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Yonhap reports that the prosecutor has charged South Korea's four oil refining companies with collusion over price.
Yonhap News Agency, citing the prosecution, reported that South Korean prosecutors indicted four oil refiners for alleged collusion over fuel prices, which was estimated to have caused anti-competitive damage worth $17 billion. Yonhap reported that the companies are HD Hyundai Oilbank GS Caltex S-Oil and SK Energy. The 'Seoul Central District Prosecutors' Office spokesperson did not reply to my phone call and text message seeking confirmation of the report. A phone call or text message asking for confirmation of the report was not answered. Yonhap reported that the prosecutors alleged pricing managers from HD Hyundai Oilbank, SK Energy and other companies colluded on prices of petroleum products shortly after the outbreak of the conflict in Iran this year. Yonhap reported that they discussed the timing and scale of price increases. Yonhap reported that GS Caltex, S-Oil and other oil companies followed the same pricing. Yonhap, citing prosecutors, said that the total value of the anti-competitive effects was estimated to be 26 trillion won (17 billion dollars). SK?Innovation (the parent company of SK Energy) declined to comment. ?S-Oil ?had no immediate comment. HD Hyundai Oilbank, GS Caltex and BP did not respond to our requests for comments immediately. Korea Fair Trade Commission raised the penalty for collusion from 0.5% to at least 10% of the sales related to the violation.
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Nikkei is weighed down by technology as Nikkei's Topix falls on lower oil prices
Japan's Topix index of stocks?climbed for the sixth consecutive day on Monday as the decline in oil prices and positive momentum in global markets boosted investor confidence. The?Topix rose?0.50%, marking its longest winning streak in August 2025. The Nikkei, heavily weighted with tech shares, was down by 0.16% at 69,630.74. Investors kept an 'alert eye' on the central bank policies. The?Federal Reserve, under its Chair Kevin Warsh signaled a hawkish position, and the Bank of Japan was expected to tighten further. The markets were also able to breathe easier due to an increase in the oil production targets and the reopening of Strait of Hormuz. Maki Sawada is an equity strategist at Nomura Securities. She said that while Wall Street was closed for the holiday on Friday, Japanese stocks took their cues from the strong performance of European and South Korean markets. Sawada stated that "these factors, coupled with the downward trend of crude prices after?OPEC+ made its decision to increase production over the weekend, seem to support investor sentiment." "Fluctuations in ?these AI and semiconductor-related shares will continue to influence whether ?the Nikkei ?225 rises or falls." Sector performance was mixed, with industrials and transportation-related shares leading gains. Kawasaki Heavy Industries?surged 7.62% while Mitsubishi Heavy Industries rose 59.38%, marking a sixth consecutive session of gains. This is the longest run of gains since September 2025. Taiyo Yuden and Socionext both fell by 4.99% and 6.98% respectively. The Nikkei was positive in terms of breadth, with 169 advancing Nikkei shares against 56 declining ones.
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As the M&A frenzy grows, Australia's Genesis makes a $3.9 billion offer for Vault.
Genesis Minerals, a company based in Australia, has made a bid for Vault Minerals worth A$5.6 billion (about $3.95 billion). This is a higher offer than Regis Resources, as the surging gold price fuels a wave of consolidation within Australia's mining industry. This combination will create one of Australia's largest gold producers, with a value of A$12.6billion and a production capacity of 700,000oz per year. Genesis estimated on Monday that it would bring in about A$2 billion worth of synergies, as its Leonora operation is only 25 kilometers (15.53 miles) away from Vault. The ore of higher quality could be processed through Vault instead of having to expand its own processing plant. Vault shares rose 12.3%, to A$5.12, the highest since mid-March. Genesis shares fell 8.4% to A$5.76, whereas the benchmark was mostly unchanged. Genesis proposed 0.7629 shares and A$0.475 cash per Vault share. This valued Vault at A$5.274, which is a 15.7% increase over the last close of the stock, and almost 6% higher than Regis' bid for all the stocks in May. Vault claimed it had notified Regis about the proposal, and given them until Friday to match it or improve it. Genesis shareholders will hold 59.8% of the combined entity, and Vault shareholders 40.2%. It has also proposed to restructure its expanded board so that it includes three Vault nominees. Regis stated that it was evaluating its position and rights under the scheme. The shares of Regis rose 5.6% in the last week. In a $2.4 billion deal, Ramelius Resources acquired Spartan Resources last year amid a wave in consolidation driven by the rising gold prices. After a long period of poor performance, activist investor Elliott also pressured?Australia's biggest gold producer Northern Star?to put itself on the market.
