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Oil prices rise after US threatens to blockade Iran indefinitely
Prices of oil?inched up on Friday, after the United States threatened an indefinite naval blockade against Iran. This rekindled concerns about supply after the previous session's drop on a weakened outlook for demand as well as a large build-up of U.S. stockpiles. Brent futures were up 1 cent or 0.1% to $87.08 per barrel at 0247 GMT. U.S. West Texas Intermediate crude futures increased 6 cents to $81.00 a bar. Brent rallied for six sessions and WTI rose for five, putting the benchmarks on course for a weekly increase of around 4%. Susan Bell, senior Vice President for Oil Commodity Markets at Rystad, said in a recent note that despite the negative crude stock data the geopolitical background is preventing an even greater?price drop. The?United States warned on Thursday that they could continue a naval blocade against Iran indefinitely, and increase economic pressures on Tehran because ceasefire talks have stalled. In an interview with Newsmax's Rob Schmitt, Treasury Secretary Scott Bessent said: "Watch this space because more announcements are coming next week. We will?apply?measures that have never been?seen in the history of economic isolate of a nation." The latest U.S. threat comes as Iran restricts traffic through Strait of Hormuz. This area carried 20% of world oil before the conflict. Fuel prices are rising and President Donald Trump is under pressure to end the war, which is unpopular in the United States. Hossein TAEB, recently appointed head Iran's Basj Paramilitary Unit, said that the strait was "under the management of and controlled by the Islamic Republic" according to semi-official Fars News. The prospect of a prolonged war constraining the supply was 'offset' this week by OPEC and International Energy Agency lowering their outlooks on demand growth. Data showed that U.S. crude stocks had increased the most in more than three-and-a half years. Tim Waterer, KCM's chief market analyst, said that the two forces were counterweights. The result is that the market remains stable but has a hard time breaking higher as long as these opposing forces remain in place. The state news agency of the United Arab Emirates, WAM, reported that two vessels of the state-owned Abu Dhabi National Oil Company, were attacked Thursday while transiting the Strait of Hormuz. The incident was condemned by the United Arab Emirates as an Iranian attack. Reporting by Mohi Nrayan from New Delhi, and Helen Clark from Perth. Editing by Sonali P. and Clarence Fernandez.
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Moniz from Hawaii and Brooks, Canada's tube shooter, win in Tahiti
Seth Moniz of Hawaii won his first event title on the world championship tour with a display of?tube riding at the Tahiti Pro in Tahiti, Thursday. Erin Brooks, a Canadian teenager, fought back and beat Israel's Anat Leliar in the women's competition. Moniz was a standout throughout the contest held at Teahupo'o. This is the site of the 2024 Paris Olympics Surfing event and is considered to be one of the most perfect waves in the world. Even though the conditions were not as extreme as the ones earlier in the week when Kelly Slater was dominant, there were still steep drops and deep tubes. Halfway through his final match against Griffin Colapinto from California, Moniz charged into a cavern with his backhand. He squeezed out at the very last second, and rode into a screaming, splashing audience of spectators who were watching the channel. Colapinto's 7-point ride and a 9.07 score seemed to be enough to win. Moniz was not done yet. As the final hooter sounded he snared a "near replica" deep barrel for 9.10, and an incredible two-wave score of 18.17. This whole week has been surreal. The 28-year old Hawaiian claimed that he had "this crazy momentum" every time. "Surfing can be a very difficult sport. Only one person wins each time." "I worked so hard on this, and it paid off." Lelior, a finalist at the women's competition, was a bit of a shock. She threaded multiple deep barrels before emerging from the field in a cloud of spray. The Tel Aviv-born world tour rookie, aged 26, grew up surfing in the soft waves of Mediterranean Sea. He was a competitive success as a child and qualified for both the Tokyo and Paris Olympics. In the final, her top two waves were both 8 points for a combined