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Trump Administration considers nuclear power plants for US waters
The Trump administration said on Wednesday that it would consider putting nuclear energy projects in federal waters, as part of a broader?plan to increase domestic energy production and accelerate deployment of advanced 'nuclear technology. Marine Minerals Administration (MMA),?which oversees the development of the?U.S. The?Outer Continental Shelf's said that it had signed an agreement to coordinate the oversight of offshore nuclear projects with the Nuclear Regulatory Commission. Interior Department has been taking a series of steps to open federal waters for industrial activities. This includes space launches and mining. However, it has also tried to aggressively block the development of offshore wind farm. The agencies said they would work together to meet industry needs, even though there are no commercial projects planned. U.S. President Donald Trump wants to quadruple the nuclear power capacity of the U.S. by 2050 in order to meet rising power needs due to data center expansion. Matt Giacona, MMA's Acting Director, said that submerged reactor systems had been "safely deployed" in naval applications for decades. They have proven to be a reliable energy source in marine environments. The administration didn't immediately answer a question on whether agencies would take into account the national security implications offshore nuclear plants. The Interior Department has cited national-security concerns, including radar interference, for the stifling of the nation's fledgling offshore wind industry. The agency announced in separate announcements made earlier this month that it would lease 31,000,000?acres of land off the coast of American Samoa to mine seabeds and was also considering using the OCS as a launch pad and re-entry space infrastructure. Center for Biological Diversity, an environmental group, said that the?effort will harm U.S. Oceans. Nick Katkevich of CBD, a campaigner for oceans, said that the Trump administration has a "never-ending" list of bad ideas to'mistreat ocean life. Nuclear reactors on old oil platforms are 'one of their worst." The administration has not specified where the potential power plants could be located. (Reporting and editing by Nichola Grroom; Aurora Ellis)
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Oil prices rise on US-Iran strikes; stocks fall ahead of Big Tech results
The oil price rose to its highest level in six weeks?on Wednesday, as U.S. and Iran exchanged strikes, further endangering energy shipping across the Middle East. Meanwhile, U.S. stocks were flat before?important Big Tech earnings. Brent crude prices last rose around 3.5%, to $94 a barrel. This was the highest since early June. A brief detente that existed between the U.S., Iran and other countries ended in early this month. This has once again restricted tanker movements through the Strait of Hormuz. Donald Trump, the U.S. president, threatened to attack Iran's infrastructure again on Wednesday. The war, which has lasted for nearly five months, has led to a global shortage of food and fuel. This has fueled inflation in many countries. The threat of an attack by the Houthis, a group aligned with Iran in Yemen, on another major artery in Middle East - the Red Sea - could cause shipping disruptions to worsen. Following the Houthi's threat, four oil tankers transporting Saudi crude from the Middle East to Asia changed course in the Bab el-Mandeb Strait. Closing both Hormuz Strait and Bab el-Mandeb Strait would disrupt the shipping routes of more than 25% of the world’s oil and natural gas. Analysts said that clearing both of these logjams could put a strain on the U.S. Military. Sameer Samana is the head of global equity and real assets for the Wells Fargo Investment Institute. He said that higher?oil price are the most significant macro-risk in the near term. "Escalating Middle East conflict has pushed crude oil prices higher, raising fears that inflation may'reaccelerate' and delay rate relief. The Dow Jones Industrial Average rose 0.1% on Wall Street. Meanwhile, the S&P 500 remained unchanged, and the Nasdaq Composite fell 0.3% due to weakness in chip stocks. Indermit Gil, World Bank's chief economist, said that escalating hostilities may reignite inflation and drive interest rates higher, while reducing global growth from 2.9% to 1.3%. ALPHABET STARTS TECH EARNINGS After Wednesday's closing bell, the?stock market will