Asia

Aramco chairman Yasir al-Rumayyan stated on Thursday that the Iran War had disrupted energy supplies through the 'Strait of Hormuz. Rumayyan is the governor of the Saudi sovereign wealth fund PIF. Rumayyan spoke at the FII PRIORITY Europe'summit', held in Rome by the 'Saudi non profit institute Future Investing Initiative, which has the backing of PIF. FII organizes Riyadh’s annual flagship summit. Known to some as “Davos in the Desert”, this event brings together world leaders and bankers, along with business executives. Rumayyan stated that PIF has invested EUR98 billion ($112,86 billion) in Europe and Britain from 2017 to 2025...

Sources say that Aramco invited banks to bid for Project Yellowstone last month. One source estimated that the sulphur stake sale could generate up to $7 billion. Sources said that Aramco also considers the sale of oil terminals and real estate, as well as power plants. By Hadeel Al Sayegh, Federico Maccioni and ?Yousef Saba DUBAI, 17 June - Saudi Aramco, the world's largest crude exporter, is "considering" the sale of its sulphur business, according to three sources familiar with the matter. This strategy extends a strategy that taps into its infrastructure assets in order to raise tens and tens...

Donald 'Trump' said on Wednesday, that Israeli Prime Minister Benjamin Netanyahu could use "softer touches" in his fight against Hezbollah militants. This is the latest public rebuke from the U.S. President to his partner in war on Iran. Trump said to reporters at the end of the G7 summit on Wednesday that Netanyahu is a good person, but he gets a bit 'excited' sometimes. According to U.S. officials and Israelis, the Israeli leader convinced Trump to go to war with Iran and participated in attacks launched on 28 February. Netanyahu 'insisted that Israel was not bound by any U.S.Iran agreement...

U.S. president Donald?Trump stated on Wednesday that a?girls' school in Iran was not attacked deliberately in February. He cited?an investigation of the incident. First reported that an initial internal U.S. Military investigation indicated U.S. Forces were most likely responsible for the deadly strike in Minab, southern Iran. Since then, the Pentagon has elevated its investigation but hasn't acknowledged any preliminary results. According to Iranian officials, the strike on February 28th, the first day in the conflict, resulted in the deaths of more than?175 teachers and children. Trump said, "That is under investigation" at a press event held on the sidelines...

Sources say that Aramco invited banks to bid for Project Yellowstone last month. Sources estimate that the sulphur stake sale could generate up to $7 billion. Sources claim that Aramco also considers the sale of oil terminals and real estate, as well as power plants. By Hadeel Al Sayegh, Federico Maccioni and ?Yousef Saba DUBAI, 17 June - Saudi Aramco is considering selling a stake in the sulphur business, according to three sources familiar with the matter. This would be part of its strategy of tapping into its infrastructure assets for tens and tens billions of dollars. Aramco is the...

Donald Trump, the U.S. president, made his comments at the end of a G7 summit in France on Wednesday. He said he didn't want an economic disaster that could have resulted from a prolonged war in the Middle East. "The one thing I did not want to see was an economic catastrophe. Trump said to reporters at the resort on Evian-les-Bains' lake that if you had kept going with this, "that could have happened." The?U.S. The?U.S. The conflict, which began on February 28, with U.S.-Israeli strikes against Iran, and has since spiraled out of control, has caused energy prices to...

Four sources familiar with this matter claim that Shandong Yulong Petrochemical in China, the country's newest refiner which began operations less than two year ago, has shut down one of its two crude units since last week to perform maintenance. Two of the sources said that the shutdown of the crude oil unit producing 200,000 barrels per day is expected to take a little over a month. The company has also closed a reforming unit that produces aromatics typically from heavy naphtha. This was for a similar period. The two people said that Yulong's other crude oil unit, which produces...

According to LSEG and market sources, Russia's seaborne exports of oil products fell 15% a month on a monthly basis to about 3.3 mt in the first 15 days of June. This was due to?unplanned maintenance?following repeated ukranian drone attacks. Shipping data shows that the number of diesel loadings at the Baltic port Primorsk - Russia's main outlet for ultra-low sulphur fuel (ULSD) – dropped by 18% to 520,000 tonnes in the first half of June compared with the same period last year. Ukraine has intensified drone strikes on Russia's energy infrastructure, with the number of oil refining facilities targeted...

