Table of Contents

• Oil

• U.S. Budget Deficit

Top Stories Today

Oil

Oil prices surged over 4% on Wednesday amid growing friction between Washington and Tehran, as the U.S. moved to withdraw non-essential staff from its Baghdad embassy and President Trump voiced pessimism about securing a nuclear agreement with Iran. Brent crude climbed to about $69.80 per barrel, while U.S. West Texas Intermediate rose to roughly $68.15. A Royal Navy–linked maritime unit cautioned that regional tensions could spark military action, and Iran’s defense chief warned that U.S. installations were within the country’s strike range. Market participants interpreted these developments as increasing the risk of supply disruptions, driving the sharp uptick in futures.

U.S. Budget Deficit

The Treasury reported that May’s federal shortfall widened to $316 billion, pushing the fiscal-year deficit to $1.36 trillion—14% higher than a year ago despite a brief April surplus. Rising interest payments on the $36.2 trillion national debt, which reached $92 billion for the month, remain the largest non-entitlement expense. Strong tax receipts (up 15% in May) and boosted tariff revenues helped temper the gap, but outlays also climbed. With borrowing costs elevated and the deficit surpassing 6% of GDP, financial leaders are sounding alarms about America’s unsustainable fiscal trajectory.

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