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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 were no injuries reported. Before the conflict, a fifth (or more) of the world's oil and gas liquefied was transported through the narrow waterway that connects Oman to Iran. Shipping has been disrupted repeatedly since the U.S. and Israeli war against Iran began on February 28. This has led to higher freight rates and security concerns. The ministry stated that the attack was in violation of a 'U.N. The Security Council's resolution on freedom of navigation accused the Iranian Revolutionary Guards (IRG) of "piracy", accusing them of targeting commercial ships and using waterways as a means of economic pressure. The statement called on Iran stop the attacks and open the Strait unconditionally and fully. Iran's Guards had previously threatened to take action against vessels that transited the Strait of Hormuz?if they were linked to Tehran's enemies, or if failed to follow Iranian directives. ADNOC stated on Friday that they had been "significantly affected" by unprovoked attacks against their personnel and assets while continuing to meet the needs of customers in an "exceptionally difficult environment". The company reported that 15 of their vessels were 'attacked' by drones and missiles while they transited the strait, including three in the last week. One crew member was killed and 20 others injured. ADNOC's statement of Friday did not identify those responsible for the attacks. ADNOC is the state oil company of Abu Dhabi and one of the largest energy producers in the world. It exports crude oil and natural gas to customers around the globe.
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Zelenskiy: Russian drones killed a 3-year-old child and his grandparents near Kyiv
Volodymyr Zelenskiy, the president of Ukraine, said that Russian drones had killed a 3-year-old child and his grandparents, in a village?in the Kyiv Region, and another person was killed by a ballistic attack?overnight?on the capital. In recent months, Russia has intensified its attacks on Kyiv. Ukraine has also targeted Russian oil infrastructure and logistical infrastructure in an effort to reduce Moscow's war-fighting capability. Both Russia and Ukraine deny that they deliberately target civilians during their attacks. The Ukrainian air force reported that Russia had launched six ballistic rockets and 151 unmanned aerial vehicles at Ukraine over night. Ukrainian General Staff also stated on Saturday that its military attacked Russia's Ilsky?oil refineries and Syzran oil refineries overnight, causing both fires. Local authorities have also confirmed that five people were injured in the Krasnodar Region in southern Russia after a Ukrainian drone strike. UKRAINE'S SHORTAGE of Air Defence Missiles Zelenskiy said on Telegram that "Europe, America and Ukraine have wanted to stop the Russian war for a long time," "Only the Russian President Vladimir Putin does not want to do that, and he desperately clings to his ballistic missiles and robots to keep the war going. "More pressure is required." Zelenskiy, who is visiting Serbia for the first time, is seeking to join the European Union. The President has been pressing for additional help, as the country is chronically lacking air defence missiles to support U.S. Patriot Systems. Defence ministry reported that only 29 of 195 missiles were intercepted during July. The Ukrainian air defenses were able to shoot down 135 drones but not ballistic missiles. This was announced by the Ukrainian air force on Saturday. Tymur Tkachenko is the head of Kyiv's regional administration. He said that three places in the Brovarskyi District, near the capital, had been hit by Russian missiles. In the region, 10 private homes, commercial and production sites were damaged. After Russian drones killed a child and his grandparents, a private house in Puhivka village, located about 30 kilometres from?Kyiv was set blaze. Zelenskiy reported that his parents, 15-year old brother and neighbour were also injured. Officials reported that fires had been reported in Kyiv's three districts. Damage was caused to commercial?premises, warehouses, and other buildings. Witnesses heard "several powerful blasts" that rocked the city centre. The Russian Defence Ministry announced on Saturday that Russian forces had taken over the settlement of Ivanivka, in Ukraine's Kharkiv Region. The report could not be independently confirmed. Ukraine has not yet commented. Reporting by Dan Flynn, Olena Hartmash and Barbara Lewis.
