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US gasoline prices fall for the sixth consecutive week
The U.S.-Iran diplomatic relationship has resulted in a reduction of gasoline prices for Americans. This is the sixth consecutive 'weekly drop, and a 15% decrease from the peak reached in May. According to GasBuddy, the?national average gasoline price fell by 14.1 cents per gallon in the past week. It was $3.85 a gallon on Sunday. Prices fell in the majority of states. GasBuddy data revealed that gasoline prices dropped by 25 cents per gallon over the last week in Colorado, 22 cents in Arizona, and 21 cents (per gallon) in Ohio. This drop could ease the pressure on 'U.S. Donald Trump and other Republicans. The Republicans are fighting to maintain a narrow majority in Congress during the midterm elections this November. They have also been criticized by consumers for high prices. StoneX analyst Alex Hodes stated that a price reduction should help to ease inflation. Hodes warned that expectations of the return of normal?energy flow through the Strait?Hormuz, off Iran, are "large assumptions" and could lead to setbacks. Supply risks persist despite the fact that Iran closed the Strait of Hormuz again over the weekend. Transits remain below the levels before the conflict began in late February. GasBuddy's head of petroleum analyses, Patrick De Haan, says that there is no?significant risk? of a gasoline price spike as long as certain vessels continue to pass through the strait. He added that if the U.S.-Iran relations deteriorated, this could "quickly" change. Recent price drops could be reversed by tighter supplies due to refinery outages, and the approaching Atlantic hurricane season. TotalEnergies shut down the refinery, which produces 238,000 barrels per day, in Port 'Arthur, Texas last week after a lightning strike knocked power out. The 'full restart' is expected to be completed within seven days. On Sunday, a fire broke out at Marathon Petroleum's 631,000-barrel-per-day Galveston Bay Refinery in Texas City, Texas. Reporting by Nicole Jao, New York; editing by Cynthia Osterman
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Mayors of cities from London to Melbourne are seeking to reduce the burden of data centres on electricity and water
City leaders have announced that mayors of 40 cities, including London and Phoenix, have agreed to collaborate to reduce the strain on the electricity grids and water supplies, as well as the local communities. The 'global' surge in computing power is driving billions of dollars of investment into new sites. This has sparked protests from countries like the United States, South Africa, and Britain. The Global Urban Data Centres Pact is set to be unveiled on Tuesday during London Climate Action Week. It aims to establish standards that will ensure data centres are more efficient and use all resources efficiently. The rules will be tailored to the local conditions - cooling requirements in Iceland are different from those in Manila - but the mayors say the framework should guide planning and permitting decisions as well as negotiations between companies and governments. Melbourne Lord Mayor Nicholas Reece stated that around 50 major data centers already operate in the City and are projected to account for approximately 10% of local energy demand by 2030, and up to 20% by 2040. Reece stated that "data centres are the largest thing to hit the energy grid since air conditioners in the 1950s... Where the rollout of the air conditioners took decades, this happens in just a few years." He said that the centres could use up to 20 billion litres a year. This is equivalent to about 4% of the water supply in the city. "Race to the Bottom" Reece stated that investment in data centres is happening at a "breakneck pace", which outpaces regulation. This puts cities at risk of "a race to the bottom", as governments compete for investment and sometimes ignore environmental scrutiny. Phoenix Mayor Kate Gallego stated that the city and its surrounding area had 225 data centres planned or existing, with plans to double electricity consumption. Gallego stated that utilities which experienced decades of steady growth are now experiencing growth comparable to the last century in just a few years, driven by AI-related computing requirements. She said that the demand for electricity was unprecedented. She said that this has led to disputes centered on noise, land usage and safety risks associated with battery storage. There are also broader concerns regarding the installation of infrastructure in residential areas. London Mayor Sadiq khan, on the other hand, stated in a statement, that AI and digital infrastructure will play "a significant role in the future success?of cities across the globe... Residents are entitled to expect growth be managed responsibly". According to the World Economic Forum, data centres are responsible for 2.5% - 3.7% of greenhouse gas emissions globally. This is more than aviation. Their electricity consumption has been increasing faster than global power consumption. Barcelona, Chennai, and Boise, in the U.S. State of Idaho, are among the cities that have signed up. C40 Cities coordinates the initiative, which is a network of more than 100 of the largest cities around the world working together to combat climate change. Reece stated, "We don't want the smart city race to destroy the planet." (Reporting and editing by Emelia Sithole Matarise; reporting by Simon Jessop)
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Oil prices fall as worries about rates offset optimism over Iran talks.