total of 16.33 in the first half of heat. Brooks, the wildcard winner of a 2024 world championship event held in Fiji’s hollow 'waves', battled her way back to the competition with an 8.27. The clock was ticking down when Brooks, a 19-year-old Texas native, slid into the wave that would win the final. She weaved through the tube to score an 8.93 and a total two-wave score of 17.20. "The season was really tough and I lost every second round in every event. "I almost doubted myself, so to win gives me a lot more confidence," Brooks said. "The girls are so much better now and I'm really disappointed with my results." "But I'm pleased with this one." Next up on the tour is Fiji. This powerful left-hand tropical reef break is another strong destination. Pipeline, Hawaii will crown the world champions in December. (Reporting from Sydney by Lincoln Feast; editing by Peter Rutherford)
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Asian stocks to gain weekly on the back of fading US rate hike bets
The Asian stock market rose on Friday as the inflation data lowered expectations for an imminent U.S. interest rate hike. However, the faltering talks to end the Middle East war are likely to keep the risk sentiment in check. Brent?futures remained steady at $87.03 a barrel, following a decline on Thursday, but were on track for a weekly gain of 4%, ending a two-week loss streak. This was after the U.S. warned to increase economic pressure against Iran, including by extending a navy blockade. The markets have largely ignored the lack of progress made in the Iran War, focusing instead on the AI theme and global monetary policy outlook. The U.S. Inflation Reports this week indicated that pricing pressure was under control. This lowered the chances of a Federal Reserve rate increase next month. Charu Chanana is the chief investment strategist for Saxo. He said that risk appetite can be held because immediate Fed hike risks have been priced lower. Chanana said, "But it's still headline-driven rally and not a risk-free regime." "Without clarity about the Middle East/Hormuz a new oil spike could quickly bring inflation and Fed worries back." MSCI's broadest Asia-Pacific share index outside Japan rose by 0.28%. This is its best performance since mid-June. Japan's Nikkei?was 1.5% higher and set to gain over 5% for the week. John Sidawi is senior portfolio manager at Federated Hermes for fixed income. He said that the markets have been puzzling in recent months because of the disconnect between geopolitical uncertainties and asset prices volatility. For now, the markets seem to be willing to accept a considerable amount of uncertainty before demanding higher premiums. This equilibrium is not likely to last forever," Sidawi stated. Investors could be forced to leave the sidelines if there is a significant escalation of conflict or a clear road toward resolution. This could trigger a larger volatility reaction than what current market prices suggest. YEN STUCK IN INTERVENTION LOOP The yen is at 159.40 against the dollar. It's close to 160, which traders think could spark another round of yen purchases from Tokyo after the joint intervention with the U.S. ended in July. The idea that the Bank of Japan might finally start to support the yen has gained traction among traders, who have priced in the possibility of a rate increase next month. However, investors could be disappointed if they leave the meeting of September feeling that the BOJ was not aggressive enough. Padhraic G Garvey is the head of global rates at ING. He said that the yen was weak because of "a Bank of Japan which remains uber-cautious and whose policy rate?remains too low." Padhraic noted the yen has returned to 160 levels, as the underlying problems remain. Garvey said that rate increases can help to ease this tension. The sooner they are implemented, the better. While that may be seen as a negative for the economy it is also a decision. Do you think it's important to protect the yen or not? Gold was down 0.8% at $4,313 an ounce in?commodities as traders locked in profits following the yellow metal's highest level since early June the previous session due to dimming expectation of a short-term increase. CME FedWatch showed that traders now price in a 35% probability of a Fed hike next month, down from 55% one week ago. This led to an increase in U.S. Treasuries, despite a disappointing auction of 30-year bonds.
