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US extends protection to Venezuelan-owned Citgo against creditors
According to a statement posted on the website of the U.S. Treasury Department on Monday, "the United States extended a license protecting Venezuelan-owned refiner Citgo Petroleum against 'creditors until June '19." The Office of Foreign Assets Control issued the general license to boost investment in Venezuela and increase oil production. The U.S. also strengthens its protection of Houston's?Citgo, and its overseas parent companies which are the crowning jewels of Venezuela's foreign assets. Citgo is America's eighth largest refiner. The previous OFAC licence, issued in March, was set to expire on May 5. Citgo will be acquired by Amber Energy, a hedge fund affiliate, after a Delaware court ordered the sale of PDV Holding last year to pay billions to Venezuelan creditors. For the sale to go through, the auction winner must still have OFAC sign off on the order and the protection licence lifted. In an opinion piece that appeared in the Wall Street Journal, Amber officials promised last month to invest $11 billion in Citgo Petroleum in the event OFAC released the refiner?to Amber. These investments include adding 125,000 barrels of crude oil per day to the Corpus Christi refinery in Texas. Washington has eased sanctions against Venezuela ever since U.S. troops 'captured President Nicolas Maduro 'in January. The U.S. government 'took control of the OPEC nation’s oil sale proceeds through a trust fund. (Reporting and editing by Michelle Nichols, Alistair Bell and Alistair Bell; Daphne Psaledakis, Timothy Gardner and Ismail Shakil)
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Gold drops nearly 2%, as Middle East threats support the dollar and keep inflation concerns in focus
Gold prices fell by?nearly?2% on Monday, as increased tensions between the U.S. and Iran boosted dollar values and reinforced inflation fears that kept expectations for higher interest rates alive. By 11:26 am, spot gold had fallen 1.9% to $4,526.88 an ounce. ET (1526 GMT). U.S. Gold Futures dropped 2.3% to $4,37.90. Bart Melek is the global head of commodity strategies at TD Securities. Authorities in the emirate reported that a fire had broken out at the Fujairah Oil Industry Zone following what they called a "drone attack" from Iran. The U.S. Military said that two guided-missile destroyers from the U.S. Navy had entered the Gulf to break the Iranian blockade. Brent prices increased by more than 5%. The dollar price of metals increases when the U.S. dollar is stronger. The escalating energy prices have also heightened inflation fears and boosted bets on central banks keeping interest rates high for longer. Barclays has joined the growing list of brokerages that have bet against any policy easing by the U.S. Federal Reserve in this year. The Fed's most divided decision in 1992 was to leave rates unchanged last week. This was due to deepening fears about rising energy prices. This week, key?data include the ADP Employment Report and the April Payrolls Report. Gold is a good hedge against inflation and geopolitical unrest, but it loses its appeal when rates are high because the metal offers no return. I see a strong level of support for gold around $4,200. I think that there will be broader issues later in the year which could support prices. Melek stated that traders may be pushed to sell positions due to uncertainty and rate hikes. Spot silver dropped 2.9% to $73.12, while platinum fell 2.1% to $1.947.05 and palladium lost 3.5% to 1,471.50.
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US Justice Dept. Targets Minnesota over global greenhouse gas emission
On 'Monday, the U.S. Justice Department filed a lawsuit against Minnesota for its regulation of global greenhouse gas emissions. This is a part of a series of federal actions that has included fraud investigations and immigration raids in Minnesota. In its complaint, the department claims that Minnesota tries to regulate greenhouse gas emissions by suing companies of energy in state courts. In a statement, Associate Attorney General Stanley Woodward stated that Minnesota officials could not 'undermine President Trump's directive to unleash American energy dominance by requiring their woke climate preferences be the uniform policy? of the nation. Tim Walz, the Minnesota Governor, did not respond immediately to a comment request. Trump declared a nationwide energy emergency on his first day as president, issuing an Executive Order to "unleash America’s affordable and reliable natural resources and energy." Minnesota has been a focus of the Trump?administration. Last week, the?U.S. Agents searched more than twenty locations in Minnesota, as investigations into fraud?in social welfare programs continued. In an immigration crackdown, the Trump administration sent thousands of federal officers to Minnesota earlier this year. They also requested records from Minnesota's attorney general and governor as part of a probe into interference with immigration enforcement.