As expectations for a rise in interest rates pushed up U.S. Treasury Yields, global stocks were mostly flat Monday. Oil prices fell as optimism about progress?in U.S.Iran talks was offset. U.S. Vice-President JD Vance stated in Switzerland that Iran has agreed to let nuclear inspectors enter the country. The conversations about the inspections could begin as early as this week. Treasury Department of the United States authorized Iranian crude oil, petrochemicals and petroleum products sales through August 21. This eases decades-old sanctions as the United States moves toward a final deal with Iran in exchange for nuclear inspections and a free transit through Strait of Hormuz. Wall Street's benchmark S&P 500 index and the Nasdaq both finished lower due to a decline in consumer discretionary and communication services stocks. The Dow finished higher. The Dow Jones Industrial Average fell 0.37%, the S&P 500 dropped 0.37%, and the Nasdaq Composite declined 1.32%. The STOXX 600 index in Europe rose by 0.58%. MSCI's global stock index fell by 0.03%. Gerry Sparrow, Chief Investment Officer at Sparrow Capital Management, stated that the markets are driven by the Fed's hawkish view and lower expectations of new Fed Chair Kevin Warsh moving to start cutting rates. Sparrow stated that the market was surprised by the action of the new Fed Chair, as they had expected him to be more lenient on interest rates. Last Wednesday, the Federal Reserve held interest rates at their current level. However, policymakers are expecting a rise in borrowing costs this year due to growing concerns over inflation that is above the 2% target set by the U.S. Central Bank. The yield on the benchmark U.S. 10 year notes increased 5.78 basis points to 4.50%. Brent crude futures settled lower by 3.38% at $77.90 a barrel, a far cry from their peak in May of $126.41. Sparrow stated that "the progress in peace negotiations is good. But the only negative surprise was the fact that the new Fed didn't seem to be a bit more accommodating during its latest announcement." UK POUND RISE AFTER STARMER'S RESIGNATION The pound rose after Keir Starmer, the Prime Minister announced his resignation. This paved the way for Britain to elect its seventh leader in ten years. The pound recovered from earlier losses to be up?0.11%, or $1.3244. Andy Burnham, the former Manchester mayor, is expected to succeed Starmer. However investors believe that a key question for UK bond markets nervous about Brexit will be who will become finance minister. The euro fell 0.36%, to $1.1427 after reaching a three-month high on Friday of $1.1418. The dollar was up 0.19% to 161,58 yen. Only the threat of Japanese intervention prevented it from reaching its 40-year high in 2024 of 161.96. The dollar index (which measures the greenback in relation to a basket including the yen, the euro and other currencies) rose by 0.17%. Gold spot rose by 0.72%, to $4190.17 per ounce.
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US Loans 500,000 Barrels of Oil from Strategic Petroleum Reserve
The U.S. Energy Department announced on Monday that a single energy 'firm' had borrowed 500,000 barrels of crude oil, or 1.25% of all the barrels available in the latest allocation under the Trump Administration's efforts to reduce fuel prices. In March, the Trump administration released 172 million barrels of oil from the SPR as part of a coordinated effort with the International Energy Agency. The goal was to reduce fuel prices which spiked following the U.S. and Israeli war against Iran that began on February 28. U.S. has so far granted contracts for the loan of approximately 133 million barrels. On June 10, the Energy Department announced its latest offer of a?SPR. It said it wanted to lend energy companies up 40 million barrels. The Energy Department announced on Monday that Vitol, an energy trader, was awarded a contract to purchase 500,000 barrels. The companies that borrow the oil must return it in its original volume, plus a premium of up to 24 percent as extra oil. The Department of Energy says the system will "stabilize markets without costing taxpayers in the United States." Energy Secretary Chris Wright has said that 35-40 million barrels extra of oil will be returned to the U.S. taxpayers this year and next as premiums. Oil prices have dropped as concerns about supply eased following the signing of a 60-day ceasefire agreement between Washington and Tehran. U.S. Vice President JDVance said on Monday that progress had been made with Iran in the talks and that the Strait of Hormuz was now open for trading energy. Reporting by Ismail Shakil, Editing by Andrea Ricci
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Oil prices fall as worries about rates offset optimism over Iran talks.