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Finland bans certain parts of Baltic Sea after Latvia shoots drones in its airspace
On Friday morning, fighter jets participating in a NATO air defense mission reportedly'shot down' a drone which had entered the airspace of Latvia - a member state of NATO and European Union. A threat to airspace in the vicinity of Russia was also raised by the armed forces. Finland, a member of the EU and NATO that shares a border in part with Russia, has temporarily restricted aviation and maritime traffic to certain areas within the eastern Gulf. This is a precautionary move against drones. The armed forces of Latvia did not immediately disclose any details about the drone's origin or its origin. As Moscow and Kyiv continue their exchange of attacks following Russia's full scale invasion of Ukraine, in February 2022, neighbouring countries to Russia and Ukraine periodically issue air threat warnings and down drones. Alexander Drozdenko, the regional governor, said in an early Friday morning telegram that Russia had shot down 15 drones overnight. The region is located near Finland and Estonia, and includes St Petersburg, which is the second-largest city of the country and a major hub for exports. The?NATO countries in northern Russia are increasing security around dams and power plants, as well as natural gas infrastructure. This is a sign that they're growing more concerned about a possible "false-flag" attack by Moscow using Ukrainian drones. (Reporting and editing by Tom Hogue, Raju Gopalakrishnan, and Jekaterina Glubkova from Tokyo)
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Oil prices rise after US threats to blockade Iran for indefinitely
After falling in the previous session due to a weaker global demand outlook, oil prices climbed a little bit on Friday. The U.S. had threatened to?maintain a naval blocade against Iran indefinitely. Brent futures were up 9 cents or 0.1% to $87.16 per barrel at 0130 GMT. U.S. West Texas Intermediate crude futures were up 4 cents at $81.29. Both benchmarks dropped more than 2% the previous session, paring their gains after a six sessions rally for Brent, and a five sessions rise for WTI. However, they were still on track to achieve a weekly rise of about 4%. The United States said on Thursday that it would maintain its naval blockade against?Iran for as long as necessary and would increase economic pressure on Tehran, since ceasefire negotiations have stagnated. In an interview with Newsmax's "Rob Schmitt Tonight", U.S. Treasury Sec. Scott Bessent stated that "we are going to take measures never before seen in history - of economic isolation" on a nation. The latest U.S. threat comes as Iran continues to restrict traffic through the Strait of Hormuz. This area carried 20% of world oil prior to the conflict. Fuel prices are rising and President Donald Trump is under pressure to end the war, which is unpopular in the United States. According to Fars News, the semi-official news outlet, Hossein TAEB, the newly appointed head of Iran’s paramilitary?Basj unit, has said that the strait "is under the management and the control of the Islamic Republic". OPEC 'and the International Energy Agency lowered their forecasts this week for growth in demand, and data showed that U.S. crude stock made its largest weekly gain since over three -and-a-half years. Tim Waterer, KCM's chief market analyst, said that the two forces were counter-weighted. He said that the market is still supported, but it struggles to move higher while these pressures are in place. The state-owned news agency WAM in the UAE reported that two vessels of the Abu Dhabi National Oil Company, owned by the UAE government, were attacked Thursday evening as they transited the Strait. The United Arab Emirates government denounced it as an Iranian strike.
