But what I did not predict is that we would not have Jesse Jackson with us to get through this.”

Several speakers credited Jackson for sowing the seeds that would carry them through storied careers. 

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For Judge Greg Mathis, from the hit daytime television show Judge Mathis, hearing Jackson say “I am somebody” began a domino effect that would catapult him to success in the worlds of law and entertainment. 

“Those were the three words that I heard 50 years ago this month that changed my life forever,” Mathis said. 

He first met Jackson when he was a teenager incarcerated in Detroit. Jackson had stopped at the facility where Mathis was being held during a speaking tour. Mathis wanted to join Jackson’s cause right then and there. But it wouldn’t happen that fast. Jackson told Mathis to go to college first.

After graduating, Mathis worked on Jackson’s 1988 presidential campaign, and was later elected to a judgeship in Detroit. Years later, he reunited with Jackson to serve as vice president of Jackson’s nonprofit, the Rainbow PUSH Coalition.

Then, Mathis got the offer to be on television. 

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“‘Oh yeah, you gotta take this,’” Mathis said, recalling Jackson’s reaction. “‘But primarily, I want you to take this so that you can spread a message of hope to millions and millions of people who you will inspire to overcome their obstacles, as we’ve overcome ours.’” 

Obama reminisced about being a college student while watching Jackson’s first presidential debate.

“When that debate was over, I turned off that TV, and I thought the same thing that I know a lot of people thought, even if they didn’t want to admit it. That in his idea, and his platform, in his analysis, in his intelligence, in his insight, Jesse hadn’t just held his own. He had owned that stage,” Obama said. 

He continued, “And the message he sent to a 22-year-old child of a single mother with a funny name, an outsider, was that there wasn’t any place, any room, where we didn’t belong.”

One of the most emotional speeches came from NBA Hall of Famer Isiah Thomas, a longtime friend of Jackson’s who recalled meeting the civil rights leader when Thomas was a child in Chicago. In those days, Thomas said, his family was living in poverty, relying on a soup line for sustenance.

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That’s when, Thomas said, he and his mother encountered Jackson walking down a street.

When Jackson saw the boy, he bent down and looked Thomas in the eye.

“When society was telling me I was a nobody, when society was telling me we don’t even want to go to school with you,” Thomas said, Jackson shared a different message.

“You are somebody,” Jackson told Thomas.

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A dead woman’s key fob and two grisly crime scenes: How the Utah triple-murder suspect was tracked across state lines | CNN

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A dead woman’s key fob and two grisly crime scenes: How the Utah triple-murder suspect was tracked across state lines | CNN

As investigators raced to find the person responsible for three killings in rural Wayne County, Utah, they used automated license plate readers and a victim’s own vehicle key fob to track their suspect – a man police said has no connection to the victims or the region that is known for its awe-inspiring landscapes dotted with quiet, small towns.

It would take just hours to pin down the suspect in a search that spanned multiple states in the Four Corners region of the Southwest – ending early Thursday with the arrest of 22-year-old Iowa resident Ivan Miller, who is charged with three counts of first-degree, aggravated murder, officials said.

Miller was taken into custody in Colorado, officials said –– more than 350 miles from where the bodies of three women were found at two locations in Utah.

Miller’s first court appearance is scheduled for Friday afternoon in Archuleta County, Colorado. He will be represented by a public defender, court records show.

The victims were identified as Margaret Oldroyd, 86; Linda Dewey, 65; and Natalie Graves, 34, Utah’s Department of Public Safety said.

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Dewey and Graves, an aunt and niece who’d gone for a hike together, were found dead near a trailhead just outside the town of Torrey, Utah’s DPS said. The women’s bodies were found by their husbands who grew concerned when the pair didn’t return from their hike, Utah Highway Patrol spokesperson Lt. Cameron Roden said at a news conference Thursday.

Investigators found Oldroyd’s vehicle at the trailhead and deputies went to her home in nearby Lyman, where they discovered her body, Roden said.

