Crude Oil

Gold was largely?stable' on Friday but?was heading for a weekly drop as high oil prices fueled fears of inflation, and interest rates that would continue to rise in the face of stalled U.S. - Iran peace talks. As of 0230 GMT, spot gold was down by 0.1%, at $4,686.29 an ounce. After a four-week streak of gains, the metal has fallen 3% this week. U.S. Gold Futures for June Delivery fell by 0.5% to $4702. Brent crude prices are up over 17% this week, hovering above $100 a barrel. The Strait of Hormuz remains largely closed in spite of an...

Asia shares were down on Friday, and oil prices rose again. Investors had little reason to celebrate a shaky ceasefire in the Middle East conflict and the stalled U.S. Iran peace talks. MSCI's broadest Asia-Pacific share index outside Japan rose by 0.3%, and is expected to end the week up 0.8%. Japan's Nikkei gained 0.45%, and stocks in South Korea and China fell. Nasdaq and S&P futures both advanced by 0.6% and 0.1% respectively after the overnight cash session, while EUROSTOXX futures declined 0.65%, and FTSE Futures dropped 0.9%. The mixed performance underscored the market's tense mood, as investors this...

Asian shares fell from record highs Thursday, as oil prices 'extended their gains due to renewed shipping problems?in Gulf. This underscored fragile risk sentiment in the face of a 'peace deal that eludes both the U.S. European stocks are preparing for a weaker opening, with panregional futures down 1,1%. Wall Street futures fell 0.5% in Asia. Overnight, S&P 500 rose 1%, and Nasdaq rose 1.6%, to set new record-closing heights. This was helped by the strong start of earnings season, which has eased consumer concerns over the U.S. economy despite the rising cost of energy due to the "Iran War"....

Rae Wee gives us a look at what the future holds for European and global markets. When you're always looking over your shoulder, it's difficult to?pop the champagne. Asian stocks took the lead on Wall Street to reach all-time highs, but investors were not spared much in 'the Middle East War as the standoff between Iran & U.S. continued. In Asia, there were some good news. SK Hynix set a record quarterly profit. South Korea's economic growth was the fastest in six years. And Japan's manufacturing sector expanded at its highest pace in four years. The big question is whether...

The oil prices continued to rise 'on Thursday, despite the fact that 'peace talks' between Iran and the United States had stalled and both countries maintained their restrictions on trade flowing through the Strait of Hormuz. Brent crude futures were up $1.37 or 1.3% to $103.28 per barrel at 0410 GMT after Wednesday's settlement above $100 was the first in over two weeks. West Texas Intermediate futures also rose $1.52 or 1.6% to $94.48. The benchmarks for both closed Wednesday more than $3 higher after larger-than expected?gasoline stock withdrawals in the U.S. and the failure of the Iran peace talks....

Asian shares followed Wall Street higher Thursday, led by record highs in Japan,?South Korea, and Taiwan as investors shrugged?higher?oil prices due to more shipping woes from the Gulf, and focused instead on strong corporate earnings. The S&P 500 rose 1% overnight and the Nasdaq jumped 1,6% to close on new records. This was helped by a good start to the earnings season, which has eased consumer concerns in the U.S. despite the rising cost of energy due to the Iran War. This was despite the fact that oil prices had risen for the fourth consecutive day. Iran captured two container...

Tax deadlines in the U.S. are April 15th. This date is often met with both anticipation and dread. The filing process can be a chore, but the possibility of a windfall refund is also exciting. This year's refund may be much larger than normal, and the timing could not be more perfect. Goldman Sachs economists estimate that tax refunds will be 17% higher this year than last, which would mean a windfall of $50 billion for consumers by the end May compared to the same time last year. The fuel price spike that followed the Iran War two months ago...

Tax deadlines in the U.S., such as April 15, are often met with both anticipation and dread -- the "administrative grind" of filing and the possibility of a windfall refund. This year's refund may be much larger than usual and could not come at a better time. Goldman Sachs economists estimate that tax refunds will be 17% higher this year than they were last year. This means consumers could receive $50 billion more by the end of the month compared to last year. The increase in fuel prices following the Iran War two months ago should provide a much-needed boost...

