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Sources say that Iraq's SOMO is offering big discounts on Basrah oil for the term of July.
According to trade sources, and a document that was reviewed by us, 'Iraq SOMO offered large discounts on its official selling price to encourage term buyers to lift Basrah oil?from the terminal inside the Middle East Gulf this July. Discounts for Basrah Medium Crude ranged between $14 and $16 per barrel. Basrah Heavy Crude discounts varied from $16.80 to $18.80 per barrel depending on the loading period. Discounts for cargoes that load between July 1-5 are greater, while they narrower for those loading between July 6-10 or July 11-31. SOMO has asked buyers to "submit" their quantity nominations within one day of receiving the letter. A trade source stated that the discounts were intended to compensate buyers who had to pay high chartering fees for ships to enter the Strait of Hormuz in order to get oil. The daily rate of a Very Large Crude Carrier for loading 2 million barrels from the Middle East into China has increased to around $300,000 from $220,000 before the U.S. Israel and the United States launched attacks on Iran. However, LSEG data show that this rate has fallen from a high of $600,000. Two other people stated that the 'wide discounts on Basrah crude oil may entice purchasers, but it remains to be seen if the 'Strait of Hormuz can be passed. Another source stated that SOMO had issued a tender last week to sell crude oil for July loading. However, the tender failed to generate any interest from buyers because traders were having difficulty booking tankers into the Gulf. Oil loading by other Middle East producers is accelerating, but shipping in the Strait of Hormuz has slowed down amidst recent ship attacks and strikes between the U.S.A. and Iran. Reporting by Florence Tan from Singapore and Nidhi in New Delhi, with editing by Tom Hogue & Sonali Paul
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Oil prices fall as investors concentrate on possible Iran-US talks at Doha
Investors are looking at potential U.S. - Iran talks in Doha, amid a tensioned interim ceasefire of the four-month old war. Brent crude August futures expiring on Tuesday were down by 0.9% or 64 cents at $72.51 per barrel as of 0356 GMT. The levels are about $20 or 22% lower than the closing price of last month. The September contract, which is the most actively traded, was down 0.4% or 31 cents at $73.6 per barrel. U.S. West Texas Intermediate fell by 0.6% or 39 cents to $70.36 per barrel in August. Prices are set for a 19% drop or $17 from the closing price of May 29. Brent and WTI are both almost back to pre-war levels as of February 27. Tim Waterer is the chief market analyst for KCM Trade. He said that investors are pricing their investments in anticipation of a positive result from the Doha negotiations, despite the fact that the real normalisation of the flow of oil through the Strait of Hormuz has not yet been visible. Waterer said that the market was cautiously optimistic, but was still "hedging" its bets pending a more tangible sign of de-escalation. Kazem Gharibabadi, deputy foreign minister of Iran, told state TV that Iranian and Omani experts would begin talks in the next few days to redefine transit routes through the Strait of Hormuz. He also said his country would try to block vessels straying from the defined paths. Esmaeil baghaei, spokesperson for Iran's Foreign Ministry, said that there would be no meetings with the American side at any level in the near future. The meeting in Doha will be important or not, depends on the outcome. Donald Trump, U.S. president, told reporters in his Oval Office: "We're going find out." The uncertainty?over whether or not the two sides will meet underscored the fragility of an agreement?on June 17?to pause the fighting?that has?disrupted the global oil flow through the Strait of Hormuz?and posed a challenge to Trump before the November congressional elections. Some analysts were concerned that China's demand would increase prices. Neil Crosby, head of research at Sparta Commodities, said: "We are waiting for more evidence that Chinese buying is increasing but we cannot bet yet on a large return to the market by the world's biggest crude importer." Shipping data revealed that Middle East producers continue to?load oil and LNG in spite of recent?attacks on ships in the Strait of Hormuz, and the renewed U.S.-Iran strikes. Last week, traffic reached its highest level since conflict began in February. Reporting by Pranav mathur in Bengaluru, and Trixie yap in Singapore. Editing by Muralikumar anantharaman.
