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Central Asia is feeling the impact of Russia's fuel shortage
Traders and fuel market participants reported that the fuel?shortages?in Russia caused by?Ukrainian drone attacks on its refineries?have reached Central Asian nations, who are dependent on Russian supplies. Sources claim that the amount of jet fuel shipped by rail by Central Asia and Afghanistan dropped 92% from May to 3,800 metric tons in June, while gasoline supplies fell 34% to 99 300 tonnes. According to traders, diesel exports grew?in June from 167.500 tons in May to 237.700 tons. Despite the larger drop in June, Russian fuel imports to Central Asia & Afghanistan rose by 7% from a year earlier to 3,82 million tons. Russian fuel exports rose 19% to the region last year. Rosneft, the Russian oil giant, supplied almost half of all gasoline. Gazpromneftekhim Salvat and 'Gazprom neft are also suppliers. Ukraine has intensified its attacks on Russia's oil refineries and energy infrastructure in order to undermine Moscow's war efforts. The decline in oil refinery led to a fuel crunch in Russia. Long queues formed at filling stations and gasoline and diesel prices increased significantly. Last week, Tajikistan’s?energy ministry said that the country had fuel reserves for 60 days and was in discussions with its neighbours to ensure future supplies. Kyrgyzstan asked neighbours to help it with fuel supplies earlier this month. Russia has banned the export of jet fuel, diesel and gasoline. This ban does not apply to supplies made under intergovernmental agreements.
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As rising Middle East tensions fuel interest rate hikes, gold prices drop by nearly 3%
Gold prices dropped nearly 3% Monday after U.S. president Donald 'Trump' said he would reinstate a naval blockade against Iran. This would boost oil markets and reignite inflation fears, as well as raise the prospect of longer-term higher U.S. rates. By 10:38 am EDT (1438 GMT), spot gold had fallen 2.8%, to $4.005.59 an ounce. This was the lowest price since July 1. Prices fell for a second consecutive session. U.S. Gold Futures fell 2.4% to $4013.40. The Middle East conflict is causing oil prices to rise, and the Federal Reserve could tighten policy. This is bad for gold and other zero-yielding investments, said?Fawad Rasaqzada of Forex.com. He added that if oil prices continue to rise, gold prices may break down, and could initially head towards the $3,800 mark, and then possibly reach $3,500 if selling pressure increases. Rates Outlook Trump announced on Monday that the U.S. would reinstate a naval blocade against Iran and receive a 20% reimbursement on all cargo transported through the Strait of Hormuz, after Tehran claimed to have closed the strait. The news caused oil futures to jump 5%. Oil prices that are higher can cause inflation because they increase energy and transportation costs across the economy. This could lead central banks to raise interest rates to combat price pressures. CME Group's FedWatch Tool shows that traders believe there is a 71% probability that the U.S. central bank will increase interest rates this September. Kevin Warsh, Fed chair, is scheduled to give his first testimony on monetary policy before Congress on Tuesday. Market participants will be looking for clues in his remarks about the future of rates. This week, the U.S. Government will release important data, including the Consumer Price Index, Producer Price Index and Retail Sales?reports of June, as well as weekly claims for unemployment. Silver spot fell 3.5%, to $57.77 an ounce. Platinum dropped 1.4%, to $1.607,72. Palladium was down by 1.7%, to $1.254.94. Ashitha Shivprasad in Bengaluru and Anjana Anil, editors Helen Popper and Paul Simao.
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Gunvor's Head of Analytics Lasserre retires
A company spokesperson confirmed that Chris Roth, a seasoned industry veteran who has been with Gunvor for many years, will be taking over Frederic Lasserre's role on June 1. Lasserre will remain 'at Gunvor in a support and transition role until the end of the year. CERAweek, the largest annual gathering of oil industry professionals, was held in March. Lasserre?s retirement is just the latest in a series of high-profile changes made to Gunvor?s senior ranks after a management buyout was completed of former Gunvor chief executive Torbjorn Tornqvist? Gary Pedersen, a U.S. executive, took over as CEO following the management buyout. Roth, like Pedersen spent most of his 35-year career at the U.S. conglomerate Koch’s supply and trade division. He?joined?Gunvor? in August 2025. Roth held senior leadership positions at Koch's offices in Houston, London?Rotterdam?and Wichita?Kansas?, according to a Gunvor spokesperson. The spokesperson stated that Roth's career has been characterized by his ability to?integrate machine learning, automation and...real-time analytics? into trading and investment decisions. Reporting by Shariq Khan in New York, and Georgina McCartney from Houston. Mark Potter is the editor.
