Latest News
-
Oil prices drop after US grants license to countries to purchase Russian oil that has been stranded on sea for 30 Days
The price of oil dropped Friday morning, after the U.S. granted a license to countries for a period of 30 days to purchase Russian oil as well as?petroleum stranded in the sea. This eased supply concerns. Brent futures fell 71 cents or 0.71% to $99.75 per barrel at 0123 GMT, while U.S. West Texas Intermediate crude (WTI), was?down 88 cts or 0.92% to $94.85. The license was granted in what Treasury Sec. Scott Bessent described as a move to stabilize global energy markets that were roiled by war in Iran. The license will not resolve the fundamental problem. Yang An, an analyst at Haitong Futures, said that the most important thing was the restoration of navigation through the Strait of Hormuz. The announcement about Russian oil comes a day after the U.S. Energy Department announced that the U.S. will release 172,000,000 barrels of oil out of its Strategic Petroleum Reserve to 'tame the sky-high oil prices following the war in Iran. This plan was coordinated by the International Energy Agency (IEA), which?agreed? to release 400 million barrels from strategic oil stockpiles. contribution. In a note, IG analyst Tony Sycamore stated that the IEA'release' was followed by a dangerous reescalation in Middle East risks. The benchmark prices both rose more than 9% Thursday, and reached their highest level since August 2022. Iran's new Supreme Leader Mojtaba Khmenei has said that Iran will continue to fight and close the Strait of Hormuz as leverage against Israel and the United States. Iraqi officials reported that two fuel?tankers were hit by Iranian boats laden with explosives in Iraqi waters on Thursday. Iraqi officials told state-run media that oil port operations in the country have been halted. Bloomberg News reported on Thursday that Oman had moved all its vessels from the main oil export terminal in Mina Al?Fahal outside of the Strait of Hormuz as a precautionary measure. Other measures are also being taken to reduce the risks. U.S. Treasury secretary Scott Bessent said in an interview with Sky News that the U.S. Navy would, perhaps along with an international alliance, escort ships through the Strait of Hormuz if it was militarily feasible. Saudi Arabia reportedly pays a premium for tankers to be rerouted?towards the Red Sea using its East-West pipeline to transport oil on global markets. In his note, IG's Sycamore stated that Iran allows one or two tankers a week to pass, mainly towards China. This keeps China on their side and the cash flowing. (Reporting and editing by Lewis Jackson and Sam Li)
-
Australian shares fall on inflation fears, Northern Star falls on output warning
Australian shares dropped on Friday, as rising oil prices tied to the Middle East conflict fueled inflation fears. Meanwhile, gold miner Northern Star fell after announcing difficulties in achieving its annual production forecast. By 2333 GMT, the?S&P/ASX 200 was?down _0.3%? at 8,611.20. The benchmark index has lost 6.5% in the last two weeks, since the Middle East War began. The oil price rose on Thursday, reaching its highest level in almost four years. This was due to Iran's increased attacks on oil and transportation facilities throughout the Middle East. Markets projected a 78% probability of an increase at the Reserve Bank of Australia meeting on 17 March, up from 20%. Northern Star Resources plummeted as much as 16.6%. It is on course for its worst session since late March 2020 after the company announced operational setbacks in one of Australia's biggest open-pit gold mining operations, Kalgoorlie Consolidated Mines. Lower gold prices weighed down on the Australian gold peers as well as the broader mining index, which both fell by 4.3% and 1.8% respectively. The dollar strengthened and bets that the U.S. Fed would cut rates eased. The conflict and Northern Star's fall wiped out gold sub-index gains for the year, after it had more than doubled on a bullion price rally in 2025. Financials increased 0.5%, which helped limit the overall loss, but if momentum continues, it is likely that a third straight week of?loss will follow. All four "Big Four' lenders gained between 0.3% to 0.7%. Energy stocks rose by 1.1% due to higher oil prices. Karoon Energy, however, lost?1.8% when it announced that Brazil had imposed a 12 percent tax on oil exports. Karoon has a Brazilian asset, the Bauna Project. The benchmark S&P/NZX50 index in New Zealand fell 0.5% to 13,133.31.