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Asian stocks set to record-breaking quarter as dollar sinks gold, yen and yen
Asian stocks shook as they approached the end of a stellar quarter on Tuesday. A resurgent Dollar pushed the Japanese yen down to its lowest level in four decades, and was heading for a fourth consecutive quarterly rise. Japan's Nikkei is set to record a record gain of 36% in the second quarter. South Korea's chipmaker driven KOSPI fell 1% but was still on track for a record second quarter rise of more than 65%, having doubled in value year-to date. Brent crude futures are trading at $72.49 per barrel, which is the pre-war price. This is even with the current tensions in the interim ceasefire. Kerry Craig, strategist with J.P. Morgan Asset Management, said that the lower oil prices have reinforced their view that the global economy is growing more trend-like than the sub-trend they were thinking of two months ago. This has also contributed to the improved earnings story. In the morning of Asia, Wall Street indexes had risen overnight. Futures prices were unchanged. The dollar is expected to rise by a quarter thanks to the remarkable change in interest rate expectations for the United States, which have shifted from cuts to increases due to inflationary pressures and economic strength. The rise of the dollar has pushed gold down to its biggest quarterly drop in over a decade, while in Asia trade the yen hit a four-decade low of 162.41 for every dollar. This set traders on edge about a possible Japanese intervention. Satsuki Katayama, Japan's finance minister, said that authorities were ready to react appropriately at any moment. The dollar index has risen 1.3% in the last quarter. However, this week, the euro returned to the chart level of $1.14. Next moves will likely be determined by U.S. employment data due on Thursday, as Friday is a holiday. Also, Federal Reserve Chair Kevin Warsh's appearance on Wednesday may also influence the market. The data for the day will include the European inflation rate, U.S. consumer sentiment and job openings, as well as the European inflation rate. SELLING RECORDS RALLY Taiwan's benchmark in Asia is expected to rise by more than 40% this quarter, while other regions are unable to keep up with the semiconductor-driven markets. Hong Kong's Hang Seng was a notable laggard, as it limped - mostly flat -- on?Tuesday to a 7.5% quarterly drop. Foreigners have been selling all the way to the top as they rebalance their portfolios and are worried about diversification. According to BNY, South Korean stocks have lost a net $17.3 billion in the past year. Geoff Yu, BNY's macro-strategist, said: "This gap between returns and flow fits a wider pattern across Asia’s tech-heavy market: strong performance triggers rebalancing of markets and profit-taking and not new institutional buying." Investors are paying attention to the STOXX Index in Europe, which is expected to rise by 9% for the third quarter. Also, China's blue-chip CSI300, which has risen about 10% for this quarter, is gaining traction. Craig, of J.P. Morgan Asset Management, said that some investors are concerned about their tech exposure. "They're looking at other themes, such as renewables or defence, to diversify more in their portfolio," Craig added. (Reporting and editing by Muralikumar Aantharaman; Reporting by Tom Westbrook)
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Oil prices fall as investors concentrate on possible Iran-US talks at Doha
Investors are awaiting the outcome of the U.S. and Iran talks?in Doha, after both sides fired missiles at each other over the weekend to test an interim ceasefire. Brent crude futures for August, which expires on Tuesday, are down?1.03% or 75 cents at $72.40 per barrel as of 0038 GMT. The September contract, which is more actively traded, was down 0.54% or 40 cents at $73.51 per barrel. U.S. West Texas Intermediate dropped 0.66% or 47 cents to $70.32 per barrel. Tim Waterer is the chief market analyst for KCM Trade. He said that investors are pricing their investments in anticipation of a positive result from the Doha negotiations, despite the fact that the real normalisation of the flow of oil through the Strait of Hormuz has not yet been seen. Waterer said that the market is cautiously optimistic, but it's still hedging bets until there are more tangible signs of a