Asia / Pacific

On Tuesday, the United States revoked a general license which authorized the sale of Iranian crude oil. A U.S. official had warned that Iran's actions in the Strait of Hormuz are "wholly unacceptable" and that they will be met with consequences after attacks on tankers along the strategic waterway. The announcement led to an increase of more than 5% in oil prices. The U.S. Treasury announced that it would allow Iran to wind down its oil transactions until July 17, which were allowed under the license now revoked. An official from the United States said that despite this latest escalation,...

A U.S. official announced on Tuesday that the United States was revoking the 'general license' that allowed the sale of Iranian oil. The official warned that Iran’s actions in the Strait if Hormuz are "wholly unacceptable", and that they would be met with consequences following the attacks on tankers along the strategic waterway. In a recent report, UKMTO (an agency affiliated with the British Navy) said that three tankers had reported being hit by unknown projectiles near and in the Strait of Hormuz. Tehran has not yet made any comment or claimed responsibility. An official from the United States said...

Two industry sources said on Tuesday that the largest oil refinery in Russia, Omsk, had halted operations following an attack by a Ukrainian drone. The attack on the refinery in Siberia was the longest-ranged Ukrainian attack of the war, which is now well into its fifth anniversary. Fuel shortages are likely to be worsened by the shutdown of the plant. It is the top petrol producer in Russia. The attack on Monday damaged the facilities at the Omsk refinery. Anatoly Seryshev said that no plant personnel were injured in a Tuesday statement. Seryshev stated that a damage assessment was underway...

After a drone attack on the largest oil refinery in Russia, motorists in the city of 'Omsk are lining up for fuel. This is one of the most serious attacks by the Ukrainians inside Russia since?the start of the war. Video showed a?but orderly? line of cars waiting at a fuel station on Monday evening, just hours after the terrorist attack. Witnesses in the Siberian City reported that there were longer queues Tuesday, but they were still manageable -- only around 20 minutes. Fuel was also available. Some people on the social network VKontakte complained about drivers who they called...

DAMASCUS/PARIS 7 July - Patrick Pouyanne, the Chief Executive Officer of TotalEnergies, will meet with his syrian counterparts to discuss signing a contract for exploration on Tuesday, he said. Pouyanne, a member of a French delegation accompanying French president Emmanuel Macron to Syria on Tuesday was 'overshadowed' by bomb attacks that took place in Damascus. Total and the Syrian Petroleum Company signed a "memorandum" of understanding (MOU) in May to explore an offshore block off the Mediterranean. In the wake of U.S. and Israeli war against Iran, it has recently talked about the need for pipelines to be built through...

The price of oil rose on Tuesday as traders' anxiety over a lack of progress in peace talks between?the United States?and Iran?overrode any price impact of the slight improvement in shipping through Strait of Hormuz. Brent crude futures rose $1.02 or 1.42% to $73.01 per barrel. U.S. West Texas intermediate crude gained 93 cents or 1.36% to $69.48 per barrel at 0748 GMT. Ole Hansen, analyst at Saxo Bank, said: "The deal has not been signed yet. So something could still go wrong. And?any comments by either side can raise concerns which helps to underpin the prices. It's also removing...

Saudi Aramco has cut its crude oil price for Asia, for August-loading shipments. This move appeared to signal an intention to regain market shares and recover volumes following the Iran War. Even the record-breaking 'August official selling price' (OSP), may not be sufficient, since crude oil from other Middle East producers and exporters from Africa and the Americas are likely to remain more competitive. Aramco, 'the world's largest oil exporter', has set its OSP at a $1.50 discount to the regional benchmark of Oman/Dubai for August. It was the largest drop in record since 2003, with a $11 reduction from...

ADNOC Distribution is a subsidiary owned by Abu Dhabi’s state oil giant. It announced on Tuesday that it had signed a definitive agreement to purchase 100% of Shell’s downstream business in South Africa, as the company pursues its expansion abroad. The company stated that the implied enterprise value for 100% of the shares capital was about $1 billion, before adjustments for working capital and net debt at closing. ADNOC Distribution announced that the deal for Shell Downstream South Africa, which includes wholesale fuel, aviation, and lubricants operations as well as 580 company and dealer owned fuel stations, will close in...

