United States

Treasury Department: The United States sanctioned?Iraq’s deputy 'oil minister? and militias on Thursday for their support of Iran. The Treasury Department accused Iraqi deputy minister Ali Maarij Al-Bahadly, of abusing his "position to facilitate the diversion" of oil for sale to the Iranian regime and their proxy militias in Iraq. The deputy oil minister and the Iraqi oil ministry did not respond to requests for comment. Hayan Abdel Ghani, Iraq's Oil Minister in March, said that Iranian oil tankers stopped by U.S. Forces in the Gulf used forged Iraqi papers. ?Tehran denied using such documents. The United States and Iran...

U.S. Energy Secretary Chris Wright stated on 'Thursday' that Iran has reduced its oil production by about 400,000 barrels per day and will likely reduce it further as the storage units fill up. It looks like they have already reduced their production by maybe 400,000 barrels per day. Wright told Fox News that?they'll continue to ramp down production as their storage fills up and they are unable to export oil. Shipping data and analysts say that a U.S. navy blockade against Iranian ports has slowed down Tehran's oil production, leaving a growing stockpile on tankers, as Iranian storage facilities are...

Lanxess reported on Thursday a'muted' quarterly core profit, which was? broadly?in line with the market expectations. However, it said that March saw a slight improvement as customers began to turn to European chemical manufacturers to avoid any supply risks. The German specialty chemicals company stated that "a persistently weak economy, geopolitical uncertainty and last year's divestments" characterized the first quarter of 2026. It said that cheaper raw materials and pressure from?Asia on prices in certain segments also drove down selling prices. Since March, we've seen a slight improvement in the momentum. Due to the Middle East conflict, many Asian competitors'...

Kentucky Governor Andy Beshear reduced 'the state’s gasoline tax by ten cents' as residents continued to struggle with rising prices due to the U.S. - Israeli conflict with Iran. The Democratic Governor also announced that he would delay a 0.6-cent increase per gallon in the current state tax of 26.4-cents, which was due to go into effect on July 1. Together, the two moves will save residents $1.7 million each month. Beshear announced in the emergency regulation that "oil prices will continue to rise until April 30th 2026 when they reach a four-year high." This emergency administrative regulation will remain...

Canadian retailer Loblaw missed Wall Street expectations for the first quarter revenue on Wednesday, as consumers become more cautious in their spending amid rising macroeconomic uncertainty. Lower-income Canadians are cutting back on non essential spending due to a squeeze on their household budgets caused by?higher prices for groceries, higher crude oil prices from Iran's war, and increased inflation. Retailers in North America are feeling the pinch. U.S. supermarket Albertsons forecasted soft sales last month, and Canadian discount retailer Dollarama projected a year-end?sales that were largely below expectations. Loblaw continues to expect that its adjusted net income will grow in the...

Pirelli announced on Wednesday that it would begin producing Cyber Tyres for the United States after Italy curbed its influence with Sinochem, the Chinese investor of the premium tyre manufacturer, in an effort to aid the company's expansion across the Atlantic. Italy's government resolved a dispute last month over Sinochem’s stake in Pirelli by using "golden powers". Sinochem, Pirelli's largest shareholder with a stake of 34.1%, was the cause of the dispute. Sinochem fears that Pirelli may fall foul of U.S. regulations restricting use of Chinese technology within?the automotive sector. Pirelli announced that it would manufacture its connected Cyber Tyre...

The U.S. Trade Deficit widened during 'March, as a 'artificial intelligence investment boom 'pulled in imports. This more than offset an increase in exports that was partly driven by the Middle East conflict. The Bureau of Economic Analysis and Census Bureau, part of the Commerce Department, reported that the trade deficit grew 4.4% in March to $60.3 billion. The economists polled by?by predicted that the trade deficit would rise to $60.9 billion in march. The trade deficit 'diminished by 1.30 percentage points the growth of gross domestic product in the first quarter. The economy grew by 2.0% on an annualized...

According to a statement posted on the website of the U.S. Treasury Department on Monday, "the United States extended a license protecting Venezuelan-owned refiner Citgo Petroleum against 'creditors until June '19." The Office of Foreign Assets Control issued the general license to boost investment in Venezuela and increase oil production. The U.S. also strengthens its protection of Houston's?Citgo, and its overseas parent companies which are the crowning jewels of Venezuela's foreign assets. Citgo is America's eighth largest refiner. The previous OFAC licence, issued in March, was set to expire on May 5. Citgo will be acquired by Amber Energy, a...

