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US officials claim that the US demands Iran to stop its attacks on the Hormuz Strait.
Senior?U.S. officials have said that the United States demands that Iran publicly'state that it will stop attacking ships in the Strait of Hormuz, and that all lanes in the Strait will be opened to shipping without any tolls. Officials from the United States said Friday that Iran has refused to give up control of the Strait of Hormuz, a strategic waterway through which a fifth of world oil flows. Iran has refused to relinquish control of the Strait, a strategic waterway that is used by a fifth the world's supply of oil. U.S. officials stated that recent conversations between the U.S. and Iran had been fruitful. The officials made their comments in a conference to a small number of journalists. "We're demanding that the Iranians release a public statement that acknowledges that all channels of Strait of Hormuz remain open and that they are no longer shooting at ships. "They have to make that public statement, or else we won't be able to get a positive outcome for them," said an official. Iran told Washington that recent attacks against shipping in the Strait of Hormuz were caused by "a errant component of their system", according to a senior official. An official stated that there appears to be a real-time power struggle between hardliners and pragmatics in Iran. This week, three Qatari and Saudi tankers were 'under fire.' The U.S. responded by hitting Iranian sites and Iran responded with strikes against U.S. military bases in Gulf states. Donald Trump, the U.S. president, has declared that both sides have broken their ceasefire agreement signed in June. Iran's official news service IRNA reports that Iranian Foreign Minister Abbas Araqchi is traveling to Oman this Saturday to discuss bilateral relations, regional developments and the situation in the Strait. "We hope to reach a point where they publicly acknowledge that they messed up and stop shooting at boats. "We are working on it now," said an official. The official stated that "the president has ordered us to speak, but as he has shown a willingness, if they continue to shoot at ships or engage in any other hostile act, we will hit them back." The U.S.'s fundamental demand is that Iran hand over its nuclear material. Tehran is thought to have more than 900 lbs. of highly enriched Uranium. Trump and other U.S. official call this "nuclear powder." Negotiations are supposed to take place over a period of 60 days based on the memorandum that was signed by both countries in June. One official stated, "I just want to make it clear that we will not have an agreement with Iran if we fail to get the dust." If Iran does not agree, the official stated that "we have many options", including military and economical options. (Reporting by Steve Holland; Editing and Sanjeev miglani, David Ljunggren)
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Iran media reports that the fire at a western Iranian mini refinery has been contained.
The semi-official YJC Iranian news agency, citing a local source, reported that a fire which broke out on Friday?at 'the Oxin Palayesh'mini-refinery' in Iran's western Lorestan Province has been put out. YJC quoted the safety manager at Lorestan Industrial Estates Company as saying that the fire was contained to a 'barrel of waste oil' and 'didn’t spread to refinery facilities or storing tanks. Iranian state media reported earlier that a fire had broken out just after 5 pm local time, sending a thick smoke column over Poldokhtar. Firefighters initially struggled to contain the blaze due to its 'intensity' and presence of flammable material. The state media reported that the deputy governor of?Lorestan said no fatalities or injuries were reported, and the cause of the fire is being investigated. The deputy governor said that preliminary reports showed?that it was likely the raw materials section of the industrial unit which caused the fire. Enas Alashray, Louise Heavens, and Edmund Klamann edited the report.
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US officials claim that the US demands Iran to stop its attacks on the Hormuz Strait.
Senior U.S. officials stated on Friday that the United States?is requiring that Iran publicly?state that it will cease attacks on ships in?the Strait?of Hormuz?and?that?all lanes will be open for shipping without tolls. Officials said that recent conversations between the two countries had been fruitful. The officials made the comments in a conference call to a group of journalists. "We're demanding that the Iranians release a public declaration?that acknowledges that all channels of the Strait of Hormuz?are?open? and they aren't shooting at ships any more." "They'll either give us this statement or we won't have a good result for them," said one official. One senior official said that Iran told Washington the recent attacks against shipping in the Strait came from "an errant part of its system." An official said that there appears to be a real-time power struggle between pragmatists and hardliners in the?Iran. The attack on three ships this week prompted President Donald Trump to launch a 'U.S. Strikes on Iranian targets. He has declared the ceasefire signed by both sides in June is over.
