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Gold prices are down but on track to finish the best month since February
The?U.S. dollar rebounded from a more than?one-month low hit in the previous session. Dollar recovered from the more than a month low it hit the previous session. However, gold was still on course for its first gain of the month in five months as weaker inflation figures reduced expectations of future rate hikes in the U.S. Gold spot was down 1.8% to $4,027.75 an ounce as of 09:59 am EDT (1359 GMT) after having fallen 2% earlier. ?U.S. Gold futures for August deliveries dropped by 1.9% to $4 025.10. Gold is up 0.5% this month, the biggest monthly gain since February. Oil prices have fallen to levels seen before the Iran war, and traders are now reducing their expectations of Federal Reserve rate hikes this year. Han Tan, Bybit's chief market analyst, said that "although gold is about to end a four-month losing streak," it has been unable to create a larger gap above the psychological level of $4,000 Tan said that the metal's price remains above $4,000 due to expectations that Fed chair Kevin Warsh will broaden his central bank's focus from its preferred inflation and rate increases. The data released on Thursday shows that U.S. inflation rates slowed down in June. However, the slowdown was only temporary as renewed hostilities across the Middle East pushed up oil prices. Warsh pledged this week to be unwavering in his commitment to bring down inflation without indicating a willingness to raise interest rates. The dollar rose 0.5% on Friday after falling 2.4% in one day, its largest 'one-day drop' since January 2023. The dollar's strength makes gold more expensive for holders other currencies. According to the CME FedWatch Tool, traders see a 65% probability of a rate?hike this September, as opposed to a higher than 80% likelihood a week earlier. A statement revealed that China's market regulator also urged solar companies in another meeting on Friday to resist "vicious price competition" at a price compliance guidelines meeting. Silver is an important industrial metal that's used in solar photovoltaic panel manufacturing. Spot silver dropped 2.9% to $57.29 an ounce. Palladium fell 3.4% and platinum 2.5%, but both metals are headed to a monthly increase. Reporting by Noel John in Bengaluru and Swati verma. Mark Potter edited the article.
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ADNOC will switch the oil price benchmark from Murban to Platts-Dubai.
Abu Dhabi National Oil Co announced on Friday that it will switch the benchmark for'monthly official sales prices for all crude grades to Platts Dubai Platts 'pricing derived from Murban -crude -futures starting November 1. ADNOC said that the change will bring ADNOC OSPs closer to the month when cargoes are loaded. The change applies to Abu Dhabi crude grades onshore and off shore, including Murban Das, Umm Lulu, and Upper Zakum. ADNOC will announce differentials from Dubai?quotes in the month prior to cargoes loading. ADNOC stated that the new pricing mechanism "reinforces ADNOC’s commitment to price transparency for its growing client and investor base." The company said it would continue to fulfill all of its obligations in relation to the delivery of crude grades from Abu Dhabi, both onshore and off-shore. The move follows the U.S. and Israeli war against Iran, which disrupted Middle East oil exports through the Strait of Hormuz. This caused significant losses for traders who deal with Abu Dhabi Oil. Since June, the producer has been consulting with customers on proposed changes to its OSPs. ADNOC also sells its crude cargoes via spot tenders since June, at differentials from Dubai quotes. ADNOC stated that the change in pricing mechanisms is not expected to have any material impact on any of the listed instruments by ADNOC, including those issued under ADNOC Murban’s GMTN and Sukuk programs. ICE Futures 'Abu Dhabi announced that it would continue to trade for Murban crude futures contracts months with open interest, while those without an open interest will be suspended starting Friday. (Reporting and editing by Louise Heavens, Florence Tan)
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Imperial Oil exceeds profit forecasts as the crude rally boosts earnings
