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Fossil Fuels

Oil & Gas

What is the identity of Iran's Mohsen Rezaei?

Iran has named Mohsenrezaei secretary of the Supreme National Security Council. This is a promotion of a prominent hardliner, and close ally to Supreme Leader Ayatollah Mojtaba Khamenei. The move comes more than five months after the conflict began with the United States. Rezaei succeeds Mohammad Baqer Zolqadr in the position of second-in command at the body that coordinates Iran’s security and foreign policy and is presided over by President Masoud Peshkian. Zolqadr has been appointed to be Khamenei's political advisor. What you need to know about Rezaei 71 COMMANDED RELATIONAL GUARDS AGE 27 Rezaei, who was 27 years old...

Oil Refineries

Officials say that Ukraine killed 13 people, including a child, in a drone attack on the Russian city of Nizhnekamsk.

Authorities said that at least 13 people, including a child, were killed and 39 others injured by a Ukrainian drone strike on industrial and civil targets in Nizhnekamsk. This is the highest civilian death toll in Russia for months. According to Russian media, the attack also targeted a major oil refinery in the Tatarstan Region, located about 800 km (497 mi) east of Moscow. In a press release, Russian investigators announced that they had opened a criminal investigation into the attack they deemed a terrorist act. They said that Ukraine struck residential areas in which a child was killed. Radmir...

Fossil Fuels

Oil prices rise on the uncertainty surrounding the reopening Hormuz

Oil prices rose Monday?on the uncertainty of a reopening the Strait?of Hormuz any time soon. Iran said a?deal with Oman?defining?new shipping?lanes? was in its final phases?but?insisted that the U.S. still must meet other conditions. Brent crude futures increased 91 cents (1.09%) to $84.46 a bar by 0056 GMT. U.S. West Texas Intermediate Crude futures also rose 61 cents (0.78%) to $78.79 a bar. Both benchmarks fell more than 7% in the last week, on the hope that Iran and Oman would soon reach a deal that would lead to the reopening of Strait of Hormuz. The Strait of Hormuz carried...

Oil & Gas

After 18 months of negotiations, Syria and Russia have reached an agreement on the future of Tartous & Hmeimim Bases

After?18 months? of intensive negotiating, Syria and Russia have reached an agreement to settle the future of Russian base?at Tartous?and Hmeimim?, according the Syrian Foreign Ministry. The ministry announced that the Syrian state will take over the management of civil facilities, such as Hmeimim Airport and the commercial berth at Tartous Port, allowing for their gradual integration into the civilian administration. The military sites would be converted into joint training and qualification centres, under new arrangements that preserve the interests of both parties. This transition was to be completed in three months. The Russian naval base at Hmeimim and?Tartous air?base...

Oil & Gas

Aramco Jazan facility fire extinguished, Saudi Arabia reports

The Saudi Energy Ministry reported that firefighters extinguished the fire at Saudi Aramco Jazan refinery, which broke out early Sunday morning. The fire was brought under control by Aramco's Industrial Security Teams and the authorities are completing the procedures to handle the incident. This is what the Saudi Energy Ministry said on X. The ministry did not say what started the fire. Jazan lies on the Red Sea, near the border of Yemen. Aramco closed its 400,000 barrels-per-day Jazan'refinery' on July 27, following an attack from Yemen's Houthi militants, which damaged the plant’s Integrated 'Gasification Combined Cycle' (IGCC) and tank...

Fossil Fuels

UAE: Iran fired missiles at ADNOC vessel in Strait of Hormuz

The United Arab Emirates condemned on Saturday what they said was an Iranian attack against a carrier connected to its state oil company, as it passed through 'the Strait of Hormuz. They accused Tehran of committing "acts?of piracy". Initial reports from the state news agency WAM stated that ADNOC had said one of their vessels was targeted by a rocket early Saturday morning and that everything was under control. Later, the UAE Foreign Ministry condemned what it termed "the hostile Iranian attacks" on an ADNOC ship. No details were given about the tanker, its cargo, or any possible damage. There...

Oil & Gas

US anticipates a deal on the Strait of Hormuz soon; Sunni countries unite to form a defense pact

An official from the United States reported progress on Friday between Iran and Oman, which could lead to the reopening of the Strait of Hormuz in the near future. This would allow oil exports to resume that were disrupted during the U.S. The war with Iran is ongoing. The U.S. official who refused to be identified said Washington expected an agreement between the two countries that sit on either side of the Strait so normal oil traffic can resume. The deal between Iran, Oman and the control of the strategic watersway is seen by many as being crucial to a...