focus on earnings from Alphabet. The company is under increased scrutiny for its delayed launch of an AI model. Tesla is expected to report their first quarterly cash loss in more than two years. Micron Technology, Nvidia and other chip stocks, which have driven this year's AI rally, saw gains of 0.25 and 3.2%, respectively. In recent months, shares of hyperscalers were under pressure due to concerns about rising capex. John Plassard is the head of investment strategy for Cite Gestion. He said that even the slightest doubts about the monetization or return of infrastructure investments could put into question what has been driving the market rally in the last two years. Trump's new tariff announcements have also increased uncertainty. He said that all generic drugs imported into the U.S. would be subject to a tariff of 100% starting in August 2028. The rate will rise to 200% one year later. This week, the administration announced that it would impose 50% tariffs on certain Canadian goods. The MSCI All-World Index was slightly higher for the day as Europe's STOXX 600 increased 0.6%. YEN BURSTS OFF 40 YEAR LOWS Investors weighed up measures that officials might use to stabilize the currency. Satsuki Katayama, the Japanese Finance Minister, said that the government is ready to take "decisive actions" in currency markets if necessary. However he refused to comment on specific levels of foreign exchange. After four consecutive daily gains, the dollar fell from its one-week high. Central bankers are also becoming more cautious when predicting monetary policy due to the rising cost of energy. The European Central Bank will announce its interest rate decision on Friday, while the U.S. Federal Reserve is due to make a decision next week. LSEG data show that both central banks will likely?keep borrowing costs at the same level this month. However, traders are expecting borrowing costs to increase by 25 basis points in the U.S. as well as the eurozone by the end the year. After reaching a two-month peak on Tuesday, the yield on a 10-year Treasury bill in the United States rose by 2.85 basis points. Later in the day, the Treasury will auction 13 billion dollars in 20-year bond. Reporting by Lawrence Delevingne and Gregor Stuart Hunter; Editing by Amanda Cooper Anil D'Silva Jan Harvey David Gaffen Rod Nickel
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Gold reaches a two-week high on a softer dollar and Fed outlook
Gold reached a two-week high on Wednesday, boosted by a softer dollar, and technical 'buying.' Markets weighed Middle East tensions, and awaited new interest rate signals from the U.S. Federal Reserve. Gold spot rose 1.7% by 1:35 pm EDT (1641 GMT) to $4,145.24 an ounce, after hitting its highest level in July at $4,165.87 earlier that day. U.S. Gold Futures for August delivery settled 1.9% higher, at $41561.90. Gold exploded higher and punched above $4,140, as a lower dollar and dip buyers instilled fresh inspiration to bulls, said Lukman otunuga senior research analyst at FXTM. He added that "the underlying bearish fundamentals could cap upside gains, especially since oil prices rose over 3% in the morning." The U.S. Dollar Index weakened?on Wednesday making greenback priced bullion more accessible for overseas buyers. U.S. Secretary?of State Marco Rubio said Washington would be willing to negotiate an end the Iran crisis, but Tehran wasn't serious about talking. Four tankers carrying Saudi crude bound for Asia reversed course on Wednesday in the Red Sea after being threatened by the Houthis of Yemen, a group that is aligned with Iran and controls the coast along the southern route. On the news, oil prices rose to a six-week high. The increased oil prices caused by the Gulf supply disruptions are weighing down on gold prices, as they have 'raised expectations for higher interest rates over a longer period of time. This tends to reduce the appeal of non yielding?gold. The Fed is likely to maintain its key interest rate for the remainder of 2026. Markets are pricing in two rate increases by the end of March, next year. According to the CME?FedWatch tool, traders expect an interest rate increase in September. Investors will be watching the FOMC's interest rate decision next week to get a better idea of the Fed's monetary policy. The price of spot silver increased by 2%, to $59.98 an ounce. Platinum rose 0.7%, to $1.640.63. Palladium increased 1.4%, to $1.299.47. (Reporting and editing by Jonathan Ananda in Bengaluru, Nia William and Joyjeet Das.)
