North America

Saudi Arabia set its official selling price for May Arab 'Light' crude oil to Asia a record $19.50 per barrel above the Oman/Dubai benchmark, a $17 increase from the previous months, according to a document on pricing reviewed by on Monday. The price of Middle 'East oil is now the most expensive in the world, as the U.S./Israel war against Iran has limited shipping through Strait of Hormuz. This chokepoint accounts for about a fifth the world's supply. The exact date of a ceasefire or the resumption of oil exports through the Strait from Saudi Arabia and the United Arab...

In a Sunday phone call, Foreign Minister Wang Yi informed his Russian counterpart Sergei Lavrov that China was 'willing to continue cooperating with Russia at the U.N. Security Council' and to make efforts to "cool down" the Middle East situation. Wang stated that the best way to resolve navigational issues in the Strait of Hormuz was to achieve a cessation of fire as soon as possible. He added that China has always favored a political resolution of hot-spot?issues by dialogue and negotiation. The call was made ahead of next week's U.N. Security Council voting on a Bahraini Resolution to protect...

On?Sunday?, Iranian drone attacks hit multiple targets in Kuwait. State?energy company Kuwait Petroleum Corporation reported fires and "severe damage" to some units. KPC stated in a press release that teams are working to contain fires at National Petroleum Company and Petrochemical Industries Company affiliates. KPC said earlier that a drone had attacked the complex housing the KPC headquarters and oil ministry in Shuwaikh. Kuwaiti state media, citing Kuwait's finance ministry, reported that an Iranian drone had allegedly 'hit an office complex of government ministries, inflicting significant material damage, but no injuries. Kuwait's Ministry of Electricity and Water said that two...

The South Korean Ministry of Finance announced that Koo 'Yun-cheol, Minister of Finance, met with envoys of Gulf countries on Sunday to discuss energy security and the safety of 'Korean vessels near the Strait of Hormuz. This is due to the escalating Iran conflict disrupting shipping. The ministry said that during the Friday meeting, Koo requested the ambassadors of the Gulf Cooperation Council to ensure a constant supply of oil, liquefied gas, naphtha and urea as well as other critical resources. He also asked them to ensure the safety and security for Korean vessels and crews near this vital strait....

Taiwan's economy minister announced on Saturday that the energy minister of a "major country" producing liquefied gas had given Taiwan assurances about supply. He was speaking in relation to the?impact of the Iran War on Middle East energy imports. Taiwan, which is a major producer of semiconductors, relied on Qatar to supply around a third its LNG prior to the conflict. It has now said that it has secured alternative supplies from countries such as Australia and the United States for the months ahead. Kung Ming Hsin, Taiwan's Economy Minister, told reporters in Taipei that Taiwan enjoys good relations with...

The New York Times reported that Elon Musk was requiring banks and advisers who are working on 'SpaceX's IPO to buy subscriptions to Grok, Elon Musk's artificial intelligence chatbot. The report stated that some banks had agreed to spend up to tens or even hundreds of millions of dollars per year on the chatbot, and they have already begun integrating it with their IT systems. This week, it was reported that Morgan Stanley, Goldman Sachs JPMorgan Chase, Bank of America, and Citigroup are the active bookrunners or 'lead banks' managing a deal. Musk and SpaceX have not responded to requests...

Yale University's research claims that the leading Russian state oil companies Rosneft, and Gazprom, supported wartime camps to which more than 2,000 Ukrainian youths were sent. They allegedly provided funds and facilitated transportation, and also provided funding. This led some U.S. legislators to call for sanctions against these two firms. Yale School of Public Health Humanitarian Research Lab (Yale HRL) published the findings last week. They provide the first definitive proof of the companies' involvement in the systematic Russian campaign of deportation of children and indoctrination. It said that with the support of two energy giants approximately 2,158 kids were...

Bloomberg News reported that Elon Musk's SpaceX boosted?its IPO target valuation above $2 trillion. Citing people familiar with the issue, the report set the stage for the biggest stock market listing ever. Bloomberg News reported that SpaceX's advisers and SpaceX are circulating the figure?to potential investors for its initial public offering. They added that the details of the IPO may still change. The startup recently submitted confidential IPO paperwork to the U.S. Securities and Exchange Commission and plans to launch its market later this year. According to the report, Starbase, Texas, a firm headquartered in Texas, could raise up to...

