Energy Markets

The U.S. Senate Republicans proposed a tax-and-budget bill on Monday that would eliminate the $7,500 credit on the sale of new electric vehicles 180 days after it is signed into law. It would also immediately terminate the credit for leased EVs manufactured outside North America. The Republicans have targeted EVs in a variety of ways, reversing former president Joe Biden's policies that encouraged the use of electric vehicles and renewable energies to combat climate change and reduce emission. The Republican Senate Finance Committee's proposal would also eliminate a $4,000 tax credit for EVs on used vehicles 90 days after it...

Investors were encouraged by reports that Iran is seeking to end hostilities against Israel and they remained confident about their predictions for the busy week of central banks meetings. The Wall Street Journal reported that Iran is seeking a ceasefire following an attack by Israel on Friday, which sparked fears of a wider conflict and sent oil prices soaring. Stocks also fell as a result. Sources have confirmed that Iran asked regional allies press Donald Trump, the U.S. president, to convince Israel to accept a ceasefire. Geopolitics loomed large, and there were signs of cracks among the Group of Seven...

Sri Lanka's economic reform program, which is supported by the IMF, has seen significant progress, but there's still more to be done in order to reduce poverty, corruption, and domestic debt. The IMF's No. 2 official stated Monday. Gita Gopiath, the first deputy managing director at the International Monetary Fund (IMF), said that Sri Lankan reforms tested the social fabric of the country, but they also helped to pave the way for an even more resilient future. Sri Lanka has made a strong recovery since March 2023, when it secured a four-year loan from the global lender. In April, the...

Early Asian trade on Monday saw oil prices rise after Israel and Iran launched new attacks on Sunday. This heightened fears of escalating conflict that could lead to a wider regional conflict, and disrupt Middle East oil exports. Brent crude futures rose $1.70 or 2.3% to $75.93 per barrel at 2253 GMT. U.S. West Texas Intermediate futures gained $2.02 or 2.2% to $74.60. They were up more than $4 in the earlier part of the session. Both benchmarks closed 7% higher Friday after a session that saw them surge more than 13% to their highest level since January. Both militaries...

Abbas Araqchi, the Foreign Minister of Iran, said that Iran did not want to see its conflict with Israel spread to its neighbouring countries, unless it was forced. He added that its response to Israel had been in self-defence. Araqchi stated that Tehran was responding to an aggression from abroad, and if the aggression stopped, Iranian responses would cease. The Foreign Minister said that the Israeli attacks on the South Pars offshore gas field Iran and Qatar share were "a blatant act of aggression" He said that dragging the conflict into the Persian Gulf was a strategic error, with the...

The release of major economic, energy, and commodity reports from Washington will be affected by the Juneteenth federal holiday, which falls on Thursday, 19th June. The schedule is below. The times are in EDT/GMT. Some Treasury announcements may be subject to change. Monday, June 16 The U.S. Department of Agriculture releases weekly U.S. Export Inspections for Grains, Oilseeds and 1100/1500 Treasury Department's Weekly Sale of 3- and 6-Month Bills, 1130/1530 National Oilseed Processors Association releases monthly U.S. Soybean Crush, 1200/1600 Treasury Department offers 20-year Bonds, 1300/1700 USDA releases weekly Crop Progress 1600/2000 Tuesday, June 17 Commerce Department releases Retail Sales...

The West's energy watchdog announced on Friday that it is ready to release its oil reserves if the market experiences shortages as a result of Israel's attack against Iran. This statement was criticized by OPEC, which claimed the statement only created fear on the market. In recent years, the Organization of Petroleum Exporting Countries (OPEC), which represents some of the top oil producers in the world, and the International Energy Agency (IEA), representing oil consumers, have clashed over global oil demand trajectory and the pace of the transition to a clean energy economy. Fatih Birol, the IEA head, said that...

Donald Trump, the U.S. president, expressed his frustration Thursday over rising oil prices amid concerns about supply due to a potential conflict in Middle East. The global and U.S. prices of oil both rose by more than 4% to their highest level since early April on Wednesday before dropping a little on Thursday. Trump stated at a White House gathering that he did not like the fact that oil prices had risen a bit in the past few days. "It will keep going down, right?" We have the inflation under control. Prices rose on news that the U.S. is moving...

