Latest News
-
Gold gains more than 1% following US-Iran peace agreement
Gold prices rose by more than 1% on Monday after U.S. officials and Iranian officials announced they had reached an agreement to end their conflict. This lowered oil prices and eased concerns about inflation and rising interest rates. As of 0010 GMT spot gold rose 1.8% to $4,297.42 an ounce. This is its highest level since the 9th of June. U.S. Gold Futures for August Delivery rose 1.9% to $4,318.10. U.S. officials and Iranian officials announced on Sunday that they had reached an agreement?on the framework of a peace deal to end their conflict, stop?the U.S. Blockade of Iran, and reopen Strait of Hormuz. Shehbaz sharif, the Pakistani prime minister, said on X that the pact would be signed in Switzerland on Friday. Following the announcement, oil prices fell by more than 4%. The U.S. Dollar also hit a new 10-day low. Since the beginning of the U.S./Israeli war on Iran in late February, gold prices have been under intense pressure. Global oil prices have risen sharply since the Strait of Hormuz was effectively closed. This has fueled inflation fears and raised expectations that interest rates will remain high for longer. Gold is no longer a good inflation hedge in high-interest-rate environments, as the opportunity cost of owning the non-yielding assets increases. The markets see a 64% probability of a U.S. According to CME FedWatch, the odds of a?U.S. interest rate increase in December are down from 69% the previous week. (Reporting by Noel John and Anjana Anil in Bengaluru; Editing by Subhranshu Sahu)
-
Oil drops 4% after US and Iran reach peace agreement to reopen Strait of Hormuz
On Monday, oil?prices fell to their lowest level since?March after U.S. president?Donald?Trump and Iran’s deputy foreign minister announced they had reached a preliminary agreement to end the conflict and resume traffic through Strait of Hormuz. Brent crude futures dropped $3.58 or 4.10% to $83.75 per barrel at 0004 GMT, while U.S. West Texas Intermediate fell $4.01 or 4.72%, closing at $80.87. Both contracts fell more than 3% Friday. Pakistan's prime minister, who has been acting as a?mediator, announced that the U.S. will sign a Memorandum of Understanding with Iran in Switzerland this Friday. Trump announced on Sunday that the Strait of Hormuz will be "toll-free" and that an U.S. Naval Blockade of Iranian Ports would also cease. Iran's semiofficial Mehr news agency reported that the draft agreement called for the reopening of the Strait of Hormuz in 30 days under Iranian arrangements. Tim Waterer is the chief market analyst for KCM Trade. He said that traders are pricing in the prospect of restored oil flow. Since the Strait of Hormuz was closed for over three months by the war, the world has lost millions of barils of oil and natural gas. The Strait of Hormuz is a chokepoint that supplies a fifth of world oil and LNG. Investors also watch with caution how quickly Middle Eastern oil producers can resume production and exports after the damage caused by the war, and whether there will be more ships entering the region. The Commonwealth Bank of Australia's commodities strategist Vivek Dhar said that the oil flow through the Strait of Hormuz only needs to be 60-70% of its pre-war level to bring oil markets back to their pre-war expectations of oversupply. Kazem Gharibabadi said that a more comprehensive?agreement will be negotiated over a period of 60 days during which there is a ceasefire. The E4 nations (UK, France, Germany, and Italy) said that they were prepared to lift sanctions against Iran in response to its nuclear program. Tony Sycamore, IG's market analyst, said that given the uncertainty surrounding the next round in 60 days and the nuclear issue, it was hard to imagine crude oil prices dropping much more from this point. (Reporting and editing by Jamie Freed; Florence Tan)
-
Markets applaud Iran deal but wait for oil to start flowing
In Asia, stocks and bonds rose and the dollar dropped after U.S.-Iran agreed on a peace agreement to reopen the Strait of Hormuz. The deal also included a lifting of the U.S.'s blockade against Iran. U.S. crude oil futures dropped more than 4%. S&P 500 Futures rose 0.8%. The dollar fell broadly. The yen increased to 159.7 dollars per yen and the euro increased to $1.1616. Here are the comments of market analysts on this deal: MRE?SPEIZER MARKET STRATEGIST WESTPAC, AUCKLAND "It is positive for risky assets, positive for currencies that are risky, and negative for the U.S. Dollar." There are still some minor concerns. The skirmish between Israel and Lebanon is still a concern. The signing date is Friday. That's still a very long time away in such an environment. If all goes well, there'll be another leg in this mini rally. "Inflation is likely to persist for a while, even if inflation expectations slip." It takes time for supply chains to be fixed and oil to become available again. BRIAN JACOBSEN is the Chief Economic Strategist at ANNEX Wealth Management, Wisconsin. This should make life easier for the Federal Reserve. Gasoline prices should fall as oil prices do. Some will doubt whether this is a lasting deal, but the Fed shouldn't set monetary policies based on speculation. They'll probably remove the language that said they had an "easing bias" at their next meeting. But, at least, they won't use language that suggests a hike bias. JASON WONG SENIOR MARKET STRATEGIST BNZ WELLINGTON The market's reaction to this has been anticipated and I believe it can be contained. We're