Crude Oil

Oil futures saw their biggest weekly drop in almost two months on Friday as traders awaited details about a possible deal to reopen the Strait of Hormuz, and extend U.S. and Iran's ceasefire. U.S. sources claim that Iran and the U.S. have reached an agreement on lifting shipping restrictions and extending their ceasefire. However, President Donald Trump is yet to sign off and Iranian state media has not confirmed this. S&P 500 Futures were steady in the Asia session after the index closed at a record high overnight. Brent crude futures dropped about $1 per barrel to $92.69, a drop...

Oil futures saw their steepest weekly drop in nearly two months on Friday as traders waited to hear more about a possible deal that would reopen the Strait?Hormuz, and extend the U.S.Iran ceasefire. Sources have told?that U.S.-Iran has reached an agreement to?extend the ceasefire and lift shipping restrictions, although U.S. president Donald Trump is yet to approve and Iranian state media stated that it was not finalised. S&P futures were unchanged in Asia's morning after the index closed at a record high overnight. Brent crude futures dropped about 50 cents per barrel to $93.17, a drop of over 10% for...

Prices of oil futures were slightly lower on the hope that a 'potential' deal would be reached to extend a U.S. - Iran?ceasefire. However, remarks by Vice President JDVance that they are "close" but "not quite there" yet kept prices at a minimum. Brent crude futures expiring on Friday were down 35 cents or 0.37% at $93.36 per barrel as of 0105 GMT. U.S. Oil Futures dropped 63 cents or 0.71% to $88.27 per barrel. Brent futures for August, the most actively traded, fell 46 cents or 0.50% to $92.24 Brent crude oil prices were down by more than 8%...

The Australian Competition Watchdog announced on Friday it had taken legal action against Amazon Australia, alleging that the local unit violated product safety labelling laws in relation to child's backpacks. According to the Australian Competition and Consumer Commission, the company has been accused of selling "Unicorn Toddler Backpacks", which did not meet the safety standards required for button batteries. The ACCC claims that backpacks were held in Amazon Commercial Services fulfilment centers in Australia between June 22,?and November 1,?2022 without the required warning label on either the?products or their outer packaging. ACCC said in a statement that "Unicorn Toddler Backpacks",...

The Energy Information Administration reported on Thursday that U.S. distillate fuel oil stocks sank to a 23-year low last week as the Iran War continues to choke off global fuel supplies, and increase demand for U.S. petroleum products and crude. Stockpiles of distillates, including diesel and heating oil in the?country, dropped by?2.1m barrels during the week ending May 22, to a total of?100.8m barrels. This is the lowest level since May 2003. Analysts expected a drop of 1.02 million barrels. We'll continue to see U.S. "We're going to continue to see?U.S. Since the Strait of Hormuz was closed, which blocked...

The price of copper rebounded Thursday, following a'report that the U.S.A. and Iran had'reached an agreement to extend their ceasefire. It also followed news about a 'fresh effort by China, a top metals consumer to boost its economy. The report by Axios that President Donald Trump must still approve the deal was not immediately confirmed. The London Metal Exchange's three-month copper gained 1.2% at 1600 GMT to reach $13,696 per metric ton after falling to its lowest price since May 21 (at $13,464). Prices had risen earlier from their intra-day lows after sources reported that the 'China Central Bank' has...

A study found that President Donald Trump’s waivers to allow foreign-flagged vessels to transport?oil or fuel between U.S. port have little effect on the high gasoline prices in the United States due to higher shipping rates and relatively small volumes of fuel transported so far. Trump issued a waiver in March to the Jones Act. This is a 100-year-old law which requires shippers to?use vessels that are built, owned, and crewed entirely by Americans for transporting commodities between U.S. port. This policy, which was designed to support the maritime industry in the United States and ensure national security, also led...

Investors attribute the rise in U.S. stock and bond yields in recent weeks to the Iran War, inflation, and AI arms race. Some models suggest that higher borrowing costs are now reaching a point where they begin to drag down equities. The inputs and methods used to calculate equity risk premia (ERP), the excess return promised by investing in equities compared with "risk-free" government bond investments, differ greatly. Yet,?Societe Generale’s proprietary version (which the bank updated this week) reckons that nominal?U.S. Treasury yields of 4.5% represent a pivotal point in the relative value between asset classes. The SG team found...

