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This is CNBC's Morning Squawk newsletter. Subscribe here to receive future editions in your inbox. Happy Monday. CNBC's Brian Sullivan sat down with Treasury Secretary Scott Bessent this morning in Paris, where Bessent just met with his Chinese counterpart. The Cabinet secretary said that "logistics" could delay Trump's planned trip to China later this month. Stock futures are higher this morning after another losing week. Here are five key things investors need to know to start the trading day:
1. Add fuel to the fire
Gas flares from an oil production platform at the Soroush oil fields with an Iranian flag in the foreground in the Persian Gulf, 1,250 km (776 miles) south of the capital Tehran, July 25, 2005. Raheb Homavandi | Reuters
U.S. oil prices surpassed $100 last night after President Donald Trump threatened strikes on Kharg Island — the keystone to Iran's oil industry. Here's what to know: Trump said in a Truth Social post on Friday that the U.S. executed a "bombing raid" on Iranian military targets on the island. While he chose not to damage the country's oil infrastructure, Trump said he would "reconsider" that decision if Iran interfered with traffic in the Strait of Hormuz.
In an interview published over the weekend, the president told NBC News that the U.S. may hit Kharg Island "a few more times just for fun."
The island, located about 15 miles off the coast of Iran in the northern Persian Gulf, is responsible for about 90% of the country's crude exports.
Meanwhile, Trump is pressuring other countries to send ships to the Strait of Hormuz to help secure the crucial maritime passageway.
Oil prices continued to rise this morning, but pared back gains made earlier in the session.
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