Asia

Barclays stated that Brent crude oil could reach around $80 per barrel in the event a material supply disruption occurs, given that tensions between Iran and the U.S. remain high. The bank stated that "while it is possible that an 'escalation' does not result in a disruption in supply and the risk premium of $3-5/b in oil prices quickly fades, a 1mb/d outage in supply would question the widely anticipated supply glut, and push Brent to $80/b in our opinion." Prices of oil rose by?about 2 percent on Friday as traders prepared for supply disruptions due to the ongoing nuclear...

Chris Wright, the U.S. Energy secretary, said that proceeds from the sale of Venezuelan oil will no longer be routed through an account in Qatar. Instead they are being sent directly to US Treasury Department accounts. The U.S. has taken control of Venezuela's oil exports after Washington and Caracas signed a landmark deal in January. The U.S. has taken control of Venezuela's oil exports as part of a historic deal signed between Washington and Caracas. To protect the money from seizure, it was initially deposited into a Qatari account. Wright, who spoke to reporters in Texas about the?reroute, said that...

The Justice Department announced on Friday that the United States is seeking to forfeit a crude oil cargo of approximately 1.8 millions barrels supplied by Venezuelan PDVSA and an oil tanker, 'Motor.Tanker.Skipper', which was seized by U.S. authorities in December. The Department of Justice filed a complaint in the U.S. The Department of Justice filed a complaint in the District Court for the District of Columbia alleging a conspiracy dating back to 2021 that aimed to facilitate the shipment of petroleum products and their sale to the benefit of the Islamic Revolutionary Guard Corps of?Iran. The Justice Department released a...

As her landmark trial continues in Los Angeles, a California woman will?testify in court? on Thursday about the harm that?using Google's YouTube and?Meta Platforms’ Instagram as a child caused her mental health. Kaley G.M. In court, Kaley G.M. Her lawyers claim that the companies wanted to make money 'by hooking children onto their services, despite their knowledge of how social media can harm their mental health. Kaley G.M. Kaley G.M. This case is part of a global backlash against social-media companies for alleged harms caused to children and teenagers. Australia has banned children under 16 from using such platforms. Other...

Four sources with knowledge of the talks say that the United States has slowed down the sale of the international assets owned by the Russian oil giant Lukoil to use as a bargaining tool in the Ukraine peace talks. A document reviewed by OFAC showed that the U.S. Office of Foreign Assets Control (OFAC) will extend to Thursday the deadline for transactions to be completed from February 28 to April 1. In recent weeks, U.S. and Russian government officials failed to make a breakthrough during talks in Geneva and Abu Dhabi, or in Miami, in order to negotiate a deal...

MOSCOW, February 26 - The Kremlin said on Thursday that a sharp drop in revenue from energy sales and a growing budget deficit were "routine problems" which could be resolved thanks to macroeconomic stability. Dmitry Peskov, Kremlin spokesperson, commented on the meeting that President Vladimir Putin had with top government officials to discuss budget this week. Peskov stated that Putin closely followed 'economic developments' during the meeting that Prime Minister Mikhail Mishustin claimed took place on Tuesday night late at night. "There is a real decline in oil and gas revenues. The growth of non-oil revenue partially offsets this decline....

According to trade sources, and LSEG data, the prices of liquefied petrol gas and?naphtha jumped on Thursday in Asia after Saudi Aramco halted the exports from a major terminal. This disrupted supplies to the area, and India is likely to be the worst hit. On Wednesday, Saudi?Aramco announced that it had halted LPG deliveries this week at its eastern terminal in Juaymah. This terminal is one of the largest exporters of butane and propane. It suffered structural damage to its delivery system on February 23, which was a result of a component being damaged. Fuel from the terminal near Aramco’s...

Amid the rising tensions between Washington and Tehran, several countries have started to withdraw dependents of diplomats and 'non-essential personnel from certain locations in?Middle East. Or they advise citizens to postpone travel to Iran. Here are some of the most popular moves: AUSTRALIA - The Australian government has advised dependents of Australian diplomatic staff in Israel and Lebanon that they should leave these two countries due to a deteriorating regional security situation. The government also offered voluntary departures for the?dependents of Australian diplomats in the United Arab Emirates (UAE), Jordan, and Qatar. It continues to encourage?citizens of Israel and Lebanon...

