President Donald Trump said Monday he's in no rush to respond to a coordinated attack that hit Saudi Arabia's oil industry over the weekend.Marketsread more
The price of oil could go sharply higher, depending on the duration of the disruption at Saudi oil facilities and whether there is a military response.Powering the Futureread more
Energy stocks, one of the worst-performing sectors this year, spiked Monday after an attack on Saudi Arabia's heart of oil production Saturday sent oil prices soaring.Marketsread more
The Saudi-led military coalition battling Yemen's Houthi movement said on Monday that the attack on Saudi oil plants was carried out by Iranian weapons and did not originate...Oilread more
After a series of setbacks on the road to an initial public offering, the parent company of real estate start-up WeWork is delaying the move, sources told CNBC Monday.Technologyread more
"The United States military, with our interagency team, is working with our partners to address this unprecedented attack and defend the international rules-based order that...Politicsread more
Crude oil's spike following attacks on Saudi Arabia's energy supply has experts weighing whether or not the gains will last.ETF Edgeread more
"In the old days, the averages would've plunged on this kind of oil shock. I know because I've lived through a bunch of them, starting in 1973," Jim Cramer says.Mad Money with Jim Cramerread more
Traders in the fed funds futures market on Monday were pricing in a 34% chance that the Fed will stay put on rates.The Fedread more
The meeting comes amid months of stalled trade talks between Washington and New Delhi, resulting in both sides taking retaliatory measures.Asia Politicsread more
Gas prices could rise by about 20 cents per gallon "starting tomorrow," oil analyst Andy Lipow says Monday.Oil and Gasread more
About 11 million Floridians are in the path of Hurricane Matthew, which is now expected to come ashore as a deadly Category 4 storm.
Many of those people will evacuate their homes — as nearly 954,000 are at risk of major storm surge damage, according to CoreLogic. Those homes have a reconstruction value of just more than $189 billion. Add Georgia and South Carolina to the mix, and it rises to more than $200 billion.
This CoreLogic analysis measures the damage just from water. It does not assess additional damage from wind, which will be sustained in some areas at 125 mph. The worst of the damage will likely be where the storm makes direct landfall, which is now predicted to be Daytona Beach, Florida. Close to 97,000 homes with a reconstruction value of $19.4 billion are in danger of storm surge flooding.
The numbers are considerably higher today than they were when Hurricane Andrew hit in 1992.
Florida was the epicenter for the housing boom and bust in the early 2000s. Building permits, a strong measure of construction, were filed for more than 138,000 single-family homes in Florida's east coast counties just from 2005 to 2008, according to John Burns Real Estate Consulting.
While home construction ground to a halt in 2009, it rebounded strongly afterward and permits for another 81,000 were filed through 2015. Thousands of condominium units went up as well, but those tend to be in towers that are less susceptible to storm surge damage.
While New Orleans spent billions of dollars upgrading its levy systems since Hurricane Katrina's devastating blow, Florida has done little to safeguard its coast. Towers continue to rise right by Miami's Biscayne Bay, and Floridians seem unfazed by potential storm damage.
"You have tremendous cost associated with any engineering to reduce the risk," said Tom Jeffery, senior hazard scientist at CoreLogic. "This is the first big storm to come through in a long time. It's hard to promote mitigation when you don't see these storms come through frequently."
Georgia will also take the brunt of the storm surge, but its coastline is a lot shorter, so fewer homes are at risk. At a Category 4 level, about 138,000 could see storm surge damage, with a reconstruction cost of approximately $30 billion.
The storm is now expected to weaken before it gets to South Carolina. At a Category 2 storm level, 124,000 homes are at risk of flood damage, with a collective reconstruction cost of $32.4 billion.
— CNBC data reporter Nicholas Wells contributed to this report.