Crude exports have fallen by more than 70% leading to a major shortfall in the state budget Source: ft.com

China’s No. 3 official Zhao Leji called for the political settlement of international disputes, positioning Beijing as a stabilizing force as the continuing conflict in Iran threatens to upend the global economy. Source: bloomberg.com

Ed Yardeni, President of Yardeni Research, raises concerns about the potential for a stagflationary situation to arise if the Iran war persists, and how the Federal Reserve may then find itself in a policy bind due to its dual mandate. Source: cnbc.com

Mass deportations could cost the Bay Area region $67 billion a year, according to a new report by the Bay Area Council. The new report shows just how much of a difference immigrants and undocumented workers make to our local economy. Source: abc7news.com

Abu Dhabi state oil company ADNOC’s CEO ​Sultan Al Jaber described ‌any restriction of passage through the Strait of Hormuz by ​Iran as “economic terrorism”. Source: reuters.com

As oil steadily climbs above $100 per barrel and Iran rejects a U.S. peace proposal, Moody’s chief economist says recession odds are only getting worse. Source: fortune.com