South-West Asia

SpaceX's initial public offering in the United States raised $75 billion on Thursday as investors raced to get exposure to Elon Musk’s space?and satellite empire before its highly anticipated Nasdaq début. This is a time line of?SpaceX’s journey towards the blockbuster IPO Elon Musk started SpaceX in March 2002 with money from the sale of PayPal. SpaceX launched its first rocket in March 2006, the Falcon 1. It failed. Falcon 1 is launched successfully in September 2008. It's the first liquid-fuel rocket developed by a private company to reach Earth orbit. SpaceX signs its first major contract in December 2008...

Saudi Arabian crude oil sales to China will likely remain at record lows this month as the high 'prices' in the wake of the U.S. and Israeli war on Iran continue to impact demand. Market participants closely monitor the allocations as a measure of Chinese demand. They indicate that refiners are reluctant to import barrels at high prices after run cuts, and because they have exhausted their domestic stocks. Saudi Aramco will ship 12 million barrels to China customers for July loading. This is about 387.096 barrels a day. Sources'requested anonymity because they weren't authorized to speak with the media....

Kuwait Petroleum Corp. (KPC) is offering fuel on-demand for the first since the start of the Iran War, according to four sources who are familiar with the matter. Separately KPC is 'offering 4,000,000 barrels of?crude? via tender. A fifth source who has direct knowledge of the issue said that the oil is being offered to Asian buyers. Three sources confirmed that the state firm had offered at least 90,000 metric tons (670,500 bar) of 10ppm gasoil, and a 55,000-60,000 tonne (489,500-534,500 barrels) of naphtha via private negotiations for a June loading. It was not possible to determine immediately if any...

Saudi Arabia cut its official'selling prices' (OSPs), for crude oil sold to 'Asia, in July, for a second consecutive month. This was expected, since spot premiums fell on a sluggish demand despite the supply disruptions caused by U.S. - Israeli war against Iran. A document reviewed on Monday by?showed that the July OSP was set at $9.50 per barrel over the average Dubai and Oman quote, which is $6 lower than the OSP in June. The July OSPs of other Saudi grades for Asia fell by $6 per barrel compared to the previous month. The price reduction was in line...

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...

Residents of Gaza and south Lebanon, as well as northern Israel and Kuwait, were all targeted this week, despite a ceasefire allegedly in place in their respective regions, arranged by the United States. Israeli forces are still active in Gaza and Lebanon. Hezbollah's rockets struck northern Israel and Iranian attacks targeted Kuwait's airport. Donald Trump, the U.S. president, commented on Wednesday about the continued violence in the Middle East. He said that ceasefires involved "shooting?in a moderate manner", rather than an end to all fighting. Three truces that his administration has negotiated are meant to stop the "warfare". While the...

Residents in Gaza, Lebanon's south, northern Israel, and Kuwait have all been under fire in the past week, despite ceasefires that were supposedly in place in these regions, arranged by the United States. Israeli airstrikes struck Gaza and Lebanon. Israeli forces are still "actively" deployed in both locations. Hezbollah launched rockets at northern Israel and Iranians attacked Kuwait's airport. The violence has continued. The continued violence prompted?U.S. The three?truces that his administration negotiated were intended to?stop the war. While the major combat has been greatly reduced, munitions still fall and people still die. Here's how the ceasefires and fighting are...

?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....

A business survey released on Wednesday showed that the UAE's private non-oil sector grew only modestly in May, as the war in the area weighed on the output and growth of new businesses. The S&P Global UAE Purchasing Managers' Index, adjusted for season, rose from 52.1 to 52.6 in the month of May. This index is still above 50 which separates growth from contraction. The continued disruption of maritime trade in the UAE had a cascading effect on the economy during May. Export orders fell in May due to both the shipping disruption and the uncertainty about how long the...

A survey on Wednesday showed that the non-oil sector in Saudi Arabia expanded at its fastest pace in three month in May as domestic demand improved. Supply chains also stabilised. However, business optimism was still'subdued' due to conflict in the region. S&P Global's seasonally adjusted Riyad Bank Saudi Arabia Purchasing Managers' Index rose from 51.5 to 52.8 in the month of May. The 50-mark?distinguishes growth from contraction. The output accelerated the most in three months after the March downturn that followed the start of the Iran War.?Firms cited normalising work conditions, renewed contracts, and stronger local demand. The subindex of...

