North America

The Russian government sees the lifting of U.S. sanctions on its oil as an attempt by Washington to stabilize global energy markets. Washington's waiver of sanctions on Russian oil is an effort to stabilize global energy markets. The two countries share a common interest in this. Treasury Secretary Scott Bessent announced that the United States had granted a 30-day exemption to 'countries' to purchase Russian oil and petroleum product currently at sea. This was done to stabilize global markets roiled by Iran War. Peskov stated that stabilisation of the market is impossible without a significant volume of Russian oil entering...

German Economy Minister Katherina Riese stated on Friday that she could see both sides of the United States' decision to issue a 30-day waiver for purchases of Russian oil products. Reiche said at a press conference that he felt the domestic political pressure was very high in the United States. She stated that she is concerned with filling the war coffers of Russian President Vladimir Putin, but that the situation in South Korea, and Japan, are tense. "We have thankfully been spared these shortages," said?Reiche. She said that attacks on ships in Strait of Hormuz continue, and the International Energy...

Brazil's government has scrapped diesel taxes and imposed a tax on oil exports. The move, which was made on Thursday, could affect the state-run Petrobras as it tries to ease the impact of recent global oil price spikes. The administration of President Luiz inacio da Silva said that the temporary measures will reduce the impact on local fuel prices caused by price swings resulting from the U.S./Israeli war against Iran. The South American nation cut the PIS federal tax and Cofins federal tax levied on diesel to zero. It also imposed a 12 percent tax on crude oil and a...

South Korea's Parliament passed a special law on Thursday that will pave the way for Seoul to fulfill its $350 billion commitments in strategic U.S. industry under a trade agreement?agreed?last year. The law implements the trade agreement signed by South Korea in November, under which it agreed to invest $150 billion into shipbuilding and $200 billion in strategic industries in the United States in exchange for more favorable tariff terms. In a Thursday plenary meeting, the National Assembly approved it with bipartisan backing. The legislation is expected to be in force within three months. It will form the basis for...

Gulf officials said that three Gulf states were reviewing the way they invest trillions of dollars from their sovereign wealth funds to offset the losses caused by the U.S. and Israeli war against Iran. The official who spoke on condition of anonymity said that the review could include divestments, reversals of investment pledges, and a reevaluation of global sponsoring deals. This is because the oil and gas-rich states are assessing how to deal with the financial shock. The top four economies of the Gulf Cooperation Council are Saudi Arabia, Qatar and Kuwait. Three of the four largest economies in the...

Oil prices rose on Thursday as Iran intensified its attacks?on?oil?and?transport facilities in the Middle East. This sparked fears of a long-term conflict and disruptions to oil flow through the Strait of Hormuz. Brent futures were up $8.54 or 9.28% to $100.52 a bar at 0354 GMT. U.S. West Texas Intermediate crude rose $7.22 or 8.28% to $94.47. Brent crude oil hit $119.50 per barrel on Monday. It was its highest price since mid-2022. Then, it dropped when U.S. president Donald Trump announced that the Iran War could end soon. In remarks directed at the U.S., an Iranian military spokesperson said...

South Korea's Parliament is expected to adopt a special law?on Friday to implement Seoul's $350 Billion investment commitments to?strategic?U.S. A trade agreement signed last year covers a number of industries. The law was designed to implement the trade agreement signed by South Korea and the United States in November. Under that agreement, South Korea committed to investing $200 billion into strategic industries in America as well as $150 billion to shipbuilding cooperation. This investment package was linked to Seoul receiving better tariff terms. The bill is expected to be passed by the National Assembly in its plenary meeting on Thursday....

U.S. Secretary of Energy Chris Wright announced on Wednesday that the U.S. would release 172,000,000?barrels?of oil?from its strategic 'petroleum -reserve? in an effort to lower oil prices, which have soared because of supply shocks caused by the U.S. and Israeli war against Iran. Wright said that the'release' is part of the 400 million barrels of oil released by the International Energy Agency earlier in the day. Wright stated that the release of the film will start next week, and it will take?about 120 days for delivery. On February 28, the U.S., Israel and other countries began to attack Iran. Iran...