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Wall Street rises and oil falls as investors bet more on AI growth than Middle East tensions
Investors continued to be enthused about AI and shrugged off the dispute between the U.S. The three major U.S. All three major?U.S. MSCI's global stock index rose 0.4% last week. The renewed attacks on the U.S. and Iran have further undermined the fragile three week old ceasefire. However, the markets have taken the developments in the Middle East with ease. SK HYNIX’S U.S. DEBUT South Korean semiconductor maker SK Hynix made a big splash in U.S. stock markets on Friday. Its?U.S. listed shares jumped 14 percent after raising $26.5 billion. This indicates that investors are eager to get exposure to the 'AI supply chain. The massive offering will fund new factories and equipment in order to meet the surging demand for AI chips. It is expected to be the second largest share sale worldwide after?SpaceX’s record-breaking IPO. Investors waited for clarity about the fragile?ceasefire agreement between the U.S. ?U.S. Donald Trump announced on Friday that both nations would continue to negotiate but that the June agreement to cease military action is "over." Both countries claimed that military action was taken in recent days by both nations in the Gulf. This re-ignited a conflict which disrupted global energy trade through the Strait of Hormuz. Brent crude fell by 0.41% to $75.99 per barrel on Monday, despite looming fears. BMO Senior economist Carl Campus wrote in a recent note that oil prices had also remained "remarkably calm" despite the conflict spreading (once more) to some neighbouring nations. While there are many factors that may be preventing a larger?surge, perhaps the optimism surrounding ongoing talks is what's causing it. The Japanese yen was the focus of attention on currency markets. It firmed after comments by Japanese Finance Minister Satsuki katayama suggesting that repatriation might be coming for Japanese investors. The dollar was 0.4% higher at 161.71 US dollars. dollar. In recent days, the frail yen was hovering around its lowest point in 40 years as traders waited for Tokyo to intervene. Investors waited for catalysts that would help them gauge the direction of U.S. Interest rates. The dollar index (which?measures?the greenback against a basket?of currencies, including the yen?and the euro?) rose by 0.05% to reach 100.96. The yield on the benchmark 10-year U.S. notes increased by 2.22 basis points, to 4.561%. Reporting by Pete Schroeder, Washington; Additional reporting by Neil Mackenzie, London, and Ankur Banerjee, Singapore; Editing and production by Tom Hogue and Jan Harvey; Nick Zieminski; Aurora Ellis; and Deepababington.
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The US has made it easier for the UAE to import Nvidia AI chips, military equipment and other items.
U.S. export controls were loosened on United Arab Emirates Friday. This will help to improve relations between the two allies. The announcement highlights the strengthening of U.S. - UAE relations. As Washington's ally in the Gulf, the UAE plays an increasing role in its?strategy towards Iran. It also creates revenue opportunities for U.S. firms, especially tech firms. Federal Register, government's official journal said that the UAE government and "approved" companies will be able access advanced computing products without a license. The UAE's G42 and Core42, as well as U.S. firms and their subsidiaries in the country including Amazon, Apple and xAI are now exempt from licensing for AI servers and chips. The Commerce Department stated that the U.S. has worked with the UAE?for decades' to counter Iran and it's proxies including Hamas Hezbollah, and the Houthis. The posting stated that "more recently, the UAE has played a crucial role in advancing U.S. interest during Operation Epic Fury," referring to U.S. and Israeli strikes against Iran which began in February. It also noted that the UAE is the United States' largest trading partner in the Middle East and its direct foreign investment in the United States is valued at more than $1 trillion. The Commerce Department has moved the UAE to a group of countries that allows more license exemptions for items with dual-use and military applications controlled by the Department. The UAE is the only member of the group that does not belong to multilateral export control regimes. NATO and other allies are also included in the group. Israel and Saudi Arabia, for example, are not part of this group. The change will allow access to certain exports that are involved in oil production, gas production, and civil nuclear energy generation. The Commerce Department posted that in addition to Amazon, Apple, and xAI U.S. companies will not need