In short
Podcast Summary: Up First from NPR - Episode: Iran One Week On, Oil Prices Spike, Latin America Meeting
Episode Details
- Podcast Title: Up First from NPR
- Episode Title: Iran One Week On, Oil Prices Spike, Latin America Meeting
- Description: The episode discusses recent developments in Iran, rising oil prices, and President Trump's engagement with Latin American leaders.
Key Takeaways
- Iran Conflict Developments
- Ongoing Conflict:
- Israel has continued airstrikes in Iran, targeting military sites, including Tehran and Hezbollah positions in Lebanon.
- Over 1,300 people have reportedly died in Iran due to the conflict, with significant casualties in Lebanon as well.
- Iran's Response:
- Iranian President Masoud Pashikian publicly apologized for launching attacks on Gulf states.
- He emphasized that future attacks would depend on whether Iran is directly attacked.
- Regional Reactions:
- Gulf states, including Bahrain and Saudi Arabia, are on high alert, having intercepted multiple drones.
- Officials from those states remain skeptical about Iran's apology.
- Impact on Global Oil Prices
- Oil Price Spike:
- There has been a significant rise in oil prices, closing under $93 a barrel due to conflict-related uncertainties.
- U.S. gasoline prices have risen over 14% following these developments.
- Market Response:
- Oil traders are expressing panic as the Strait of Hormuz, a critical shipping route, faces disruptions.
- Iran has threatened to close the strait, leading to shipping companies avoiding the waterway.
- Global Supply Concerns:
- While some oil can be redirected through pipelines, a shortfall of 1-3 million barrels per day is anticipated due to disruptions.
- The U.S. has offered naval escorts and insurance for ships, but it is insufficient to cover the estimated need of $350 billion.
- President Trump's Latin America Summit
- Focus on Countering China:
- President Trump is in Miami to meet with Latin American leaders to bolster U.S. influence against growing Chinese presence in the region.
- Attendance Issues:
- Notable absentees include leaders from Brazil and Mexico, the region’s largest economies.
- The meeting is framed as a conservative gathering endorsing military actions against drug cartels.
- Challenges in Influence:
- While the U.S. aims to counteract China’s influence, the integration of Latin American countries with the Chinese economy complicates U.S. efforts.
- Past Context:
- Trump’s previous cancellation of a trip to the Summit of the Americas highlights a shift in focus towards Latin America amidst the ongoing Middle Eastern conflicts.
Conclusion This episode of Up First effectively outlines critical global concerns, including the escalating conflict in Iran, its repercussions on oil prices, and the U.S. government's strategic efforts to maintain influence in Latin America amidst increasing Chinese presence. The discussions reflect a complex interplay of military, economic, and diplomatic challenges facing the U.S. and its allies.
Written by AI. May contain mistakes. Listen to the episode to check what was said.
Chapters
Tap a time to open that second in VOIran Conflict Update
2:30 to 6:28
Overview of the ongoing conflict in Iran, including military actions and humanitarian impacts.
“Overnight, Israel continued airstrikes throughout Iran, including the capital, Tehran, and continued striking targets in Lebanon.”
Oil Price Surge Analysis
6:28 to 11:14
Discussion on the spike in global oil prices and its implications.
“And Paris Kerry Mary Kahn in Tel Aviv, thanks so much.”
Trump's Latin America Focus
11:14 to 14:01
Examination of Trump's meeting with Latin American leaders and its geopolitical implications.
“President Trump is in Miami today, meeting with Latin American leaders in the hopes of countering Chinese influence in the region.”
U.S.-China Influence in Latin America
14:01 to 15:33
Explore the dynamics between U.S. and Chinese influence in Latin America and the challenges faced.
“normally suck up so much attention in Washington.”
Transcript
Automatic transcript. May contain errors.0:01David Greene:It could last, you know, six days, six weeks, I doubt six months.
0:08Ayesha Rascoe:Echoes of a rock in the U.S. strikes on a round.
0:11Rachel Martin:As uncertainty grows over time and scope. I'm Ayesha Rascoe.
0:15Ayesha Rascoe:And I'm Scott Simon and this is Up First from NPR News. Defense Secretary Donald Rumsfeld was answering questions in northern Italy in February 2003 three on a trip to reassure European leaders in the run-up to the Iraq war.
0:31Rachel Martin:Similar questions now, both from allies and from worried investors who are watching energy prices rise. We take a look today on the podcast. That's after the latest developments in the fighting and a wrap-up of the Iran war's first week.
0:47Ayesha Rascoe:And later, President Trump's plans for American influence closer to home. So please stay with us. We've got the news you need to start your weekend.
