Group 1 - Oil prices have increased due to potential armed conflict between the US and Iran, with Brent crude and WTI crude rising around 2% to above $71.60 and $66.20 respectively, resulting in monthly gains exceeding 11% for both [1] - The oil market is reacting to the Trump administration's decision to deploy a second aircraft carrier to the region, marking the largest air power buildup in the Middle East since the Iraq invasion in 2003 [2] - Iran's foreign minister indicated that discussions with Washington may have reached a framework for a nuclear deal, while Ayatollah Ali Khamenei's social media account posted provocative comments regarding the negotiations [3] Group 2 - Iran possesses the third largest proved crude oil reserves globally and is among the top 10 producers, with significant attention on the Strait of Hormuz, a vital shipping route for approximately 20 million barrels of petroleum products daily [4] - The Iranian government announced a partial closure of the Strait of Hormuz for military exercises, which is significant as previous drills were conducted without formal closure notifications [4]

Well, this morning, investors are trying to game out the economic impact of this past weekend's US strikes on Iran. Our senior economics reporter Steve Leeman joins us right now with more on that front. Steve, good morning. Morning, Becky. Yeah, muted market reaction to the military action in Iran suggests the possibility of a muted economic impact, but it will add to the potential for greater uncertainty and inflation already created by tariffs. The result could be to further stay the hand of the Fed, whic ...