licenses for advanced computing items received in the UAE, including Google, Meta Microsoft, OpenAI, and Oracle. The posting also stated that the Department plans to "favorably" review export license applications for servers and chips to UAE company MGX. The U.S. and the UAE reached an agreement in 2025 to allow the UAE to import hundreds of thousands Nvidia AI chip. The Commerce Department announced on Friday that the UAE's?government? and approved companies?would be able to access the market without a license. This is in line with the framework finalized for May 2025. The granting of licenses to companies such as G42 was controversial, partly because the companies could potentially serve Chinese clients. Former Commerce Department official said that under 'this new regime', there would be no room for debate in the administration. The move has raised the hackles and anger of Democratic Senator Elizabeth Warren. She is the ranking member of Senate Banking Committee. Warren stated in a press release that "we already know the UAE royal who is behind G42 and MGX secretly purchased a 49% share in the Trump 'crypto company World Liberty Financial." "Now, 'Trump’s Commerce Department has granted G42 access to advanced AI chip technology and promised favorable treatment to MGX despite concerns over the diversion to China of sensitive technology and other national security threats." Commerce Department didn't immediately respond to an inquiry for comment. (Reporting and additional reporting by Daphne Psaledakis, David Shepardson. Doina Chiacu, Andrea Ricci and Doina chiacu edited the story.
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Trump Administration rule weakens protections of threatened species
The Trump administration made a major change to the way threatened species are considered by agencies on Friday, removing language that was intended to prevent damage?to wildlife habitats. The change?limits' the reach of 50-year-old Endangered Species Act. This act is credited for saving the bald eagle and California condor, as well as numerous other plants and animals from extinction. Interior and Commerce departments said that the final rule would'reduce permitting and complying costs for energy producers and farms. This move aligns with U.S. president Donald Trump's desire to "reduce regulations" that, according to him, constrain American business. Interior Secretary Doug Burgum stated that "this?action restores the common sense. It respects private property and provides much needed certainty for landowners." Endangered Species is an important regulatory consideration when government agencies are deciding whether or not to issue permits for oil and natural gas, mining, transmission of electric power and other operations on federal land and water. The law requires that agencies evaluate the impact proposed operations have on threatened and endangered animals. Habitat destruction is no longer included in the definition of "harm" under the ESA. Project developers can now destroy habitats where wildlife lives, as long as they don't harm or kill the animals. It was first proposed in April last year. Reporting by Nichola Grroom; editing by Chizu Nomiyama
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Gold is under pressure due to Middle East tensions, which are driving up rate bets
Gold prices eased Friday, and were on track for a weekly decline. Higher oil prices linked to the Middle East conflict fueled inflation fears and raised expectations of tighter U.S. policy. By 2:10 pm EDT (1810 GMT), spot gold was down 0.4% at $4,103.23 an ounce. It had fallen 1.7% in the past week. U.S. Gold Futures for August were around 0.7% lower, at $4.113.70 an ounce. Bart Melek is global head of commodity strategies at TD Securities. He said that the major 'factor' here was the resumption of tensions between Iran and the U.S. Investors are not keen to hold onto gold or silver at this time, and this is why the price has moved towards 4100. According to the International Energy Agency, the recent hostilities between Iran and the U.S. could "upend" its forecast for a significant surplus in the oil market next year. The oil prices were poised to rise by a significant amount this week, fueled by concerns about supply amid the recent U.S.-Iran strike. The rising cost of energy fuels inflation fears, which in turn increases expectations for interest rate hikes from central banks. Gold is often viewed as a hedge against inflation, but higher interest rates can make it less attractive. "Everything points to the market being concerned about inflation, especially since oil has recovered in the past few days. The Federal Reserve, in particular, will be on guard. According to the CME FedWatch Tool, traders are pricing in a 69% probability of a rate increase?in September. Minutes from the Fed's June meeting showed a split between hawks and doves as concerns about inflation increased. Investors will now be watching the Fed Chair Kevin 'Warsh's testimonies and next week's data on inflation to gain more insight into monetary policy. Gold prices in India were at a discount this week. Demand in China was stable after the central bank announced its biggest monthly increase in gold reserves for more than two-and-a half years. (Reporting by Sukanya Mitra in Bengaluru; Editing by Vijay Kishore and Jonathan Ananda) (Reporting and editing by Vijay Kishore, Jonathan Ananda, and Sukanya Mitra in Bengaluru)
