• Stock futures were higher on Sunday as investors weighed the impact of the escalating Israel-Iran conflict that shows no signs of any potential off-ramps ahead. Oil prices rallied after Israel attacked key areas of Iran’s energy infrastructure over the weekend, while Tehran said closing off the Strait of Hormuz was under serious consideration. Fed policymakers will meet in the coming week.

U.S. stocks signaled a rebounded Sunday night as futures rose amid the escalating Israel-Iran conflict that shows no signs of any potential off-ramps ahead.

Stocks sold off sharply on Friday after Israel launched an air campaign that struck Iran’s top military leadership, nuclear facilities, and bases around the country.

Over the weekend, both sides continued their bombardments with key areas of Iran’s energy infrastructure increasingly targeted. That includes oil refineries, fuel depots, and a massive natural gas field.

Futures for the Dow Jones Industrial Average reversed higher, rising 44 points, or 0.1%. S&P 500 futures were up 0.14%, and Nasdaq futures rose 0.20%.

U.S. oil prices pared earlier gains, climbing 1.1% to $73.79 per barrel, and Brent crude rose 1% to $74.94. That’s after oil soared 7% on Friday as markets reacted to the early stages of the Israel-Iran conflict.

An Iranian lawmaker said over the weekend that closure of the Strait of Hormuz, a critical chokepoint in the global energy trade, was under serious consideration. The equivalent of 21% of global petroleum liquids consumption, or about 21 million barrels per day, flows through the strait.

In a note on Saturday, George Saravelos, head of FX research at Deutsche Bank, estimated that the worst-case scenario of a complete disruption to Iranian oil supplies and a closure of the Strait of Hormuz could send oil price above $120 per barrel.

The yield on the 10-year Treasury slipped 0.9 basis point to 4.415%. The dollar fell 0.17% against the euro and 0.17% against the yen. Gold rose 0.2% to $3,459.90 per ounce.

Surging oil prices reignited inflation fears, just as consumer price data was showing more signs that President Donald Trump’s tariffs were having minimal impact so far.

That put upward pressure on the 10-year yield on Friday as hopes for rate cuts from the Federal Reserve later this year dimmed.

Inflation, tariffs, and the volatile geopolitical landscape will be top of mind when Fed policymakers are due to meet this Tuesday and Wednesday.

While they aren’t expected to adjust rates, they will release a fresh set of forecasts for future rates and economic indicators. Chairman Jerome Powell will also hold a press briefing on Wednesday afternoon.

This story was originally featured on Fortune.com

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• Amid Israel’s punishing air strikes, Iranians clogged roads and highways on Sunday to leave Tehran, according to reports. That came as fresh attacks targeted Iran’s energy infrastructure, including fuel supplies and a top natural gas field. Reduced electricity supplies could worsen an energy crisis that had already been hitting Iranians for months.

Israel’s sustained air campaign against Iran, including on Tehran, prompted residents of the capital to flee, clogging roads and highways.

There were traffic jams on roads leading out of the city while others trying to flee were hailing taxis as they held suitcases, according to the New York Times.

One resident of Tehran who gave his name only as Alireza told the Washington Post that they left the capital Sunday for Iran’s northern Gilan province after a building near his home was hit by an air strike.

“We were lucky to leave very early,” he said. “Right after us the roads got really crowded.”

The Post and Times also reported that long lines were forming as gas stations, some of which had to resort to rationing, as Iranians rushed to fill up.

The rush to Tehran’s gas stations came as Israel also struck critical pieces of Iran’s energy infrastructure, including oil refineries and fuel depots.

Atta Kenare—AFP via Getty Images

Meanwhile, a separate attack on the Pars South gas field, considered to the world’s largest reservoir of natural gas, is also set to worsen an energy crisis that has slammed Iranians for months.

The Pars field is critical to Iran’s domestic energy production, and more than 90% of Iran’s electricity is generated by gas-powered plants, according to the Institute for the Study of War in an assessment on Sunday.

Even before Israel’s bombardment, Iran had been suffering through an energy crisis for months, due to sanctions, mismanagement, old infrastructure, over-consumption, and earlier Israeli attacks.

That forced Iran to impose regular blackouts to conserve energy, leaving universities, shops and factories in the dark.

“Disruptions to Iran’s natural gas production will likely worsen the country’s ongoing energy crisis and lead to more widespread electricity blackouts, however,” ISW said on Sunday. “Iranians have previously protested against the regime in response to energy shortages. Demonstrations over the rising gas prices in 2017 and 2018 escalated into broader challenges for the regime’s stability.”

