Crude Oil

MSCI's global equity index lost ground Tuesday, as investors chose safer bets and heavyweight U.S. tech stocks tumbled. Oil prices also fell as Middle East updates were vague on the progress of peace. Iran and Israel had raised hopes for a reduction in tensions on Monday when they announced that they would cease to attack each other. U.S. president Donald Trump'said'?on?Tuesday that Iran had shot down a U.S. Apache helo that was patrolling Strait of Hormuz over night and vowed?to respond without providing any details. Israel had attacked the historic port of Tyre, in southern Lebanon, on Tuesday and killed...

The U.S. Energy Information Administration reported on Tuesday that oil stockpiles in?the largest economies of the world are heading toward their lowest levels since 2003, as inventories are being drawn down at an unprecedented pace due to lost production from the Iran War. The EIA estimates that total oil inventories within the Organization for Economic Cooperation and Development members will fall to just over 2.3 billion barrels in December. This is based on the current assumption that the marine traffic through the Strait of Hormuz won't return to its pre-conflict level until early 2027. In its Short-Term Energy Outlook monthly...

MSCI's global equity gauge retreated from its earlier gains as Wall Street investors waited anxiously for inflation data. The dollar also dropped along with oil prices in hopes of easing Middle East tensions following the ceasefire between Israel and Iran. U.S. Energy Sec. Chris Wright stated on Tuesday that the ship traffic in the Strait of Hormuz, a vital energy conduit, is increasing "very significantly." Israel's Tuesday attack on the historic port of Tyre, in southern Lebanon, killed at least eight people, but the progress towards a Middle East peace still seemed uncertain. Tehran had warned on Monday it would...

Statistics Canada reported that the Iran War has increased the price of crude oil, which is a major factor in the increase in Canada's April goods trade surplus. Analysts surveyed by? Analysts polled by? Statscan reduced March's surplus to C$1.75 from C$1.78. The total exports rose 1.6% to a record C$75.16 Billion in April. Exports of energy goods increased 9.7% in April after a 23.4% increase in March. Statscan stated in a comment that "Both increases were primarily due to higher prices which continued to increase in April despite the uncertainty created by the conflict in Iran." Crude oil experts,...

These are the most popular?stories from the Wall Street Journal. These?stories have not been?verified' and we cannot?guarantee? their?accuracy. Israel and Iran traded missile strikes Monday, after the U.S. brokered a ceasefire in early April. This was their first direct attack since the truce went into effect. - Nvidia is ?teaming up with South Korea's SK Telecom and Naver ?to build gigawatt-scale artificial-intelligence cloud infrastructure in Asia. - Intesa Sanpaolo said ?it has launched a EUR30.66 billion ($35.33 ?billion) unsolicited cash-and-share ?takeover bid for Monte dei Paschi di Siena. Roche has announced that it has signed an exclusive licensing agreement and...

Asian markets fell on Monday, as investors slammed on the brakes to the AI rally. Meanwhile, the oil price and dollar rose due to the Israeli strikes in Beirut. A 8% decline in South Korea's chip heavy?KOSPI triggered a trading halt for 20 minutes?and has it down 17% since its record high last week. Japan's Nikkei dropped 3.5% in the early trading, while U.S. S&P500 and Nasdaq100 futures saw small gains. After a strong jobs report, which raised expectations of Federal Reserve interest rate hikes, the Nasdaq fell 4.2%, with most selling concentrated on semiconductor stocks. This put a halt...

After the war in Iran, companies that have borrowed oil from the U.S. Strategic Petroleum Reserve will receive an 'extra 40 mln barrels - of crude as premiums. Fuel prices have risen since the U.S. and Israel war against Iran began in early February. Wright, however, said that he was not concerned about low stock levels at?the SPR. Wright told Fox Business's "Varney & Company," "I am not concerned because we are not'selling' any barrels of crude oil. We're supplying oil 'to the market 'in the short-term when it is needed, and we trade those barrels." "For every barrel we...

What are the four most important tech economies in the world - Japan, Taiwan, South Korea, and the U.S. - all sharing? They all love baseball. It's possible that this is more than just a coincidence. This raises questions about the prospects for two other baseball-loving countries: Venezuela and Cuba. The U.S. developed baseball in the mid-19th century, as a combination of rounders and cricket. Baseball is popular among those who have interacted with America for a long time, just as British sports are in Commonwealth countries. Baseball became popular in Japan, Taiwan, and South Korea after World War II,...

The global stock market edged a little higher in Thursday's volatile trading. European gains were followed by mixed sessions on Wall Street, as investors weighed the impact of a slowdown in AI momentum. Meanwhile, oil prices dropped, due to a "ceasefire" between Israel and Lebanon. The U.S. benchmark S&P 500 recovered from early losses and closed higher. The Dow Jones Industrial Average also hit a new record high. Meanwhile, the Nasdaq dipped lower as technology stocks drove the losses, while healthcare and financial shares led the gains. The Dow gained 1.73%. The S&P 500 gained 0.41%. And the Nasdaq Composite...

