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Sources say that after the US waiver, middlemen are offering Iranian oil to Indian refiners.
Indian sources in the refining industry said that several middlemen offered discounted Iranian oil to Indian'refiners' as Tehran tries to speed up sales following Washington’s temporary waiver of sanctions. After the first round of talks in a new peace agreement, the United States lifted sanctions against Iran for 60-days, allowing for a limited window to resume energy trade. Sources said that the Iranian state oil producer had allocated oil to Indian refiners through NIOC and intermediaries. "Apart from NIOC several traders contact us to sell Iranian?oil. One of the refining source said, "My priority is to give NIOC a chance." They declined to be identified because the discussion is confidential. NIOC tells Indian buyers that Iranian 'crude' would be $3-$4 cheaper per barrel than regional grades, on a landed base. NIOC didn't immediately respond to an email requesting a comment because of a holiday in Iran. Sources, who declined to be named, said that the traders contacting refiners were mainly small and medium-sized trading companies located in Singapore and Dubai. Sources say that during the visit of Iranian Petroleum Minister Mohsen Pakhnejad to New Delhi last week, potential supplies of crude oil and?liquefied petrol gas (LPG), to India, were also discussed. Indian refiners have limited capacity to absorb Iranian crude oil in the short term, as most have already secured supplies through August. Middle Eastern suppliers also press buyers to honor annual contract commitments. Sources said that India has already imported Iranian LPG via traders, and this could increase under the waiver of sanctions. Commercial negotiations may take time, however, as payment mechanisms and banking channels are still unclear. India received two shipments of Iranian oil in April, after Washington granted an?30-day waiver. Payments were settled in Chinese Yuan. In the 2010/11 fiscal year, Iran was India's largest oil supplier. However, U.S. sanctions forced New Delhi to cut purchases and finally halt crude imports in May 2019, forcing New Delhi reduce its purchases.
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After the US waiver, traders claim that middlemen are offering Iranian oil to Indian refiners.
Indian refining sources claim that several middlemen offered 'discounted Iranian crude oil' to Indian refiners as a way for 'Tehran' to speed up sales following Washington’s temporary waiver of sanctions. After the first round of talks in a new peace agreement, the United States lifted sanctions against Iran for 60-days, which opened a small window for a renewed energy trade. Sources said that the Iranian state oil producer, National Iranian Oil Co. (NIOC), has approached Indian refiners directly and through intermediaries, claiming to have allocated oil. "Apart form NIOC several traders contact us to sell?Iranian Oil. One of the refining source said, "My priority is to give NIOC a chance." These sources declined to name themselves because the discussion was confidential. NIOC tells Indian 'buyers that Iranian crude will be $3 to $4 cheaper per barrel than similar regional grades, on a landed-basis. Sources, who declined to be named, said that the traders who approach refiners are mostly from smaller and mid-sized trading firms based in Singapore or Dubai. Sources added that during the visit of Iranian Petroleum Minister Mohsen Pakhnejad to New Delhi, this week, potential supplies of crude oil and liquefied petrol gas (LPG), to India were also discussed. Indian refiners are limited in their ability to absorb Iranian crude oil in the near term, as most have already secured supplies for August. Middle Eastern suppliers also press buyers to honor annual contract commitments. Sources said that India has already imported Iranian LPG via traders and this could increase under the waiver of sanctions. Commercial negotiations may take some time, however, because the payment mechanisms and banking channels are still unclear. India received two cargoes in April of Iranian oil after Washington granted a 30-day waiver. Payments were settled in Chinese Yuan. Iran was India's second largest oil supplier during the 2010/11 financial period before U.S. sanction pushed New Delhi into reducing purchases and ultimately halting crude imports from Tehran by May 2019.