already close to the end of what you see today on your screens. The market will expect things to gradually return to normal. The market is no longer under threat." NICK TWIDALE, CHIEF MARKET STRATEGIST, ATFX GLOBAL, SYDNEY: "I believe we'll be seeing the dollar drop over the next few sessions. We will probably see some risk currencies like the Aussie and the yen increase a little. But I don’t expect to see a lot of movement. There will be a lot to wait and see on how fast the Strait reopens, and how long before oil flow returns to normal. It will take months, not weeks. I don't believe we will see oil at $70 too soon. KRISTINA CLIFTON, SENIOR CURRENCY STRATEGIST COMMONWEALTH BANK AUSTRALIA SYDNEY It's a good thing for the world economy that the Strait of Hormuz is reopening. Our view is that oil and gas flow will take time to fully resume. The markets will be watching to see how fast production and traffic can return. It will take some time for traffic to return to normal. MAHJABEEN ZAMANI, HEAD OF FOREX RESEARCH IN SYDNEY, ANZ: The markets have been waiting and inching for this good news, while a positive vibe has already been embedded in the pricing. "As I look at the cyclical FX market, I believe there is still room for growth from where we are now. You might see oil break $80 today, just because it's a happy day... but then the market may realize that the terms may not be as lucrative. We think oil prices will "remain on the high side due to infrastructure damage." CHRIS WESTON HEAD OF RESEARCH PEPPERSTONE MELBOURNE "It appears credible, and the market has moved on." We are now examining what the cargo and logistics will look like through the?channel after the structural changes and damage to refineries. "I believe there will be a lot more risk assets that are going to try and move on other factors, such as the ramping up of demand. People are now looking at earnings once again and central banks expectations this week. I think this trade is short volatility. This will allow equity risks to increase. A further drop in long-end yields is welcome. Reporting by Tom Westbrook in Singapore and Ankur Banerjee; editing by Jacqueline Wong, Kim Coghill
-
Protesters torch Tesla and smash windows of UN offices in Geneva anti G7 march
Geneva police fired tear gas at protesters on Sunday who had set a Tesla car alight and broken windows of an UN agency as they vented anger at the Group of Seven summit that was about to be held across the border in France. A peaceful march of 20,000 people was held, but later protesters targeted symbols they deemed to be emblematic of capitalism and multilateralism. These included the Tesla parked in the street and the UN Office. Witnesses reported that demonstrators ripped bricks out of the ground to throw at police while children cried when tear gas wafted across downtown Geneva's sun baked streets. Over the years, protests at G7 summits have become common. Many demonstrators use the summits to denounce capitalism, globalisation and inequality. Demonstrators claimed they were there to protest the G7, which they viewed as a symbol for?concentrated economic and political power. Tesla owner Elon musk, who has'served as an adviser to U.S. president Donald Trump', became the first billionaire in the world last week. "To me it is a meeting between the rich and the poor that demonstrates once again how rich people can get even richer, while the rest of us are left behind," protestor Pippa saugy said. The G7 summit will take place in Evian-les-Bains from June 15-17, where the leaders of France and Britain, Canada, Germany Italy, Japan, the United States and the European Union are expected to attend. The Middle East and Ukraine wars are expected to dominate the agenda. Leaders will also'seek to avoid' a confrontation with Trump, who is trying to finalise an Iran peace framework deal. Businesses in Geneva were boarded up and hundreds of riot officers were deployed on the streets amid prior fears about violence. Mattia Piccard was irritated by the heavy police presence. Piccard stated that the purpose of this was to scare?demonstrators and to discourage them from protesting. Clelia Colin, a second demonstrator, wanted to bring up the issue of gender equality. Colin said, "The values that the G7 represents are misogynistic and contribute to inequality." (Reporting and editing by Christina Fincher.)
-
Zelenskiy: Ukraine has hit a chemical and oil plant in Russia
Volodymyr Zelenskiy, the President of X, wrote Sunday that Ukraine had hit a?oil facility?in Russia's Yaroslavl region and a?chemical plant?Azot?in the Tula region?overnight. Zelenskiy stated that the Azot facility was crucial for Russia's explosives manufacturing, and that attacks on Russian military logistics were also conducted in parts of Ukraine occupied by Russia. Zelenskiy, who frequently refers to Ukrainian strikes against Russia as "long-range" sanctions, said that Ukraine was executing its plan for?long-range sanctioning Russia and the tasks assigned regarding mid-range attacks in response to Russia's refusal?to end this?"war". Mikhail Yevryaev said that a massive Ukrainian attack on the region had occurred. He said that although most drones were downed, others had managed to get through and hit fuel storage areas, causing an 'large fire. He warned that a drone attack would occur later in the day. Ukraine has increased its attacks on Russian military-industrial and oil refineries this year. During the war, Ukraine has developed drones and missiles that can hit targets inside Russia.