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• Iran has launched hundreds of missiles at Israel in response to its expansive air strikes, though not as many as expected. Meanwhile, Israel has targeted Iran’s missiles as well as its ability to launch them. The Institute for the Study of War said Iran’s rate of attack is already slowing down from its initial barrages.

The conflict between Israel and Iran escalated over the weekend as both sides appeared to expand their range of targets, including energy infrastructure.

But despite Israel’s aggressive air strikes and even suggestions that they are aimed at the regime itself, Iran has not responded in kind, launching fewer missiles than expected and at a declining rate.

That’s because Israel has targeted Iran’s stockpile of missiles as well as its ability to launch them, according to the Institute for the Study of War.

“The frequency of Iran’s missile barrages targeting Israel has decreased since the start of the Israeli air campaign on June 12, which suggests that Israeli strikes are impacting the rate at which Iran can launch missiles at Israel,” ISW researchers wrote in an assessment on Sunday.

On Friday and Saturday, Iran conducted six waves of attacks using 100-200 missiles, ISW estimated. But since Saturday, Iran has only conducted two waves of attacks using 35-40 missiles each.

Using the high end of each ISW estimate, that means the initial waves averaged about 33 missiles each, while the subsequent waves have averaged 20 missiles.

On Saturday, ISW’s analysis of the Israel-Iran conflict noted that Tehran had reportedly planned to launch 1,000 ballistic missiles at Israel in response to Israeli attacks. But ISW’s tally at the time put the total at just 200.

“Iran has used significantly fewer munitions in its response to Israel than originally planned because the IDF destroyed and damaged missile launchers and silos that Iran planned to use to retaliate against Israel,” ISW wrote.

Before the current conflict started, U.S. and Israeli estimates put Iran’s stockpile of missiles at about 2,000, but not all of them have enough range to reach Israel, according to ISW.

If that number is accurate, then Iran’s current rate of missile launches at Israel may not be sustainable for much longer.

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To be sure, Iran has inflicted significant damage and caused fatalities, but Israel’s Iron Dome missile-defense system has been intercepting many attacks, limiting the effectiveness of Iran’s retaliation.

Other analysts have previously noted that Iran has few viable military options, and its overall capabilities have been severely degraded by Israel.

That could force Tehran to look for ways to retaliate in ways that don’t involve launching missiles. An Iranian lawmaker said Saturday that the closure of the Strait of Hormuz, a critical chokepoint in the global energy trade, was under serious consideration. The equivalent of 21% of global petroleum liquids consumption, or about 21 million barrels per day, flows through the strait.

Meanwhile, Israel is continuing its own barrage and expanding its targets to include Iran’s energy infrastructure. After wiping out much of Tehran’s top military leadership as well as pummeling nuclear and military facilities, Israel has hit fuel supplies and the Pars South gas field, considered to the world’s largest reservoir of natural gas.

The Pars field is critical to Iran’s domestic energy production, and more than 90% of Iran’s electricity is generated by gas-powered plants, according to ISW.

“Disruptions to Iran’s natural gas production will likely worsen the country’s ongoing energy crisis and lead to more widespread electricity blackouts, however,” ISW said on Sunday. “Iranians have previously protested against the regime in response to energy shortages. Demonstrations over the rising gas prices in 2017 and 2018 escalated into broader challenges for the regime’s stability.”

This story was originally featured on Fortune.com

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• The man that authorities say is a suspect in the shooting of two Minnesota lawmakers on Saturday had a complex financial and professional history. While he signaled he was open to job opportunities in the food industry, he reportedly worked at a funeral home while also served as director of security patrols at a private-security firm.

Vance Boelter, who was named as a suspect in the shooting of two Minnesota lawmakers on Saturday, left behind a complex financial and professional history.

He remains on the run with a manhunt underway. State Rep. Melissa Hortman, 55 years old, and her husband were shot and killed in their Brooklyn Park home. Elsewhere in Champlin, state Sen. John Hoffman, 60, and his wife were also shot at home and are recovering after undergoing surgery. Gov. Tim Walz described the shooting as “an act of targeted political violence.”

While Boelter was listed as director of security patrols for private-security company Praetorian Guard Security Services, it’s unclear if that was his primary source of income.

He worked for an eye donation center, according to David Carlson, who shared a house in Minneapolis with Boelter and told Reuters he’s known him since fourth grade.