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India's Reliance boosts LPG production by cutting alkylate exports
Reliance Industries, India's largest chemical company, is reducing output of alkylates while?diverting the feedstock in order to increase production of liquefied gas (LPG), as India struggles with shortages due to the Iran War. The operator of 'the world's largest refining complex runs its alkylation unit on a minimum rate, reducing exports of gasoline-blending components. Reliance exports alkylates primarily to the U.S., from its export-focused refinery that produces 704,000 barrels per day. The company claimed that LPG production had increased by'more than threefold compared to pre-war levels. The company stated in a press release that the move was made to fill in the gaps in the loss of LPG imported from Middle Eastern countries. The federal government ordered refiners in?March to increase LPG production, as India was facing shortages following the closure of the Strait?of?Hormuz. India, the second largest LPG importer in the world, is facing its worst gas crisis in decades. The government has cut supplies to industry, to protect domestic cooking fuel needs. About 90% of the country's LPG imports came from the Middle East. Reporting by Nidhi verma and Mohi narayan. (Editing by Susan Fenton, Mark Potter and Mark Potter.)
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India's electricity production reaches a two-year high due to intense heat
India's electricity production in April reached 167.61 billion?kilowatt?hours?, the highest level since May 2024?and will continue to rise?as intense heat leads to record highs in demand?, according to an analysis of government data?. El Nino forecasts are expected to lead to hotter, drier weather across Asia. Grid-India data revealed that peak power demand (a measure of maximum electricity requirements at any time) had already reached a record level on April 25. Peak power demand is expected to reach 270 GW during the hottest months in May and June. Grid-India data showed that India's annual power generation increased by 5.3% from April to April. RENEWABLE GENERACY INCREASES IT SHARE OF MIX Data showed that the share of renewable energy generation in India's electricity mix increased to 16.5%. This is the highest level since July 2025. The South Asian nation produced 27,58?billion? kWh of renewable energy in April, an increase of 22.3% over the previous year. Debabrata Ghosh said that a solar-heavy system can meet the absolute peak demand in the daytime. Ghosh said India needs more power storage infrastructure in order to meet peak demand when solar power cannot be produced "at the earliest". According to the India Meteorological Department (IMD), large parts of India experienced temperatures of up to 45 degrees Celsius in April. In March, the government stated that it was confident about meeting the peak of 270 GW. The data shows that coal-fired electricity generation grew 2.6% on an annual basis to 121.34 billion kWh (about 125.34 billion kWh) in April, which is the fastest growth since December. The coal share of the total power generation fell to 72.4% from 74.3% in April, as renewables expanded. The data revealed that hydropower production increased by 11.8%, to 11,46 billion?kWh. Gas-based electricity generation dropped 33% from April of last year due to high fuel prices and supply constraints related to the Middle East crisis. Gas-fired power usage increased during peak demand periods despite this. The gas-fired generation increased to 9.6 GW by the end of April, up from 2 GW at the beginning of the month. This highlights its role as a back-up power source. Sethuraman N.R., Nidhi V.R. and Babrara L. Lewis edited the report.
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Argentina's mining exports will increase by 49% in 2026.