-
Canada will boost Arctic defenses and says it cannot rely on other countries
Mark Carney, Canada's Prime Minister, unveiled on Thursday a C$35 billion plan ($25.7 billion), to "boost" Canada's defences in the vast Arctic region. The country is trying to reduce its dependence on the United States. Canada has relied on U.S. assistance to monitor the Canadian Arctic for many years. The Canadian Arctic covers an area of 4.4 million sq km (1,7 million sq mi) - more than India's total land area - and it is virtually uninhabited. Trump's tariffs, and his musings on annexing Canada, have caused tensions. "We won't depend on one nation anymore, but instead, we will build a stronger and more independent country." Carney stated that Canada will take full responsibility for defending its Arctic sovereignty with this new plan. Canada was under constant pressure from the United States to increase its defense spending. In June last year it vowed to do so. The country has promised to reach NATO's 2% target for military spending five years earlier than originally planned. Carney stated in January that the United States, along with other major nations, were undermining the?rules based order' that Canada had long enjoyed. He said that "the assumptions" that have shaped Canadian security and defense for decades are being re-examined. Carney, in a speech delivered in Yellowknife (the capital of the Northwest Territories, and the home to Canada's Arctic Military Command), said that climate change was causing the Arctic to warm three times faster than global average. The plan outlined how funding previously announced for the Arctic would be spent. Ottawa announced in 2022 a C$38.6 Billion plan to modernize Canada's defenses, and the North American Aerospace Defense Command it operates with the United States. Canada has four basic?Arctic Airfields, which can each accommodate six fighters. Around 2,000 soldiers are scattered around the region. Carney's plan includes a C$32 billion investment to expand military airfields and build four operational hubs. Two commercial airports would be upgraded and two roads proposed from the Arctic to Canada's south regions would be expedited. Trump has shown a keen interest in the Arctic's mineral potential. In addition to comments about annexing Canada and insisting that the U.S. needed Greenland to defend itself from threats by Russian and Chinese interests. Canada's Arctic region is approximately 25% of the global Arctic. The region has a wealth of?rare minerals but it is also very cold and lacks infrastructure, making mining operations complex and expensive. Carney will fly to Norway's north later on Thursday to observe NATO's biennial drills. (1 Canadian dollar = 1.3620 Canadian Dollars) (Reporting and writing by Maria Cheng, Editing by Caroline Stauffer & Edmund Klamann).
-
Venezuela signss deal with Repsol to produce gas
Venezuela and the Spanish energy group Repsol signed "strategic agreement" on Thursday, according to a government statement. Delcy Rodriquez, the acting president of Venezuela, said on state television that the agreement would allow gas production to be carried out at Cardon?IV. This is a joint venture 50-50 between?Repsol, and Italy's Eni. She said that the agreement would allow exports to expand. Rodriguez stated, "I'm very happy that this is being done with two European companies that have stayed in Venezuela. They believe in Venezuela and didn't turn their backs to our people." Venezuela's government has stated that it is "committed" to negotiating with international investors for oil and gas. After the 'United States' captured President Nicolas Maduro, in?January it eased sanctions against Venezuelan energy sector by issuing general licenses that enables global energy companies to run?oil-and-gas projects in Venezuela, the OPEC nation. Venezuela has a dilapidated infrastructure, despite having 'one of the largest oil reserves in the world. (Reporting and Writing by Daina-Beth Solomon; Editing Brendan O'Boyle).