Reliance Industries, India's largest chemical company, is reducing output of alkylates while?diverting the feedstock in order to increase production of liquefied gas (LPG), as India struggles with shortages due to the Iran War. The operator of 'the world's largest refining complex runs its alkylation unit on a minimum rate, reducing exports of gasoline-blending components. Reliance exports alkylates primarily to the U.S., from its export-focused refinery that produces 704,000 barrels per day. The company claimed that LPG production had increased by'more than threefold compared to pre-war levels. The company stated in a press release that the move was made to fill...

Chevron's first-quarter earnings exceeded Wall Street expectations on Friday as higher oil prices related to the U.S./Israeli war against Iran helped boost its results in its upstream business. LSEG data show that the company's adjusted earnings per share were $1.41, which is well above the consensus estimate. Despite the big beat, overall profits were at their lowest levels in five years. This was partly due to timing effects related to financial derivatives. Chevron’s largest business unit upstream generated $3.9 billion, an increase of 4% on the previous year, as oil prices rose. In a press release, CEO Mike Wirth stated...

Exxon Mobil beat expectations for the first-quarter adjusted earnings, but unadjusted profits?dropped below their previous level of five years because of disrupted shipments due to the Iran War and paper losses?from hedging activities. LSEG's consensus estimate of $1.00 per share was surpassed by adjusted earnings of $1.16 for the first three -months. The adjusted figure excludes a $700-million loss due to the disruption of the energy market caused by the Middle Eastern conflict, which began at the beginning of February. Earnings per share were also $2.09, excluding the negative impact of financial derivatives which have a short-term impact. The first-quarter...

HF Sinclair announced a surprising first-quarter 'adjusted' profit on Friday. This was aided by increased refining % margins and higher refined product sales. The U.S. refineries are reaping the highest margins they have seen in years as the 'disruptions' to Middle Eastern oil flow due to the Iran War has increased demand for U.S. exports of fuel. The effective closing of the Strait of Hormuz by Tehran -- a crucial chokepoint where a fifth of all global oil and gas shipments pass -- has stoked fears about supply, sent crude futures prices higher and triggered a spike in volatility across...

Acerinox's CEO on Friday left a 'door open' for a potential?New York IPO of its U.S. operations, which make up?the majority of the Spanish steelmaker’s earnings. Acerinox, in a Bloomberg News interview last year, floated the idea of listing its U.S. businesses locally after Haynes International is integrated. The acquisition was completed in late 2024. "We can't not consider it," CEO ?Bernardo Velazquez told . "While U.S. valuations and U.S. liquidities remain far higher than those in Spain I believe that we are obliged?to explore all?possibilities." Acerinox will maintain its majority stake in the U.S. company if it proceeds with...

Analysts and traders say that the volume of refined copper imported into the United States this year is unlikely to exceed the record shipment in 2025 due to the already swollen stockpiles, as well as the spike in logistics fees, resulting from the Iran War. Copper prices on COMEX have again risen above the global benchmark of the London Metal Exchange, prompting renewed flows to the U.S. while the market awaits news if U.S. president Donald Trump will impose import tariffs. Last year, the U.S. bought massive amounts of copper on the COMEX stock market in anticipation of tariffs. The...

The U.S. trade court ruled on Thursday against President Donald Trump’s latest 10% tariffs on global goods, stating that they were not justified by a 1970s law on trade. However, the court only halted 'the levy on Washington State and two small businesses. The U.S. Court of International Trade has ruled in favor of two businesses, Washington State and the state of Washington that had challenged the tariffs which went into effect on 24 February. The decision was 2-1 with one judge stating that it was premature for the small businesses to win. The White House didn't immediately respond to...

The United States imposed financial sanctions on Thursday on a conglomerate of businesses run by the?Cuban military and a joint venture between Cubans and Canadians in the mining industry. This comes as the Trump Administration intensifies its pressure on Cuba's communist leadership by targeting foreign investment sources. Donald Trump, the U.S. president, has commented on the January military raid that was conducted to capture the leader of Venezuela's longtime ally Cuba. Cuba is next" and blocked most oil deliveries to the country. This worsened power outages in the island. Trump signed an executive directive last week that broadened U.S. Sanctions...