Cuban activists rode electric tricycles and bikes along Havana’s Malecon boulevard on Thursday, accompanied by Cuban President Miguel Diaz-Canel. The demonstration was a defiance against U.S. attempts to starve Cuba of fuel. Participants in a government-organized car caravan rode by the U.S. embassy in Cuba's capital with their pedal and electric-powered vehicles, displaying banners and flags criticizing the sanctions imposed by the Trump administration. The rally was held a day after Cuba’s top diplomat in Washington invited the U.S. to help rebuild Cuba’s crippled economic system as part of ongoing negotiations that are yet to produce results. Participants at the...

Lorie Logan, Dallas Federal Reserve president, said that U.S. producers will not be able to increase output soon and protect consumers from higher gas prices. Logan, speaking at a regional Fed bank conference, said that the price U.S. oil producers need to see to begin drilling is just under $70 per barrel. This is well below the current price of $110 per barrel. Logan said that the price of oil must be maintained at or above the break-even point for firms to invest in the needed equipment that will eventually benefit consumers. She said that U.S. oil companies "need to...

The U.S. employment growth has virtually stopped. This was acceptable for policymakers and investors before the Iran War, but it shouldn't still be. Since a while, the labor market has steadily declined, but it has been hidden by a rising headline unemployment rate, which has only been increasing gradually. It is still low by historical standards at 4.4%. The labor market has stagnated. JOLTS, the closely watched Job Openings and Labor Turnover Survey released this week, showed that hiring has now reached its lowest level since April 2020. It's possible that hiring will not pick up in the next few...

In a Wednesday evening prime time address, President Donald Trump defended his handling the U.S. and Israeli war against Iran that has been ongoing for a month. He said the U.S. Military was close to completing its mission. Trump also reiterated his threats to bomb 'the Islamic Republic to the Stone Age. He gave his 19-minute address against the backdrop of rising global oil prices, and his low approval rating. What are some key points to remember? Looking for an exit, but not quite yet Trump, faced with a war-weary American public, and slipping poll numbers, claimed that the U.S....

As the dollar eased, and markets assessed the impact of a proposed ceasefire in the U.S. - Israel war against Iran on oil prices and inflation expectations, gold prices rose in thin European trading. Many markets in Europe were closed for Easter Monday, so spot gold was 0.1% higher than it had been earlier, at $4,678.58 an ounce. U.S. gold futures for June delivery rose 0.6% ?to $4,706 per ounce. Kyle Rodda is a senior financial market analyst for Capital.com. He said: "We saw a gain in headlines about the potential ceasefire." The substance of that statement is questionable. However,...

Lucid 'Group missed Friday its expectations for the first quarter vehicle deliveries, hurt by an unauthorized supplier and a temporary sales halt. The company was unable to meet the demand for its luxury electric SUV Lucid Gravity during the third quarter because of a quality issue with the second-row seat. The company reported that it delivered 3,093 vehicles in the March 31st quarter. Visible Alpha analysts had predicted Lucid would produce 5,967 cars and deliver 5,237. Lucid's Chief Executive Marc Winterhoff said that deliveries were especially affected in February when they paused for a few minutes to "reverse the changes...

The UAE-based company Emirates Global Aluminium said that it could take up to a full year to fully restore primary aluminium production in its Al Taweelah Smelter, which was damaged by an Iranian attack late last month. In a press release, Al Taweelah said that the facilities were evacuated to the fullest extent and put into emergency shutdown following the attacks of March 28 on the Khalifa Economic Zone Abu Dhabi. EGA stated that to resume operations, it must repair the infrastructure and restore each reduction?cell. Early indications suggest that it could take up to a year for the primary...

Salespeople for farm machinery are closing out a disappointing season of farming shows in North America, as farmers prepare to plant their spring crops without much new equipment. Farmers are still buying but have cut back on big-ticket purchases due to the high cost of fuel, machinery and fertilizer. They also avoid purchasing expensive items because global grain gluts have driven down crop prices. The manufacturer Degelman Industries' Chad Jones said, "They may not buy a million-dollar combine but they will buy a $100,000 tool." He was standing in front of his yellow-painted rockpickers and rippers, as well as other...