The oil prices rose on Tuesday but the gains were modest as traders focused their attention on supply and demand. Brent crude futures rose 28 cents or 0.39 percent to $72.29 and U.S. West Texas?Intermediate crude climbed to $68.84 per barrel at 0046 GMT. This is up 29 cents or 0.26 percent after having settled down on Monday to levels similar to those seen before the Iran war. Tim Waterer is the chief market analyst for KCM Trade. He said that although the steps taken towards recovering supply have reduced the immediate risk premium the market still remains cautious about...

The Syrian state news agency said that French President Emmanuel Macron landed in Syria Monday. This was the 'first visit by a European Union Head of State to Damascus'since rebels led President Ahmed al-Sharaa overthrew Bashar al-Assad 2024. The visit highlights Syria's geopolitical change under Sharaa. A former al Qaeda leader, Sharaa has built close ties to Western and Middle Eastern countries that shunned Assad as he tries to rebuild a nation shattered after 13 years of war. "I'm here to affirm France’s commitment to the Syrian People. "I am here to affirm France's commitment to the Syrian people. Let's...

Donald Trump, President of the United States, said that the United States will either "finish the job" or reach an agreement with Iran. He renewed his threat to take military action in response to the defiance shown by Tehran following the funeral for Supreme Leader Ayatollah Ali Khamenei. The indirect U.S.-Iran negotiations ended last week with no public signs of progress toward a lasting peace. This was despite the 60-day ceasefire that was intended to create "space for diplomacy" following U.S. We'll either make a deal, or we'll?finish the task. It won't be difficult to finish the job. Trump told...

Two Pakistani sources claim that Pakistan is quietly mediating between Libya’s rival eastern-western?power centers. This effort, which was previously unknown, will raise Pakistan's diplomatic profile, if successful. The Pakistani involvement comes after months of monitoring a U.S. led push to find diplomatic solutions in Libya. The Trump administration has repeatedly credited Pakistan's role in separate mediation between Iran and the U.S. This year. One of the Pakistani source said that the U.S. had been "fully aware and engaged" with Islamabad’s Libya role. Both sources confirmed that Saudi Arabia was also supporting the effort. Islamabad and Saudi Arabia signed a mutual...

Five sources said that Japanese aluminium buyers paid a premium of $395 per ton between July and September. This was the highest price since 2015. The U.S./Israeli war against Iran has squeezed the supply. Japan is the largest Asian importer and benchmark for the region. Its premiums on primary metals are set at a level that exceeds the London Metal Exchange cash price each quarter. The premiums agreed to are up from $350-$353 per ton in April-June, the third consecutive increase. This is the highest since $425 between January and March 2015. As tensions ease, producers cut their offers Sources...

Aluminum prices rose on Wednesday as concerns about supply and risk increased after the new tests of the fragile U.S. Iran ceasefire. By 0300 GMT, benchmark three-month aluminum on the London Metal Exchange had increased by 0.61% to $3,156.5 per metric ton. The Shanghai Futures Exchange's most traded aluminium contract was up 0.72% to 23,085 Yuan ($3,396.60). The latest U.S. strike on Iranian targets following projectiles hitting ships in the Strait of Hormuz threatens to generate once again a?supply-risk that had been largely dissipated after last month's truce deal. Around 9% of the world's aluminium smelting is done in the...

Metals trading and the world it operates in is constantly changing. Political and military conflict has shattered what was once a highly globalised supply chain into regionally different parts. Metals are moving away from the single benchmark global set by the 149-year old London Metal Exchange (LME), which is now owned by Hong Kong Exchanges and Clearing. This changing reality is evident in the opening of the Shanghai Futures Exchange (ShFE) nickel contract for overseas firms. Shanghai has already become the leading force in China in terms of establishing benchmark metals price in its domestic market. ShFE wants to expand...

Aluminum prices increased on Tuesday, as markets considered the potential for a tightening of supply amid Middle East tensions. Benchmark 'three-month' aluminium at the London Metal Exchange rose 0.5% by 1009 GMT to $3,129 per metric ton, nearing resistance from the 200-day average of $3,161. A ship was struck overnight in the Strait of Hormuz, and Iran announced that there would be no peace talks unless Donald Trump stopped threatening to restart war. As optimism grew over the prospect of Gulf supply via Hormuz, aluminum prices fell 16% in June, their biggest monthly drop since 2008. Aluminium is still oversold...

