Asia / Pacific

The oil prices remained steady?on Tuesday? at a level higher than a week ago?despite fading hopes of an agreement between the U.S.A. and Iran that would end their war and open the Strait of Hormuz after President Donald Trump demanded damages for the U.S. Brent crude futures remained flat at $87.81 per barrel at 0013 GMT. U.S. West Texas intermediate crude?futures stayed at $82.20 per barrel. Both benchmarks rose by more than 5% Monday, reaching their highest level since July 31. Trump's response to Iran’s conditions for a deal was to demand that Iran pay compensation for those killed in...

Brega Petroleum Marketing Company released a statement saying that a fire broke out, along with a heavy smoke, in the diesel?tank at Zawiya Refinery in Libya on Monday after the tank was hit under circumstances that are still unknown. Brega, owned by the state oil company NOC, is responsible for fuel supply. Zawiya, the largest refinery in Libya, as Ras Lanuf has been shut down, is located around 40 km west of Tripoli. Its capacity is?120,000 barrels a day. It is linked to the 300,000 barrels per day Sharara oilfield. The?company stated that firefighter 'brigades' are battling the fire. It...

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...

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...

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...

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...

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...

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...

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...

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...

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...

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....

Builder Jay Perham in Brisbane, Australia, was forced to pour cement at a housing site during the night because he couldn't find workers to do the work when the sun came up. Then, quality problems arise. Perham, the manager of Axiom Construction, said that you can't see at night. "The last three or four pours that I have made were all at night and we had head torches on and lamps." Brisbane, the host city for 'the 2032 Olympic Games, will see around A$7billion ($4.93billion) in Olympic-related construction. This will add to the existing shortage of workers. The construction of...

Gold edged up on Tuesday, after reaching a?peak? of more than two months earlier. Market participants are awaiting important U.S. Inflation figures that may influence expectations about the Federal Reserve’s policy. Gold spot was up 0.2% to $4,396.87 an ounce by 11:05 am EDT (1505 GMT) after reaching its highest level in the session since June 5, at $4434.84. U.S. Gold Futures rose 0.8% to $4456.10. The market will be looking at this week's data to confirm that inflation is under control, said Peter Grant, senior metals analyst and vice president of Zaner Metals. He added that a moderated annualized...

China's coal exports increased to the highest level this year in July, but that strength is based on short-term factors and unlikely to last. According to data released by the government last week, total coal imports in July were up 23% from last year's same month to 43.73 millions metric tons. It was up from 42.78 millions tons in June, and nearly a third higher than the low of 33.1million tons for April this year. After 82 miners were killed in an accident at a mine located in Shanxi Province on May 22, China began imposing safety inspections in mines....

Aluminum?prices rose to a seven week high on Tuesday, as 'concerns about supply from the Gulf coincided wth Norsk Hydro announcing a reduction in feedstock production?at?its Brazilian facility. Benchmark three-month "aluminum" on the London Metal Exchange rose 1.9% at 0850 GMT to $3,378.50 per metric ton, after reaching $3,382.5 as its highest level since June 22. Aluminum extended its gains for a seventh session in a row after Norsk Hydro announced that its Alunorte facility in Brazil had reduced alumina production to 50% of its capacity due to the reduction of natural gas supply. The plant's annual production capacity is...

Two sources with knowledge of the matter have confirmed that Coal India is considering the acquisition of a unit?of Canada's Wealth Minerals, which has lithium mining assets?in Chile. This move will be one of India's biggest efforts to secure lithium resources overseas, which is a vital mineral used in the production of electric vehicle batteries and storage systems. India has only had limited success in acquiring vital mineral assets overseas. It has only secured one lithium exploration and mining agreement overseas, which covers five blocks in Argentina by 2024. One source said that as a first step Coal India, and...

The Russian Defence Ministry announced on Tuesday that it had carried out overnight strikes on military-related transport and logistics centres located in Kyiv, the Ukrainian capital. It also said its forces struck a major steel and iron works in Zaporizhzhia which was aiding Ukraine's efforts in Zaporizhzhia. The Ukrainian government said that the 'attacks' had caused the deaths of six people in Zaporizhzhia, in the south-east and 20 injuries in Kyiv. ?Both sides deny deliberately targeting civilians. The Russian Defence Ministry announced that it had struck a sorting facility in Kyiv, which, according to the ministry, was responsible for storing...

Investors focused on inflation data to get clues about the U.S. rate outlook. Gold spot was down 0.3% at $4,374.82 an ounce as of 0548 GMT after reaching its highest level in the session since June 5, $4,434.82. U.S. Gold Futures increased 0.4% to $4435.00. Ahmad Assiri is a Research Strategist for Pepperstone. He said that the move higher in gold's early session trading above $4,400 was primarily driven by renewed flows and a noticeable shift in metal market sentiment. If?this change of sentiment continues to attract more flows, this could be an important factor in determining if gold can...

China's coal exports surged in July to their highest level this year. But the increase is based on short-term factors and will not last. According to data released by the government last week, total coal imports rose 23% from July last year to 43.73 millions metric tons. The increase was from 42.78 millions tons in June and nearly a third higher than the lowest level of?this year, which was 33.1 million tonnes from April. This rebound comes after China implemented safety inspections in mines following an accident that left 82 people in Shanxi Province dead on May 22, China's largest...

Gold prices fell on Monday due to a stronger dollar and investors awaiting key U.S. data about inflation that could influence expectations of the Federal Reserve. By 09:33 am EDT (1333 GMT), spot gold had fallen 0.2%, to $4335.27 an ounce. After an unexpected decline in U.S. Nonfarm Payrolls, it reached its highest level since Friday. U.S. Gold Futures dropped 0.1% to $4,394.00. Jim Wyckoff is a market analyst at American Gold Exchange. He said, "Gold is under pressure from the firm dollar index today and is taking a break?ahead?of a key inflation report due later this week." Dollar-priced gold...

Aluminium prices rose on Monday for the sixth consecutive day, reaching their highest level in nearly seven weeks, as exchange inventories continue to deplete. Open outcry activity on the benchmark?three-month aluminum at the?London Metal Exchange increased by?1.2% to $3,320 per metric tonne. The price of aluminium on the London Metal Exchange had earlier reached $3,336.50 - its highest level since June 23. Ewa Mnthey, ING commodities analyst, said that the recent rally of copper, which reached a six-month peak last week, has reinforced a bullish sentiment in industrial metals. She added that "Aluminium fundamentals are still supportive with low exchange...

Gold prices fell on Monday, despite hitting a seven-week peak in the previous session. The stronger dollar was to blame, and investors are looking forward to inflation data, which will provide new clues about the policy direction of central banks. As of 1122 GMT, spot gold was down 0.2% to $4,332.68 an ounce. After weak U.S. payroll data, prices hit their highest level since June 17, on Friday. U.S. Gold Futures dropped 0.2% on Monday to $4,391.60. Dollar gained 0.2% making greenback bullion prices more expensive for holders of other currencies. Gold remains capped by the U.S. - Iran conflict...

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...