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Oil prices drop, stocks rise amid Iran peace hopes and yen firm as investors wait for further intervention
The yen gained strength after the U.S. confirmed a joint intervention by Japan and the U.S. to support the currency. Investors watched for further signs of intervention. U.S. President?Donald Trump held off on a new attack against Iran over the weekend. Trump announced on Monday that talks were underway with Iran, warning that this was the "last chance" to get Tehran to agree to a deal that would end the five-month war. Iran, however, denied that negotiations were taking place or were planned. Brent futures for the front-month fell by $6.35 or 7.0% to settle at $83 a barrel. U.S. West Texas Intermediate crude (WTI), however, fell $4.33 or 5.1% to settle at $80.34. Dow Jones closed at a record high. Earnings optimism also helped to support equities. Peter Cardillo is the chief market economist of Spartan Capital Securities, based in New York. He said, "The sharp fall in oil prices due to Trump cancelling his severe attacks against Iran, and hopes for a diplomatic solution, got things moving this morning." He added that "sofar, most earnings have exceeded expectations" and the guidance was positive. According to LSEG, more than 300 S&P component companies have already reported earnings, and 85% of them beat expectations. Amazon's market cap surpassed $3 trillion on Monday for the first. This was aided by a sharp rally after its recent strong earnings, and signs that AI is driving new demand for cloud computing services. Amazon shares closed the day 4.6% higher. The Dow Jones Industrial Average rose 693.38?points, or 1.32 %, to 53.178.41. The S&P 500 rose to 7,600.50, and the Nasdaq Composite gained 540.04?points, or 2.13 %, to 25,913.90. The MSCI index of global stocks rose 10.50 points or 0.94% to 1,131.01. The pan-European STOXX 600 gained 0.45%. AstraZeneca shareholders punished the pharmaceutical company over reports of merger discussions with U.S. competitor Bristol Myers Squibb, which could make it the world's largest drugmaker with a combined worth of almost $400 billion. Investors are watching for more yen interventions after Japan's Finance Ministry announced on Monday that Japan and the U.S. have conducted a coordinated yen buying intervention. The intervention on Saturday underscored the resolve of both countries to prevent global spillovers from a yen selloff and Japanese government bonds. Trump stated on Sunday that U.S. was helping Japan to prop up the Japanese yen in a show of friendship and for the benefit of the global economy. The Japanese currency has strengthened to its highest level in three months against the dollar. The dollar index (which measures the greenback versus a basket including the yen, the euro and other currencies) rose by 0.26% at 99.97. Meanwhile, the euro fell by 0.17% to $1.1507. Tokyo's unilateral intervention, which took place between late April and May, caused a short yen recovery, but a June rate hike by the Bank of Japan did not provide much support. This highlights the challenges policymakers are facing due to rising oil prices, and the widening interest-rate gap with other major economies. As oil prices dropped, U.S. Treasury rates also fell. Traders continued to assess the likelihood of a Federal Reserve rate increase if the war lasted. The yield on the benchmark 'U.S. The yield on benchmark 10-year U.S. notes dropped 6.13 basis points, to 4.684%. On Friday, it reached the highest level since January 2025 at 4.747%. The 30-year bond rate fell 4.76 basis point to 5.2274%, after reaching 5.2811% Friday. Spot gold increased by 0.33%, to $4.054.44 per ounce. (Reporting from Caroline Valetkevitch and Nell Mackenzie, in New York; Additional reporting from Ankur Banerjee, in Singapore; Editing and editing by Barbara Lewis and Kevin Liffey).
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Data shows that US oil exports fell to the lowest level since eight months in July.