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Reads for the Weekend: Labour's Growth Pitch and Greenspan Legacy
Are you looking for inspiration? Weekend Reads is a weekly roundup of what the Open Interest team have been watching, listening to, and reading. This week, we've got a selection of stories about the World Cup and British economic policy. We're...reading... RON BUOSSO, ROI Energy columnist: Putting aside the?energy?"markets for a minute, the World Cup also provides numerous dramatic moments. This feature is a graphics-driven look at the boots that are dominating the World Cup. Spoiler alert: There's a LOT of pink. MIKE DOLAN is a ROI Finance & Markets columnist. Former Goldman Sachs economic and UK minister Jim O'Neill reportedly advises Labour leadership candidate Andy Burnham on the UK's fiscal policy, including a large infrastructure spending push. This detailed article he wrote on 'Project Syndicate' in December about how to fix the UK Economy. CLYDE RUSSELL is the ROI Asia Commodities and Energy Columnist. Check out this 'exclusive' from our Beijing colleagues about China’s plan to increase refined product exports in July. This indicates a return to "normality" for the world's largest crude importer. China cut back on oil purchases and fuel sales in response to the Iran War -and the subsequent oil price spike. ANDY?HOME: Columnist for ROI Metals, gives a good overview of the El Nino weather pattern that is expected this year and what it will mean for tropical crops like cocoa, sugar, and coffee. If you love coffee, this is not good news for you. JAMIE McGEEVER, ROI Markets columnist: Anthony Scaramucci is a former White House Communications Director and entrepreneur who has written an insightful piece about America's Great Compression era, from the end of World War Two until the early 1970s. Why did the golden age of income inequality end? It can it be recovered? ANNA SZYMANSKI is the editor-in-charge of ROI. She says: 'Elon Musk became the first billionaire in history by bucking business conventions, upending financial standards, and 'wading into politics'. Breakingviews Global editor Peter Thal Larsen asked Quinn Slobodian (co-author of Muskism) on The Big View if the SpaceX boss was a one-off or a model for future leaders. We're also watching... JAMIE McGEEVER, ROI Markets columnist: In the latest episode "The Spillover" of the Council on Foreign Relations Podcast, Rebecca Patterson and former Federal Reserve vice chair Roger Ferguson reflect on the legacy of former Fed Chairman?Alan Greenspan. They also anticipate how the central bank will be run under Kevin Warsh. The opinions expressed are solely those of their authors. The opinions expressed do not represent the views of News. News is bound by the Trust Principles to maintain integrity, independence and neutrality. (By Anna Szymanski Editing by Marguerita Choy)
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China approves Standard Bank, ICBC for Africa yuan clearing
China's central banks has authorized the Standard Bank and Industrial and Commercial Bank of China to clear Renminbi in Africa as Beijing steps up its efforts to promote global use of its currency. This enables businesses and financial institutions to gain direct access to China’s onshore financial system, including capital markets, liquidity infrastructure and streamlining trade and investment. China's People's Bank of China is taking a number of steps to internationalize the yuan, and reduce its dependence on the U.S. dollar-dominated global payment system. PBOC Governor Pan Gongsheng, announced last week at the annual Lujiazui Forum, in Shanghai, measures to promote offshore yuan businesses, including allowing six state banks in the free trade zone of the 'city to conduct offshore yuan transaction. Standard Bank and ICBC are partnering to operate as the "Renminbi clearing bank of?Africa" with a capacity to clear RMB across 19 African countries. Standard Bank announced this in a Friday statement. China-Africa trade grew by nearly 18% in the past year, according Chinese customs data. Beijing also removed all tariffs for imports from 53 African countries on May 1. Standard Bank's head of corporate and investment banking, Richard de Roos said that China is 'Africa's biggest export market'. With clearing status added to CIPS membership, Standard Bank will be even better positioned to support Africa's 'trade with China'. Standard Bank became the first African institution to join China's Cross-Border Interbank Payment System (CBIPS) in November 2025. The bank processed $500 million during its first four-month period, mainly driven by physical trade. Standard Bank's Africa Trade Barometer shows that Asian countries have become the preferred trading partners for 35% of companies across 10?African market, up from just 24% in 2024. 67% of respondents cite China as their top source of inputs. (Reporting and Editing by Bate Fletcher and Philippa Gletcher.)
