United States

ConocoPhillips announced on Friday that it had acquired a 42% share in BP Energy Company?Kirkuk Ltd. This will allow ConocoPhillips to join BP in redeveloping 'four' oilfields located in northern Iraq. The agreement will be signed by Iraqi Prime Minister Ali al-Zaidi during his official visit to Washington. He is looking for greater U.S. investments in Iraq's power, oil and gas sectors after the disruptions caused due to the conflict with Iran. The contract covers more than 3 billion barrels equivalent of initial gross recoverable resource, with additional exploration potential across the Baba, Avanah and Jambur domes in the Kirkuk...

According to a senior Chevron executive, Chevron plans to sign memorandums with the Iraqi Government on Friday to advance its interests in the West Qurna 2 oilfield and Nassiriya. The executive stated that the?company continues to talk with Iraq about producing technical studies and evaluating potential pipeline routes for transporting crude oil out of Iraq and bypassing the Strait of Hormuz. Ali al-Zaidi visited Chevron Houston's headquarters on Thursday, as part of his five-day visit to the U.S. that included a Tuesday meeting with President Donald Trump. Iraqi government seeks to secure U.S. partnership during this week's trip to the...

Three sources said that Iran had asked the Houthi movement in Yemen to be ready to shut down the Red Sea Oil Route if?the United States struck Iranian power infrastructure. This poses a powerful new threat to global oil supplies. Two senior Iranian sources, as well as a'regional source' familiar with the issue, said that the idea was discussed within the Islamic Republic leadership and the message had been'sent' to Iran's Houthi ally. Sources said that the Houthis were recently informed of Tehran's request. This was not previously reported. They didn't give any further details about how the message was...

The operator of Kazakhstan's Kashagan Oilfield announced?on Thursday? that an international arbitral tribunal has issued a restraining order prohibiting Kazakhstan from enforcing an environmental fine. The Kazakh Justice Ministry announced on Tuesday that Kashagan's operator must pay a fine of $4.90 billion ($2.3 trillion tenge) by July 20, 2012. The country is involved in arbitration with oil companies that work on its oilfields. It accuses them of environmental violations and corrupt practices. The North Caspian Operating Company, Kashagan’s operator, stated in a statement: "The Arbitral Tribunal has issued a Restraining Order which prohibits the Republic to take any measures to...

International Energy Agency warns that the full implementation of China’s rare earth export restriction could put $6.5 trillion in downstream production outside of the country at risk. China, the world's largest producer?of?rare Earths, increased export controls in?October of last year, to include additional materials, and introduced new licensing requirements. However, they agreed to postpone implementation for one year. Rare earths is a grouping of 17 metals that are used in small amounts but essential for products such as cars, aircrafts, electronics and weapons systems. The IEA's Global Critical Minerals outlook report stated that if the controls are fully implemented, an...

Chinese investors who are interested in CXMT’s $8.6billion IPO believe that the chipmaker’s value will increase ten-fold following its Shanghai debut, thanks to an AI-driven upcycle and Beijing’s ambition to become technologically independent. CXMT or ChangXin Memory Technologies will be Asia's largest share sale this year. It comes at a time when Beijing wants to be independent in the semiconductor industry amid a fierce tech rivalry between the U.S. Wu Zhou, a Shenzhen Deyuan Investment fund manager, has said he'll bid on new CXMT share, betting China's leading memory chipmaker can one day overtake global giants such as South Korea's...

World Leaks, a ransomware group, has released on the dark Web a large cache of files relating to India's largest nuclear plant. These include purported blueprints for parts of its facilities as well as supplier details. The information was labelled by World Leaks as being from Reliance Group. Kudankulam Nuclear Power Plant is located in the southern state of Tamil Nadu and is the largest among India's seven nuclear plants. It's also the center of Prime Minister Narendra Modi’s ambitious plans to increase the country's capacity for?atomic energy?. Reliance Group of Indian businessman Anil Ambani, one of the plants' contractors,...

Americans could soon see gas prices above $4 per gallon as renewed hostilities have led to a rise in energy prices by paralyzing the Strait of Hormuz. This is a vital route for global oil supplies. GasBuddy's fuel price tracking service showed that the national average gasoline price on Tuesday was $3.84 per gallon. This is up 9.8 cents compared to a week earlier. Prices of gasoline are up by 22.2% on an annual basis. The high price of gasoline has become a political headache to President Donald Trump, and the Republican Party. They will be soon campaigning for their...