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Gold reaches a two-week high on a softer dollar. Fed outlook is in focus
Gold reached its highest level in two weeks Wednesday. The move was aided by a weaker dollar and technical buying as the markets assessed signs of lingering Middle East tensions. They also waited for the Federal Reserve to provide fresh information on U.S. Interest Rates. Spot gold rose 1.8%, to $4150.91 an ounce, by 12:41 pm EDT (1641 GMT). It had earlier reached its highest level in July at $4141.59. U.S. Gold Futures for August Delivery rose 2% to $4156.60. Gold exploded higher and surpassed $4,140 as a weaker Dollar and dip buyers gave fresh inspiration to bulls, said Lukman otunuga senior research analyst at FXTM. He added that "the underlying bearish Fundamentals may limit upside gains, especially since oil prices are up over 3% in the morning." On Wednesday, the?U.S. The dollar index weakened on Wednesday, lowering the price of greenback bullion for overseas buyers. U.S. Secretary?Rubio stated that Washington is willing and able to negotiate a solution to the Iran Crisis, but Tehran has not been serious in talks. Four tankers carrying Saudi crude bound for Asia were forced to turn back in the Red Sea Wednesday due to the growing conflict. The Houthis of Yemen, which are Iran-aligned and control the coast along the southern route out, had threatened them. On hearing the news, oil prices rose to their highest level in six weeks. The increased oil prices caused by the Gulf supply disruptions are putting pressure on gold prices, as they have raised expectations for higher interest rates over time. This tends to reduce?the appeal?of non-yielding?gold. Data from a survey suggests that the Fed will likely keep its key rate constant for the remainder of 2026. A poll showed that markets are pricing in two rate increases by the end of next March. According to the CME FedWatch Tool, traders expect an interest rate increase in September. Investors will be watching the FOMC's interest rate decision meeting, which is scheduled for next week, to get more clues about the Fed's policy. Other metals rose as well. Spot silver increased by 2.2%, to $60.09 an ounce. Platinum gained 1%, to $1.645.86. Palladium increased 1.7%, to $1.303.25. (Reporting by Sukanya Mitra in Bengaluru; Editing by Jonathan Ananda and Nia Williams)
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Middle East War Deepens Oil Deficit Outlook for 2026, but 2027 Still Looms
According to a survey of analysts, the conflict in the Middle East is causing forecasts to be more dire for a global oil shortage in 2026. However, recovering Gulf flows, robust U.S. output and weaker "demand" from China will likely tip the market to an oversupply by 2027. The Iran War has slowed down crude production in the Gulf and slowed exports, causing analysts to lower their forecasts for near-term supplies and change course from previous expectations that there would be a glut of oil this year. Eight analysts polled see an average deficit in 2026 of 1.5 million barrels a day, which is roughly twice the 750,000 bpd forecast in a poll conducted in April. Prior to the Iran War, analysts had predicted a surplus of 1.63 million barrels per day for 2026. The poll revealed that the market will rebound to a surplus in 2027 of 1.9 millions?bpd. This market has quickly shifted from fear of scarcity to glut risk. The U.S. dominates the energy market -- our exports are a lifeline," said Phil Flynn. Senior analyst at Price Futures Group. The Iran War, which began on February 28 with U.S.-Israeli strikes against Iran, led to Iranian attacks on Gulf States that host U.S. bases and major disruptions in global energy supply due to the closure of the Strait of Hormuz. This was a conduit of?about a quarter of prewar oil supplies. Last month, the oil markets received some relief as an agreement between the U.S.A. and Iran allowed the Strait to open. However, a recent increase in hostilities has pushed up prices and reduced supplies. Brent crude futures are up around 28% in July. According to LSEG, the prices rose by 63% in March. GLOBAL OIL STOCKS COULD SEE NEW HIGHS Analysts see a number of supply-side factors that will lead to a surplus market in 2027. These include increased flow out of the Gulf following the reopening of the Strait of Hormuz, OPEC+’s decision not to reverse its production cuts, and the strong output of the U.S. HSBC has trimmed its forecast by 0.78 million bpd for this year, and 0.55 millions bpd for 2027 compared to pre-war estimates. This is due to the electrification of China and substitute effects. By the end of 1Q 2027, oil stocks in the world could have recovered to their February 2026 peak, erasing all declines from March until late summer 2026. Then, they will continue to rise to new'record levels, surpassing the 2020 pandemic level,' said Kim Fustier. He is head of European Oil & Gas Research at HSBC. According to the International Energy Agency (IEA), global oil supply rose by 4.1 millions bpd during June. However, it was still 9.4million bpd lower than pre-war levels. The International Energy Agency expects the supply to rise by 7.5 millions bpd next year, depending on better transits through Hormuz. The analysts polled by?by cautioned also that any future expectations of a market?surplus would depend on how quickly the flow through the Strait of Hormuz will normalize. After the interim agreement, we saw a "mini glut" in supply. Many trapped vessels left the Strait. Will ships enter the Strait as quickly as before? said DBS Bank analyst Suvro Sarkar.
