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• Spain investigates steelmaker for violating Israel Sales Ban

  The Spanish High Court has opened an investigation into privately owned steelmaker Sidenor, which is accused of selling steel to a firm in Israel for the purposes of manufacturing weapons. This is one of the potential legal consequences that could result from Spain's ban of such deals. According to a statement, Judge Francisco de Jorge will lead the investigation against Sidenor CEO Jose Antonio Jainaga Gomez as well as two other executives. They are accused of smuggling drugs and being complicit in crimes against humanity and genocide. On November 12, they were called to testify. The court said Sidenor had sold steel to Israel Military Industries (a subsidiary of Elbit Systems) in a deal that was allegedly done without proper government authorization or registration. The High Court ruled that the executives "went forward with the deal knowing that (the company) was a producer of both heavy weapons and light weapons and that the materials sold were to be used in the manufacture of weapons." Sidenor stated in a press release that it has referred the case to its attorneys and will give the judge any information available. The Spanish government had decided in April to stop all contracts with Israel. This led to the steelmaker's announcement on July 1, that it would suspend all commercial relationships with Israel. Elbit Systems has declined to comment. The investigation is a result of a complaint that was filed by the Association of the Palestinian Community of Catalonia in July. Spain, which recognized a Palestinian state in Gaza last year, was a vocal critic, describing Israel's actions as genocide multiple times, an accusation that the Israeli government denies. In September, Spain banned aircraft and ships carrying jet fuel or weapons to Israel from entering Spanish airspace or calling at Spanish ports. This was done to put pressure on Israel to stop its Gaza offensive. It also reinforced the prohibition on Spanish companies selling weapons and materials to Israel. Washington mediated a fragile ceasefire in Gaza that came into effect on 10 October. The restrictions were maintained. Emma Pinedo, David Latona (Reporting). Emily Rose contributed additional reporting from Jerusalem. Editing was done by Andrei Khalip, Joe Bavier and Joe Bavier.

• Spain investigates steelmaker for violating Israel Sales Ban

  The Spanish High Court has opened an investigation into privately owned steelmaker Sidenor, which is accused of selling steel to a firm in Israel for the purposes of manufacturing weapons. This is one of the potential legal consequences that could result from Spain's ban of such deals. According to a statement, Judge Francisco de Jorge will lead the investigation against Sidenor CEO Jose Antonio Jainaga Gomez as well as two other executives. They are accused of smuggling drugs and being complicit in crimes against humanity and genocide. On November 12, they were called to testify. The court ruled that Sidenor sold metal to Israel Military Industries (a subsidiary of Elbit Systems) in a transaction that was allegedly done without the approval or registration by the government. The High Court ruled that the executives "went forward with the deal knowing that (the company) was a producer of both heavy weapons and light weapons and that the materials sold were to be used in the manufacture of weapons." Sidenor didn't respond immediately to a comment request. Elbit Systems refused to comment. The investigation is a result of a complaint that was filed by the Association of the Palestinian Community of Catalonia in July. Spain, which recognized a Palestinian state in Gaza last year, was a vocal critic, describing Israel's actions as genocide multiple times, a charge the Israeli government denies. In September, Spain banned aircraft and ships carrying jet fuel or weapons to Israel from entering Spanish airspace or calling at Spanish ports. This was done to put pressure on Israel to stop its Gaza offensive. It also reinforced the prohibition on Spanish companies selling weapons and materials to Israel. Washington mediated a deal that brought Gaza into a fragile truce on 10 October. The restrictions were maintained. Emma Pinedo, David Latona (Reporting). Emily Rose contributed additional reporting from Jerusalem. Editing was done by Andrei Khalip, Joe Bavier and Joe Bavier.