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As oil prices drop and earnings loom, shares in Asia are on the rise
Asian shares were mostly higher on Monday as Wall Street futures started the week on a positive note on the back of a good earnings season. Meanwhile, oil prices are dropping, which will ease inflationary pressures. Although there have been no developments in the U.S. Iran peace talks, 160 ships were reported passing through the Strait of Hormuz from Monday to last Saturday. OPEC+ agreed to increase output targets for August by 188,000 barrels a day, in addition to the increases made in June and July. Brent crude fell 0.6%, to $71.70 per barrel, a level near the four-month low. U.S. Crude also lost 0.5% at $68.38. Futures indicate that there is a 78% probability of a stable outcome at the Federal Reserve meeting on July 29. This is due to the cooling of energy prices and a soft U.S. payrolls data. The minutes of the Fed meeting last week are due Wednesday. They should provide some insight into the recent hawkish turn by certain board members. Richard Yetsenga is the head of research for ANZ. He said: "Even if there were any fears that the Fed would move soon, we are safe, at least, for another month." He added, "Our overall view is that the Fed will not do anything. But clearly we have been above the Fed's preferred measure of inflation for five years." "There's a risk that the Fed runs out of patience." Investors should be able to focus on the earnings season ahead, when the AI boom will deliver bumper profits in tech. The only two companies to have made a big splash this week are Delta Air Lines (and PepsiCo), though Samsung Electronics will make a huge one on Tuesday, as analysts anticipate an 18-fold rise in profits. CHIMP MAKER BONUS PROFIT According to LSEG SmartEstimate, the world's biggest memory chipmaker based on sales will likely report an operating profit for the quarter of April to June of 86 trillion won (56.35 billion dollars). South Korea's hot market has cooled down a bit last week, but it is still up 92% this year as AI demand and limited supplies have boosted chip prices. The index gained another 2.25% Monday while Japan's Nikkei fell 0.1%. The broadest MSCI index of Asia-Pacific stocks outside Japan rose 0.4%. In Europe, EUROSTOXX Futures were flat. DAX Futures rose by 0.2%, and FTSE Futures declined by 0.2%. S&P futures rose 0.5% while Nasdaq rose 1.4%, adding to a 2.1% increase last week. The first data release is the U.S. ISM Services Survey is due to be released on Monday. Forecasts suggest a slight decline in June, but still a healthy 54.0. Later in the day, a number of central bankers, including Christopher Waller from the Fed Board, will be speaking at ECB's conference, and Christine Lagarde, ECB President, is also scheduled to speak in Paris. Markets are betting that New Zealand's Central Bank will increase its cash rate from 2.25% to 2.35% by a quarter-point, marking the first increase since mid-2023. The policy makers have been predicting a tightening of rates for some time. However, this was before the fall in oil prices. There is a chance that they will surprise us by keeping them steady. The?dollar index has stabilized at 100.880 on the currency markets after the disappointing payroll report for June. The euro remained flat at $1.1445 just above its recent 13-month low. As speculators continue to be wary of Japanese interventions, the dollar is still trading at 161,45 yen - not far off its 40-year high of 162,84. Gold was barely moved on the commodity markets at $4,177 per ounce after a 2% increase last week. (Reporting and editing by Jacqueline Wong; Wayne Cole)
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Oil prices drop after OPEC+ agrees on raising output targets
The oil prices fell on Monday as OPEC+ agreed that it would?increase the output target for August, while key?producers are recovering their exports via the Strait of Hormuz. This could add to global supplies. Brent crude futures fell 24 cents or 0.33% to $71.88 per barrel by 0010 GMT, after closing 0.45% higher Friday. U.S. West Texas Intermediate Crude was $68.58 per barrel, down by 11 cents or 0.16%. WTI was not settled on Friday due to the U.S. market being closed for Independence Day on Saturday. The two contracts were largely unchanged last week after falling over the previous few weeks. Investors kept an eye on the talks between the United States and Iran regarding the fate of shipping via the Strait of Hormuz, while also keeping tabs on the recovery of 'Gulf oil exports. On Sunday, the Organization of Petroleum Exporting Countries (OPEC) and its allies, including Russia have agreed to increase their output targets by 188,000 barrels a day starting in August. This is on top of the similar increases made for June and July. The increase in oil production has remained largely on paper due to the U.S./Israeli war against Iran. This conflict