Western Europe

After a series of antisemitic attacks on British streets, the British government used powers similar to proscriptions in order to combat state-backed threats. This power would effectively ban support for these groups, and give police and intelligence agencies?new powers to combat any threats related to them. Keir starmer, the Prime Minister of Britain, said that "these 'new powers' will make it easier for anyone to be prosecuted and jailed in Britain who is doing their dirty work." Since its establishment in 1979, the IRGC has been an elite military force loyal the Supreme Leader of the Islamic Republic. The Islamic...

De 'Beers announced on Monday that it will pause production at its Venetia Mine in South Africa for a period of two years. This is part of an overall effort to streamline operations and reduce costs in order to cope with the continued weakness in rough diamond trading. Anglo American is the majority owner of the diamond producer. The company said that the move would delay and reduce some expenditures on an underground mine project, but maintain investment in infrastructure for a higher level of production when the market conditions improve. Venetia is South Africa's biggest diamond mine in terms...

China said on Friday that it would increase cooperation with Namibia, particularly in the energy, agriculture, infrastructure and minerals sectors. This was during talks between Chinese President Xi Jinping and Namibian president Netumbo Nandi Ndaitwah, which took place?in Beijing. Nandi-Ndaitwah is on a 7-day trip to China, since Sunday. He's seeking investment from China, the second-largest country in the world and the top lender. The goal of the trip is to implement the election promises to create jobs and diversify Namibia's economy. "In Namibia we affirm an unwavering commitment (to) this longstanding friendship" between Namibia and China, said Nandi Ndaitwah....

The oil price fell on 'Friday, but remained on course for a weekly gain as renewed U.S. - Iran fighting disrupted shipping through the Strait of Hormuz. This stoked concerns about supply disruptions. Brent futures fell 68 cents or 0.9% to $75.62 per barrel at 0817 GMT. U.S. West Texas Intermediate crude (WTI), which is a blend of U.S. and Canadian crudes, fell 64 cents or 0.9% to $71.44. Brent was expected to gain about 5% this week and WTI would increase by about 4%. Vandana Hari, an analyst at Vanda Insights who provides oil market analyses, said that although...

The International Energy Agency said that the recent escalation of hostilities between the U.S., and 'Iran, could change its 'forecast of an 'important oi l market surplus next year. The global oil market received some relief last'month, as a peace deal between the U.S.A. and the 'Iran opened the Strait. Its closure had effectively cut off 'as much as 14 million barrels of crude oil per day during the height of the biggest oil supply crisis ever. The agency reported that global oil production rose by 4.1 mbpd in June but was still 9.4 mbpd lower than pre-war levels. The...

On Thursday, member states returned Syria's voting right to the global chemical weapons watchdog after a "significant change in circumstances", as they called it, since the fall of Assad. Syria was stripped of its rights by the Organisation for the Prohibition of Chemical Weapons (OPCW) in 2021 after it was found that its forces had repeatedly used poisonous gas during the civil conflict. This was largely symbolic but sent a message to Syria that any breach of the 1997 Chemical Weapons Convention prohibiting the use of chemical weapons on the battlefield would not be tolerated. The OPCW stated that "after...

Oil prices rose on Thursday, after the U.S. launched new?strikes in Iran. This dented hopes of an end to the Iran war, and the full reopening of the Strait of Hormuz. The Strait of Hormuz is a chokepoint that supplies one-fifth of the world's oil supply before the war. Brent crude futures were up 78 cents or 1% at $78.8 per barrel as of 0054 GMT. U.S. West Texas Intermediate Crude Futures rose 74 cents or 1.01% to $74.26 per barrel by 0054 GMT. WTI and Brent crude prices rose by more than $1 in the post-settlement trading on Wednesday,...

Mark Rutte, NATO Secretary General, said that the?new U.S. attacks on Iran? were "absolutely needed" The?U.S. The?U.S. Rutte said to reporters in Ankara, before the NATO summit. "When there is a ceasefire and Iran basically violates the ceasefire I think that it is absolutely crucial that the U.S. react forcefully." The European leaders will try to persuade Donald Trump to commit to the alliance after he renewed his disagreements with them regarding the Iran War and Greenland. Rutte stated that there was no doubt about the "complete commitment" of the United States to NATO, which he added also worked to...