Carlson also said Boelter was working at a funeral home while experiencing financial and mental health challenges, according to the New York Times.

On Friday, Boelter gave Carlson four months of rent in advance, or about $900 total. A federal law enforcement official told the Times that Boelter emptied a bank account before the shooting.

Despite his various jobs, Boelter’s LinkedIn profile picture carries the green “#opentowork” banner. His professional history includes a stint as a 7-Eleven general manager as well as various positions at food companies like Greencore, Del Monte, Johnsonville Sausage, and Nestle.

“Hi everyone! I’m looking to get back into the U.S. Food Industry and I’m pretty open to positions,” he posted a month ago. “Other Leadership positions outside of the Food Industry I’m willing to hear about as well.”

The LinkedIn profile also says Boelter is CEO of Red Lion Group in the Democratic Republic of Congo, where he has delivered sermons as a pastor, according on online videos.

In addition, he and his wife once led a Christian nonprofit called Revoformation Ministries, according to the Times, which cited an archived version of a website that said Boelter previously traveled to the Gaza Strip and West Bank where he “sought out militant Islamists in order to share the gospel and tell them that violence wasn’t the answer.”

Boelter is also listed on federal tax forms as the president of a Minnesota-based nonprofit called You Give Them Something to Eat, though there’s no indication of any spending or income, according to the Washington Post.

His housemate Carlson said Boelter was against abortion and voted for President Donald Trump but generally avoided talking about politics.

He shared with local media text messages he got from Boelter before the shooting that suggested something dire was about to happen.

“I made some choices, and you guys don’t know anything about this, but I’m going to be gone for a while. May be dead shortly, so I just want to let you know I love you guys both and I wish it hadn’t gone this way.”

This story was originally featured on Fortune.com

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• As freshly minted college graduates look ahead to a tough job market, some may be wondering how useful their degrees might be. But for those looking to climb the ladder in Corporate America, the path to success doesn’t always run through business school. Some top CEOs studied subjects that have nothing to do with their industries.

If you just got a degree in medieval studies, then congratulations. But if you’re not going to pursue that subject further in grad school, then you may be wondering how useful it is in today’s job market.

Buyer’s remorse for new college graduates is nothing new. But those entering the workforce now are facing a slowing economy, high uncertainty among businesses amid President Donald Trump’s tariffs, and AI eliminating many entry-level jobs.

A deep dive into the leadership of the Fortune 500 shows that many, many, many, many CEOs did indeed get a bachelor’s degree in business or a master’s degree in business administration. Also, tech bosses often have engineering degrees, finance chiefs have economics or accounting degrees, and pharmaceutical CEOs have medical degrees.

But there’s still hope. For those looking to climb the ladder in Corporate America, the path to success doesn’t always run through business school. Some top CEOs studied subjects that have nothing to do with their industries.

A notable example is LinkedIn cofounder and founding CEO Reid Hoffman, who has a bachelor’s in “symbolic systems” from Stanford University, which says it integrates computer science, linguistics, math, philosophy, psychology, and statistics. He then got a master’s degree in philosophy from Oxford University.

In 2017, he told Business Insider that “philosophy is a study of how to think very clearly,” and it’s been useful in investing and being an entrepreneur.

“Formulating what your investment thesis is, what the strategy is, what the risks with the approach are, what kinds of things you would be doing with it, are all greatly aided by the crispness of thinking that comes with philosophical training,” he added.

Similarly, Palantir CEO and cofounder Alex Karp got bachelor’s in philosophy from Haverford College, a JD from Stanford Law School and a PhD in neoclassical social theory from Goethe University in Frankfurt.

Despite running a data-mining software company that offers AI-powered platforms to governments and businesses, he has said he learned coding on the job. He told the New York Times last year that not getting a business degree actually helped.

“There’s nothing that we did at Palantir in building our software company that’s in any MBA-made playbook. Not one,” he explained. “That’s why we have been doing so well.”

Karp revealed that “the single most valuable education I had for business” came at the Sigmund Freud Institute, a psychoanalysis research center, where he worked while getting his doctorate.

“You’d be surprised how much analysts talk about their patients. It’s disconcerting, actually. You just learn so much about how humans actually think,” he said, adding that he used that knowledge to help motivate his engineers.

Among Fortune 500 CEOs, Airbnb’s Brian Chesky has a bachelor of fine arts from the Rhode Island School of Design. According to the company, his creative roots are embedded in Airbnb’s culture, product and community.

