Chapter 1: What recent events are escalating tensions in the Middle East?
The battles continue. I'm Paul Stevens, Fox News. The U.S., Israel, and Iran continue to trade attacks across the Middle East. Since midnight, there have been Iranian ballistic missile barrages fired at Tel Aviv. These are smaller barrages, but they are more frequent. There were some direct impacts from cluster munition overnight, causing damage to cars and light injuries to the people below.
As this continues, we know the Israelis are going after new targets inside of Iran, even this morning, launching a fresh wave of strikes against Western Iran. There is still a focus on the Persian Gulf, though, where U.S. Central Command is striking Iranian targets, including Karg Island. Massive strikes going after this critical area for Iran's crude oil.
Up to 95 percent of the crude oil is actually processed on this island. And that's Fox's Trey Yinks reporting from Tel Aviv. The president telling NBC he's working with other countries on a plan to secure the Strait of Hormuz amid a surge in global oil prices. Fox's Dana Marie McNichol covering Mr. Trump in West Palm Beach. The U.S.
conducted a large-scale strike on Karg Island, a critical export hub for Iran's oil, as President Trump continues to apply pressure on Iran to keep the Strait of Hormuz open. He said the U.S. and several countries will send warships there to make sure the ships can flow through. He urged China, France, Japan, South Korea, and the U.K. to do the same.
He said the countries of the world that receive oil through the Hormuz Strait must take care of that passage and we will help a lot. The U.S. will also coordinate with those countries so that everything goes smoothly, quickly and well. This should have always been a team effort and now it will be.
And the president also releasing some oil from the strategic reserves to help him try lower gasoline prices. A warning meantime from the U.S. Embassy in Baghdad for Americans living in Iraq now. They want them to get out as militias aligned with Iran are attacking the international zone. America's listening to Fox News. This is Ainsley Earhart.
Thank you for joining me for the 52-episode podcast series, The Life of Jesus. A listening experience that will provide hope, comfort, and understanding of the greatest story ever told. Listen and follow now at foxnewspodcasts.com or wherever you listen to podcasts. The Federal Reserve expected to keep interest rates unchanged amid the conflict in the Middle East.
Expectations for a Federal Reserve interest rate cut are dwindling ahead of policymakers' meeting this week. Economists citing higher oil prices fueling inflation fears amid the U.S. and Israel's military action against Iran. Goldman Sachs and Barclays telling Reuters there would need to be several months of moderate core inflation before a cut could happen.
President Trump has repeatedly pushed for lower interest rates, including posting on Truth Social last week. Where is the Federal Reserve Chairman Jerome Tuleit Powell today? He should be dropping interest rates immediately, not waiting for the next meeting. The president has said he plans to replace Powell with Kevin Warsh when Powell's term ends later this year. Kristen Goodwin. Fox News.
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Chapter 2: How is the U.S. responding to threats in the Strait of Hormuz?
Trade Representative Ambassador Jameson Greer are attending. Besson saying thanks to the bonds of mutual respect between President Trump and President Xi, the trade and economic dialogue between the United States and China is moving forward. The U.S.
and China are expected to smooth out the trade truce they reached last year and map out the goals for President Trump and Chinese President Xi Jinping's meeting later this month. And that meeting coming after the U.S. Supreme Court recently struck down most of the Trump White House tariffs.
The White House looking for new ways to replace them by opening up new investigations into foreign countries, including China. U.S. strikes also on Iran have been limiting the oil supply to the Chinese government. I'm Paul Stevens. This is Fox News. Join Fox in supporting our troops. From daily needs to global emergencies, help us be there for those who serve.
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