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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 larger peace agreement. A U.S. official said on Friday that there was progress between Oman, Iran and the Strait of Hormuz. We expect a deal to be reached soon. The United States will lift its blockade on Iranian ports once the deal to restore commercial shipping is announced. The official stated that "as always, U.S. action will be performance-based, and tied to Iran’s implementation of its obligations." The official said that before the U.S. launched its war against Iran on February 28th,?about 1 out of 5 barrels of crude oil consumed globally transited through the Strait. Iran has now used this hostilities as a justification to charge a toll to oil tankers or fire on ships trying to cross without permission. The disruption of oil shipments caused the energy prices to rise and fuelled inflation. Iran has denied that any talks have taken place in recent weeks despite the Trump administration's repeated indications that an agreement to open the Strait was close. The latest round of talks was not clear whether they would lead to a lasting agreement. The Houthis in Yemen have intensified their attacks on Iranian ships that are passing through the Strait of Hormuz. They have also targeted vessels at another oil chokepoint between the Red Sea Gulf of Aden and the Arabian Peninsula. Abu Dhabi National Oil Company (ADNOC), one of the largest energy producers in the world, announced on Friday that 15 of their vessels have been hit by 'unprovoked attacks' while transiting through the Strait of Hormuz, since the beginning of the conflict. One crew member was killed and 20 were injured in the attacks, according to Abu Dhabi National Oil Company. Saudi Arabia, Pakistan, and Turkey have signed a new security agreement on Friday in Mecca. They were alarmed by a regional conflict that saw Iranian missiles fired at Gulf oil exporters. The agreement between three U.S. ally countries with majority Sunni Muslim population is meant to increase collective deterrence and stipulates an attack on any one of them would be considered an attack on the others, according to a joint statement. The agreement, according to Turkey, was defensive and not directed at any particular country. It comes at a moment of increased tensions between Iran and Shi'ite majority countries. The U.S. is also trying to mediate a ceasefire on another front in the war between Israel, and the Iranian-backed Shiite group Hezbollah. This conflict takes place in southern Lebanon. Lebanese officials said Friday that Israel and Lebanon had agreed to a list of countries that could send troops under an agreement mediated by the United States, in order to verify Hezbollah's disarmament. The United States will select countries from the list. IRAN PRESIDENT DEFENDS DIPLOMATISM Washington and Tehran have not held direct high-level discussions since U.S. Vice president JD Vance, who met Iranian officials in Switzerland shortly after they reached a ceasefire deal in June. The short-lived memorandum of agreement of June 17 set out terms for the resumption of Strait of Hormuz shipping, and led to a truce. Hostilities were resumed in Iran and the U.S. on 7 July, but then put on hold. The U.S. Central Command has not reported any attacks on Iran since the 29th of July. Analysts say that signs of discord between Iran's civilian President, Masoud Peezhkian and other power centers, such as Supreme Leader Ayatollah Khamenei, and the Islamic Revolutionary Guard Corps may complicate?peace attempts. Pezeshkian, in an interview broadcast by state television on Friday, defended his government's policies towards hardliners who oppose negotiations with the United States. He said that the majority of senior military commanders were in favor of talks to end the fighting. Why don't the Americans fight against China? China is growing stronger and doing its own thing. Why not use dialogue to get our rights? He said. Reporting by Steve Holland, Timour Azhari, Ariba Alashray, Samia Nakhoul, Tuvan Gumrukcu, in Ankara and Enas Alashray, in Cairo. Writing by Daniel Trotta. Editing by Don Durfee, Cynthia Osterman and Don Durfee.
