United States

The chief economist of the International Monetary Fund said that central banks may need to inflict more pain on the economy to control inflation caused by the long Middle East conflict than they did for the price spike after the pandemic. In a Tuesday interview, IMF Chief economist Pierre-Olivier Gourinchas explained that when Russia invaded Ukraine in 2022, oil prices rose to $100 per barrel, a post-COVID overheated economy required small increases in interest rates. Gourinchas stated that monetary tightening could be necessary, especially if inflation expectations are unanchored. Gourinchas, who spoke at the IMF and World Bank spring meetings...

On Tuesday, the Philippines' Energy Secretary Sharon Garin announced that her country is asking for an extension of a waiver allowing it to buy Russian oil and petroleum. Garin told a news briefing that he was awaiting the response of the other party, but he was confident about getting this 'other window.' The waiver had expired on April 11. Garin stated that the government is confident about obtaining the extension, but is also preparing alternative?supply arrangements in the event the request is denied. She said that the Philippines is diversifying its energy supply sources, and the options do not just...

Chris Wright, the U.S. Department of Energy's Secretary of Energy, said on Monday that oil prices will likely reach their peak in the "next few weeks" when ship traffic returns through the Strait of Hormuz. Wright, speaking at the Semafor World Economy Forum, said that despite his previous statements, oil prices are likely to rise until "meaningful ship traffic" resumes through the Strait. Wright stated that "energy prices will be high, and possibly even rise until we have meaningful ship traffic in the Strait of Hormuz." This will?probably be the time when oil prices are at their peak. It's likely...

Wall Street's major indexes closed sharply higher Monday, as investors hoped for a de-escalation of the Middle East and focused on the first quarter earnings season. Below, I'll go into greater detail about today's market?moves. Here are some articles that I recommend if you have the time to read. They will help you understand what has happened. Before you continue reading, please sign up for Jamie McGeever’s upcoming LSEG Webinar on April 23 where I will be discussing safe havens during uncertain times with Mike Dolan from ROI. Today's Key Market Moves: STOCKS: European shares close lower due to the...

The British government announced that British Finance Minister Rachel Reeves would tell her international counterparts traveling to Washington this week about the "securonomics", or approach, she uses in dealing with an uncertain world. Reeves will, while in the United States to attend an International Monetary Fund summit, once again promote Britain as "a rare safe haven for Investors" that provides stability amid rising energy prices. After weekend talks to end the war failed, Tehran has threatened to attack the ports of its Gulf neighbours. Britain's dependence on imported gas and stubbornly high inflation has led to a sharper selloff of...

Keir Starmer, British Prime Minister, said on Monday that despite the pressure he was under 'Britain will not be drawn into the Iran war or a blockade of Strait of Hormuz. He told BBC Radio 5 Live that he did not support the blockade, and added that it was important to get the Strait opened. Starmer stated that it was vital to get the Strait fully and completely open. We have put our efforts there in recent years and will continue to do so. He said that Britain had minesweepers operating in the area. While he couldn't discuss operational issues,...

The five-star Serena Hotel in Pakistan's capital is now the unanticipated venue for peace talks aimed at ending Iran's war. It has also cemented its reputation as Islamabad's fortified building. The city has been under unprecedented security in the lead up to the talks. Shops and offices were closed for two days before the arrival of U.S. vice president JD Vance who is leading an American delegation and senior Iranian officials. The Red Zone, where embassies and government offices are located, is cordoned off by thousands of security personnel, including paramilitary troops and army soldiers. Serena Hotel may seem like...

U.S. president Donald 'Trump' said on Saturday that a large number of completely emptied?oil tanks?were headed to the United States for refueling with oil and natural gas. "The best and sweetest oil and gas in the World are being loaded into the United States by a large number of oil tankers that are completely empty. Trump stated in a Truth Social posting that "we have more oil and better quality than the next two largest oil economies combined." The post was made as senior U.S. officials and Iranian officials met on Saturday in Islamabad, Pakistan with Pakistani mediators as Tehran...

