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After U.S. President Donald Trump cancelled plans to strike Iran, fears of an escalation in 'hostilities' following tit-fortat attacks earlier this week were reduced. Brent futures increased $1.21, or 1.3%, to $89.17 per barrel at 0042 GMT. U.S. West Texas Intermediate crude (WTI), however, rose $1.23 or 1.4% to $86.48. Brent crude was 4.2% less than WTI on a weekly basis. Trump, who threatened to hit Iran'very hard,' called off planned strikes Thursday, saying that discussions with Iran have progressed. Fars, Iran's semiofficial news agency, reported that Tehran has not approved the text of any agreement. Tony Sycamore, IG's market...

The firm that previously represented it in the U.S. Court of Appeals said on Thursday, Venezuela has retained the law firm 'Greenberg Traurig' to represent the country in a longstanding legal battle against miner Crystallex. This involves more than a dozen creditors seeking compensation for expropriations. The Attorney General of Venezuela, Arianny eijo, announced this 'week that Daniel Pulecio, and 'Dominic Draye, are now leading Venezuelan's team. In a letter sent to the firm Munger Tolles & Olson which asked the US Court of Appeals for Third Circuit to'remove' them as counsel. Washington recognized the interim government led by Venezuelan...

Treasury Department's website revealed on Thursday that the United States has sanctioned Cuban state oil firm Union Cuba Petroleo, preventing the island government from importing much-needed fuel. Washington has imposed sanctions against a number of Cuban entities, people and leaders, including Cuba's president. It is attempting to increase?pressure on Cuban communist leaders. The sanctions come after the U.S. declared a national crisis this year, which imposed tariffs on countries that supply oil to the island. This has led to widespread power outages. In a recent social media post, U.S. Secretary of State Marco Rubio stated that Cuba's Communist elites had...

Dollarama, a discount retailer in Canada, beat its quarterly profit and sales estimates on Thursday. Cost-conscious shoppers sought out Dollarama for low-cost essentials. Its shares rose 7% at the start of trading. The high cost of gasoline linked to the Middle East war has put pressure on household budgets. Walmart, Target and Dollar Tree, as well as Dollar General, Dollar Tree, and other discount retailers in the United States have flagged a cautious environment for spending over the past few weeks. Dollarama also forecast a 3%-4% growth in comparable sales for the year. CEO Neil Rossy said: "We expect that...

The Middle East conflict has driven up the price of energy products, resulting in a?largest annual gain in three-and-a half years. The Labor Department's Bureau of Labor Statistics announced on Thursday that the?Producer Price Index?for?final Demand?advanced 1.1%?last month?after a downwardly-revised 1.1% surge in March. The economists polled had predicted the PPI would rise 0.7%, after an earlier reported 1.4% increase in April. The PPI rose 6.5% in the year to May, which is the highest increase since November 2022. Nearly 80% of PPI's rise was due to a 2.8% increase in goods prices, mainly energy products. Prices of?services rose by...

Witnesses reported that fuel stations in the Russian-held Crimean Peninsula?were?out of petrol on Thursday as the escalating Ukrainian campaign to cut off supply lines into the peninsula?. A? A witness in Sevastopol said that most petrol stations in the city were out of fuel. Supplies are struggling to keep up even with the recent rationing. Another said that in Yevpatoriya's resort town, there was a queue of people waiting outside the only petrol station. Ukraine has intensified drone strikes against supply lines for the peninsula that Russia captured from Kyiv in 2014. Local authorities have implemented fuel rationing, and some...

The dollar eased Wednesday, after data showed that U.S. consumer inflation reached its highest level in 3 years in May. Although the reading was in line economists' expectations. This lowered the odds of the Federal Reserve raising rates this year. In May, the U.S. consumer price index increased at the fastest pace in three years as the Middle East conflict pushed up the cost of gasoline and energy products. Bureau of Labor Statistics of the Labor Department announced on Wednesday that the Consumer Price Index had increased by 4.2% over the 12-month period ending in May. This is the biggest...