The global stock market was mostly flat Monday, while oil prices dropped. This was due to a combination of 'expectations' that higher interest rates would be imposed on the U.S. Treasury. U.S. Vice-President JD Vance stated in Switzerland that Iran has agreed to let nuclear inspectors enter the country. The conversations about the inspections could begin as early as this week. Treasury Department of the United States authorized Iranian crude oil, petrochemicals and petroleum products sales through August 21. This eases decades-old sanctions and pushes towards a final peace agreement with Iran. In exchange for?commitments to nuclear inspections and free passage through Strait of Hormuz. Wall Street's benchmark S&P 500 index and Nasdaq fell on?the?day, dragged lower by consumer discretionary and communication services stocks. The Dow rose. The Dow Jones Industrial Average increased by 0.13%. The S&P 500 dropped by 0.46%. And the Nasdaq Composite was down 1.32%. The STOXX 600 index in Europe was up by 0.58%. MSCI's global stock index fell by 0.08%. The apparent progress in peace talks has helped Asian stocks to rise overnight. MSCI's broadest Asia-Pacific index outside Japan closed up by 0.82%. Gerry Sparrow is the chief investment officer of Sparrow Capital Management. He said that markets are driven by the Fed's hawkish view and a reduced expectation that new Fed Chair Kevin Warsh will begin to cut rates. Sparrow stated that the market was surprised by the action of the new Fed Chair, as they expected him to be more lenient on interest rates. Last Wednesday, the Federal Reserve held interest rates at their current level. However, policymakers are expecting a rise in borrowing costs this year due to growing concerns over inflation that is above the U.S. Central Bank's 2% target. The yield on the benchmark U.S. 10 year notes increased 5.78 basis points to 4.50%. Brent crude futures settled lower by 3.38% at $77.90 per barrel, a far cry from their peak in May of $126.41. Sparrow stated that "the?progress of peace talks was good, but the only disappointment was that the new Fed didn't seem to be a bit more accommodating during its most recent announcement." UK POUND RISE AFTER STARMER'S RESIGNATION The pound rose following the resignation of Prime Minister Keir. This paved the way for Britain to elect its seventh leader in ten years. The pound recovered from earlier losses to reach $1.3243, up 0.06%. Andy Burnham, the former Manchester mayor, is the "favorite" to succeed Starmer. However investors say that a key question facing nervous UK bond markets will be who will become finance minister. The euro fell 0.38%, to $1.1424 after hitting a low of $1.1418 on Friday. The dollar rose 0.14% to 161.51 yen. Only the threat of Japanese interference prevented the currency from reaching its 40-year high in 2024 of 161.96. The dollar index (which measures the greenback in relation to a basket including the yen, the euro and other currencies) rose by 0.18%. Gold spot rose by 0.76%, to $4192.46 per ounce.
