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As Israel intensifies its incursion in Lebanon, oil prices are up more than 2%.
Early trading on Monday saw oil prices rise by more than 2 percent after Israel ordered troops to advance further into Lebanon, in the midst of a battle against Hezbollah, an Iranian-backed militant group. This was despite a ceasefire that had been announced more than six weeks earlier. U.S. crude?futures?rose by $2.37, or 2.71%, to $89.73 per barrel as of 0028 GMT. Brent futures increased $2.16, or 2.37%, to $93.28 per barrel. This increased fighting came just days after the U.S. held Israeli-Lebanon talks in Washington, and dimmed expectations of a U.S.-Iran ceasefire agreement extension. Brent and WTI had both risen by 1.8% and 1.7% respectively on Friday. The Israel-Lebanon war is the most significant spillover from the Iran War. Hezbollah started firing drones and rockets into Israel on?March 2, to support its Iranian ally. Both sides reached a truce in mid-April, but continue to fire. Donald Trump, the U.S. president, said Friday that he will soon make a decision?on the proposed deal to extend the ceasefire announced by Iran in early April. This would give negotiators time to find a lasting solution to the dispute over Iran’s nuclear program. Israel is a key player in any deal of this kind, and Iran has said that Hezbollah should be included. Tony Sycamore, IG's analyst, said that concerns about mines are growing in the Strait of Hormuz - a key shipping lane for oil and gas - according to a IG?note. This could delay the process of reopening strait, and cause the oil market to receive relief more slowly even after the strait is reopened. Sycamore stated that even if an agreement is reached it will not result in a flood supply. On Friday, an Axios reporter said that Iran dropped more mines into the strait in the previous week. This was shortly after U.S. defense secretary Pete Hegseth had stated that the attempt to place more mines would constitute a breach of the ceasefire. Hormuz, a conduit that carries about a fifth global oil and natural gas flows, has been effectively closed by Iran since the conflict began in February with U.S.-Israeli airstrikes. The concerns over the supply of oil and gas outweighed China's mediocre economic data over the weekend. This showed stagnant factory activity. The stalling factory activity and a decline in exports have added to the concerns that China's economy is losing its momentum. (Reporting and editing by Edmund Klamann, Stephen Coates and Colleen Waye)
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As Israel intensifies its incursion in Lebanon, oil prices are up more than 2%.
Early trading on Monday saw oil prices rise by more than 2% after Israel ordered troops into Lebanon to continue the fight against the Iranian-backed Hezbollah militants, despite the ceasefire that was announced a little over six weeks ago. As of 1112 GMT, U.S. crude futures rose $2.17 (2.48%) to $89.53 per barrel. Brent futures rose by $1.93, or 2.12%, to $93.05 per barrel. Brent and WTI settled down 1.8% and 1.7% respectively on Friday as a result of the increased fighting. This was just a few days after the U.S. hosted Israeli and Lebanon peace talks at Washington. Israel-Lebanon war is the largest spillover from the Iran conflict. Hezbollah started firing rockets into Israel on March 2, to support its Iranian ally. Both sides agreed to a ceasefire mid-April, but they have continued to exchange fire. Donald Trump, the U.S. president, said Friday he will soon "decide" on a proposal to extend the ceasefire announced with Iran in early April. This would give negotiators time to "seek an end to the conflict permanently and find a resolution to the dispute over Iran’s nuclear program." Israel is a key player in any deal. Iran has said that Hezbollah should be included. Tony Sycamore, IG's analyst, said that concerns about mines are growing in the Strait of Hormuz - a key shipping lane for oil and gas - in a?note. This could delay the reopening of the strait, and cause the oil market to receive relief more slowly even after the reopening. "Even if an agreement is reached, there won't be a flood in supply," Sycamore stated. Axios?reporter stated on X on Friday, that Iran dropped more mines earlier in the week. This was shortly after U.S. Defence Secretary Pete Hegseth?said that laying more mines would violate?the ceasefire. Hormuz is the conduit for a fifth or more of global oil and natural gas flows. Iran has closed it effectively?since U.S. The weekend's?weak economic data from China, which showed stagnant factory activity, was overshadowed by concerns over supply. The stalling of factory activity and a decline in exports have added to the concerns that China's economy is losing its momentum.
