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Oil prices drop as the market considers possible sanctions and tariffs
Oil prices fell on Tuesday, as investors digested U.S. president Donald Trump's deadline of 50 days for Russia to end its war in Ukraine and avoid sanctions against buyers of their oil. Meanwhile, concerns over Trump's tariffs on trade continued to linger. Brent crude futures dropped 5 cents, to $69.16 per barrel, by 0000 GMT. U.S. West Texas intermediate crude futures were down to $66.69, a 9-cent drop. The two contracts were settled at a lower price than the previous session. Trump announced on Monday new weapons for Ukraine and threatened sanctions against buyers of Russian exports, unless Moscow agreed to a peaceful deal within 50 days. The news of possible sanctions caused oil prices to rise, but they later lost these gains, as the deadline of 50 days raised the hope that sanctions would be avoided. Traders also speculated whether the U.S. actually imposed steep tariffs on those countries who continued to trade with Russia. The pause has eased fears that sanctions against Russia may disrupt crude oil flow. The rising tensions in trade also weighed on sentiment, wrote ANZ senior commodity analyst Daniel Hynes in a client note. Trump announced on Saturday that he will impose a 30 percent tariff on imports from Europe and Mexico starting August 1. He also issued similar warnings to other countries, giving them less than 3 weeks to negotiate framework agreements to lower the tariff rates. Tariffs could slow down the global economic growth and lower oil prices. According to Russian media, the secretary general of the Organization of Petroleum Exporting Countries said that oil demand will remain "very strong" throughout the third quarter. This will keep the market in a tight balance over the short term. Goldman Sachs raised its oil prices outlook for the second-half of 2025. The company cited potential supply disruptions and shrinking oil stocks in Organisation for Economic Co-operation and Development (OECD) countries as well as production constraints in Russia. (Reporting by Anjana Anil in Bengaluru; Editing by Jamie Freed)
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Texas flood toll rises as new storms approach
On Monday, the official death toll from storms in Texas surpassed 131. Authorities warned that another round of heavy rainfall is expected 10 days after an Hill Country flash flooding turned the Guadalupe River deadly torrent. The National Weather Service issued a flood warning until Tuesday morning, predicting heavy rains up to a half-foot deep in central Texas from the Rio Grande eastward to San Antonio and Austin. The advisory covered Kerr County, other areas of Texas Hill Country along Guadalupe that are still recovering from July 4's flood disaster. This ravaged Kerrville county seat and a riverside Christian Summer Camp for girls in Hunt. Residents along the riverfront, as well as the search teams that are still combing the bank of the waterway, were advised to move higher ground until this latest danger has passed. On Sunday, the search for more victims along Guadalupe River was also suspended because of flood concerns. Texas Governor Greg Abbott said on Monday that storms have claimed at least 130 lives in Texas since the 4th of July, with most deaths occurring in and around Kerrville. This is up from the 120 reported on Friday. He said that 97 people are still missing in the Kerrville region, compared to the 160 or so who authorities reported were unaccounted last week. Around a third are children. Most of them died at Camp Mystic, a girls-only retreat that was flooded by floodwaters before dawn on the morning of July 4. The authorities have not saved anyone alive since the day the floods occurred. More than a foot fell in less than one hour in a region called "flash flooding alley", sending a deadly flood wall down the Guadalupe River Basin. Abbott said that state lawmakers will investigate the circumstances surrounding the flooding and disaster preparedness, as well as emergency response to flooding during a special session of the legislature to be held later this month. The high number of casualties, which ranks as one of the most deadly U.S. flooding events in decades has raised concerns about the lack flash flood warning sirens and vacant National Weather Service offices due to staff cuts under Trump's administration.