-
Canada will boost Arctic defenses and says it cannot rely on other countries
Mark Carney, the Prime Minister of Canada, unveiled on Thursday a C$35 Billion ($25.7 Billion) plan to 'boost Canada’s defenses' in the vast Arctic region as the country tries to reduce?its?reliance on the United States. Canada has relied on U.S. assistance to monitor the Canadian Arctic for many years. The Canadian Arctic covers an area of 4.4 million sq km (1,7 million sq mi) of land and water - more than India and almost entirely uninhabited. Trump's tariffs, and his musings on annexing Canada, have caused tensions. "We won't depend on one nation anymore, but instead, we will build a stronger and more independent country." Carney stated that Canada will take full responsibility to defend its Arctic sovereignty with this new plan. Canada was under constant pressure to increase its defense spending by the United States, even before Trump returned to the White House in 2017. Last June, Canada vowed to increase funding for the military. It has promised to reach NATO's 2% target for military spending five years sooner than expected. Carney stated in January that the United States and other large nations were undermining the traditional order based on rules, which had long been beneficial to Canada. He said that "the assumptions?that have shaped Canadian defense?and security for decades are being upended." Carney, in a speech delivered in Yellowknife (the capital of the Northwest Territories, and the home of Canada's Arctic Military Command), said that climate change was causing the Arctic to warm three times faster than global average. The amount of new money in the plan was not made clear. Ottawa announced in 2022 a plan worth?C$38.6billion to modernize Canada's defenses, and the North American Aerospace Defense Command it operates jointly with the United States. Canada has four Arctic airfields, each of which can house six fighters. Around 2,000 soldiers are also scattered around the area. Carney's plan includes investing C$32billion to expand military airfields and build four operational hubs. Two commercial airports would be upgraded and two roads proposed from Canada's northern regions to the southern ones would be accelerated. Trump has shown a keen interest in the Arctic, and its mineral potential. He has also 'commented about annexing Canada' and 'insisted that the U.S. need Greenland in order to defend itself against Russian and Chinese interests. Canada's Arctic region is approximately 25% of global Arctic. The region, which is rich in rare mineral deposits, has very little infrastructure, making mining extremely expensive and complex. Carney will fly to Norway's north later on Thursday to observe NATO's biennial drills. (1 Canadian dollar = 1.3620 Canadian Dollars) (Reporting and writing by Maria Cheng, Editing by Caroline Stauffer & Edmund Klamann).
-
Chile and the US are looking to collaborate on rare earths, critical minerals
Chile and the U.S. signed a statement on Thursday to start?discussions about rare earths and critical minerals. It was added that the first meeting would take place in 'the next two weeks. The areas of possible coordination include public-private financing of mining projects, management of scrap minerals recycling and exploration of new projects that can help boost mineral supplies in both countries. The Trump administration is pushing to reduce the reliance on China in a number of key minerals that are used for electric vehicles, semiconductors defense systems and consumer electronics. Chile is the second largest lithium producer in the world, but it depends on imports for other minerals. Christopher Landau, U.S. deputy secretary of state, told journalists that the United States and Chile can work together to improve?the supply chain of these minerals. Landau continued, "We will discuss ways we can work together." Landau, formerly the U.S. Ambassador to Mexico, signed with Chilean Foreign Minister Francisco Perez Mackenna at a Santiago ceremony presided over by Kast. Albemarle, a Charlotte-based company in North Carolina, has been producing?lithium for over 50 years in the northern Atacama area of the country. It is the world's leading producer of this?battery material. Albemarle did not comment immediately on the partnership between?the two countries. EnergyX, a Puerto Rico-based startup in the lithium technology sector backed by General Motors aims to construct a $1.1billion lithium facility in Chile. The facility is expected to be operational in 2028, and will eventually produce 50,000?metric tons of lithium per year. Teague Egan of EnergyX, the CEO of the company, said that signing a framework agreement on Kast's very first day as president is a great first step. He met Kast last Saturday at the "Shield of the Americas Summit" in Miami, hosted by U.S. President Donald Trump. (Reporting and editing by Sarah Morland; Additional reporting in Houston by Ernest Scheyder; Alistair Bell, Daina Beth Solon, and Sarah Morland)
-
Bessent: US Navy can escort ships in Strait of Hormuz alongside international coalition
The?U.S. The?U.S. Navy will escort ships?through the Strait of?Hormuz, possibly with an international alliance, when it's militarily feasible, U.S. Treasury Sec. Scott Bessent said in an interview with Sky News on Thursday. Bessent stated that he believed the US Navy would escort vessels through as soon as it was militarily possible. He said that the plan to escort ships would be implemented as soon as "the U.S. had complete control over the skies" and the Iranians' ability to rebuild their missiles was completely degraded. U.S., Israeli and Iranian strikes on Iran have escalated regional tensions. The response from Tehran has paralyzed shipping in the Strait of Hormuz and disrupted vital Middle East oil and gas supplies. Energy prices are also rising. Iran's Islamic Revolutionary Guard Corps has raised the stakes in the global economy by announcing that it will?block all oil shipments out of the Gulf until the U.S. There are in fact tankers coming through, Iranian tankers and I believe Chinese flag tankers. Bessent stated that we "know" they have not mined the Straits. Reporting by William James, Ismail Shakil and Caitlin webber; editing by David Ljunggren and Caitlin webber
-
No other victims reported in Detroit area synagogue shooting.