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Spain identifies six fatalities in wildfire
Authorities announced on Monday that six victims of one of Spain's most deadly wildfires in recorded history have been identified. Meanwhile, forensic teams continued to work on confirming the identities of six other people through DNA analysis. Authorities said that the victims included a married Spanish and British couple. Other victims identified include a British woman and man, a French woman, and a Belgian. All of the victims were adults. The death toll now stands at 13. A 93-year old British woman died from burn injuries in hospital Sunday. Seven people were also?injured by the fire, which scorched approximately 7,000 hectares (17.300 acres). Residents of Spain were trapped in a rugged area, with scattered houses, as they tried to escape the flames Thursday night. Scientists have linked climate change to the increasing severity of wildfire seasons in Spain and Southern Europe. Experts claim that unusually heavy rainfall in spring this year prompted vegetation growth throughout southern Spain. This created an abundance of fuel, which dried up during the extreme heat of summer, causing the fire to spread quickly. The remaining six victims are expected to be identified within the next few days, after the relatives have provided a biological sample, with the help of the Belgian, British, and French consular services. Authorities have said that 10 people remain missing. However, some of those could be amongst the bodies yet to be identified. The condition of the remains prompted investigators to say that DNA analysis is the only primary method of identification. Andalusia’s regional government lowered the wildfire warning to the pre-emergency stage on Monday after the fire was stabilized, evacuation orders were lifted and residents allowed to return home. Reporting by Emma Pinedo, editing by Charlie Devereux & Hugh Lawson
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As rate hike fears increase due to rising Middle East tensions, gold drops by more than 1%
Gold prices dropped more than 1% on Sunday as fresh strikes in the Middle East sparked inflation fears, raising the prospect of longer-term interest rates in the United States. By 9:08 am EDT (1304 GMT), spot gold had fallen 1.4%, to $4.064.02 an ounce. Prices fell for a second consecutive session. U.S. Gold Futures fell 1% to $4 071,80. "I'm not bullish on gold for the short term." The Middle East conflict is causing oil prices to rise, and the Federal Reserve could tighten policy. This is bad for assets that yield nothing, like gold", said?Fawad Rasaqzada at Forex.com. He added that if oil prices continue to rise, gold prices may break down. They could initially 'head towards $3,800 and then possibly $3,500 if'selling pressure' increases. U.S. forces and?Iranian troops exchanged heavy drone and missile attacks over the weekend, and on Monday. Tehran claimed it had hit U.S. military installations across the Gulf, and closed the Strait of Hormuz, which drove oil prices up. Oil prices are likely to fuel inflation because they increase energy and transportation costs across the economy. This could lead central banks to raise interest rates to combat price pressures. CME Group's FedWatch Tool shows that traders believe there is a 69% probability?that the U.S. The central bank is expected to raise interest rates by September. Fed Chair Kevin Warsh will deliver his first "monetary policy" testimony to Congress on Tuesday. His?remarks will be analyzed by market participants for clues about the future of rates. This week, the U.S. Government will release important data, including retail sales, the Consumer Price Index and Producer Price Index for June, as well as weekly jobless claims. (Reporting by Ashitha Shivaprasad in Bengaluru; Editing by Paul Simao) (Reporting from Ashitha Shivaprasad, Bengaluru. Editing by Paul Simao.)
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India's trade secretary reports that the India-US talks are progressing well.
