United States

Chris Bowen, Australia's Energy Minister, said that the country would ease up on its standards for fuel quality until September. This is because of a deterioration in fuel supplies due to the war with Iran. Bowen made a televised statement: "I have decided to extend the period for higher sulphur in petrol in Australia." The relaxation announced in March increases the amount of allowed sulphur in fuel from the usual 10 parts to 50 parts. As the war, now in its eighth week, disrupted supply chain, Australia has seen localised shortages. Bowen?said that the production of diesel, jet-fuel and petrol...

The U.S. The?U.S. Department of Energy announced on Friday that it had lent 26.03 million barrels of oil from the Strategic Petroleum Reserve (SPR) to nine oil firms. This is the third allocation under?the Trump Administration's efforts to curb fuel costs, which?have risen since the U.S. and Israeli war on Iran. In March, the 'Trump Administration' agreed to release 172 millions barrels of crude oil from the Strategic Petroleum Reserve in coordination with the International Energy Agency to draw down 400,000,000 barrels to try to control fuel costs that spiked because of the war. Energy companies are required to pay...

Kristalina?Georgieva, IMF's Managing Director, said that the IMF will provide Venezuela with financial support as part of its re-engagement program with South American oil exporter. Georgieva said at a Washington press conference that the IMF was ready to put together a team of staff to work with Venezuelan officials, but that the country faces "a very difficult road" in order to restore financial and macroeconomic stability. The IMF announced on Thursday that it was re-engaging with Venezuela after not having had any dealings since March 2019, and no economic assessments since 2004. Georgieva stated that "after a seven-year pause, our...

The oil prices fell by 13% after Iran's Foreign Minister said that the Strait of Hormuz would remain open to all commercial vessels for the remainder of the ceasefire period. U.S. president Donald Trump also said Iran had agreed not to close the strait ever again. Brent crude futures dropped $12.87 or 12.95 percent to $86.52 per barrel at 10:50 am EDT (1450 GMT) after hitting a session's low of $86.09. U.S. West Texas Intermediate Crude Futures fell $13.50 or 14.26% to $81.19 per barrel after reaching $80.56. Both contracts traded at their lowest since March 10 and were set...

Early Friday morning, oil prices dropped on the optimism that the Middle East conflict could be coming to an end. A 10-day ceasefire between Israel and Lebanon went into effect after the inauguration of the ceasefire. Moreover, 'President Donald Trump' said the U.S. may hold talks with Iran over the weekend. Brent crude futures fell $1.34 or 1.35% to $98.05 per barrel at 0021 GMT. U.S. West Texas Intermediate Crude Futures declined $1.65 or 1.74% to $93.40 per barrel, reducing gains from the previous day. Trump addressed a major sticking point in talks to end the Iran War, which has...

Analysts and traders say that U.S. crude cargo prices have fallen from recent price spikes, while in Europe and Asia prices continue to reach record highs, seven weeks after the Iran 'war. The war in Iran disrupted the global oil flow with the closure of the Strait of Hormuz - a vital trade route - and caused damage to oil facilities in the entire region. This pushed the price of crude oil in Europe, the Middle East and Asia up to record highs. As the world's largest oil producer, the U.S. has been able, through its refineries, to access the...

Israel and Lebanon will implement a 10-day truce beginning at 5 pm EST (2100 GMT) Thursday in order to facilitate negotiations towards a permanent "security and peace" agreement. The U.S. State Department said that the ceasefire could be extended mutually. Israel's campaign against Lebanon is a major obstacle in achieving a peace agreement sought by U.S. president Donald Trump in order to end his war with Iran, which he began?with Israel late February. This has disrupted global energy trade and risen oil prices, risking further economic fallout. According to the U.S. State Department, once the ceasefire agreement is signed, the...

French Finance Minister Roland Lescure announced on Thursday that the Group of Seven finance and central bank chiefs had agreed to be ready to "act" to reduce economic and inflation risk caused by Middle 'East war energy price and supply fluctuations. Lescure told reporters at the International Monetary Fund's and World Bank's spring meetings that the outcome of the global economy depends on the speed with which the conflict is resolved. The International Energy Agency, with the support of the G7, released last month a record-breaking amount of oil from its strategic reserves in order to counter the cuts of...