The price of oil fell from its recent highs, wiping out some of the previous days' 4% increase. Traders sought clarity on the?complex?negotiations?between Iran and the U.S. Brent crude futures dropped $1.42 or 1.43% to $98.16 per barrel at 0253 GMT, while U.S. West Texas Intermediate crude (WTI), lost $1.66 or 1.77% to $92.23 per barrel. The price of oil soared after the U.S. The military launched new strikes against Iran, sapping hopes that the United States and Iran could?come to an agreement?to end the war. Iran claimed on Tuesday that the United States violated a truce by striking targets...

The first shipment of U.S. emergency reserves oil to Asia in 2022 was crude oil from the U.S. strategic?Petroleum reserve, according to ship tracking data. Asia receives 80% of its oil through the Strait of Hormuz. This is a crucial chokepoint which has been largely closed for the past three months due to the Iran War. The Strait of Hormuz has been closed for three months, disrupting global oil supplies. Physical crude prices have reached record levels. Some importers are now looking to find new suppliers. The Greek flagged Very Large Crude 'Carrier Arosa' loaded 616,000 barrels from the Bryan...

LONDON/DUBAI - U.S. secretary of state Marco Rubio stated on Tuesday that negotiations with Iran would "take a few more days." This dimmed hopes for a quick?end to this conflict, after the U.S. launched what they called defensive strikes in the south of Iran. Iran's Foreign Ministry spokesperson stated earlier that many of the topics covered in a possible 14-point memorandum were concluded, but it did not mean an agreement to end the war was imminent. WHAT STAGE ARE THE DISCUSSIONS AT? After a ceasefire early in April, both sides remain 'at odds' on difficult issues, including Iran's nuke ambitions,...

Investor optimism about a U.S. peace deal with Iran was tempered by the recent U.S. strikes across the Middle East. An official who was briefed about the visit revealed that Iran's top negotiator, as well as its foreign minister, were in Doha to discuss a possible deal with the U.S. for the end of the war. This came after Washington and Tehran had played down expectations for an immediate breakthrough. Separately, The Nikkei reported that the two parties were discussing plans to open up the Strait of Hormuz around 30 days after a ceasefire agreement was reached. Even as the...

Shanghai copper prices rose on Friday. They are on track to reach a'second consecutive monthly increase, as the hopes of a U.S. - Iran 'peace deal' pushed down oil prices and dollar, easing concerns of a higher inflation? and a global sluggishness that could crimp a lowering of demand for a metal. As of 0520 GMT, the most traded copper contract at the Shanghai Futures Exchange had risen 0.9% to 104,940 Yuan ($15 478.45). The contract is up 2.9% this month. The London Metal Exchange's three-month copper contract fell 0.2%, to $13,670.50 a metric ton. Both contracts rose for the...

Oil lost gains on Thursday and traded lower briefly. A report by Axios claimed that U.S. officials and Iranians had reached an agreement to extend the ceasefire for 60 days and begin talks about Tehran's nuclear program. Brent crude futures rose 33 cents or 0.4% to $94.62 per barrel at 11:01 am EDT (1501 GMT). ?U.S. West Texas Intermediate futures rose 56 cents (0.6%), to $89.24. Both benchmarks fell a little after the report, before recovering some of their lost ground. Axios, citing U.S. official?and source involved in mediation, reported that the agreement between the U.S. The oil prices have...

On Wednesday, Asian shares reached record highs and oil prices remained elevated as the markets awaited signs that a fragile truce between Iran and the United States would be extended. After Iran claimed that the U.S. violated the ceasefire, the dollar maintained gains from its previous session. The?dollar of New Zealand rose after its central bank maintained its policy rate but indicated that future increases will have to be made sooner. After the U.S. stock market reopened after a long holiday, Japanese and South Korean stocks reached new highs thanks to AI optimism. The mood remains fragile, though, as the...

Rocky Swift gives us a look at what the future holds for European and global markets. Central bankers warn that inflationary damage has already been done, even though markets seem to have 'looked past the Middle East Crisis and the havoc this has caused on energy supplies. Share?markets have soared in Japan and South Korea, riding AI optimism that sent U.S. benchmarks soaring to new highs. This euphoria depends largely on the United States' and Iran's ability to reach a deal that will end their three-month conflict, and reopen Strait of Hormuz for oil shipping. These hopes were dashed by...