Amitabh Kumra, a trade official in India, said that India did not have'surplus manufacturing capacity' in textiles and steel as claimed in the Section 301 investigation by the U.S. Trade Representative. Washington has cited structural surplus capacity in Indian industries, from solar panels and petrochemicals, to steel and textiles. It also cites its $42 billion goods trade deficit with the United States by 2025. Kumar, India's Additional Trade Secretary, said that its textile and Steel output should be evaluated in relation to the size of its population, its domestic demand, and its growth needs rather than its absolute production. "Overcapacity"...

U.S. president Donald 'Trump' is trying to project strength in his 80th year, but setbacks both at home and abroad expose the limits of his power and push him towards the lame-duck situation he told aides that he was determined to avoid. His approval ratings are declining and the courts are pushing him back. He is 17 months into his second tenure. His fellow Republicans are also defying his leadership, though his core supporters remain loyal. Trump still has considerable clout. He has helped to oust Republican incumbents from primaries and has pursued aggressive trade policies. Trump has pursued high-profile...

After?the U.S. The military launched new attacks against Iran, and market data revealed another large drawdown in U.S. oil stocks. Brent futures climbed 66 cents or 0.7% to $92.11 a bar at 0406 GMT. U.S. West Texas intermediate crude crude crude climbed by 60 cents or 0.7% to $88.80. After President Donald Trump promised to act on the downing of an Apache attack helicopter by the U.S., this was a new escalation which threatened to unravel a fragile truce between Washington and Tehran. Priyanka?Nova, a senior analyst at Phillip 'Nova, stated that the latest attacks have shifted traders’ focus to...

Energy costs are squeezing soybean and grain growers in the U.S. Farm Belt as the Iran War chokes fuel supply through the Strait of Hormuz, pushing diesel prices to record highs. Farmers were already under pressure and faced a fourth consecutive year of shrinking margins due to a resurgent dry spell, high input costs, and the fallout from President Donald Trump's policies on trade, which has impacted crop prices. Diesel prices in the Midwest, America’s main corn- and soybean-producing region rose to record highs as a result of the conflict in May. This was just as farmers were ramping up...

Last month, the prospect of renewed Chinese demand for U.S. agricultural products sparked excitement on?grain market. However, enthusiasm has faded and no immediate purchases have been made. It was not surprising that the initial reaction was bullish. China has been a driving force in U.S. agricultural growth, helping to drive record soybean exports and grain prices, as well as emerging as a major purchaser of everything from beef to corn. The trade agreement last month, which included at least $17 billion of U.S. agricultural sales beyond existing soybean agreements, revived hopes that China could once again be a major driver...

The oil prices rose on Thursday after Iran declared that the Strait of Hormuz was a 'critical energy chokepoint' and 'closed it if necessary. This came as the U.S. launched more strikes against Iran, while President Donald Trump threatened to launch even more attacks in the event of a failed peace agreement. Brent futures were up $1.48 or 1.59% to $94.58 per barrel at 0243 GMT. Meanwhile, U.S. West Texas Intermediate crude (WTI), which is a blend of WTI and Brent, was up $1.71 or 1.90% to $91.74. U.S. crude oil futures rose by more than $3 in the early...

After the war in Iran, companies that have borrowed oil from the U.S. Strategic Petroleum Reserve will receive an 'extra 40 mln barrels - of crude as premiums. Fuel prices have risen since the U.S. and Israel war against Iran began in early February. Wright, however, said that he was not concerned about low stock levels at?the SPR. Wright told Fox Business's "Varney & Company," "I am not concerned because we are not'selling' any barrels of crude oil. We're supplying oil 'to the market 'in the short-term when it is needed, and we trade those barrels." "For every barrel we...

The oil prices were little changed Friday, after a sharp drop in the previous session. Brent crude futures dropped 21 cents or 0.22% to $95.24 per barrel at 0003 GMT, after falling 2.84% the previous session. U.S. West Texas Intermediate crude oil was $92.94 per barrel, down by 10 cents or 0.11% after a loss of 3.1% on Thursday. The two contracts are expected to record their first weekly gains in three weeks. WTI is up a whopping 6% after fighting flared in the Middle East, as U.S. - Iran war peace negotiations dragged on, while traffic in 'the Strait...

