☕ Deep discount

What the Iranian aerial attack means for oil prices... [Advertisement] April 15, 2024 [View Online]( | [Sign Up]( | [Shop]( [Morning Brew]( PRESENTED BY [Slack]( Good morning. You know it’s been a tense weekend when the Papa Johns closest to the Pentagon is much “[busier than usual]( on Google Maps. —Neal Freyman, Dave Lozo MARKETS: YEAR-TO-DATE Nasdaq 16,175.09 +9.54% S&P 5,123.41 +8.02% Dow 37,983.24 +0.71% 10-Year 4.499% +55.3 bps Bitcoin $65,444.36 +54.84% Oil $85.07 +20.87% *Stock data as of market close, cryptocurrency data as of 2:00am ET. [Here's what these numbers mean.]( - Markets: The stock market is coming off its [worst week of the year]( and the road ahead is no less bumpy. A direct military confrontation between Iran and Israel has investors on edge about a wider regional war that threatens energy supplies. Amid the uncertainty, safe-haven assets are seeing major interest: The US dollar just had its best week in more than 18 months.  GEOPOLITICS [Oil prices in focus after Iran drone attack]( [Demonstrators wave Iran's flag and a Palestinian flag as they gather at Palestine Square in Tehran on April 14, 2024, after Iran launched a drone and missile attack on Israel. ]( wave Iran’s flag and Palestinian flags in Tehran on Sunday. Atta Kenare/AFP via Getty Images Late Saturday, Iran launched [more than 300 drones and missiles]( at Israel, marking the first time Tehran directly attacked its adversary from its own territory. The attack significantly raised the temperature in the Middle East and could put more upward pressure on oil prices, which have already been rising steadily this year. What happened: Iran said it sent the aerial barrage to retaliate for a suspected Israeli strike on an Iranian consular building in Damascus. Iran’s attack caused little damage. Israel said it, along with the US, Western allies, and Arab partners, shot down 99% of the projectiles fired by Iran. What Israel will do next—the retaliation to the retaliation—is now the central question. To avoid a full-blown regional war that drags in the US, President Biden told Israeli Prime Minister Benjamin Netanyahu that the US [wouldn’t provide support]( for an Israeli counterattack on Iran. What this could mean for energy markets A direct confrontation involving Israel, Iran, and the US that disrupts oil supplies was the worst-case scenario for investors following Hamas’s attack on Israel on Oct. 7, 2023. Those concerns have grown in recent months, sending oil prices nearly 20% higher in 2024. Elevated oil prices [filter through the economy]( in numerous ways: - The most obvious: Average US gas prices have jumped about 50 cents per gallon since early January to ~$3.70…and that’s before the summer travel season gets underway. - Higher oil prices are broadly inflationary because they raise costs for any company moving goods (Target, say) or people (Delta). That’s why spiking oil prices reflect “the [most serious threat]( to the economy,” Moody’s chief economist Mark Zandi told CNN about the geopolitical tensions in the Middle East. But rising oil prices are about more than Middle East tensions. The OPEC+ group of producers has cut output, demand for fuel has been greater than expected due to the strong economy, and Ukraine is launching [drone attacks]( against Russian oil refineries, curtailing supply. + Further reading: What the Israel–Iran conflict [means for the global economy]( PRESENTED BY SLACK [It’s always open for a reason]( [Slack]( No, we’re not talking about your fave watering hole down the block. We’re talkin’ about one of the most important tools that helps you crush it at work every single day: Slack. You know and love it. But did ya know it’s got tons of [next-level features powered by trusted AI]( Yep—this stuff can seriously help your business scale. Like what kinda stuff? [Slack lets you]( - Always find what you’re looking for with AI-powered search. - Automate routine tasks with Workflow Builder. - Use Catch Up to quickly sort through unread conversations. Ready to automate repetitive tasks and spend more time working on what matters most? [Boost your biz with Slack](. WORLD [Tour de headlines](#) [Donald Trump at his civil fraud trial in New York]Peter Foley/Getty Images Trump’s hush money trial begins today. The GOP’s presidential nominee will become the first former commander in chief to [stand trial]( in a criminal case when he faces 34 counts of first-degree falsification of business records. Manhattan DA Alvin Bragg alleges that Trump concealed a $130,000 payment to buy the silence of adult film star Stormy Daniels, who claimed to have a sexual relationship with Trump, ahead of the 2016 election. The payment rises to a felony offense because Trump reimbursed personal lawyer