United States

Reporters visiting the region found that U.S. troops have now withdrawn from two additional bases in northeastern Syria. This is part of a larger troop withdrawal, which, according to the commander of U.S. backed Syrian Kurdish Forces, has allowed a resurgence by Islamic State. Reporters who visited these two bases last week found that they were mostly deserted. They were both guarded only by a small number of Syrian Democratic Forces, the Kurdish led military group Washington has supported in its fight against Islamic State since a decade. The razor wire that surrounded the perimeters of the bases occupied by...

Wall Street's major indexes fell on Tuesday, as the Israel/Iran conflict entered its 5th day. This weakened investor confidence globally ahead of the Federal Reserve’s upcoming decision regarding monetary policy. The conflict between Israel and Iran, which began Friday with Israel attacking Iran's nuclear facility, has caused concern that it could cause bottlenecks in oil exports to the oil-rich Middle East. Wall Street believes that the situation will be contained. "The market is paying attention, but there is no panic at the moment," said Larry Tentarelli of Blue Chip Daily Trend Report, chief technical analyst. Oil prices remain high due...

Wall Street's major indexes are on course for a lower opening on Tuesday, as the Israel/Iran conflict enters its fifth day. This has dented global investor confidence in advance of the Federal Reserve’s upcoming decision on monetary policy. The air war between Israel and Iran, which began Friday with Israel attacking Iran's nuclear facility, has raised fears that it could cause bottlenecks in oil exports to the oil-rich Middle East. Wall Street believes that the situation will be contained. "The market is paying attention, but there is no panic at the moment," said Larry Tentarelli of Blue Chip Daily Trend...

MEG Energy, a Canadian oil company, urged Monday its shareholders to reject Strathcona Resources' hostile takeover bid of nearly C$6 Billion ($4.42 Billion), calling it inadequate and not in the best interests of their shareholders. The board launched a review of strategic alternatives to MEG's plan to become a separate company. Strathcona Resources, a Canadian oil and natural gas company, announced in May that it would launch a hostile bid to take over MEG Energy. Strathcona Resources valued MEG Energy's shares at C$23.27 each. MEG's closing price was C$25.71. MEG later advised its shareholders not to take any action regarding...

Ursula von der Leyen, President of the European Commission, said that more pressure should be applied to Russia in order to secure a ceasefire. She urged G7 nations intensify sanctions to achieve this goal. The leaders of the largest industrial countries are meeting in Canada’s Rockies, along with European nations. They want to keep the conflict in Ukraine on the minds of U.S. president Donald Trump, despite the fighting between Israel and Iran taking place in the Middle East. The European Union has decided to adopt new sanctions against Russia. However, they have not been able to convince Trump, who...

Yemen's Iran aligned Houthis announced on Sunday that they were targeting Israel in coordination and coordination with Iran. This is the first time a group with an Iran alignment has publicly announced a joint attack with Tehran. In a recent televised speech, Yehya Saarea, the military spokesperson said that the Yemeni group had targeted central Israel's Jaffa in the past 24 hours with a number of ballistic missiles. He added: "This operation was coordinated along with the Iranian army's operations against the criminal Israeli enemies." Earlier, the Israeli military said that sirens had been activated in various areas of the...

Israel launched strikes against Iran on Friday. It targeted its nuclear facilities, missile factories, and military commanders as part of a long-term operation, which it has warned will be prolonged, to stop Tehran from building atomic weapons. According to the National Iranian Oil Refining and Distribution Company, oil storage and refining plants were not damaged by the attack. Here are some interesting facts about the energy industry of the country, its exports, and the impact that previous Western sanctions had on it. SANCTIONS & OPEC According to OPEC, Iran's oil output peaked in the 1970s. In 1974 it reached a...

Wall Street's major indexes dropped on Friday, after Israel's deadly attack on Iranian nuclear installations inflamed Middle East tensions and battered the risk sentiment in global markets. Israel warned that these large-scale attacks were just the beginning of a long-term operation to stop Tehran from developing an atomic bomb. Iran has promised to respond harshly. Prices of crude oil soared by nearly 7% amid fears that the conflict in the Middle East could disrupt the supply. Exxon, a major U.S. energy company, rose 1.7%. Fuel costs may rise if there are supply bottlenecks. Delta Air Lines fell 3.7%, United Airlines...