According to shipping data, and analysts, Iranian crude oil exports and condensate fell to their lowest levels?in six years?in?May. They were well below 300,000. barrels per day. This was mainly because of the U.S. Naval Blockade. The U.S. started enforcing its blockade in April, which choked Iranian exports. This is because the oil market has been facing a shortage of supply due to the Iranian closure of the Strait of Hormuz, cutting off exports from Saudi Arabia. Vortexa data indicates that Iran's exports in May averaged around 209,000 bpd, down sharply from the 1.34 million in April and almost 1.9...

Analysts and trade sources reported that South Korea's refiners increased jet fuel exports to pre-Iran War levels in May, helped by an increase in?crude oil imports, and encouraged by the robust margins of refining. The rebound of?one of Asia’s top fuel exporters as seen in a series of spot cargo sales has eased concerns about a tight supply, and helped to cool down prices in the area. In the last two weeks, spot premiums on aviation fuel fell by 50% to about $2 per barrel. This compares to a record-high of more than 20 dollars in March. Data from Kpler...

Oil prices dropped?on Friday as a ceasefire agreement between Israel and Lebanon?boosted hopes of a wider agreement to end the U.S./Israeli war against Iran?that?could?lead to a?reopening?of the Strait of Hormuz. Brent 'futures' were down 87 cents or 0.89% at $96.92 per barrel as of 0458 GMT. U.S. West Texas Intermediate Crude fell 78 cents or 0.81% to $95.24, erasing gains made earlier in the week. Brent and WTI both rose by about 2% Wednesday following renewed Middle East hostilities, including Iranian attacks against Kuwait and U.S. Military?strikes close to the Strait of Hormuz. Israel and Lebanon announced late Wednesday that...

?U.S. Donald Trump admitted to calling Israeli Prime Minister Benjamin Netanyahu crazy during an angry phone call over the fighting in Lebanon while the U.S. was trying to negotiate a ceasefire with Iran. In an interview aired Wednesday, Trump, paraphrasing Axios, was asked if he called the long-time Israeli leader, "effing insane" and accused him ingratitude. Trump said, "I did," in a podcast called "Pod Force One". "I wouldn’t say angry. "I was a bit upset at his constant fighting with Lebanon." Trump continued to say that he and Netanyahu get on very well. Axios reported, citing an unidentified U.S....

Global commodity trading company Gunvor confirmed on Tuesday that its Geneva office was searched by Swiss prosecutors in May. However, it said in a press release that they were not the subject of the investigation. The Office of the Attorney General of Switzerland stated that the search was part of an?investigation into the bribery of officials abroad by unknown persons. The prosecutor stated that it could not provide any further information?on a ongoing investigation. Gunvor stated in its statement that it had reported "issues" to the Swiss authorities over a year ago. It stated that it was cooperating with the...

China's imports of crude oils by sea fell to their lowest level in nearly 10 years in may as a result of the Iran War. This led to a drastic reorganization of operations for the world's largest oil importer. According to data compiled by Kpler, seaborne arrivals of crude oil were down to 6.36 million barrels each day in May from 8.10 in April. This was the lowest since October 2016. The imports also fell by a little over half of the 11,39 million bpd that Kpler recorded for February. This was the 'last full month' before the U.S.-Israeli attack...

The price of oil rose by a whopping 2% after Iran and the U.S. exchanged strikes, while Israel sent troops to Lebanon to fight the militant Hezbollah group that is backed by Tehran. As of 0436 GMT, U.S. crude oil futures were up $2.29 (2.62%) to $89.65 per barrel. Brent futures increased $2.05, or 2.25%, to $93.17 per barrel. Brent and WTI fell 1.8% and 1.7% respectively on Friday as a result of the increased fighting that followed the U.S.-Iran peace talks held in Washington. The U.S. announced on Sunday that it had conducted "self defence strikes" over the weekend...

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Donald Trump, the U.S. president, said that he is not concerned about the political fallout from an extended conflict with Iran. He also stated that the Iranian leaders miscalculated when they thought the November midterm elections would compel him to a 'deal. Trump, speaking of Iran's leaders at a cabinet meeting in the White House, said: "They thought that they would outwait me." You know, "We'll be able to outwait him. He has the midterms. "I don't really care about the midterms." Trump made these comments while he was discussing how to end conflict. Many of Trump's Republican allies had...