India's trade minister said that the talks between India and America are "progressing well" and New Delhi does not see any obstacles to a successful conclusion of a deal. The framework agreement is complete. The framework deal will be signed when the time is right, said Rajesh Agrawal, trade secretary, at a June press conference, as he presented monthly data on exports and imports. In February, both sides agreed on a?18% tariff on Indian goods as a trade-off for New Delhi to lower its trade barriers and buy more American goods. The U.S. Supreme Court's ruling invalidating President Donald Trump’s global tariffs has clouded a final deal. "We're ready to sign, but the deals are all about comparative advantages." Agrawal added that these preferences were versus certain competitors and countries. Following the court order the majority of goods coming from?India now face a 10% U.S. Tariff, just like the rest of the?countries. The 'Trump Administration' is expected to introduce higher tariffs in this month as a result of an investigation into excessive?industrial capacity. Washington has already proposed a new 'tariff' of up to 12.5% for dozens of countries, including India, due to alleged failures to curb the?trade of goods made with forced labour. Agrawal stated that there is no difference or negativity between India and the United States. Reporting by Shivangi Asharya, Editing by YPrajesh and Alison Williams
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Iraqi Prime Minister seeks large energy investment on US visit
Zaidi Bets on US Companies to Stimulate Energy Sector The Iran War has caused a major economic blow to Iraq Zaidi to meet Trump for possible deals By Ahmed Rasheed & Muayad Hameed BAGHDAD (July 13) - Iraqi Prime Minister Ali al-Zaidi hopes to secure significant U.S. investments in the country's oil, gas and power sectors when he visits the White House next week. The Iran War has impacted the state's finances and crude production. Analysts say that Iraq's government has a growing focus on diversifying its international partnerships to better deal with the regional instability. This agenda is expected to take centre stage during the 13-18 July visit. This is one of the most direct attempts to date to attract major U.S. investments into a sector that has long been dominated by Chinese and Russian firms. Iraqi officials, however, reject any suggestion Baghdad was distancing themselves from their close ally Tehran for closer ties with Washington. Ahmed Younis, a political analyst based in Baghdad, said that the Iran war marked a turning-point. It highlighted the dangers of over-reliance on a single regional partner. He said that "Zaidi believes energy is the fastest way to deepen cooperation with Washington." According to Iraqi officials and U.S. government officials, the effort involves negotiations with Chevron on major upstream projects. It also includes support for?U.S. backed power and liquefied gas ventures. HKN Energy, a U.S. company, has signed an agreement to develop the Himreen Oilfield in northern Iraq. The government also authorized the Electricity Ministry, which is responsible for completing a comprehensive agreement of cooperation with General Electric aimed at expanding Iraq’s electricity transmission and generation infrastructure. These deals will be the focus of an upcoming meeting between Zaidi, who is a multi-millionaire and took office as Iraqi Prime Minister in May. Donald Trump has given Zaidi strong support. Zaidi stated in a statement issued before the trip that "we have instructed the Ministries of Oil, Electricity and Communications (MOEC) to give priority to American companies with reputable track records in the fields of energy, telecommunications, and technology." FOCUSING ON US FIRMS VS. CHINESE, RUSSIAN, AND EUROPEAN COMPANIES Analysts say it will be difficult to attract enough investment for the development of oilfields, and fixing infrastructure bottlenecks which have prevented sustained increases in production. A document seen by revealed that the Iraqi Cabinet instructed the Basra Oil Company, the state-run oil company in Iraq, to exempt U.S. companies involved in energy project discussions from certain regulatory requirements relating to preliminary agreements in early June. Mohammed Abbas, an energy consultant and former manager of the Basra Oil Company, said that the recent decisions about Chevron and U.S. operators operating in the Kurdistan Region reflect a deliberate shift in policy. "Zaidi uses Iraq's energy industry to strengthen ties with Washington, and to change the perception of some U.S. major energy companies that Iraq is an unfriendly environment for large-scale investments." Four Iraqi oil officials who are familiar with the talks between U.S. energy firms -- such as Chevron and ExxonMobil -- and Baghdad said that the move underscored Baghdad’s broader efforts to deepen the economic cooperation?with United States. This outreach is coming as Iraq struggles with the same challenge that many oil-producing countries face: attracting investments and expanding production, while still being constrained by the OPEC+ producer's group output limits. Although?Iraq has some of the largest crude oil reserves in the world, long-standing production restrictions have complicated efforts to raise revenue to support an ever-growing population. Iraq's strategy has become more important as negotiations with Chevron are a key element. Chevron began exclusive talks with Iraq earlier this year over the West Qurna-2 giant oilfield after Baghdad replaced Russia's Lukoil, the operator. This could have given the U.S. Chevron has taken control of Iraq's largest oilfield. Iraqi legislators and analysts have indicated that the energy initiatives of the government are meant to send a signal to Washington, that Iraq has become a more attractive location for international investment following years of security concerns, bureaucratic obstacles, and legal disputes. The security situation has significantly improved since the defeat of Islamic State a decade or so ago. However, periodic drone attacks and regional tensions still pose a threat to energy infrastructure. Iraqi officials claim that security measures around oil installations have been strengthened since the conflict with Iran. Additional measures are being taken to reassure foreign energy companies. "Prime Minister Zaidi is a businessman and knows that winning over American companies to invest in Iraq, especially with the fragile security situation in the region, is not an easy task," said Murad ISMAEL, a member of Iraq's oil and gas parliamentary committee. (Reporting and editing by Michael Georgy and Aidan Lewis; Reporting by Ahmed Rasheed & Muayad Haeed)