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Exports of China's electric trucks are soaring due to the Iran war
China's?exports of electric trucks to other Asian nations have soared. This is in addition to an increase in domestic sales, as the?higher fuel costs as a result of the Iran War accelerate regional electrification. China's rapid adoption of etrucks - from lighter vehicles to tractors-trailers - has shielded the 'world's largest auto market' from the conflict. Other countries are now scrambling for a chance to catch up. China's heavy etruck exports have more than doubled in the last four months since the U.S. and Israel started the war, on February 28. They now total 16,823 vehicles. The majority of the trucks were shipped to South and Southeast Asia. South Asia saw a five-fold increase in shipments, while Southeast Asia saw a nearly three-fold increase. The war opens the door to markets for Chinese E-Trucks South and Southeast Asia are particularly dependent on the Middle East for oil, and Iran's ?closure of the Strait of Hormuz has triggered some of the biggest jumps in diesel prices, according to GlobalPetrolPrices.com, creating an opening for China, the world's largest e-truck maker. Diesel prices are up ?48% in Sri Lanka since the start of the war and 57% in the Philippines, according to GlobalPetrolPrices.com, while the fuel is 15% higher in China, government data shows. Zhaoting Yue is the vice president for international marketing of Sany, which makes the world's largest electric heavy trucks. The exports are still relatively small compared to the number of trucks in regional fleets, which is in the millions. If growth continues and is similar to the adoption of e-trucks in China, then it may be possible to reduce diesel consumption and carbon emissions. In China, e-truck sales have increased from a near-zero percentage in 2021 to 30% last year. 140,000 e trucks were sold in the first six months of 2018. Diesel consumption in China started to fall last year. Yue said that Sany had previously concentrated on Europe, but now is focusing on Southeast Asia to develop cheaper models. He said that in June the company had shipped its biggest single order of 880 heavy trucks. The contract, however, was not public. Yue stated that before oil prices rose in these countries, it could have taken 28 months for buyers to recover their investment in a heavy electric truck. "Now it only takes 18 months." Sany added that he expects rapid growth in Asia, Africa, and Latin America for at least the next 12 months. FUEL-PRICE SURGE WILL 'FOCUS MINDS' Electric delivery vans have become more common in the United States and Europe. However, the introduction of larger e trucks has been much slower. Tesla, for instance, promised to revolutionise trucking's economics with its electric semi almost a decade earlier, but has now dropped its goal of achieving "volume production" by this year. According to the Centre for Research on Energy and Clean Air, China's electric truck fleet can save 141 million barrels this year by not burning diesel. This is more than 3% and equal to its entire imports from Kuwait. The Helsinki-based centre estimates that China's etruck exports in the first six months of the year replaced fuel at a rate of 1.6 millions barrels per annum. The high cost of the trucks and the lack of charging infrastructure are obstacles to adoption. According to Daniel?Bleakley of Australian electric trucking company New Energy Transport, the cost of an e-truck in Australia is about A$500,000 (about $350,000). However, the fuel savings are so great that they can reduce operating costs by as much as 70% when compared with diesel. Yue said that to boost the charging infrastructure of its trucks,?Sany sells customers systems which can generate and store energy, as well charge their trucks. Lauri Myllyvirta, CREA's co-founder, stated that the rapid adoption of Chinese electric cars will help expand charging networks as well as provide a boost for truck adoption. He said that high fuel prices would focus the minds of businesses and make them move quickly.
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Croatian firefighters also battle a fire that has engulfed a Greek resort.
Residents and tourists fled by sea and land from villages in northern Greece's Halkidiki on Thursday, as a wildfire was fanned by strong winds and engulfed trees and houses near a resort during the holiday season. Local media reported that heavy gusts made firefighting on Croatia's Dalmatian Coast difficult. A major highway in the Lokva Rogoznica region south of Omis was closed due to an blaze. In Europe, "successive" heatwaves have intensified the drought, dried out vegetation and strained water resources, contributing to wildfires in Spain, France, Greece, which scorched land on a scale never seen before. People wearing face masks in Greece, some clutching pets or children, boarded dingies or boats at the seaside village of Siviri, as the fire burned through a forest. Large columns of smoke turned a cloudless sky dark gray. Flames scorched holiday apartments with balconies facing the sea as they approached from the inland. The coastguard said that over 300 people were evacuated from Siviri by boat. Siviri is located on a peninsula of olive groves, woodlands, and beaches, south of Greece's largest city, Thessaloniki. In a press release, the statement said that patrol and fireboats?and fishing boats were involved in this operation. More than 140 firefighters battled?flames on both sides the main road between Siviri and?the town Kassandreia. In a post on X, the fire brigade stated that nine aircraft and seven helicopters had also been deployed. Traffic was stopped and one firefighter injured. Giannis Artopios, a fire brigade spokesperson, told the?Protothema portal that "our effort is focused on extinguishing a fire and ensuring the safety of people." Local media reports in Croatia showed flames bursting out of trees around a main road, and along the coast. The reports cited the fire department to say that evacuations were underway.