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Petrobras CEO: likely to surpass 2026 oil production goal
Magda Chambriard, the CEO of Petrobras, said in a call with analysts on Friday that it is likely that the state-controlled oil company in Algeria will produce more oil by 2026 than what was forecast. She stated that the company's oil production in the second quarter exceeded its target by 200,000 barrels a day. According to a presentation by the company, Petrobras produced an average 2.6 million barrels a day so far this year. This is higher than its target of 2.5 millions barrels a day. Chambriard told journalists that 2.7m barrels a day would be an impressive result. She did not, however, provide any further details. Petrobras stated in a statement issued after the press conference that it maintains its official forecast for more than 2,500,000 barrels of oil per day. The company said it will continue to strive to achieve its goals and maximize production. It said: "At the time, CEO Magda chambriard noted at today's investor and press events that?the company consistently strives to maximize production and exceed targets." Since?Chambriard became CEO, Petrobras's focus has been on increasing output, including by slowing down production declines at older oil fields. According to the CEO, increased production has helped increase exports as well as profits. Petrobras' shares, despite a rise earlier in the day, closed Friday 3% lower. The Bovespa index, Brazil's benchmark, dropped 1.7%. Reporting by Fabio Téixeira and Marta Nogueira, Editing by Nia William
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The Trump Administration will finance three mining projects with $58 Million
According to a document seen by, the U.S. Export-Import Bank will lend $58 million to three companies that deal with critical minerals as part of President Donald Trump's efforts to wean America off Chinese imports and bolster American mining and processing. The funding coincides with Trump's Friday meeting with executives of some of the largest mining companies in the world to highlight the country's needs for better supplies. John Jovanovic said, "Critical Mineral Security is?National Security," adding that the funding will "fortify supply chains, restore vital industries which support high-paying American Jobs and protect everyday Americans from supply surprises." Westwater Resources, the first U.S. source of natural graphite, will receive a loan worth $25 million for its Alabama graphite mining and processing facility. Graphite, the most common metal used to make lithium-ion battery cells by volume, will receive a $25 million loan. The United States produces some so-called synthetic graphite from petroleum coke, a byproduct of oil refining. The United States produces some synthetic graphite using petroleum coke. This is a by-product of oil refinery. Battery manufacturers usually prefer one or the other version, depending on various factors. ExIm also lends $25 million to Global Advanced Metals, a privately-held company, to expand the processing of tantalum, niobium and other metals. The U.S. does not mine these materials, so it is dependent on foreign supplies. The company mines metals in Australia, and processes them in Pennsylvania. Tantalum is used primarily to make capacitors, which are used in smartphones, automobiles, and other electronic devices. Niobium, on the other hand, is used to harden steel, for aircrafts, pipelines, and pipelines. 5E Advanced Materials is also receiving an $8 million loan in order to boost production of boron. This mineral was last year added by the U.S. Government to its list of critical minerals. The metal is also used in body armor, the nuclear energy industry and other products related to defense. The United States imports most of its boron needs. The?U.S. imports the majority of its boron requirements. 5E's California Boron Project is scheduled to start commercial production in 2028. (Reporting from Jarrett Renshaw, Washington; Ernest Scheyder, Houston; Editing Matthew Lewis).
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Gold reaches a seven-week high after weak US job data denies rate hike bets
Gold surged on Friday after a 'unexpected' drop in U.S. Nonfarm Payrolls for July dashed hopes of rate hikes and put bullion in a position to have its best week for seven months. Gold spot jumped 2.3%, to $4336.02 an ounce at 2:42 pm EDT (1842 GMT), after having risen by more than 3% and reaching its highest level since June 17. Bullion prices have risen more than 7% this week, the biggest weekly increase since January 19. U.S. Gold futures rose 2.3%, settling at $4399.70. The Bureau of Labor Statistics of the U.S. Department of Labor reported that nonfarm payrolls decreased in the United States by?23,000 last month, after an upwardly revised 20,000 job increase in June. The economists polled by the U.S. Labor Department's Bureau of Labor Statistics had predicted an increase of 80,000. David Meger is director of metals and futures at High Ridge Futures. He said that the Fed would be less likely to increase interest rates after this weaker than expected jobs report. Meger stated that a declining dollar and the possibility of a reduced interest rate hike in the U.S. portend a weaker currency and higher gold prices. According to LSEG, the rate futures market now 'priced-in' a 43.9% probability of Fed tightening next month, compared to 57% prior to the jobs report. According to LSEG data, the probability that the Fed will keep rates at current levels next month has increased from 43.2% before the release of 'the jobs report' to 56.1%. Gold is more attractive than yield-bearing investments when interest rates are lower, as gold does not generate any. UBS said in a Friday note that it expects gold to reach $5,000 per ounce by the first half 2027. U.S. president Donald Trump said to reporters on Friday that he believes the 'war with Iran will be over soon. Silver spot gained?3% per ounce to $63.29, platinum rose 1.1% to $1.747.60 and palladium climbed 0.8% to 1,381.61. The three metals are all headed to weekly gains.