Fossil Fuels

The US Senate is about to pass sweeping sanctions against Russia's energy sector

The U.S. Senate passed sweeping Russia sanctions legislation by a large majority on Friday. This long-delayed bill was backed by Senator Lindsey Graham, who died in 2013. It now sets the stage for the House of Representatives to consider the measure as early as next month. Graham, a 'South Carolina Republican', was one of Kyiv’s most vocal allies in Congress during its four-year war against Russia. The bill is intended to increase economic pressure upon Moscow for its invasion of Ukraine. The measure also includes the expanded sanctions against Iran that President Donald Trump sought as legislators moved to pass...

Fossil Fuels

ADNOC: Attacks on vessels and staff have a significant impact on operations

Abu Dhabi National Oil Company said on Friday that it was being "significantly affected" by unprovoked attacks on its people and assets, while it sought to meet customer demands in an "exceptionally difficult environment." ADNOC stated in a press release that 15 of their vessels were attacked by drones and missiles while they transited the Strait of Hormuz, including three this week. One crew member was killed and 20 injured. Strait of Hormuz is the most important oil shipping chokepoint in the world, transporting a fifth of global oil consumption. Since the U.S. and Israeli war against Iran has expanded...

Oil & Gas

Saudi Arabia, Turkey and Pakistan sign joint defense deal amid regional turmoil

Sources say that a pact will be signed in Mecca this Friday Erdogan, Sharif, and Munir the army chief are scheduled to meet Crown prince Mohammed bin Salman * An agreement was reached after nearly a year-long negotiation, as reported in January. (Adds context and details throughout). By Timour Azhari Ariba?Shahid, and Tuvan Gumrukcu RIYADH/KARACHI/ANKARA, Aug 7 - Turkey, Saudi Arabia and Pakistan will sign a joint defence agreement in Mecca on Friday, sources with ?knowledge of the matter said, amid regional ?turmoil with Gulf states coming under fire from Iran after it ?was attacked ?by the U.S. and Israel....

Oil & Gas

Saudi Arabia, Turkey, and Pakistan sign joint defense deal amid regional turmoil

Sources say that a pact will be signed in Jeddah this Friday. Erdogan, Sharif, and the army chief Munir are due to meet with Prince Mohammed bin Salman * An agreement follows nearly a year's worth of negotiations, as reported in January By ?Ariba ?Shahid KARACHI/RIYADH. 7 August. Regional sources who have direct knowledge of this matter confirmed that Turkey, Saudi Arabia, and Pakistan would sign a joint defense agreement on Friday. This comes at a period of turmoil in the region, with the Gulf States under attack from?Iran following its attacks by the U.S. The pact?cements the growing grouping...

Fossil Fuels

Lanxess's sales exceed estimates due to Middle East disruptions

Lanxess, a specialist chemicals manufacturer, reported a quarterly core profit that was'slightly higher than expected' on Friday. The company benefited from stronger demand, temporary disruptions in supply linked to the Middle East conflict, and a temporary increase in prices. However, it warned there were no signs of an accelerated recovery in its main markets. In a press release, Matthias Zachert, Chief Executive, said that the expected growth was confirmed in the second quarter. The Cologne-based firm?reported earnings before interest taxes, depreciation, and amortisation pre-exceptionals (EBITDA), of 152 millions euros ($175million) in the second-quarter,?above an analysts' prediction of 150.6 millions euros,...

Crude Oil

Crude Oil

Asia stocks hold firm as oil prices edge up in the Gulf crisis

Asian share markets followed Wall Street's lead on Monday, after a weak U.S. employment report reduced the risk of an increase in borrowing costs near-term. However, a lackluster progress in Gulf peace negotiations saw oil prices rise. Iran said?on Sunday? that an agreement with Oman to define new shipping lanes through the Strait of Hormuz is in its final stages. However, it reiterated that this waterway will only be reopened once the United States meets other conditions. Brent crude increased 0.6% to $84.04 per barrel, as the shipping volume through this vital waterway was minimal. U.S. crude climbed 0.5% to...