Kazuo Ueda, the Governor of the Bank of Japan, said on Wednesday that central banks shouldn't merely rely on oil prices because a temporary energy spike can persist if it affects wages, expectations and pricing behavior. Ueda compared the various energy shocks Japan has experienced over the years. He said that the same increase in oil prices can have different effects on wages and expectations, on demand, on currency rates, and on other factors depending on how they are initially impacted. He said that if inflation expectations are high, and wages are increasing, there is a risk of a second-round...

What's important in U.S. and Global Markets Today By Mike Dolan, Editor at Large, Finance and Markets After a long holiday weekend in the United States, and other countries, markets were ready to celebrate signs that a peace plan with Iran was close to agreement. World crude prices fell nearly 7% on Monday, to below $100 a barrel. According to reports, the peace plan being discussed would include a 60-day extension of ceasefire and an eventual reopening of Strait of Hormuz. The news of the latest U.S. strikes against Iranian targets overnight exacerbated doubts about how quickly a final document...

London copper prices remained steady on Tuesday, as a weaker dollar was countered by higher oil costs after the latest U.S. strikes against?Iran shattered hopes of a resolution to the Middle East Conflict. This fueled concerns about the global economy outlook. By 0536 GMT, the London Metal Exchange's three-month copper was unchanged at $13,671 per metric ton. The most traded copper contract at the Shanghai Futures Exchange fell 0.4% to 104,990 Yuan ($15.451.64) per tonne. U.S. Secretary Marco Rubio stated on Tuesday that negotiating a deal with Iran would "take a few day," dispelling hopes of an imminent end to...

Rae Wee gives us a look at what the future holds for European and global markets. Oil prices climbed Tuesday after U.S. forces conducted what they called defensive'strikes' in southern Iran, just as investors were becoming more hopeful about a peace agreement?between the two nations. The strikes occurred as Iran's chief negotiator, its foreign minister and the Qatari prime minister met in Doha for talks on Monday about a possible deal with the U.S. that would end the war of three months. Washington and Tehran played down the hopes of an imminent breakthrough. This kept the optimism down, as the...

U.S. Stock Futures climbed on Monday, while oil and the dollar fell. The prospect of an agreement to end the Iran War boosted risk appetite. However, a lack of clarity about when the 'Strait of Hormuz' would open kept enthusiasm in check. Energy prices have soared in response to the nearly three-month war in the Middle East. Worries about inflation and the closure of the Strait of Hormuz, through which most world energy passes, has impacted global rates. Donald Trump, the U.S. president, said that he told his representatives on Sunday not to rush any deal with Iran. His administration...

Three trade sources familiar with the issue said that China will only see a small increase in refined fuel exports from May to June, because Beijing plans to maintain export restrictions for a fourth month in order to protect domestic supply. Two sources said that June exports were estimated to be around 550,000 metric tonnes or slightly more than expected, compared to about 500,000 tons in May. The two sources and another person said that state oil firms must now seek approval from the government on a regular basis for every shipment they export. This is because China, the world's...

Ankur Banerjee gives us a look at what the future holds for European and global markets The markets are once again hoping for an end to the Iran War, despite the fact that both Washington and Tehran have said they are still 'far apart' on critical issues such as nuclear enrichment and the control of the Strait of Hormuz. Stocks rose on Monday after U.S. State Secretary Marco Rubio stated that there were "some positive signs" in the talks to end a war lasting nearly three months. He also said that any deal?that included Iran imposing an toll system on...

The?U.S. dollar rose to six-week highs on Friday, while Asian stocks also gained. The dollar was near its six-week highs, and oil prices were swayed by investors who held on to hope of a breakthrough in U.S.Iran peace negotiations. Investors are worried about the possible closure of the Strait of Hormuz. This is a vital artery that supplies energy to the world. It has caused oil prices to soar and changed the outlook for global interest rates due inflationary fears. Marco Rubio, the U.S. Secretary for State, said that there were "some positive signs" in the talks to end the...