United States

Saudi Arabia cut its official'selling prices' (OSPs), for crude oil sold to 'Asia, in July, for a second consecutive month. This was expected, since spot premiums fell on a sluggish demand despite the supply disruptions caused by U.S. - Israeli war against Iran. A document reviewed on Monday by?showed that the July OSP was set at $9.50 per barrel over the average Dubai and Oman quote, which is $6 lower than the OSP in June. The July OSPs of other Saudi grades for Asia fell by $6 per barrel compared to the previous month. The price reduction was in line...

After the war in Iran, companies that have borrowed oil from the U.S. Strategic Petroleum Reserve will receive an 'extra 40 mln barrels - of crude as premiums. Fuel prices have risen since the U.S. and Israel war against Iran began in early February. Wright, however, said that he was not concerned about low stock levels at?the SPR. Wright told Fox Business's "Varney & Company," "I am not concerned because we are not'selling' any barrels of crude oil. We're supplying oil 'to the market 'in the short-term when it is needed, and we trade those barrels." "For every barrel we...

As of Friday, the U.S. designated Brazil's largest criminal groups as "Foreign Terrorist Organizations" (FTOs). This is likely to increase risks and costs of doing business in Brazil where gangs are well-established. Comando Vermelho (CV), and Primeiro Comando da Capital, both of the 'biggest Brazilian crime gangs, began in prisons during the 1970s. Since then, they have grown to dominate drug trafficking in South America and their money laundering operations have spread into the far corners of Brazil’s mainstream economy. Investigators have recently discovered that both groups are deeply embedded in sectors like fuel distribution, real-estate and finance. They also...

In an interview, Bonta said that he would decide soon whether or not to sue Paramount to stop its $110 billion purchase of Warner Bros. He added that he believes corporate pledges to address antitrust issues are 'better' when they are backed by divestitures. Bonta's Office has been evaluating the deal to determine if it violates U.S. Antitrust Law. Movie?theater owners and Hollywood actors have all expressed concern that the deal would reduce competition in the film industry and lead to higher prices, lower wages and fewer choices for consumers and content purchasers. According to a source with knowledge of...

The U.S. House of Representatives approved legislation Thursday that would provide 'aid to Ukraine' and impose new Russian sanctions. This is the latest indication that Republicans are willing defy their party leaders and push back against President Donald Trump. The House passed the Ukraine Support Act 226-195. It had been pending for months. A few Republicans signed a petition with Democrats to force a vote. On Thursday, Democrats and 18 Republicans joined forces with one independent who usually votes along side them to pass the bill. This was the latest indication of a rift in the nearly unanimous support that...

The Trump?administration has agreed to strip endangered species status from a lizard whose range overlaps?the biggest oil-producing area in?the United States. This is a settlement of a lawsuit?brought?by Texas attorney general Ken Paxton. The U.S. The U.S. Fish and Wildlife Service declared the dunes sagebrush-lizard endangered in May 2024 after concluding oil and gas development had rendered the loss of habitat "effectively permanently." The U.S. Justice Department said that the USFS now considers that it made an "important and fundamental" mistake by assuming incorrectly that habitat restoration was impossible and by ignoring experimental efforts which "showed potential", in a court...

According to shipping data, and analysts, Iranian crude oil exports and condensate fell to their lowest levels?in six years?in?May. They were well below 300,000. barrels per day. This was mainly because of the U.S. Naval Blockade. The U.S. started enforcing its blockade in April, which choked Iranian exports. This is because the oil market has been facing a shortage of supply due to the Iranian closure of the Strait of Hormuz, cutting off exports from Saudi Arabia. Vortexa data indicates that Iran's exports in May averaged around 209,000 bpd, down sharply from the 1.34 million in April and almost 1.9...

Residents in Gaza, Lebanon's south, northern Israel, and Kuwait have all been under fire in the past week, despite ceasefires that were supposedly in place in these regions, arranged by the United States. Israeli airstrikes struck Gaza and Lebanon. Israeli forces are still "actively" deployed in both locations. Hezbollah launched rockets at northern Israel and Iranians attacked Kuwait's airport. The violence has continued. The continued violence prompted?U.S. The three?truces that his administration negotiated were intended to?stop the war. While the major combat has been greatly reduced, munitions still fall and people still die. Here's how the ceasefires and fighting are...

