Bloomberg This Weekend features significant global events, including the death of Senator Lindsey Graham, a key ally of President Trump. Graham, a prominent figure in foreign affairs and an advocate for a more aggressive U.S. foreign policy, died after a brief illness at 71. His passing comes at a crucial time as he had just announced a deal with the Trump administration to advance Russia sanctions. South Carolina's Governor Henry McMaster is expected to appoint a temporary replacement, with a special primary to follow for a new nominee ahead of the November general election.
The U.S. launched new strikes on Iran, targeting coastal drone sites, in retaliation for a drone attack on a cargo ship in the Strait of Hormuz. This occurred a week after the U.S. and Iran signed a 60-day truce. Iran has vowed to respond to these attacks, which have also seen missiles and drones fired at Gulf states. Oil prices plunged 4% following these developments, with West Texas Intermediate trading below $70 a barrel, although the S&P 500 reached a fresh record, leading to its biggest weekly advance since 2020. Conversely, oil prices in a different report plunged to around $90 a barrel, posting its biggest weekly gain, exceeding 3% in that instance.
Venezuela was struck by two powerful earthquakes, measuring 7.2 and 7.5 magnitudes, within a minute of each other. The death toll has risen to nearly 920, with 3,400 injured and many thousands missing. The estimated death toll is expected to exceed 10,000, with more than 70,000 people now reported as missing. The earthquakes toppled massive buildings, damaged the country's main international airport, and caused an estimated $6.1 million in damage. International relief agencies and rescue teams have arrived to assist, as the U.N. estimates nearly 1,500 buildings and infrastructure were destroyed. This crisis marks a significant challenge for Venezuelan President Delcy Rodriguez.
In U.S. domestic news, AI is playing an increasingly influential role in the midterm elections, with millions of dollars being spent. This includes the use of endorsements and deepfake ads, influencing voters. The program also highlighted the dismantling of USAID by the Trump administration a year prior, featuring a conversation with former USAID Administrator Samantha Power about global disaster relief.