Turkey will cut its imports of Urals crude from Baltic and Black Sea port this month to the lowest level for almost a year and a half, according to LSEG, Kpler, and trading'sources. Turkey is the third largest importer in the world of seaborne Russian crude after India and China. It mostly buys Urals, and occasionally other grades. Kpler data indicates that Turkey's Urals exports will average 161,000 barrels per day in this month. This is down from an average of 189,000 barrels per day in January-April, and 302,000 barrels per day in May 2025. This is despite the fact...

LONDON/DUBAI - U.S. secretary of state Marco Rubio warned on Tuesday that negotiations with Iran could "take several days." This was after the U.S. launched what they called 'defensive strikes' in southern Iran. Iran's Foreign Ministry spokesperson stated earlier that many of the topics covered in a possible 14-point memorandum were concluded, but this does not mean an agreement to end the war will be reached anytime soon. What is the current stage of the discussions? After a "ceasefire" in early April, both sides remain at odds over difficult issues, including Iran's nuke ambitions, Israel’s war with the Hezbollah militia,...

Hengli Petrochemical in China, which was sanctioned by the U.S. because it allegedly purchased Iranian oil, bought at least 2 million barrels of West African crude and is seeking more mainstream supply. Six people have said that Hengli is seeking to buy oil from sources not sanctioned by Washington. The company was penalised in April for buying Iranian oil and denied doing so. Hengli, a privately owned refinery that operates in Dalian (northeast China) and produces 400,000 barrels per day, inquired recently about purchasing cargoes from West Africa and non-Iranian Middle Eastern oil?for deliveries starting June, according to multiple sources....

Donald Trump on a Wednesday appeared to be embracing data that showed a rise in inflation of more than 4%. He told reporters that he "loved the inflation" and reiterated his belief prices would fall once the Iran War ended. When asked about U.S. data that showed consumer inflation increased in May at the fastest rate in three years, and if it could hurt his fellow Republicans months before November's midterm elections, Trump replied: "I love inflation." Trump then explained that he approved a plan to secretly move oil tanks through the Strait of Hormuz due to concerns about higher...

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...

U.S. president Donald 'Trump' on Friday pledged to end the Iran War quickly and remove an alleged source of high prices while campaigning in rural central Wisconsin. He was doing so in a bid for Republicans to keep control of Congress in midterm elections. The visit to Chippewa Falls highlighted the Republican strategy to retain control of the U.S.?House of Representatives. He said that progress could be made in the negotiations with Iran, but a deal to end this conflict is still elusive. He encouraged Wisconsin voters to be energized in preparation for the election. Trump stated at a roundtable...

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...

Bangladesh has increased retail fuel prices for the second time in six weeks. The increase in kerosene and petrol is a?5 taka per litre. This could lead to an inflationary spiral in this import-dependent country. Petrol will now cost 140 takas ($1.15) a litre, and kerosene 135 takas per litre. Diesel, the most commonly used fuel in the country, remains unchanged at 115 Taka per litre. In a notice, the Energy Ministry stated that the revised rates had been determined in accordance with changes in global petroleum product prices. In 2024, Bangladesh implemented an automatic fuel pricing system. Under this...

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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...

Although the Iran war has impacted crude oil and natural gas prices, its impact on coal has been muted. Prices for thermal grades are quietly rising to multi-year heights. The conflict between the United States of America and Iran has led to the loss of about 10% of world crude oil, and a fifth of LNG, but thermal coal supplies remain largely unaffected. Even though the cost of shipping and producing has increased due to higher fuel prices. Coal prices are not solely driven by the?Iran War. Other factors, such as low Chinese production and Indonesian regulations, may be more...

Marco Rubio, the Secretary of State, said that although there has been some progress in talks with Iran, and the United States is constantly communicating?with pakistani'mediators', there is still a lot more work to be done. There has been progress. I would not exaggerate. "I wouldn't minimize it," Rubio said to reporters following a NATO Ministers Meeting in Sweden. He added, "There is still more work to do." "We are not yet there." "I hope we get there." Rubio stated that President Donald Trump prefers to make a "good deal". He said that the core concern is that Iran cannot...

The government reported on Thursday that Japanese car exports to the Middle East had almost been wiped out, as the U.S./Israeli war against Iran disrupted shipping into a region of importance for global automakers such as?Toyota? and?Nissan? According to the collapse, shipments of used Japanese cars and trucks to the region have virtually stopped following the closure of the Strait of Hormuz. The Ministry of Finance released data on Thursday showing that motor vehicle exports into the Middle East fell by more than 90%, both in value and volume, from the previous year. This highlights the auto industry's vulnerability to...