Even if the Iran War ends soon, U.S. oil prices will be structurally higher this year. Investors may have to reconsider their optimistic 2026 earnings estimates. The consensus oil outlook for 2026 was quite bearish while Wall Street's earnings forecasts were very optimistic. This has not changed. According to LSEG 'data, the full-year earnings growth estimate for 2026 was nearly 16% as of?Friday. This is up from 14% a year ago and 12% a year before. These 'rosy forecasts' assume that oil prices will average $60 per barrel this year, but those expectations have disappeared with the U.S. and Israeli...

Gulf officials said that three Gulf states were reviewing the way they invest trillions of dollars from their sovereign wealth funds to offset the losses caused by the U.S. and Israeli war against Iran. The official who spoke on condition of anonymity because the matter was sensitive and without naming the states, explained that these reviews could include reversing investment pledges, divesting and re-evaluating global sponsorship deals. The top four economies of the Gulf Cooperation Council are Saudi Arabia, Qatar and Kuwait. Three of the four largest economies in the GCC will be assessing current and future investments and sponsorships...

According to three sources, the commodity trader Mercuria intends to remove large volumes of aluminum from LME storage facilities, as the closure of the Strait of Hormuz has 'frozen' Middle East shipments, and put further pressure on supplies in Europe, and the United States. Around 9% of global primary aluminium is produced in the Middle East. Since last week, the U.S. and Israeli war on Iran has closed the Strait of Hormuz. Mercuria, a Swiss company, cancelled or designated for delivery on Monday nearly 100,000 tons?of aluminium in LME-approved Port Klang warehouses. The sources who are familiar with the issue...

Investors might need to reconsider their optimistic 2026 earnings estimates for U.S. corporations, even if Iran's war is over soon. The consensus forecast for 2026 for oil was a bit bearish while Wall Street's earnings predictions were surprisingly optimistic. This has not changed. According to LSEG data as of Friday, the full-year earnings growth estimate for 2026 was nearly 16%. This is up from 14% in 2017 and 12% last year. Those rosy forecasts assumed an average 'oil price' this?year of $60 per barrel – an expectation that vanished into thin air when the U.S. and Israeli strikes on Iran...

Two sources with knowledge of the discussions said that the Trump administration has told U.S. shipping groups and oil companies to prepare for the 'potential waiver' of the century-old Jones Act governing domestic shipping in order to facilitate the movement of fuel across the country. Sources said that the announcement could be made as soon as Thursday. It would aim to combat the'spiking fuel prices' since the U.S. and Israeli war on Iran. The White House has not yet commented. According to the Jones Act?goods transported between U.S. port must be?carried by vessels?that were built in the U.S., are U.S....

Calculations showed that the proceeds from Russia's mineral extract tax, which is its largest tax item for crude oil production and the country's?largest taxable item, could almost double in March due to the global price rally induced by the conflict in the Middle East. The global oil benchmarks soared to $119 per barrel on Monday, the highest level since June 2022. This was due to supply cuts from Saudi Arabia and others producers, which stoked fears of a major disruption to global supplies. The price increase of crude oil, along with the natural gas that it produces, will benefit Russia's...

South Korea announced on Thursday that it would cap the domestic fuel prices starting Friday in order to combat an increase in energy costs resulting from the conflict?in the Middle East. South Korea, Asia's fourth largest economy and a country that relies on imported energy for its needs, is making this move to try to mitigate the impact of the Middle East oil crisis. South Korea has set the maximum wholesale gasoline price at $1.17 per liter. This is below Wednesday's 1,833 won. The price will be adjusted every two weeks in order to reflect the changes in oil prices....

Donald Trump hoped to reassure Americans on a visit to Kentucky and Ohio, Wednesday, that the rising prices of 'gasoline' were temporary. Republican colleagues worried that these increases were causing voter anxiety over the economy. Trump's first campaign trip since the U.S. and Israeli military operation against Iran began on February 28, was a successful one. He could use the trip to hone his economic message, and highlight his achievements ahead of the midterm elections in November. His fellow Republicans are defending a narrow?majority in both chambers of Congress. Trump's first remarks at his stop in Cincinnati, Ohio were centered...

