Latest News
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The US pump price may soon return to $4
Americans could soon see gas prices above $4 per gallon as renewed hostilities have led to a rise in energy prices by paralyzing the Strait of Hormuz. This is a vital route for global oil supplies. GasBuddy's fuel price tracking service showed that the national average gasoline price on Tuesday was $3.84 per gallon. This is up 9.8 cents compared to a week earlier. Prices of gasoline are up by 22.2% on an annual basis. The high price of gasoline has become a political headache to President Donald Trump, and the Republican Party. They will be soon campaigning for their thin majority in the U.S. Congress during November's midterm elections. Last time the $4 mark was crossed, it was in late March after Iran closed down the Strait. In June, prices fell below that threshold after the U.S. signed an agreement with Iran to end the conflict. Returning to this level would increase pressure on households already under strain from inflation. The price of gasoline has risen along with crude oil since the last week's collapse of the ceasefire between Washington and Tehran and the reimposition by the U.S. of its naval?blockade against Iran. Fuel prices for retail and crude oil tend to move together because crude oil is the main?cost of producing fuel. Shipping data revealed that the number of tankers transiting the Strait of Hormuz dropped to its lowest level in over two months in the last day. Prior to the Iran War, about 20% of the world's oil supply passed through the Strait. The loss of Russian refinery capacity as a result of Ukraine's intensified attacks on energy infrastructure has also contributed to higher fuel prices. GasBuddy analyst Patrick De Haan said in a blog on Monday that he expects the average national price of gasoline will reach $4 per gallon within the next seven to ten days, and the average U.S. diesel price to return to $5 per gallon at the end of the week. De Haan said that drivers in certain states could see gas prices go above $4 per gallon sooner. REKINDLING INSFLATION FEARS Higher gasoline costs could complicate the outlook for inflation after prices eased more than anticipated in June due to a decline in energy prices. While June's data showed easing of price pressures largely because of lower energy prices, a sustained rise in gasoline?prices through July could change that narrative, said Simon-Peter Massabni. "The impact?extends beyond fuel alone." Massabni stated that higher gasoline prices affect transportation costs, freight charges, and other logistics expenses. These expenses eventually trickle down to prices for goods and services in the economy. Mark Zandi said that if the hostilities escalate and the Strait is more or less shut for a few weeks, the already extremely low global oil stocks will be further depleted. The scenario will see oil prices, gasoline, and other energy forms spike and supply shortages across the world. Reporting by Nicole Jao, New York; editing by Liz Hampton and David Gregorio
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The mayor of Moscow says that 340 Ukrainian drones were sent to the capital. Most were downed
Sergei Sobyanin, the mayor of Moscow, said that 340 Ukrainian drones were sent to the area around the capital in a 24-hour period. Most of them had been shot down by anti-aircraft unit far away from the city. Sobyanin posted on Telegram that "most of them were neutralised on the outer approach by air defence forces." "More that?50 enemy drones have been destroyed on their journey to Moscow." Sobyanin gives a detailed account of the number of drones that have been shot down by the anti-aircraft units. Ukraine has intensified its attacks against Russian infrastructure sites mainly related to the oil industry. Ukraine's military announced on Tuesday that it had conducted drone strikes against the Salavat complex in the Urals, and the Afipsky refining plant in southern Russia. Attacks on oil infrastructure has contributed to fuel shortages in Russia. In recent weeks, Russian forces have increased their drone and missile attacks against Kyiv. Russia launched a barrage early on Tuesday of ballistic missiles and drones against Kyiv, marking the fifth attack on the Ukrainian capital in the last month. Volodymyr Zelenskiy, Ukrainian president, said that?the attacks damaged sixteen sites? in the capital. This included a school and business. Meanwhile, city officials reported a number of fires throughout the city. Reporting by Jamie Freed; Editing by Jamie Freed
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Health officials report that US cyclosporiasis has reached 1,600 cases, and more are likely to follow.