0:56David Greene:Thank you. Experience AI that's all yours. And now, Alexa Plus is free with Prime on your Amazon devices like Echo and Fire TV. Amazon.com slash Alexa Plus. This message comes from Schwab. Everyone has moments when they could have done better, like cutting their own hair or forgetting sunscreen, so now you look like a tomato. Same goes for where you invest. Level up and invest smarter with Schwab. Get market insights, education, and human help when you need it. Learn more at Schwab.com. This message comes from Babbel. Babbel's conversation-based language technique teaches you useful words and phrases to get you speaking quickly about the things you actually talk about in the real world.
2:10David Greene:With lessons handcrafted by over 200 language experts and voiced by real native speakers, start speaking with Babbel today. Get up to 55 % off your Babbel subscription right now at babbel.com slash NPR, spelled B-A-B-B-E-L dot com slash NPR. Rules and restrictions may apply.
2:34Rachel Martin:Overnight, Israel continued airstrikes throughout Iran, including the capital, Tehran, and continued striking targets in Lebanon. and early this morning, Iran's president apologized in the recorded statement for attacking Gulf states.
2:50Ayesha Rascoe:The death toll throughout the region is rising, with more than 1 ,300 reported dead in Iran, according to the Iranian Red Crescent, and hundreds more in Lebanon, according to health officials there. And Paris, Carrie Kahn joins us now from Tel Aviv, and I'm told you had to go into a bomb shelter, Carrie?
3:07Rachel Martin:Yes, I am. The air raid sirens went off and I am in the safe room now. A little echoey, but safe.
3:14Ayesha Rascoe:All right. Thanks for being with us. Israel's military says it hit a number of sites overnight. And this morning, what do we know?
3:21Rachel Martin:Right. Israel's military did say early this morning they sent more than 80 fighter jets into Iran and struck multiple targets across the country and in Tehran, including what it says was the Revolutionary Guard's main military university. Israel says it has attacked hard Iran's missile and drone systems. I can tell you that the number of sirens going off in Israel have declined in this first week, but Israelis are still spending hours in bomb shelters. And like you said, I'm in one right now. And in the last 24 hours, sirens went off throughout the night and this morning. I'm just waiting for the all-clear signal.
3:58Ayesha Rascoe:Okay. Iran's been firing missiles and drones around the region at nearly a dozen countries. What did Iran's president say today and what's the reaction been?
4:08Rachel Martin:It was a recorded message. It was very short and it was put out on state media channels. President Masoud Pashikian apologized for striking Iran's neighbors, but he stopped short of saying there would be no more attacks. He said Iran would only strike its neighbors if, quote, an attack on Iran originates from those countries. And he added this.
4:34Rachel Martin:He says, I believe we should resolve this through diplomacy rather than facing problems by fighting, he said. But on Saturday morning, the air raid sirens went off in multiple countries throughout the Gulf. There was a drone intercepted in Dubai that temporarily suspended flights at that huge international airport there. Sirens in Bahrain and Saudi officials say they've intercepted nearly a dozen drones. There's been no official reaction from Gulf states yet about their Iranian president's apology. But this morning, NPR did speak with a Gulf official who said, quote, we will only believe it if we see it.
5:10Rachel Martin:The official spoke on condition of anonymity because they were not authorized to speak publicly. And this is interesting. In a statement after the president's message, Iran's military stated that it still considers U.S. military bases and other U.S. interests in the region fair game.
5:26Ayesha Rascoe:Israel has also bombarded the suburbs around Beirut. What's happening there?
5:32Rachel Martin:Sure. Israel says it's going after Hezbollah militants in southern Lebanon and a Beirut suburb believed to be a stronghold of the Iranian back group. Overnight, they took heavy strikes in those areas of Beirut. Tens of thousands of people have been displaced. Many are living on the streets and camping on the beachfronts in the capital NPR spoke with Mohammed Abu Ahmad. He's a 39-year-old father with two small children. They all fled their neighborhood and are sleeping on Beirut's beachside promenade.
6:00Ayesha Rascoe:He says we're by the
6:06Rachel Martin:sea. It's raining and cold and we are hungry and thirsty. Life is so bad, he says. Then he added, this is all frightening and war is no game. And Israel's defense minister, Israel Katz, this morning warned Lebanon's president to act and take steps before we do even more to stop Hezbollah fighters, or Lebanon, he said, will, quote, pay a very heavy price.
6:28Ayesha Rascoe:And Paris Kerry Mary Kahn in Tel Aviv, thanks so much.
6:31Rachel Martin:You're welcome.
6:46Rachel Martin:Now to the energy markets. Global oil prices spike this week.