• Mixed results in the Gulf amid low crude oil prices

  The major Gulf equity markets traded mixed on Tuesday morning, with investor sentiment being limited by the low crude oil prices and corporate earnings. However, some support was provided by the easing U.S. China trade tensions. Top Chinese and U.S. economists have hammered out a framework for a deal that U.S. president Donald Trump and Chinese president Xi Jinping will decide on this week. This should ease fears of tariffs and export restrictions between the two world's largest oil consumers affecting global growth. Saudi Arabia's benchmark stock index rose 0.4%. The Saudi National Bank, the largest lender in Saudi Arabia by assets, saw a 0.6% increase. Leejam Sports, however, fell 10% and became the largest loser in the Saudi index following a sharp fall in the third quarter profit. The sports company, which is on track for its largest intraday drop in almost six months, also reduced its quarterly dividend from 2.14 to 0.95 riyals per share. Dubai's main stock index rose 0.2% thanks to a 1.7% increase in blue-chip developer Emaar Properties. The index fell 0.4% in Abu Dhabi due to a decline of 3% in Abu Dhabi Commercial Bank despite the bank reporting a higher third-quarter profit. Mubadala is the largest shareholder of the bank and plans to fully exercise its right to subscribe for the new shares. The oil prices fell on a report stating that eight OPEC+ countries are inclined to increase their crude output modestly for December at the meeting on Sunday. Saudi Arabia is pushing hard to regain market share. The Qatari Index dropped 0.2%. Qatar Aluminum Manufacturing Company fell more than 3% after reporting only a 0.5% quarterly profit increase.

• Will US sanctions against Russian oil work? Russell

  The crude oil market has a common belief that sanctions by the West against Russia's exports have little effect, as the market finds ways to keep the cargoes flowing. It means that new measures will only have a temporary impact on prices. This is due to the fact that the flow of goods and services has been virtually unaffected. It is possible that the same dynamics are at work with President Donald Trump’s latest sanctions announced last week against Russia’s two biggest oil companies, Lukoil, and Rosneft. The two largest producers produce about 5% of all crude oil produced worldwide, or about 5.3 millions barrels per day. They export about 3.5million barrels a day. After the new measures were announced on October 24, Brent futures rose as high as 8.9%, hitting a three-week trading high of $66.78 per barrel. In early Asian trading on Monday, it was unchanged at $66.37. This may seem like a big price increase, but it is still well below the level that would have been reached if the crude oil market had believed that there was a real risk of losing as much as 3 million bpd to the seaborne markets. Oil reached just below $140 per barrel when Russia invaded Ukraine, in February 2022. This was due to the fear of losing Russian exports. It is expected that Russia's oil producers will be able circumvent new sanctions using a dark fleet of tanks and a variety of middlemen, and banking arrangements which avoid U.S. dollar. This is the most likely scenario, as any disruption in Russia's crude oil exports would be limited and short-lived. Does this mean the sanctions were a waste of time? What you want to achieve is what matters most. These latest measures will be ineffective if the goal is to stop Russian oil being exported by cutting of its remaining buyers, China and India. Sanctions may be more effective if the goal is to reduce the revenues Moscow receives from selling its oil but keep Russian barrels on the global market. New sanctions will make it more difficult for China and India to buy Russian oil. They are the two largest buyers of Russian oil. It is likely that they will demand even steeper discounts to continue importing Russian barrels. The cost of shipping Russian crude is also increased by using dark fleets and middlemen trading firms. The cost of shutting out Russian oil companies from the U.S. banking system is also passed on to oil revenues, since money must be routed through shell companies and offshore jurisdictions. DO SANCTIONS REALLY WORK? Western sanctions against Russia have not had much of an impact in convincing President Vladimir Putin to stop his war in Ukraine. They are also unlikely result in a substantial reduction in export volume. They make it difficult for Russia to export crude and the amount of money per barrel received may decrease. This also means that the flow of Russian barrels is likely to change again as some buyers pull out. Reliance Industries in India is a good example. The company runs a 1,24 million bpd complex at Jamnagar on India's West Coast, which produces fuel for the domestic as well as export markets. Reliance said that it would abide by Western Sanctions, meaning it could end its contract of 500,000 bpd with Rosneft. According to commodity analysts Kpler, Reliance is also likely to buy some Russian crude at spot prices. Total imports of Russian crude oil through the Sikka port - which supplies Jamnagar - are expected to reach 591,000 barrels per day in October. The average bpd was 766,000 in the second quarter. However, this is in line with 563,000 in the first. Other buyers will have access to around 500,000 barrels per day of crude if Reliance stops its imports. It is unclear whether India's government-controlled refiners are willing to accept the risk or if Chinese refiners can take on more Russian crude. It will be important to see if Trump can reach trade agreements with India and China and if Russian oil is included in these deals. Both New Delhi and Beijing are likely to want Washington to make significant concessions if they wish for their Russian oil imports be stopped or reduced significantly. The Russian oil will likely continue to flow for now. However, the biggest risk to the market is if it is used as a tool to reshape global trade in the Trump era. You like this column? Open Interest (ROI) is your new essential source of global financial commentary. ROI provides data-driven, thought-provoking analysis on everything from soybeans to swap rates. The markets are changing faster than ever. ROI can help you keep up. Follow ROI on LinkedIn, X. These are the views of the columnist, who is also an author. (Editing by Himani Sakar)