de-escalation. Iranian and 'Omani experts are set to begin talks in the next few days on redefining the transit routes through the Strait of Hormuz, Deputy Foreign Minister Kazem Gharibabadi said on state TV. He added that his country would try to 'obstruct vessels beyond defined paths. Esmaeil baghaei, the spokesperson for Iran's Foreign Ministry, said that there will be no meetings with the American side at any level in the next few days. The meeting in Doha will be important or not, depends on the outcome. Donald Trump, U.S. president, told reporters in his Oval Office: "We're going find out." The uncertainty about whether the two sides will?meet? highlighted the fragility of the June 17 agreement that halted fighting, which has disrupted oil flows in the Strait of Hormuz. It also posed a challenge to Trump's political position ahead of the November congressional elections. Israel has distanced itself and refused to join the U.S.Iran 'peace talks'. Shipping data shows that Middle East producers continue to load oil and LNG, despite recent attacks on ships in the Strait of Hormuz, and new strikes between Iran and the U.S. Goldman Sachs analysts wrote that if the Persian Gulf flow rate continues to improve at the same pace as the previous?two week period, Gulf flows may return to the pre-war level of 23 million barrels per day by early July. Last week, traffic reached its highest level since conflict began in February. (Reporting and editing by Muralikumar Aantharaman in Bengaluru. Reporting by Pranav Mathur from Bengaluru)
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Officials say 10 people have been killed in Russian attacks on major Ukrainian cities
Authorities said that Russian strikes on three major Ukrainian towns killed at least ten people on Monday and injured dozens more. The attacks continued into the afternoon as the death toll increased. Oleksandr Hanzha, regional governor of the region, said that a missile attack on Dnipro in the southeast killed six people and injured 29 others. He claimed that a business, school, homes, and cars were attacked. Volodymyr Zelenskiy, Ukrainian president, said on X that "Russia launched a rocket strike on Dnipro targeting infrastructure". He added that rescue operations are underway. "It's essential that Europe be as active as it can in developing its anti-ballistic defense - its systems and missiles," said he. In his video nightly address, the President promised a reaction to all of the strikes. "We are doing this to, above all else, affect the Russian system of state and Russia's capacity to prolong the war," said he. Officials in Zaporizhzhia said that a Russian drone strike on a minibus further south killed two men, a woman, and injured eight others, including a seven-year-old child. Ivan Fedorov posted footage on Telegram showing a minibus with bloody floor and damaged back doors, as well as a dead body inside. A blackened minibus was shown on television with its doors blown off and a bloody floor. "People feel the war more. What else can I tell you? Svitlana, 58, who lost her husband in the incident said, "This is terrorism. Nothing else." Anatolii Ntkin, the driver of the nearby car that was damaged by the incident, called the attack "a very serious terrorist act". Many gas stations were already damaged. Fedorov said that seven people were injured, including two kids, when a drone exploded later near a bus. According to officials, a glide-bomb?killed 23-year-old woman in Kharkiv (Ukraine's second largest city) and injured 10 others. Ihor Terekhov, the mayor of Kharkiv, said that this attack damaged a tram as well as more than 15 vehicles. The footage on television showed police and forensic specialists?combing the site, and a dead body lying nearby. A second glide bomb was launched less than an hr later, but it failed to explode. Three large industrial cities - Kharkiv Dnipro Zaporizhzhia - have been repeatedly attacked by the Russians during this?war now in its fifth years. No comment was made by Russia about the attacks. The 'war in Ukraine' has resulted in the deaths of thousands of Ukrainian citizens. Moscow has also claimed that Ukraine hit civilian targets in attacks against Russia or Russian occupied areas. However, this was on a smaller scale. Both sides deny targeting civilians. (Reporting and editing by Gareth Jones and Max Hunder, Ron Popeski, Peter Graff and Sanjeev miglani.)