Italiana Petroli is in negotiations with three parties interested in purchasing the oil refinery and is expected to make a decision around the end this month on the possible 3 billion euro deal ($3.5 billion). Two sources familiar with the matter confirmed that. Sources previously stated that Gunvor, the global commodity trader, State Oil Company of Azerbaijan, (SOCAR), and the Abu Dhabi-based Bin Butti Group had all made binding offers to purchase 100% of the privately held group. Two sources said that industrial groups from the Middle East had contacted the Italian company in order to express their interest, should...

The proposal will impact the oil and biofuels industries as well as major lobbying power. Sources say that the EPA's proposal is expected to cover 2026-2027. Sources: White House is considering a plan to deal with the backlog of requests for refinery exemptions By Stephanie Kelly and Jarrett Renshaw NEW YORK - According to the Office of Management and Budget's website, the White House completed its review of a proposed rule regarding U.S. Biofuel Blending Obligations and has returned it to the Environmental Protection Agency to be further acted upon. Oil and biofuels industries, two major Washington lobbying forces, eagerly...

The company reported that Pirelli shareholders approved its earnings report for the past year, despite Sinochem's opposition, which is the largest shareholder. The result of the vote indicates that Sinochem's influence over Pirelli, which was restricted by the Italian Government, does not have an effective control over the firm. Sinochem, who owns 37% of Pirelli, and Camfin (the second largest shareholder) have fought over the issue. They claim that the large Chinese presence at Pirelli is a threat to their ambitions to expand in the United States. Sinochem was the sole shareholder who voted against the approval of 2024's annual...

The Omani Foreign Minister announced on Thursday that the sixth round of U.S. - Iran nuclear talks would be held in Muscat on Sunday, following Donald Trump's reiteration on Wednesday that Tehran will not be permitted to possess a nuclear device. Trump announced on Wednesday that U.S. personnel was being relocated from the Middle East, because it "could be a dangerous area". U.S. sources and Iraqi ones said that earlier, the U.S. prepared to evacuate its Iraqi Embassy and allow military dependents leave Middle East locations due to increased security risks. The four U.S. sources and two Iraqi ones did...

Mitsubishi Motors announced on Tuesday that it would be increasing the prices of U.S. cars by an average 2.1%. This is the latest automaker who has passed on cost increases to the consumers due to the Trump Administration's tariffs. In April, President Donald Trump imposed tariffs of 25% on imports of cars from Japan and almost all other countries. This prompted Mitsubishi to suspend its deliveries to U.S. dealerships. The Japanese automaker said that it resumed these deliveries last week. Mitsubishi explained that the 2.1% increase in average weighted prices, effective on Wednesday, "is a result of our ongoing and...

U.S. president Donald Trump said that Treasury Secretary Scott Bessent stayed in Canada for the G7 summit, and suggested Japan is being "tough' in trade negotiations and the European Union has not yet offered him what he considered to be a fair deal. Trump left early from the G7 to deal with the developments in the Middle East. The president told reporters that the EU has been very tough with the United States over the years. Trump said, "We are talking but I do not feel they have offered a fair offer yet." "They will either make a fair deal,...

The prices of metals fell in London on Tuesday due to a stronger U.S. Dollar and the escalating tensions with Israel and Iran. As of 0246 GMT, the London Metal Exchange reported that three-month copper was down by 0.3%, at $9,677 a metric ton. LME aluminium fell by 0.2%, to $2 508 per ton. Zinc dropped 0.4%, to $2 646, while lead dropped 0.5%, to $1 996.50, and nickel fell 0.4%, to $15 005. Tin fell 0.3% to $32,505. Metals prices fell this morning as a result of the conflict between Israel and Iran, according to a Singapore-based metals dealer....

The price of metals fell in London on Tuesday due to a stronger dollar, and the escalating tensions with Iran and Israel. As of 0124 GMT, the London Metal Exchange reported that three-month copper was down by 0.3%, at $9,673.50 a metric ton. LME aluminium fell by 0.1% to 2,511.50 dollars a ton. Zinc fell 0.4% at $2,649; lead fell 0.4% at $1,998.50; and nickel dropped 0.4% at $15,005. Tin fell 0.4% to $32,505. The SHFE's most-traded contract for copper gained 0.3%, to 78.500 yuan per metric tonne ($10,934.67). Israel and Iran attacked one another for the fifth day in...