“This design-driven approach has enabled a system of trust that allows strangers to live together, and created a unique business model that facilitates connection and belonging,” it says.

Here are some other Fortune 500 leaders who have less conventional educational backgrounds:

• Juan Andrade, CEO of financial services firm USAA, has a bachelor’s in journalism and political science from the University of Florida and a master’s in international economics and Latin American studies from the Johns Hopkins University School of Advanced International Studies.
• Leon Topalian, CEO of steelmaker Nucor, has a bachelor’s in marine engineering from the Massachusetts Maritime Academy.
• Maria Black, CEO of human resources services provider ADP, has a bachelor’s in political science and international affairs from the University of Colorado, Boulder.
• Laura Alber, CEO of home furnishings chain Williams-Sonoma, has a bachelor’s in psychology from the University of Pennsylvania.
• Richard Hayne, CEO of retailer Urban Outfitters, has a bachelor’s in social relations from Lehigh University.

This story was originally featured on Fortune.com

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• A 57-year-old man who has been named as a suspect in the shooting of two Minnesota lawmakers worked at a private-security company that says he has been involved in “security situations” around the world, including in the Middle East, Europe and Africa. The suspect remains at large, and a manhunt is underway across the Minneapolis area.

The suspect in the shooting of two Minnesota lawmakers on Saturday worked at a private-security company that claims he has experience around the world.

State Rep. Melissa Hortman, 55 years old, and her husband were shot and killed in their Brooklyn Park home. Elsewhere in Champlin, state Sen. John Hoffman, 60, and his wife were also shot at home and are recovering after undergoing surgery. Gov. Tim Walz described the shooting as “an act of targeted political violence.”

State authorities said they are looking for 57-year-old Vance Boelter, who remains at large with a manhunt underway across the Minneapolis area. 

According to the website for his company Praetorian Guard Security Services, Boelter is listed as director of security patrols, while his wife is listed as president and CEO.

“Dr. Vance Boelter has been involved with security situations in Eastern Europe, Africa, North America and the Middle East, including the West Bank, Southern Lebanon and the Gaza Strip,” the site says. “He brings a great security aspect forged by both many on the ground experiences combined with training by both private security firms and by people in the U.S. Military.”

Another member of Praetorian’s leadership team includes a security training manager who is described as a retired undercover officer.

The company didn’t immediately respond to a request for comment.

Law enforcement officials said a dark SUV with police lights was parked at Hortman’s home when they responded to the shooting, adding that a man dressed like a police officer was inside and opened fire on Brooklyn Park police officers before fleeing.

Praetorian’s website also says Boelter has worked for “the world’s largest food company based in Switzerland and the world’s largest convenience retailer based in Japan.”

That appears to align with a LinkedIn profile with Boelter’s name and photo that includes prior jobs as a supervisor at Nestle and a 7-Eleven general manager.

It doesn’t mention Praetorian Guard or any prior military experience, but lists his current job as CEO of Red Lion Group in the Democratic Republic of Congo.

The Minnesota Star Tribune cited an online video from two years ago that appears to show Boelter preaching in Congo and telling a congregation, “I met Jesus when I was 17 years old and I gave my life to him.”

The LinkedIn page also says Boelter has a doctorate in leadership and a master of science in management from Cardinal Stritch University. It says he has a bachelor’s degree in international relations from St. Cloud State University.

This story was originally featured on Fortune.com

© Alex Kormann—Star Tribune via AP

• Two Minnesota lawmakers were shot on Saturday, with one dying and the other recovering, in the latest instance of political violence recently. The shooting comes nearly a year after an assassination attempt on Donald Trump in Pennsylvania and follows politically motivated violence that has also targeted top companies.

The shooting of two lawmakers in Minnesota on Saturday was the latest instance of political violence that has also seen top companies being targeted.

State Rep. Melissa Hortman, 55 years old, and her husband were shot and killed in their Brooklyn Park home. Elsewhere in Champlin, state Sen. John Hoffman, 60, and his wife were also shot at home and are recovering after undergoing surgery.

Gov. Tim Walz described the shooting as “an act of targeted political violence.” A manhunt is underway for the shooter, who was posing as a law enforcement officer, according to authorities.

Nearly a year ago in July 2024, Donald Trump was nearly assassinated during a campaign rally in Pennsylvania. Trump was injured and a spectator was killed. The gunman was also killed.