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World Bank abandons goal of committing 45% of its lending resources to climate-change projects
The World Bank Group announced on Monday that it will "retire", its previous goal of?dedicating?45%?of its annual lending resources towards projects with climate benefits, but extend the long-standing Climate Change Action Plan which was due to expire Tuesday. The lender for development, under pressure from the Trump Administration to abandon the climate-lending target set during the Biden administration of 2023, announced in a press release that it would shift its focus to lending outcomes rather than input goals. Ajay Banaga, the World Bank president, was originally charged with extracting more climate loan resources from the bank's balance sheet. He has now shifted his attention to "smart growth," which is aimed at boosting job opportunities, while still providing climate benefits, such as drought resistant agriculture,?storm resistant infrastructure, and renewable energy, where appropriate. The World Bank announced that, at the request from its executive board the Independent Evaluation Group of the lender would review the Climate Change Action Plan(CCAP), first adopted as rolling five-year plan in 2016. Bank officials said that the demand from clients for climate-related projects remains strong. Executive directors from France, Kuwait, Saudi Arabia and other countries that hold shares in the bank had signed a statement last October, endorsing its continued work on climate changes. However, the United States was not one of them, nor were executive directors from Russia, Kuwait, or Saudi Arabia. India and Japan also remained silent. Scott Bessent, the U.S. Treasury secretary, had in 2025 ordered the World Bank to return to its core mission of financial stability and development. He argued that they had strayed too far into climate change, gender, and other areas which were opposed by the Trump Administration. In April, he said that the bank's "myopic focus" on climate financing targets must be dropped. Eleonore Caoit, French Development Minister, made a last-minute plea to the World Bank that the climate finance target be kept intact. Our framework has been a success, incorporating smart development into all that we do in response to our clients' needs and priorities. The World Bank announced that it would extend the CCAP. The bank stated that its management will continue to track its climate scorecard indicators, including net global greenhouse gas emissions as well as beneficiaries who have enhanced resilience?to climate risk under the CCAP. The bank will report quarterly on its lending portfolio and all projects. The bank stated that it would "explore and discuss ways in which we can better structure our engagement with adaptation, nature and pollution." (Reporting and editing by Sonali Paul; David Lawder)
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US Senator asks regulator to reject giant NextEra Dominion power deal
U.S. U.S. Senator Angus King urged the country's leading energy regulator to reject NextEra Energy’s proposed $66.8 Billion acquisition of Dominion Energy. He said the deal consolidated too'much' power in one company's hands, according to a Monday filing. In recent years, the country has seen a spate giant power mergers. This is due to the increase in electricity demand following a two-decade lull. The rise is attributed to the expansion of data centers that are energy-intensive and the 'electrification' of industries such as transportation. NextEra announced last month that it would buy?Dominion in order to create the largest regulated utility in the world. This merger would be the biggest of all time. Dominion, based in Virginia, serves the largest concentration of data centers worldwide. King from Maine wrote to the Federal Energy Regulatory Commission that the huge utility created by the merger would discourage competition in a region that would affect over 10 million people. King stated that a single firm with a mix of merchant generation and regulated generation and transmission, as well as load-pocket exposure, has powerful incentives and instruments to shape regional markets. The two companies have a combined generating capacity of?110 Gigawatts, which is the largest natural gas-fired electricity and the second-largest nuclear operation in the nation. King claimed that NextEra had 'already stymied the clean energy power competition in New England through lobbying activities. He also cited concerns about the company's business practices that could lead to higher prices for consumers. NextEra did not respond to a request for comment.
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The top cases in the US Supreme Court docket
The U.S. Supreme Court has decided a number of important cases in its current term, including those involving President Donald Trump, voting rights and tariffs, birthright citizenship; immigration, guns; race, transgender sportspeople, campaign finance laws, and LGBT "conversion therapies." This is a list of some of the cases that were argued in the current term. The term began in October, and will run through the end of the month of June. TRUMP'S FIRE OF FED OFFICIAL On June 29, the court refused to allow Trump to fire Federal Reserve Governor Lisa Cook, as it stood firm in preserving the central bank’s independence from an unprecedented challenge from the president. The court prevented Trump from removing?Cook, providing a safety net for the Fed. Since the founding of the central bank in 1913, no president has attempted to remove a Fed