Indian shares closed higher 'on Tuesday. They advanced for a third consecutive session as a preliminary U.S. - Iran peace deal cooled down oil prices & improved risk appetite. The Nifty?50 increased 0.57%, to?23989.15. Meanwhile, the BSE Sensex rose 0.71%, to 76 808.48. This represents gains of 3.6% and 4% respectively in just three sessions. The small-cap and middle-cap indexes each rose 0.4%. Brent crude dropped about 2%, to $81.6 per barrel. This was a good thing for India, which imports oil. The?moderation in oil prices, to around $82 per barrel, along with India's stable macro-fundamentals, steady interest rates, and...

Sources say that the Indian miner IREL has been in contact with Rosneft to source samples of rare earth minerals from Tomtor. This is the Siberian deposit purchased by Rosneft last year. New Delhi wants to secure supplies dominated by China. Source: The talks take place via government channels. Samples will be processed in Russia and then shipped to India. The source who was familiar with the issue and spoke on condition of anonymity because the discussions were confidential, stated that India would like to examine the mineral composition of the deposit prior to considering a deeper engagement. IREL, a...

Kommersant reported that the Russian government had authorized a few oil refineries to produce fuels at lower environmental standards for the domestic market. This is because the country has been experiencing fuel supply disruptions. According to data collected by, media reports and social media posts have indicated that there are supply disruptions in Russia in a dozen different regions. Only two regions of Siberia, besides the Russian-held Crimea have formally?confirmed these disruptions. Last week, Deputy Prime Minister Alexander Novak requested fuel market forecasts in order to avoid problems with fuel distribution and meet domestic demand. Ukraine has been targeting Russian...

Kommersant reported that the Russian government had authorized a few oil refineries to produce gasoline and diesel fuel with lower environmental specifications for the domestic market. According to data compiled by, fuel shortages have been reported in Russia by media and social media users?in about a dozen different regions. Only two regions in Siberia, besides the Russian-held Crimea have confirmed shortages. Last week, Deputy Prime Minister Alexander Novak called for fuel market forecasts to protect against difficulties in fuel distribution. Ukraine has been targeting Russian refineries, fuel depots, and pipelines for several months in order to limit Moscow's financial support...

Riccardo Orcel is a former senior banker of the Russian state-backed VTB Group, and the brother of UniCredit's CEO Andrea?Orcel. He helped broker an agreement recently to sell UniCredit's Russia operations. His involvement, which was previously unknown, provides insight into the way Italy's second largest bank secured an agreement to leave Russia. It draws on the expertise of the former VTB executive, who was once regarded as one of the most well-known Western bankers in Moscow. Riccardo orcel left VTB in the past, and it is now subject to Western sanctions. In a press release, the bank stated that "UniCredit...

Gold prices remained stable on Thursday, despite a hawkish Federal Reserve policy and a stronger Dollar. The U.S. Iran ceasefire agreement, which reduced inflation fears and sent oil prices lower, also helped to keep gold at a reasonable level. At 10:30 am, spot gold was down by 0.3% to $4,246.55 an ounce. ET (1430 GMT). Last week, prices reached their lowest level since November 2025. U.S. Gold Futures dropped 2.7% to $4.264.30. The Fed's hawkish tilt yesterday was most important. The dollar is at new record highs, and this keeps gold under pressure, according to Peter Grant, senior metals analyst...

Riccardo Orcel is a former senior executive at the Russian state-backed VTB Group, and brother to UniCredit CEO Andrea Orcel. He helped broker an agreement recently?to?sell?the Italian bank's Russia division. His involvement, which was previously unknown, provides insight into the way Italy's second largest bank secured an agreement to leave Russia. It draws on the expertise of the former VTB executive, who was once among the most well-known Western bankers in Moscow. Riccardo orcel left VTB in the past, and it is now subject to Western sanctions. In a press release, UniCredit said that Riccardo orcel had presented a proposal...

Dubai's commodities market will launch a gold futures contract with same-day settlement on Monday. The CEO said that the move was to tap into safe-haven demands and a faster trading infrastructure in order to increase liquidity. Dubai Gold and Commodities Exchange, part of Dubai Multi Commodities Centre, said that shorter settlement cycles are a reflection of broader market trends towards speed and efficiency. Gold Spot T+0 Contracts have been designed for bullion dealers and refineries. They are also available to clearing members, institutional participants and brokers. The contract offers improved price certainty, as well as physical delivery via approved vaults....