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Dollar climbs following US-Iran talks; pound is choppy after Starmer's exit
?The?dollar rose on Monday, as optimism about a possible peace deal was boosted by the first round of U.S. - Iran talks. Meanwhile,?the pound rose in choppy 'trading' after British Prime Minister Keir?Starmer announced that he would resign. After the first round of talks in a budding deal, the U.S. lifted sanctions against Iran for a period of 60 days. Officials reported calm after fighting had led Iran to declare that the Strait of Hormuz was closed. U.S. crude fell 1.84%, to $75.19 per barrel. Brent dropped to $77.93 a barrel, down by 3.29%, on Monday, after the first talks under a budding peace deal. The dollar index (which measures the greenback versus a basket of currencies) rose by 0.16%, to 101. The euro fell 0.36%, to $1.1427. The European Central Bank's Christine Lagarde stated that the inflation shock in the?eurozone is too big to ignore, but not large enough to cause price increases or dangerous second-round effects. POUND RETURNS AS 'POLITICAL UNTRUTH LOOMS Sterling recovered from a session-low of $1.3175 after Labour leader Starmer announced he would step down, allowing Andy Burnham the opportunity to become the seventh Prime Minister in 10 years. Marc Chandler, Bannockburn Capital Markets' chief market strategist in New York said that he thought the bond market vigilantes would act as a safeguard against the next UK government moving too far to the left. The bond market is what will determine the credibility of a new government. The last increase in the sterling price was 0.08%, to $1.3243. The yen is near a 40-year low. After hitting 161.92, the dollar rose 0.14% to reach 161.50, just a few cents shy of the two-year-low reached last week. If the yen breaks above 161,96, it will be at its lowest level since 1986. The Japanese yen experienced several sharp movements in which it briefly strengthened against greenback. Satsuki Katayama, the Japanese Finance Minister, said that after the Bank of Japan increased rates last week as was widely expected, authorities are prepared to react appropriately to currency movements at any time. The yen lost?gains after a series of interventions on April 30. A shift in focus from the Federal Reserve led traders to expect rate increases this year. This has favored the dollar. Chandler warned that "people should be alert for BOJ interventions and perhaps even positive comments from the U.S." BofA Global Research and Deutsche Bank both revised their Fed forecasts on Monday, including rate hikes for September. BofA expects the central bank to raise rates 25 basis points in each of September, October, and December. According to CME FedWatch, the markets now price in a 38.5% probability of a rate increase at the Fed meeting on July. This is up from 6.4% one week ago.
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As Europe heats up, at least 18 people, including two children, have died in France.
As a heatwave gripped Europe on Monday, breaking temperature records across several cities, at least 18 people died in France. Forecasters in Britain said temperatures in June could be higher than ever before, as schools in France closed their doors or changed their schedules. Bordeaux, France's west wine country, saw its temperature rise to 41.9 degrees Celsius. This is a new record for the region. In central France, it reached 41.2 C. This was higher than the previous record set in 1947. Climate Monitor shows that Europe is the continent farthest away from its historical norm for Monday. A report from the World Meteorological Organization in April found that Europe is warming up at a rate more than twice as fast as the rest of the world. TWO CHILDREN PERISH IN A HOT CAR A prosecutor from Carpentras in southeast France said that first responders in Carpentras were unable resuscitate the two children who were unconscious in their family car outside their home. According to a local government official,?Sophie Brocas, late Sunday night, three elderly people aged 80-95 died in Bordeaux due to heat related illnesses. Jerome Boulanger, a spokesperson for the French Civil Safety service, said that 13 drownings were reported between Sunday and Monday. Last year, drownings in France increased by 172% during heatwaves when swimmers sought to cool down. Clair Barnes is a research associate at Imperial College, London, who specializes in extreme weather, climate and climate change. She said that the heatwave in Europe takes the form of an Omega block, which has a bulge in the middle of the letter and cooler air on either side. It's drawing hot air from North Africa and the Sahara up, which is why we're experiencing this intense heat. "It's slow-moving and there's no breeze, no wind to provide some relief," she said. Climate change is causing heatwaves and storms to intensify, driving temperatures up and causing increased rainfall, said she. UK HEAT WILL BREAKING JUNE RECORD SET INS 1976 Met Office, Britain’s national weather forecaster said Monday that a heatwave lasting four days could easily push temperatures over 39 C in some places, breaking the record set by 35.6 C in June 1957 and 1976. Only a few short weeks ago, Britain's record for the highest temperature in May was broken. Lewis Jennings said, while walking through central London: "Thirty six degrees will be disgusting." Meteo-France's preliminary data indicates that Paris is expected to reach its highest temperature in June with a mercury reading of 38.4 C. Ruben del campo, spokesperson of Spain's AEMET Weather agency, said that temperatures are between 5 - and 10 - degrees above average for this time of the year. In some northern areas, they may even be more than 10 - degrees above average. RED HEATWAVE ALERTS ACROSS ITALY Italy issued heatwave alerts on Monday for 12 cities. Utility?Iren is doubling the number of workers and adding generators in Turin to deal with sporadic power outages as the grid becomes overloaded, according to a spokesperson. Romaine de Jägere, the founder of the Centre for the Rehabilitation of Animals 'Living in the Wild Refuge in Temploux, Belgium, explained that birds such as swifts and swallows who nest in the eaves of rooftops have been affected most by the abnormally high temperatures. "Temperatures on the roofs can reach up to 60 degrees Celsius at times." De Jaegere added that 150 animals had been taken in by the shelter in the past three days. Reporting by Lewis Macdonald in Paris and Makini in Gdansk; Emma Pinedo and Giancarlo Navich in Milan; Sarah Young in London and Zoran Mikletic and Andrew Heavens in Brussels. Writing by Charlie Devereux. Editing by Alexandra Hudson.