Governor. Trump claimed that Cook's firing was justified by unproven allegations of mortgage fraud, which Cook denied. Cook said the allegations were a pretext for firing her because of monetary policy disagreements, as Trump pressures the Fed to reduce interest rates. FEDERAL TRADE COMMISSION FIRE The court?on June 29, backed Trump’s firing of a Democratic Federal Trade Commission Member, expanding his power over the government. It also overturned its 1935 precedent which had recognized Congress' authority to protect certain regulatory agency leaders from being removed by the president at will. The Justices invalidated tenure provisions for FTC employees enacted more than 100 years ago by Congress. The justices invalidated the court's crucial decision in the case Humphrey’s Executor v. United States. Last year, Trump fired Rebecca?Slaughter from the FTC over policy differences. VOTING RIGHTS ACT On April 29, the court gutted a crucial provision of the Voting Right Act, making minorities less likely to challenge electoral maps under the landmark civil right law as racially discriminatory. The court ruled against an electoral map which would have given Louisiana a U.S. Congress district with a majority of Black people. The court's ruling undermined Section 2 the Voting Rights Act which Congress passed to prohibit electoral maps that diluted the power of minority voters. The ruling allowed Republican-led Southern States to demolish Democratic-held districts with a majority of Black and Latino voters ahead of November's midterm elections. After the Supreme Court gutted another part of the Voting rights Act in 2013, Section 2 gained more importance as a barrier against racial bias in voting. Black and Latinos tend to vote for Democratic candidates. Birthright Citizenship The court expressed skepticism about the legality of Trump’s directive on April 1, to restrict the birthright citizenship of Americans. Justices asked the lawyer for the Trump administration questions regarding the legal validity and practical implications of Trump's order. The lower court ordered that the order be blocked, telling U.S. agencies to not recognize citizenship for children born in the U.S. when neither parent was an American citizen, or a legal permanent resident (also called "green card") holder. The court found that Trump's policy was in violation of the 14th Amendment to the U.S. Constitution and federal law codifying rights to citizenship by birth. The Supreme Court will likely rule by the end June. TRUMP'S TARIFS The Supreme Court ruled on February 20, 2018 that Trump's tariffs were illegal because they were imposed under a law intended to be used in emergencies. This ruling has major implications for global economics. The ruling, which was 6-3 in favor of the lower court decision that Trump had exceeded his legal authority by using this 1977 law, confirmed a previous decision. The court ruled that Trump's claim to have the authority to impose tariffs was not supported by the law in question, the International Emergency Economic Powers Act (IEEPA). Congress has the power to impose taxes and tariffs, not the President, according to the U.S. Constitution. Tariffs are at the heart of a global trade conflict that Trump started after he entered his second term in office. This war has alienated trading partner, affected financial markets, and created global economic uncertainty. IMMIGRANTS WITH PROTECTED STATUS The court cleared the way on June 25, allowing the Trump administration the ability to strip hundreds and thousands of Haitian, Syrian and other immigrants of their humanitarian status which protects them against deportation. The court overturned federal judge's decisions that had stopped the Trump administration from terminating Temporary Protected Status (TPS) for more than 350,000 Haitians and 6,100 Syrians. The State Department warns travelers against visiting either Haiti or Syria due to widespread crime, terrorism, and kidnapping. TPS is an designation that allows migrants from countries affected by war, natural catastrophe or other disasters to live and work in America while it's unsafe to return home. TRANSGENDER SPORTS PARTIcipation The conservative justices seemed ready to uphold the state laws that ban transgender athletes to female sports teams, amid an escalating nationwide effort to restrict transgender rights. The court heard arguments on January 13, in appeals filed by Idaho and West Virginia, regarding lower court decisions siding with transgender student who challenged the bans imposed in both states for violating the U.S. Constitution as well as a federal antidiscrimination act. Twenty-five states have laws similar to this one. The conservative justices expressed concerns over imposing a uniform law on the whole country, amid a sharp disagreement and uncertainty about whether medications such as puberty-blocking hormones or gender affirming hormones remove male physiological advantages in sport. The ruling is expected to be made by the end June. LGBT "CONVERSION THERAPEUTY" The court rejected on March 31, a Democratic-backed Colorado Law that prohibited psychotherapists from using conversion talk therapy to change a LGBT minor's gender identity or sexual orientation. The 8-1 decision sided with the Christian licensed counselor and deemed that the ban was an intrusion into free speech rights. The court rejected Colorado’s argument that the law only protected speech, but regulated professional conduct. The court reversed a lower-court decision which had upheld a law brought by Kaley Chiles who argued it violated First Amendment protections