• Stocks rise on hopes of trade; Argentina is in focus following Milei's win

  Investors also looked at Argentina, where President Javier Milei’s party won the midterm elections with a decisive win. These moves will help emerging markets start the week strong, in anticipation of a possible trade agreement between two of the largest economies on the planet that could remove a major cloud on global growth prospects. The MSCI index that tracks emerging market stocks rose by 1.3%. The currencies index, on the other hand, remained flat and rangebound. Later on, the focus will shift to Latin America where the party of Argentina's President Milei won the midterm legislative elections that were held over the weekend. This victory will give Milei political capital that will allow him to push ahead with reforms which have reduced triple-digit inflation and may also attract foreign capital. "Foreign investments are very low in Argentina. The current administration wants to continue reform. The opportunity in Argentina has never been better," Thea Jamison said, founder of investment firm CHANGE Global. TURKEY JITTERS RESURFACING The main BIST 100 index in Turkey fell 0.1%, after reaching a new three-week high the previous session. The Turkish court has issued a new arrest order on suspicion of "political spying" for Istanbul's imprisoned Mayor Ekrem Imanoglu, marking a further stage in the unprecedented crackdown against President Tayyip Erdogan’s opponents. Investors have been uneasy in recent months due to concerns about a democratic backsliding. The data released Monday shows that the unemployment rate in Canada remained at 8.6% for September. Separately the rand of South Africa strengthened by 0.1% against the US dollar, while the stock market also rose 0.1% following the removal of the country from the Financial Action Task Force "grey list". After its removal from this list, the Nigerian naira is poised to strengthen for the second consecutive day against the US dollar. Oil prices increased after fears were eased that trade tariffs and export restrictions between the U.S., and China, two of the world's largest oil consumers, would dent the global economy. In a recent note, economists from ING stated that they believed the meeting between U.S. president Donald Trump and Chinese president Xi Jinping could lead to a formal agreement as well as a delay in the severe tariffs threatened by both countries in April. Saudi Arabia's benchmark oil price index was up 0.4%. Saudi Aramco shares rose 0.2%. (Reporting and editing by Conor Humphrey in Bengaluru, with Niket Nishant from Bengaluru)

• SandboxAQ, Bahrain's sovereign funds, signs deal with AI to speed up drug development

  SandboxAQ - a U.S. artificial intelligence and quantum tech firm - signed an agreement on Monday with Bahrain's sovereign fund to speed up the development and creation of biotech assets valued at $1 billion. Mumtalakat, Bahrain, will license SandboxAQ’s large, quantitative models that are trained in physics, chemistry, and biology, to speed up drug discovery and scientific investigation. The deal was announced at the Future Investment Initiative, Saudi Arabia's premier investment conference. The statement said that the collaboration would help to position Bahrain as a regional hub for biotech, with a joint committee leading a program of three years aimed at creating valuable new drugs. SandboxAQ CEO Jack Hidary said the partnership will empower Bahrain to create, own and use intellectual property (IP) in biotech. This includes therapies that target diseases common in the region like diabetes and genetic disorders. "Traditionally, most biotech IP belongs to a few countries. Hidary explained that Bahrain can now develop its own assets focusing on both regional and global priorities in health. Bahrain's hospital infrastructure and digital health datasets will be used to develop treatments under the agreement. Hidary said that clinical trials will begin in Bahrain with the potential of multi-site studies. SandboxAQ is also receiving interest for similar partnerships from other countries including the Gulf. Aramco, the Saudi oil giant, signed an agreement in January with SandboxAQ that would allow it to use their models to boost the value of its downstream products. Mark Potter edited the report by Yousef Sabah.

