Europe

Oil prices rose on Thursday, after the U.S. launched new?strikes in Iran. This dented hopes of an end to the Iran war, and the full reopening of the Strait of Hormuz. The Strait of Hormuz is a chokepoint that supplies one-fifth of the world's oil supply before the war. Brent crude futures were up 78 cents or 1% at $78.8 per barrel as of 0054 GMT. U.S. West Texas Intermediate Crude Futures rose 74 cents or 1.01% to $74.26 per barrel by 0054 GMT. WTI and Brent crude prices rose by more than $1 in the post-settlement trading on Wednesday,...

U.S. President Donald Trump warned Iran the United States would likely launch additional strikes on Wednesday night, following the attacks of the previous day. "I'll give a little warning. We're going hit them hard tonight," Trump said to reporters before his meeting with Ukrainian president Volodymyr Zelenskiy at the NATO Summit in Turkey. Trump had said to reporters in Ankara that a memorandum-of-understanding between the United States & Iran, which served as an initial ceasefire agreement, was "over". He did not say that Washington would go back to full-fledged warfare, and it was not clear if the negotiations to turn...

Mark Rutte, NATO Secretary General, said that the?new U.S. attacks on Iran? were "absolutely needed" The?U.S. The?U.S. Rutte said to reporters in Ankara, before the NATO summit. "When there is a ceasefire and Iran basically violates the ceasefire I think that it is absolutely crucial that the U.S. react forcefully." The European leaders will try to persuade Donald Trump to commit to the alliance after he renewed his disagreements with them regarding the Iran War and Greenland. Rutte stated that there was no doubt about the "complete commitment" of the United States to NATO, which he added also worked to...

Two industry sources said on Tuesday that the largest oil refinery in Russia, Omsk, had halted operations following an attack by a Ukrainian drone. The attack on the refinery in Siberia was the longest-ranged Ukrainian attack of the war, which is now well into its fifth anniversary. Fuel shortages are likely to be worsened by the shutdown of the plant. It is the top petrol producer in Russia. The attack on Monday damaged the facilities at the Omsk refinery. Anatoly Seryshev said that no plant personnel were injured in a Tuesday statement. Seryshev stated that a damage assessment was underway...

After a drone attack on the largest oil refinery in Russia, motorists in the city of 'Omsk are lining up for fuel. This is one of the most serious attacks by the Ukrainians inside Russia since?the start of the war. Video showed a?but orderly? line of cars waiting at a fuel station on Monday evening, just hours after the terrorist attack. Witnesses in the Siberian City reported that there were longer queues Tuesday, but they were still manageable -- only around 20 minutes. Fuel was also available. Some people on the social network VKontakte complained about drivers who they called...

DAMASCUS/PARIS 7 July - Patrick Pouyanne, the Chief Executive Officer of TotalEnergies, will meet with his syrian counterparts to discuss signing a contract for exploration on Tuesday, he said. Pouyanne, a member of a French delegation accompanying French president Emmanuel Macron to Syria on Tuesday was 'overshadowed' by bomb attacks that took place in Damascus. Total and the Syrian Petroleum Company signed a "memorandum" of understanding (MOU) in May to explore an offshore block off the Mediterranean. In the wake of U.S. and Israeli war against Iran, it has recently talked about the need for pipelines to be built through...

Saudi Aramco has cut its crude oil price for Asia, for August-loading shipments. This move appeared to signal an intention to regain market shares and recover volumes following the Iran War. Even the record-breaking 'August official selling price' (OSP), may not be sufficient, since crude oil from other Middle East producers and exporters from Africa and the Americas are likely to remain more competitive. Aramco, 'the world's largest oil exporter', has set its OSP at a $1.50 discount to the regional benchmark of Oman/Dubai for August. It was the largest drop in record since 2003, with a $11 reduction from...

ADNOC Distribution is a subsidiary owned by Abu Dhabi’s state oil giant. It announced on Tuesday that it had signed a definitive agreement to purchase 100% of Shell’s downstream business in South Africa, as the company pursues its expansion abroad. The company stated that the implied enterprise value for 100% of the shares capital was about $1 billion, before adjustments for working capital and net debt at closing. ADNOC Distribution announced that the deal for Shell Downstream South Africa, which includes wholesale fuel, aviation, and lubricants operations as well as 580 company and dealer owned fuel stations, will close in...

