NPR News: 07-23-2026 4PM EDT

Lakshmi Singh· Host0:01

Live from NPR News, I'm Lakshmi Singh. Global oil prices are surging, at one point today, past one hundred dollars a barrel as fighting escalates between the US and Iran. NPR's Hadiel Al-Shalchi has the latest from Istanbul.

Hadil Al-Shalchi0:17

The price for a barrel of Brent crude oil, the international standard, soared more than six percent to one hundred dollars as the Iranian-backed Yemeni Houthi rebels attacked two Saudi oil tankers in the Red Sea. The Houthis are blockading the Bab el-Mandeb Strait, a key shipping route which connects the Red Sea with the Gulf of Aden and the Indian Ocean. It's a second choke point for oil transportation besides the Strait of Hormuz. Trump threatened the Houthis, saying they would face, quote, "major military punishment" if they kept attacking ships. The rise in oil prices could inflate costs, which could force the Federal Reserve to increase interest rates. Hadiel Al-Shalchi, NPR News, Istanbul.

Lakshmi Singh· Host0:55

The Dow closed down more than five hundred points, or nearly one percent. The Nasdaq was down five hundred fifty-three points, more than two percent. The Justice Department has withdrawn its subpoenas to compel three New York Times journalists to testify about their sources for articles about the new Air Force One Qatar gifted to President Trump. A federal judge told the government attorneys the administration was required to ensure it could not obtain what it needed from any other sources before issuing subpoenas to journalists. NPR's David Folkenflik describes what happened ahead of today's decision.

David Folkenflik1:27

This clash erupted after the Times reported that