Latest News
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Oil prices rise after US-Iran hostilities flare up again with attacks on energy targets
Oil prices rose Wednesday after President Donald Trump reimposed his?naval ban on all Iranian ports, and Iran launched a retaliatory strike on U.S. facilities in the region. Brent closed at its highest level since 'June 12' and West Texas Intermediate?at its best since june 15 for the second consecutive session. Both prices rose on Wednesday morning trade. Brent climbed $1.46 or 1.72% to $86.19 per barrel at 0029 GMT, while WTI rose $1.11 or 1.4% to $80.40. Oil prices rose 2% on Tuesday to an all-time high, as the supply disruptions in the Strait of Hormuz - where one-fifth of world oil and LNG transited before the start of the war - were intensified. The U.S. began a new round of strikes early on Wednesday to "continue degrading Iranian capability used to attack commercial ships in the Strait of Hormuz", the U.S. Military said. Tehran claims it has 'closed the Strait again after hostilities between Iran & the U.S. re-ignited last week, fraying a fragile?truce already reached in June following several months of fighting. Trump said in an interview with Fox News that aired on "Special Report With Bret Baier" Tuesday night, "I'll leave the energy targets until last but we'll ultimately hit energy targets". Early on Wednesday, the Iranian army announced that drones had been used to attack U.S. positions in Jordan's Azraq base. Pentagon has not yet responded to the report. The Iranian Islamic Revolutionary Guard Corps claimed that they had targeted weapons and storage in Bahrain and Kuwait. ? The reports could not be verified immediately. The recent flare-up has raised doubts about whether a memorandum signed last month will lead to an end to the war that has engulfed Iran’s neighbors. Tim Waterer is the chief market analyst for KCM Trade. He said that Brent prices may remain at $75-$80 per barrel if diplomatic measures are successful in reopening the Strait. "For now, there is still a risk premium, but this is not a one way bet, as both sides are motivated to find a diplomatic resolution." (Reporting and editing by Helen Clark)
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Rio Tinto beats expectations by 7% in its second-quarter sales of iron ore
Rio Tinto announced better-than expected second-quarter iron-ore sales on Wednesday, supported by strong system performance, putting it on track to achieve its annual forecast. Visible Alpha's consensus estimate of 83.6 Mt was surpassed by the world's largest producer of iron ore, which sold 85.3 Mt of the steel-making material from its Pilbara operations during the three months ending June 30. This compares to 79.9 Mt sold in the same quarter of last year. The average price in the first half of its Pilbara operations increased to $85.2 per wmt on a free-on-board basis, up from $83.2 last year. Rio's copper production on a combined basis dropped 7%, to 213 Kt during the quarter. This was lower than Visible Alpha's?consensus estimation? of 214.7 Kt. Separately, the miner reduced its 2026 copper C1 ?net unit cost forecast to between ?30 and 50 U.S. cents per pound from 65 to ?75 U.S. cents a ?pound due to ?higher-than-expected gold prices and productivity improvements. (Reporting and editing by Sneha Thomas in Bengaluru, and Roshan Kumar in Mumbai)
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The US pump price may soon return to $4
Americans could soon see gas prices above $4 per gallon as renewed hostilities have led to a rise in energy prices by paralyzing the Strait of Hormuz. This is a vital route for global oil supplies. GasBuddy's fuel price tracking service showed that the national average gasoline price on Tuesday was $3.84 per gallon. This is up 9.8 cents compared to a week earlier. Prices of gasoline are up by 22.2% on an annual basis. The high price of gasoline has become a political headache to President Donald Trump, and the Republican Party. They will be soon campaigning for their thin majority in the U.S. Congress during November's midterm elections. Last time the $4 mark was crossed, it was in late March after Iran closed down the Strait. In June, prices fell below that threshold after the U.S. signed an agreement with Iran to end the conflict. Returning to this level would increase pressure on households already under strain from inflation. The price of gasoline has risen along with crude oil since the last week's collapse of the ceasefire between Washington and Tehran and the reimposition by the U.S. of its naval?blockade against Iran. Fuel prices for retail and crude oil tend to move together because crude oil is the main?cost of producing fuel. Shipping data revealed that the number of tankers transiting the Strait of Hormuz dropped to its lowest level in over two months in the last day. Prior to the Iran War, about 20% of the world's oil supply passed through the Strait. The loss of Russian refinery capacity as a result of Ukraine's