Imperial Oil, a Canadian oil company, more than doubled its second-quarter profits and beat Wall Street's estimates on Friday. A surge in crude oil prices helped offset lower oil sands production and the impact of planned refinery maintenance. Cenovus also reported a dramatic jump in its quarterly profit earlier this week and increased its production outlook. Higher crude prices boosted Canada's oil-sands industry despite output restrictions due to maintenance. Geopolitical tensions and uncertainty in the Middle East boosted oil prices, while global fuel supply disruptions improved refinery margins. The higher benchmark crude prices helped Imperial's realized prices. Synthetic crude realizations jumped more than 60% over the past year, and Western Canada Select prices rose about 45%. This helped offset lower production volume. Total upstream production in the second quarter averaged 414,000 barrels of crude oil equivalent per day. This is down from 427,000 a year ago. The decrease was due to lower output at Kearl, and Syncrude. After completing its heaviest quarter of maintenance, Chief Executive John Whelan stated that the company anticipates strong volumes and performances in the second half 2026. Refinery output fell from 376,000 barrels per day to 331,000 bpd. Refinery utilization dropped from 87% to 76%, due primarily to planned turnaround work at Strathcona, and unplanned downtime. Imperial has lowered the outlook for its 2026 refinery. Throughput is expected to be reduced to 370,000-380,000 BPD from 395,000-405,000 BPD?and utilization expected to drop to 85%-88% instead of 91%-93%. It cited "unplanned downtime" and a "short-term rail logistic challenge" at Strathcona, which it expects will be resolved 'by the end of the year. Imperial reported a net?income? of C$2,19 billion, up from C$949 millions last year. The per-share profit was C$4,52, beating the average estimate? of C$4.13, LSEG data shows.
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Wildfires near Bordeaux and Madrid ease, bringing relief
On Friday, France and Spain were relieved from the destruction of days-long wildfires. The blazes in Bordeaux and Madrid had been brought under control. However, fires still raged in Greece and west Spain. Europe has been ravaged this summer by wildfires after consecutive record-breaking heatwaves. Vast stretches of parched vegetation are ready to burn and hundreds of thousands have had to flee their home. Authorities in southwestern France began to allow people back home after declaring a major fire, which had been burning for more than a month, contained. In a press release, Gironde Prefect Sophie Brocas announced that evacuation orders had been lifted in 12 districts to the west and south of Bordeaux. This allowed 144,000 people out of 220,000 who were displaced, to return home. Recent scientific studies confirm that climate change caused by humans is responsible for the hot and dry conditions across Europe in the past few months. This leaves no respite to emergency crews. Climate Monitor data showed that Europe's average temperature was predicted to be 24.9degC on Friday, +3.3degC higher than the 1961-1990 norm. This makes it the continent farthest away from its historical norm. In recent weeks, plumes of smoke ash have been pumped into the air, exposing millions to harmful air pollution. Scientists are concerned with fine particles, or PM2.5. These particles have been linked to respiratory and cardiovascular problems, as well as lung cancer. Tourists evicted Crews on the Greek island Crete were still fighting persistent hotspots along a 15-km (9-miles) front, and preventing new outbreaks. The fire in central Crete forced hundreds of tourists to evacuate coastal communities, and even by boat. "We are fighting an enormous battle to contain the fire and hope to have it under control within the day," Giorgos?regional Governor of Civil Protection of Crete said. He said that the firefighter's job was made more difficult by strong winds, which were forecast to continue until Saturday night with gusts up to 115 km/h. According to the International Federation of Red Cross and Red Crescent Societies, based in Geneva, 2,000 tourists have been evacuated due to fires in Crete. They also reported that homes, farmland and olive groves, as well as livestock, were destroyed. Spain lifted its national emergency on Thursday in Avila and Madrid, both located in central Spain. Fire crews were on high alert on Friday for any flare-ups, and nearly 1,000 residents of seven housing developments in Pelayos de la Presa & San Martin de Valdeiglesias (capital region) still couldn't return home. A fire in the province of Castellon, further east, was still active for 48 hours but did not spread. About 1,000 residents have returned to their homes, but 7,000 are still displaced. Winds were too strong for?firefighters to do their job in Zamora’s Arribes Del Duero National Park, near the Portuguese border. Flames had swept the Duero River Canyon and the Tormes River Canyon. Fourteen villages have been evacuated, and two more told to stay indoors. Reporting by Yves Herman; writing by Michele Kambas and editing by Sharon Singleton.