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Brazil's Petrobras lowers the price of diesel for distributors with cashback system
In a Sunday statement, Brazil's state oil company,?Petrobras?, announced that it would lower the diesel price to distributors starting June 1 by 0.3515 Reais per liter. This follows an announcement from the Brazilian government regarding a cashback program for producers and importers. Petrobras said that the average price it charges distributors for a liter of gasoline will drop to $3.30 ($0.6552) from $3.65 previously. The Brazilian 'government' announced on Saturday a new cashback scheme for diesel producers and importers of 0.35 Reais per liter. This system is also scheduled to begin in June?1. It will compensate for the ending of a tax exemption program. Petrobras said that the lowering of diesel prices would "neutralize" any effect the higher taxes will have on consumers. The government has also established a diesel subsidy in Brazil and renewed tax exemptions on cooking gas, jet fuel, and jet fuel. This is to keep prices down in the year when President Luiz Inacio Lula Da Silva will be seeking reelection. Petrobras announced that it is analyzing the announcement on Saturday of a new diesel subsidy of 1,12 reais/liter. The firm said that "any decision made by the 'company' on this issue?will be immediately disclosed to the domestic market."
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A blast in a village in Myanmar has reportedly killed 55 people and injured dozens of others
A rebel army claimed that at least 55 people died in an explosion in Kaung Tat, Myanmar. The blast was caused by a?accidental explosive of material to be used in mining. The Ta'ang National Liberation Army (Ta'ang NLA), which controls the village close to the Chinese border and is currently in a truce with the Myanmar military, has confirmed that there have been fatalities without specifying how many. BBC and Shwe?Phee Myay News Agency, a local news outlet, reported that at least 55 people, including 30 women and 25 men, had been killed, and dozens of others were injured. The group expressed its condolences in a telegram post to the families of those killed, injured and damaged by the explosion. The explosion, which occurred at 12 noon local time (0530 GMT), is being investigated. Anyone found responsible will be held accountable. The statement said that the affected families would receive immediate relief, rehabilitation and healthcare. Reporting by Chandni Ghoshal and Devjyot Abraham Writing by Rhea Rosa Abraham Editing and Barbara Lewis by David Goodman
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All bodies found in Washington State chemical accident: 11 confirmed dead
The death toll in the United States from a ruptured?chemical tank has risen to 11. The death toll from a?chemical tank rupture in the United States has risen to 11 as crews have recovered all nine bodies, according authorities. The tank that contained "white liquor", a chemical mixture of sodium hydroxide and sulfide, used to make 'paper pulp, imploded on Tuesday at the Nippon Dynawave Packaging plant. Kurt Stitch, Cowlitz 2 Fire & Rescue deputy chief, stated that the search for missing persons continued throughout the week as crews cleared debris from indoor?areas, and drones were flown over the perimeter. Officials have confirmed that the ruptured tank held about 900,000.000 gallons of white liquor. Tests also showed contamination of the nearby Columbia River. However, no negative health effects were detected in the air or drinking water of the city of Longview. Nippon Dynawave Packaging, Japan's wholly-owned subsidiary, was established in 2016 by Nippon Paper Industries, Japan's second largest paper manufacturer. The company acquired the Longview plant from Seattle-based Weyerhaeuser Timber for $225m. (Reporting and editing by William Mallard in Bengaluru)
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PSG wins the Champions League with a shoot-out victory over Arsenal
Paris St Germain reclaimed their Champions League 'title' with a penalty-shootout victory? over Arsenal, after a 1-1 stalemate in a tense final at the Puskas arena on Saturday. Gabriel, of Arsenal, blasted his penalty over the?crossbar to give PSG a?4-3 victory? on spot-kicks. The French champions had the worst start possible after Kai Havertz scored an Arsenal goal?in just the sixth minute. He whipped a?rising shot?past PSG's goalkeeper Matvey Safonov. The PSG defence looked to be the most formidable in Europe, but Ousmane dembele equalized from the spot after a foul was committed by Cristhian Moquera against Khvicha Kvaratskhelia in the 65th minutes. PSG won the Champions League trophy for the second consecutive year after a scrappy extra-time period that could not separate both sides. (Reporting and editing by Christian Radnedge.)
