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Trump's announcement of a ceasefire between Israel and Iran has caused oil prices to fall over a week.
The oil prices fell on Tuesday, to their lowest levels in over a week. U.S. president Donald Trump announced that a ceasefire had been reached between Iran and Israel. This eased concerns about a supply disruption. Brent crude futures dropped $2.69, or 3.76%, to $68.79 per barrel at 0006 GMT. This follows a session in which Brent crude futures had fallen more than 4% and reached its lowest level since the 11th of June. U.S. West Texas Intermediate Crude fell $2.7 or 3.94% to $65.46 a barrel after hitting its lowest level since June 9 during the session. It also dropped around 6%. Trump announced Monday that Israel has agreed to a full ceasefire with Iran. He added that Iran would begin the ceasefire immediately and Israel 12 hours later. The war will end officially after 24 hours if both sides keep peace. He stated that a "completely and totally" ceasefire would be implemented to end the conflict between both nations. Tony Sycamore is an analyst at IG. He said, "With the ceasefire announcement we now see a continuation of risk premium built in to crude oil prices last week almost disappear." Iran is OPEC’s third largest crude producer. The easing of tensions will allow Iran to export more oil, which would prevent any supply disruptions. This has been a major reason for the recent spike in oil prices. The oil contract prices fell by over 7% in the previous session, after reaching five-month highs following the U.S. attack on Iran's nuclear facility over the weekend. This stoked fears of an expansion in the Israel-Iran war. "Technically speaking, the overnight sale reinforces a resistance layer between approximately $78.40 ($October 2024 to June 2025 highs), and $80.77 ($the year-to date high). It's clear that something unexpected and detrimental to crude oil supply will be required to break through this resistance layer," Sycamore said.
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Investors' reactions after Trump announces ceasefire between Iran & Israel
Donald Trump, the U.S. president, said Monday that an "absolute and complete" ceasefire will be implemented between Israel and Iran in order to end the conflict between these two nations. Trump wrote about his Truth Social website that "On the assumption everything works as it is supposed to, which it will, i would like to congratulate Israel and Iran for having the stamina, courage, and intelligence to end, what we should call, 'THE 12-DAY WAR.'" After Trump's announcement that came after Wall Street closed trading, U.S. crude oil futures fell. S&P 500 futures increased when trading resumed. Comments ROBERT PAVLIK, SENIOR PORTFOLIO MANAGEMENT, DAKOTAWEALTH "I think that it will be huge." We could have a very limited Iran. We don't need to worry about a regime change if we have a country with the same government but no nuclear capabilities. A possible attack on Israel is off the table and there's no threat to US troops. The market will like this. "I expect a more positive reaction from the market tomorrow, as we move forward." ART HOGAN, CHIEF MARKET STRATEGIST, B. RILEY WEALTH "If this is true, then I'd say it's a positive for the market, and futures are moving in that direction." Talk is cheap when it comes to these things. I do think that the market, and the rest the world, would prefer to see this issue resolved peacefully and not escalate any further than we have already seen. "I think the market's action this afternoon was leaning towards that, and I hope this is the next move in that direction. We don't need to worry about the next escalation which will never be pretty." JACK ABLIN, CHIEF INVESTMENT OFFICER, CRESSET WEALTH ADVISORS, PALM BEACH, FLORIDA This removes some of geopolitical uncertainties surrounding the markets. However, most equity investors have shrugged off the uncertainty. "I think it is certainly an incrementally positive, but I do not think that it will be a catalyst for a new bull market." It certainly sounds like an important milestone and I hope that it is true." JAKE DOLLARHIDE is the CEO of LONGBOW ASSET MANAGER, TULSA. The higher oil prices, as well as the geopolitical risks have been a major factor in the decline of equities. A ceasefire or an end to the conflict could help solve both issues. This may be the match to spark a continuation of today's rally." (Compiled by Global Finance & Markets Breaking News)
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Investors' reactions after Trump announces ceasefire between Iran & Israel
Donald Trump, the U.S. president, said Monday that an "absolute and complete" ceasefire will be implemented between Israel and Iran in order to end the conflict between these two nations. Trump wrote about his Truth Social website that "On the assumption everything works as it is supposed to, which it will, i would like to congratulate Israel and Iran for having the stamina, courage, and intelligence to end, what we should call, 'THE 12-DAY WAR.'" After Trump's announcement that came after Wall Street closed trading, U.S. crude oil futures fell. S&P 500 futures e-minis increased slightly after trading resumed. Comments ART HOGAN, CHIEF MARKET STRATEGIST, B. RILEY WEALTH "If this is true, then I'd say it's a positive for the market, and futures are moving in that direction." Talk is cheap when it comes to these things. I do think that the market, and the rest the world, would prefer to see this issue resolved peacefully and not escalate any further than we have already seen. "I think the market's action this afternoon was in this direction. Hopefully, this is the next move in this direction so that we won't need to worry about the next escalation which will never be pretty." JACK ABLIN, CHIEF INVESTMENT OFFICER, CRESSET WEALTH ADVISORS, PALM BEACH, FLORIDA This removes some of geopolitical uncertainties surrounding the markets. However, most equity investors have shrugged off the uncertainty. "I think it is certainly a positive step, but I do not think that it will be a catalyst for launching the next bull market." It certainly sounds like an important milestone and I hope that it is true." JAKE DOLLARHIDE is the CEO of LONGBOW ASSET MANAGER, TULSA. The higher oil prices, as well as the geopolitical risks have been a major factor in the decline of the stock market. A ceasefire or an end to the conflict could help solve both issues. This may be the match to spark a continuation of today's rally." (Compiled by Global Finance & Markets Breaking News)