Crude Oil

The Strait of Hormuz suddenly becomes 'irrelevant to the US'

Wayne Cole gives us a look at what the day will bring for European and global markets. Asian stocks are mostly higher following the Wall Street rally on Friday, but European share futures are down as oil prices rise amid confusion about the Strait of Hormuz. Treasury Secretary Scott Bessent claimed over the weekend that the'strait' would become "irrelevant", as oil will eventually be redirected via pipelines. This gave analysts the impression that the White House is trying to wash their hands of this whole matter. Iran announced on Sunday that it was nearing completion of a deal to define...

Crude Oil

Oil prices rise in the Gulf amid confusion and Asian stock markets edge higher

The Asian share market matched Wall Street's gains on Monday, after a weak U.S. employment report reduced the risk of an increase in borrowing costs near-term. However, a lack progress?in Gulf Peace talks led to oil prices?creeping?higher. Iran announced on Sunday that it was nearing the final stages of a deal that would define new shipping lanes for the Strait of Hormuz. However, the Iranian government reiterated that this waterway will only be reopened once the United States meets other conditions. Brent crude increased by 0.9% to $84.32 per barrel, as the shipping volume through this vital waterway was minimal....

Mining

Mineral Resources

Mineral Resources

Sources say that India's Hindustan Copper intends to sell copper concentrate from Chile to Hindalco and Adani.

Hindustan Copper, the state-run copper company, plans to sell copper concentrate from mines that it has acquired from Chilean Codelco?to?Hindalco & Adani in order to satisfy India's increasing appetite for the red metal, according to two sources who are familiar with the matter. Three sources declined to identify themselves because the discussions were confidential. Codelco's secretary of mines in India said that in April, Hindustan Copper, Coal India, and NTPC Mining were in talks to acquire four copper mining block from Codelco. Hindustan Copper had signed a preliminary deal with Codelco last year to look at "mutually advantageous opportunities" in...

Mineral Resources

China's data is more important than Australian strikes in lowering iron ore prices

Iron ore prices eased on Monday as?China's disappointing factory gate data fueled concern over the?demand prospects for the?steelmaking?ingredient. However, a strike in Australia at a major export center curbed some decline. The daytime trading price of the most traded iron ore contract at China's Dalian Commodity Exchange was 713.5 Yuan ($105.79). As of 0820 GMT the benchmark September iron ore traded on the Singapore Exchange was down 0.26% at $94.75 per ton. This is well below a psychologically important level of $100, which has been in place for 15 trading days. China's producer prices inflation eased more -than-expected in July,...

Mineral Resources

Gold falls from its seven-week high as US inflation data is looming

Gold prices fell on Monday, as investors took profits following a seven-week high. Meanwhile, markets waited for new clues from U.S. inflation figures to determine the Federal Reserve's rate policy. As of 0200 GMT, spot gold was down 0.5% to $4,322.28 an ounce. After a weaker than expected?U.S. jobs data. U.S. Gold futures dropped 0.4% on Monday to $4,381.60. Gold is slightly lower as it succumbs a little to profit-taking after last week's NFP-inspired gains. This is more of a natural stabilisation than a significant shift in sentiment. I expect gold will remain above $4,300 in the near term. The...

Mineral Resources

Australia tightens restrictions on two Northern Minerals shareholders who are ordered to divest

The Australian government has tightened restrictions on two Northern Minerals shareholders who were ordered to 'divest their shares over national security concerns,' the?miner reported. This is a further scrutiny of Chinese investment in the rare-earths developer. Northern Minerals has developed the Browns Range Heavy Rare Earths Project in Western Australia. Western governments are looking to reduce their reliance on China as a source of these minerals. The Australian Treasurer Jim Chalmers, ordered in May that six offshore shareholders of Northern Minerals divest all their shares over concerns that Chinese-linked groups were seeking to control the rare earths miner. Chalmers said...

Mineral Resources

What is Patriot missile system? Why are the supplies running out worldwide?

The U.S. Patriot system, first used in 1991 in the Gulf War, has seen a sharp increase in demand this year. Supplies of interceptors have been depleted due to the war in the Middle East and Ukraine's fight against the Russian invasion. Ukraine urgently seeks more Patriot interceptors to defend itself against the nightly barrages of Russian ballistic rocket strikes. The Iran War has depleted the arsenals of the U.S., the Gulf and some European countries. Here are some details on the Patriot air defense system, which is one of the most sophisticated weapons in the U.S. arsenal. What is...