The?U.S. The?U.S. According to the U.S. Centers for Disease Control and Prevention, no deaths have been reported. However, 141 hospitalized people and 1,645 confirmed cases in 34 states have been reported. The agency reported that it is aware of over 5,100 reports which require further analysis and confirmation. According to the CDC, cyclosporiasis can be contracted through contaminated water or food (usually raw fruits and veggies). It can cause diarrhea, nausea and other gastrointestinal problems. Although the United States has seen outbreaks of gastrointestinal illness in the past, this year's outbreak is significantly larger and geographically spread, prompting health officials to be concerned. Officials have not yet pinpointed the cause of the outbreak. Gwen Biggerstaff is a CDC expert on foodborne diseases. She said, "This investigation is active and developing." In traceback investigations, officials collect data from sick people about the foods they consumed in the weeks before they became sick. Biggerstaff, a CDC spokesperson, told reporters that the CDC 'expects cases to continue increasing, possibly?throughout August. The CDC warned that it takes six weeks between the time of the illness and when cases are reported. This means that more infections will be detected as new data is received. Michigan is the epicenter of this outbreak in the United States, which began May 1. Ohio and New York State have also reported high numbers. Michigan health officials reported 3,309 cases on Tuesday, an increase of 669 since the last update on?Monday. Biggerstaff said that based on the evidence gathered so far, cases in Michigan and West Virginia may be linked, but that it does not explain cases in other states. Biggerstaff stated that "there are other investigations in progress, including some that are being conducted by single states as well as for cases that are not currently connected to a cluster of outbreaks or clusters." The Washington Post reported that federal and state officials were investigating whether lettuce served by Yum Brands-owned Taco Bell restaurant chain may have been "associated" with an outbreak. The company has said that it has removed some ingredients from certain restaurants as a precaution. It added that U.S. Health officials have not yet confirmed a connection between the chain and this outbreak. Dr. Michael Osterholm of the University of Minnesota's infectious disease department said that it was possible that the outbreak in Michigan has already ended, given that many produce products only have a shelf-life of about three weeks. Donald Prater is the FDA's acting vice commissioner for food. He acknowledged that produce moved quickly through the system, but added that the FDA is looking at several clusters and subclusters. It needs more information to determine if the outbreak has already ended. Reporting by Siddhi Mahtole and Bhargav Asharya, Toronot. Editing by Diti Pjara.
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Gold gains over 2% after soft US inflation data
Gold gained more than 2% on Tuesday after ?softer-than-expected inflation data boosted hopes ?of the U.S. Federal Reserve adopting ?a ?less hawkish stance. Gold spot was up 1.6% to $4,063.78 an ounce at 1:30 pm EDT (1730 GMT) after it fell earlier in the day to its lowest price since July 1. U.S. Gold Futures closed 1.6% higher, at $4.069.70. Other currency holders can now afford greenback-priced gold because the U.S. Dollar has fallen by 0.6%. "Gold?gallops up on a subdued CPI that showed headlines falling but, more importantly, the?core remained unchanged at 0.2%. "This should reduce expectations for rate hikes at least in the July and September meetings," said Tai Wong. Consumer inflation in the United States slowed down more than anticipated in June. Consumer Price Index increased by?3.5% over the past 12 months, following a 4.2% increase in May. Core CPI inflation remained unchanged, after rising 0.2% in may. After the data was released, traders ceased to bet that the Fed will raise rates at its meeting on July 28-29. Investors will also be watching the U.S. Producer Price Index data due on Wednesday. Fed Chair Kevin Warsh stated in a statement to the House Financial Services Committee that his current focus is on bringing inflation back to the 2% target set by the U.S. Central Bank. The geopolitical situation has been a major event. Iran launched ballistic missiles against a U.S.?air base in Jordan, and the United States engaged Iranian targets in a five-hour 'battle' for control of Strait of Hormuz. This battle has sent oil prices to a four-week high. Wong stated that the headline inflation will already be higher due to the return of serious 'hostilities' with Iran. "So gold's rise will be moderated over the next couple of sessions, and maybe $63-$64 silver is not out of question," Wong added. Inflation could cause central banks to maintain interest rates higher for longer, which would put pressure on gold and other non-yielding investments. (Reporting by Ashitha Shivaprasad in Bengaluru; Editing by Diti Pujara and Joyjeet Das) (Reporting and editing by Diti Pjara and Joyjeet Das; Ashitha Shivaprasad, Bengaluru)