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After deadly earthquake, international aid is heading to Venezuela
Venezuela is receiving cash, emergency aid and rescuers after two powerful quakes shook areas around the capital Caracas. Thousands of people are still missing. Here is the list of foreign aid: UNITED NATIONS According to U.N.'s humanitarian affairs agency, 25 international?teams with a total of 1,000 personnel have been mobilized. Tom Fletcher, the chief of aid at the United Nations, said that a collective effort will be needed in order to support government-led efforts and assist communities. UNITED STATES The U.S. State Department announced it would mobilize $150 million of aid. The U.S. State Department said it is mobilizing $150 million in aid. Washington will also send a disaster response unit with two urban search and rescue units. The State Department is providing logistical and coordination support, as well as airlift to transport personnel and lifesaving supplies to the affected areas. The U.S. Military is assisting in the transport of supplies and personnel, as well as supporting other relief operations. EL SALVADOR In the early morning hours of Friday, over 150 rescue workers, paramedics and medical supplies arrived in Venezuela as part of 300 rescue workers, 50 tons of supplies and the promise of the Salvadoran President Nayib Bukele. MEXICO Venezuelan interim president Delcy Rodrguez posted video footage of Mexican soldiers arriving with sniffer dogs. Mexico will initially send 250 military rescue personnel. It will also provide five rescue dogs, a drone and?rescue gear and medical supplies. RED CROSS On Friday, the first 17 tons of humanitarian aid will leave the regional humanitarian hub of the International Federation of the Red Cross in Panama and head to Venezuela. Loyce Pace is the Americas Regional Director of the IFRC. She said, "The cargo includes kitchen sets, hygiene kit, mosquito nets and other essentials." Subrahmanyam Jishankar, Indian Minister of Foreign Affairs, said that two air force planes left for Venezuela with a field-hospital and 35 tons worth of medical supplies, relief materials, and medicines. GERMANY On Friday, a 48-member federal German disaster relief team will be deployed to Venezuela to help with rescue and recovery efforts. POPE LEO VIII Vatican media reported that Pope Leo sent EUR100,000.00 ($114,000.00) from the Vatican charity fund to Venezuela as relief for the quake. WORLD CENTRAL?KITCHEN Chef Jose Andres said that his team has begun to distribute meals in Caracas. He said that his Longer Tables Fund would immediately donate $1 million to Venezuela. COLOMBIA Colombia's National unit for disaster?risk management said that it had mobilized a urban search and rescue team of over 60 people, with four dog teams and 12 metric tons of equipment to Venezuela. The mayor announced that nine?firefighters?from the city of Cali would be assisting with search and rescue efforts. ECUADOR On Thursday, Ecuador will send a team of 46 urban search and rescue specialists, two search dogs, and six tons of equipment to Venezuela. PANAMA Panama has announced that it will send a rescue team to Venezuela and is organizing humanitarian assistance. FRANCE France has announced that it will deploy a unit of urban search and rescue to Venezuela, including medical teams and engineers as well as dogs to locate and remove survivors from collapsed building. The Spanish Defense Ministry?said that a military aircraft would be bringing 57 soldiers from its search and rescue unit, as well as 40 firefighters from Madrid to Venezuela. The Spanish development agency is also planning to establish a field clinic in Venezuela. Italian Foreign Minister Antonio Tajani stated that firefighters, the Ministry of Defense and the Air Force were mobilized to offer assistance.
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Rescuers search the rubble of Venezuelan earthquake, thousands are reported missing
Rescuers spent the night on Friday searching for thousands of missing Venezuelans and hundreds trapped under rubble after two of the largest earthquakes to hit Latin America in modern history shook areas around Caracas. The government did not provide a total estimate of casualties from the magnitude 7.2 to 7.5 earthquakes that struck 160 km (100 mi) west of Caracas, on Wednesday. The U.S. Geological Survey predicts more than 10,000 deaths. A website designed to track missing persons and shared by leaders of the opposition in the politically polarized country listed more than 49.600 people who were unaccounted for. The Spanish Foreign Ministry reported that three Spaniards were dead, four others were trapped under the rubble and 99 more were missing. Firefighters, soldiers, and distraught civilians combed through the shattered building as foreign rescue teams arrived. Some used torches and bare hands in areas where there was no power. Yamileth said that her son, aged 19, was stuck under the slabs of the seven-story apartment in La Guaira City on the coast near Caracas. In a country already weakened by decades of economic turmoil and political unrest, which has led to an exodus and destroyed basic infrastructure, thousands of people are now homeless. Barrios are slums on hillside that are made of flimsy materials. "My building has become uninhabitable, and I now have nothing." Suhayl Sarquiz said, "It's only me and my child, and I have no family in this country." Beatriz Rodriguez (60) whose 60-year-old nephew had his legs amputated when he was crushed by the earthquakes said, "It is a tragedy." Another nephew died. SLEEPS ON THE STREETS The government confirmed 250 damaged or destroyed buildings. The French embassy, the Venezuelan Red Cross, and at least eight hospitals were reported as being badly damaged. The?U.N. estimated that 7 million people may be affected. The migration agency, which is supplying emergency housing and other relief supplies. La Guaira was one of the worst-hit areas. It is a coastal state adjacent to Caracas, and it houses the main airport in Venezuela. Volunteers flooded the Caracas-La Guaira Highway with