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Trump Administration to open up undeveloped forests for mining and logging
The U.S. Department of Agriculture announced on Monday that it will end a Clinton-era ban on logging, mining, and roads in undeveloped forest areas so they can better manage fire risk. This move was opposed by environmentalists. USDA stated that the change would allow for nearly 59,000,000 acres (23.9,000,000 hectares) to be managed better in terms of fire risk. This move aligns with the goal of President Donald Trump to remove environmental regulations, which he claims are a roadblock to industry. The Western Governor's Association met in Santa Fe, where Agriculture Secretary Brooke Rollins made an announcement at the meeting. Rollins, during a briefing to the press at the meeting, said: "After repealing this rule we will go back to common sense forest management to make sure our forests are around for generations to come." The U.S. Forest Service, a division of Agriculture's Department of Agriculture, is responsible for managing the U.S. Forest Service. According to USDA, the Roadless Rule affects about 30% of Forest Service land. Trump is not the only one who has tried to reverse the policy. In 2020, the Trump administration exempted Alaska’s Tongass Forest from the Roadless Rule. This was a decision that President Joe Biden reversed in 2023. The Tongass National Forest is the largest national forest in the United States. USDA stated that the move would allow the lands be managed locally. USDA reported that the Roadless Rule prevents road construction on about 60% of forest land in some states, including Utah and Montana. Rollins, in his speech at the meeting said that "this misguided rule" prohibits the Forest Service to thin and cut trees for the prevention of wildfires. He added that the average area of U.S. forests burned by wildfires each year has doubled since this rule was implemented thirty years ago. Michelle Lujan Grisham, the New Mexico governor, reacted to Rollins' claim that the Roadless Rule was responsible for the rise in the area of wildfires over the last three decades. Lujan Grisham, Western Governors Meeting: "Climate Change is the most serious problem with fuel and these destructive fires", Lujan Grisham said to the applause of the audience. Earthjustice, an environmental group, criticized the rule by saying that wildfires tend to begin more often in landscapes with roads. The roadless rule has been protecting 58 million acres in our most wild national forests from clearcutting since more than a decade. The Trump administration wants to remove these forest protections so that the timber industry makes huge profits from unrestrained logging," Drew Caputo is Earthjustice's Vice President of Litigation for Lands, Wildlife and Oceans. These are lands that all Americans own, not just the timber industry. Reporting by Andrew Hay, Santa Fe; Nichola Groom, San Marino (California); and Chris Reese & Stephen Coates.
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Investors' reactions after Trump announces ceasefire between Iran & Israel
Donald Trump, the U.S. president, said that on Monday a "completely and totally" ceasefire will be implemented between Israel and Iran in order to end the conflict between these two nations. Trump wrote about his Truth Social website that "I would like to congratulate Israel and Iran on their stamina, courage, and intelligence to put an end to what we should call, 'THE 12-DAY WAR.'" After Trump's announcement that came after Wall Street closed trading, U.S. crude oil futures fell. S&P 500 futures rose slightly after trading resumed. Comments JACK ABLIN, CHIEF INVESTMENT OFFICER, CRESSET WEALTH ADVISORS, PALM BEACH, FLORIDA This removes some of geopolitical uncertainties surrounding the markets. However, most equity investors have shrugged off the uncertainty. "I think it is certainly an incrementally positive, but I do not think that it will be a catalyst for a new bull market." It certainly sounds like an important milestone and I hope that it is true." JAKE DOLLARHIDE is the CEO of LONGBOW ASSET MANAGER, TULSA. The higher oil prices, as well as the geopolitical risks have been a major factor in the decline of the stock market. A ceasefire or an end to the conflict could help solve both issues. This may be the match to spark a continuation of today's rally." (Compiled by Global Finance & Markets Breaking News)
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Ukrainian forces attack an oil depot in Russia’s Rostov Region
The Ukrainian military reported that Ukrainian forces attacked and destroyed an oil depot located in the southern Rostov region of Russia, which was used to supply Russian troops in parts of Ukraine occupied by Russia. The General Staff of Ukraine’s Armed Forces announced that the military’s special operations units in conjunction with rocket and artillery forces had struck the Atlas plant in Rostov Region, not far away from Ukraine’s eastern border. In a Telegram statement, the General Staff confirmed that "our forces have struck in the area where the target is located." "A fire was observed." "The results of the attack are being clarified." The facility is used to supply fuel and lubricants for Russian units in the Russian-occupied Luhansk region and Donetsk region on the eastern front of the war. Ukrainian forces have engaged in cross border attacks including energy targets. The General Staff stated that the aim was to curb Russia's ability to continue the war in Ukraine, which has been going on for more than three years. Ukrainian military bloggers reported earlier on the raid at the oil depot. They said that fuel tanks were engulfed by a fire. (Reporting and Editing by Rosalba o'Brien, Ron Popeski)