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Gold Board: Ghana's artisanal gold production in 2026 is likely to exceed the record level of 2025
Ghana's Gold Board purchased up to 54 tons of gold in the first half 2026 from small-scale and artisanal mining. The sector's output is on track to equal or exceed last year's records, said the CEO of the state entity. Ghana's largest exporter and foreign currency earner is expected to have another successful year, which will help support the economy as it recovers from its worst financial crisis in decades. Africa's biggest gold producer saw ASM production?surge after sector reforms were implemented to?stop smuggling and boost foreign currency earnings. The production reached a new record of 104 metric tonnes last year. This was the first time that ASM output surpassed large-scale mining. Samuel Gyamfi, CEO of Gold Board (GoldBod), told reporters that the company had purchased between 50 and 54 metric tons. At this rate, it is likely that we will match or surpass last year's production. Gyamfi stated that the board earned nearly $11 billion from the ASM sector in foreign exchange last year. Large-scale mining contributed around $9?billion. He said that the recent decline in gold prices has reduced expectations for earnings. GoldBod's 2026 forecasts were based on an average gold price per ounce of $5,000 and weekly purchases of 2.5 metric tonnes, according to the entrepreneur. Gyamfi stated that despite the lower prices Ghana is still on course to produce higher gold export earnings this year than last, Gyamfi added. Average bullion prices are above 2025 levels but below GoldBod’s initial projections.
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Gold gains over 2% after soft US inflation data
Gold rose more than 2% on Tuesday, after inflation data that was softer than expected boosted expectations of a less hawkish U.S. Federal Reserve. Gold spot was up 1.6% to $4,063.15 an ounce at 12:20 pm EDT (1620 GMT) after it fell to its lowest price since July 1, earlier in the day. U.S. Gold Futures rose 1.6% to $4.070.30. Greenback-priced gold is now more affordable to other currency holders due to the U.S. Dollar's 0.6% decline. Gold is soaring on the back of a CPI report which was surprisingly subdued. The headline CPI fell, but more importantly core CPI remained unchanged at 0.2%. "This should reduce expectations for rate hikes at least in the July and September meetings," said Tai Wong. Consumer inflation in the United States slowed down more than anticipated in June. The Consumer Price Index increased by 3.5% over the past 12 months, following a 4.2% increase in May. Core CPI inflation was flat for the month after rising 0.2% in May. After the data was released, traders ceased to bet that the Fed will raise rates at its meeting on July 28-29. The U.S. Producer Price Index data is due Wednesday. Fed Chair Kevin Warsh stated in testimony before the House Financial Services Committee that his current focus is on bringing inflation back to the Fed’s 2% target. Iran launched ballistic missiles at a U.S. base in Jordan, and the United States targeted Iranian targets for five hours as they battled to control the Strait of Hormuz. This has caused oil prices to reach four-week highs. Wong stated that the resumption of serious hostilities against Iran would have already pushed headline inflation higher this month. Therefore, gold's rise will be moderated to $4,200 in the next few sessions, and $63-$64 silver is not out of the question. Central banks may be prompted to keep interest rates high by higher inflation, which could put pressure on gold and other non-yielding investments. Silver spot rose by 2.1%, to 58.85 dollars per ounce. Platinum gained 1.6%, to $1.630.12 and palladium increased 4.2%, to $1.299.10. Ashitha Shivprasad reported from Bengaluru, Diti Pjara edited.