Italiana Petroli is in negotiations with three parties interested in purchasing the oil refinery and is expected to make a decision around the end this month on the possible 3 billion euro deal ($3.5 billion). Two sources familiar with the matter confirmed that. Sources previously stated that Gunvor, the global commodity trader, State Oil Company of Azerbaijan, (SOCAR), and the Abu Dhabi-based Bin Butti Group had all made binding offers to purchase 100% of the privately held group. Two sources said that industrial groups from the Middle East had contacted the Italian company in order to express their interest, should...

Germany's 10-year bond yield fell to a six-week-low on Thursday, as safe-haven flows benefited from market anxiety over trade and tensions with the Middle East. This came a day following soft U.S. Inflation numbers. Germany's benchmark 10-year Bund yield for the Euro zone was almost 5 basis points lower, at 2,486%. It has pared some of its declines since it dipped to its lowest level since early May, at 2.469%. . Yields dropped around the globe on Wednesday, after data showed that U.S. consumer price increases were lower than expected in May due to cheaper petrol and a healthy appetite...

The United States has withdrawn some diplomatic staff as well as military families from the Middle East citing regional security threats that are not specified. The long-standing rivalry between Iran and the United States may have contributed to tensions. This article explains the history of the rivalry and how it played out. It also explains why tensions have risen again. Why did Iran and the United States become enemies? Iran and the United States have been friends for much of the 20th Century. In the 1950s as the Cold War began to take hold, Washington relied heavily on Iran's ruling...

The Omani Foreign Minister said that a sixth round of U.S. - Iran nuclear talks would be held in Muscat on Sunday, following the announcement by U.S. president Donald Trump that Tehran will not be permitted to possess a nuclear device. Trump stated on Wednesday that U.S. military personnel are being removed from the Middle East, because it "could be a dangerous area". Here are some of Iran’s most important nuclear facilities. Where are Iran's nuclear facilities? The Iranian nuclear programme is spread out over many different locations. Despite the fact that Israel has been threatening airstrikes for decades, some...

Israel and Iran attacked one another for the fifth day in a row on Tuesday. U.S. president Donald Trump called on Iranians to leave Tehran citing his country's alleged rejection of a nuclear arms deal. The White House announced that Trump would leave the Group of Seven Summit in Canada a day earlier than planned due to the Middle East crisis. Fox News reported that he would convene the National Security Council. French President Emmanuel Macron stated that Trump's early departure is positive because the immediate goal was to get Israel to agree to a truce with Iran. "Iran would...

John Irish KANANASKIS (Alberta), June 15, 2015 - Instead of creating economic insecurity through trade tensions between the United States and Europe, the European Union's President Antonio Costa stated on Sunday. Costa, speaking to reporters alongside European Commission President Ursula von der Leyen before a G7 gathering in the Canadian Rockies was a chance to discuss "some problems" among allies and friends. Costa, in response to Washington's shift of its foreign policy away from China, said that the main issue between Europe, and the United States, is European defence. We should concentrate on this. "Since this is the primary issue,...

Ursula von der Leyen, President of the European Commission, said that more pressure should be applied to Russia in order to secure a ceasefire. She urged G7 nations intensify sanctions to achieve this goal. The leaders of the largest industrial countries are meeting in Canada’s Rockies, along with European nations. They want to keep the conflict in Ukraine on the minds of U.S. president Donald Trump, despite the fighting between Israel and Iran taking place in the Middle East. The European Union has decided to adopt new sanctions against Russia. However, they have not been able to convince Trump, who...

Investors were nervous ahead of the markets' reopening on Sunday evening. The risks ranged from increased prospects of a wide Middle East conflict to U.S. protests against Donald Trump, which threatened further domestic chaos. Israel and Iran have launched new attacks against each other on Sunday. Prime Minister Benjamin Netanyahu said that Israeli strikes will intensify, as Tehran has called off the nuclear talks which Washington had argued were the only way to stop the bombing. Yemen's Houthis, who are aligned with Iran, also joined the fray. The price of oil rose by 7% Friday as Israel and Iran exchanged...