Mineral Resources

India's Titan reports profit surge due to strong jewellery demand

India's Titan reported on Friday a 63% increase in its?quarterly profits as the demand for jewellery remained strong, store footfalls increased and gold prices rose. As they expand rapidly across India, which is the second largest consumer of gold in the world, large jewellery chains such as Kalyan Jewellers (Titan's Tanishq) and CaratLane (CaratLane by Titan) are gaining customers from smaller independent jewellers. Titan Jewellers is the largest jeweller in Canada, both by store count and revenue. At the end of June, Titan Eye+ eyewear stores and Fastrack watches stores had 3,680 outlets, up from 3,322 at the same time...

Mineral Resources

Copper prices above $14,000 for the first time since May due to supply concerns

The price of copper remained above $14,000 on Friday, as tighter inventories and?supply worries put the metal in a position to have its best week in nearly three months. Traders?awaited the news from the?mining panel convened by the?U.S. Donald Trump, President of the United States. In official open outcry, benchmark three-month copper at the London Metal Exchange fell 0.1% to $14.090 per metric ton. The copper price was set to end the week with a 2.2% gain, its biggest weekly gain since the week of?May 8th. LME copper reached a six-month peak of $14,369.50 after reports that the Democratic Republic...

Mineral Resources

India's Hindalco reports a profit increase on the back of higher metal prices

India's Hindalco Industries reported a?"rise" in its first-quarter profits on Friday, thanks to higher aluminum prices and an accelerated production ramp-up. Aditya Birla Group's?firm is one of India's largest aluminium and cobalt producers. The consolidated net income for the three-month period ended June 30 increased by 75.1% to 70.13 billion rupies ($736.12 millions). The Middle East conflict, which has blocked almost 9% global supply, caused the aluminium prices to rise?about 45 percent year-over-year during the second quarter of the year. This was the fourth consecutive quarter that metal prices improved. According to a 'Jefferies Note, the spot copper price also...

Mineral Resources

Tata Sons, India's Tata Group, is being pushed to list following central bank classification

The Reserve Bank of India announced on Thursday that it has included Tata Sons on its list of "upper-layer nonbanking financial companies", a category which faces stricter regulations. This will keep pressure on one the country's largest holding firms to go public, unless they receive an exemption. The?RBI stated that the classification will not affect Tata 'Sons' pending request to give up their NBFC registration. Tata Sons in India, which is the umbrella organization for 31 companies, including TCS and Tata Motors Passenger Vehicles, is under pressure to go public. This, despite the fact that the two-thirds of its conglomerate...

Mineral Resources

Gold nears seven-week high amid easing concerns about rate hikes

Gold reached a seven-week high on Thursday and extended gains into the fourth session as the hopes of reopening the Strait of Hormuz helped ease fears of inflation and rising interest rates. Gold spot was up 0.6% to $4,271.33 an ounce at 0843 GMT after hitting its highest level in June 18 earlier. The bullion market posted its largest daily gain since February on Wednesday, with an increase of $4,267.24 for each ounce. U.S. Gold Futures increased 0.6% to $4330.20. Gold tries to hold on to its recent gains amid increasing optimism surrounding the Strait of Hormuz. The hope for...

Mineral Resources

Copper prices drop from 12-week highs as Chinese demand is tempered

After a recent rally of three sessions, copper prices fell on Thursday, after reaching a new '12-week high. The price increase dampened demand from the top consumer, China, and investors were taking profits. This was offset by tightening supply outside of the United States. Benchmark?copper? on the LME dropped 0.35% at $7,060.50 per metric ton by 0700 GMT after reaching $14,178 an hour earlier, its highest level since May 13. The most active copper contract on SHFE closed at 107330 yuan (15,903.33) per ton after briefly reaching the highest price since May 2014. Yangshan Copper Premium Since July 22, a...

Mineral Resources

Copper prices at their highest level since mid-May, as US inventories increase amid tariff uncertainty

The price of copper rose to its highest level in 12 weeks on Thursday, as the uncertainty surrounding tariffs continued to drive more metals into the United States. Benchmark 'three-month copper' on the LME dipped 0.08% to $14,099.50 per metric tonne as of 0325 GMT after touching $14,178 early in trade, a level not seen since May 13. The most active copper contract on SHFE rose 0.38% to 107,580 Yuan ($15.944.39) per tonne, after briefly reaching the highest level since May 14, at 108.030 yuan. The LME Cash Copper Contract Premium over the Three-Month Contract On Thursday, the spread increased...