food, water and medicine. "We lost everything," Pedro Perez said, 64, a upholstery shop owner. He said that he lost his business as well as his home, and that he was now sleeping in the streets with his family. "We hope help arrives quickly." Near the epicenter, in Moron, an oceanside town in Carabobo, residents were without water and electricity. Families salvaged mattresses, TVs, and washing machines. Journalists saw members of "colectivos" -- motorcycle groups allied with the government that have been accused for years of harassing supporters of opposition -- helping rescue efforts. Many nations around the globe pledged their support, including some who had?opposed Venezuela in the decades of international isolation and political repression under the Socialist Party. Delcy Rodriguez thanked Donald Trump, the U.S. president, and Vladimir Putin, the Russian president, for their efforts. She took over as interim Venezuelan President when the U.S. captured her former ally, Nicolas Maduro, in January. Washington eased sanctions in order to allow aid for earthquakes that was otherwise prohibited. Donald Trump stated that the U.S. is "ready, willing and capable to help." U.S. Secretary Marco Rubio stated that Washington would send rescue teams, while the Pentagon will assist with logistics and support Caracas airport. HELP ABROAD Rodriguez posted video of Mexican soldiers with sniffer dogs landing at La Guaira's international airport, which was only open to military and state flights. The airports of Maracay, and Valencia received other aid. Tom Fletcher, the U.N. Aid Chief said that the organization coordinated international rescue teams. "A massive collective effort" was needed in a nation where 8,000,000 people?needed humanitarian assistance prior to the earthquake. Ciro Ugarte is the emergency director of Pan American Health Organization (U.N.) and World Health Organization. He said that hospitals are treating a large number of patients with burns and broken bones. SpaceX's Starlink announced that it would provide free service to new and existing customers in affected areas through July 25, and was working on deploying terminals to the worst-hit zones to restore communications. Foreign energy companies reported that their operations in the vital oil sector of OPEC members had not been disrupted and that oil infrastructure was largely unaffected. The Caracas Stock Exchange was closed and turned into a collection centre for aid. The deadliest earthquake in Venezuelan history was in 1967 when 240 people were killed.
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Europe on alert as deadly heat spreads
Health authorities in Europe were on alert as a deadly heatwave swept across the continent on Friday. Alcohol bans were imposed in France and road surfaces cracked open across Germany. Europe was sweltering under a heatwave that broke all records. From Britain to France, Germany, Italy, Austria, and Serbia, Europe was engulfed in a ball of heat. Scientists have said that this heatwave is the worst ever recorded in Europe. The climate there is changing more rapidly than anywhere else. In France and Britain where June records were broken, temperatures are likely past their peak. In Italy, however, temperatures were expected to rise into the weekend. The first 40-degree Celsius readings for the summer will be recorded. In France, temperatures in Paris reached 40.9 C Wednesday. Authorities were prepared for more deaths, even though temperatures were predicted to drop. Cultural landmarks and agriculture have suffered across the continent. Paris police has asked organizers of major events to cancel them, including the Solidays Music Festival. The organizers of the Pride Festival said that they would reschedule. ENGLAND AND NETHERLANDS AT CODE RED According to BZ, extreme?heat on Thursday evening caused the A2 motorway surface in eastern Germany, to buckle and rupture across several lanes, damaging 30 vehicles and causing two minor injuries. The highway was closed. The Met Office in Britain has extended the red heat alert to Friday for an area covering a lot of southern England. This is the first time that such warnings were issued three days consecutively. Many schools were closed due to temperatures of up to 40 C. Temperatures of 36 C are expected in Serbia. Belgrade officials warned residents to stay inside and drink water during the hot hours. In Britain, fans flew off shelves and Asian air conditioner manufacturers reported an increase in European sales. In France, EDF, the power utility owned by the government, has pledged to invest EUR80 million ($90 millions) in cooling systems for schools, kindergartens, and daycare centers. The latest data, published in July 2025 by the International Energy Agency (IEA), an OECD member, shows that household air conditioning ownership in Europe is still relatively low at 20%. 'OMEGA BLOCKS' HEAT BULGE OVER EUROPE According to Climate Monitor, the heatwave that has pushed temperatures up to 18 C higher than their average seasonal temperature is driven by a weather -pattern called an Omega block. This traps a ball of hot, humid air in a region for extended periods. The cooler weather is on the edges. Scientists say the heatwave that broke records would have been "virtually unachievable" without climate change caused by humans. Climate change has increased the likelihood of this week's oppressive night temperatures by 100 times compared to 20 years ago. In their latest analysis, the World Weather Attribution Group of climate scientists stated that "over the?region studied this heatwave was the most severe ever observed." "APOCALYPTIC" FOR HEALTH STAFF The French authorities banned the consumption of alcohol in public on Friday when France was due to play Norway in Boston at the World Cup. French doctors and hospital workers reported an increased number of emergency calls and treatments. Wilfrid Smut, spokesperson of the Association of Emergency Room Doctors of France said that hospitals were not prepared for the heatwave. He said that the impact of mental illness on healthcare workers was enormous. "It's apocalyptic."