Ship?tracking data revealed that U.S. crude oil exports fell to 3,66 million barrels a day in July, the lowest in eight months. A short-lived?peace?deal' between the U.S. & Iran in June temporarily flooded the markets with?Middle Eastern crude and reduced demand for American oil abroad. After the Iran War, which cut Middle Eastern oil supplies and forced Asian and European nations to look to the U.S. for the rest of the year's supply, the U.S. surpassed Saudi Arabia as the top oil exporter. In May, U.S. oil exports reached a record monthly level of 5.7 million barrels per day. Since then, however, the decline has been steady. In June, a memorandum signed by Washington and Tehran allowed stuck tankers to pass through the Strait of Hormuz. This helped to increase oil supply on the market. During the period of the peace agreement, the number of tankers leaving the Strait?of Hormuz in a single day reached 42. U.S. oil exports into?Asia fell to 40% in July, down from 52% in the previous month. Top buyers such as Japan and South Korea took fewer shipments. Cargoes for Japan, which was the largest buyer of oil in June and in July, dropped?67% in July to 324,000 barrels per day from a high in May. Shipments to South Korea also fell 39%, to 474,000 barrels per day. The number of shipments to Europe fell to 1.7 million bpd from 2.5 million bpd as recently as May. The U.S. government released crude oil from its Strategic Petroleum Reserve in July, but exports slowed to just 31,000 barrels per day. Kpler data indicated that the two shipments were headed to France and Peru. Rohit Rathod is an analyst with Vortexa. He said that the high refinery utilization in the U.S. kept barrels from being exported. According to the U.S. Energy Information Administration's data, the four-week average U.S. refining utilization rate was 96.3%. This is the highest level since 2018. The input of crude oil into U.S. refineries has also reached its highest level for about seven years. EXPORTS TO SOAR IN AUGUST & SEPTEMBER The discount between U.S. West Texas Intermediate and Brent crude, traded globally, also shrank significantly in June. This is when most deals are made for July shipments, which further hurts exports. WTI's average discount to Brent was $4.17, down from $8.16 per barrel in May. When WTI becomes cheaper than Brent, more U.S. exports are encouraged. Analysts said that the spread between WTI and Brent has been widening more recently. WTI traded at a discount as high as $5.42 per barrel in July. This should encourage exports to August and September. Scott Shelton, an energy specialist with TP ICAP, says that ship fixtures to exports from the U.S. Gulf Coast have been extremely busy in the past few days. A larger-than-normal number of Very Large Crude Carriers were booked for Asia and Europe, and Aframax tanks as well. A Very Large Crude Carrier is capable of moving up to 2 million barrels. Aframax tanks can transport about 750,000 barrels. Shelton said: "U.S. crude exports are on the rise." Vortexa's Rathod stated that export volumes are expected to surpass 4 million barrels a day in August and in September, but they will not reach the 5 million bpd levels seen in April or May. According to Energy?Aspects, exports are expected to be 4.58 million bpd for August and 4.45 million bpd for September. Ben Cook, portfolio director of the Hennessy Transition Energy Fund, says that the U.S. may be asked to increase exports if the conflict escalates in the Middle East. Analysts and traders have stated that the U.S. only has a monthly capacity of 6 million bpd due to limited pipeline capacity, vessel accessibility and loading schedules. Reporting by Arathy S. Somasekhar, in Houston; Siddharth C. Cavale, in New York. Editing by Nathan Crooks & Paul Simao.
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Diamondback Energy beats quarterly profit estimates, raises production forecast
Diamondback Energy beat analysts' expectations on Monday for its second-quarter profits and raised its annual production forecast. The high global oil prices are due to supply disruptions caused by the Middle East conflict. The war in Iran that began in late February nearly stopped the flow of Middle East goods through the Strait of Hormuz. Brent crude went from an average of $69.82 per barrel in January, to $126.41 by April, and WTI from $65.17, to $109.64. Diamondback expects to produce over 1 million barrels of oil-equivalent per day by 2026, up from its previous projection of 972,000 BOEPD. The company produced 1018 Mboepd during the second quarter. This is up from 919 879?boepd one year ago. Diamondback, a shale producer based in the U.S. enjoys the benefits of higher commodity prices, just like other oil producers. The realized price per barrel of oil for the company was $94.33, up from $62.34 one year ago. According to LSEG, the Midland, Texas, based company reported an adjusted profit per?share of $6.48 for the three'months' ended June - 30. This was compared with analyst estimates of $6.01. (Reporting and editing by Sriraj Kalluvila in Bengaluru)
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Gold prices fall as markets consider Middle East instability and inflation risks