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Ukraine says it struck Russian missile electronics plant, governor says five dead
Ukraine's military said that it hit a factory producing electronics for missiles in Russia’s border Voronezh Region on Monday. The?Russian area's governor reported five 'people' killed and dozens injured in the attack. The Ukrainian military's missile attack on Voronezh is the latest long-range strike to hit Russia's defence industries. The Ukrainian General Staff claimed that it used air-launched missiles to strike the facility. It described the facility as a "critical" component in Russia's defense production. It posted on Telegram that "It produces electronics used in Russian weapons, in particular the Iskander tac missile system." Alexander Gusev of Voronezh Region, in a Telegram message, described the main target as "an industrial establishment on the left side of the Voronezh River, the provincial capital." "We suffered extremely heavy losses today. Gusev stated that five people died as a result a missile strike on the city. "Several dozen citizens requested medical assistance, but the majority were sent home once they received treatment." Gusev reported that 10 apartment buildings as well as six private residences were damaged. The governor had earlier claimed that Russian air defences destroyed several high speed targets above the city. A video taken from a passing car, and verified by?, shows large plumes of smoke rising out of the factory in at least two places. Robert Brovdi said that his drone units took part in the operation along with?other forces. In the last few months, Kyiv has targeted several Russian military production facilities. Russian air attacks have a much greater reach in Ukraine despite Kyiv’s increased capabilities. A top Ukrainian drone manufacturer, General 'Cherry', revealed on Monday that one of its factories was hit. This is a rare disclosure. Max Hunder, Kyiv bureau and Bahareh Khosabandeh, Additional reporting by Ron Popeski, Cynthia Osterman, Andrew Cawthorne and Daniel Flynn.
Top US spy agencies fight over turf and mission
People familiar with the situation say that the CIA has stopped contributing to certain intelligence assessments produced by the office nation's top spy, such as those regarding the Iran War. This is because disputes have erupted over intelligence sharing and areas of responsibility.
A?U.S. official and three people with direct knowledge of the matter said that the infighting between the CIA (Central Intelligence Agency) and the Office of the Director of National Intelligence has been raging for over a year. This has disrupted collaboration on national intelligence analyses?onwhich presidents have long relied to navigate through complex foreign challenges. Officials and people who have direct knowledge of the issue.
Sources spoke under condition of anonymity in order to discuss?sensitive internal?matters.
Sources said that the core of the disagreements was a dispute over the task force created by Tulsi Gabrield, director of national intelligence in April 2025.
Two people said that the CIA, under Director John Ratcliffe's leadership, believes that Gabbard’s Director’s Initiatives Group acted recklessly in circumventing declassification and intelligence sharing protocols. ODNI officials claim that the CIA has consistently denied the group access to intelligence.
The collapse in intelligence agency collaboration comes at a dangerous time for the Trump Administration, as the U.S. is embroiled in a conflict with Iran and faces national security challenges from China's military expansion to Russia’s war in Ukraine.
This also indicates that the reforms implemented after September 11, 2001, which created the director of national Intelligence to coordinate the 18 U.S. spy agencies, did not end the dysfunction.
"ODNI should be the oil that keeps the arteries in the intelligence community flowing, and that removes any blockages," said Beth Sanner. She was a former assistant director of national Intelligence during the first term of President Donald Trump.
If you don't do that, you risk intelligence failures because agencies will retreat into their stovepipes.