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Copper heads have the worst week since march as tech worries spread
Copper fell on Friday, and was 'on track for its steepest week-to-week drop in more than three months. A selloff in technology equities spilled over into the metal. Benchmark 'three-month' copper on the London Metal Exchange was down by 0.3% to $13,236 per metric ton at 0920 GMT. Metal, considered to be a bellwether of global economic health, is on track to end the weekend down 2.6%. This would mark the biggest weekly drop since the week ended March 20. Apple's price increases fueled concerns about the inflationary impact of tech giants' spending. Robert Montefusco, senior broker at Sucden Financial, said that the copper selloff looked "a little overdone". "We are looking for it rebounding again, to chase up to $13,500. But there is no impetus yet to really do it - and that's the problem," he said. "No one is seeing any real physical demand." Copper inventories are tight. Shanghai Futures Exchange Copper stocks LME copper inventories fell by 5.7% to 135,732 tonnes, the lowest level since December. The lowest level since March 18 is 336 475 tons. The cash LME contract traded at a discount of $40 per ton to the forward three-month contract This indicates that there is no shortage of supply in the near future. After a cargo vessel was struck?in Thursday's Strait of Hormuz, aluminium prices rose 0.4% to $3175.50 per ton, raising concerns over the Middle East's?tentative agreement for peace? Metal touched $3,110 Wednesday, its lowest level since February 25, before the U.S. - Iran conflict started. It was headed for a weekly drop of 6.4%, which would be its worst since March. Montefusco added that the cost of producing aluminum should also be falling. Zinc rose 0.1%, nickel 0.4%, and tin 0.1%, while lead remained flat at $1.912. (Reporting and additional reporting by Solomon Cefai, Editing by Rashmi aich and Joyjeet Das.)
China's demand for iron ore leads to first weekly increase in seven weeks
The price of iron ore rose on Friday, erasing earlier losses. It was set to be the first weekly gain for seven weeks as traders covered their short positions amid resilient consumer demand in China.
The iron ore contract most traded on China's Dalian Commodity Exchange closed daytime trading up 0.81% to 748 yuan (109.98 dollars) per metric ton. This was a 0.3% weekly gain.
As of 0825 GMT, the benchmark July Iron Ore was trading at $99 per ton on the Singapore Exchange. It has gained 0.2% this week.
The morning trade saw both benchmarks fall as the sentiment was dampened by the swelling portside inventories, which increased 1.3% from the previous week to 175.44 million tons on June 25 according to data from consultancy Mysteel.
The prices were also impacted by a weaker Chinese steel demand?as the high temperatures of summer curbed construction activities, and growing trade barriers restricted steel exports.
After the United States reached an agreement with Iran to end the conflict, the global freight rates have also fallen. This is because the cost support for iron ores has been removed.
Prices reversed in the afternoon, supported by a resilient demand. The average daily hot metal production, a measure of iron ore consumption, rose 0.3% compared to a week ago to a record high of 2.43 million tonnes, according to Mysteel, on June 25. This prompted some traders to close out short positions.
Analysts in Shanghai said that it was a technical correction as open interest shrank. This suggests some shorts have closed their positions to take advantage of profits.
Open interest is the number of?options contracts that have not yet been settled between buyers and sellers and measures investor involvement in a particular market.
Coking coal and coke were both up or down by 0.15%.
The benchmarks for steel on the Shanghai Futures Exchange have mostly lost ground. Rebar fell 0.39%; hot-rolled coils dropped 0.18%; wire rod fell 0.69% while stainless steel gained 0.1%. $1 = 6.8013 Chinese Yuan (Reporting and editing by Subhranshu Sahu, Sonia Cheema and Lewis Jackson)
(source: Reuters)