closed the Strait of Hormuz for tanker traffic, limiting the output of key OPEC producers such as Saudi Arabia, Kuwait, and Iraq. Tony Sycamore, IG's market analyst, said that the number was in line with expectations. "I'm not certain they mean much right now. With UAE leaving, and when quotas probably aren't being met because production is still ramping up following the conflict, I don’t think they really matter." The United Arab Emirates left OPEC on?May 1? Gulf countries have started reopening the supplies that were closed during the Iran War and are increasing exports. OPEC's oil?output? in June increased by 3.3 millions barrels per month, a study found. It had been at its lowest in over two decades. Gulf oil exports increased by?more than three million barrels in June from May, to 10 million barrels a day. However, the volume was still 40% below pre-war levels, according to data. Sources in the industry said that oil shipments from Russia's western port ports reached a record high in June, and that they are expected to remain at that level throughout July, as Ukraine drone attacks have damaged its refineries, forcing Moscow to increase crude exports. (Reporting and editing by SonaliPaul)
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Can it deliver? Who will buy and how much crude oil can OPEC+ increase? Russell
Two questions are raised by the decision of OPEC+, to increase crude production quotas a fifth consecutive month? from August. Who will purchase the product if they are able to ship it? At a Sunday meeting, the'seven core members' of OPEC+ (which groups together OPEC, as well as other producers like Russia) agreed to increase quotas - by 188,000 barrels a day starting August. This will bring the 'total increase since April to nearly 800,000 bpd. The first question can be answered positively if the Strait of Hormuz remains open and the volume of water flowing through the narrow waterway is restored to levels similar to those before the United States, Israel and Iran attacked Iran on 28 February. It's important to note that the benchmark should be total crude exports from the Middle East, not just the flows through the Strait. Saudi Arabia and the United Arab Emirates continue to use ports that are outside of the Strait of Hormuz. Even though the total number of shipments out of the Middle East has increased since the United States, Iran and other countries agreed on a 60-day truce on June 17, the volume is still below the pre-war levels. According to Kpler, data from commodity analysts, June exports were 9,62 million bpd. This is about half the average of 18,4 million bpd for the three-month period leading up to the conflict with Iran. Kpler is tracking shipments at 9.99 million bpd in July. However, this number is likely be revised higher once more cargoes have been?assessed. Even so, data shows that Middle East exports remain constrained, and the increased shipments of other regions such as Americas and Africa have not been enough to offset losses in the Gulf region. The oil industry is known to adapt quickly and it's reasonable to assume that they can increase production and exports from the Middle East as long as the Strait oh Hormuz remains open. The crude oil market prices crude as if OPEC+ will be able deliver its higher production quotas and as if there will be additional crude from former OPEC+ members the United Arab Emirates as well as Iran. Brent contracts traded around $71.72 a barrel in the early Asian trading on Monday. This is down from the closing price of $72.12 on the 3rd July and also lower than the $72.48 on the 27th February, the day before U.S. - Israeli attack on Iran. SUPPLY GLUTEN The crude futures markets appear to be pricing in a return to a narrative of oversupply that was prevalent prior to the Iran War. This narrative can only be justified if supply chains are restored, and OPEC+ producers and non-OPEC ones are able deliver increased production. There are other factors at play besides the obvious danger of a return of some sort of conflict between Iran and the United States. Brent prices were not able to rise above $126 per barrel during the Iran War because China, the world's largest crude importer, drastically reduced purchases. Kpler estimated that China's seaborne exports fell to their lowest level in over a decade, in June. Arrivals were?5,84 million bpd or half of pre-war levels. Kpler's tracking of imports shows that only 5.31 million bpd were imported in July. However, this number will increase as more cargoes arriving in July are assessed. If past experience is any indication, China will return to the crude market when refiners feel that crude prices have dropped enough. China's imports have a strong track record for increasing when prices drop and decreasing when they increase. This pattern has been accelerated in the last few months. Imports of petroleum products from smaller refineries will likely increase by August. If prices remain low, China's largest refiners will also be?likely to repurchase, though it won't show up until the fourth quarter at least. You like this column? Check out Open Interest, your new essential source of global financial commentary. ROI provides data-driven, thought-provoking analysis on everything from soybeans to swap rates. The markets are changing faster than ever. ROI can help you keep up. Follow ROI on LinkedIn, X. These are the views of the columnist, who is also an author. Editing by Jacqueline Wong