Official data released on Tuesday showed that China's central banks reported its biggest monthly increase in gold reserves for more than two and a half years in June, even though bullion prices fell. The People's Bank of China reported that the central bank of China continued to purchase gold for the 20th consecutive month. Its reserves reached 75.44 million fine troy ounces at the end of the month compared to 74.96 million a month before. This was the largest monthly increase since October 2023 when the holdings increased by 740,000 pounds. Data showed that the value of gold reserves in...

CATL, a Chinese company, has received a safety production permit for the flagship Jianxiawo Mine. This is a major regulatory hurdle that will allow production to resume after a nearly year-long suspension. According to Credit China, an official website that tracks corporate and individual compliance, the Chinese battery giant obtained the permit on 29 June. It will be valid until 27 February 2028. CATL announced in August that it had ceased operations at the Jianxiawo Mine, located in eastern China's Yuchun city, when its previous license expired. The stoppage triggered a temporary rise in the price of lithium futures, and...

The Indonesian Presidential 'palace' announced on Tuesday that India and Indonesia had?signed an agreement on the BrahMos Cruise Missile System. During his two-day trip to Indonesia, Indian Prime Minister Narendra Modi visited President Prabowo Sibito. This was his first visit to Southeast Asia since 2023. According to a Jakarta announcement that did not provide any details, BrahMos - an India/Russia joint venture missile company - and Indonesia's Defence Ministry signed a deal for the BrahMos system of missile defense. The?reported on Tuesday earlier that India would supply the BrahMos missile defense system to Indonesia and also?the Astra Air-to-Air missile, citing...

These are the most popular?stories from the New York Times business pages. The New York Times has not?verified?these?stories and cannot?guarantee?their accuracy. U.S. president Donald Trump will likely restore the rights of Turkey to buy F-35 stealth jets at the NATO summit, which would reverse a 7-year-old ban imposed by Trump himself. Canada announced on Monday that it has selected ThyssenKrupp to build a fleet of submarines in collaboration with the Norwegian, German and Canadian governments. This is a move towards reducing Canada's military and economic dependence on the United States. Walmart announced on Monday that it would be slashing the...

Lynas?Earths 'announced on Tuesday that it had signed a deal with South Korea JS Link for the development of a magnet plant in Malaysia. JS Link, a magnet manufacturer in?South Korea, and the Malaysian factory planned by JS Link will receive rare-earth material from the Australian producer until January 2038. This partnership comes after a magnet manufacturing agreement between the two companies in last year. Under the new?deal, JS Link is going to establish a permanent magnet factory in Kuantan (Malaysia) with 3,000 tonnes of neodymium, iron, and boron (NdFeB). Lynas stated that it will invest a total of?about A$50m...

Prices of aluminium rose on Monday, as attention shifted back to forecasts about shortages caused by disruptions in Middle East supplies and shrinking stocks. Benchmark Aluminium on the London Metal Exchange was up by 0.8% at $3,115 per metric ton?at 1603 GMT. It fell to $3,040 - the lowest level since February 19 - as optimism grew over a possible resumption in Middle East supplies. The Middle East is home to 9% of the world's aluminium smelting capacities. Even if the Strait of Hormuz is reopened, this market will still see a deficit in 2018. Macquarie analysts expect Middle East...

According to Regional Governor Oleh Hryhorov, the massive Russian glide bomb strike in the middle of Sumy, northern Ukraine, killed at least four people on Friday, including a child. Six people were killed in other areas of the Sumy region, and southeastern Ukraine. Hryhorov, who was at the epicenter of the strike in Sumy, wrote on Telegram: "A high-rise apartment block, a store and a road." There were many people. Children." Hryhorov confirmed that the dead included both a five-year-old girl and her mother. He said that the injured, including a child aged 13 in a'serious condition, were being treated...

According to a presentation made to investors on Friday, Russian steelmaker Severstal could 'cut back' its investment program by a further 24% in 2027 to approximately 85 billion roubles (about $1.10 billion), due to the?falling demand for steel. The company stated that the measures would help to ensure a positive cash flow. According to the presentation, this forecast is only preliminary and will be reviewed until?the?end of 2026. Steel demand has dropped by 30% since 2023. This is due to Western sanctions, high interest rate and weak steel demand. The demand for steel in Russia's key sectors of?construction and energy,...