Investors were cautious after reports of an Israel-Iran possible ceasefire. This led to a decline in Australian shares on Tuesday. As of 0035 GMT, the S&P/ASX 200 was unchanged at 8,547.50. The benchmark closed Monday with little change. Reports late on Monday indicated that Iran had asked its regional allies, including the United States President Donald Trump, to exert pressure on Israel to bring about an immediate ceasefire. This raised hopes for a possible Middle East ceasefire. Market participants are trying to gauge how much of an impact the conflict between Israel and Iran could have on asset prices, said...

The Australian manganese manufacturer Element 25 announced on Tuesday that the Northern Australia Infrastructure Facility has agreed to provide an advanced debt facility up to A$50m ($32.57m) for its Western Australia project. Early trading saw shares of the producer jump as high as 10.3%, to A$0.215. Manganese, a metal in high demand by the electric vehicle industry, is being funded. General Motors, along with its battery partner LG Energy Solution, announced last month that they plan to begin commercial production in the United States of lithium manganese rich (LMR) batteries chemistry starting in 2028. GM says the chemistry will be...

Mark Carney, the Canadian Prime Minister, announced on Monday that he and U.S. president Donald Trump had agreed to try to conclude a new security and economic deal between their two countries within 30 days. The announcement was made only a few short hours after Canadian officials had said that both sides still needed to work hard before they could sign the agreement. Carney, who was elected in April on the promise that he would fight Trump's tariffs and is now pushing for a "new economic and security relationship" with the United States. Trump had reaffirmed his love of tariffs...

U.S. Steel shares rose 5% Monday as the bid of Nippon Steel for the well-known American company neared the finish line. Details of the U.S. Government's golden stake were also revealed over the weekend. U.S. Steel's shares reached $54.86, just shy of the $55 Nippon Steel bid, after the Trump Administration gave the green light on the merger via an executive agreement and a signed order to ease national security concerns. This culminated a turbulent 18-month process. Questions arose about the "golden shares" that President Donald Trump suggested would give the American people 51% of the struggling U.S. company as...

The final stages of a U.S.-court-organized auction for shares in Citgo Petroleum, the Venezuelan-owned parent company, have been reached. Bidders are submitting better offers and creditors hope to recover some of the proceeds. The auction is a result of a case Crystallex, a Canadian miner, filed in Delaware eight years ago against Venezuela. Citgo Holding's parent company, PDV Holding was found liable by the court for Venezuela's expropriations and debts. This allowed over a dozen creditors to seek compensation for nearly $19 billion. The auction, despite delays, has moved forward, particularly since last year. This is because there have been...

Gold prices fell on Monday, as investors assessed the impact of the ongoing Israel/Iran conflict. They also focused on the Group of Seven Leaders meeting and Federal Reserve's policy announcement later in the week. As of 0854 GMT spot gold dropped 0.5% to $3415.36 per ounce after reaching its highest level since the 22nd April earlier in session. U.S. Gold Futures fell 0.5% to $3434.50. Analyst Giovanni Staunovo at UBS said that geopolitical tensions will not be fading in the near future, and rates are likely to continue to fall. This should give gold a boost. Iranian missiles hit Israel's...

Nippon Steel's shares rose Monday after U.S. president Donald Trump approved the $14.9 billion offer for U.S. Steel. This cleared a major hurdle in their 18-month pursuit, and secured access to a crucial market for their growth strategy. The approval culminated a turbulent process that was marked by two reviews of national security and union opposition. Nippon shares, the fourth largest steelmaker in the world, rose 3% by midday to 2,915yen after they were untraded earlier due to a surplus of buy orders. The shares outperformed the benchmark Nikkei 225 Index in Tokyo, which rose about 1%. Trump signed an...

Gold rose on Monday for the fourth consecutive session, reaching a high of nearly two months, after intensified clashes over the weekend between Israel and Iran stoked fears about a wider regional conflict. This pushed investors to safe-haven investments. As of 0246 GMT spot gold rose 0.3% to $3442.09 per ounce after reaching its highest level since the 22nd April earlier in session. U.S. Gold Futures rose 0.3% to $3.461.90. The demand for safe-haven gold is being boosted by the rising political risk premium due to the Iran/Israel conflict, said Kelvin Woong, senior analyst at OANDA, Asia Pacific. We have...