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Chevron beats analyst expectations to record highest quarterly profit in six-years
Chevron reported its highest quarterly profits in at least six year on Friday. The U.S. and Israel war against Iran has disrupted world energy markets, which is boosting profits of the largest oil companies. LSEG data shows that adjusted?earnings 'of $12 billion or $6.06 per a share beat the average analyst estimates of $5.56. Chevron's shares rose about 2% during premarket trading. The results were similar to those of European oil giants TotalEnergies, Shell and others who also reported record profits in the second quarter, boosted by higher oil costs. ExxonMobil's quarterly profit missed analyst expectations despite earning a record high. Eimear Bonner, Chevron's Chief Financial Officer, said in an exclusive interview that despite the current geopolitical unrest and volatility on the market the company continues to provide the reliable energy the world needs. The second largest U.S. oil company has less Middle East output than its competitors, which allows it to reap?benefits from higher oil prices while avoiding the major production disruptions that angered rivals like ExxonMobil or TotalEnergies. Chevron CEO Mike Wirth has warned that the conflict will continue to put global energy supplies at risk. "Everyday, the situation becomes more challenging," he said to CNBC. Upstream earnings were $8.2 Billion, 200% higher than the previous year. Benchmark Brent crude oil prices rose by?23% during the second quarter compared to the first three months of the year, due to limited shipping through the Strait of Hormuz. The production totaled a staggering 4 million barrels of oil-equivalent per day (boepd) during the second quarter. This is up from the 3.85 million boepd produced in the first. The U.S. production, centered on the Permian basin and offshore Gulf area, reached a record of 2,08 million boepd. Chevron expects to spend 25% less on a barrel of U.S. Shale production this year compared to 2025 due to efficiency. The U.S. refinery's throughput record also helped boost earnings to $4.9 billion. Refining margins reached record levels due to low fuel stocks globally and the conflict in the Middle East. RBC Capital Markets' analyst Biraj Borkhataria said that Chevron’s higher-than expected downstream earnings were the main reason for its earnings surprise. He added that the report demonstrated "robust operations performance and strategic consistency." The soaring profits may attract more criticism from U.S. president Donald Trump who last month accused oil companies of "price gouging." He also urged them do more to reduce gasoline prices. CHEVRON KEEPS DIVIDENDS AND BUYBACKS STEADY Chevron paid $3.5 billion in dividends and repurchased shares worth $3 billion during the second quarter. Bonner stated that the company will maintain its target for repurchasing shares of between $10 and $20 billion per year and would focus on strengthening balance sheets over the long-term. Our business must be able to operate in all cycles, because energy is cyclical. She said that they would not change their?plan to suit a quarter. Bonner stated that Chevron joint ventures in Venezuela are currently producing 280,000 barrels of oil per day. This is where the Trump Administration is trying to increase U.S. investment by oil companies. She said, "We are confident that we can increase production by 15% in the next 18-24 months." She added that Chevron is evaluating incremental production opportunities, which would be dependent on favorable terms from the Venezuelan government. Chevron said Friday that it had achieved $1.5 billion in deal synergies from the acquisition of Hess last year, six months earlier than scheduled and exceeding the $1 billion target originally set at the time of the closing of the deal. Sheila Dang reported from Houston, and Nathan Crooks edited the story.
