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 sector this year, spiked on 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
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 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
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
J.P. Morgan's chief quant says oil prices would start to hurt stock prices when they hit the $80 to $85 range.Market Insiderread more
Walmart said Monday it's relaunching the once-beloved trendy New York fashion brand, Scoop NYC, on its website nationwide and in select stores.Retailread more
Gas prices could rise by about 20 cents per gallon "starting tomorrow," oil analyst Andy Lipow says Monday.Oil and Gasread more
Some operators are cashing in on the CBD craze by substituting cheap and illegal synthetic marijuana for natural CBD in vapes and edibles such as gummy bears, an AP...Health and Scienceread more
An oil processing facility at Abqaiq and the nearby Khurais oil field was attacked on Saturday.Marketsread more
Satellite startup ICEYE is riding a wave of success this year. Just days after its launch, the company got back its first image from ICEYE-X2, its second satellite. The company gave CNBC an exclusive look at the image on Monday.
The first ICEYE-X2 image shows the mountainous areas of Spain's Basque Country at night. Forest, roads and agriculture are visible in the image, which contains over 500 square kilometers, captured at a resolution of 3 by 3 meters. That's the expected, medium resolution for a high-powered satellite, but ICEYE packed that power into a suitcase-sized satellite. The X2 satellite was launched by a SpaceX Falcon 9 rocket last week on the record-breaking "SmallSat Express" mission for Spaceflight Industries.
ICEYE is combining a special type of earth observation technology — SAR, short for synthetic aperture radar — with a small, inexpensive satellite. SAR allows a satellite to provide images at any time, even at night or through cloud cover.
"X2 has proven successful ... this is a 10 times better resolution than last time," ICEYE CEO Rafal Modrzewski told CNBC.
After the successful debut of the X1 satellite in January, ICEYE incorporated more than 50 improvements into X2, Modrzewski said. The ICEYE-X2 satellite is much like the beta test of new software, Modrzewski explained. Once testing is complete, the company will began commercial operations with X2, making it the cornerstone of a constellation of SAR satellites.
ICEYE plans to have a network of 18 satellites by 2020, offering near-real time comparisons of changes on the ground. Modrzewski says the company will launch as many as eight in 2019, "depending on how fast we can purchase launches."
Once ICEYE has six satellites in the constellation, Modrzewski says the company's "first step in terms of the commercial service" will be to "provide global 24 hours repeat capability." This means that ICEYE will be able to provide an image of a place on Earth in exactly the same position as an image taken 24 hours previously, showing even small changes.
"None of the current satellites or constellations can guarantee you 24 hours repeat service," Modrzewski said.
That commercial service capability "is probably sufficient for the company to reach profitability," Modrzewski said.
SAR satellite technology "has been a very government and military application for a long time," Space Angels CEO Chad Anderson told CNBC. Space Angels invested in ICEYE early in the company's development, as Anderson says the start-up "had a really interesting, really novel approach."
"Many people were very skeptical of what they were proposing because no one had ever done this in this weight class and cost," said True Ventures partner Rohit Sharma, another early investor in ICEYE.
"Prior to [ICEYE], people had built SAR satellites with hundreds of engineers and at over 100 times the cost," Sharma said.
After its debut launch, ICEYE more than double its total backing in a $34 million round of fundraising. The new funds mean ICEYE will be able to build nine satellites for that constellation, including the one launched last week.