After his arrest, Miller told investigators he spent a night in Oldroyd’s back shed and snuck into her house while she was out, according to an indictment filed in court Thursday. Miller “waited for her behind a door and shot her in the back of the head … while she was sitting down to watch television,” the indictment said.

Miller made efforts to clean up the scene before dragging the 86-year-old’s body to a cellar under the shed, where she was later found, the indictment read. He then stole her Buick Regal and traveled to the trailhead, investigators said. Miller told investigators “he did not like the car and wanted to find a different vehicle,” the indictment said.

At the trailhead, Miller said he saw Dewey and Graves get out of a white Subaru and shot them both, according to the indictment. Miller told investigators he stabbed one of the women in the chest multiple times because she was still moving, the document said.

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He then admitted dragging their bodies into a ditch, where the two were discovered by their husbands, the indictment said.

Officials said Miller ditched Oldroyd’s car at the trail and drove away in the white Subaru. Miller also admitted stealing the women’s credit cards and using one to pay for gas, according to documents.

Investigators used a network of license plate scanners to track the Subaru “through southern Utah into northern Arizona and eventually into Colorado,” Roden said.

“Colorado law enforcement located the vehicle abandoned in Pagosa Springs, Colorado, and after a brief search, took the individual into custody without incident,” Utah DPS said Thursday.

One of the husbands was also able to track the car’s location using an app that monitored the vehicle’s key fob, investigators said. Just after 9 p.m. Wednesday, the key fob appeared to be in Farmington, New Mexico — about two hours southwest of where Miller would later be taken into custody, according to the indictment.

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Miller had a handgun and a large knife in his possession at the time of his arrest, according to police in Pagosa Springs.

Miller told investigators he killed the women because he needed money, according to the indictment. “Miller confessed that it ‘had to be done’ but he did not like to do it,” the document reads.

Miller, who lived in Blakesburg, Iowa, set out on a cross-country road trip about two and a half weeks ago, his brother, who spoke with The New York Times on condition of anonymity, said.

Miller’s brother said the two stayed in contact during the trip, and Miller mentioned crashing his truck after hitting an elk, according to the Times.

The brother was concerned about how Miller was traveling around after that and offered to bring him back to Iowa, which he declined, the Times reported.

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After his arrest, Miller told officials that he had been staying at a hotel in the area for a few days after he hit an elk with his truck, which he then sold to a tow truck company, according to the indictment.

On Thursday, shaken residents across Wayne County placed pink ribbons around trees and fences in their communities as they remembered the three women who were killed in apparently random attacks carried out by a stranger.

“We wanted to honor our friend and neighbor,” Mary Sorenson, who put up ribbons around Lyman, told CNN affiliate KSL.

The Wayne County School District announced it would be closed for the rest of the week and would “have counselors in place to support students when we are back in session next week.”

In a statement Thursday, Torrey Mayor Mickey Wright described the multiple homicides as a “heartbreaking moment for our small, close‑knit community.”

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“Our community is strong. In the coming days, we will support one another, check on our neighbors, and ensure that those affected by this tragedy are not alone,” Wright said. “We stand together today — in grief, in compassion, and in solidarity.”

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Iran’s fight for survival / The widening war / Trump’s nebulous goals : Sources & Methods

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Iran’s fight for survival / The widening war / Trump’s nebulous goals : Sources & Methods
The U.S.-Israeli war with Iran is spilling out across the region. What are the goals? And how does it end?Host Mary Louise Kelly talks with International Correspondent Aya Batrawy, based in Dubai, and Pentagon correspondent Tom Bowman, about the U.S.-Israeli war with Iran. Six days of war have turned the middle east upside down, and it’s still not clear how the U.S. will determine when its objectives have been accomplished.Recommended Iran reading:Blackwave by Kim GhattasAll the Shah’s Men by Stephen KinzerPrisoner by Jason RezaianPersian Mirrors by Elaine SciolinoListener spy novel recommendation: Pariah by Dan FespermanEmail the show at sourcesandmethods@npr.orgNPR+ supporters hear every episode without sponsor messages and unlock access to our complete archive. Sign up at plus.npr.org.
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