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Copper remains firm as US-Iran conflict weighs on sentiment
The dollar was weaker on Monday, but gains were limited as tensions between the U.S.A. and Iran escalated and oil prices increased, further causing inflationary fears. The benchmark copper price on the London Metal Exchange was 0.1% higher, at $13,501 per metric ton of official rings. The lower dollar makes metals priced in dollars cheaper for holders of currencies other than the U.S. dollar, which could increase demand. After renewed military strikes by the United States and Iran, concerns about energy shipments via the Strait of Hormuz were reignited. The focus was also on falling copper inventories. The copper stocks in LME approved warehouses fell by more than 20 percent since the end of May, to a 4-month low level of 305 200 tons. Metal earmarked for deliveries at 43% or cancelled warrants indicate that another 130,525 tonnes is expected to leave the LME. Sources in the industry say that much of the copper is headed to the United States, where President Donald Trump may impose tariffs on metals used in construction and power industries. Since President Donald Trump launched a national-security probe in February last year, traders and producers have shipped metals to the United States. Since then, the copper stocks in warehouses that were registered with Comex have increased by nearly 600%. The Shanghai Futures Exchange monitors warehouses and has found that copper stocks have dropped by 80% in the last few months. As material leaves warehouses, the rapid fall in stocks creates a higher floor price. This trend is seen across most metals. The markets are anticipating Kevin Warsh's first appearance as Federal Reserve Chair before the?Congress and?U.S. Inflation data can provide clues about the direction of the dollar. Lead fell 1.2% to $1.874, zinc declined 1.5% to $3.563, aluminium rose 0.2% at $3.145, tin increased by 0.1% to $53,200, and nickel dropped 1% to $15,575.
The World Bank is threatening to pull back on its climate commitments, despite the record-breaking pledges made by development banks.
A?report? by the EU's lending arm revealed that multilateral development banks had committed a record $162.5 billion to climate finance last year. However, targets for the poorer nations may be in danger after the World Bank decided to abandon important goals. The combined climate finance provided by ten of the largest development banks in the world reached a record of $162.5 billion in 2025. Nearly $103 billion went to developing countries. The European Investment Bank, which published the report said that MDBs are "on track" in meeting climate finance targets set at the COP29 U.N. Climate Change Summit in Baku 2024.
The lenders at that meeting projected they would provide an annual climate finance of $120 billion to low-income and middle-income countries, along with $50 billion for high-income economies, by 2030.
Ambroise fayolle, vice-president of the EIB, said: "These results demonstrate that multilateral banks are delivering support at scale and where it's most needed."
DECISION OF THE WORLD BANK LOOMS
Observers have, however, warned that these key COP goals might not be achieved following the World Bank's decision last month to abandon its goal of dedicating 45% to climate change projects.
The Bank said it would now focus on the lending outcomes, rather than the input goals, after being under pressure by the Trump administration, to abandon the climate lending targets adopted during Joe Biden’s presidency of 2023.
The World Bank's Monday report highlighted the importance of the World Bank in achieving the 2030 goal. The World Bank provided nearly half of the $102.6 billion in climate finance that went to developing nations last year. It has been doing this for five years.
The World Bank has not yet commented on the EIB Report.
COMMITMENTS TO CLIMATE
Multilateral Development Banks (MDBs), which provide climate finance to low-and middle-income countries, have doubled their funding over the past five years.
The figures released on Monday showed that the mitigation projects in 2025, which include renewable energy and emission-reduction programs, will total $67.8billion. The amount of adaptation finance, which is meant to help countries deal with the increasing severity of climate impacts, has risen by 31%, reaching $34.8 billion.
The amount of lending for climate-related projects to high-income countries also increased from $31.1 billion a year ago to $59.9 milliards last year, and an additional $80 million in private sector financing was mobilised.
At the COP30 climate conference in Brazil last year, multilateral development banks reaffirmed that they would continue to increase their support for countries pursuing climate-resilient and low-carbon policies.
The climate minister of Turkey said in April that the COP31 in Turkey this year will aim to translate past decisions into actions.
(source: Reuters)