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Nuclear firm Westinghouse files confidentially for US IPO
Westinghouse Electric Company has filed a confidential application for an initial public offering in the United States, the company announced on Friday. It joins a 'wave' of nuclear companies that are looking to tap the capital markets. The investor enthusiasm for nuclear companies has increased in the last year, as Big Tech's rapid build-out of data centers boosts U.S. demand for power. The original business, founded in 1886 by George Westinghouse who commercialized alternating-current, has been largely preserved by the nuclear technology and service supplier owned jointly by Brookfield Renewable Partners and Cameco. Westinghouse constructed the first commercial pressurized-water reactor in Shippingport Pennsylvania in 1957. According to the company, more than half of all nuclear reactors operating around the world use its technology. Cameco, Brookfield Renewable Partners and Westinghouse Electric bought Westinghouse Electric for $7.9 billion in 2023. Westinghouse has said that the number of shares and price range to be offered in the proposed offering are still unknown. Last month, the Cranberry Township-based?Pennsylvania company announced that it was partnering with U.S. Department of Energy in order to strengthen the U.S. Commercial Nuclear?supply chain. Blank-check deals have long been the primary path to?public markets? for more speculative firms, but issuers in sectors like nuclear and quantum are now pursuing traditional public offerings this year. Companies can prepare for IPOs without the public's scrutiny by filing confidential documents. X-Energy, Standard Nuclear and other major?nuclear firms have all gone 'public' through the traditional IPOs in this year. Holtec Nuclear filed for a New York IPO this month. (Reporting and editing by Anil D’Silva in Bengaluru, Arasu Kanagi Basil)
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The ECB blog claims that the rise in fuel prices is largely due to oil refining margins.
The rise in refinery margins, which are now at near-record levels, has contributed to recent increases in fuel prices across the euro zone. A 'further increase in margins is still possible in August before a retreat occurs. Euro zone inflation jumped to 2.9% in the month of July, from a level around 2% prior to the U.S.-Israel war in Iran. The persistently high oil prices, close to $90 a barrel, suggest that the price pressures may?intensify, forcing the ECB into raising interest rates. Refining margins are also up, despite the rise in oil prices. Diesel refining margins per litre were EUR0.10 before the Iran war and rose to EUR0.35 during the first three weeks in July. The blog reported that the petrol price increased from EUR0.04 in February to EUR0.23 by July. The ECB is not the only one who thinks this way. Fuel supplies have been tightened by disruptions in refining operations, fuel exports from the Middle East and reduced Russian refinery output. This week, Russia extended its ban on the export of gasoline and diesel until January 31. The move has exacerbated a global fuel shortage. Prices have also risen in countries who no longer purchase fuel from Moscow.
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AngloGold's quarterly profit increases 58% due to higher bullion prices and lower output
AngloGold Ashanti reported a 58% rise in its second-quarter profits?on?Friday, as higher 'bullion prices' offset the impact of lower production. The miner reported that its headline earnings for the three-month period ending June 30 were $1.01billion, up from $639mil a year ago. AngloGold's gold production in the second quarter of 2025 fell by 7% compared to last year, to 744,000 ounces. This was due to the sale of Brazil's Serra Grande Mine. The output was also affected?by the 32% decline in gold production in Ghana at the Obuasi Mine?due?to operational and equipment issues as well as?as interruptions related?to an April 2026 fatality. AngloGold expects to have a better second half performance, even though its production was 3.7% less than last year, at 1.47million ounces. This will help it achieve its 2026 annual production forecast, which is between 2.8million and 3.17million ounces. An increase of 35% in the average gold price received year-on-year led to a 36% rise in 'AngloGold’s second-quarter free cash flow, which reached $727 million. AngloGold announced that it would pay quarterly dividends of?72cents per share or $364million, bringing the total payout for the first half to $949 million. The company also?proposed an?$2 billion share repurchase, which was approved on July 23 by shareholders. Reporting by Olivia Kumwenda Mtambo and Nelson Banya. Editing by Joe Bavier, Louise Heavens and Louise Heavens.
US negotiators in Switzerland dispute Iranian claims that the Strait of Hormuz will be closed.
On Sunday, the United States and Iran will begin 'peace talks' in Switzerland. U.S. officials have disputed Iranian claims that the Strait of Hormuz is closed. Iranian state media reported that high-level Iranian officials arrived in Switzerland to hold peace talks with the U.S.
The U.S. and Iran had agreed on a 60-day truce while negotiations are taking place. However, the Islamic Revolutionary Guard Corps of Iran declared the Strait of Hormuz closed, despite the U.S. Military stating that commercial vessels have continued to operate in the waterway. These developments could complicate negotiations between the two sides to implement an interim agreement brokered by Pakistan, and signed by Masoud Peshkian and Donald Trump on Wednesday to end their nearly four-month conflict.