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US nuclear regulator asks job seekers political questions
The U.S. Nuclear Power Regulator posted a job posting asking applicants to answer political questions, as President Donald Trump's administration seeks to gain more influence over the independent agency. On Monday, the posting asked applicants to explain how their commitment to U.S. Constitutional principles and the founding document of the United States inspired them to apply for the job. The job is for a senior operation engineer who will serve as an inspector at the Nuclear Regulatory Commission's division of operating reactor security. The questions also asked about how the applicants would improve government efficiency and effectiveness and "how would you promote the President's executive orders and policy priorities as this role?" Trump is trying to accelerate the approval of nuclear power plants by the NRC, as the United States is facing the first surge in electricity demand in the last 20 years due to the growth in artificial intelligence (AI) and data centers. In May, the Republican president signed executive order seeking to overhaul NRC. The agency was created as an independent regulator and is now directed to issue new licenses in 18 months. Scott Burnell said that NRC was following the Office of Personnel Management's requirements for job postings. This is the U.S. Government's Human Resources agency. A person working at the NRC who asked to remain anonymous said that under previous U.S. administrations the questions on job postings focused more on the applicants' work experience in operating a reactor than their political views. A former NRC chairman told reporters on Monday that questions about the posting are a kind of political litmus. "If I were Chairman and saw this, I would immediately tell my staff to replace it with professional questions that are relevant, not a chapter of 'Animal Farm,' which explains how to destroy the professional expertise within government," said Greg Jaczko. He served as NRC chair from 2009 to 2012. Jaczko referred to George Orwell’s 1945 satirical book. Not all six questions in the job description at issue were about politics. For example, one question asks about the contribution of work ethics to an applicant's success, while another asks if they used AI to answer. Trump fired Chris Hanson last month, a Democratic NRC Commissioner, an action that was criticised by almost 30 former NRC employees and officials. David Wright, current NRC Chair, said to a Senate Committee last week that an official from Trump's Department of Government Efficiency was working with the NRC in order to reform the agency.
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US delays ruling on Gulf of Mexico Whale Protections by Two Years
According to a court filing, an agreement reached with environmental groups will allow the Trump administration to delay the final rule by two years. The rule would protect the endangered Rice's Whale in the Gulf of Mexico oil and gas drilling area. The National Marine Fisheries Service of the U.S. Commerce Department and the green group Natural Resources Defense Council have agreed to give the government agency until 15 July 2027 to finalize the geographical area that is considered critical to the survival of the Rice’s whale. The agreement was filed with the U.S. District Court for the District of Columbia, on July 3, and it was seen by Monday. The agreement stated that "NMFS is continuing to work diligently on this complex Final Rule." "NMFS requires more time to evaluate the science and analyze the impact on the Rule," the agreement said. NMFS will coordinate its efforts in this process with the academic and scientific communities. NMFS officials could not be reached for comment. NRDC also did not have any immediate comment. It represents the environmental group Healthy Gulf, in a legal case over the designation of so-called "critical habitat". The oil and gas companies of the region have welcomed the delay. The former administration of Joe Biden in 2023 had proposed restrictions for drillers in the northern Gulf. We strongly support the decision of extending the deadline for the finalization of the Rice's Whale critical habitat. Erik Milito said that extending the deadline was both necessary and responsible, given the amount of work needed to make this rule perfect. (Reporting and editing by Mark Porter, David Gregorio and Nichola Groom)
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Zelenskiy appoints new Prime Minister, and taps official who spearheaded US mineral deal