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German nuclear fuel plants cleared to work with Rosatom
Germany approved a French company's application to produce nuclear fuel rods in a licensing deal with Russian state-backed firms on Wednesday, despite concerns from political circles. The German government argued that the request lacked legal grounds for rejection. A Framatome subsidiary had applied to produce fuel elements at its plant in northern Germany to supply nuclear plants on the Eastern European market, using Russian licenses and technology. This was a joint venture between Russian firms TVEL/Rosatom. The Lower Saxony Environment Ministry, under the guidance of the Federal Environment Ministry, granted approval to the project subject to certain conditions. A spokesperson for the federal ministry stated that the decision to cooperate with a Russian company owned by the state was taken in compliance with German nuclear laws. The ministry stated in a?statement that "the appropriate instrument to?address?this is not nuclear legislation, but EU-wide sanctions including those in the?nuclear?sector." "To date, however, the majority of member countries have not supported such sanctions. We continue to support EU sanctions against Russia's nuclear sector. Framatome welcomes the decision. Framatome released a statement saying that "this decision strengthens European Energy Security, supports industrial sovereignty, and reaffirms" our commitment to provide safe and diverse fuel supply solutions for nuclear operators across Europe. The French company that produces nuclear reactor parts has said the collaboration was an interim step for customers who operate Russian-designed reactors to diversify their purchases away from Russian products until they develop their own production technology. The German authorities had closely examined its application, including security and sabotage issues. The license now granted includes a number stipulations to mitigate these risks. These include an entry ban for TVEL or Rosatom staff as well as external audits of the equipment and fuel rods that arrive from Russia. A spokesperson for the German ministry said that there has been no agreement between the EU and Russia on extending sanctions to include nuclear power. However, Germany is working on this. Reporting from Holger Hansen, Forrest Crellin, and Nora Buli, in Berlin; Writing by Ludwig Burger; Editing by Kirstiknolle, and Editing William Maclean
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Oil prices rise on US-Iran strikes; stocks fall ahead of Big Tech results
The price of oil?soared to a six week high on Wednesday, as the U.S. traded with Iran, threatening the Middle East's energy shipping. Equities were flat before the release of important Big Tech earnings. Brent crude prices rose last around 2.7% to $93.40 per barrel, reaching levels that have not been seen since early June. The U.S.-Iran detente ended in early this month and tanker traffic was once again restricted through the Strait of Hormuz. Donald Trump, the U.S. president, threatened to launch more attacks against Iran's infrastructure on Wednesday. The war, which has lasted for nearly five months, has depleted the global stockpiles of food and fuel. This has stoked worldwide inflation. The threat of an attack by the Houthis, a group aligned with Iran in Yemen, on another major artery in Middle East - the Red Sea - could cause shipping disruptions to worsen. Following the Houthi threats, four oil tankers transporting Saudi crude from the Gulf to Asia changed course in the Bab el-Mandeb strait. Kevin Thozet, member of Carmignac's investment committee, said: "Two-weeks ago, oil was falling, everyone?was saying that it would go back to $60 or $70 a barrel. Now (Hormuz is closed again), oil is rising, and everyone is saying that it will go up to $120." Closed shipping routes to more than a quarter the world's supply of oil and gas would result from the closure of Bab el-Mandeb and Hormuz. Analysts said that clearing both of these logjams could put a strain on the U.S. Military, as it hasn't been able reopen Hormuz after the beginning of the war in February. The Dow Jones Industrial Average rose 0.3% on Wall Street. Meanwhile, the S&P?500 gained 0.1% and the Nasdaq Composite fell 0.1% due to weakness in chip stocks. Indermit Gil, World Bank's chief economist, said that escalating hostilities may reignite inflation and drive interest rates up, resulting in a drop of global growth to 1.3% from 2.9% the previous year. ALPHABET STARTS TECH EARNINGS After Wednesday's close, the stock market will focus on Alphabet's earnings. The company is under scrutiny for its delayed launch of an important AI model. Tesla is expected to announce its first quarter cash burn since over two years. Micron Technology, Nvidia and other chip stocks, which have played a key role in