from government abridgment. HAWAII GUNS LAW On June 25, the Justices struck down a Hawaii gun law that restricted the carrying of handguns in public places, such as most businesses, and without permission from the owner. This is the latest ruling to expand gun rights. The justices found that Hawaii's law violated the Second Amendment of the U.S. Constitution, which gives citizens a right to "keep & bear arms." The justices reversed a lower court decision that Hawaii’s Democratic-backed measure probably complied to the Second Amendment. Hawaii's law requires "express permission" from the property owner before a handgun can be brought onto a private property that is open to the general public. Drug Users and Guns The court, on June 18, limited the application a U.S. Law that prohibits firearms possession by some drug users. It rejected a position taken the Trump administration which had threatened the rights of millions of Americans who use marijuana but own firearms. The justices upheld the decision of a lower court to dismiss a charge of illegal gun possession brought under the law in question against Ali Hemani. Hemani is an American-Pakistani double citizen who lives in Texas and told authorities that he regularly used marijuana. The Supreme Court found the government failed to prove that Hemani's prosecution was in compliance with the Second Amendment rights to "keep and carry arms" guaranteed by the U.S. Constitution. CAMPAIGN FUNDING The court heard arguments in December 9 on a Republican-led attempt to overturn federal spending limits by political parties coordinated with candidates. This case involved Vice President JDVance. Some conservative justices seemed sympathetic to the challenge. The court's three liberals members appeared inclined to maintain the spending limits. The debate centers around whether federal limits on campaign spending coordinated with candidates they support violate First Amendment protections against government abridgment. Vance and Republican challengers have appealed the ruling of a lower court that restricted how much money political parties could spend on campaigns, with input from candidates who they support. This type of spending is called coordinated party expenses. The ruling is expected to be made by the end June. MAIL-IN BOARDS On June 29, the court upheld state laws that allowed mail-in votes received after Election Day in Mississippi to be counted. The ruling rejected a Republican-led appeal against a grace period of five days. The court overturned the decision of a lower-court that found Mississippi's laws incompatible with U.S. statutes governing federal elections for the president, Senate, and House of Representatives. The Trump administration supported the challenge against Mississippi's law that allows mail-in votes sent by certain voters be counted as long as they are postmarked before Election Day and received within five days of a federal election. U.S. ASYLUM - PROCESSING On June 25, the court handed Trump a win by confirming that the federal government has the authority to reject asylum seekers if officials determine that border crossings between Mexico and America are too crowded to accept any more claims. The court overturned the lower court's ruling that the policy was illegal. After former president Joe Biden dropped the policy known as "metering", the Trump administration said that it might seek to revive it. The policy of metering allowed U.S. Immigration officials to refuse to process asylum claims indefinitely and stop asylum seekers at border. WEEDKILLER CANER CLAIMS On June 25, the justices ruled against thousands of lawsuits filed in state courts that accused Bayer of failing warn users of the dangers of the active ingredient of the German company Roundup weedkiller. The Missouri jury had awarded $1.25million to John Durnell, who claimed he was diagnosed as having non-Hodgkin's lymphoma following years of exposure to Roundup. The court agreed that Bayer's argument that the U.S. pesticide law prohibits claims of failure to warn that are brought in state court cannot be heard. Human Rights Abuses Abroad The Justices further limited the scope of a federal statute used to hold companies liable for abuses of human rights committed abroad on June 23, as they released a ruling that ended a lawsuit brought by members of Falun Gong accusing Cisco Systems facilitating religious persecutors in China. The justices overturned a lower court decision which had given new life to the 2011 lawsuit, brought under the Alien Tort Statute of 1789. Cisco was accused of developing technology that enabled the Chinese government to monitor and persecute Falun-Gong practitioners. The Alien Tort Statute allows non-U.S. Citizens to seek damages from American courts in cases of violations of international laws. SEC "DISGORGEMENT" POWER On June 4, the court rejected a challenge against the U.S. Securities and Exchange Commission’s broad authority to recover illicit profits through a financial remedy known as disgorgement. This strengthened one of the key powers of the Wall Street watchdog. The court upheld the decision of a lower-court that had supported a broad use of disgorgement powers by the SEC. In this case, the Trump administration defended the SEC. A defendant brought the challenge after he was ordered to pay more than $3,000,000 in ill-gotten gain and interest in relation to a financial fraud. FCC FINES FOR WIRELESS CARRIERIES The Justices ruled on June 4, defending the Federal Communications Commission system of levying fines. They ruled against AT&T, Verizon and their challenge to the Federal