On Monday, Ukrainian President Volodymyr Zelenskiy asked Yulia Shvyrydenko to head a new cabinet. This set the stage for an upcoming political reshuffle in Ukraine's ongoing war with Russia. Zelenskiy suggested that Ukraine's Prime Minister, Denys Schmyhal, be appointed as Defence Minister, as he described him as having the qualifications to do such a job. The nominations require parliamentary approval. They came at a time when diplomatic efforts to end the four-year war have stagnated and Ukraine is trying to revitalize its cash-strapped economic system and build up an indigenous arms industry. Zelenskiy, writing on X, said: "We... discussed tangible measures to boost Ukraine’s economic potential, increase support programs for Ukrainians and scale up our local weapons production." He said that "in pursuit of this objective, we are initiating transformation of the executive in Ukraine", adding that he proposed Svyrydenko to lead the government, and "significantly renew" its work. Svyrydenko is a 39-year-old economist who has been serving as the first deputy prime minister of Ukraine since 2021. She was a key player in the recent negotiations of a mineral deal with the United States. In his video nightly address, Zelenskiy described Shmyhal as having "vast" experience that is "valuable for the position of Minister of Defence of Ukraine." He said: "This is the exact area where maximum resources are concentrated, as well as maximum tasks and responsibility." Shmyhal is the prime minister of Moldova since March 2020. He has been in office since 1991, when the country gained independence from Moscow. Zelenskiy had suggested that Rustem Umerov, the Ukrainian ambassador to Washington Zelenskiy said could be appointed last week, would replace him. Ukraine depends on its Western allies for financial assistance to finance social and humanitarian spending, as the majority of state revenues are used to fund the army and the domestic weapon production. FINANCING ARMS INDUSTRIES Ukrainian officials also called on Kyiv’s partners to assist in financing the country’s arms industry. This could be done through joint defense projects. Zelenskiy stated that Ukraine will continue to "increase production of its weapons and develop their own defence projects - our own Ukrainian as well as jointly with our partners". Svyrydenko wrote on X that she would deregulation, reduce bureaucracy and protect businesses, as well as reduce non-critical spending, to "concentrate all state resources" towards defence and post-war reconstruction. She said, "The state apparatus does not have the right to waste our country's resources and potential." "Ukraine should be one of the most powerful economies in Europe." (Reporting and writing by Dan Peleschuk, with editing by Kevin Liffey; Gareth Jones; Ron Popeski, Cynthia Osterman, and Cynthia Osterman).
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Sudanese RSF forces killed almost 300 in North Kordofan according to activists
Sudanese activists reported on Monday that the paramilitary Rapid Support Forces killed nearly 300 people during attacks that began in North Kordofan State on Saturday. RSF is fighting against the Sudanese Army in this area. It's one of the main frontlines in a civil conflict that has been raging since April 2023. The army has gained control over the east and center of the country while the RSF works to consolidate control in the western regions including North Kordofan. Emergency Lawyers, a human rights organization, said in a Monday statement that the RSF attacked several villages around Bara on Saturday. Bara is under the control of the paramilitary. More than 200 people have been killed in Shag Alnom village by arson and gunshots. They said that looting raids in other villages resulted in the deaths of 38 civilians. Dozens more were reported as missing. The group claimed that the RSF had attacked Hilat Hamid the next day and killed 46 people including children, pregnant women, and other vulnerable individuals. According to the United Nations, more than 3,400 people have been forced to flee. Emergency Lawyers, blaming the RSF leadership, said: "It is clear that these villages targeted were empty of military objectives. This makes clear the criminality of these crimes committed in total disregard for international humanitarian law." Human rights groups and the United States have accused RSF of genocide, war crimes and crimes against humanity. The RSF has carried out violent raids on territory that it controls across the country. The RSF leadership has said that it will bring to justice those who are found guilty of such crimes. Sudan's civil conflict has caused the largest humanitarian crisis in the world, causing more than half of the population to go hungry and spreading diseases like cholera throughout the country. The humanitarian response has been stretched by a global cut in aid. (Reporting and editing by Sharon Singleton, Sandra Maler and Nafisa eltahir)
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Draft shows EU wants to cap farming subsidies in budget overhaul
Brussels will propose capping the EU subsidy a single farm can receive every year in an effort to redistribute massive farming subsidies to smaller businesses. A draft European Commission proposal, seen by, revealed this. The document will be part of the Commission’s proposal for the next budget of the European Union, which is due to appear on Wednesday. The EU's massive Common Agricultural Policy (CAP), which provides farming subsidies, is worth approximately 387 billion euro ($451 billion) today. This represents a third the entire budget of the EU for 2021-2027. According to the draft, the Commission's proposal would try to redistribute subsidies to smaller farms by capping the amount of income-based support that they can receive at 100,000 euros per annum. The amount of money paid per hectare would be gradually reduced for those who receive the most. The draft stated that, for example, if a farmer receives area-based income assistance above 20,000 Euros per year, their payments will be reduced by 25%. Payments above 50,000 Euros per year will be cut in half, and payments over 