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USDA reduces again its projections for US sugar production
The government projected that the sugar?production for the crop year starting in October would be 9 million short tonnes (ST). This is 59,000 ST lower than the estimate made last month because of a smaller area of beets to be harvested. The U.S. Department of Agriculture has lowered its monthly forecast for the second time in a row. This means that the country will need to import more goods in order to maintain a balanced supply scenario by 2026/27. The USDA has reduced its forecast for beet sugar production to 4.82 m ST from 4.93 m ST in June. However, it has increased its estimate for cane?sugar to 4.18 m ST. USDA expects that imports will now reach 3.57 millions ST in the new season, up from 2.69million ST the previous season. The USDA increased expected lower-tariff imports of neighboring Mexico by 300,000. ST to 1.34 million ST. The USDA considers 13.5% as a good level for the market, since imports are offset by lower production. The sugar consumption was estimated at 12,57 million ST. This is the same as previous years. (Reporting and editing by Aurora Ellis; Marcelo Teixeira)
Wall Street and oil price are on the decline as investors focus on SK Hynix and Middle East tensions
Wall Street was moderately high, and oil prices fell a bit as investors remained enthusiastic about AI and ignored the ongoing dispute between the U.S. The Dow Jones Industrial Average rose 0.32% in'midday trading on Friday. S&P 500 rose 0.34% and Nasdaq Composite gained 0.27%. MSCI's global stock index rose 0.37% last. The renewed attacks on the U.S. and Iran have further undermined the fragile ceasefire that has been in place for three weeks. However, the markets have mostly accepted the developments in the Middle East. Investors continue to focus on oil prices and inflation.
SK HYNIX’S U.S. DEBUT South Korean semiconductor maker SK Hynix made a big splash in the U.S. Friday, with its U.S. listed?shares soaring 14% on their Nasdaq debut after raising $26.5 billion. This shows a strong appetite from investors to get exposure to the AI'supply chain. The massive offering will fund new factories and equipment in order to meet the surging demand for AI chips. It is expected to be the second largest share sale worldwide after SpaceX’s record-breaking IPO last month. Oil prices fell Friday as investors awaited clarification on the waning?ceasefire agreement between the U.S. Donald Trump, the U.S. President, said on Friday that both nations would continue to negotiate but that the June agreement to stop military action is "over." Both countries claimed that they had taken military action in recent days, re-igniting the conflict in the Gulf and disrupting global energy trade through the Strait of Hormuz. U.S. crude fell by 1.11%, to $71.28 per barrel. Brent dropped to $75.82, down 0.63% for the day.
BMO Senior economist Carl Campus wrote in a recent note that oil prices have remained relatively calm, despite the conflict spreading (again) to some neighbouring nations. While there are a number of factors that may be contributing to the calm, it could also simply reflect the optimism surrounding ongoing talks. Attention remained focused on the?currency market, where the Japanese yen firmed after Katayama said that repatriation was possible for Japanese investors.
The dollar was 0.5% higher at 161.56 US dollars. dollar. In recent days, the frail yen was hovering around its lowest point in 40 years as traders waited for Tokyo to intervene.
Investors waited for catalysts that would help them gauge the direction of U.S. Interest rates. The dollar index (which?measures?the greenback against a?basket of currencies including?the euro and?the yen) fell 0.02% at 100.89. The yield on the benchmark 10-year U.S. notes increased 2.83 basis points, to 4.567%. Reporting by Pete Schroeder, Washington; Additional reporting by Neil Mackenzie, London, and Ankur Banerjee, Singapore; Editing and production by Tom Hogue and Jan Harvey; Nick Zieminski, Susan Fenton and Aurora Ellis.
(source: Reuters)