DAMASCUS/PARIS 7 July - Patrick Pouyanne, the Chief Executive Officer of TotalEnergies, will meet with his syrian counterparts to discuss signing a contract for exploration on Tuesday, he said. Pouyanne, a member of a French delegation accompanying French president Emmanuel Macron to Syria on Tuesday was 'overshadowed' by bomb attacks that took place in Damascus. Total and the Syrian Petroleum Company signed a "memorandum" of understanding (MOU) in May to explore an offshore block off the Mediterranean. In the wake of U.S. and Israeli war against Iran, it has recently talked about the need for pipelines to be built through...

ADNOC Distribution is a subsidiary owned by Abu Dhabi’s state oil giant. It announced on Tuesday that it had signed a definitive agreement to purchase 100% of Shell’s downstream business in South Africa, as the company pursues its expansion abroad. The company stated that the implied enterprise value for 100% of the shares capital was about $1 billion, before adjustments for working capital and net debt at closing. ADNOC Distribution announced that the deal for Shell Downstream South Africa, which includes wholesale fuel, aviation, and lubricants operations as well as 580 company and dealer owned fuel stations, will close in...

The Syrian state news agency said that French President Emmanuel Macron landed in Syria Monday. This was the 'first visit by a European Union Head of State to Damascus'since rebels led President Ahmed al-Sharaa overthrew Bashar al-Assad 2024. The visit highlights Syria's geopolitical change under Sharaa. A former al Qaeda leader, Sharaa has built close ties to Western and Middle Eastern countries that shunned Assad as he tries to rebuild a nation shattered after 13 years of war. "I'm here to affirm France’s commitment to the Syrian People. "I am here to affirm France's commitment to the Syrian people. Let's...

Prices of oil climbed on Friday, just before the long holiday weekend here in 'the U.S. Brent futures rose 46 cents or 0.64% to $72.26 per barrel at 0407 GMT. West Texas Intermediate rose 32 cents or 0.47% to $69.01 per barrel. The U.S. market will be closed Friday in advance of Independence Day. Independence Day is celebrated on Saturday. The two benchmarks had their lowest level since the U.S./Israeli War on Iran, which began in late February. Brent was up by 0.35% for the week and WTI rose by 0.43%. These were the lowest weekly movements in the past?months....

Gold prices fell for a second session in a row on Monday, as renewed?hostilities? in the Middle East fueled inflationary fears and raised expectations that the U.S. Federal Reserve would keep interest rates high for longer. By 1100 GMT, spot gold had fallen 1.4%, to $4.061.64, while U.S. Gold Futures for August Delivery were down by 1.1%, to $4.069.60. U.S. forces and Iranian drones have exchanged heavy attacks, including missiles and drones. Tehran has also hinted at the closing of the Strait of Hormuz. On hearing the news, oil prices rose by over 3%. "Renewed hostilities (in the Gulf) rekindle...

Gold prices fell for a second session in a row on Monday, as renewed 'hostilities' in the Middle East fueled inflationary fears and raised expectations that the U.S. Federal Reserve would keep interest rates high for longer. Spot gold fell 1.2% at $4,072.49 an ounce as of 0847 GMT. U.S. Gold futures for August were down 0.8% at $4,081.30. U.S. forces and 'Iranian forces have exchanged heavy drone and missile assaults. Tehran has targeted U.S. facilities in states on the other side of the 'Gulf, and hinted at the closing of the Strait of Hormuz. On hearing the news, oil...

Gold was down on Friday and set to lose a 'weekly loss' as concerns about the Federal Reserve tightening monetary policy were fueled by rising crude oil prices and tensions between Iran and the United States. By 1106 GMT, spot gold had fallen 0.4% to $4105.97 an ounce, a decline of about 1.6% over the past week. U.S. Gold Futures for August Delivery fell 0.6% to $4114.80 an ounce. Han Tan, Bybit's chief market analyst, said that spot prices "may again test $4,000 per ounce as a psychological support level should tensions escalate and oil prices extend their recovery." The...

Emirates Global Aluminium announced on Friday that its Al Taweelah refinery in Abu Dhabi had restarted the production of feedstock for aluminum smelting. The restart has raised expectations of a faster than expected recovery in aluminium production, after disruptions caused by war with Iran. It also added pressure on benchmark prices for aluminum at the London Metal Exchange. The contract was last down 1.5%, at $3.152 per metric ton. In early July, EGA announced that it would restore production at the Al Taweelah Complex earlier than expected, although hot metal production could take up to one year to return to...

