U.S.

U.S. stocks closed lower on Tuesday, with the Nasdaq dropping more than 1%, as investors grew cautious following Iran’s missile strike on Israel. Iran fired ballistic missiles in retaliation for Israel’s military actions against Hezbollah, a key ally of Tehran.  

The Biden administration has pledged up to USD 450 million in grants to South Korean semiconductor company SK Hynix for a new facility in Indiana.

Recently, the term “petrodollar” has frequently surfaced in economic discussions and news headlines, sparking considerable controversy over its outlook. This surge in interest comes amidst emerging rumors that suggests Saudi Arabia may end its 50-year Petrodollar agreement with the U.S. to price oil exclusively in U.S. dollars. 
Currently, there are sources left and right claiming that this deal is fake news or true news. The main argument is on an agreement between Saudi and U.S. signed in June of 1974. We will be covering what exactly is the petrodollar and continue to talk about the two sides of the story, then bring out the outlook of the petrodollar matter.