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Hacking group claims massive data theft by Shell, Philips GE, Fiserv, Fiserv, Fiserv, Fiserv, Fiserv, Fiserv, Fiserv, Fiserv, Fiserv, Fiserv, FiServ, Fiserv, Fiserv, Fiserv, Fiserv, Fiserv, Fiserv, Fiserv, Fiserv, Fiserv, Fiserver, Fiserv, Fiserv, Fiserv, Fiserv, Fiserv, Fiserv, Fiserv, Fiserv, Fise
According to a post on the group's website, a prolific hacking group that exploits?software vulnerabilities in order to attack multiple targets at once claimed they had?stolen data from almost 50 companies around the world, including Philips, GE, Fiserv, and Shell. Shell confirmed that it was aware of an "incident" which occurred recently, while Philips said it had been targeted. This confirms a report by Dutch media outlet BNR on Thursday. Shell's spokesperson stated that "we are working with our teams of security experts and relevant experts" to investigate the current situation. Philips has 'identified and contained an attempted cybersecurity compromise on a specific enterprise data server,' Philips stated in a statement. The incident did not affect customer environments. Fiserv's spokesperson said that the company was aware of the claims made by the threat actor, but that "based on the comprehensive review we have done to date", there is no evidence that any customer data, banking or transactional information, or personal information, has been compromised. GE couldn't be reached immediately for a comment. We could not independently verify claims made by the hacking group about the type of data they stole and the amount. The hackers didn't respond to our request for comments. Although it is not known how the hackers gained access to the companies, Ransom ISAC, a group that shares industry information, published a warning on July 22, warning the hacking group of exploiting vulnerabilities in PTC Windchill, and FlexPLM software, used in manufacturing and engineering processes. PTC, based in Boston, did not respond immediately to a comment request. The company has posted multiple security alerts on its website dating back to June 18 urging customers to apply a patch to fix a vulnerability, and providing details about an unknown attacker who is attacking their products. Brandon Parsons, Ascent Solutions' threat intelligence manager and author of the RansomISAC advisory, says that some companies started receiving Cl0p?notices on July 19-20. He said the group targets vulnerabilities in software packages, rather than specific companies. They are "professional data extortionists." Charlotte Van Campenhout and A.J. Vicens, Kirby Donovan, and Shri Navaratnam edited the article.
Azule Energy invests $5 billion in Angola over the next five years
Guido Brusco, Eni's Chief operating officer, said on Wednesday that Azule Energy, a joint venture between Italian oil and natural gas explorer Eni, and BP, will invest an additional $5 billion in Angola within the next 4 to 5 years. This latest investment will equal the amount invested in oil and natural gas projects in Sub-Saharan Africa’s No. 2 oil producer since the joint venture was launched three years ago. Angola's regulatory system has been overhauled to attract new investment as it aims to maintain oil production at 1 million barrels per day.
Brusco, speaking at an oil and natural gas conference, said that 18 wells will be drilled in the next 4 to 5 years. Two-thirds of them are to be operated by Azule while the other third is to operate by someone else.
He added that Eni was progressing on its second floating LNG platform in Mozambique, after becoming the first LNG exporter out of Mozambique with its Coral South platform. The Mozambique government approved in April the development plan of Eni's Coral Norte floating LNG platform. This cleared the way for the final investment decision.
The second floating platform in the country will double the current LNG production offshore Rovuma. Once it is operational, it will produce 3.5 millions metric tons per year for a period of 30 years. Brusco stated that Coral North FLNG is "technically and financially strong" despite the fact that one partner has yet to approve the project.
"We don't foresee any problems and you will hear about it before the end of the year." The majority of the current production is headed for the European market. South Africa also hopes to begin TotalEnergies’ long-delayed project on land, which has been delayed. (Reporting and writing by Miguel Gomes, Wendell Roelf, Editing by Sfundo parakozov; Jan Harvey and Tomasz Janowski).
(source: Reuters)