• Erdogan: Turkey's Erdogan claims that talks with Qatar and Oman about Eurofighter procurement are going well

  Tayyip Erdoan said that he had held discussions on Turkey's plans to acquire Eurofighter Typhoon jet fighters from Qatar, Oman and the Gulf during a tour of the region. He added that these talks were going well. Reports on Wednesday said that Ankara has proposed ways to acquire advanced fighter jets to its European and American allies, amid discussions to purchase 40 Eurofighter Typhoons and U.S. F-16s or F-35s. This is happening as President Tayyip Erdoan makes a regional trip to Kuwait, Qatar, and Oman. According to a person with knowledge of the situation, under the deal that Britain is close to signing with Turkey on Typhoons the country would receive 12 of the aircraft, even if they were lightly used by previous buyers Qatar or Oman, in order for it meet its immediate requirements. Erdogan told reporters that Turkey is continuing talks on procurement with Qatar and Oman. The discussions included "many details", and were going in a positive direction. "We are working to complete these quickly and, God willing make our Air Force stronger. According to a transcription of his remarks shared by his office, he stated that the jets would make our Air Force much stronger. (Reporting and editing by Jonathan Spicer; Tuvan Gumrukcu)

• Saudi Arabia is in a financial crunch as the elite descends on Riyadh

  Next week, global financial titans will descend on Riyadh for Saudi Arabia's premier investment conference. This is the first time that they have been in the city since Donald Trump's return to the White House, and his taste for extravagant projects fits with the Kingdom's ambitious plans. The Future Investment Initiative conference (FII) is being held against a backdrop that includes a fragile ceasefire in Gaza, simmering tensions in the region and a Kingdom under increasing pressure to prove its massive economic transformation. In the past, the world's biggest oil exporter used the event to show off its ambitious plans and sign deals to attract foreign investors while hosting world leaders. This year, attendees include the Colombian president Gustavo Petro as well as Larry Fink of BlackRock, Jamie Dimon of JPMorgan and Citi's Jane Fraser who became co-chairwoman of the U.S. Saudi Business Council on Tuesday. The event also includes energy and tech heavyweights like Aramco's Amin Nasseer and Intel's Lip Bu Tan. Test to see if investors will confirm their confidence This event, which was held in Miami in February and attended by Trump, will serve as a litmus test for global investors to confirm their confidence in the Saudi economic system. Riyadh promised to invest $600 billion when Trump visited in May. Saudi Arabia also seeks inward capital for Crown Prince Mohammed Bin Salman's economic plans to overcome hydrocarbon dependency. Low oil prices, coupled with a budget deficit and the need to prioritize and reduce costs have forced the Kingdom to delay many projects. "Trump's large-than-life personality and the Kingdom's love for big, attention-grabbing statements make a great match," said Alice Gower of London-based consultancy Azure Strategy. The follow-through of headline pledges will likely be slow, especially at a moment when Riyadh faces pressure to complete large projects before hosting global events. Gower stated that investors are still dealing with the reality of a state-dominated economic system, incoherent decision-making processes, skills shortages and heavy commitments to spending. Deadlines for big events The gathering of elites shows that Saudi Arabia is no longer shunned as it was only a few short years ago by many Western governments. MbS was censured by the international community for crackingdown on dissent, and for killing journalist Jamal Khashoggi. Saudi Arabia claims Khashoggi's death was the result of a rogue group. MbS, however, has accepted responsibility for it because it occurred on his watch. Riyadh has made many promises, including hosting the Asian Cup in 2027, World Expo 2030 and both the Asian Games and soccer World Cup in 2034. For these events it must complete 15 stadiums -- 11 of them brand new. Riyadh has made promises to host World Expo 2030 in 2030, the Asian Cup 2027, and both the Asian Games 2034 and soccer World Cup 2034. For these events, 15 stadiums must be completed, 11 of which are brand-new. Some projects related to these events have already been delayed. Most notably Trojena - a ski resort located in the futuristic city NEOM - a desert megacity intended to house nine million people near the Red Sea. Saudi officials are reportedly considering delaying the Asian Winter Games until 2033. The NEOM "The Line", billed as a 170 km-long, 200-metre-wide indoor city, has had its work scaled back in order to complete a 2.4-km stretch that includes the World Cup Stadium. Edward Bell, Chief Economist at Dubai's Emirates NBD, said: "There are a number of challenges associated with compressing everything into a short timeframe, as opposed to prioritising investments and pencilling them in over a long period." Fitch Ratings reported this month that lower oil prices and heavy investments are straining the Kingdom's finances. The Saudi government's 2026 pre-budget statement signalled a shift towards tighter spending after a sharper-than-expected widening of the 2025 deficit, now seen at 5.3% of gross domestic product. Bell predicted that Saudi Arabia will likely run deficits for many years. He praised the government's transparency and realism about their needs. A Saudi Finance Ministry spokesperson was asked for comment about the prioritisation projects. He said: "As previously stated, we continue to see the economy diversifying, powered by strong growth in the non-oil sector through the private sectors, and with a disciplined and strong fiscal position." Citi and Goldman Sachs have expanded their regional offices and teams in Saudi Arabia. The Public Investment Fund of almost $1 trillion, which is spearheading the economic transformation, is far from reaching its target of $100 billion annually in foreign direct investments by 2030. Karen Young, a senior Fellow at the Middle East Institute in Washington, said that it was a difficult target. She noted that the biggest FDI deals were still being made in the energy industry. The kingdom has fallen behind in some projects but it has delivered others, notably those headed by luxury resort developer Red Sea Global. RSG CEO John Pagano who is also a member of the board of NEOM said that changes will be made to ensure delivery deadlines for mega projects. He added, "The PIF and the country are working to ensure that we meet our commitments." Reporting by Federico Maccioni, Rachna uppal and Maha El Dahan Editing by Peter Graff and Maha El Dahan

