Iran Attack Could Drive US Inflation to 5%

Today, BeInCrypto dives into the influence of geopolitical tension on Bitcoin (BTC) amid growing tensions between Israel and Iran in the Middle East.

Welcome to the US Crypto News Morning Briefing—a rundown of the most important developments in crypto for the day ahead.

Today, BeInCrypto examines the knock-on effects of geopolitical tension on Bitcoin (BTC) amid the latest Israel and Iran news.

Crypto News of the Day: Iran Attack Could Drive US Inflation to 5%

In the previous US Crypto News publication, BenCrypto reported that the US CPI (Consumer Price Index) report showed that inflation cooled slightly in May.

The reading came ahead of expectations and was accompanied by positive developments in the US-China trade talks.

However, JPMorgan now sees US CPI inflation going as high as 5% if Israel proceeds to attack Iran.

This projection comes amid the expected impact on oil prices.

Indeed, an attack on Iran could disrupt its oil exports (approximately 1.5 million barrels/day). The country boasts vast oil resources and is the third-largest producer in the oil cartel OPEC.

Any disruption in its capacity to supply global markets could cause shortages, with JPMorgan forecasting oil prices rising to $120.

For perspective, oil prices jumped 4% on June 11, reaching a 2-month high as tensions escalated in the Middle East. The surge came as sources revealed that the US was preparing to evacuate its Iraqi embassy, citing heightened security concerns.

This aligns with the Level 4: Do Not Travel Travel Advisory for Iraq, which advises against any travel to the country due to terrorism, kidnapping, armed conflict, and civil unrest.

The recommendation comes amid the ongoing conflict between Israel and Hamas, and follows reports of Israel planning a large-scale ground invasion of Gaza.

The U.S. embassy in Baghdad has been ordered to evacuate non-emergency personnel due to heightened regional tensions. Do not travel to Iraq due to terrorism, kidnapping, armed conflict, and civil unrest.

Travelers Health Notice: Malaria

The Centers for Disease Control and Prevention (CDC) recommends that all travelers to Iraq get the following vaccines:

Measles-Mumps-Rubella (MMR)Tetanus-Diphtheria-Pertussis (Tdap)Influenza (yearly)Polio

It is also advised to check with a healthcare provider for other vaccinations such as Hepatitis A and B, Typhoid, Rabies, and Yellow Fever.

Moreover, travelers are advised to consult their medical practitioner regarding the risks of mosquito-borne illnesses like Malaria and West Nile Virus, and pack appropriate medication.

Furthermore, the U.S. embassy in Baghdad has ordered the departure of non-emergency personnel due to heightened regional tensions.

This aligns with the Level 4: Do Not Travel Travel Advisory for Iraq, which advises against any travel to the country due to terrorism, kidnapping, armed conflict, and civil unrest.

The recommendation comes amid the ongoing conflict between Israel and Hamas, and follows reports of Israel planning a large-scale ground invasion of Gaza.

According to the

According to the

, the U.S. government is advising against any travel to Iraq due to terrorism, kidnapping, armed conflict, and civil unrest.

The recommendation comes amid the ongoing conflict between Israel and Hamas, and follows reports of Israel planning a large-scale ground invasion of Gaza.

Earlier this week, the White House stated that it has no interest in seeing Iranian oil exports disrupted. However, on Monday, the administration approved a new six-month deferral for sanctions on Iranian copper.

The copper sanctions were part of the U.S. withdrawal from the Joint Comprehensive Plan of Action (JCPOA) nuclear deal in 2018.

The deferral means that U.S. companies will continue to be able to purchase copper from Iran without penalty.

Iran is the third-largest copper producer in the world, after China and Chile.

Copper prices have risen sharply in recent months due to supply chain disruptions and strong demand from China.

The deferral will likely be welcomed by U.S. companies that use copper in their manufacturing. It could also help to ease some of the pressure on copper prices.

However, the deferral is likely to anger lawmakers who have been critical of the Biden administration’s handling of the Iran nuclear deal.

The House of Representatives voted in April to impose sanctions on any entity that imports copper from Iran.

The Senate also passed a bill in March that would impose sanctions on Iranian copper exports.

The Biden administration has repeatedly said that it is open to diplomacy with Iran but that it will not allow Tehran to develop nuclear weapons.

Iran has insisted that its nuclear program is peaceful and that it has no interest in building atomic bombs.

The two countries have been engaged in indirect talks in recent months to try to salvage the JCPOA.

The deal, which was agreed upon in 2015 by Iran and six world powers, including the U.S., placed limits on Iran’s nuclear program in exchange for the lifting of sanctions.

The Trump administration withdrew the U.S. from the JC