The CIA can also reach the President and other policymakers through other channels, besides the?assessments prepared by ODNI. The intelligence is a major part of the Presidential Daily Brief - a highly classified compendium of daily intelligence reports for the President.
Gabbard announced last week she would step down from her position as Trump's chief?spy by June 30. She cited the illness of her husband. Trump announced on Tuesday that he had appointed Bill Pulte, the chief of the Federal Housing Finance Agency as acting director for national intelligence.
Olivia Coleman, a spokeswoman for the ODNI, stated that "the president and policymakers are receiving the best intelligence and analyses" from the intelligence services. She added that ODNI, and the agencies under its supervision, "communicate daily and collaborate with CIA counterparts on the full spectrum of intelligence operations and products."
Coleman stated that the Director's Initiatives Group operated within ODNI oversight authorities, and supported President's Executive Orders.
In February, it was reported that Gabbard has wound down her group and reassigned their personnel to other departments within her agency. This is due to congressional scrutiny of the group's activities.
Liz Lyons, CIA's Director of Public Relations, said that under Director Ratcliffe the CIA moved quickly to meet President Trump's priorities. The agency became more aggressive and took smart risks in order to outmaneuver its adversaries. This gave the United States a decisive edge.
Davis Ingle, a White House spokesperson, said that Trump's "peace-through-strength foreign policy" is a tried and true approach to keeping America safe and deterring global threats. Media efforts to sow division within the country would also fail.
Ingle stated that "President Trump is confident in the entire team of exceptional national security experts."
LESS COOPERATION IN INTELLIGENCE EVALUATIONS
The mutual distrust between the agencies is evident in the CIA's decision to drastically reduce its contribution to Gabbard’s office's assessments.
The National Intelligence Council, the leading U.S. intelligence analysis body, has relied heavily on the CIA to produce its reports. These reports are important, especially in times of war.
Two sources who have direct knowledge of the issue said that the agency is no longer involved in regular assessments of Iran, where the U.S. Military has been fighting against since February.
Sources said that the CIA and ODNI operate largely in two separate analytic operations.
Sources said that at one point in the past year, due to friction between two agencies, the CIA stopped publishing NIC reports through the distribution service for the internal intelligence communities it controls. This temporarily limited the availability of analytical products.
An official in the United States said that reports were withheld only for "a few" hours due to a "processing problem."
Four sources claim that the interagency friction began soon after Gabbard took up her post in February 2025.
Sources said that one of her first actions was to tighten up the production of the Presidential Daily Brief. Sources said that the CIA had long played a leading role in compiling this brief.
Sources say that the relationship soured even more with the creation of a Director's Initiatives Group to "root out", alleged politicization in the intelligence community.
The group also investigated the origins and security of COVID-19, as well the security of voting machines.
Some critics, including former intelligence officials claim that the group was created to exact revenge against Trump's perceived political enemies.
Two people familiar with the situation say that task force members pressed the CIA at various points to share the intelligence and materials required to complete ODNI assigned probes. However, they felt not enough was shared.
CIA OFFICERS OUTTERED
Gabbard removed two of the top CIA officials who headed the NIC in May 2025.
A government official, who spoke on condition of anonymity, said that the ODNI had removed the two because "they created a toxic workplace, as documented by a survey of the workforce, and they had a long history of politicizing the intelligence."
The official failed to provide any evidence that would support these claims.
Gabbard then stripped security clearances from 37 current and ex-officials in 'August', revealing in the meanwhile the identity of a CIA agent working undercover overseas.
Gabbard claimed that the 37 had politicized intelligence and leaked it, but did not provide proof.
Former officials and other people charged that this move was partly in response to a 2017 intelligence assessment which found that Russia used an extensive influence campaign to sway 2016 presidential votes to Trump.
Last month, tensions between the CIA and ODNI became public when a CIA agent assigned to the Director’s Initiatives Group told a Senate panel the agency had denied the group access to intelligence about the origins COVID-19.
Two people familiar with the investigation said that the dispute triggered an inquiry by the Inspector General's Office, an independent watchdog located at ODNI.
Could not determine the scope. (Reporting and editing by Don Durfee, Daniel Wallay and Errin Banco)
(source: Reuters)