• Putin: Russia will not bow to U.S. Pressure

  Vladimir Putin warned on Thursday that Russia will not bow to the pressure of the United States, or any other country. He also said that any attacks deep inside Russia would receive a very serious and overwhelming response. Putin stated that the U.S. Sanctions are "unfriendly". They "will have certain effects, but will not affect our economy in a significant way," he said. He said that the Russian energy sector is confident. Putin stated that "this is, ofcourse, an attempt at putting pressure on Russia." "But no country or people with any self-respect ever makes a decision under pressure." Putin said that a disruption of the global energy market could result in a price hike, which would be unwelcome for some countries like the United States. This is especially true given the political calendar within the United States. When asked about a Wall Street Journal article stating that the Trump Administration has lifted a restriction on Ukraine using some long-range rockets provided by Western Allies and comments by Ukrainian President Volodymyr Zelenskiy regarding domestic missiles capable of reaching a distance of 1,900 miles (3,000 km), Putin replied: "This is a deliberate attempt to escalate." "But, if these weapons are used against Russian territory, then the response will not only be severe, but also overwhelming. Putin said, "Let them think about it." (Reporting and editing by Guy Faulconbridge).

• The spot crude premium increases as US sanctions against Russian producers increase demand from China and India

  Trade sources and analysts reported that spot premiums on crude markets rose on Thursday, as traders and analysts expected the U.S. sanctions against top Russian producers to spur China and India’s demand for supplies coming from the Middle East and Africa, and South America. Washington imposed sanctions on major oil suppliers Lukoil and Rosneft over the Ukraine conflict, causing concern over a tighter supply from Russia. Russia is the largest supplier of crude oil to China and India. Brent oil futures, the global benchmark for crude oil, rose more than 4% Thursday. Sources said that Indian refiners, as well as some Chinese companies who are among the top buyers of oil in the world, will curtail their Russian oil imports, to comply with new sanctions. They'll turn to alternative suppliers. This triggered a surge in spot premiums Thursday for the key Middle Eastern benchmarks after they had fallen earlier this month due to an abundance of supply, as the Organization of the Petroleum Exporting Countries (OPEC) and its allies were increasing production. Data showed that Cash Dubai's premium reached a high of $2.71 a barrel for the third consecutive session. This is more than twice the $1.26 compared to the previous session. On October 2, it hit a low of 22 months. The data also showed that spot premiums for benchmark grades GME Oman, IFAD Murban, and IFAD Murban, both rose to new one-month highs of $3.12 a barrel and $2.86 a barrel, respectively. Two sources who have direct knowledge of this matter confirmed on Thursday that Reliance Industries, a privately-owned company, will cease importing crude oil as part of a long-term agreement to purchase nearly 500,000 barrels of crude oil per day from Rosneft. Sources with direct knowledge said that Indian state refiners, including Indian Oil Corp., Bharat Petroleum Corp. and Hindustan Petroleum Corp., are also reviewing their Russian trade documents in order to ensure that no oil will come directly from Rosneft or Lukoil following the U.S. sanctions against the oil companies. Reliance purchased crude oil cargoes in recent days from Brazil and Middle East. These included Qatari al-Shaheen, Land grades and Iraqi Basra Medium. The cargoes could be used as a partial replacement for Russian supplies. Reliance was seen Thursday