?U.S. Defense Secretary Pete Hegseth said at a Pentagon press briefing that forces in the Middle East were 'postured' to re-start combat operations if Iran refused to agree to a peaceful deal. He said, "You Iran can choose a prosperous, golden future. We hope you will do this for the people of Iran." "But if Iran chooses badly, they will face a blockade, and bombs being dropped on their infrastructure, power, and energy." U.S. forces have imposed a blockade against all ships attempting to enter or exit Iran as part of a campaign to press Tehran into a deal. "We...

Last week, the U.S. almost became a net oil exporter for the first since World War Two. Shipments surged to near-record highs to meet the demand of Asian and European buyers scrambling in order to replace Middle East supply?cut off by the Iran War. The U.S.-Israeli war against?Iran has caused the biggest ever disruption in the global energy markets. Iranian threats have stopped a fifth of oil and gas from the world transiting through the Strait of Hormuz. Refiners who depend on these supplies in Asia and Europe have purchased alternative cargoes wherever possible, thereby boosting the demand for oil...

Treasury Secretary Scott Bessent said to reporters that the United States would not be renewing waivers which allowed some Iranian and Russian oil to be purchased without facing U.S. sanctions. Reports on Tuesday stated that Washington will not renew the 30-day waiver for sanctions against 'Iranian Oil at Sea' that expires in this week and that a similar waiver would expire on sanctions against Russian oil over the weekend. We will not renew the general license for?Russian oil and we won't be renewing the?general?license for Iranian oil. This was oil which was in the water before March 11. All of...

The International Monetary Fund (IMF) expects that at least 12 countries will?seek out new loan programs? to deal with the surging 'energy prices? and supply chain disruptions caused by the Middle East?war?,? the head of global crisis lender, said on Wednesday. Kristalina Georgeeva, IMF's Managing Director, warned of further supply disruptions if the Strait of Hormuz is closed even if it ends quickly. She also urged nations to reduce fuel consumption. At a press briefing during the IMF/World Bank spring meetings, Georgieva reiterated her estimation that the disruptions caused by the war would trigger a new demand for financial support...

USA Rare Earth announced on Monday that it would acquire Brazilian 'rare earths' miner Serra Verde, for $2.8 billion, in cash and shares. This is another step in the company's broader strategy to create a unified operation encompassing mining, processing, and magnet -making. A statement stated that the U.S. firm will pay $300 in cash for the transaction and 126.9 in newly-issued shares. The deal is expected to be completed in the third quarter 2026. Serra Verde said it also entered into a 15 year agreement on Monday to supply 100% its production in the initial phase of the mine...

Gold prices dropped on Monday due to the stronger U.S. dollar and renewed inflation concerns?after a second closure of the Strait?of?Hormuz?pushed oil prices higher. As of 0930 GMT spot gold was down 0.7% to $4,792.89 an ounce after reaching its lowest level since April 13 earlier in session. U.S. Gold Futures for June Delivery fell by 1.4% to $4.812.60. Oil's rise after the weekend chaos surrounding the Strait?Hormuz ensures that inflation risks remain tangible, offsetting the allure of gold as a safe haven asset. Han Tan, chief analyst at Bybit, said that the precious metal has taken a backseat in...

As the dollar strengthened, gold prices fell, and oil prices rose, as news spread that 'the Strait of Hormuz was closed again. This sparked inflation fears. As of 0730 GMT spot gold was down 0.7% to $4,792.89 an ounce after reaching its lowest level since April 13 earlier in session. U.S. Gold Futures for June Delivery fell by 1.4% to $4.812.20. Ilya 'Spivak is the head of global macro at Tastylive. He said that gold prices were lower today after the U.S. - Iran war ceasefire, which markets celebrated last Monday, appeared to have broken down. "This has brought back...

The dollar strengthened on Monday, and gold prices fell. Meanwhile, news that the "Strait of Hormuz" is once again closed pushed up oil prices, reigniting inflation concerns. As of 0537 GMT spot gold was down by 0.7% to $4,794.21 an ounce after reaching its lowest level since April 13 during the earlier session. U.S. Gold Futures for June Delivery fell 1.3% to $ 4,813.70. Ilya Spivak is the head of global macro at Tastylive. He said that gold prices were lower today because the U.S. - Iran war ceasefire, which markets celebrated last Friday, appeared to have broken down. "This...