Early trade on Wednesday saw a mixed performance on the Gulf stock exchanges, with Saudi Arabia continuing its decline on fiscal concerns. Market participants were awaiting a third round of U.S. - Iran nuclear talks, scheduled for Thursday. Saudi Arabia's benchmark index fell 0.3%. This was a continuation of its decline as the budget deficit in the kingdom increased quarter-on-quarter because of higher spending. Financial?stocks led the way in losses. Al Rajhi Bank - the largest Islamic bank in the world - and Saudi National Bank - the largest lender of the country by assets – both fell?0.7%. Saudi Aramco,...

Democrats in the Senate Banking Committee criticized President Donald Trump on Tuesday for not stepping up sanctions against Russia to force it to end the four-year war in Ukraine. They noted that the European Union had?designated nearly 900 targets by 2025, compared to only two?for?the?U.S. Democratic staff from the Republican-led panel released an analysis on the fourth anniversary. They identified hundreds of targets that Trump could have sanctioned during his first year as president. The war in Ukraine, Russia’s western neighbor, has caused the deaths of hundreds of thousands of people and ravaged large areas of Ukraine. They said that...

Congress may vote next week on whether to prevent 'President Donald Trump' from striking Iran without the approval of lawmakers. The U.S. Military is preparing for a possible serious conflict with Iran if diplomacy fails. Members of Congress have repeatedly tried to pass resolutions, which would prevent Trump from taking military action without the approval of lawmakers. The Constitution of the United States gives Congress, not the president, the power to send U.S. troops into war. The Constitution gives Congress the power to send U.S. soldiers to war, except for limited strikes to protect national security. Last week, it was...

Indian share benchmarks recovered from initial jitters to rise?by mid-day on Friday as heavyweight stocks clawed back some?of the previous session's loss. As of 12:11 p.m. IST, the Nifty '50?added 0.54%, to 25,592.6. The BSE Sensex rose 0.48%, to 82897.3. The indexes had dropped about 0.3% on the opening, adding to a drop of 1.5% in the previous session. This was their biggest single-day decline in over two weeks. 15 of 16 major sectors were higher. The small-caps, mid-caps, and large-caps all added 0.1% to 0.5% respectively. Naveen Vyas is the head of the?family office of Anand Rathi Global Finance....

Investors are closely monitoring potential safe-haven flows into bullion as a result of the U.S. and Israeli strikes against Iran. Investors, traders and analysts have reacted to the U.S. and Israeli strikes on Iran. EDWARD MEIR, MAREX ANALYST I?think that you will see a sudden spike in the price of gold and oil. This will be a natural reaction to the unexpected onset of hostilities. I think gold could rise by $200/ounce, but then fall over the course the day. Investors are largely uninterested in military conflicts. They are only concerned with whether oil supplies will be disrupted. Once the...

On Saturday, the United States launched a variety of weapons against Iranian targets, including Tomahawk missiles, stealth fighters and, for the first combat time, low-cost, one-way,?attack drones that were modeled on Iranian designs. U.S. Central Command has released photos of Tomahawk missiles and F-18, F-35 and F-35 fighter jets along with details about the attacks on Iran as part?of Operation?Epic Fury. DRONES According to photos released by Pentagon, the U.S. Military said that it uses suicide drones which appear identical, based upon the photos, to the new LUCAS system (Low-Cost Unmanned Combat Attack System), manufactured by Phoenix-based Spektreworks. The company...

Prices of copper hit a 4-week high on Friday and are on course for a 7th consecutive monthly gain. Demand optimism has outweighed worries about stocks piling up in warehouses registered at major exchanges. The benchmark three-month copper price on the 'London Metal Exchange' rose by 1.3% in open-outcry official trading to $13,482 per metric ton after reaching $13,527, its highest level since January 30. After a wave speculative purchases, the metal used for power and construction reached a record high on January 29, reaching $14,527.50. One metals trader stated that base metals were also supported by the?investment need for...

Hong Kong's?Census and Statistics Department?data on Friday showed that China's net gold imports through Hong Kong rose by 68.7% compared to December. Data showed that the world's top gold consumer imported 20.585 net metric tons of gold in January. This is up from 12.205 tonnes in December. China is the largest gold buyer in the world. Its purchases can have a significant impact on global gold markets. Hong Kong's data might not be a complete picture of Chinese gold purchases, as it is also imported through Shanghai and Beijing. China's total gold imports via Hong Kong increased by 30.4% to...