Kevin Warsh believes that the Federal Reserve will be successful if no one talks about inflation. The Fed nominee is unlikely to be able to please President Obama anytime soon in order for him achieve this goal. Trump reiterated his position on interest rates just over an hour before Warsh's confirmation hearing began in the?Congress. He told CNBC that he would not be happy if the Fed Chair?didn't lower borrowing costs as soon as she took office. Warsh was grilled by the Senate Banking Committee for more than two hours. He defended Fed independence and insisted that Trump never asked...

Ankur Banerjee gives us a look at what the day will bring for the European and global market. An indefinite ceasefire in the Middle East, which may or may not be agreed upon by all parties, but is expected by the markets?will likely keep April's risk momentum intact. This will allow investors to concentrate primarily on corporate earnings and economic statistics. Donald Trump, the U.S. president, appeared to announce unilaterally a ceasefire agreement extension hours before it was set to expire. However, it is unclear whether Iran or the U.S. ally Israel have or would accept the new arrangement. Trump...

U.S. crude prices rose early on Wednesday despite Washington's announcement that it would extend the ceasefire indefinitely with?Iran. This was due to uncertainty surrounding?peace negotiations?and the?Strait of Hormuz remaining effectively closed. U.S. West Texas Intermediate Crude Futures rose as high as $90.70 a barrel, and were trading up 59 cents or 0.7% at $90.26 at 2215 GMT. The benchmark contract rose 2.8% Tuesday. U.S. president Donald Trump announced that he would "indefinitely" extend the ceasefire agreement with Iran hours before its expiration date, in order to allow both countries to continue their peace talks and end the war which has...

Wall Street stocks closed lower on Tuesday, following their global counterparts. Crude prices also rose amid concern over the latest developments in the Iran War. The?three major U.S. indexes all extended their losses towards the end of the session, after Iran refused to participate in a?second round?of negotiations. It said it would only do so if the United States abandoned its policy of threats and pressure. Donald Trump, the U.S. president, announced that he would extend the ceasefire until a proposal from Iran is received. Iran's action follows the U.S. force's seizure by the Iranian flagged container ship Touska to...

Analysts and refinery sources say that Asian refining output is expected to fall in April and may as 'crude imports have hit a decade-low and the Iran War forces refiners into processing lighter grades. This will reduce diesel and jet fuel production by at least 1 million barrels a day. The Strait of Hormuz closure has had the greatest impact on Asia. This region, which accounts for 37% of global refinery output, and normally sources two thirds of its?crude? from the Middle East. Run cuts at refiners have exacerbated the tight fuel supply in the area and kept prices high....

The global oil market has been predicting that the Strait of Hormuz would be closed for a short time, and the disruption of crude and refined product supply will also be brief. This expectation is reflected in the price of crude oil futures. Although they have increased sharply since February 28, the prices are still far below the highs achieved in the aftermath of Russia's invasion of Ukraine in 2022. The paper crude market, in effect, has believed U.S. president Donald Trump's social media posts that have been made since the bombing began, that the?conflict?will be over soon and Iran...

Investors were dealing with contradictory messages about the Iran war, and the news that the Strait of Hormuz had been closed again. Early Asian trading saw Brent crude futures jump about 7%, to $96.85 per barrel. S&P futures fell about 0.9%. The dollar weakened around 0.2% and the yen slipped to 158.95 per euro. Iran's state news agency reported that it rejected new peace negotiations with the United States on Sunday. This was hours after U.S. president Donald Trump announced he would send envoys to Pakistan for talks and launch new attacks on Iran if they did not accept his...

Investors were hopeful of a "near-term" resolution to the Middle East war. Oil prices were also pinned at below $100 per barrel. Investors are quick to see the positive side of any sign of a denouement in this month's Strait of Hormuz, through which about a fifth of world oil and gas is typically transported. The ceasefire that has been in place between Israel and Lebanon for the past 10 days came into effect Thursday. President Donald Trump also said that the next meeting of the U.S. with Iran could take place this weekend when the current ceasefire expires. Brent...