in the market scouting out supplies, according to a Middle Eastern merchant approached by Reliance. We expect that most of the substitute crudes will come from the Middle East. Richard Jones, an Energy Aspects crude analyst, said that the urgent need for sour-barrels will allow the current Basra surplus to be cleared faster than previously expected. The Brent-Dubai swap has fallen further into negative territory as a result of today's rally, which supports Atlantic basin arbs. Brent's premium to Dubai quotes LSEG data show that the price of a barrel was 1 cent on Thursday. It had been negative since this week's start. Brent-linked grades of oil from the Atlantic Basin are more attractive to buyers in Asia as the price difference narrows. Last week, Britain also sanctioned Rosneft (Russian oil company) and Lukoil (Russian oil company). Reporting by Florence Tan in Singapore and Siyi Luu in New Delhi, with additional reporting by Nidhi verma; editing by Harikrishnan Nair

• Kuwaiti Minister: OPEC is ready to increase oil production if necessary after US sanctions against Russia

  Kuwait's Oil Minister said that OPEC was ready to increase production by rolling back further its oil output reductions if necessary to address the market shortages following new US sanctions against Russian oil majors. In a dramatic policy shift, U.S. president Donald Trump has targeted Russia's two largest oil companies: Lukoil and Rosneft. This is the most aggressive action Washington has taken against Russian business since Moscow invaded Ukraine. The news that India was considering reducing its Russian imports also caused the global oil price to rise by 5%. In response to a query, Kuwaiti Minister Tariq al-Roumi stated: "I anticipate that any decision to implement sanctions will have a positive effect on prices." Al-Roumi said that the sanctions will likely lead to a shift of demand from the Gulf region and Middle East. "We're seeing signs," he said. Kuwait is one of seven OPEC+ members that has gradually increased oil production after years of cutting to support the market, under an agreement between the group consisting of the Organization of the Petroleum Exporting Countries (OPEC) plus Russia and other smaller producers. The group that pumps half the oil in the world has changed its course to regain market shares this year. Trump also demanded OPEC to pump more oil to keep gasoline prices down. This year, it increased its oil production targets by over 2.7 million barrels per day (bpd), which is equivalent to 2.5% of the global demand. OPEC+ announced at its October 5th meeting that it would increase oil production from November by 137,000 barrels a day (bpd).

• German economist: US sanctions against Russia exclude Rosneft Germany

  The German economy minister said on Tuesday that U.S. officials had written assured that Rosneft's German assets would not be subject to new energy sanctions, as they are no longer controlled by Russia. Katherina Reiche, Economy Minister, said that the United States released a "Letter Of Comfort" yesterday night acknowledging the separation of Rosneft Germany's operations from its Russian parent. Germany sought clarification from Washington following the introduction of sanctions by President Donald Trump, which prohibit western banks and clients from engaging in business with listed Russian companies. Berlin argued that the refineries are under German state trusteeship from 2022 and "decoupled" (from the parent group) while essential to the nation's supply of fuel. The PCK refinery, located in Schwedt and one of the largest in Germany, accounts for more than 12% of the fuel processing capacity of the country. PCK Schwedt is a major employer for Brandenburg. The region has seen a rise in support for the extreme right Alternative for Germany party (AfD). (Written by Ludwig Burger and edited by Kirsti Knolle).