Michael Cohen with checks from the Trump Organization “for legal services rendered,” which Bragg contends is false. Trump faces a maximum of four years in prison, although experts believe that even if found guilty, he’s unlikely to see the inside of a cell. Seven killed in stabbing spree at a mall near Sydney. Police, as of Sunday, said they had not identified the motive of the 40-year-old man who is [suspected]( of killing five women and a male security guard at a shopping center before being shot dead by a female police officer, who has been called a “hero” by Australia’s prime minister. Eleven others—nine women and two men—were taken to a hospital after suffering stab wounds, including a nine-month-old girl whose mother was killed in the attack. Whether the suspect intentionally targeted women would be “an obvious line of inquiry,” according to New South Wales Police Commissioner Karen Webb. It’s Tax Day. If it snuck up on you and you require a reprieve to prevent the government from raiding your bank account, you’re not alone—the IRS expects 19 million people to file for an [extension]( this year. The agency will automatically grant you a six-month extension, although it’s recommended you remit a [payment]( today if you expect to owe money to avoid interest and penalties. The good news is you probably won’t have to fork over as much as Mark Cuban, who said he is sending the IRS [$288 million today]( and is proud to pay his share. REAL ESTATE [A St. Louis office tower lost 98% of its value]( [Downtown St. Louis](. Louis. Visions of America/Education Images/Universal Images Group via Getty Images A long-vacant, 44-story office tower in St. Louis sold last week for $3.6 million, a [98% plunge]( from when it changed hands for $205 million in 2006. The cratering value of the former One AT&T Center is the latest example of how commercial real estate in the Midwest has been ravaged by remote work. Six of the 10 office districts in the US that had the biggest decline in foot traffic from 2019 to the middle of 2023 are in the Midwest, according to a University of Toronto study. St. Louis had the steepest drop of all. The challenge for St. Louis is one faced by many major cities since the pandemic: Avoid a “doom loop,” the phenomenon of people fleeing a city when conditions worsen, followed by the conditions becoming even worse because people moved away, which causes more people to move away. St. Louis may already be [trapped in one]( the WSJ reports. Can a city break free of it? Coastal cities like New York and San Francisco have rebounded faster than expected, and St. Louis is showing signs of life…just not in the office district. Neighborhoods near downtown are attracting people with a new soccer stadium, restaurants, bars, residential buildings, and a train station that’s been converted into an amusement park.—DL FROM THE CREW [The Crew]( AI pulse. As AI and other groundbreaking advancements reshape patient care and business operations, staying ahead is essential. [Join Healthcare Brew]( where industry experts dissect the latest tech solutions. From macroeconomic trends to healthcare gamification, we’ll explore the evolving landscape, balancing priorities, and reimagining strategies. [Register now]( to secure your spot at the pulse of the healthcare industry. CALENDAR [The week ahead](#) [Runners make their way down Boylston street to the finish line during the 126th Boston Marathon on April 18, 2022 in Boston, Massachusetts.]Omar Rawlings/Getty Images The 128th Boston Marathon is today: This morning, ~30,000 people will run, at varying speeds, 26.2 miles from Hopkinton, MA, to Boylston Street in one of the most famous races in the world. Productivity in your firm’s Boston office will be low as 500k spectators spill out to the streets to cheer on the racers and sneak in a few Monday morning beers. There is a bit of controversy this year, since the corporate sponsor, Bank of America, will [get its logo]( on the famous medals. The WNBA is about to have Caitlin Clark Fever: The Iowa superstar is expected to be the first overall pick by the Indiana Fever in tonight’s WNBA draft in New York, where she made a guest [appearance]( on Saturday Night Live. The league is aiming to capitalize on Clark’s ability to draw record viewership to the college game: Thirty-six of the Fever’s 40 games are scheduled to air on national TV this season, the most of any WNBA team. As for archrival and fellow ratings juggernaut Angel Reese, mock drafts have the LSU double-double machine being selected inside the Top 10. Taylor Swift drops her new album: First announced at the Grammys, The Tortured Poets Department arrives on Friday, sans apostrophe but full of hype. If it’s anything like Beyoncé’s new record, Swift’s 11th studio