Russian-controlled Crimea tightened rationing on?fuel supplies Thursday. It suspended all cash sales of gasoline, and issued a 'new coupon' to buy it. The peninsula is grappling with a shortage of fuel linked to Ukrainian drone attacks. In recent days, drivers in the Crimea region, which was annexed from Ukraine by Russia in 2014, faced long queues at gas stations after Kyiv's attacks restricted supplies from adjacent Russian-controlled territory in southeast Ukraine. Sergei Aksyonov - the Kremlin's appointed head of Crimea - announced the new measures, which tighten restrictions on petrol sales imposed a month ago. He said that the sale...

India and Venezuela tried to strengthen their ties on Thursday in the 'energy sector. New Delhi said that Caracas views it as a 'preferred partner in this sector, at a moment when global oil supplies are disrupted due to the Middle East Crisis. Venezuela's interim president Delcy Rodriguez, along with a large delegation of ministers, is in India and met with Indian Prime Minster Narendra Modi Thursday. Rudrendra Tandon (East), Secretary in the Indian Foreign Ministry, said at a press briefing that the discussions between the two parties focused on cooperation in both upstream- and?downstream-energy projects. Tandon stated, "We work...

Federal Reserve quarterly "dot-plot" rate forecasts could soon lose the last projected rate reduction, the so called easing dot. The plot itself may disappear altogether. Markets would then have to determine if Kevin Warsh was really the inflation-hawk he claimed to be. It might still be a surprise to some investors if he's right. Before his first policy meeting, the new Fed chairman is busy setting up his stall. He consults his staff and gets ready for his first policy session. The guidance he receives on policy direction is not going to be easy. The three-month-long war in Iran and...

?U.S. Donald Trump admitted to calling Israeli Prime Minister Benjamin Netanyahu crazy during an angry phone call over the fighting in Lebanon while the U.S. was trying to negotiate a ceasefire with Iran. In an interview aired Wednesday, Trump, paraphrasing Axios, was asked if he called the long-time Israeli leader, "effing insane" and accused him ingratitude. Trump said, "I did," in a podcast called "Pod Force One". "I wouldn’t say angry. "I was a bit upset at his constant fighting with Lebanon." Trump continued to say that he and Netanyahu get on very well. Axios reported, citing an unidentified U.S....

On Monday, the leftist Roberto 'Sanchez' was closing in on conservative Keiko?Fujimori in Peru’s presidential race. This sent markets and mining stocks lower as the official counting continued into its second day. Fujimori has lost ground to Sanchez after 93% of the votes have been counted. Sanchez has gained ground in Peru's rural areas as the votes continue to be counted. Sanchez has promised a major overhaul of Peru's economy, which has proven resilient despite the political turmoil in the country. Shares of Peruvian firms listed in the United States are down. Miner Buenaventura dropped 3% while?Credicorp fell 4.8%. Intercorp...

London copper prices remained at a one-week low on Monday due to weaker Chinese 'prices, and expectations that the Federal Reserve will be influenced by strong U.S. job data and higher oil prices. The benchmark three-month copper price on the London Metal Exchange rose 0.19%, to $13,545 per metric ton at 0710 GMT. The LME copper fell to its lowest level since May 28 due to a rising dollar, and fears of inflation. Industrial metals are more dependent on economic growth as a result of higher?interest rates. The official data revealed that the U.S. added 172,000 new jobs in May....

A report on Monday said that the number of low-carbon projects which have received funding in the past six months has increased by more than twofold, to 19 projects, worth $43 billion. The majority of these are located in China. A report by Mission Possible Partnership stated that 13 projects, from methanol and aluminium to methanol, reached a decision on investment between November and April. Only one project was in the U.S. It added that eight projects were funded in the same period last year. The green industrial investment boomed during the time when Israel and the U.S. attacked Iran,...

The mining firm Sinda filed for a U.S. IPO on Friday, marking billionaire Thomas Kaplan's'second attempt' to enter the public markets, following Sunshine Silver's listing a 'day earlier', as 'interest in IPOs' rebounded. The filing did not reveal the terms of?the?offering. The U.S. IPO Market exploded in 2026. A variety of sectors were eager to list and take advantage of the excitement among investors for new listings. Elon Musk’s SpaceX will?start trading in New York in what is expected to be the largest IPO ever. Anthropic, a leading AI company, also filed a confidential application to go public last week....

