Energy Markets

Oil prices were above $100 per barrel and global stock markets fell on Friday as investors worried about a possible?military conflict in the Middle East. European shares opened lower, but Japan's blue-chip Nikkei rose almost 1% and U.S. stocks futures moved up a little. The oil price, which was trading at around $107, has been under renewed pressure since Iran released video footage of commandos board a cargo vessel in the Strait of Hormuz, and reported that Tehran's Air Defences have engaged "hostile target". The price of oil has increased by more than 17% in the past week. This is...

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...

American Express's first-quarter profits surpassed Wall Street expectations on Thursday as its affluent clients spent money on discretionary purchases and travel. The backdrop is dominated by high interest rates, and concerns about inflation spikes due to higher gasoline prices. However, AmEx's customer base is more financially flexible. Billed Business, which is a measure for total spending with AmEx cards on an exchange-adjusted base, increased 9% to $428 Billion. In the third quarter, its revenue increased 10% to $18.9 Billion. AmEx shares rose 1.2% on premarket trading following results. American Express has increased its marketing investments, digital capabilities and reward programs...

American Express's first-quarter profits surpassed Wall Street expectations on Thursday as its affluent clients spent money on discretionary and travel purchases. The backdrop is dominated by high interest rates and concerns over a spike in inflation due to increased?gasoline prices. However, AmEx's customer base is more financially flexible. Billed Business, which is a measure for total spending with AmEx cards on an exchange-adjusted base, increased 9% to $428 Billion. In the third quarter, its revenue increased 10% to $18.9 Billion. American Express has increased its investments in digital capabilities, marketing and reward programs to attract Gen Z customers. Stephen Squeri,...

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...

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...

Goldman Sachs stated on Thursday that Gulf oil production has been severely curtailed due to the Iran conflict. It is likely to recover in a few months, after the Strait of Hormuz reopens fully, but it could take significantly longer. In April, the?bank estimated that?about 14.5 millions barrels of crude oil per day from Gulf production - about 57% of supply before war - were offline. This was mainly due to precautionary shut-downs and stock-management rather than damage to oilfields. Strait of Hormuz is responsible for?about one fifth of the global oil flow under normal circumstances. Therefore, a prolonged disruption...

Brazil's Government on Thursday announced a bill that will be sent to Congress, under which the additional?revenue generated by higher oil prices due to the U.S./Israel conflict with Iran would offset reductions in?federal tax on fuels. Planning Minister Bruno Moretti said the proposal was aimed at achieving full fiscal neutrality. Tax reductions would be dependent on extra revenues generated by an increase in oil prices. Dario Durigan, Finance Minister, said that the government was working on a two-month "calibrated" reduction. The government of President Luiz Inacio Lula da Silva is taking this step to "minimize the impact" of the higher...

The Kremlin announced on Thursday that Russia maintains a?flow of its 'oil? to?world-wide markets, thereby helping limit the impact the crisis triggered from the Iran war. However, it does not have any specific initiatives to suggest within OPEC+. "At this time, we are?contributing to stabilizing the prices and minimizing any consequences of the global energy crisis. "Russia continues to supply oil," Kremlin spokesperson Dmitry Peskov said in a daily conference call with journalists. "Demand increases, but the oil supply on the market does not increase, it actually decreases. He said that there are "no other initiatives" on the agenda. According...

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....

Pacific nations far from home are feeling the effects of a global fuel shortage. Authorities scramble to manage their energy supply, while families struggle with fuel restrictions and higher food prices. The U.S. and Israel war against Iran is disrupting traffic through the Strait of Hormuz which carries around 20% of the world's oil flows. Aid agencies 'warned' that the crisis had caused diesel, petrol, and kerosene prices to rise by up to 70% in Papua New Guinea following the Iran war. Godfrey Bongomin is the director of programme operations for World Vision Papua New Guinea. He said that many...

French officials said that they would 'fully offset the economic impact of the Iran crisis' by freezing certain spending. They announced this on Tuesday as part of a new set support measures. The government will be hit with a surge in energy costs and higher bond yields after the Iran War began. This is expected to cost between 4 billion euro ($4.7 billion)?and 6 billion euro, while increased borrowing costs are responsible for 3.6 billion, according to Finance Minister Roland?Lescure. After a meeting of lawmakers, budget minister David Amiel said to reporters: "In light of the 6 billion euro cost...

U.S. president Donald Trump dismissed Monday his top energy official's view that gasoline prices won't drop until 2027. He said Americans can expect lower costs once the Iran War ends. Chris Wright, the U.S. Energy Secretary, told CNN on Sunday that gasoline prices below $3 per gallon could happen this year but that it might not be until next year. "I don't think he is right on that." Trump said to a reporter for The Hill that he was "totally wrong" and added that the prices would be expected to drop as soon as this conflict ended. Wright, who was...

Two EU diplomats have said that the?European Union?will expand the criteria?of their Iran sanctions to include the individuals responsible for?blocking?the Strait?of Hormuz.?The Strait?of Hormuz has been?largely closed for nearly two months, upsetting global energy and commodity markets. After U.S. and Israeli strikes against Iran began on 28 February, Tehran effectively shut down the Strait of Hormuz. This cut off roughly one-fifth the world's supply of oil and liquefied gas. After Iran briefly opened the strait on Friday, more than a dozen oil tankers passed through it. However, the ceasefire agreement is now in jeopardy after the United States seizes an...

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...

The oil prices fell by 13% after Iran's Foreign Minister said that the Strait of Hormuz would remain open to all commercial vessels for the remainder of the ceasefire period. U.S. president Donald Trump also said Iran had agreed not to close the strait ever again. Brent crude futures dropped $12.87 or 12.95 percent to $86.52 per barrel at 10:50 am EDT (1450 GMT) after hitting a session's low of $86.09. U.S. West Texas Intermediate Crude Futures fell $13.50 or 14.26% to $81.19 per barrel after reaching $80.56. Both contracts traded at their lowest since March 10 and were set...

Early Friday morning, oil prices dropped on the optimism that the Middle East conflict could be coming to an end. A 10-day ceasefire between Israel and Lebanon went into effect after the inauguration of the ceasefire. Moreover, 'President Donald Trump' said the U.S. may hold talks with Iran over the weekend. Brent crude futures fell $1.34 or 1.35% to $98.05 per barrel at 0021 GMT. U.S. West Texas Intermediate Crude Futures declined $1.65 or 1.74% to $93.40 per barrel, reducing gains from the previous day. Trump addressed a major sticking point in talks to end the Iran War, which has...

Jose Guimaraes, Minister of Institutional Relations, said that Brazil will take new measures in the next few days to reduce the economic impact of the U.S.-Israeli conflict on Iran. This includes steps to lower gasoline prices. Guimaraes told reporters in Brasilia that the package is still being finalized. He also confirmed that the Finance Ministry officials are reviewing fuel prices. He said that the government was working on a scenario where there could be 'up to two months worth of conflict. However, it is still uncertain what impact this will have on the economy. SEVEN-DAY WORKWEEK Guimaraes said that the...