Pat Ouedraogo, a Boston resident, has reduced his long-distance travels. Skyler Burke is a law student who drives extra miles in order to avoid the more expensive gasoline stations closer to her home. David Wright, an auto broker in Houston, has converted his gas-guzzling racing car into a purely electric?vehicle. Many motorists in the United States are experiencing similar struggles as the Iran War is driving fuel prices to record levels. Experts in the energy market have referred to the six-week war as the worst disruption of oil supply ever, as major production plants have been damaged and a vital...

Brazilian pulp giant Suzano announced on Friday that toilet paper, tissue and diaper prices will increase globally as companies try to cover higher transportation and 'chemical' costs if the U.S. and Israeli war against Iran continues. Suzano is the largest producer of pulp in the world, with a market capitalization of more than $60 billion. This pulp is used to manufacture Kimberly-Clark Cottonelle toilet papers, Kleenex tissues and sanitary products, as well as diapers, cardboard packaging, and other everyday items. The Iran War has caused a spike in oil prices, which have increased Suzano’s costs for shipping, trucking and rail....

China's Foreign Ministry said that it hoped "relevant parties" would seize this opportunity to bring the Middle East back to stability. This came after Iran and the U.S. agreed on a ceasefire following the Middle East conflict. In a press briefing, the spokesperson for China's foreign ministry Mao Ning stated that China has "actively tried to promote reconciliation and avoid further fighting." Both the U.S.A. and Iran agreed late on Tuesday to a ceasefire of two weeks?to the conflict which has shaken?global markets? and caused?geopolitical turmoil? Mao, the Chinese leader, said that Beijing hoped the relevant parties would take advantage...

Exxon Mobil Corp is planning overhauls at its Beaumont, Texas refinery that produces 612,000 barrels per day - in the spring and the end of the year, according to people familiar with the plant's operations. Sources said that Exxon will shut down the 60,000 bpd coker in May for an overhaul. The planned overhaul is expected to continue until June. Sources say that in December, the fluid catalytic 'cracker', which produces 120,000 bpd of gasoline, will be closed for an overhaul, along with two hydrotreaters, lasting until January. Cokers are used to convert residual 'crude oil' into fuels, or petroleum...

Greenland's Prime Minister said Tuesday that he appointed his predecessor Mute Egede to the position of?foreign ministry, giving him the task of steering the relations with the United States amidst pressure from U.S. president Donald Trump to control the island. Premier?Minister Jens Frederik Nielsen stated that Egede’s portfolio would also include those of minerals resources and business policy. Trump has repeatedly claimed that the United States is in need of Greenland, which is a part if the Kingdom of Denmark. This claim has caused a rift between European NATO allies, who have rejected it. Greenland and Denmark, as well as...

Gold prices increased?on a?Tuesday?, aided by a softer Dollar and easing fears of inflation. Oil prices fell on the hope that further U.S. Iran peace talks would be held. As of 0755 GMT, spot gold rose 0.8% to $4,775.20 an ounce. U.S. Gold futures for delivery in June rose by 0.7% to $4 798.40. Oil prices?fell under $100 a barrel after signs of possible talks to end U.S.-Iran War?eased fears about supply risks arising from the U.S. ban on Iranian ports. Increased crude oil prices increase transportation and production costs, which in turn contribute to inflation. Gold is often used...

Benchmark Mineral Intelligence revealed on Tuesday that high petrol prices in Europe drove car buyers to EVs, leading to the first global EV growth month this year. Fuel prices have been capped by governments around the world to protect motorists from rising costs. The war in Iran that erupted Feb. 28 disrupted an important shipping route which carried about 20% of the global oil supply. BMI reported that registrations of new battery-electric cars and plug-in hybrids rose by 3% on an annual basis globally, to more than 1.7 million vehicles. In Europe, the number of EVs sold reached a record...

Codelco's Chairman Maximo Pacheco said that despite the price increases due to the Middle East conflict, the firm was still on track to reach its 2026 production target. The company hopes to increase production to 1.7 millions tons by 2030 after falling to a quarter century low in 2022-2023. However, the Middle East war pushed Codelco’s cash costs up by at least ten cents per pound. "That's a lot," Pacheco stated. He added that the biggest challenge facing the industry was operational continuity. "We've seen copper production becoming more difficult every day," he said. Codelco was able to protect itself...