Iron ore futures recouped their losses on Friday. A tight physical market and high port margins for seaborne ore supported prices. However, upcoming steel production cuts, as well as a tepid demand for feedstocks, curbed the upside. The most traded May iron ore contract on China's Dalian Commodity Exchange (DCE), which ended the daytime trading 0.27% higher, was 750.5 yuan per metric ton ($109.47). The contract has fallen by 0.8% in the last week and by 5.67% for this month. As of 0705 GMT, the benchmark April iron ore traded on the Singapore Exchange was $98.45 per ton. The contract...

Recently, the financial markets reached two milestones. Gold reached $5,000 per ounce on January 26 for the first time and 11 days later, Dow Jones Industrial Average broke 50,000. Bullion reached its mark first - which wasn't expected to happen. Imagine that a December 2020 prediction market offered a bet on the historic breakthrough which would occur first. The Dow Jones was 61% of the way to its big round number at that time, while gold was only 37%. If you extrapolated data trends between 1985 and 2020, then you would have predicted that the Dow would reach 50,000 in...

As prices rebounded, India's gold?discounts widened the most in 10 months. Meanwhile, China's demand increased as its safe-haven appeal was reflected in the rising premiums of the bullion after the markets returned from Lunar New Year. Indian bullion dealers offer a discount This week, you can save up to $65 on official domestic gold prices - including 6% import duties and 3% sales taxes. Last week, the discount was up to $18. Retail buyers are not ready to purchase at these prices. "For many of them, current prices are just too high to afford," said Ashok JAIN,?proprietor at Mumbai-based wholesaler...

Iron ore futures fell on Friday due to the tepid demand from steel producers. However, high port margins and a tight physical market supported prices. As of 0325 GMT, the most-traded contract for?May?iron ore on China's Dalian Commodity Exchange was trading 0.27% lower. It was 746.5 Yuan ($108.89), per metric ton. The contract has fallen by 0.99% in the last week and by 5.86% this month. The benchmark iron ore for April on the Singapore Exchange fell 0.22% to $98.15 per ton. The contract has gained 3.59% so far this week, but is on track to a loss of 4.81%...

The price of copper fell on Thursday, after reaching a two-week high in the previous session. A stronger dollar and rising inventories dampened expectations about a recovery in demand from China, the top consumer of the metal in the world. In official open outcry, the benchmark?three-month?copper price on the London Metal Exchange fell 0.3% to $13,286 a metric ton. The metal had reached $13,350 during the previous session. This was the highest level since February 11. Shanghai Futures Exchange also saw a similar high overnight. The Chinese have returned to the market since the first day of the Lunar New...

Iron ore futures were unable to find direction on Thursday, as traders considered the reduced demand for feedstock due to upcoming production cuts and signs that Beijing would?implement additional property stimulus measures. As of 0302 GMT, the most-traded contract for May?iron ore on China's Dalian Commodity Exchange was trading 0.4% lower. It was 745.5 Yuan ($108.91), per metric ton. The benchmark March ore price on the Singapore Exchange fell 0.27% to $98.4 per ton. Chinese steelmakers in the northern region of China will have to reduce production by 30% or more starting March 4, to maintain clean air during the...

The copper price rose to a two-week high on Wednesday, as growth and demand optimism dominated. This was after the U.S. Supreme Court ruled that President Donald Trump could not impose sweeping'reciprocal tariffs. At 1706 GMT, benchmark copper on the London Metal Exchange was?up 1.1% to $13,318 per metric ton after reaching $13,335 in the previous session. This is the highest level since February 11. The U.S. Supreme Court struck down last week tariffs that Trump imposed under a law intended for use during?national emergency'. David Wilson, BNP Paribas commodities analyst, said that the Asian markets benefitted from the Supreme...

Emirates Global Aluminium stated on Wednesday that the outlook for the "aluminium" market is healthy. They cited opportunities created by China's production capacity ceiling, and the demand caused by the high cost of copper, which has led to some manufacturers using aluminium in place of copper. In an interview, Abdulnasser Bin Kalban said that the demand for aluminum was increasing worldwide...and moving away from copper. He also stated that he anticipated demand to exceed supply. EGA, owned jointly by Abu Dhabi's Mubadala, and the Dubai sovereign wealth fund ICD, is planning to build the U.S.'s first primary aluminum plant in...