-
US Judge rules that Trump Administration must restore science and history materials in parks
The Trump administration was ordered by a federal judge on Friday to restore exhibits and signs that it had removed in parks and monuments across the country because they did not "align with its preferred narrative." U.S. District judge Angel Kelley issued the preliminary injunction in Boston at the request of groups representing park conservators, historians, and scientists who claimed that the U.S. Dept. of the Interior was engaged in a sustained campaign to erase history, and undermine science. Kelley stated that removing?these signs undermines the "integrity of National Parks" and sets a dangerous precedent for censorship. Kelley ordered the government to restore signs by the 250th anniversary, "to properly honor the remarkable achievements" of the United States. The attorneys for the plaintiffs, the National Parks Conservation Association and the American Association for State and Local History, as well as four other groups, did not respond immediately to a comment request, and neither did a spokesperson for the Interior Department. In March 2025, U.S. president Donald Trump signed an Executive Order targeting what he referred to as a "revisionist" movement that "portrayed the U.S. inherently racist, oppressive or otherwise irredeemably flaw." Trump's order directed Interior Department to make any necessary changes to monuments, parks and memorials in response to "false revisions of history" the White House claimed to have occurred. Plaintiffs claimed that Interior Department removed signs and displays from national parks in violation of congressional directives on how to operate more than 430 sites. They also claimed the Interior Department had adopted a policy without any explanation as to why certain signs and displays had been removed. A spokesperson for the Interior Department said previously that the parks in the United States must "tell the complete and accurate story of American History." (Reporting from Boston by Nate Raymond and David Thomas; editing by Mark Porter and Tom Hogue).
-
Sources say that Exxon Mobil is set to hire Alex Volkov as its head of global trading.
Two sources familiar with the matter said that Exxon Mobil is about to name Alex Volkov head of global trade. Sources told the media that Tracey Gunnlaugsson was retiring. She has been in charge of the Trading Division since 2023. Exxon declined to comment. Volkov could not be reached for a comment immediately. Volkov is a Texas-based executive who has spent more than three decades with Exxon. His LinkedIn profile states that he held a variety of roles in the U.S.A., Russia, and London. He was a vice-president in various parts of the company, including global LNG, strategy, business development and upstream commercial. Three sources have confirmed that David Brown, an international crude trader who retired from Exxon is also leaving. Exxon reported in May a $3.9billion paper?loss resulting from?derivatives during the first quarter, which drove net income to its lowest level in five years. These losses were in stark contrast to the first-quarter trading gains of European oil giants who have spent decades establishing trading desks. They also reaped billions from a sever energy supply shortage caused by U.S. and Israeli war against Iran. Reporting by Arathy S. Somasekhar, Houston; Editing and production by Nathan Crooks & David Gregorio
-
Iran deal very close, signing possible in coming days, US official says
A senior U.S. official stated on Friday that the United States and Iran are close to signing a deal. Washington is expecting to sign the deal within days. The U.S. official told reporters that the team had put them in a good position, but they were not yet at the finish line. The official stated that the agreed terms accomplish President Donald 'Trump's main objectives and put the U.S. in a "very, very good position" at the end. According to the official, the terms of this so-called "memorandum of agreement" include the reopening of the Strait of Hormuz as well as the lifting of the U.S. ban on Iranian ports. The official stated that Iran's highly-?enriched uranium will also be destroyed and taken out of the country. The official stated that "the Iranians do not receive anything upon signing the MOU, or even the negotiations themselves." "They are rewarded financially for fulfilling their obligations under the agreement. If they deliver the nuclear material, as promised, then?they will get something. The official said that if they dismantle or destroy their nuclear program, then they will get something else.
Palm oil prices rise on Malaysian biodiesel optimism
The price of Malaysian palm oil futures rose for the second consecutive session on Tuesday as investors became more optimistic about Malaysia's plans to produce biodiesel. By midday, the benchmark palm 'oil contract on the Bursa Derivatives Exchange for July 'delivery' had gained 42 ringgit (0.91%) to $4,664 ringgit (1,177.18 USD per metric ton). Malaysia will start producing biodiesel in June with a blend of 15% palm oil, called B15. This will help to lower diesel prices, said the country's vice prime minister on Monday.
Paramalingam Supramaniam is the director of brokerage Pelindung Bestari. He believes that for a successful B15 biodiesel to be implemented in Malaysia, it would take close to 1,5 million metric tonnes of crude palm oil per year.
Supramaniam said that traders will also be waiting for the full-month production numbers for April from the Malaysian Palm Oil Association, which are expected to provide a good indication of the output trends in the second quarter.
The Chicago Board of Trade reported a 0.33% decline in soyoil.
The Dalian Commodity Exchange will resume trading after the holiday on May 6.
Palm oil follows the price movement of rival edible oils as it competes to gain a share in the global vegetable oils markets. Oil prices fell by more than 1% following a 6% increase in the previous session, based on signs that the U.S. Navy was loosening Iran’s grip on the Strait of Hormuz.
Palm oil is less attractive as a biodiesel feedstock due to weaker crude oil futures.
The ringgit (the currency used to trade palm oil) fell 0.3% against the US dollar, making it slightly cheaper for those who hold foreign currencies. Technical analyst Wang Tao believes that palm oil could extend its?gains to a range between?4,693 and 4,713 per metric ton. This is due to a wave c.
(source: Reuters)