Gold prices fell Monday as the dollar strengthened. Meanwhile, news that 'the Strait of Hormuz was closed again' pushed up oil prices and rekindled inflation fears. As of 0351 GMT spot gold was down by 0.7% to $4,793.98 an ounce after reaching its lowest level since the previous session. U.S. Gold Futures for June Delivery fell 1.4% to $ 4,813.60. Ilya Spirak, global macro head at Tastylive, said that gold prices were lower today because the U.S./Iran ceasefire that was celebrated by markets last week appears to have broken down. "This has brought back the familiar 'war-trade' dynamics that we...

The 'dollar strengthened on Monday, and gold prices fell. Meanwhile, news that the 'Strait of Hormuz was closed again drove oil prices up. Inflation fears were revived by the news that the Strait of Hormuz would be closed once more. As of 0155 GMT spot gold was down 0.4% to $4,809.71 an ounce after reaching its lowest level since the April 13 session earlier in this session. U.S. Gold Futures for June Delivery fell 1% to $ 4,829.40. Ilya 'Spivak is the head of global macro at Tastylive. He said that gold prices were lower today after the U.S. -...

Investors hailed Iran's decision on opening the Strait of?Hormuz, which boosted the S&P?500, the Nasdaq, and the Dow. Abbas Araqchi, Iran's Foreign Minister, said in a posting on X that the Strait of Hormuz would be "completely opened" to all commercial vessels for the remaining 10 days of the truce agreed in Lebanon between Israel and Iran-backed Hezbollah. The U.S. president Donald Trump had said that Washington would soon be able to secure a peace deal with Iran. Oil prices fell over 11% as markets became more confident that the end of the "war" was near. This eased inflation fears....

Wall Street's major indexes rose Friday after investors hailed Iran's decision, following the ceasefire agreement in Lebanon, to open up the Strait of Hormuz. Abbas Araqchi, Iran's foreign minister, announced?in a X post that the Strait of Hormuz would be "completely opened" to?all commercial vessels for the remaining 10 days of the truce agreed in Lebanon between Israel forces and Iran-backed Hezbollah. The announcement comes after U.S. president Donald Trump said that Washington would soon be able to secure a peace deal with Iran. This resolution will drive the markets higher. "Neither the administration nor anyone else in their right...

The U.S. Treasury Department imposed sanctions Thursday on a number of individuals and companies operating?in Nicaragua’s gold sector. This included two sons?of?the co-presidents?of the country. The Treasury Department announced in a press release that Santiago Hernan Bermudez Tapia is also sanctioned. He is Nicaragua's vice-minister of energy and mining. The Treasury Department also announced sanctions against a number of companies that they said were complicit in helping Nicaragua's government to generate money through gold and maintain its political control. Treasury Secretary Scott Bessent stated that the Nicaraguan Government, led by?Rosario Murillo, her husband Daniel Ortega and their family, sought to...

Gold prices were stable on Thursday, after reaching a high of?one-month in the previous session. As of 1:36 pm, spot gold was little changed at $4.785.57 an ounce. ET (1736 GMT). U.S. Gold futures ended the day 0.3% lower, at $4.80830. Investors became concerned about inflation and the market's liquidity. The precious metal fell in March, after U.S. and Israel began a war against Iran in late-February. Gold is a?asset that yields nothing, so it tends to lose its appeal when interest rates rise. Gold has recovered on the back of hopes that the U.S. will?achieve a lasting peace with...

Federal Judge Richard Leon ruled again on Thursday that U.S. President Donald Trump's plan for a White House ballroom to be built without congressional approval is illegal. The judge faulted the Republican president for claiming that national security requirements demanded that the project move forward. U.S. district judge Richard Leon issued a 10-page injunction on March 31, which had ordered the construction to cease. He did this to address Trump's and federal agencies "brazen" interpretation of the earlier decision. The National Trust for Historic Preservation sued the Administration, alleging that Trump overstepped his authority by razing the historic White House...

Gold prices held steady on Thursday as the markets watched developments between the U.S. and Iran, including their impact on inflation and interest rate rates. As of 11:00 am, spot gold was unchanged at $4.789.09 an ounce. After hitting a month-high in the previous session, ET (1500 GMT) was little changed. U.S. Gold Futures dropped 0.3% to $4.810.90. If we see an easing in tensions between the U.S. and Iran or a war ending, it will increase the likelihood that the Federal Reserve rate could be cut down the road... This would support precious metals," said David Meger, director of...