intensified attacks on energy infrastructure has also contributed to higher fuel prices. GasBuddy analyst Patrick De Haan said in a blog on Monday that he expects the average national price of gasoline will reach $4 per gallon within the next seven to ten days, and the average U.S. diesel price to return to $5 per gallon at the end of the week. De Haan said that drivers in certain states could see gas prices go above $4 per gallon sooner. REKINDLING INSFLATION FEARS Higher gasoline costs could complicate the outlook for inflation after prices eased more than anticipated in June due to a decline in energy prices. While June's data showed easing of price pressures largely because of lower energy prices, a sustained rise in gasoline?prices through July could change that narrative, said Simon-Peter Massabni. "The impact?extends beyond fuel alone." Massabni stated that higher gasoline prices affect transportation costs, freight charges, and other logistics expenses. These expenses eventually trickle down to prices for goods and services in the economy. Mark Zandi said that if the hostilities escalate and the Strait is more or less shut for a few weeks, the already extremely low global oil stocks will be further depleted. The scenario will see oil prices, gasoline, and other energy forms spike and supply shortages across the world. Reporting by Nicole Jao, New York; editing by Liz Hampton and David Gregorio
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The mayor of Moscow says that 340 Ukrainian drones were sent to the capital. Most were downed
Sergei Sobyanin, the mayor of Moscow, said that 340 Ukrainian drones were sent to the area around the capital in a 24-hour period. Most of them had been shot down by anti-aircraft unit far away from the city. Sobyanin posted on Telegram that "most of them were neutralised on the outer approach by air defence forces." "More that?50 enemy drones have been destroyed on their journey to Moscow." Sobyanin gives a detailed account of the number of drones that have been shot down by the anti-aircraft units. Ukraine has intensified its attacks against Russian infrastructure sites mainly related to the oil industry. Ukraine's military announced on Tuesday that it had conducted drone strikes against the Salavat complex in the Urals, and the Afipsky refining plant in southern Russia. Attacks on oil infrastructure has contributed to fuel shortages in Russia. In recent weeks, Russian forces have increased their drone and missile attacks against Kyiv. Russia launched a barrage early on Tuesday of ballistic missiles and drones against Kyiv, marking the fifth attack on the Ukrainian capital in the last month. Volodymyr Zelenskiy, Ukrainian president, said that?the attacks damaged sixteen sites? in the capital. This included a school and business. Meanwhile, city officials reported a number of fires throughout the city. Reporting by Jamie Freed; Editing by Jamie Freed
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Writers Guild files suit to block Paramount deal.
The Writers' Guild of America filed a lawsuit to stop Paramount from acquiring Warner Bros. for $110 billion. Discovery said on Tuesday that the acquisition would 'threaten the health of U.S. Entertainment Industry and jeopardize writer's livelihoods. This case is another blow for Paramount in its bid to compete with Netflix and Disney. It comes a day after California, along with 11 other states, sued to stop the deal. Paramount now faces a double legal burden. A ruling in either case could stop the deal. In its lawsuit, the?Writers Guild claimed that this deal would harm its members by reducing?the number buyers of films and TV programs in Hollywood. With fewer competitors, a merged Paramount/Warner entity would have both the incentive and ability to lower costs by reducing output and lowering writers' wages. The combined Paramount-Warner entity would be able to reduce costs both by "suppressing" writers' wages as well as "reducing output". The WGA complained that writers would be paid less, and there would be fewer job opportunities. There are 18,000 members in the entertainment industry who belong to the union made up of Writers Guild of America West, and Writers Guild of America East. Paramount's spokesperson did not respond immediately to a comment request. The Writers Guild said that the merger of two major Hollywood studios would illegally increase demand for writers to write top-grossing movies and episodic television series and reduce the bargaining strength of writers who sign exclusive contracts with studios. The Writers 'Guild cited a U.S. Department of Justice case that was successful in blocking Penguin Random House from buying Simon & Schuster. This decision was made on the grounds that it would reduce competition and pay lower advances to authors. The argument was that the combined company would have a monopoly on publishing and would be able to control about?half of the market. This would mean that hundreds of authors would have fewer choices and less power.