album could have a major impact beyond music: Cowboy Carter is linked to a rise in [Western boot sales]( and [denim](. Everything else… - Earnings season rolls on with heavy hitters Goldman Sachs, Bank of America, and Netflix. - Bitcoin’s once-every-four-years “halvening” event is coming this week. [Here’s what that means](. - The NBA playoffs begin with the play-in tournament on Tuesday, Wednesday, and Friday. - The long-awaited travel show Conan O’Brien Must Go will premiere on Thursday on Max. Conan will head to foreign lands to connect with fans he met through his podcast. GRAB BAG [Key performance indicators](#) [A Wrexham fan with novelty masks showing Wrexham Owners Rob McElhenney (L), and Ryan Reynolds (]Eddie Keogh - The FA/The FA via Getty Images Stat: Ryan Reynolds and Rob McElhenney apparently knew what they were doing when they bought a struggling Welsh soccer club for $2.5 million in 2021. Wrexham [was promoted]( for the second straight season on Saturday, which means they’ll play in League One next season and are now only two more promotions away from reaching the pinnacle of English soccer, the Premier League. Ryan and Rob are perhaps the most famous American owners of English soccer teams, but they’re [far from alone]( More than one-third of the 92 teams in England’s top four leagues have some form of US ownership, per Bloomberg. Quote: “It was a major disappointment.” For many Americans, last week’s total solar eclipse was a moment they’ll remember forever. But for others aboard a special “path of totality” Delta flight from Dallas to Detroit, it was a major [letdown]( the flight had to veer away from the path of totality. Thanks to heavy congestion in the sky, the plane was rerouted by air traffic controllers, who denied the pilot permission to show passengers (some of whom paid more than $1,000 for a seat) a clear view of the celestial resplendence. Despite their FOMO fears coming true, many passengers told WaPo they still enjoyed the experience. Read: New York Times bosses seek to quash rebellion in the newsroom. ([Wall Street Journal]( NEWS [What else is brewing](#) - [Scottie Scheffler]( won the Masters for the second time in three years, cementing his status as the most dominant pro golfer right now. - [McDonald’s]( has a plan to offset increased fast-food worker wages in California: Bring back bagels. The company is reintroducing the breakfast favorite in the state to drive more store traffic. - [Tesla]( cut its Full Self-Driving subscriptions in half for customers in the US and Canada, to $99 per month. The company is calling the software “Supervised FSD,” an acknowledgment that the cars are not yet fully autonomous. - [Civil War]( took home $25.7 million to be the top-grossing movie at the box office this weekend. The dystopian film from writer-director Alex Garland about a new conflict in the US exceeded expectations and gave studio A24 its biggest opening ever. RECS [Monday to-do list image] Compare: A [viral map]( that shows how the climate in parts of North America compares to other countries around the world. The future is creepy: This robotic night lamp guides you to the bathroom at night…but it [looks like a spider](. Game the system: The fastest [Wordle winning strategy](. Learn: Why we don’t have solar eclipses every month. ([YouTube]( Don’t cut corners: The [S8 Max robot vacuum series]( is Roborock’s newest cleaning powerhouse. We’re talkin’ 100% corner coverage, high-speed scrubbing, and a five-year warranty. [Clean beyond limits]( *A message from our sponsor. GAMES [The puzzle section](#) Crossword + Turntable: You can be sure we let out a four-letter synonym for “darn” when we realized the Crossword link wasn’t included in Saturday’s newsletter. [Here it is]( at long last, and we apologize for the error. Also, here’s our typical Monday game, [Turntable](. Race trivia First run in April 1897, the Boston Marathon is one of the oldest continuously run footraces in the US, but it’s not the oldest. That title belongs to a race first held in Buffalo five months prior, in the fall of 1896. Which race? SHARE THE BREW [Share Morning Brew]( with your friends, acquire free Brew swag, and then acquire more friends as a result of your fresh Brew swag. We’re saying we’ll give you free stuff and more friends if you share a link. One link. Your referral count: 0 [Click to Share]( Or copy & paste your referral link to others: [morningbrew.com/daily/r/?kid=a905682a]( ANSWER The Turkey Trot. Word of the Day Today’s Word of the Day is: quash, meaning “to suppress or extinguish summarily and completely.” Thanks to Amanda Broadwater from Helena, Montana, for opening us up to the word. Submit another [Word of the Day here](. 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