Gold prices fell on Monday, as concerns about inflation and the war in the Middle East remained. The markets will also be watching the U.S. Federal Reserve policy direction this week. Spot gold dropped 0.3% per ounce to $4,030.34 by 2:00 pm EDT (1800 GMT), and U.S. gold futures for delivery in August settled at $4,090.50, a 0.4% decline. Gold has been in a trading band for over a month, roughly between $4,000 and $4200. The fact that the market may be anticipating a rise in inflation is a positive factor, particularly in July when fresh data are expected to reverse much of the decline in June," Marex analyst Edward Meir stated. Three Fed officials, who dissented at last week's meeting and voted in favor of a rate increase, said that delaying the higher borrowing costs could keep inflation over the Fed's target of 2%. New York Fed President John Williams stated that the central bank is ready to increase rates if inflation pressures do not ease. Brent futures rose by more than 20% in the last month as a result of renewed fighting between Iran and the U.S., and after attacks on tankers near Oman raised?security concerns. The expectation that the Fed would keep rates high to combat inflation is exacerbated by higher energy prices, which weighs on gold. Iran said on Monday that there are no ongoing talks with the U.S., and?no plans?for any meetings. This contradicts President Donald Trump's claim that talks would be held to justify calling off a?attack. This week, market participants will closely monitor a number of U.S. jobs reports. These include the ADP Employment Report and the Nonfarm Payrolls Data. South Korea's central banks said that they would buy gold from local producers in order to diversify their sources of supply, and increase their holdings of precious metal. Silver spot was unchanged at $57.63 an ounce. Platinum fell 1.6% to $1.615.25, while palladium declined 1.7% to 1,252.62. (Reporting by Sukanya Mitra in Bengaluru; Editing by Sahal Muhammed)
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Chevron gives staff special bonuses following earnings blowout
Chevron is giving its employees a bonus for their operational performance so far in this year. This follows the U.S. Oil Producer's record earnings on Friday, which was?boosted by the high oil prices due to the ongoing war?in Iran. In an internal message that was seen by?, CEO Mike Wirth praised Chevron employees for meeting cost reduction targets, achieving deal synchronizations from the Hess purchase ahead of schedule, and operating safely amid the?geopolitical turmoil this year in Venezuela, and the Middle East. Wirth wrote, "Results such as these in an year like this one are not normal." They reflect an extraordinary effort in extraordinary circumstances. Email stated that the bonus would be equal to half of the monthly base pay for many employees. The cash announcement came as U.S. President Donald Trump continued his criticism of oil companies, calling on them to lower their gasoline prices. He also called out Wirth in a Sunday Fox News TV interview for failing to credit the administration with the company's successes. Get your retail (consumer!) "Oil Prices MUST DROP NOW!" Trump wrote in a blog post on Truth Social. Chevron did not respond immediately to a comment request about the statement. Sheila Dang reported from Houston. Nathan Crooks, Mark Potter and Nathan Crooks edited the report.
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Trump to attend mining executives' event amid critical minerals drive
Donald Trump is expected to participate in a roundtable with?mining executives on Friday, hosted by the United States. According to two people who are familiar with the plans, State Department. The event is a part of the Trump Administration's efforts to increase domestic and allied supply of critical minerals required for energy, defence and advanced technology. According to sources, the agenda, participants, and other details are fluid and could change. The administration has prioritized securing vital minerals supply chains, and is taking steps to increase domestic production, decrease reliance on China, and strengthen partnerships with its allies. It argues that to expand the sector, it will not only require investment in mines and processing facilities, but also an increase of skilled workers. This includes engineers, geologists miners, and technicians, since companies are facing a shortage of talent for future projects. According to a person who has direct knowledge of the plans, the U.S. Department of Energy will also host a Friday event focused on workforce training. The event will feature?representatives of all 14 accredited U.S. Mining Schools, and is intended to increase awareness about mining as a profession while?highlighting that more students are needed to enter this field, according to the?source. China's extensive network of mining school has made it the world's leading minerals producer. White House, Department of Energy and State Department have not responded to requests for comment. Ashley Burke, a representative of an industry trade association, said: "We are looking forward to working with the administration on solutions that will responsibly develop our nation's vast resource, secure our supply chains, and create the mining workforce of tomorrow."
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Stocks rise amid hopes for peace with Iran, oil falls; yen firms gain after intervention
On Monday, oil prices?dropped? and major stock indices gained?on signs that U.S. -Iran tensions are easing?again. Meanwhile, the yen?strengthened?against?the euro and dollar?after the?U.S. Japan and the United States confirmed their joint support. Oil prices fell sharply after U.S. president Donald Trump delayed a new attack on Iran, hoping to seal a deal quickly that would boost oil supply from the Gulf. U.S. crude oil was down by 6.07% to $79.53 per barrel at the end of yesterday, and Brent fell to $83.64 a barrel at the close. This is a 4.88% drop on a daily basis. Iran, however, said that no negotiations were underway with the U.S. or any plans to meet. The optimism over earnings has helped support the stock market. LSEG data shows that more than 300 companies in the S&P 500 have already reported their earnings. Approximately 85% of these firms beat expectations. Peter