Oil prices dropped sharply on Tuesday after U.S. president Donald Trump predicted that the Iran War could be over soon. Dealers stated that the market was focused on the degree to which high energy costs could reduce sugar production in Brazil, where mills are able to adjust their factories to produce more sugar or ethanol depending on the market price for each. The ICE exchange's raw sugar price?futures settled at 14.38 cents per lb after dropping nearly 3% earlier, while the white sugar futures dropped?0.5%, to $418.40 a metric tonne. Petrobras is Brazil's state controlled oil company. It supplies around...

The U.S. and Israel war against?Iran is likely to hit consumers hard across the United States' economic spectrum. This could undermine a key component of the economy that was?expected? to boom this year due in part because of a hefty income tax refund, low unemployment and rising asset prices. Analysts felt that both "spurs", of the U.S.'so-called K-shaped economic model, could maintain or even increase spending in the upcoming months. Wealth effects would lead better-off families and service industry workers to spend more, while windfall tax refunds due to 'new exemptions on overtime and tip income, helped hourly workers. Both...

Chicago Mercantile Exchange feeder cattle and live cattle futures declined?on Monday, as rising gasoline and a'stock market decline' stoked broader concerns and fueled fears about?consumer expenditure on beef. Managed funds exited their long positions for the?second straight day and technical selling has accelerated the decline of the market as actively traded contracts have fallen below recent lows, and broken through key technical chart resistance levels. The feeder cattle market was further impacted by the high feed corn prices. Since the U.S. President Donald Trump, and his allies in Israel, attacked Iran over a week ago, the markets, including commodities, are...

Share markets are down on concerns that a U.S. - Israeli war against Iran is escalating and will lead to a squeeze on energy supplies around the world. Here are some?actions? that governments have taken?or? plan to take in order to lessen the impact the war has on their economies. SOUTH KOREAN PLANS FUEL CAPITAL South Korean President Lee Jae Myung announced on Monday that the government would be capping domestic fuel prices for nearly 30 years. The country will also look for sources ?of energy beyond supplies shipped via the Strait of Hormuz, and a 100 trillion won ($67...

Indonesia's Finance Minister?said? on Monday that the country will absorb the shock of a rise in oil prices by increasing the allocation to fuel subsidies and using the state budget. Indonesia has budgeted 381.3 billion rupiah (22.50billion dollars) for energy subsides and to compensate Pertamina, the state energy company and PLN, the utility company for their efforts to maintain some fuel and electricity prices at an affordable level. The budget is based on assumptions that Indonesian crude oil prices will average $70 per barrel in 2026 and the average rupiah rate of exchange for dollars will be 16,500. Oil prices...

South Korean President Lee Jae Myung announced on Monday that the government would cap domestic gasoline prices for the first time in nearly 30 years to contain a price spike after the Middle East conflict sent global crude oil prices sharply higher. At an emergency meeting to discuss the Middle East Crisis, Lee stated that the government would "boldly and swiftly" implement a maximum pricing system on petroleum products which have seen recent price increases. In his opening remarks, Lee stated that the current crisis is "a significant burden" on our economy which is heavily dependent on global trade as...

On Sunday, Trump administration officials defended the 'decision' to temporarily lift sanctions on Russian oil and predicted that gasoline prices would spike sharply in response to the Iran War. Chris Wright, the Energy Secretary of the United States and U.S. The Ambassador to the United Nations Mike Waltz stated that a waiver granted last week allowing Indians to purchase Russian oil will ease pressure on the global markets. Waltz told NBC's 'Meet 'the Press' that the 30-day pause would allow millions of barrels of crude oil, sitting on ships, to be sent to Indian refineries. Wright said on CNN's "State...

U.S. Crude Futures increased more than 20% during early trading on Monday. They reached their highest level since July 2022, due to the escalating U.S. - Israeli 'war with iran. As of 2220 GMT, U.S. West Texas Intermediate crude futures were up as much as $20.34 per barrel and were $14.83 or 16.31% higher at $105.73. The price of WTI crude futures rose by as much as $22.4%, to $111.24 in the early part of the session. The benchmark contract rose 12% on the Friday, and it has gained 36% in the last week. Iran named Mojtaba Khamenei, the son...