this year's AI rally, saw gains of 0.3% and 3.2%, respectively. In recent months, shares of hyperscalers were under pressure due to concerns about rising capex. John Plassard is the head of investment strategy for Cite Gestion. He said that even the slightest doubts about the monetization or return on infrastructure investments could put into question what has been driving the market rally in the last two years. Donald Trump's recent tariff announcements also added to the uncertainty. He said that all generic drugs imported into the U.S. would be subject to a tariff of 100% starting in August 2028. The rate will then rise to 200% one year later. This week, the administration imposed a tariff of 50% on certain Canadian goods. The MSCI All-World Index was slightly higher for the day as the STOXX 600 in Europe rose 0.6%. YEN BOUCES OFF 40-YEAR-LOWS Investors weighed up measures that officials would take to stabilize the currency. Satsuki Katayama, the Japanese Finance Minister, said that the government is ready to take "decisive actions" on currency markets as needed. However he refused to comment on specific levels of foreign exchange. After four consecutive daily gains, the dollar fell from its one-week high on Wednesday. Central bankers are finding it more difficult to forecast monetary policy due to the rising cost of energy. The European Central Bank will announce its interest rate decision on Friday, and the U.S. Federal Reserve is due to make a decision next week. LSEG data show that both?central banks will likely hold borrowing costs this month. However, traders expect borrowing costs to increase by at least 25 basis point each in the U.S. After touching a 2-month high on February 2, the yield on U.S. Treasury 10-year notes increased 1.4 basis points, to 4.64%. Later in the day, the Treasury will auction 13 billion dollars in 20-year bond. (Reporting and editing by Amanda Cooper; Anil D'Silva and Jan Harvey; David Gaffen and David Gaffen).
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Spanish wildfire victims were left to their own devices because of patchy warnings and outdated plans
Twelve people died on July 9 trying to escape wildfires in the southern Spanish village of Bedar. Regional officials claimed that some had refused to stay at their homes. Five residents and survivors said they never received any advice, and two others, who did, claimed that warnings were given via WhatsApp groups, church bells, and home visits by local officials. Bob Layton, retired British technical manager, claimed he did not receive any warnings or advice about the fire. He drove away just a few minutes before the wildfire engulfed the home he was in, Paraje el Curato. This is a hamlet located about 2,5 km (1,55 miles) south of Bedar, where the majority of those who died were trying to flee. Burns claimed the life of a British woman aged 93. Layton stated, "If I'd been told to stay inside my house we would all have died - the place was completely destroyed." "I knew which track to use to escape, but others tried to take a slightly different track or a slightly longer route, and did not survive. The fire turned into an inferno." In Paraje el Curato, some homes were destroyed and others survived. After the main road was closed, eight people, including Layton's neighbours, were killed trying to leave Paraje el Curato along the same route. Four other people died in another convoy. The fire did not reach the hamlet for 3.5 hours, at which point the main road was already blocked. Antonio Sanz, the head of emergency services in Andalusia said that the region decided against using an "emergency alert system" which sends mobile phone alerts for the fire, because it could not be tailored to specific community, where some need to evacuate while others stay at home. Last week, other regions like Madrid, Aragon and Castile La Mancha used the system to warn of wildfires. Andalusia's government issued a statement in July?11 stating that the mayor of Bedar and other officials went door-to-door in the area giving advice and also telling victims in Paraje el Curato shelter in place. Sophie Vandebroek's brother Stanislas was one of those killed. She said that he did not receive an evacuation warning which would have allowed them to do so safely. She said, "If there had been communication via the emergency alert system, when the fire broke, before my brother even saw the fire, Stanislas, and his seven neighbours would still be alive," she said. She said that she and her family spoke with the victims' families and mayor. Some relatives discussed with their family members whether or not they should leave. She added, "It seems that no one who died received an official communication before the time it was too late." Bedar Town Hall did not respond to email or phone requests for comment. The mayor of Bedar, Angel Collado declined an interview