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Prime Minister says Iraq must have a fair share in OPEC
Ali al-Zaidi, Iraq's prime minister, said Tuesday that he felt Iraq needed a fair share within OPEC. He was asked by journalists if he had considered leaving the oil producing group. Zaidi's trip to Washington is to secure major U.S. investments in the oil, gas and power sectors of his country after the Iran War impacted crude production?and state finances. He told reporters that Iraq is one of OPEC's founding members. "Our right is to get a fair % share for Iraq," he said at the White House, during a meeting with U.S. president Donald Trump. Zaidi emphasized Iraq's past conflict with the Islamic State. He said that the conflicts had caused the country to incur enormous costs and destroyed its infrastructure. "The damage to Iraq is over $400 billion.?And some Iraqis are still living in camps and have destroyed their homes. He said he had a plan for returning?them back to their homes.
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Brent oil changes structure to reflect rising supply risks as Iran tensions escalate
Brent crude oil futures for immediate delivery reached a new high compared to the previous price of oil six months earlier. This was due to traders pricing in the renewed risk of Middle Eastern oil supplies and shipping via the Strait of Hormuz. The Brent first-month contract was $8.92 per barrel higher than the Brent sixth-month contract It is its highest?premium in the last 10 days. Backwardation is a market structure where prompt contracts are traded at a higher price than later ones. This is usually interpreted as an indication of tight near-term supply. Brent's decision follows a sharp increase in tensions between Iran and the U.S., including new?military attacks and attacks on vessels close to the Strait of Hormuz, which has?reignited fears over the security?of Middle East crude oil supplies. Ole Hansen, head of commodity strategy at Saxo Bank, said: "The return to the backwardation signal indicates that the market expects the crude availability to be constrained for the weeks to come." This structure is different from that of early July when Brent was trading below the later contracts. That structure, known as contango, is more common and usually associated with abundant near-term supply. Exports returning through the Strait eased concerns about supply. Neil Crosby is the head of research for Sparta Commodities. He said, "At the moment, it's largely a purely paper move. Investors are likely to pour back into the market after the latest escalation." Crosby said that "we are seeing a slowdown in the?flows from Hormuz, which may... have an incremental impact on the physical market over the next few weeks if disruptions continue." Middle East crude benchmarks Oman?, Dubai, and Murban have also moved from discounts to premiums, indicating a growing concern about supply. According to an analysis by Kpler, the oil and gas tanker trade has fallen to its lowest levels since May 25.
Writers Guild files suit to block Paramount deal.
The Writers' Guild of America filed a lawsuit to stop Paramount from acquiring Warner Bros. for $110 billion. Discovery said on Tuesday that the acquisition would 'threaten the health of U.S. Entertainment Industry and jeopardize writer's livelihoods.
This case is another blow for Paramount in its bid to compete with Netflix and Disney. It comes a day after California, along with 11 other states, sued to stop the deal. Paramount now faces a double legal burden. A ruling in either case could stop the deal.
In its lawsuit, the?Writers Guild claimed that this deal would harm its members by reducing?the number buyers of films and TV programs in Hollywood.
With fewer competitors, a merged Paramount/Warner entity would have both the incentive and ability to lower costs by reducing output and lowering writers' wages. The combined Paramount-Warner entity would be able to reduce costs both by "suppressing" writers' wages as well as "reducing output". The WGA complained that writers would be paid less, and there would be fewer job opportunities.
There are 18,000 members in the entertainment industry who belong to the union made up of Writers Guild of America West, and Writers Guild of America East.
Paramount's spokesperson did not respond immediately to a comment request.
The Writers Guild said that the merger of two major Hollywood studios would illegally increase demand for writers to write top-grossing movies and episodic television series and reduce the bargaining strength of writers who sign exclusive contracts with studios. The Writers 'Guild cited a U.S. Department of Justice case that was successful in blocking Penguin Random House from buying Simon & Schuster. This decision was made on the grounds that it would reduce competition and pay lower advances to authors.
The argument was that the combined company would have a monopoly on publishing and would be able to control about?half of the market. This would mean that hundreds of authors would have fewer choices and less power.
(source: Reuters)