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Health officials report that US cyclosporiasis has reached 1,600 cases, and more are likely to follow.
The?U.S. The?U.S. According to the U.S. Centers for Disease Control and Prevention, no deaths have been reported. However, 141 hospitalized people and 1,645 confirmed cases in 34 states have been reported. The agency reported that it is aware of over 5,100 reports which require further analysis and confirmation. According to the CDC, cyclosporiasis can be contracted through contaminated water or food (usually raw fruits and veggies). It can cause diarrhea, nausea and other gastrointestinal problems. Although the United States has seen outbreaks of gastrointestinal illness in the past, this year's outbreak is significantly larger and geographically spread, prompting health officials to be concerned. Officials have not yet pinpointed the cause of the outbreak. Gwen Biggerstaff is a CDC expert on foodborne diseases. She said, "This investigation is active and developing." In traceback investigations, officials collect data from sick people about the foods they consumed in the weeks before they became sick. Biggerstaff, a CDC spokesperson, told reporters that the CDC 'expects cases to continue increasing, possibly?throughout August. The CDC warned that it takes six weeks between the time of the illness and when cases are reported. This means that more infections will be detected as new data is received. Michigan is the epicenter of this outbreak in the United States, which began May 1. Ohio and New York State have also reported high numbers. Michigan health officials reported 3,309 cases on Tuesday, an increase of 669 since the last update on?Monday. Biggerstaff said that based on the evidence gathered so far, cases in Michigan and West Virginia may be linked, but that it does not explain cases in other states. Biggerstaff stated that "there are other investigations in progress, including some that are being conducted by single states as well as for cases that are not currently connected to a cluster of outbreaks or clusters." The Washington Post reported that federal and state officials were investigating whether lettuce served by Yum Brands-owned Taco Bell restaurant chain may have been "associated" with an outbreak. The company has said that it has removed some ingredients from certain restaurants as a precaution. It added that U.S. Health officials have not yet confirmed a connection between the chain and this outbreak. Dr. Michael Osterholm of the University of Minnesota's infectious disease department said that it was possible that the outbreak in Michigan has already ended, given that many produce products only have a shelf-life of about three weeks. Donald Prater is the FDA's acting vice commissioner for food. He acknowledged that produce moved quickly through the system, but added that the FDA is looking at several clusters and subclusters. It needs more information to determine if the outbreak has already ended. Reporting by Siddhi Mahtole and Bhargav Asharya, Toronot. Editing by Diti Pjara.
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Gold gains over 2% after soft US inflation data
Gold gained more than 2% on Tuesday after ?softer-than-expected inflation data boosted hopes ?of the U.S. Federal Reserve adopting ?a ?less hawkish stance. Gold spot was up 1.6% to $4,063.78 an ounce at 1:30 pm EDT (1730 GMT) after it fell earlier in the day to its lowest price since July 1. U.S. Gold Futures closed 1.6% higher, at $4.069.70. Other currency holders can now afford greenback-priced gold because the U.S. Dollar has fallen by 0.6%. "Gold?gallops up on a subdued CPI that showed headlines falling but, more importantly, the?core remained unchanged at 0.2%. "This should reduce expectations for rate hikes at least in the July and September meetings," said Tai Wong. Consumer inflation in the United States slowed down more than anticipated in June. Consumer Price Index increased by?3.5% over the past 12 months, following a 4.2% increase in May. Core CPI inflation remained unchanged, after rising 0.2% in may. After the data was released, traders ceased to bet that the Fed will raise rates at its meeting on July 28-29. Investors will also be watching the U.S. Producer Price Index data due on Wednesday. Fed Chair Kevin Warsh stated in a statement to the House Financial Services Committee that his current focus is on bringing inflation back to the 2% target set by the U.S. Central Bank. The geopolitical situation has been a major event. Iran launched ballistic missiles against a U.S.?air base in Jordan, and the United States engaged Iranian targets in a five-hour 'battle' for control of Strait of Hormuz. This battle has sent oil prices to a four-week high. Wong stated that the headline inflation will already be higher due to the return of serious 'hostilities' with Iran. "So gold's rise will be moderated over the next couple of sessions, and maybe $63-$64 silver is not out of question," Wong added. Inflation could cause central banks to maintain interest rates higher for longer, which would put pressure on gold and other non-yielding investments. (Reporting by Ashitha Shivaprasad in Bengaluru; Editing by Diti Pujara and Joyjeet Das) (Reporting and editing by Diti Pjara and Joyjeet Das; Ashitha Shivaprasad, Bengaluru)