Aluminum fell on Friday as the stronger U.S. Dollar and growing fears of an?economic recession due to?a??prolonged Iran War?outweighed supply concerns that helped the metal record its largest weekly gain in a single month. The Shanghai Futures Exchange's most traded aluminium closed the daytime trading down 0.78%, at 24,660 Yuan ($3,585.92), per metric ton. The contract gained 3% on a weekly basis. London Metal Exchange (LME), is closed Friday and Monday in observance of the Easter holiday. Dollar strengthened after U.S. president Donald Trump's speech about Iran. The speech dampened expectations for a quick end to the conflict, reigniting concerns...

Aluminum prices fell on Friday as a stronger currency and mounting fears of an economic recession - after fading hopes for a quick 'end' to the Iran War - outweighed supply concerns that kept the metals on course for a week gain. As of 0152 GMT, the most traded aluminium at the Shanghai Futures Exchange fell 0.66% to 24,690 yuan (US$3,586.94). This week it has gained 3.2%, which is the largest weekly gain for a month. The London 'Metal Exchange (LME), which is closed for Easter on Friday and Monday, will remain closed. The dollar increased after U.S. president Donald...

Gold prices dropped on Thursday, as the U.S. Dollar?and oil price?strongened?after Donald Trump stated that the?U.S. Gold prices fell on Thursday as the U.S. dollar?and oil prices strengthened?after President Donald Trump said that the?U.S. As of 1:30 pm EDT (1730 GMT), spot gold was down by 2.2%, at $4.651.35, after reaching a session high. U.S. Gold Futures ended the session 2.8% lower, at $4679.70. The dollar rose sharply, increasing the price of greenback bullion for holders of other currencies. David Meger is director of metals at High Ridge Futures. He said, "The market has been very focused on Trump's remarks,...

Two sources familiar with Trump's plans say that the administration will reshape the steel and aluminum tariff regime. It plans to keep a tariff of 50% on?commodity imports, while reducing the duty to 15% or 25% for derivative products made from these metals, depending on the product. Details could change, and are subject to the tariff proclamation by President Donald Trump. This is expected on Thursday. The White House spokesperson didn't immediately respond to my request for comment. The Wall Street Journal was the first to report on the tariff adjustment plan. Sources told us that this change was made...

Copper prices fell on Thursday for the first time in five sessions, as investors grew more concerned about economic growth following Donald Trump's promise to continue a flurry of strikes on Iran. Open outcry official activity on the London Metal Exchange showed that benchmark three-month copper was down 1.6% to $12,235.50 a metric tonne. The metal is considered to be a bellwether of the global economy and was expected to finish the Easter holiday-shortened weekend up 0.4%, after a run of four consecutive daily gains. "Copper is trading like a risk asset that's sensitive to macroeconomics, moving in line with...

Iron ore prices fell to their lowest level in three weeks on Thursday due to a combination of shrinking steel margins and a faltering market following the completion of pre-holiday stocking in China, the top consumer. Iron ore, the most traded commodity on China's Dalian Commodity Exchange(DCE), fell 1.29% in price to 805 Yuan ($116.88), after hitting its lowest level since March 12 (793.5 yuan) earlier in the session. As of 0703 GMT, the benchmark May iron ore traded on Singapore Exchange was down?0.71% at $105.55 per ton. It had hit its lowest price since March 16 when it was...

The price of iron ore fell on Thursday, to its lowest level in nearly three weeks. This was due to the shrinking margins for steel and a faltering market following pre-holiday stockings by China's top consumer. By 0202 GMT the most traded?iron ore contracts on China's Dalian Commodity Exchange (DCE) had fallen 1.29% to $805 yuan ($116.94), a metric tonne, after having touched its lowest level since March 12, at 793.5. As of 0152 GMT, the benchmark May iron ore traded on Singapore Exchange was $0.8% lower, at $105.45 per?ton. Earlier, it hit its lowest price since March 16, at...

Gold prices reversed their course on Thursday, dropping more than 1%, ending a four-day streak of gains, after U.S. president Donald Trump announced that the United States will continue its war against Iran in the coming weeks. U.S. Gold Futures fell 1.9%, to $4,723.70, and Spot Gold dropped 1.3%, to $4694.48 an ounce, by 0202 GMT. Before Trump's remarks, prices were at their highest level since March 19, up more than 1%. Trump said in a televised address that the United States will strike Iran "extremely" hard over the next 2 to 3 weeks, and force it back to the...