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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 it after more than a year of its introduction. The vote continued and the tally reached 68-9 in favor of the "Lindsey O. Graham Sanctioning Russia Act of 2026," a bill that would impose sanctions against Russian officials and authorize steep tariffs?on China and India to reduce their dependency on Russian oil. Some lawmakers are concerned that Trump's new tariff powers could increase costs for U.S. consumers and importers while exposing Republicans for political backlash. Trump's fellow Republicans control a slim majority in the House of Representatives and Senate. The bill, if it passes, would allow Trump to impose tariffs up to 100 percent on countries that are major energy consumers, such as India, Japan, and certain European Union countries. He could then decide to remove them. The legislation's supporters insist that the tariffs will reduce Russian energy revenues that fund its war in Ukraine, without causing any negative consequences. The agreement, they said, is the best chance for Congress to pass legislation supporting Ukraine. A strong bipartisan Senate vote would give it momentum to pass the House. Graham announced just before his sudden death, on the 11th of July, that he and Trump had agreed to finally move forward with legislation for which Graham?had advocated for over a full year. Volodymyr Zelenskiy, the Ukrainian president who attended Graham’s funeral and met with Trump in Washington, watched an early procedural voting on the bill. The bill would have a significant impact on Russia's financial ability to fund the war and send a strong signal of U.S. support for the Ukrainian people. "I'm grateful for the support from our people and Europe," Zelenskiy said to reporters. Bill's supporters said that the legislation allows the president to impose targeted duties on imported goods from countries that purchase the vast majority (or more) of Russian oil or gas, and enables Russia to evade sanctions. The bill, they said, limits the tariffs to five of the largest importers and five of the countries that help Russia evade energy sanctions. The measure contains a provision that prevents a lapse of sanctions authority which restricts funding to Iranian energy and weapons. (Reporting and editing by Howard Goller; Patricia Zengerle)
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US stocks and bonds rise after soft jobs report, yen recovers
The global stock market is on track for its strongest weekly gain since May, after a weaker than expected U.S. employment report eased concerns of an impending Federal Reserve rate increase. Meanwhile, strong earnings and AI enthusiasm overshadowed worries about the Iran War. U.S. shares?rose Friday, led primarily by consumer discretionary and technology stocks, while treasury yields declined, reflecting the waning expectations that Fed rates will be raised at its next meeting. SpaceX, which was up 14% on Friday, 19% on the week, despite the fact that a large number of shares had been released on Thursday, as well as Tesla, were among the major gainers at midday. The Nasdaq rose by 1.3% at midday, while the dollar dropped. This gave the Japanese yen some relief. The yen rose to 157.70 against the dollar, after previously approaching 159. This level is widely regarded as a possible trigger for policy interventions. The MSCI All-World Index?has increased 2.4% in the past week, which is the highest gain for three months. It was stable on Friday. Europe's STOXX600 index was up 0.6% for the day, and 2% in the past week. This was largely due to gains in healthcare and technology stocks. U.S. payroll data showed that employment dropped by 23,000, contrary to expectations from a poll which predicted an increase of 80,000. Analysts say the data gives the Fed more room to hold rates steady next month as it assesses upcoming economic indicators including the U.S. Inflation report next week. Lindsay Rosner is the head of fixed-income investments at Goldman Sachs Asset Management, New York. She said, "History does not repeat itself, but it can rhyme." For the third time in a row, the July jobs data showed a loss of momentum during mid-summer. The incoming