According to Roberto 'Cacciola, a?president of Argentine Chamber of Mining Companies, the mining exports of Argentina are expected to increase by 49% in 2026 and reach $9 billion. Cacciola stated that the estimate is conservative and added that the value could be higher if the current prices continue. Argentina exported mining exports worth $6.056 billion in 2025. This was a 30% increase over the previous year. The Incentive Regime for Large Investments (RIGI) was launched by President Javier Milei. Through this, the country attracted investments from mining giants such as BHP and Rio Tinto. The chamber reported that 13 projects totaling $42 billion have been submitted to RIGI. Seven of these have already been approved for $7.9 'billion. Argentina has moved up from 12th to 7th place in the world's top exploration destinations. Environmentalists and scientists have warned that the reform would undermine protections of water resources and weaken environmental protections. Reporting by Lucila SIGAL; Editing by Aida PELAEZ-FERNANDEZ and Brendan O'Boyle
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Brookfield Nuclear Company forms joint venture to develop nuclear power
On Monday, The Nuclear Company and Brookfield Investments announced that they would form a joint-venture to 'develop nuclear projects using u.s. The Nuclear?Company and Brookfield announced on Monday that they will form a joint venture to?develop nuclear projects utilizing?U.S. They said that the new company would combine Brookfield’s expertise in asset management, energy infrastructure development and "nuclear?project delivery capabilities" with The Nuclear Company. This includes project'management, licensing support, and oversight of the engineering, procurement and?construction for Westinghouse AP1000 or AP300 reactors. Investors and governments are partnering to revive nuclear power as an 'emission-free, stable energy source in the face of rising electricity demands from data centres and electrification. Last year, the U.S. Government signed a partnership agreement with Westinghouse Electric Inc. of Canada that will build nuclear reactors worth at least $80 Billion. Brookfield and The Nuclear Company expect to?move towards definitive agreements within the next few months, subjected to regulatory approvals. As part of the agreement, Brookfield has appointed the new venture to be the project manager of the proposed restart of a partially constructed V.C. Summer Units 2 & 3 in South Carolina. (Reporting and editing by Maju Samuel in Bengaluru, Katha Kalia)
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Gold falls as Iran threatens to support the dollar, keeping inflation fears in mind
Prices of gold fell on Monday, after the?Iran claimed it had hit a 'U.S. Gold?prices fell on Monday after?Iran said it had struck a u.s. By 8:51 am, spot gold had fallen 0.9% to $4,572.40 an ounce. ET (1251 GMT). U.S. Gold futures dropped 1.3% to $4.583.70. Gold prices are down again, due to the Strait of Hormuz issues. "The latest 'news' clearly did not give the market confidence in the future and raised the specter inflation issues along with fairly hawkish interest rate signals," said TD Securities global head of commodity strategies Bart Melek. According to Axios, Iran claimed that it forced a U.S. ship to turn around?from entering Strait of Hormuz. However, a U.S. official has denied the report. After the news, both the U.S. Dollar and oil prices rose. The dollar price of metals increases when the U.S. dollar strengthens. The soaring prices of energy have heightened inflation fears and boosted bets on central banks keeping interest rates high for longer. Barclays has joined the growing list of 'brokerages who bet against any policy easing by the U.S. Federal Reserve in this year. The Fed's most divided decision since 1992, which was made last week, left rates unchanged. This was due to the growing concern about the rising energy prices that are affecting the economy. This week, key data includes the ADP Employment Report and the April Payrolls report. Gold is a hedge against inflation, geopolitical unrest and other risks. However, it loses its appeal when rates are high because the metal offers no return. "I see strong levels of support around $4,200 gold. I think that there will be broader issues in the future which could support gold prices. Melek stated that traders could be pushed to sell positions due to uncertainty and possible rate increases. Silver fell by 1.9% at $73.94, while platinum dropped 0.9% to $1971.05 and palladium lost 2.4% to $1488.28. (Reporting and editing by Shilpa Majumdar in Bengaluru, Ashitha Shivaprasad from Bengaluru)
Israel says it has launched its biggest ever strike on Tehran after hitting Iran's Evin Prison
Israel bombed the Evin prison, one of Iran's most powerful symbols, on Monday in the Iranian capital. This was the "most intense" attack Israel has ever made, and it came a day after US nuclear sites were also destroyed.
Iran reiterated earlier threats of retaliation against the United States. It had not done so in any meaningful way after more than 24 hour since U.S. Bombers dropped 30,000-pound bunker busters on its underground nucleus sites. Meanwhile, U.S. president Donald Trump publicly mused about toppling the Iranian government.
Oil prices barely moved on the first day of trading after the U.S. entered the war. This suggests traders do not believe Iran will follow through with its threats to disrupt Gulf oil supplies.
The Mizan news outlet, which is part of the Iranian judiciary, confirmed that the prison was hit. The news outlet said that part of the prison was damaged, but the situation had been under control.