Five sources familiar with the matter have confirmed that 'Cargill' is in discussions to sell its metals division to Macquarie Group, as a global trading house wants to concentrate on its core operations of food and agriculture. The five sources all spoke under condition of anonymity as the sale had not yet been announced. They were also not authorized to speak to media. They didn't disclose any further details about the discussions, which may not result in a deal. Cargill did not respond to requests for comments via phone and email. Macquarie has declined to comment. Cargill's metals unit in...

The?price of copper fell on Friday as renewed inflation fears weighed down on the risk sentiment for 'growth-dependent metals', and hopes for a U.S./Iran peace agreement dimmed. Benchmark 'three-month' copper on the London Metal Exchange fell 1.1% to $13,771.50 per metric tonne at 0953 GMT. It found support above its current 21-day moving-average of $13,728. Copper used in construction and power is up by 11% this year. It reached a record high in January of $14,527.5. Citi expects $15,000 in six to twelve months, according to analysts at several investment banks. Ole Hansen is the head of commodity strategy for...

A recent Indian official investigation of gold company Rajesh exports has alleged the company overstated the revenue of its Swiss refinery unit Valcambi by $159 billion. This is a figure that's never been seen in any of the country's previous accounting investigations. The extent of alleged misreporting released by the'markets regulator' on Wednesday has raised questions about how investors and analysts could have missed it, especially since India's state run insurance giant LIC owned 11% of the firm. Rajesh Exports denies any wrongdoing. In a Friday exchange statement, Rajesh Exports said that "the main point misinterpreted in regard to revenues...

The copper price was set to rise despite the drop on Friday, as tighter supplies and a bullish mood helped counteract wider macroeconomic concerns linked to 'the Iran War' and 'inflation. Benchmark -three-month copper at the London Metal Exchange fell 1.34%, to $13,745 per metric ton as of 0700 GMT. The week-over-week increase was 0.7%. The Shanghai Futures Exchange's most active copper contract fell by 0.46%, to 105150 yuan (15,521.90 dollars) per tonne. Daniel Hynes is a senior commodity analyst at ANZ. He said that copper has been resilient to macroeconomic headwinds. "Structurally driven demand offsets cyclical 'weakness,'" he wrote...

Gold prices dropped on Friday and were set to?have a weekly loss? as tensions in Middle?East dampened hopes for a U.S. - Iran peace deal amid fears of rising inflation and rate hikes. As of 0718 GMT, spot gold was down by 0.3%, at $4,461.28 an ounce. It has dropped about 1.6% this week. U.S. Gold Futures for August Delivery fell by 0.4% to $4487.90. Israel has said that it will not withdraw its troops from Lebanon, despite the rejection of a ceasefire by Hezbollah's?militia. This undermines President Donald Trump’s efforts to stop fighting in Lebanon to reach a peace...

Gold prices dropped on Friday and were set to?for an overall loss? as tensions in Middle 'East tempered?hopes of a U.S. - Iran peace deal amid fears about rising inflation and rate hikes. As of 0548 GMT, spot gold was down by 0.6%, at $4,445.51 an ounce. The price of gold has dropped about 2% in the last week. U.S. Gold Futures for August Delivery fell by 0.7% to $4471.70. Israel has said that it will not withdraw its troops from Lebanon, despite the rejection of a ceasefire by Hezbollah's?militia. This undermines President Donald Trump’s efforts to stop fighting in...

The price of copper was expected to rise despite the?drop on Friday. Tighter supplies and a?bullish mood helped to offset macroeconomic worries related to?the Iran War and inflation. Benchmark three-month Copper on the?London Metal Exchange fell 1.23% at $13,761 per metric ton as of 0300 GMT. This still represents a 0.8% rise for the week. The Shanghai Futures Exchange's most active copper contract fell 0.39%, to 105230 yuan (15,529.81 dollars) per ton. Daniel Hynes is a senior commodity strategist at ANZ. He wrote a note Friday that copper has shown?resilience to macroeconomic headwinds. "Structurally driven demand offsets cyclical weaknesses," he...

Gold prices dropped on Friday and were set to suffer a weekly loss as tensions in the Middle East dampened expectations for a U.S. Iran peace deal, amid fears of rising inflation rates and interest rate hikes. As of 0402 GMT, spot gold was down by 0.7%, at $4,442.94 an ounce. It is down about 2% this week. U.S. Gold Futures for August Delivery?fell by 0.8% to $4469.10. Hezbollah, a militia backed by Iran, rejected a ceasefire in Lebanon. Israel also said it would not withdraw its troops from Lebanon. This undermined the efforts of U.S. president Donald Trump to...