Gold prices fell on 'Thursday', despite hawkish signals from the Federal Reserve. A stronger dollar and the U.S. Iran ceasefire agreement, which reduced inflation fears and sent oil markets down, also helped to keep the price of gold stable. At 9:07 am, spot gold was down by 0.2% to $4,249.16 an ounce. ET (1307 GMT). Last week, prices reached their lowest level since November 2025. U.S. Gold Futures dropped 2.6% to $4268.40. The Fed's hawkish stance yesterday was the most important thing. The dollar is at its highest level for the year. This puts gold under pressure, according to Peter...

Riccardo Orcel - a former senior banker of the Russian state-backed VTB Group, and brother to UniCredit's CEO Andrea Orcel – helped broker a deal for UniCredit to sell its Russia business. His involvement, which was previously unknown, provides insight into the way Italy's second largest bank negotiated a deal with Russia. He drew on the expertise of the former VTB executive - who was one of the most well-known Western bankers working in Moscow. Riccardo orcel left VTB in the past, and it is now subject to Western sanctions. In a press release, the bank stated that "UniCredit?confirmed" that...

China's Guangzhou Futures Exchange (GFEX), will begin opening its?lithium-carbonate futures and options for overseas traders on July 3. This gives global investors direct access in the largest lithium market of the world and strengthens China's control over pricing. The announcement of Thursday follows that made in April by the Shanghai Futures Exchange, which internationalised the main Chinese futures contracts for nickel, another battery metal. The domestic launch of the lithium contract was in July 2023. China's securities regulator has designated both contracts as internationalisations at the start of this year. Beijing is pushing for a wider use of yuan, and...

Gold prices rose on Thursday, as a lower oil price following the?U.S. Iran ceasefire agreement countered pressures from a stronger US dollar and hawkish Federal Reserve language. Gold spot was up 0.2% to $4,264.67 an ounce by 0913 GMT following a 1.7% drop on Wednesday. U.S. Gold Futures dropped 2.2% to $4285.00. Oil prices dropped after the U.S. signed an interim deal with Iran that would 'end their conflict,' reopen Strait of Hormuz, and lift U.S. sanctions against Tehran oil. This boosted the outlook for oil supplies. Han Tan, Bybit's chief market analyst, says that gold is on the rise,...

China defended its export controls on 'critical mineral supplies' and called on the Group of Seven nations to respect market economy principles and international trading rules, rather than favouring a "small clique", said its Foreign Ministry on Thursday. The comments follow an agreement made by G7 leaders Wednesday to increase coordination in order to reduce their countries' dependence on China for essential minerals, including plans to align stocks and to?expand? the role of International Energy Agency. Lin Jian, spokesperson for the foreign ministry, said that China's efforts to improve and standardise its export control system were in line with international...

Gold prices rose on Thursday, as lower oil costs following the 'U.S.-Iran truce deal' helped bullion recover losses from the previous session caused by Federal Reserve rhetoric that was hawkish. As of 0830 GMT on Thursday, spot gold rose 0.6% to $4,284.67 an ounce after falling 1.7% Wednesday. U.S. Gold Futures dropped 1.8% to $4304.30. Oil prices dropped after the U.S. and Iran signed a temporary agreement to end the Iran War, reopen?Strait of Hormuz and lift U.S. sanctions against Tehran's oil. Han Tan, Chief Market Analyst at Bybit, said that gold is rebounding today after markets quickly moved past...

Tata Motors, an Indian automaker, announced on Thursday that it will increase prices across its entire range of 'commercial vehicles' by up to 2.5%. This is the second price hike in just three months due to rising costs from Middle East war. The increase aims to partially offset the impact of rising input costs and commodity prices, according to the Tata commercial vehicle division. The company cited higher input costs as a reason for raising the prices of its commercial vehicles. In recent months, automakers in India raised their prices to offset the cost of raw materials, such as steel...

Gold rose more than 1% on Thursday, recovering losses from the previous session, as oil prices dropped following an interim agreement between the U.S. and Iran, which dampened inflation expectations. As of 0242 GMT spot gold rose 1.4% to $4,316.42 an ounce after falling 1.7% on Tuesday. U.S. Gold Futures for August Delivery fell 1% to $4336.70. The reason for this short unwinding was also the 'positive news' coming out of the Middle East which caused oil prices fall, said Kelvin Wong, senior market analyst at OANDA. On Wednesday, the United States and Iran published their interim agreement. The?U.S. Donald...