Just two months later, the Secret Service foiled another assassination attempt, this time in Florida, where Trump was playing golf.

This past April, an alleged arsonist targeted Pennsylvania Gov. Josh Shapiro with a firebomb. A warrant cited “perceived injustices to the people of Palestine.”

Meanwhile, companies have also become targets. Earlier this year, Tesla vehicles and dealerships were damaged by fires as CEO Elon Musk’s role in the Trump administration and his DOGE cost-cutting drive spurred a backlash.

In April, a man was federally charged with arson attacks against the Republican Party headquarters in New Mexico and a Tesla dealership.

In December, UnitedHealthcare CEO Brian Thompson was shot and killed in New York ahead of the company’s investor day.

Luigi Mangione, who has pleaded not guilty to state and federal murder charges, wrote a manifesto laying out his grievances against the insurance industry while also sharing his views on the politics of “Unabomber” Ted Kaczynski.

And those are just some examples of political violence from the past year alone.

In 2021, Trump supporters stormed the U.S. Capitol as lawmakers were about the certify Joe Biden’s 2020 victory. In 2017, a gunman shot members of Congress at a baseball diamond in Alexandria, Va., wounding four people, including Republican Rep. Steve Scalise. And in 2011, a gunman killed six people in Arizona and seriously wounded Democratic Rep. Gabby Giffords, who was holding an event for constituents.

This story was originally featured on Fortune.com

© Minnesota Legislature via AP

• After Israel decimated Iran’s military in its initial wave of air strikes, reports on Saturday indicated Iranian energy infrastructure was under attack. Meanwhile, Tehran warned that closing the Strait of Hormuz, a critical chokepoint in the global energy trade, was under consideration. Oil prices spiked on Friday, and escalation of the Israel-Iran conflict could send them higher.

The Israel-Iran conflict is poised to include economic targets as both sides seek leverage in the rapidly escalating series of attacks.

After Israel decimated Iran’s military in its initial wave of air strikes, reports on Saturday indicated Iranian energy infrastructure was under attack. That includes the Pars South gas field, considered to the world’s largest reservoir of natural gas, as well as oil refineries.

That comes as Israeli Prime Minister Benjamin Netanyahu warned on Saturday that, “We will strike every site and every target of the ayatollahs’ regime,” after he earlier urged the Iranian people to overthrow their government.

On Friday, Israel’s defense minister said Iran crossed “red lines” by launching its missiles at civilian areas as part of its retaliatory attacks.

Former Deputy Secretary of State Wendy Sherman told Bloomberg TV that she believed that’s a signal Israel will target Iran’s oil and economic infrastructure.

Meanwhile, Tehran’s retaliation could similarly extend into energy markets. Despite Iran launching hundreds of missiles and drones at Israel, analysts have noted that it has few viable military options and its overall capabilities have been severely degraded by Israel.

An Iranian lawmaker said closure of the Strait of Hormuz, a critical chokepoint in the global energy trade, was under serious consideration. The equivalent of 21% of global petroleum liquids consumption, or about 21 million barrels per day, flows through the strait.

That could spike oil prices even higher after they jumped 7% on Friday to more than $70 a barrel as markets reacted to the early stages of the Israel-Iran conflict.

In a note on Saturday, George Saravelos, head of FX research at Deutsche Bank, estimated that the worst-case scenario of a complete disruption to Iranian oil supplies and a closure of the Strait of Hormuz could send oil price above $120 per barrel.

Such a closure might entail use of mines, patrol boats, aircraft, cruise missiles and diesel submarines, while clearing the strait could take weeks or months.

“Given the significant global implication of such a closure, we believe that potential closure of the Strait is likely to be kept as last resort leverage and only to be considered in extremis,” Saravelos added. 

In a column in Foreign Affairs magazine on Friday, Kenneth Pollack, a former CIA Persian Gulf military analyst and former director for Persian Gulf Affairs at the National Security Council, said there’s a low likelihood Iran would close the strait.

That’s because Iran would quickly go from a “sympathetic victim to a dangerous nemesis in the eyes of most other countries,” while Western countries and perhaps even China would use force to reopen the strait, he predicted.

“And Tehran would have to worry that such a reckless threat to the world’s economies would convince Washington that the Iranian regime had to be removed,” Pollack added. “That fear is surely greater with U.S. President Donald Trump—who ordered the death of Iranian general Qassem Soleimani in January 2020—back in office.”

This story was originally featured on Fortune.com

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