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Barrick Mining employees meet with Malian court appointed administrator in capital at the reopening of office
Two people familiar with the matter said that Malian tax officials reopened Barrick Mining’s office in the capital, under the supervision of a court appointed administrator. The office had been closed in April due to alleged nonpayment of taxes. This is the first major development since the Malian court, on 16 June, placed the Canadian miner’s Loulo-Gounkoto complex under state control. It was a major escalation in the long-running dispute over taxes. Barrick said that it would appeal the decision. It appointed former Malian Health Minister, Soumana Maadji as its provisional administrator. Makadji, who is expected soon to resume operations at the complex, held a staff meeting at the Bamako Office on Monday afternoon. According to one of the attendees, he said that he would be visiting the mine site on Wednesday. The mines will be able finance themselves once production resumes and gold sales resume. Three people with knowledge of the situation said that he also met with subcontractors Monday. Barrick's and Mali's Mines Ministry spokespeople did not immediately reply to requests for comments. Barrick and government have been negotiating since 2023 about the implementation of the new mining code, which raises taxes and grants the government a larger share in gold mines. The Loulo-Gounkoto mine complex has been closed since mid-January, after the Malian military government seized Barrick's stocks and blocked its gold exports. Barrick's Bamako main office has been closed for several months. (Reporting and editing by Joe Bavier, Tomaszjanowski and Tomasz Crowe)
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Chios, a Greek island, declares an emergency after wildfires continue to rage.
Greece declared a state-of-emergency on Chios Island on Monday. Hundreds of firefighters are battling the wildfires on the island for the second day, as the winds continue to rage, causing more power outages and evacuations of residents. The climate conditions on Chios are not conducive, and we have constant new fronts. He confirmed that an additional 170 firefighters would be added to 11 teams of approximately 190 firefighters who had been deployed on the island, located in the northeastern Aegean, to try to stop the fire from spreading into homes and areas where mastiha is produced, a natural resin made from mastic tree sap. Kefalogiannis stated that thirty more vehicles would be added to the 38 already deployed vehicles, with 13 helicopters, four water bomber aircraft and other support. The wind gusts made it difficult to put out the wildfires that have destroyed forest and pastures as they rage towards the north west and south of Chios Town, the capital of the island, forcing power cuts and forcing hundreds to flee. Kefalogiannis stated that the authorities would investigate the causes of fires which broke in different geographic parts of the island. Greece, located at the southernmost tip of Europe, has suffered from frequent wildfires that have affected its economy and environment in recent years. Scientists say this is due to a rapidly changing climate. The government has spent hundreds millions of Euros to compensate farmers and households for damages caused by extreme weather conditions and to upgrade firefighting equipment. In anticipation of a difficult fire season, the government has hired 18,000 firefighters, a record.
IIR: Nigeria's Dangote Refinery will run with reduced production until October.
IIR Energy, an industry watchdog, said that the Dangote oil refining plant in Nigeria, which is one of the largest refineries in the world, will operate its gasoline production unit with reduced output until October due to a series of problems in recent months.
The 650,000-barrel-per-day (bpd) refinery, which opened last year, is currently running its 204,000 bpd gasoline-producing residual fluid catalytic cracking (RFCC) unit at about 70% of capacity, IIR said.
IIR reported that the unit was closed from April 7 until May 11 due to damage to part of the unit, and again from May 15 through May 25 because of a mechanical problem.
IIR stated that the full rate of production is not expected until October, when the refinery has completed a 40-day turnaround for reactor and catalyst repairs.
Anthony Chiejina, a spokesperson for Dangote, said that the unit was not scheduled to be turned around in October. He did not specify when the refinery planned to finish maintenance or when the unit will be back in full operation.
IIR announced that the refinery's Continuous Catalytic Reformer will also be closed for seven days beginning June 2 in order to fix leaks.
In January 2024, the refinery built by Nigerian billionaire Aliko Dagote in Lagos began to process crude oil into products such as gasoil and naphtha, and started producing petrol in September.
The closure of smaller fuel plants in Europe, and elsewhere, is expected to have a major impact on the global fuel market.
Some downstream units, like the sulfuric acid-alkylation unit, have yet to begin commercial operations.
Chiejina, a Dangote representative, said the unit was scheduled to begin operations on May 31. This is earlier than IIR had expected a mid-June start.
As reported earlier, the Dangote Petrochemical Plant began producing 25 kilogram bags (55.12lb) of polypropylene for the local market back in March.
The industry monitor reported that the crude processing unit of the refinery has been operating at 80% since mid-March. Chiejina stated that the unit was running at 85%. (Reporting from Shariq Khan, New York; Isaac Anyaogu, Lagos; Editing done by Sonali and Susan Fenton.
(source: Reuters)