6:51Ayesha Rascoe:And that's pushing U.S. gasoline prices up too. NPR's Camila Dominovsky covers energy. She joins us now. Camila, thanks for being with us. Happy to be here. And what's the latest?
7:02Rachel Martin:Well, prices really shot up yesterday. For the first half of the week, prices were up. But Rebecca Babin, an oil trader, told me on Monday that markets were not panicking. Well, she emailed me on Friday afternoon and said, quote, panic has officially set in. As in, oil traders are panicking now. The global benchmark for crude closed for the weekend at a little under$93 a barrel. That's up from 70 before the attack. And these higher crude prices have pushed up gasoline more than 14 percent, which is a bigger week-on-week jump than we saw after Russia invaded Ukraine.
7:41Ayesha Rascoe:What changed from Monday to Friday?
7:43Rachel Martin:Well, hopes for a quick resolution to the conflict faded over those days. We have also seen attacks on oil infrastructure in countries across the Gulf region. But above all, there is this key waterway folks have heard about, right? Here's Halima Croft with RBC Capital Markets earlier this week. The Strait of Hormuz remains effectively a parking lot, with tankers avoiding going through the critical waterway that accounts for 20 % of global oil and LNG exports. LNG is liquefied natural gas. And yeah, 20%, right? Iran has threatened to close this strait many times before, but never actually done it.
8:25Rachel Martin:And the near halt of ships passing through has had knock-on effects as the days passed, right? Iraq and most recently Kuwait have had to stop some oil production because there is simply nowhere to put it.
8:38Ayesha Rascoe:How is Iran keeping the strait closed?
8:40Rachel Martin:Yeah, it's not physically blocked. Some ships have actually gotten through. But Iran has attacked multiple ships attempting the passage with drones and missiles. So do ship owners and captains want to risk the loss of an oil tanker, the environmental disaster that could create, the lives of their crew, right? Meanwhile, ensuring a trip through the strait got a lot more expensive. I chatted with Neil Roberts from Lloyd's Market in London, which has been pricing the risk of sending cargo through war zones for centuries, since the days of the British Empire when the ships in question had sails, right?
9:19Rachel Martin:And he says that coverage is available, but the price has to match the risk, right? And this is very risky. Now, the U.S. has now offered to provide both insurance and naval escorts to ships in the region. But yesterday, the agency handling that insurance said that they can cover up to$20 billion total. JPMorgan Chase has estimated that the need is more like$350 billion. And as for the U.S. escorts, Roberts said that a lot of ships would really rather have a neutral escort from a country that is not a part of this war.
9:58Ayesha Rascoe:Camila, can the world replace the oil that is stuck waiting to come through the strait?
10:03Rachel Martin:Partially. So we're talking about some 20 million barrels per day that's not moving. There are some stockpiles globally, and some oil from the Gulf region can be redirected through pipelines, if those aren't attacked. Kevin Book is the co-founder of Clearview Energy Partners. He says by his math, the world might make up all but one to three million barrels.
10:23David Greene:But that's still an enormous gap.
10:25Rachel Martin:And that's relying on reserves that would eventually run out.
10:29Ayesha Rascoe:During other price shocks, after the invasion of Kuwait, for example, the run-up to the war in Iraq crises in the 70s, the U.S. was a lot more reliant on oil from the Middle East. Isn't that some solace for investors and consumers?
10:44Rachel Martin:Yeah, it is different now. The U.S. is the world's top oil producer, making more oil than it uses. That is one reason oil isn't like$200 right now, along with the rise of clean energy. But you have to remember, this is a global market for crude oil. So the oil passing through the strait would be mostly heading for Asia, not for the U.S., but Americans are still going to feel the price hikes, not just in gasoline, but in everything, because transporting stuff is part of the cost of everything we buy.
11:11Ayesha Rascoe:NPR's Camila Domenoski, thanks so much for being with us. Thanks, Scott.
11:30Ayesha Rascoe:President Trump is in Miami today, meeting with Latin American leaders in the hopes of countering Chinese influence in the region.
Read the full transcript
11:37Rachel Martin:It's part of a renewed focus by the administration on its so-called Don Roe Doctrine, which looks like but doesn't quite rhyme with the Monroe Doctrine and holds that America should aggressively dominate the Western Hemisphere. But several top Latin American leaders are not in Miami today.
11:58Ayesha Rascoe:Including those of the region's two largest economies. NPR's White House correspondent Franco Ordonez joins us. Franco, thanks for being with us.
12:06David Greene:Thanks for having me, Scott. The Shield of the Americas Summit sounds a lot like the Summit of the Americas.
12:11Ayesha Rascoe:What's going on?
