Crude prices jump amid heightened tensions with IranPosted: Updated:
Crude oil prices have jumped to their highest price in three weeks, the biggest weekly gain since February, amid a week of escalating tensions in the Persian Gulf between the U.S. and Iran. The week began with two more oil tankers crippled by attacks in the Gulf of Oman. Western intelligence immediately pointed to evidence that the Iranian Revolutionary Guard was behind both instances of sabotage. Iran then took responsibility for shooting down an unmanned American surveillance drone that it says had intruded on Iranian airspace.
Airbus easily outpaced Boeing at this year's Paris Air Show, though it wasn't a surprise. Boeing remains hobbled as its workhorse 737 Max jet remains grounded, with no timeline for its return after two 737 flights killed more than 300 people over six months. Airbus recorded orders for 595 airplanes, more than twice as many as its U.S. rival. Though Boeing surprised just about everyone with a letter of intent from IAG, the parent company of British Airways, for 200 of its 737 Max jets.
Facebook announced its much-anticipated foray into cryptocurrency with Libra, a digital coin that will be run by an international consortium of companies. Facebook will operate Calibra, a digital wallet that will allow its billions of active users to store and send Libra without the need for a bank. Almost immediately, lawmakers and regulators expressed concerns that Facebook's mainstream adoption of crypto requires major oversight, especially given the company's stumbles on privacy and data issues. Libra is expected to launch in 2020.