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Tennis-Sinner is prepared for Wimbledon heatwave
Jannik Sinner, who has been battling in the heat at the previous two Grand Slams, said that he is well-prepared to deal with it when temperatures are expected to soar in Wimbledon this week. The second week of the tournament will see temperatures rise again above 30 degrees Celsius. This is after a heatwave that broke British records in June with temperatures around 37 degrees Celsius. Sinner is from the Alpine region in northern Italy of South Tyrol. He struggled to stay physically fit during the heatwave in Paris in May, and fell in the second round?of the French Open. In January, he suffered cramps after an early scare in the Australian Open. The four-time major winner will face German Jan-Lennard Stuff in the quarterfinals, but he did not engage reporters in a discussion about when he would take to the court. It seems that you know the schedule better than I do. I don't remember when they put me in. It doesn't matter to me. I'm prepared. Sinner, after winning 6-3 7-6(0) and 6-3 over Japanese qualifier Shintaro mochizuki, said: "We did a great job preparing." "Whatever happened before, it is gone now. We'll now see if we have a solution. We'll keep trying to find the next solution if we don't. In any case, when you reach the quarter-finals of a Grand Slam tournament, your feelings will be different. "There is definitely more tension. In the same time, I am?very satisfied with where I am right now. We'll have to see what happens." Sinner stated that it is important to have the correct attitude on the court during the Grand Slam business stage. He added, "We know that the stages are becoming bigger and more important." "There is a greater attention to detail. We prepare each match as if it were the most important and then we'll know. "I try to control what I can, and then the others are trying to solve the problems." Reporting by Shrivathsa Shridhar in London, editing by Clare Fallon
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Sources say that OPEC+ is set to increase oil production again.
Sources with knowledge of the matter say that OPEC+ will agree to a further increase in production targets for August. This would add to the global supply amidst falling oil prices due to the gradual reopening of Strait of Hormuz to oil exports. One?OPEC+ official said that the oil producing group had agreed to increase quotas in principle by 188,000 barrels a day starting August. This is on top of the similar increases made for June and July. According to two other sources, a decision to increase this amount is the most likely result of the online discussion. Seven members of OPEC+ (which includes Russia and allied producers) have increased their production quotas by nearly 800,000 barrels a day between April and July. The production?begins to recover. However, the increase remained largely on the paper due to the U.S. and Israel war against Iran which shut down the Strait of Hormuz, preventing tankers from Saudi Arabia, Kuwait, and Iraq, some of the most significant OPEC+ member countries. OPEC data shows that OPEC+ production fell from 42.77 to 33.13 millions bpd between February and May. The U.S. helped the 'UAE and other OPEC+ countries export more oil in June, but it is still below pre-war levels. Oil prices are back to pre-war levels despite the supply disruptions. This is due to lower Chinese imports and higher exports by non-Middle East producers. Also, an unprecedented global strategic stock release coordinated by the International Energy Agency has pushed oil prices up. The Memorandum of Understanding to end the War has also helped to convince traders that eventually supply will return to normal levels. Brent crude prices LCOc1 were trading at $72 per barrel Friday, down significantly from recent highs of over $120 per barrel. Reporting by Alex Lawler and Olesya Astakhova; editing by Joe Bavier, David Holmes and Ahmad Ghaddar
The U.S. uses an Iranian smuggling technique to sneak oil from the Gulf
US military has conducted a number of secretive oil transfers between ships to maintain Gulf energy exports. They have used aerial and water drones, as well as helicopters, in an operation that guides convoys to waiting tankers. The US military operation near the Strait Of Hormuz uses a technique that Iran has long used to avoid sanctions.