U.S. Construction spending rebounded during March, thanks to a surge of single-family homes. However, higher mortgage rates may limit future gains. Census Bureau of the Commerce Department?said?on?Thursday? that construction spending rose by 0.6%, after falling by 0.2% in February. The economists polled had predicted that construction spending would increase by 0.2% in March. Construction spending increased 1.6% in March on an annual basis. The Census Bureau is now releasing construction spending data after the delays caused by last year's federal government shutdown. The increase in private construction spending in March was 0.8%, after falling by 0.2% in February. Residential construction...

Australian'shares' logged their second consecutive session of gains,?boosted by mining and financial stocks as hopes for a?peace agreement off the Middle East helped stabilize markets worldwide and lift risk appetite. The benchmark S&P/ASX 200 rose 1% to 8,878.10, continuing gains for the second consecutive session after gaining 1.3% on Wednesday. The global markets were encouraged by the prospects of a Middle East Peace Deal after Trump stated that he expects the war in Iran to be over soon. This positive sentiment spread into Australian markets. Cameron Curko (chief investment officer, Pitcher Partners) said that gold and copper-related miners are rising...

Gold prices rose on Thursday for a third straight session, supported by a weaker dollar. Hopes of an agreement between the U.S. and Iran eased fears over inflation. As of 0615 GMT spot gold was up by 0.4% to $4,707.52 an ounce. It had risen about 3% Wednesday, reaching its highest level since April 27. U.S. Gold Futures for June Delivery?rose by 0.5% to $4 716. Donald Trump, the U.S. president, predicted that the war between the U.S. and Iran would end quickly as Tehran considered an American peace proposal. According to sources this proposal would end the conflict formally...

On 'Wednesday', copper prices reached their highest level in almost two weeks on hopes that Iran and the U.S. are nearing a deal to end the Middle East?war. The benchmark three-month 'copper' on the London Metal Exchange increased 2.1% to $13,410 per metric ton during official open-outcry trade for a third consecutive session. It had earlier reached its highest level since April 23, at $13,462. Sources said that the United States and Iran were close to an agreement over a memorandum of understanding (MOU) of one page in order to end the Gulf War. Robert Montefusco, broker at?Sucden financial, said...

The Group of Seven Trade Ministers met in Paris on Wednesday to find common ground for securing vital?mineral? supplies that are dominated primarily by China. However, the United States' recent tariff threats against European Union made cars could strain unity. As ministers prepare to hold a summit of leaders in mid-June, Nicolas Forissier, the French Foreign Trade Minister said that France wanted critical minerals supplies among its most tangible deliverables. He said: "I think we'll make concrete progress in rare earths, critical minerals and supply chain security. We won't be held hostage to certain countries." There was a broad consensus...

After a report by Axios that the U.S. is close to completing a one-page "memo" with 'Iran, the U.S. dollar dropped and stocks and bonds rose. The broad STOXX 600 index in Europe jumped dramatically and ended the day up 2.2%. Energy- and economy-exposed stocks such as?banks, miners, and oil and gas companies fell. According to a report from the U.S., the U.S. is expecting Iranian responses to several key issues?within 48 hours. The report cautioned however that no agreement has yet been reached but stated this was the closest the parties have ever come to an accord since the...

Nickel prices reached $20,000 for the first time since about two years as U.S. president?Donald Trump hinted at a possible peace agreement that would end the war with Iran. The benchmark three-month copper price on the London Metal Exchange increased 1.1% to $13,284.50 a metric ton at 0804 GMT. This is its highest level since March 27. The Shanghai Futures Exchange's most traded copper contract was up 1.6% to 102,660 Yuan ($15.029.98) a ton. The Chinese markets resumed trading Wednesday after the May Day holiday. LME nickel rose 1.4% to $19 915 per ton, after reaching $20,000, the last time...

Gold prices rose?more?than 2% on Tuesday after the?U.S. President Donald Trump suggested that a possible deal could be made with Iran. This sent the dollar and crude prices lower, as inflation fears waned. As of 0811 GMT, spot gold rose 2.7% to $4680.91 an ounce. This is the highest it has been since April 28. U.S. Gold Futures for June Delivery rose?2.7%, to $4693.20. U.S. president Donald Trump announced on Tuesday that he will temporarily pause a mission to help escort vessels through the Strait of Hormuz. He cited progress towards a comprehensive deal with Iran. Iran's foreign minister said...