Oil Prices Surge Amid US-Iran Tensions, Elizabeth Warren Slams 'Corrupt' Trump-Linked Deal and More: This Week in Economy

It’s been an eventful weekend in the world of finance and politics.

Here’s a quick recap of the top economic stories that made headlines.

Oil Prices Surge As US-Iran Tensions Escalate Oil prices surged following President Donald Trump ‘s declaration of an interim accord with Iran as “over.” The U.S. military retaliated against attacks on commercial ships in the Strait of Hormuz, causing global oil markets to react immediately.

West Texas Intermediate (WTI) and Brent crude prices both climbed.

Justin Wolfers, a prominent economist, explained a hidden pattern that drives gas prices.

Read the full article here.

Steve Rattner: Despite Trump’s Tariffs, Manufacturing Loses 100,000 Jobs Steve Rattner, a well-known Wall Street financier, revealed that almost all U.S. job growth since President Donald Trump’s second term has come from the health care and education sectors.

This is despite the administration’s tariff policies.

According to U.S.

Bureau of Labor Statistics data, the education and health services sector added about 1.1 million jobs, while manufacturing payrolls declined by about 113,000 jobs.

Read the full article here.

Elizabeth Warren Calls UAE Chip Export Rule ‘Corrupt’ Senator Elizabeth Warren (D-Mass.) criticized the UAE chip export rule as “corrupt.” This rule, revealed in the Federal Register, favors MGX, which used USD1 to fund its Binance stake.

Warren cited Trump’s reported $263 million gain tied to the arrangement, part of the $1.4 billion he earned from crypto ventures last year.

She called on Commerce Secretary Howard Lutnick and Under Secretary Jeffrey Kessler to testify before the Senate Banking Committee.

Read the full article here.

Peter Schiff: Trump’s Tariffs Fail To Reduce US Trade Deficit Economist Peter Schiff criticized President Donald Trump’s trade policies after the U.S. trade deficit widened 42% in May, the largest monthly gap since March 2025.

Schiff pointed out that the latest trade data shows the U.S. remains heavily dependent on imports despite Trump’s tariffs aimed at narrowing the trade gap.

Read the full article here.

Mohamed El-Erian Warns Kevin Warsh’s Fed Shake-Up Signals A ‘Similar Re-Evaluation’ of ‘Excessive Data Dependency’ Federal Reserve Governor Christopher Waller highlighted the pitfalls of strict policy communication during a speech at a Bank of Italy conference.

Following this, renowned economist Mohamed El-Erian pointed out a broader structural transformation underway in global monetary policy.

He noted that more central banks are beginning to reassess their “prior, seemingly blind commitment to traditional forward guidance.” This evolution in central bank messaging is merely the first domino to fall, according to El-Erian.

He issued a warning against the current macroeconomic playbook used by policymakers.

Read the full article here.

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