The Syrian state news agency said that French President Emmanuel Macron landed in Syria Monday. This was the 'first visit by a European Union Head of State to Damascus'since rebels led President Ahmed al-Sharaa overthrew Bashar al-Assad 2024. The visit highlights Syria's geopolitical change under Sharaa. A former al Qaeda leader, Sharaa has built close ties to Western and Middle Eastern countries that shunned Assad as he tries to rebuild a nation shattered after 13 years of war. "I'm here to affirm France’s commitment to the Syrian People. "I am here to affirm France's commitment to the Syrian people. Let's...

OPEC+ will 'agree' on Sunday to increase output targets from the August levels, a source with knowledge of this matter said. This would add to the global?supply? amid falling oil prices as a result of a gradual reopening of Strait of Hormuz to oil exports. OPEC+ sources said that the oil producing group had agreed to increase quotas in principle by 188,000 barrels a day starting August. This is on top of increases similar to those for June and 'July. According to two other?sources, an increase in this amount is the most likely result of the online discussion. Seven members...

St Petersburg, Russia's second largest city and the surrounding Leningrad area were hit by a major Ukrainian drone attack over night. A Baltic Sea port which handles oil exports was also reported to have been affected. Alexander Beglov, the governor of St Petersburg, said that the city's?6-million population had been subjected to a "large scale" drone attack. He did not give any details about specific targets but the local media outlet Bumaga reported that there was a fire in the oil terminal of St Petersburg. Alexander Drozdenko, Governor of the Leningrad region, said that drones struck the port of Vysotsk...

Prices of oil climbed on Friday, just before the long holiday weekend here in 'the U.S. Brent futures rose 46 cents or 0.64% to $72.26 per barrel at 0407 GMT. West Texas Intermediate rose 32 cents or 0.47% to $69.01 per barrel. The U.S. market will be closed Friday in advance of Independence Day. Independence Day is celebrated on Saturday. The two benchmarks had their lowest level since the U.S./Israeli War on Iran, which began in late February. Brent was up by 0.35% for the week and WTI rose by 0.43%. These were the lowest weekly movements in the past?months....

Gold prices fell more than 1% after the?U.S. Donald Trump declared that the interim peace agreement with Iran is "over", which sent oil prices soaring and revived fears of inflation. Gold spot fell by 1.4% at 1027 GMT to $4,049.92 an ounce, its lowest price since July 2. U.S. gold futures for August delivered fell 2.3% to $4.059.80/oz. Oil prices rose by more than 6% following a statement from?Trump that the Memorandum of Understanding signed with Iran in June to end their four month conflict was "over", and that he did not want to engage Tehran. UBS analyst Giovanni Staunovo...

India's import restrictions have caused shortages on the world's largest market for precious metals, driving premiums up to their highest levels in six months despite a weaker than usual demand. India's lower imports, which meet more than 80% its silver demand by purchasing it overseas, could have a negative impact on the global price of silver, as well as help narrow its trade deficit and reduce pressure on its currency, the rupee. Chirag Thakkar, the chief executive officer of Amrapali Group Gujarat - a major silver importer - said that "Silver Imports are almost at a standstill, creating a severe...

Gold prices dropped more than 1% on Tuesday after U.S. President Donald Trump declared that the interim peace agreement with Iran had "ended". This sent oil prices up and fuelled fears of inflation, as well as higher U.S. rates. Spot gold dropped 1.02%, to $4,063.67 an ounce, by 0850 GMT. It had fallen to its lowest level since July 2, earlier in the session. U.S. Gold Futures for August Delivery fell 1.97% to $ 4,074.80/oz. Trump stated that the Memorandum of Understanding signed in June with Iran to end a four-month conflict was "over" and added that he did not...

Dutch prosecutors announced on Wednesday that they had opened a criminal case against Tata Steel's Dutch subsidiary for "intentionally polluting" the environment. The prosecutors said a criminal probe?into Tata’s massive plant in?IJmuiden on the Dutch coast, west of Amsterdam, gave clear indications that company did not take enough care to avoid hazardous pollution. Tata was also accused of operating without the necessary licences and inadequate maintenance for its highly polluting coke oven. Tata's Dutch division, which is part of Tata, said that they disagreed with these accusations and had made significant improvements to reduce pollution in the past years. It...