The sudden death of U.S. Senator Lindsey Graham asks an important and timely question: Will the recent shift in President Donald Trump's administration's favor to Kyiv continue without a close ally? Answer will have a major impact on 'two main issues: legislation to sanction Russia which Graham has pushed for over a year and military aid for Ukraine. Both the momentum and the pressure have shifted in favor of Ukraine as Kyiv has faced intensified Russian attacks, while also being under intense international pressure to put an end to the almost 4-1/2 year-old conflict. Graham and the other senators who...

BP said on Tuesday that it expects to see a slight increase in its oil trading results compared to the first quarter. This is because the oil price surge caused by the Iran War will allow the company to profit again. BP said that it expects its upstream production will fall?into the second quarter between 2.17 and?2.22 million barrels equivalents per day. This is compared to around 2.34 mln boed during the first quarter. It reported that its gas trading results were essentially flat when compared to the first quarter. Net debt is expected to fall between $22 and $23...

Oil prices rose by?nearly 3 percent on Tuesday, reaching their highest level in four weeks. The U.S. reimposed its 'naval blockade of Iran, while both countries intensified attacks in the Strait of Hormuz. This increased uncertainty over energy flows. Brent crude futures rose last $1.50 or 1.8% to $84.80 a barrel at 0330 GMT. U.S. West Texas Intermediate Crude rose $1.70 or 2.2% to $79.84 per barrel. Brent gained?9.6% the day before, which was its largest daily gain since may 2020. The oil prices have reached their highest level since June 17, when the two countries signed a Memorandum of...

Donald Trump, the U.S. president, has sent a formal notification to Congress that hostilities against Iran resumed on 7 July. His administration interprets this letter as opening up a 60-day window for the use of military forces in the region without the approval of Congress. Trump wrote in a letter dated July 10 that he had taken 'this military action' to protect Americans, the United States and its national security interests. The letter details Trump's actions, including his order of a ceasefire for two weeks on April 7 which was then extended and his administration's attempts to find a diplomatic...

Gold was up on Friday, but it is 'on track to its biggest weekly loss in six years as rising energy prices fuel inflation fears. This also reinforces expectations for interest rate increases by the U.S. By 2:20 pm EDT (1820 GMT), spot gold had risen 1% to $4,011.29 an ounce. Earlier in the session, prices fell to their lowest levels since June 30, and have fallen around 2.6% for the entire week. U.S. gold futures for August delivery settled at $4,018.80, up 0.7%. The U.S. Dollar rose for the second consecutive session, increasing the price of bullion for foreign...

Gold was stable on Friday, but on course to suffer its largest weekly loss in six years as escalating tensions between the U.S. and Iran drove up energy prices, fueling inflation fears, and reinforcing expectation of U.S. rate hikes. By 0932 am EDT (1332 GMT), spot gold was unchanged, at $3.970.35 an ounce. It is still near its lowest price since July 1. Prices have fallen by more than 3% for the entire week. U.S. Gold Futures?for August Delivery fell 0.5% to $3973.10. The U.S. Dollar rose for the second consecutive session, increasing the price of bullion for foreign buyers....

Gold prices climbed on Friday but were set to fall?weekly? as tensions between the U.S. and Iran pushed up oil prices, raising inflation fears and supporting an expectation of higher U.S. rates. Gold spot rose 0.7%, to $3.996.29 an ounce, by 1010 GMT. It had fallen as low as it has been since July 1, earlier in the day. Prices are down by over 3% for the entire week. U.S. Gold Futures for August Delivery gained 0.2% to $4,000. Fawad Razaqzada is a Forex.com market analyst. He said that when the price drops, some short sellers will profit. If oil...

Gold is on track to suffer its largest weekly loss in six weeks on Friday as the escalating U.S. - Iran conflict has pushed up oil prices. This will increase inflationary pressures, and strengthen the case for higher U.S. rates. Gold spot was up 0.6% to $3,993.22 an ounce at 0758 GMT. It had been as low as it has been since July 1, earlier in the day. U.S. Gold Futures for August Delivery gained 0.1% to $ 3,996.90. The metal is down 3% this week, the biggest drop since June 1. This week's softer U.S. inflation data has not...

Gold prices fell on Thursday, as tensions in the Middle East increased inflation fears and uncertainty about U.S. interest rate trends. Gold futures in the U.S. fell 0.4% to $4.037.20 per ounce at 0834 GMT. Spot gold dropped 0.7% to $4.032.19 an ounce. Gold is still influenced by geopolitics and inflation. The continued U.S. attacks against Iran, and the disruptions of the Strait of Hormuz are supporting oil prices and maintaining inflationary risks," says?Niko tzabouras a senior analyst at Jefferies owned Tradu.com. After reimposing its naval blockade, the U.S. launched a second wave of attacks against Iran's missile and coastal...