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Gold Board: Ghana's artisanal gold production in 2026 is likely to exceed the record level of 2025
Ghana's Gold Board purchased up to 54 tons of gold in the first half 2026 from small-scale and artisanal mining. The sector's output is on track to equal or exceed last year's records, said the CEO of the state entity. Ghana's largest exporter and foreign currency earner is expected to have another successful year, which will help support the economy as it recovers from its worst financial crisis in decades. Africa's biggest gold producer saw ASM production?surge after sector reforms were implemented to?stop smuggling and boost foreign currency earnings. The production reached a new record of 104 metric tonnes last year. This was the first time that ASM output surpassed large-scale mining. Samuel Gyamfi, CEO of Gold Board (GoldBod), told reporters that the company had purchased between 50 and 54 metric tons. At this rate, it is likely that we will match or surpass last year's production. Gyamfi stated that the board earned nearly $11 billion from the ASM sector in foreign exchange last year. Large-scale mining contributed around $9?billion. He said that the recent decline in gold prices has reduced expectations for earnings. GoldBod's 2026 forecasts were based on an average gold price per ounce of $5,000 and weekly purchases of 2.5 metric tonnes, according to the entrepreneur. Gyamfi stated that despite the lower prices Ghana is still on course to produce higher gold export earnings this year than last, Gyamfi added. Average bullion prices are above 2025 levels but below GoldBod’s initial projections.
Scientists study the glacier melting risk in Greenland
This week, an international team of 80 scientists and crew will embark on the RSS David Attenborough to sail for Greenland in order to determine whether the melting glaciers on the island could affect the climate and currents in the Atlantic Ocean. The mission, which will last five to six weeks, leaves Britain, after Western Europe and Britain experienced their warmest month of June on record. This caused power outages, closed schools, and increased deaths. Kelly Hogan, marine geophysicist with the British Antarctic Survey, which is leading this mission, said in an interview aboard the vessel that the heatwaves in Europe and the UK in recent months had really made it clear how difficult it was for us to adjust to even small changes in climate. The expedition is a part of a PS20million project called GIANT – Greenland Ice Sheet to AtlaNtic Tipping Points - that aims to better understand the melting and breaking down of glaciers into the ocean, and their impact. Scientists worry that the melting of freshwater may disrupt a rotating ocean current system which regulates Europe's climate. This could lead to extreme weather conditions and higher sea levels. Matt Neill is a ship captain who has made several trips to Antarctica, including his first as a cadet in 2011. He says he's seen first-hand the effects of climate change. "Lots are of glaciers all?receding extremely quickly and more than you think." He said that it is more important now than ever to collect data and improve models during these dynamic times.
BOATY MBOATFACE
Officially, the ship was named after veteran naturalist Attenborough. But to many Britons, it will forever be "Boaty McBoatface" after this suggestion won a 2016 public poll.
Named instead for a high-tech submersible that will be on the vessel, it will dive to 1500 meters below the glacier mixture - a mix of sea ice & snow that forms where the glacier meets the sea. It will map its geometry and how it affects the glacier. Sam Smith, an operations engineer with the National Oceanography Centre said that it would be collecting data never before collected.
The data collected will be used to create next-generation climate model and a system of early warning for glacier failure.
(source: Reuters)