The International Monetary Fund said on Thursday that while oil prices are only 3% higher today than the levels used in its April global growth forecast, physical spot prices continue to be volatile and global reserves keep falling. Brent crude benchmark futures have dropped in recent days. On Thursday, they were trading at $94.79 per barrel for August delivery, while contracts for delivery in December are currently priced at $86.18. IMF's April World Economic Outlook global growth "reference estimate" was based upon an average oil price per barrel of $82.22 for the year. The forecast was issued in mid-April, after...

India and Venezuela tried to strengthen their ties on Thursday in the 'energy sector. New Delhi said that Caracas views it as a 'preferred partner in this sector, at a moment when global oil supplies are disrupted due to the Middle East Crisis. Venezuela's interim president Delcy Rodriguez, along with a large delegation of ministers, is in India and met with Indian Prime Minster Narendra Modi Thursday. Rudrendra Tandon (East), Secretary in the Indian Foreign Ministry, said at a press briefing that the discussions between the two parties focused on cooperation in both upstream- and?downstream-energy projects. Tandon stated, "We work...

Gregor Stuart Hunter gives us a look at what the markets will be like tomorrow in Europe and globally. Traders are battling with contradicting 'headlines': the renewed fighting between Iran and the U.S. on the one hand and the ceasefire?between Israel & Lebanon?on teh other. This time, there's no sign of a relief rally. Brent crude futures are just 0.7% down at $97.12 per barrel, after Lebanon and Israel agreed on a ceasefire. The agreement is conditional upon a complete cessation in fire by the Iran-aligned Hezbollah and the evacuation of its operatives out of the South Litani Sector. The...

The Asian stock markets tried to stabilize on Tuesday. Oil prices fell after Israel and Iran announced that they would halt their attacks against each other for the time being. Ever-hopeful investors, however, bought up the latest dip in semiconductor stocks. Analysts warned that the rebound was only a small one, with 60% of S&P 500 ending in the red over night even though the index as a whole edged upward. In early trading, share futures on Wall Street and Europe also fell. The Strait of Hormuz remains severely restricted, and higher bond yields continue to challenge equity valuations. Analysts...

What is important in the U.S. and international markets today by Mike Dolan Editor-at-Large of Finance and Markets On Wednesday, the?S&P 500 did not achieve its 10th consecutive daily gain and some clouds are forming in the markets. Broadcom, the sixth largest company in the world by market capitalization, has stumbled despite the frenzy surrounding the hot chip sector. Stocks of the chipmaker dropped by more than 13% overnight after a slight miscalculation in sales and revenue estimates. This?reaction is a sign of the high bar that companies have to meet in order to impress the markets during the AI...

China will reduce domestic retail prices on 'gasoline and Diesel' from Friday, its second cut since the start of the Iran War which has caused global oil prices to rise and constrained global energy supplies. The National Development and Reform Commission, a state planner, announced on Thursday that the retail gasoline and diesel prices would be reduced by 525 Yuan ($77.52), and 505 Yuan ($50.52), respectively. A 50-litre fuel tank filled with?92-octane gas can be filled for about 20.5 Yuan less. After factoring in Thursday's price reductions, Beijing has raised diesel retail prices by 1,530 yuan a ton since the...

Analysts and trade sources reported that South Korea's refiners increased jet fuel exports to pre-Iran War levels in May, helped by an increase in?crude oil imports, and encouraged by the robust margins of refining. The rebound of?one of Asia’s top fuel exporters as seen in a series of spot cargo sales has eased concerns about a tight supply, and helped to cool down prices in the area. In the last two weeks, spot premiums on aviation fuel fell by 50% to about $2 per barrel. This compares to a record-high of more than 20 dollars in March. Data from Kpler...

Analysts and industry officials say that China will continue to draw on its record crude oil inventories, as refiners reduce imports while maintaining production curbs in order to minimize losses due to weak fuel demand. The tepid demand from the world's largest crude importer is partly limiting global oil prices. They have fallen 19% since May, despite a strained truce between the U.S.A. and Iran. And the Strait of Hormuz remains largely closed a third time. Beijing has taken a number of measures to protect the country against the soaring Middle East crude oil prices. These include maximizing domestic drilling...

Iran's energy boom may mask a larger inflation concern. AI prices are rising, and this boom will outlast any Gulf hiatus. Not least the major central banks are watching the crude price fluctuations around the Iran conflict to see how it will affect the cost of living. The AI investment frenzy has also been fueling a flurry of factory activity, a rise in construction, and a possible increase in prices. The massive business investment expenditure is expected to reach trillions of dollars in the future. Already, it is affecting company earnings, stock prices and projections, as well the aggregate GDP....

Investors regained their footing on Tuesday in unsteady trades as they brushed aside doubts regarding the durability of a Middle East ceasefire and opted to return to AI-based plays. MSCI's broadest Asia-Pacific share index outside Japan rose 0.4%, after trading began. The index fluctuated between gains and losses. Korean shares fell as much as 3,3%, despite an initial higher opening. Gains in China and Hong Kong helped stabilize the regional benchmark. S&P 500 futures fell 0.3% while the Nikkei225 in Japan dropped 0.7%. "This is not a revaluation of the AI market; it's a profit-taking following a blistering-fast run," said...

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...