According to a law enforcement official, the suspect in a?episode?of gun violence that occurred on Thursday at a Detroit area synagogue has been shot dead. No other victims have yet been reported. Michigan State Police reported an?active shooting at Temple Israel Synagogue, located in West Bloomfield, Detroit suburb. The building's roof was visible from aerial footage, although few details were available. Many police and fire departments vehicles were gathered at the scene. According to CNN, Oakland County Sheriff Michael Bouchard stated that no injuries were confirmed "except possibly the shooter". Bouchard told reporters that the suspect drove through the building's doors in a car, then drove down the hallway before being confronted. The police could not confirm what killed the suspect, but they did say that security exchanged gunfire with him. He said that no children or staff members were injured. However, one security officer was struck by the vehicle and taken to hospital for treatment. Bouchard stated, "That individual should not be a problem." Later, a law enforcement official familiar with the case confirmed that the suspect had been shot at the scene. CNN, citing a number of law enforcement sources, reported that a large quantity of explosives was found in the trunk of the suspect's vehicle. Temple Israel has over 12,000 members and runs a center for early childhood education. It provides care to children as young 6 weeks, according to the website. Local media reported that buses were being used to transport children away from the synagogue to be reunited their parents. FBI Director Kash patel wrote in X that "FBI personnel are responding with partners to the apparent vehicle rammings and active shooter situations out of Temple Israel Synagogue, West Bloomfield Township in Michigan." In response to the Temple Israel incident, The Jewish Federation posted a message on Facebook stating that its affiliated agencies are "currently under precautionary lockdown". Since U.S.-Israeli forces launched airstrikes against Iran on 28 February, Jewish organizations in the United States are operating under increased security. This has triggered a war that is intensifying across the Middle East. "We have been talking about this potential for the past two weeks. It's a pity that it has happened." Bouchard told CNN that there had been a lot of preparation. "All Jewish institutions in the area will have an extra presence until we figure out this." In a statement, Michigan Attorney General Dana Nessel stated that "antisemitism has no place in Michigan. It cannot be tolerated." In moments such as these, it is more important than ever to come together, stand up with our neighbors and confront hate wherever it appears. Temple Israel, as per its website, was founded in 1941. Reporting from Washington by Jasper Ward; writing by Steve Gorman, editing by Scott Malone and Chris Reese; David Gaffen, Lisa Shumaker, and Lisa Shumaker
Global EV sales fell again in February
Benchmark Mineral Intelligence's (BMI) data showed that global EV registrations dropped 11% in February. This was largely due to China's biggest?sales?drop since early 2020 when the COVID-19 epidemic began.
China, which has been slackening its policies to encourage the purchase of electric vehicles, has stopped funding auto trade-ins. A tax exemption on EVs in China expired at the end last year.
BMI reported that China,?the largest EV market in the world, saw a 32% drop in battery-electric car registrations and?plug in hybrid vehicle sales in February, a proxy measure of sales. This dropped to less than 500,000 cars.
This is consistent with the?34% decline in total car sales recorded in August by?the China Association of Automobile Manufacturers.
Charles Lester, BMI Data Manager, said that consumers are very price sensitive.
In February, worldwide registrations dropped for the second consecutive month to just under one million vehicles sold. This is their lowest level since 2024.
The North American EV market shrank by 35%, to less than 90,000 units, for a fifth consecutive month, after an EV credit scheme was ended in the United States, last September, and President Donald Trump's administration proposed to further reduce Co2 emissions standards.
Trump's policies, coupled with a cooling of global demand for electric cars, have forced carmakers that are most exposed to the U.S. to write down over $70 billion.
Europe has also retreated from its emission targets. In February, EV sales on the continent increased by 21%. This is a growth rate that has not slowed down despite the slower pace of most of last year.
The number of EVs registered in other parts of the world increased by 78% to more than 180,000 vehicles. Chinese automakers have continued to expand in Asia, Australia and Europe while fighting off fierce domestic competition. (Reporting and editing by Matt Scuffham, Alessandro Parodi)
(source: Reuters)