75,000 euro by 75%. It is not the first attempt by Brussels to cap subsidies and limit payments to large landowners or agroindustrial companies. In the previous CAP approximately 80% of payments were made to only 20% of beneficiaries. Previous proposals were rejected by EU countries concerned about their agricultural industries. The new budget for the period 2028-2034 must be approved by the EU countries as well as the European Parliament. A spokesperson for the Commission did not respond immediately to a comment request on the draft. It could be changed before publication. The draft would establish EU-wide, overarching green targets, which farmers must achieve to qualify for subsidies. However, it would also oblige countries to set local, additional conditions. The draft stated that "the new CAP will be a simplified and more targeted Union Common Policy, with greater flexibility for farmers, and a move from requirements to incentives." The draft didn't confirm the size of a new CAP. The core of the new CAP would remain direct income support to farmers. This would be "ring-fenced", meaning that it could not be used for anything else. The proposal would combine the CAP's two-pillar structure to one fund, a move that is opposed by influential European farmers' group COPA-COGECA. ($1 = 0,8574 euros) Reporting by Kate Abnett Editing Tomaszjanowski
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US Judge delays the transfer of Argentina's 51% YPF stake in order to allow an appeal
A U.S. Judge on Monday temporarily halted the enforcement of her order requiring Argentina's 51% stake in the oil and gas company YPF as partial satisfaction of a $16.1 Billion court judgment. The U.S. District judge Loretta Preska, while criticizing Argentina's actions and extending the deadline for the completion of the turn-over by three days until July 17, has pushed back Monday's deadline. She stated that the delay was only to allow Argentina to file a complaint with the 2nd U.S. Circuit Court of Appeals of Manhattan. Argentina filed an Emergency appeal On July 10, the court heard a case. Preska refused to extend the stay. She stated that Argentina "continues its delay and circumvention of its obligations" in relation to the $16.1 billion judgement, citing legislation to prevent the YPF turn over. The Manhattan-based Manhattan judge wrote: "The Republic has abused court accommodations and will not receive additional ones." Requests for comment from an attorney and Argentina's representatives were not immediately responded to. The three-day extension is a temporary relief to the cash-strapped nation, which warned that its economy would be unstable if forced to sell the YPF stake. Argentine president Javier Milei is trying to boost foreign currency reserves, rein in inflation and deal with a heavy debt burden. The dispute arose after Argentina decided in 2012 to take the YPF stake away from Spain's Repsol, without making a bid to minority shareholders Petersen Energia Inversora or Eton Park Capital Management. Burford Capital is representing these shareholders. Burford Capital has stated that it expects to receive between 35% and 73% respectively of Petersen and Eton Park’s damages. Burford's U.S. lawyer and Burford did not respond immediately to requests for comments on the Monday order. Preska has ordered Argentina to pay $1.71 billion and $14.39 billion in September 2023 to Petersen. Argentina appeals this judgment. The U.S. Foreign Sovereign immunity Act protects the YPF shares from being sold. In an emergency appeal, Argentina stated that a YPF turn-over would irreparably damage its sovereignty, violate the international law, and expand U.S. court's power in a wrong way. It said that it would also be unfair to give its controlling stake in country's biggest energy company up now because it would probably be irrevocable, even if they won the case. Burford claimed that Argentina's years of evasion, combined with a commercial immunity exception, was the reason for YPF's turnover. (Reporting and editing by William Mallard, Richard Chang, and Jonathan Stempel from New York)
Bolivia imports energy in crypto amid dollar and fuel shortages
Bolivia's state-owned energy company YPFB plans to use cryptocurrency as a payment method for its energy imports, despite a severe shortage of fuel and dollars in the South American country.
After years of declining natural gas exports, the country has been battling a dangerous decline in its foreign currency reserves. This has led to a fuel shortage in the country that is manifested by long lines of people at gas stations.
After the government approved the use of digital assets as a way to meet demand, a spokesperson for YPFB, a state-run energy company, said that a system was in place to allow cryptocurrency to be used to buy fuel imports.
The spokesperson added that "from now on, (cryptocurrency transactions) will be carried out", adding that the new buying system was designed to support national fuel subsidy in Bolivia due to a lack of hard currency.
A spokesperson for the government said that YPFB has not yet used digital currency to buy energy imports but it is planned to do so.
Bolivia, which was a net exporter of energy for many decades due to its vast reserves of natural gas, is now reliant upon imports, as the domestic production of gas has decreased amid a lack major new discoveries.
(source: Reuters)