request. The spokesperson for the local police confirmed that all relevant facts regarding the fire are being investigated, but did not make any further statements as the case has been sealed. The spokesperson for Andalusia’s Supreme Court stated that the judge is basing his investigation on the cause. FIRE SPREADING FASTER Wildfires are spreading faster and more often in Europe. Experts say that it is important to communicate evacuation plans as well as safety details long before the fire starts. The public should be informed in advance about the dangers in the area and the evacuation routes. They must also know the basic measures for self-protection. It is important to map out the scattered houses, plan evacuations, and carry out drills. This was explained by Fernando Medina a professor of geography from the University of Las Palmas of Grand?Canaria. Almeria is the Andalusian region that includes Bedar. Only 42 of 103 municipalities had emergency plans, which included wildfires. According to the Andalusia Government, only nine municipalities had updated their fire plans every four years in areas of risk. A spokesperson for the Andalusian Government said that Bedar's Emergency Plan was approved last in 2019. It is currently being updated. Wildfires are a risk to the?municipality. When asked about the lack plans, the spokesperson stated that the Andalusian Government provides advice and assistance but it is the responsibility of the municipalities to update their plans. Bedar's Town Hall did not respond to several requests for comments on its evacuation plans or if it had conducted wildfire drills. A statement online states that the Almeria government met with 49 municipalities in February at Los Gallardos (near Bedar) to discuss how to streamline updating emergency plans. Bedar's town hall did not respond to an inquiry asking if it participated in the February meeting. Some people who lived closer to Bedar, than the hamlet, received warnings. Waheed Mumtaz said that police told him to evacuate at 10:30 pm. Juan Pedro, who works at Bedar’s Miramar, said that the church bells started ringing "soon" after the fire began. He said he received a message from the townhall via WhatsApp telling him to evacuate. He said that as soon as the smoke was visible, the bells rang, and the word spread, everyone in the village knew to leave. Not everyone was part of that WhatsApp group. Pedro Tierney, 31 saw the fire from a distance and ran home to save his grandmother and aunt in a car. He said that it was his "gut feeling" that he had to leave, and that he did not receive any alerts to evacuate. David Alexander, professor emeritus of emergency planning at University College London, explained that wildfires can be blown in a different direction by the wind. This makes it difficult for authorities to communicate instructions. He said that the haphazard nature of the messages during this fire indicates poor planning. He said they should have used an alert, even if it was not possible to send specific instructions, to warn people of the fire. Layton called on authorities to work with residents to develop a plan to alert people to imminent dangers in the future. He said: "I don't want to blame anyone - everything happened so fast - but it was despicable for them to try and assign blame." Reporting by Nina Lopez; Additional reporting by Emma Pinedo and Alexandra Hudson; Editing by Alexandra Hudson
Italy will use EU budget leeway in 2027-2028 to fund energy relief measures
Italy plans to use the so-called "escape clause" of the European Union budget rules in order to fund measures that will reduce energy costs by 2027 and 2028.
Meloni met with senior coalition members and there was a "broad consensus" about a proposal that would use EU flexibility to help families, businesses and individuals cope with the rising cost of energy over the next 2 years. In March 2025, following Russia's invasion in Ukraine, the European Commission decided that all EU members could increase their defence spending up to 1.5% of GDP each year for four years until 2028. Italy was a strong advocate for the Commission to give EU governments fiscal flexibility to cushion the impact of higher energy costs. Last month, as a compromise, it was decided that EU countries could use 0.3% GDP (out of 1.5% GDP extra allowed for defense) to fund investments?that help transition fossil fuels into?green energy. Meloni's plan to invoke the clause one year before the 2027 general elections suggests that 'Italy' is prepared to abandon efforts to reduce its budget deficit to below the 3% GDP threshold and to exit the EU’s ongoing excessive deficit procedure. According to the 'latest multi-year budget plan', Italy was targeting a ratio of deficit-to GDP of 2.9% in 2019 and 2.8% by 2027. (Reporting and editing by Gianluca Smeraro, Keith Weir and Giuseppe Fonte)
(source: Reuters)