Communications Commission. Trump's administration defended?FCC system of assessing financial penalties known as forfeiture order. The carriers had argued the agency's internal proceedings deprived their right to a trial by jury under the U.S. Constitution. Compensation from Cuba The Justices made it easier on June 23, for U.S. firms to seek compensation for property seized by the former government of Fidel Castro, when they ruled in favor ExxonMobil's lawsuit against Cuban state owned firm Corporacion CIMEX. The court ruled that a defense known as foreign sovereign immunity which prohibits U.S. suits against foreign governments and their agents is not applicable in cases such as the one Exxon filed against CIMEX. This was under the 1996 U.S. Law called the "Helms-Burton Act". In another case the court gave a setback to four American cruise operators who contested $440,000,000 in combined judgements brought by a U.S. firm accusing them for using docks that they built in Cuba and later seized. CRISIS PREGNANCY COUNTER The court sided on April 29, with the operator in New Jersey of Christian faith based anti-abortion crisis pregnancy centers that are trying to impede an investigation by the state into whether these facilities engage in misleading practices. First Choice Women's Resource Centers brought a federal suit against a subpoena issued by the state attorney general in 2023 seeking information about the organization's doctors and donors. The lawsuit had been dismissed by a lower court. First Choice's facilities are designed to discourage women from getting abortions. RASTAFARIAN INMATES The Justices refused on June 23, to allow a Rastafarian inmate to sue Louisiana state prison officials after they shaved his head and held him down in violation of religious beliefs. This was a case brought by a Rastafarian inmate under a federal statute protecting inmates from religious discrimination. The justices upheld the lower court's dismissal of Damon Landor’s lawsuit, because the law at issue didn't allow him to sue individual prison officials or guards for money damages. Landor's religious beliefs require him to grow his hair. INMATE ON DEATH ROW A man convicted in Alabama of a murder committed in 1997 was spared death after the court, on May 21,?kept in force a judicial ruling that the inmate has intellectual disabilities and is therefore ineligible to receive the death penalty. Alabama officials appealed a lower court's decision on how to determine Joseph Clifton Smith’s intellectual capacity. The justices rejected the appeal. This method involved weighing the multiple intelligence quotient (IQ) test scores along with expert testimony. In a 2002 Supreme Court decision, the court ruled that executing a person with intellectual disabilities violates the Eighth Amendment of the U.S. Constitution prohibiting cruel and unusual punishment. JURY COMPOSITION On May 28, the justices sided with an inmate on death row who claimed that prosecutors had discriminated against him by excluding Black potential jurors in a 2006 trial where he was found guilty for his involvement in the murder a grocery owner. They found that the state courts of Mississippi had not evaluated Terry Pitchford’s claim that four Black jurors were unlawfully dismissed for violating a 1986 Supreme Court precedent called Batson v. Kentucky, which prohibits exclusions based upon race. SENTENCE REDUCTIONS The court ruled May 28 that judges could not?order early release of prisoners based on the fact that they would receive shorter sentences following the 2018 criminal justice reform act. The court upheld lower court rulings against two Pennsylvanian men convicted of armed burglaries who requested compassionate release on the basis of the First Step Act which Congress passed years after their sentences. SECURITIES LITIGATION The court sided on June 11, with a group investment funds affiliated to BlackRock and other asset management firms in their attempt to defend against certain lawsuits filed by private plaintiffs, under a federal securities law. The court reversed an earlier ruling that allowed the hedge fund Saba Capital Master Fund, to sue the Investment Company Act of 1941 to invalidate fund bylaws that restricted the voting rights of activist shareholders. The Trump administration backed BlackRock and FS Credit Opportunities, as well as other funds in the case including Adams Diversified Equity Funds, Adams Natural Resources Funds and Royce Global Trust. COX COPYRIGHT DISSENSION The court ruled that Cox Communications could not be held responsible for the piracy of songs by subscribers to its internet service. These labels included Sony Music, Warner Music Group Universal Music Group, and others. This ended their multi-billion dollar music copyright suit. The ruling of 9-0 overturned the decision by a lower court to order a trial to determine the amount the internet service provider was liable for the record labels under a form liability known as contributory copyright violation. Cox said that a retrial would have resulted in a verdict of up to $1.5 billion against the Atlanta ISP. PHARMACEUTICAL SKINNY LABELS The court ruled that the generic version of Amarin Pharma Vascepa, a cardiovascular medication made by Hikma, did not violate Amarin Pharma patents. This decision could make generic drugmakers more resistant to patent suits involving "skinny label" claims. The justices reversed a decision by a lower court in favor of Amarin. Generic drugmakers argued that Amarin's victory in the case could have deterred them from producing and selling their cheaper drugs, and raised U.S. drug costs.