STRAIT OF HORMUD, LEBANON RETAINS FLASHPOINTS
The IRGC, citing what it termed Israeli "crimes" committed in Lebanon, which violated U.S. agreements to a ceasefire agreement, warned that ships could be put at risk if approaching the Strait - a vital conduit of global oil and natural gas supplies. U.S. Central Command reported that 55 merchant ships passed through the Strait with 17 million barrels worth of oil bound for global markets.
Central Command has said that U.S. troops will continue to ensure that commercial traffic is maintained.
Trump said that no tolls would be levied for the passage of ships through the strait, during or after the ceasefire period. This is unless the U.S. decides to impose one if peace talks fail. In a post on social media, Trump mentioned the possibility that the United States could impose a toll "for the services rendered as the Guardian Angel for the countries of Middle East" in the event a peace agreement is not completed. Mohammad Mokhber is an advisor to Iran's Supreme Leader, Ayatollah Mojtaba Khamenei. He accused the U.S.
He stated that as long as there was no agreement, the flow of energy from the Middle East would be stopped.
Israeli forces and Hezbollah, a militant group backed by Iran, began to clash. Iranian media reported that the Iranian delegation, led by chief negotiator Mohammad Baqer Qalibaf, includes Foreign Minister Abbas Araqchi, as well as senior officials from security, central bank, and oil. The U.S. team also includes Steve Witkoff, Trump's daughter-in-law, and Jared Kushner.
Esmaeil baghaei, spokesperson for the Iranian Foreign Ministry, said Iran will press Switzerland to fulfill commitments. He cited past failures of the other side in honouring agreements.
The Pakistani Ministry of Foreign Affairs announced that Shehbaz Shaif, Prime Minister Shehbaz, and Field Marshal Syed Asim Munir will be attending this weekend's session.
In an interview with Fox News Vance said that he was confident that the ceasefire will hold, and that he did not see any evidence that the Strait of Hormuz had been closed. After 4 pm, the U.S. Vice President left for Switzerland. Saturday, 2100 GMT (2100 ET) He told reporters that the negotiations would probably last a couple of days before they boarded a plane from Joint Base Andrews in Maryland.
He said, "I hope we will make progress in the nuclear issue and the ceasefire issue in Lebanon."
ISRAEL PROMISES TO DEFEND IT'S FORCES IN LEBANON
The U.S. and Iran agreed that a halt in fighting in Lebanon would be a condition for the start of talks about Tehran's nuclear program, among other things. Lebanese Civil Defence reported that 20 people were killed by Israeli strikes on Lebanon Saturday, just hours after the truce was declared.
Israel responded to Hezbollah's attacks, but the Iran-backed militants said they would not allow Israel "freedom" of movement in Lebanon. Israel claims that it is not a party to the Iran/U.S. agreement and will continue to keep its forces on the Lebanese land they occupy.
Israel's military said that it was committed to the ceasefire, but would still continue to take action against any threats to Israel or its forces.
Channel 12 in Israel reported that Prime Minister Benjamin Netanyahu and the minister of defence had ordered the military not to withdraw from the areas they had taken.
According to a poll conducted by Israel's Hebrew University and shared with, 92% of Israelis think Iran has benefited more than Israel from the joint Israeli-U.S. campaign, while only 8% believe Israel came out victorious. Nearly 90% of Israelis believe that the war's goals were not achieved and over 70% don't believe Benjamin Netanyahu when he claims there were significant achievements.
Lebanon's NNA state news agency reported that Israeli?warplanes? and drones? had attacked locations in southern Lebanon and Bekaa Valley, both Hezbollah strongholds? on Saturday.
A senior Israeli military official reported that Hezbollah had fired over 50 projectiles overnight at Israeli forces south of Lebanon, and Israel had responded by attacking what it called Hezbollah-targets.
Lebanon's Health Ministry says that 4,057 people, including women, children and medics, have died in Israeli attacks between March 2 and now, but it doesn't specify how many were combatants.
According to Israeli authorities, at least 32 soldiers as well as four civilians were killed during the fighting between Hezbollah and Israel.
(source: Reuters)