What's important in U.S. markets and the global market today by Mike Dolan, Editor at Large, Finance and Markets. After six weeks of war, stocks around the world are back to record levels. New U.S. and Iran?peace negotiations could be in the works as Trump's administration raises hopes of a deal, while a Pakistani mediator arrives at Tehran. Investors feel that they can now switch back to the?market fundamentals. Investors were largely impressed by the first-quarter results of U.S. big banks earlier this week. Now it's time for tech, as Taiwan's chip maker TSMC has released another impressive beat. Below,...

The stock market rose in the early Asia trading on Thursday, as traders prepared for a series of important earnings reports and economic data. The broadest MSCI index of Asia-Pacific stocks outside Japan rose 0.3%. This puts the benchmark on course for a third day of gains. Japan's Nikkei gained 1.5%. S&P 500 futures e-mini rose 0.1%. The S&P 500 gained 0.8% overnight and the Nasdaq Composite 1.6% as Bank of America's and Morgan Stanley's strong quarterly earnings pushed the indexes up to new highs. Around 6% of companies reported earnings for the third quarter.?84% of them beat analysts' expectations....

South Korea has purchased 273 million barrels of crude oil from the Middle East and Kazakhstan by the end of this year. Supplies are being routed outside of the Strait of Hormuz. Kang, who was visiting as a presidential special envoy in Kazakhstan, Oman and Saudi Arabia over the last week, said that Asia's fourth largest economy had also acquired 2.1 million tons of naphtha during the same time period. Kang stated that "in particular, the crude and naphtha obtained this time would be sourced via alternative supply routes, unrelated to the closure of the Strait?Hormuz. This will make a...

Gregor Stuart Hunter gives a look at what the day will bring for the European and global markets. Global equities are edging higher, with new record highs in 'view. Investor confidence remains intact, despite the fact that Iran has not confirmed when it will announce its decision. The MSCI All-Country World Index gained 0.2% on Wednesday to extend its winning streak for a ninth day in a row. Meanwhile, S&P 500 futures were stable just above the 7,00 mark. This is the level that the cash benchmark briefly reached at the end of January. Brent crude rose 0.6% to $95.33...

Sinopec, the state-owned oil company of China, has purchased Russian crude oil in order to replace Middle Eastern oil after a temporary suspension of sanctions by the United States to ease global supply shortages. Sinopec purchased between 8 and 10 cargoes a year of ESPO blend oil from the eastern port Kozmino. Another source estimated that Sinopec bought about 10 cargoes a year of ESPO. Each ESPO shipment is 740,000 barrels. Sinopec purchased the cargoes for a premium of between $8 and $10 per barrel over ICE Brent. Before the Iran conflict, Russian crude was traded at a discount ranging...

Investors bet on the resolution of the Middle East conflict even as the U.S. blocked Iran’s ports following the collapse of the peace talks over the weekend. Negotiating teams of?the?U.S. Four sources say that Iran and the United States could return to Islamabad in the coming week. Days after the highest level talks between the two nations since the Islamic Revolution of 1979 ended without a breakthrough, the most recent high-level discussions took place in Pakistan's capital. U.S. president Donald Trump stated that Iran is willing to reach a deal but added that he will not accept any agreement which...

Early Asian trade on Monday saw oil prices fall as signs of a?potential U.S. Iran dialogue to end the?war decreased concerns about supply risk resulting from?the U.S. Blockade of Strait of Hormuz. Brent futures fell $1.86 or 1.87% to $97.50 while U.S. West Texas Intermediate crude (WTI), which is a blend of U.S. West Texas Intermediate and West Texas Intermediate, dropped $2.25 or 2.27% to $96.83 at 0003 GMT. The benchmarks both rose in the previous session. Brent had gained more than 4%, and WTI almost 3% after the U.S. began its blockade against Iran's ports. The U.S. Military said...

On Monday, the concern over the impact of the Iran War on the global economy increased. More countries announced emergency measures to combat the rising cost of energy while others called for international assistance. The third major shock that has hit the global economy, after the COVID outbreak and Russia's invasion of Ukraine, will be the focus of this week's meeting in Washington between finance officials from the?International Monetary Fund. The failure of U.S. and Iranian talks over the weekend has put the fragile ceasefire at risk. As a result, the IMF and World Bank are already downgrading their global...