Russell: Crude oil imports to Asia from the ROI grew in June, but there is still uncertainty.
Asia's crude oil imports by sea rose slightly in June, but they remained near their lowest levels?in over a decade due to the Iran conflict which crimped Middle East shipments.
Data from commodity analysts Kpler show that the top importing region is expected to receive 20,71 million barrels of oil per day in June. This is up a fraction from the 20.39 million barrels of oil per day in May and almost 2 million more than the 18,77 million bpd received in April.
The imports of Asia remain well below the average 26.79 millions bpd for the three-month period prior to the United States' and Israel's attacks on Iran on February 28.
The war resulted in a closure of the Strait of Hormuz - the narrow waterway that connects Iran and Oman, through which 20% of crude oil and refined products were transported before the conflict.
The United States and Iran agreed to a 60-day truce that was to result in the full reopening the Strait. However, vessel movements are still well below the pre-war level due to Iranian attacks against?some ships.
The Strait of Hormuz has seen a recent increase in crude volumes, but Kpler estimates that only 2.79 millions bpd of oil will have been exported in June. This is up from 881,000 barrels per day in May, but still less than a fifth of what was averaged for the three-month period prior to the beginning of the conflict, which was 15.58 million barrels per day.
Unresolved is the question of whether or not crude exports to the Middle East can return to their pre-war level, and?if so, how long it will take.
SEE SOLUTION FOR PRICES
Brent futures contracts ended at $73.15 per barrel on Monday. This is only slightly more than the $72.48 close on February 27th, the day before hostilities began.
The prices of refined products in Asia are a little different. They remain above the pre-war level as refiners process expensive crude bought from outside the Middle East during the height of the conflict.
Singapore gasoil (the building block of?diesel) ended Monday at $111.15 per barrel, up by 22% since the February 27 close price of $91.42.
Gasoline
As more crude oil arrives in Asia, it is likely that the price of refined products will fall in the coming weeks.
How quickly the import volume returns to pre-conflict levels will determine how much of a difference there is.
The Strait of Hormuz is still a wildcard, with Iran determined to exert control in spite of the opposition of the Trump administration, Gulf crude exporters like Kuwait, Saudi Arabia, and the United Arab Emirates, and even the United States.
Tanker owners and insurers will continue to be concerned about possible attacks, causing uncertainty over the safety of the Strait.
What China does over the next few months is another wildcard.
By reducing imports dramatically, the world's biggest crude importer has averted the negative impact of restricted oil flows through the Strait of Hormuz.
Kpler predicts that China's seaborne imports will be only 5.80 million bpd, down from 6.80 million in May, the two weakest months since November 2015.
The average seaborne imports of China for the three-month period prior to the conflict was 11.39 millions bpd.
With crude prices now back where they were prior to the start of the war, China's refiners are likely to once again begin buying cargoes. However, these will not be delivered until August.
The level of uncertainty on the crude oil market in Asia is still high.
Will the crude market tighten if China returns to buying the same volume of crude as it did prior to the Iran War, particularly if the Strait Of Hormuz flows do not increase as much as futures markets appear to expect?
What will happen to the crude supply when the current influx of stockpile releases from countries like the United States and Japan stops?
The crude oil market has so far shown remarkable adaptability and resilience in the face the disruption brought on by the Iran War. It is unclear whether this trend will continue.
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These are the views of the columnist, an author for.
(source: Reuters)