V enezuela’s efforts to attract foreign investors for the development of its gold, bauxite and?iron seams have enthusiastic support from the Trump administration, but face big challenges. These include armed groups that have deep interests in the chaos and largely illegal prospecting industries which?developed during the last 20 years. Sources in Bolivar, a sprawling state in the southeast of Colombia, said that they are skeptical about international companies' ability to invest meaningfully if there is not a major improvement in security. Local criminals work alongside Colombian rebels. State security forces and the Colombian government have been accused by criminals of...

Gold fell to a new low of?nearly one week? on Monday as a stronger dollar and a surge in oil prices above $100 following the U.S. move to blockade Iranian port fuelled inflation fears, prompting traders back off their expectations of Federal Reserve rate reductions this year. As of 0735 GMT spot gold was down 0.4% to $4,730.75 an ounce. It had hit its lowest level since April 7 earlier that day, at $4643. U.S. Gold Futures for June Delivery fell 0.7% to $ 4,753.30. The dollar gained 0.3% after the?U.S. The Navy prepared to blockade the Strait of Hormuz,...

Gold?prices fell to a low of a week on Monday due to a?stronger?dollar. Meanwhile, a rise in oil prices after the failed U.S. Iran peace talks fueled inflation fears and dampened expectations that Federal Reserve rates would be cut this year. As of 0445 GMT spot gold fell 0.7% to $4,716.70 an ounce. This is its lowest level since the 7th of April. U.S. Gold futures for June delivery dropped 1% to $4 738.90. Oil prices rose above $100 per barrel as the dollar gained 0.4%. The U.S. Navy was preparing a blockade of Strait of Hormuz to restrict Iranian...

Gold prices dropped to a one-week-low on Monday, despite a stronger dollar. A surge in oil prices following the failure of U.S. Iran peace talks fueled inflation fears and dampened expectations that Federal Reserve rates would be cut this year. As of 0222 GMT spot gold was down 0.6% to $4,718.98 an ounce after reaching its lowest level since the 7th of April earlier in session. U.S. Gold Futures for June delivery dropped 1% to $4742. Oil prices rose above $100 per barrel as the U.S. Navy prepared to blockade the Strait of Hormuz, which could limit Iranian oil shipments...

CEO Barbara Humpton said that shareholders of 'USA Rare Earth' should not worry about the terms of a pending investment by the U.S. Department of Commerce in the company. The deal gives Washington equity even if the funding falls through, she added. The $1.58-billion debt-and equity funding package announced in January is the latest in the Trump administration's?string? of critical-minerals investment. It was part of an effort to boost U.S. production for the building blocks of electronics, weapons, and other products. Some lawmakers are concerned about the terms of the USA Rare Earth agreement and how it was negotiated. The...

A U.S. Trade?court considered Friday the legality of President Donald Trump's 10% global import -tax, which many states and small business claim circumvents a U.S. Supreme Court ruling invalidating most of his previous tariffs. Two small businesses and a group of 24 mostly Democratic-led states sued the Trump Administration to stop the new tariffs that went into effect February 24, 2019. The hearing will be conducted by a panel of three judges of the U.S. Court of International Trade. Oregon's attorney Brian Marshall said that the judges should block the tariffs of 10% rather than allow them to expire according...

Bloomberg News reported Friday that the European Union and Washington were close to a?agreement coordinating?on producing?and securing?critical minerals. Reports citing a "action plan" said that the potential deal could include incentives, such as price guarantees, which would favor non-Chinese vendors. Report: The EU and U.S. will also work together on standardization, joint projects, and investments, as well as a greater coordination of any disruptions in supply by countries such as China. The European Commission refused to comment on the report. The U.S. Trade Representative's office did not immediately respond to requests for comments. Maros Sefcovic, EU trade commissioner, said that...

The National Assembly of Venezuela, controlled by the governing party, approved a law on mining that is expected to?open the sector to private and foreign investment. This follows the easing of restrictions in the U.S. economy to encourage foreign investment. Since the January raid in which President Nicolas Maduro was captured, the administration of U.S. president Donald Trump has supported the efforts of acting President Delcy Rodriguez. Trump has repeatedly praised Rodriguez's?cooperation with the U.S. The law allows domestic, foreign, state owned and private companies to exploit "strategic mineral" and gold. The concessions are for 30 years maximum, but they...