Eleven people with knowledge of the operation identified two specific locations for the oil transfer - one off Fujairah, in the United Arab Emirates, and the other off Sohar's port in Oman.
According to satellite images and shipping data, the transfer began in early May. At least 116 vessels were involved. Satellite imagery shows that as recently as Tuesday morning 12 pairs of ships were seen side by side in the Gulf of Oman. Eight of them off the coast of Sohar, Oman, and four near Fujairah. Images from last week show that on June 11, the activity peaked and 17 pairs of vessels were seen simultaneously transferring oil at both sites. Four sources, including an ex-U.S. official who was aware of the attack, said that the Apache helicopter shot down by Iran on the 9th, which sparked retaliatory U.S. bombings, played a role in the mission. Six pairs of tanker vessels were grouped together on satellite imagery in a small area near the port of Sohar, the day that the Apache helicopter was shot down.
Could not confirm the role of the Apache in the operation. A U.S. Defense official responded to questions by saying that no Central Command forces were involved in the offshore ship-toship oil transfer operations. U.S. officials confirmed that a drone boat rescued both crew members.
Previously, the Apache's involvement in the operation, the extent of the transfers and how they operate, as well as the Apache's role, had not been reported. Centcom was contacted by the White House. The Iranian government has not responded to inquiries about the transfer operation. These two locations, located in the Gulf of Oman, near the exit of Strait of Hormuz are very close to the borders drawn by the Persian Gulf Strait Authority. This is a new Iranian body established to manage the Hormuz Strait. The Islamic Revolutionary Guard Corps may use drones and missiles to attack ships that do not comply with Iran’s orders. Fujairah has experienced repeated Iranian attacks during this U.S. led operation. According to British maritime risk management company Vanguard, a "unknown projectile", which struck a tanker near the coast of Oman, hit 'this past weekend. Vanguard stated in a press release that the crew was safe, and the impact had caused some cargo leakage but not environmental damage. The statement did not say whether the tanker had been involved in a transfer from ship to ship. Iran's response to the U.S./Israeli conflict was to effectively close the Strait of Hormuz. This is where roughly a fifth of the world's oil consumption passes. This caused the largest global energy disruption in history, and sparked inflation all over the world. Ship-to-ship transfers are part of Trump?administration efforts to restore normal oil flow from the Gulf, even though they're risky and inefficient. Donald Trump, the U.S. president, said that Friday would be the reopening of Strait of Hormuz under a framework agreement with Iran announced earlier this week. Details are still vague. It was not possible to determine if the announced agreement had affected oil transfers. An investigation published on May 20 revealed that Iran had established its own system to guide ships through the Strait. This involved island checkpoints and diplomatic deals, as well as sometimes fees.
STAGGERED Departures and Waypoints
Eight sources confirmed that the U.S. Military is in full control of the American transfer operations, including the private security contractor involved with the transfers.
According to satellite imagery and one source, tankers are required to sail to a rendezvous point before reaching the strait. They then stagger their departures to be around 3,000-4,000 meters apart. Four sources claim that their transponders and lights have been dimmed.
One source said that the Americans "are obviously?watching" you at all times.
The oil transfer begins when the tankers pass through the Strait just beyond the zone Iran has designated as its own. Many of the ships are Very Large Crude Carriers (VLCCs). The oil transfers take anywhere between 24 to 40 hours. The VLCCs are then loaded and sail through the Strait.