Gold?edged down on Friday - and was on course for a 'weekly drop, on fears that escalating U.S. - Iran tensions would fuel inflation. This could keep the Federal Reserve hawkish in its monetary policy. Gold spot fell by 0.2%, to $4.113.02 an ounce at 0735 GMT. It was on track for a weekly drop of 1.5%. U.S. Gold Futures for August?delivery fell 0.4% to $4121.90. Tim Waterer is the chief analyst at KCM Trade. He said that gold was in consolidation mode after yesterday's gains. Traders were hesitant to commit to further upward movement due to the uncertainty surrounding...

Gold prices rose on Friday as the dollar weakened, but were on course for a weekly decline on fears that the escalating tensions between the U.S. and Iran could fuel inflation. This would keep the U.S. Federal Reserve in a hawkish policy direction. As of 0303 GMT spot gold was up by 0.2%, at $4,128,92 per ounce. It is heading for a weekly decline of over 1%. U.S. Gold Futures for August Delivery were unchanged at $4,139.50. Dollars were at their lowest level in a week, which made greenbacks priced bullion more accessible to holders of other currencies. Tim Waterer...

The Iran War has caused a supply shock that is reviving the old Western aluminum smelters. Magnitude 7 Metals in the U.S. is reactivating its New Madrid smelter located in Missouri. Over the Atlantic, Norwegian producer Hydro announced the partial restart of the Slovalco joint-venture smelter. The two plants were idled due to low aluminum prices and a spike in energy prices that followed the Russian invasion of Ukraine. Washington and Brussels are both desperate to reduce their reliance on an import of a metal used in a wide range of industries. The return of these zombies smelters will not...

Gold prices fell more than 1% after the?U.S. Donald Trump declared that the interim peace agreement with Iran is "over", which sent oil prices soaring and revived fears of inflation. Gold spot fell by 1.4% at 1027 GMT to $4,049.92 an ounce, its lowest price since July 2. U.S. gold futures for August delivered fell 2.3% to $4.059.80/oz. Oil prices rose by more than 6% following a statement from?Trump that the Memorandum of Understanding signed with Iran in June to end their four month conflict was "over", and that he did not want to engage Tehran. UBS analyst Giovanni Staunovo...

India's import restrictions have caused shortages on the world's largest market for precious metals, driving premiums up to their highest levels in six months despite a weaker than usual demand. India's lower imports, which meet more than 80% its silver demand by purchasing it overseas, could have a negative impact on the global price of silver, as well as help narrow its trade deficit and reduce pressure on its currency, the rupee. Chirag Thakkar, the chief executive officer of Amrapali Group Gujarat - a major silver importer - said that "Silver Imports are almost at a standstill, creating a severe...

Gold prices dropped more than 1% on Tuesday after U.S. President Donald Trump declared that the interim peace agreement with Iran had "ended". This sent oil prices up and fuelled fears of inflation, as well as higher U.S. rates. Spot gold dropped 1.02%, to $4,063.67 an ounce, by 0850 GMT. It had fallen to its lowest level since July 2, earlier in the session. U.S. Gold Futures for August Delivery fell 1.97% to $ 4,074.80/oz. Trump stated that the Memorandum of Understanding signed in June with Iran to end a four-month conflict was "over" and added that he did not...

Dutch prosecutors announced on Wednesday that they had opened a criminal case against Tata Steel's Dutch subsidiary for "intentionally polluting" the environment. The prosecutors said a criminal probe?into Tata’s massive plant in?IJmuiden on the Dutch coast, west of Amsterdam, gave clear indications that company did not take enough care to avoid hazardous pollution. Tata was also accused of operating without the necessary licences and inadequate maintenance for its highly polluting coke oven. Tata's Dutch division, which is part of Tata, said that they disagreed with these accusations and had made significant improvements to reduce pollution in the past years. It...

Metals trading and the world it operates in is constantly changing. Political and military conflict has shattered what was once a highly globalised supply chain into regionally different parts. Metals are moving away from the single benchmark global set by the 149-year old London Metal Exchange (LME), which is now owned by Hong Kong Exchanges and Clearing. This changing reality is evident in the opening of the Shanghai Futures Exchange (ShFE) nickel contract for overseas firms. Shanghai has already become the leading force in China in terms of establishing benchmark metals price in its domestic market. ShFE wants to expand...