12:12David Greene:Yeah, I mean, I will say, Scott, it's very different than the Summit of the Americas, which is kind of meant to gather all the leaders from the Western Hemisphere, from the left, from the right, big countries and small ones. This is actually a group of conservatives who are broadly on board with the president's agenda.
12:30Ayesha Rascoe:And what countries will have representatives there?
12:33David Greene:There's going to be 12 of them. They include Argentina, Bolivia, Ecuador, El Salvador. And for what it's worth, it does not include Brazil and Mexico, which are the two largest economies, or Colombia. But the White House says those attending will be signing a joint security declaration that basically encourages military force against drug cartels.
12:54Ayesha Rascoe:And drug gangs across Latin America are a concern, aren't they?
12:58David Greene:Yeah, for sure. And many would love more help from the U.S., which has long provided some of the anti-narcotics aid. And just as an example, a recent one, the U.S. military launched or joined operations with Ecuador to fight, quote, designated terrorist organizations.
13:13Ayesha Rascoe:Of course, the U.S. is at war in the Middle East. How much time is there for President Trump to focus on Latin America's drug wars or their relationship with China.
13:23David Greene:I mean, Iran may not be a big topic of conversation at these meetings, but I will say it is part of the larger conversation. Benjamin Gadin had the South America portfolio in the Obama and White House. He says it's very significant that this is happening, considering U.S. history with the region.
13:40Rachel Martin:The expectation is always that Latin America will be bumped by a more prominent foreign policy crisis. The fact that the Secretary of Defense still traveled to Florida for a meeting about Latin America and that the president himself is doing the same is a signal that the administration really will continue to focus on Latin America and not be pulled toward the regions that normally suck up so much attention in Washington.
14:03David Greene:And for context, Scott, in his first administration, Trump canceled his trip to attend the Summit of the Americas in Peru in 2018 because of the crisis in Syria. That was supposed to be Trump's first trip to Latin America, and it was largely seen as evidence of his lack of interest in the region.
14:20Ayesha Rascoe:Well, this is a big reversal. What about China's investments in Latin America? Can the U.S. realistically counter Chinese influence that's growing?
14:28David Greene:Yeah, I think the administration may be able to be able to mitigate some of that influence. But as Gadan told me, you just can't wish China away. You can't bully countries into turning their back on China. China is just such a major source of capital for the region, and it buys so many regional goods. And Gadan told me there is no clear example than Argentina of Trump's challenges with China in the region.
14:50Rachel Martin:This is a country that received a$20 billion bailout from the United States. But where was its foreign minister just a few weeks ago? Meeting with the Chinese foreign minister to reassure him that Argentina was open to Chinese trade and investment.
15:04Ayesha Rascoe:Of course, the U.S. military recently staged an attack in Venezuela. And the U.S. is putting a lot of pressure on Cuba. Today, someone's going to address any of that.
15:15David Greene:It's likely Trump will bring up Venezuela and Cuba. But again, these are handpicked leaders who are eager to align with Trump. They're not going to raise concerns. I mean, some are struggling with migration because of the exodus with Venezuela, and they would appreciate more open Venezuela and Cuba. For them, the focus is seeing benefits working with Trump.
15:36Ayesha Rascoe:NPR White House correspondent Franco Ordonez. Thanks so much.
15:39David Greene:Thank you, Scott.
15:44Rachel Martin:And that's up first for Saturday, March 7th, 2026. I'm Aisha Roscoe.
15:50Ayesha Rascoe:And I'm Scott Simon. Elena Tworick and Fernando Naro produced today's podcast.
15:54Rachel Martin:Our editors were Ed McNulty, Jacob Finston, Diana Douglas, Hannah Block, Kara Platoni, and Rebecca Metzler. Andy Craig directed.
16:04Ayesha Rascoe:Our technical director is Ovan Ganhoven with engineering support from Tom Marquito, Damian Herring, Jay Ciz, and Zach Coleman.
16:12Rachel Martin:Shannon Rhodes is our senior supervising editor. Our executive producer is Evie Stone. Jim Kane is our deputy managing editor.
16:20Ayesha Rascoe:And tomorrow on the Sunday Story, we take you to India and investigate the black market for human eggs.
16:26Rachel Martin:Thank you for listening and for supporting your local NPR station. If you don't know your local NPR station, just go to stations.npr.org and you'll find it. Thank you so much.
16:39Ayesha Rascoe:Yeah, it doesn't take time at all. And it's time well spent.
16:43Rachel Martin:Exactly.
16:56Rachel Martin:Want to hear this podcast without sponsor breaks? Amazon Prime members can listen to Up First sponsor-free through Amazon Music. Or you can also support NPR's vital journalism and get Up First Plus at plus.npr.org. That's plus.npr.org.
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