Five sources said that Japanese aluminium buyers paid a premium of $395 per ton between July and September. This was the highest price since 2015. The U.S./Israeli war against Iran has squeezed the supply. Japan is the largest Asian importer and benchmark for the region. Its premiums on primary metals are set at a level that exceeds the London Metal Exchange cash price each quarter. The premiums agreed to are up from $350-$353 per ton in April-June, the third consecutive increase. This is the highest since $425 between January and March 2015. As tensions ease, producers cut their offers Sources...

Metals trading and the world it operates in is constantly changing. Political and military conflict has shattered what was once a highly globalised supply chain into regionally different parts. Metals are moving away from the single benchmark global set by the 149-year old London Metal Exchange (LME), which is now owned by Hong Kong Exchanges and Clearing. This changing reality is evident in the opening of the Shanghai Futures Exchange (ShFE) nickel contract for overseas firms. Shanghai has already become the leading force in China in terms of establishing benchmark metals price in its domestic market. ShFE wants to expand...

These are the most popular?stories from the New York Times business pages. The New York Times has not?verified?these?stories and cannot?guarantee?their accuracy. U.S. president Donald Trump will likely restore the rights of Turkey to buy F-35 stealth jets at the NATO summit, which would reverse a 7-year-old ban imposed by Trump himself. Canada announced on Monday that it has selected ThyssenKrupp to build a fleet of submarines in collaboration with the Norwegian, German and Canadian governments. This is a move towards reducing Canada's military and economic dependence on the United States. Walmart announced on Monday that it would be slashing the...

According to Regional Governor Oleh Hryhorov, the massive Russian glide bomb strike in the middle of Sumy, northern Ukraine, killed at least four people on Friday, including a child. Six people were killed in other areas of the Sumy region, and southeastern Ukraine. Hryhorov, who was at the epicenter of the strike in Sumy, wrote on Telegram: "A high-rise apartment block, a store and a road." There were many people. Children." Hryhorov confirmed that the dead included both a five-year-old girl and her mother. He said that the injured, including a child aged 13 in a'serious condition, were being treated...

KGHM, the state-controlled copper producer and silver producer in Poland, announced a 'new strategy' on?Friday. The company committed to investing more than 32?billion zlotys (US$8.55 billion) through the end decade and set new targets for output and profits. The "Strategy 2055+" plan targets an average adjusted core profit of?12billion zlotys per year, measured by earnings before interest taxes depreciation, and amortization (EBITDA), as well as a paid copper production of 730,000 tons and a silver production of 1,290 tonnes, between 2026 to 2030. Remigiusz Pazkiewicz, Chief Executive of KGHM, said that the company aims to become a multi-raw materials industrial...

According to a presentation made to investors on Friday, Russian steelmaker Severstal could 'cut back' its investment program by a further 24% in 2027 to approximately 85 billion roubles (about $1.10 billion), due to the?falling demand for steel. The company stated that the measures would help to ensure a positive cash flow. According to the presentation, this forecast is only preliminary and will be reviewed until?the?end of 2026. Steel demand has dropped by 30% since 2023. This is due to Western sanctions, high interest rate and weak steel demand. The demand for steel in Russia's key sectors of?construction and energy,...

Gold rose on Friday, and was expected to gain a weekly profit after four weeks of losses. Weak U.S. job data dampened expectations that the Federal Reserve will raise rates in the near future. Gold spot was up 1.3% to $4,176.29 an ounce at 1006 GMT after reaching its highest level since June 23. Bullion is above its 21-day moving average and up over 2% this week. U.S. Gold Futures for August Delivery gained 1.53% to $4188.80/oz. Data released on Thursday revealed that nonfarm payrolls increased by 57,000 in the U.S. last month. This was below the 110,000 economists had...

Gold gained 1% on Friday, and investors were set to?make their?first weekly gains in five as they dialed back expectations for U.S. interest rate hikes after softer than expected jobs data. As of 0612 GMT spot gold was up by 1% to $4,165.29 an ounce. It had earlier reached its highest level since the 23rd of June. U.S. Gold Futures for August Delivery gained 1.3% to $4,178.50. Bullion is on track to gain 1.8% in a week, its first weekly gain since?May 29. Weaker-than-expected data from nonfarm payrolls as well as private payrolls have tempered inflation concerns and interest rates...