Here are some key passages of a four-page Iran resolution that the 35-nation Board of Governors of the International Atomic Energy Agency passed on Thursday, according to diplomats. The text was still classified and only seen by. The Board of Governors ,... (d) Referring to the Board of Governors resolutions of 19 juin 2020..., of 8 june 2022..., of 17 november 2022 ..., of 6 june 2024 ...,, and of 21 november 2024 ...,, which called on Iran to cooperate fully with the Agency, and decided it was essential and urgent for Iran to act in accordance with its legal...

The U.N. Nuclear Watchdog's Board of Governors, which consists of 35 nations, declared Iran in violation of its nonproliferation obligations for the first time since almost 20 years on Thursday. This could lead to a report being made to the U.N. Security Council. The major step represents the culmination of several simmering standoffs between Iran and the International Atomic Energy Agency that have arisen ever since President Donald Trump, during his first term in office, pulled the U.S. from a nuclear agreement between Tehran and other major powers. That deal then unraveled. Iran is likely to escalate its nuclear program,...

The oil prices rose on Thursday, reaching their highest level in over two months after U.S. president Donald Trump announced that U.S. personnel would be moving out of the Middle East. This sparked fears about the potential disruption to supply if tensions escalated with Iran. Brent crude futures increased 15 cents (0.2%), to $69.92 a bar at 1230 GMT. U.S. West Texas intermediate crude rose 22 cents (0.3%), to $68.37. Brent and WTI both surged over 4% on Wednesday, reaching their highest levels since early April. Trump said on Wednesday that U.S. personnel was being relocated out of the Middle...

An Iraqi official in charge of security and a U.S.-based source confirmed on Wednesday that the U.S. Embassy in Iraq was preparing to evacuate due to increased security risks in this region. Aziz Nasirzadeh, Iran's Minister for Defense, said earlier that day that Tehran would strike U.S. military bases in the area if conflict and nuclear talks with Washington arise. The State Department didn't immediately respond to an inquiry for comment. The State Department has ordered the departure of (the) U.S. Embassy in Baghdad. Another U.S. official stated that the intention is to use commercial means but that the U.S....

The oil prices in Asian trade fell on Wednesday, as the markets assessed the results of U.S. - China trade talks that have yet to be reviewed and analyzed by President Donald Trump. Weak Chinese demand for oil, along with OPEC+'s production increase, weighed on the market. Brent crude futures fell 19 cents or 0.3% to trade at $66.680 per barrel. U.S. West Texas intermediate crude dropped 16 cents or 0.3% to $64.82 as of 0318 GMT. U.S. officials and Chinese officials have agreed on a framework for re-establishing their trade truce and resolving China's export limitations on rare earth...

The oil prices rose on Tuesday, as traders awaited the outcome of U.S. China talks which could ease trade tensions and increase fuel demand. Brent crude futures rose 12 cents a barrel to $67.16 at 0041 GMT. U.S. West Texas Intermediate Crude was trading at $65.42, up 13 cents after reaching its highest level since April 4, earlier in the session. Brent oil prices rose to $67.19 on Monday, their highest level since April 28. This was boosted by the prospect of a U.S. China trade agreement. The U.S. and China trade talks will continue in London for a second...

Oil prices fell on Friday, but are on track to gain their first weekly increase in three weeks following the resumption of trade talks between U.S. president Donald Trump and Chinese President Xi Jinping. This has raised hopes for stronger growth and demand in two of the world's largest economies. Brent crude futures dropped 19 cents or 0.3% to $65.15 per barrel at 0441 GMT. U.S. West Texas Intermediate Crude lost 20 cents (0.3%), to $63.17 after having gained around 50 cents Thursday. Both benchmarks are on course to end the week higher, after two weeks of falling. Brent is...

Ayatollah Ayatollah Khamenei, Iran's supreme leader, said that Tehran would not abandon its uranium-enrichment program, and rejected a U.S. request aimed at ending a decades long nuclear dispute. He said the demand was against Iran's interests. The U.S. proposal to a new nuclear deal Oman, the Middle East envoy of President Donald Trump, Steve Witkoff, and Iranian Foreign Minister Abbas Araqchi, presented a letter to Iran on Sunday. Iran insists on maintaining its uranium-enrichment program on its own soil, and Tehran refuses to send its entire stockpile of highly-enriched uranium abroad - a possible raw material for nuclear weapons. Khamenei...