US Forces Intercept Iranian Attacks, Crude Output Drops, More
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News when you want it with Bloomberg News Now. I'm Monica Ricks. American forces intercepted Iranian missile and drone attacks in the Persian Gulf as the war in the Middle East continues with no resolution in sight. U.S. Central Command confirmed on X that it headed off six ballistic missiles fired at Bahrain and Kuwait, and a seventh didn't reach its intended target.
What recent military actions did US forces take against Iranian attacks?
Several Iranian attack drones headed towards the Strait of Hormuz were also shut down. CENTCOM says U.S. forces later struck Iranian coastal surveillance radar sites to defend against further attacks. Meantime, President Trump has conceded that Iran has some missile and drone capacity, despite saying for months it was virtually decapitated by the U.S.
They have some missiles. They have some drones. I would say percentage-wise, maybe 21, 22 percent of their missiles. It's a lot of missiles, but it's not what it was when we first attacked.
The president on NBC News. He also downplayed the higher cost of oil, which has pushed gas prices higher since this war started. Brent crude closed at $93 a barrel on Friday. And nationwide, the price of the pumps now $4.19 a gallon, according to AAA. OPEC's crude output fell last month to its lowest level in months. Bloomberg's Charlie Pellett has details.
The U.S. blockade of Iran and disruption in the Persian Gulf continued to curb production. The output from its 11 current members dropped by 1.22 million barrels a day with Iran accounting for more than half of the decline. That was the lowest in at least 37 years. Charlie Pellett, Bloomberg Radio.
Wall Street ended a historic weekly run thanks to a tech sell-off this week that followed a solid jobs report, which is now boosting bets on a Fed rate hike. Jeff Rosenberg is senior portfolio manager at BlackRock.
The question is, will the Fed get out ahead of where markets are pricing, or are markets going to try to push the Fed? So far, it's the latter. The markets are out ahead of the Fed. And really what we're seeing here, likely to see here, I should say, is the Fed playing catch-up.
That's BlackRock's Jeff Rosenberg on Bloomberg Open Interest. U.S. job growth topped all forecasts in May and the unemployment rate held steady at 4.3 percent. Apollo and Blackstone have finalized a $35 billion financing package for Anthropic to expand its artificial intelligence infrastructure. The debt deal will fund Google's custom chips for Anthropic and marks one of the biggest private credit transactions in history. A second case of the deadly screwworm parasite has now been confirmed in another calf in Texas. We get more on that from Bloomberg's Ed Kalecki.
It heightens fears of a broader outbreak that could impact the U.S. beef business. The infected animal is about five and a half miles away from a confirmed case earlier this week. which marked the first time the pest had been detected in the U.S. in about a decade. The parasitic fly's arrival in the U.S. marks the latest hurdle for the domestic beef industry, with meatpackers and consumers both facing higher prices due to a small cattle herd. Ed Kalegi, Bloomberg Radio.
In California, Javier Becerra is now on track to advance in the state's governor's race, setting up a November matchup with either Republican Steve Hilton or billionaire Tom Steyer. Right now, Hilton holds the lead, but Steyer's campaign says late mail ballots could still push him into the runoff. And a federal judge has now sided with 20 Democratic states and stopped the Trump administration from trying to force states to comply with conditions to get billions of dollars from SNAP. Among them were restrictions related to gender ideology and immigration. States argued they threatened critical nutrition support for about 40 million Americans who rely on SNAP every month to buy groceries. The co-founder of World Wrestling Entertainment is headed into the legal ring this week.
Bloomberg's Nathan Hager has more from Washington.
Vince McMahon is expected to testify this week in a shareholder dispute in Delaware Chancery Court.
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