Gold prices fell?on Friday as a Middle?East conflict escalated, fueling fears that the U.S. Federal Reserve might raise interest rates in this year. This tempered recent optimism about easing inflation. By 0518 GMT, spot gold had fallen 0.8% to $4,029.29 an ounce. U.S. gold for August delivery fell 0.4% to $4034.40. The latest escalation of the?U.S.Iran conflict has not been reflected in June's inflation numbers, according to Jigar Trivedi. He is a senior research analyst with IndusInd Securities. After reimposing its naval blockade, the U.S. launched a series of two-wave attacks against Iran's missile and coastal defence sites. Iran responded...

Chinese President Xi Jinping will outline an ambitious vision of China's role as a global AI governance leader at a forum this Friday. Huawei is showcasing its most advanced AI computing cluster yet, in a move to create a domestic alternative to U.S. tech. Xi's first-time attendance at the World Artificial Intelligence Conference, or WAIC, underscores Beijing’s view that AI is both a key driver of global economic growth and a technology of strategic importance in the global competition. Huawei's Atlas 950 SuperPoD AI computing system, a large-scale AI computer system with a high performance will be unveiled at the...

Warren Buffett called Bill Gates' association with the late sexual offender Jeffrey Epstein, "disgusting," but said that he would halt his donations to the Gates Foundation as his children grew older and were now ready to receive his wealth. Buffett told CNBC in an excerpt of a Wednesday interview that he tells his children to do it well. The comments were broadcast a day after 95-year-old Berkshire Hathaway Chairman omitted the Gates Foundation in his annual midyear charitable donations. He donated almost $6 billion worth of stock from his conglomerate. Buffett donated Berkshire shares worth more than $47 billion to...

Gold prices fell on Wednesday as escalating tensions continued to?stoke inflation concerns, reinforcing the expectation of higher U.S. rates. Spot gold dropped 0.6% at $4,030.50 an ounce as of 1130 GMT. Tuesday, prices had risen more than 2% after weak U.S. inflation figures. U.S. Gold Futures for August?delivery fell 0.8% to $4.036.20. The Islamic Revolutionary Guard Corps of Iran has threatened to shut all export?corridors that benefit Washington after Tehran closed the Strait of Hormuz, and the U.S. reimposed its?naval blocade of Iranian port. After closing Tuesday at an all-time high, oil prices have risen. UBS analyst Giovanni Staunovo stated...

Gold gained more than 2% on Tuesday after ?softer-than-expected inflation data boosted hopes ?of the U.S. Federal Reserve adopting ?a ?less hawkish stance. Gold spot was up 1.6% to $4,063.78 an ounce at 1:30 pm EDT (1730 GMT) after it fell earlier in the day to its lowest price since July 1. U.S. Gold Futures closed 1.6% higher, at $4.069.70. Other currency holders can now afford greenback-priced gold because the U.S. Dollar has fallen by 0.6%. "Gold?gallops up on a subdued CPI that showed headlines falling but, more importantly, the?core remained unchanged at 0.2%. "This should reduce expectations for rate...

Warren Buffett announced on Tuesday that he had stopped giving money to the Gates Foundation following revelations regarding interactions between Microsoft co-founder Bill Gates, a philanthropist and former sex offender Jeffrey Epstein. Buffett said he will donate about $6 billion worth of?Berkshire Hathaway shares, which is 12 million Class B Shares, as part of his mid-year annual donation to four foundations run by his sons Howard, Peter, and daughter Susie. The 95-year old Berkshire Chairman did not mention Gates Foundation which has received over $47 billion in stock from the conglomerate since Buffett made an irrevocable promise to donate shares...

Gold rose more than 2% Tuesday, after inflation data that was softer than expected boosted expectations of the U.S. Federal Reserve taking a less hawkish position. Gold spot rose 2.1%, to $4.083.99 an ounce at 8:49 am EDT (1249 GMT), having fallen to its lowest price since July 1, earlier in the day. U.S. Gold Futures rose 2.2% to $4091,80. Other currency holders can now afford greenback-priced gold because the U.S. Dollar has fallen by 0.6%. "Gold gallops higher on a subdued CPI that saw headlines dive lower, but more importantly core unchanged?versus 0.2%. "This should reduce expectations for rate...