Cardillo is the chief market economist of Spartan Capital Securities, based in New York. "The sharp fall in oil prices due to Trump's cancellation of severe attacks against Iran, and hopes for a diplomatic solution, got things moving this morning," he said. He said that "so many earnings have exceeded expectations" and the guidance is positive. This has also been a positive for stocks. Amazon's market cap surpassed $3 trillion on Monday. This was aided by a strong rally after strong earnings, and signs that AI is driving demand for cloud computing services. The Dow Jones Industrial Average rose 512.69, or 0.98% to?52.998.45. The S&P 500 gained 96.74, or 1.29, points to 7,586.46. And the Nasdaq Composite gained 512.28, or 2.02% to 25,886.13. The MSCI index of global stocks rose 8.86 points or 0.79% to 1,129.37. The pan-European STOXX 600 rose by 0.45%. AstraZeneca shareholders punished the pharmaceutical company on Monday after reports of merger discussions with U.S. competitor Bristol Myers Squibb, which could make it the world's largest drugmaker with a combined valuation of nearly $400 billion. Japan's Nikkei ended 1% lower while South Korea's KOSPI fell more than 5%. Japan and the U.S. have conducted a coordinated yen buying intervention and won't hesitate to take additional action, Japan’s finance ministry announced on Monday. This confirms a rare bilateral effort to stop the yen’s slide to new 40-year-lows. Trump stated on Sunday that U.S. was helping Japan to prop up the Japanese yen in a show of friendship and for the benefit of the global economy. The dollar index, which measures the greenback in relation to a basket of currencies, including the yen, the euro and others, increased by 0.24%, reaching 99.95. Meanwhile, the euro fell 0.18%, at $1.1506. The dollar fell 0.44% against the Japanese yen to 156.87. Tokyo's unilateral intervention between late April and early may caused only a short yen recovery, while the Bank of Japan rate hike in June provided little support. This highlights the challenges policymakers face due to rising oil prices and an interest-rate gap with other major economies. As oil prices dropped, U.S. Treasury rates also fell. Traders continued to assess the chances of a Federal Reserve rate increase if the war lasted. The yield on benchmark U.S. 10 year notes The rate dropped by 5.52 basis points, to 4.69%. On Friday, it reached the highest level since January 2025 at 4.747%. After peaking on Friday at 5.2811%, the 30-year bond yield dropped 4.44 basis points to 5,2306%.
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Gold prices fall as markets consider Middle East instability and inflation risks
Gold prices fell a little on Monday, as concerns about inflation and the war in the Middle East remained. The markets are also watching the latest job reports to determine the Federal Reserve's next policy move. Spot gold dropped by 0.1% at $4,037.01 an ounce as of 12:37 pm EDT (1637 GMT) while U.S. gold futures for delivery in August fell by 0.3% to $4,000.05. "Gold is stuck in a range of trading for over a month, roughly between $4000 and $4200. The fact that the market may be anticipating a rise in inflation is a positive factor, particularly in July. "New data will likely reverse a large part of the decline in June," Marex analyst Edward Meir stated. Three Fed officials, who were against a rate increase at the policy meeting last week, said that delaying higher borrowing rates could keep inflation above the Fed’s 2% goal. New York Fed President John Williams stated that the central bank is ready to increase rates if inflation pressures do not ease. Brent futures rose more than 20 percent last month as fighting resumed between the U.S.A. and Iran and after attacks on tankers in Oman raised security concerns. The expectation that the Fed would keep rates high to combat inflation is exacerbated by higher energy prices, which weighs on gold. Iran stated 'on Monday that there are no talks in progress with the U.S., and?no plans to meet. This contradicts President Donald Trump, who had used talks as a justification to call off 'attacks. This week, market participants will closely monitor a number of U.S. jobs reports. These include the ADP Employment Report and the Nonfarm Payrolls Data. South Korea's central banks said that it would buy gold from local producers in order to diversify its sources of supply, and increase its precious metal holdings. (Reporting by Sukanya Mitra in Bengaluru; Editing by Sahal Muhammed) (Reporting by Sukanya Mitra in Bengaluru; Editing by Sahal Muhammed)
Cuba's electrical grid collapses once again, just a few hours after the last blackout
Cuba's electrical grid collapsed again on Monday. State-run media reported that the government was attempting to reestablish the system after a nationwide blackout occurred on Sunday.
Cuba's old power generation system is being severely strained by fuel shortages, deteriorating facilities and the U.S. oil blockade.
In recent months, blackouts that affect the entire island, which is home to about 10 million people, are becoming more frequent.
Cuba experienced three outages in nine days?in July. Then, on Sunday night just before 11 p.m.
In a social media post, Lazaro Alonso, the director of news at Cuba's government-run TV, said: "Despite the progress we made today, a oscillation caused the collapse."
The U.S. oil blockade imposed after Trump's administration ousted Venezuelan President Nicola Maduro, in January, has crippled?already?aging energy infrastructure on the island.
Mexico halted oil shipments to Cuba after U.S. pressure.
Washington claims that the blackouts in Cuba are caused by mismanagement of Cuba’s state-run economic system. (Reporting and editing by Kylie Madry; Ayose Naranjo)
(source: Reuters)