Video posted by Israeli Foreign Minister Gideon Saar to X shows an explosion at a structure with a sign identifying the building as an entrance into Evin prison, located in northern Tehran. The accompanying words are: "Viva La Libertad!" Spanish for "Long live freedom." Could not verify the video immediately.
Evin is the main prison in Iran for political prisoners and security detainees, especially since the 1979 Revolution. It has also been the site of many executions, which remain powerful symbols for the Iranian opposition. It is also where several high profile foreign prisoners are held.
Israel Katz, the Israeli Minister of Defence, made it clear that Israel would no longer limit its attacks on Iran to their initial targets like its nuclear program and missiles. Instead, Israel would target Tehran's ability maintain power.
In a press release, he stated that "the IDF is striking with unprecedented force regime targets and government repression organs in the heart Tehran".
Iranian media reported conflicting information about the extent of the strikes in Tehran, a 10 million-person city where a large part of the population fled after 10 days bombing.
Tasnim reported that a strike had occurred at a feeder station for electricity in the neighbourhood of Evin. Tavanir, the power company in Tehran, reported that some parts of the capital experienced electricity outages.
Iran's Student News Network reported that Shahid Beheshti University was also affected. The university's Public Relations office denied the report.
Limited Options
Since Trump joined Israel’s campaign and dropped massive bunker-buster weapons on Iranian nuclear sites,
Has repeatedly threatened to retaliate.
While it continues to fire missiles against Israel, the United States has not taken action, either by shooting at U.S. base or by targeting 20% of global oil shipping that passes near its coast, at the mouth the Gulf.
In a video recorded on Monday, Ebrahim Zalfaqari, a spokesperson for Iran's Khatam al-Anbiya Central Military Headquarters, stated in English that "Mr Trump the gambler may have started this war but we will end it."
Trump's administration repeatedly stated that it is only interested in destroying Iran's nuclear program, and not to start a larger war. In a Sunday social media post, Trump talked about toppling hardline clerical leaders who have been Washington’s main enemies in the Middle East ever since Iran’s 1979 revolution.
It's not politically correct for the phrase "Regime Change" to be used, but if Iran's current Regime is incapable of making IRAN GREAT AGAIN why wouldn't a Regime Change occur? MIGA!!!" He wrote.
Experts examining commercial satellite images said that it appeared the U.S. strike had caused severe damage to the site of Iran’s Fordow nuclear power plant, which is built into a mountain.
Trump called the strike "Bullseye !!!"
He wrote that "monumental damage was done to all Nuclear Sites in Iran."
ISRAELI STRIKES AGAIN
Israel's airstrikes against Iran have been met with little resistance by Iranian defences, since Israel launched their surprise attack on Iran on June 13th, killing many of Iran’s top commanders.
Iran has been releasing few pictures of the damage in an apparent attempt to reduce panic since the first days of the attack. Since the bombing, there has been a major disruption in internet access. This makes it difficult to spread information both within Iran and internationally.
Israeli defenses intercepted a missile fired by Iran on Monday morning. Overnight, air raid sirens were heard in Tel Aviv as well as other areas of central Israel.
Iran's ability for retaliation is much more limited now than it was a few month ago. Israel has defeated Iran's most fearsome regional proxy force in Lebanon, Hezbollah. Iran's most powerful client, Syria's Bashar Al-Assad, was overthrown shortly after.
Oil prices are not at crisis levels, but that is the most effective way for Iran to harm the West.
Brent crude futures, which briefly jumped above $80 per barrel at the opening, were only up 0.5% at $77.38 on Monday morning, after even being down at one point.
Prices are still higher than before Israel launched its attacks in this month. Even that premium, traders said, could diminish.
Ole Hansen is the head of commodity strategy at Saxo Bank. He said: "It is worth noting that a geopolitical premium now exceeding $10 per barley cannot be sustained without a tangible disruption in supply."
Although no final decision has been made, Iranian lawmakers have discussed closing the Strait of Hormuz which leads into the Gulf. Marco Rubio, the U.S. Secretary for State, played down this threat.
It's economic murder for them to do so. "We have options to deal that", he said.
(source: Reuters)