inflation data is the ultimate arbiter. However, slowing job?growth supports a hold in September." TRADERS DOUBT A FED RATE INCREASE Money markets were evenly divided about the prospects of an increase in the Fed rate next month, before the report on payrolls. The implied probability of an increase dropped from 55% to 40% after the payrolls report. The report this morning cast doubt on the notion that the job market is as solid as many people had claimed, said Chris Zaccarelli. Chief investment officer of Northlight Asset Management in Charlotte, North Carolina. The Fed cannot focus solely on inflation because of the weak jobs report. The Fed must balance full employment with price stability, which makes it more likely that the next meeting will be on hold. All things considered, this is good news for the stock markets. It's one of those situations where 'bad news can be good news': the Fed's decision to put the economy on hold could mean good news for stocks. The conflict in the Middle East erupted again after Yemeni Houthis, who are Iran-aligned, attacked Saudi Arabia. Saudi Arabia is a major oil producer. Riyadh warned of imminent coordinated attacks by the Houthis, Iran-backed Iraqi militias and other groups. Brent crude futures reversed their course on Friday, falling 0.7% to $82 per barrel as investors ignored Saudi Arabia's warnings. Iran is reportedly reviewing a draft bill which would prohibit U.S. vessels, Israeli ships and other "hostiles" from transiting the Strait of Hormuz. The semi-official Fars News Agency reported this on Thursday citing a legislator. The draft bill could impose fines up to 20% of the value of a ship’s cargo for violations. Treasury yields dropped after the weak jobs report. However, they recovered from their lows of early morning at noon Eastern time. The yield on the 2-year note fell by 5 basis points to 4.20%. Meanwhile, the yield on the 10-year note dropped by 2 basis points to 4.64%. The dollar index fell 0.3%, to 99.61, as rate expectations grew. This boosted the yen. The dollar and gold moved in opposite directions this week, with the U.S. dollar hovering near its six-week lows while gold rose to its highest level in six weeks. Bullion gained almost 7% in the past week. This is its best weekly performance since mid January, when it reached a record of $5,594. The last increase was 2.6%, at $4 414 per ounce. Stella Qiu contributed additional reporting from Sydney. Alex Richardson and Colin Barr edited by Mark Potter, Sanjeev miglani, and Sanjeev.
British Columbia district issues evacuation orders amid wildfires
The district of Summerland in British Columbia declared a state of emergency early Saturday morning as a rapidly-moving fire swept across western Canada forcing thousands of residents to evacuate.
As of early Saturday morning, the 'Bald Range' wildfire had spread to approximately 5,000 hectares and prompted evacuation orders for other districts in this region. According to BC Wildfire Service, the fire began about 15 kilometers (9 miles) west of Summerland.
Summerland district, which is located about 45 km from Kelowna said that it lost power due to wildfires on Saturday. It also issued a boil-water notice to residents, saying that untreated water entered the system when the water treatment plant had been bypassed because of the threat of wildfire.
According to the census of 2021, Summerland's population is approximately 12,000 people.
This year, wildfires have raged in several regions of Canada including Ontario and Quebec due to hot, dry conditions. Mexico, Australia France and New Zealand have all offered assistance to Canada in the fight against these fires.
Around 1,500 firefighters are on the ground in British Columbia where hot, dry conditions can increase the likelihood of new fires. Lightning could also spark old fires. The province has also issued 49 alerts and 39 orders of evacuation.
Premier David Eby stated earlier this week that he was prepared with additional international?and national firefighters and aircraft.
According to the Canadian Interagency Forest Fire Centre, fires have consumed 3.9 million hectares of land in Canada so far this year. (Reporting and editing by Susan Fenton in Toronto, Nivedita Balu from Toronto)
(source: Reuters)