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Russia's Rosatom says Ukrainian drone struck Zaporizhzhia nuclear plant
Rosatom, the Russian state-owned nuclear energy company, said that a Ukrainian drone 'hit' the Zaporizhzhia nuclear 'plant', Europe's biggest, on Saturday. The drone did not damage any key equipment but left a hole in a wall of the turbine hall. The building housing the turbine hall of Power Unit No. 6 was struck by a Ukrainian combat drone kamikaze this afternoon. The explosion was caused by the subsequent detonation of 6. The explosion did not cause any damage to the primary equipment, but it tore through a wall in the turbine hall. Ukraine has not yet commented. Likhachev described the incident as "deliberate". The Zaporizhzhia Nuclear Plant was captured by Russia on March 20, 2022. It remains close to the frontline of the Zaporizhzhia area in the south-east Ukrainian region. It has?come in for some fire at times during the four-year war, raising?fears about a nuclear incident. Likhachev stated, "We are a step closer to an incident which?will affect those who live beyond the borders of 'Russia and Ukraine but still think they are totally safe." (Reporting by Anastasia Lyrchikova. Felix Light wrote the article. Mark Potter (editing by Felix Light)
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Authorities claim that Ukrainian drones have struck a port and oil depot in southern Russia.
Authorities in the southern regions Rostov-Krasnodar reported that Ukrainian drones had struck a tanker overnight at Taganrog, a Russian port. They also reportedly hit an oil depot?in?Armavir. Yury Slyusar, Governor of the Rostov Region, said via Telegram that the fires in Taganrog's port and on the tanker had been put out. No oil spillage was reported. He said that two people were injured. Svetlana kambulova, the mayor of the?city, announced that a local emergency state, which was introduced on May 27th, had been prolonged. The Russian Defence Ministry announced that its forces?had?downed 127 drones over night. Authorities in Armavir in Krasnodar, which has 185,000 residents, reported that the fire in an oil depot located in the industrial zone of the city had been put out and there were no injuries. Slyusar, governor of Rostov, said that nearly 50 drones had been brought down in the region. Attacks were reported "across" the province, which borders Ukraine’s Donbas and is the focal point of the fighting between Russia & Ukraine. He said that only minor damage had been reported outside Taganrog. The commander of Ukraine’s drone forces claimed that they had hit Taganrog as well as an oil depot in Feodosiya, in Russian-controlled Crimea. He did not mention a strike against Armavir. Reporting by Felix Light, Writing by Ros Russell, and Kevin Liffey.
Tesla retracts notice of termination on graphite deal with Australia's Syrah
Syrah Resource, an Australian company, said that Tesla had withdrawn its notice of intent to terminate the?graphite deal. This ended a long process of negotiation in which both companies extended a deadline for resolution four times.
Syrah planned to provide 8,000 metric tonnes of graphite-anode materials over a period of four years from its Vidalia facility in the United States. The 2021 contract covers the state of Louisiana.
The Vidalia plant is the only large-scale vertically integrated producer of anode material outside China. This helps reduce U.S. dependence on Chinese supplies that dominate the market. The market is dominated by Chinese suppliers.
Graphite can be found in the lithium-ion battery that powers electric vehicles.
Tesla, led by Elon Musk, issued a default notification in July 2025 citing issues of conformity with samples of active anode materials (AAMs) delivered from Vidalia.
Syrah, in a Monday statement to the ASX, said that Tesla has now accepted the miner's?demonstration of?it producing AAM samples conforming and?made a sufficient?progress.
Tesla, according to Miner Syrah, has the right to cancel the'supply agreement' if the final qualification of Vidalia AAM is not achieved.
Tesla and Syrah agreed in March to extend the deadline for resolving the alleged breach of their graphite agreement by a fourth time to June 1.
(source: Reuters)