This ship-to ship operation is possible because a few shippers are willing to navigate their vessels through this strait in order to deliver oil to waiting tankers despite the Iranian ban.
The operation is dangerous. Noam Raydan is a Washington Institute senior fellow who specializes on maritime risk. He reviewed the findings.
Iran has used the ship-to-ship method for years in order to avoid sanctions because it hides the source. Iran usually operates one pair of vessels at a given time to avoid detection, and also because its exports before the war were small. The U.S. led operation, which involves massive transfers, provides Gulf producers with better protection against Iranian retaliatory strikes so that they can move crude oil, condensate, and petroleum products to foreign buyers.
The review included more than 12 satellite images, taken between 2 May and 11 June. These showed ship-to-ship transfers that involved state-owned Gulf oil tanker fleets as well as international vessels receiving the?oil. LSEG and Kpler data on shipping reviewed by revealed that tankers in the region met up repeatedly during the same time period.
Based on imagery up to June 11, it is estimated that 90 million barrels or petroleum products have likely moved through the offshore system since early May.
Based on the tankers carrying capacity, the volumes are still low compared to pre-war levels of approximately 20 million barrels per day that were passed through the Strait.
Michael Froman wrote in a Friday note that "as the old rules are weakening, it is ironic that America now takes a page from the playbook used by China, Russia and North Korea. Their so-called dark fleets pioneered this technique precisely to evade U.S. sanctions and UN sanctions." He was referring the practice of sending vessels through the strait with no transponders. Trump made this comment in his comments on June 10, after the downing the Apache.
Six sources who had direct knowledge of the operations said that the U.S. supported the?participating ships through a combination aerial surveillance, compliance screening, and monitoring instead of naval escort. No evidence was found that U.S. personnel were directly involved with the transfers.
A review of shipping records shows that international tanker operators dominate the receiving side of the operation. Dynacom Tankers, a Greek company, has spoken of its attempts to find innovative ways to ship oil across the strait ever since the conflict began on February 28, 2008.
George Procopiou (founder of Dynacom) told the Capital Link Shipping Conference in Athens on June 1 that "freedom of navigation" is essential. No one can impose any tolls, or other burdens. He said, "We're here to serve and Greece has a tradition of breaking blocksades since ancient times." "I won't go into details, but the hints should be enough for you to get my meaning."
Dynacom has not responded to an immediate request for comment about the U.S. operations.
A maritime source said, however, that the new system poses?its own risk to their industry.
The source for maritime security said that there was a lack of reliable data. Transponders that communicate the location of ships are turned off and companies do not report through the usual reporting centers. This increases the risk of collisions between ships traveling at night without lights at speeds which make maneuvering difficult.
Four sources with knowledge of the arrangements have confirmed that operators seeking to access the system must undergo a compliance assessment process before they are allocated transit window. This process involves submitting information to the U.S. Navy’s Naval Cooperation and Guidance for Shipping Office in Bahrain.
Two preliminary documents of compliance reviewed by? Operators were required to provide geospatial track histories, beneficial ownership disclosures, cargo documentation, and be willing to allow cargo testing.
Upon approval, the participating vessels will be assigned transit windows and remain in touch with the U.S. Military Office in Bahrain during the entire voyage. According to the shipping records examined by, Emirati exports make up a significant portion of the U.S. transfers. According to six of the sources, UAE's national oil company ADNOC was among the most active participants.
Kuwait Oil Tanker Company is also involved in the transfers. TankerTrackers.com reports that 2.3 million barrels were siphoned off one of their ships on the coast of Sohar, June 6, which was one of the busiest transfer days. Five days later, the receiving ship Sea Ruby was seen off India's south-west coast, bound for China where cargo was to be discharged.
Requests for comments from the UAE government, ADNOC, and Kuwait Oil Tanker Company were not answered.
Raydan said, "I do not see a solution permanent to all this." "This is only a temporary fix in these exceptional times."
(source: Reuters)