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The Latest Breaking News from Oil

OPEC Chief Rejects IEA's Oil Glut Warning as Strait of Hormuz Reopens

OPEC Secretary General Haitham Al Ghais has pushed back against forecasts from the International Energy Agency (IEA) that the global oil market is headed toward a major supply glut.

International Business Times

Dollar Strength and Crude Oil Weakness Pressure Sugar Prices

July NY world sugar #11 (SBN26 ) on Thursday closed down -0.26 (-1.88%), and Aug London ICE white sugar #5 (SWQ26 ) closed down -6.90 (-1.53%). Sugar prices settled lower on Thursday, with NY sugar matching Tuesday’s 1.75-month low. Dollar strength and weakness in crude oil prices on Thursday pressured...

Barchart

Iranian supreme leader endorses direct negotiations with the US

Iranian Supreme Leader Ayatollah Mojtab Khamenei endorsed direct negotiations with the U.S. late Thursday in a statement read by state media

AAP

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US gas prices below $4 for 1st time since March, but remain 25% higher than last year

U.S. gas prices have fallen to just below $4 a gallon on average, bringing some relief to drivers who have seen soaring costs amid Washington's war with Iran

AAP

Learning from the right SWFs

What's not to love about a sovereign wealth fund? Gulf states' SWFs, which control roughly $6 trillion in assets, are no longer mere investment vehicles. They have become tools of statecraft, transforming kingdoms and emirates into power brokers and benefactors. Alongside splashy spending on sports and luxury retail -- Saudi…

Bangkok Post

'All US blockade enforcement efforts have ceased': Centcom lifts blockade on ships to, from Iranian ports

Big news out of the Middle East! The US has officially lifted its blockade on ships going to and from Iranian ports. Central Command confirmed this major development, signaling a significant shift in maritime operations and potentially easing tensions in the region. This move could have wide-ranging implications for international…

The Economic Times

The Strait of Hormuz is reopening, but global shipping won’t return to normal for months

Iran and the United States are about to sign a peace deal that will reopen the Strait of Hormuz, the narrow waterway that carries about one-fifth of the world’s oil.

The Conversation

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Brent crude oil price touches pre-Iran war lows after ceasefire deal

Oil prices have fallen significantly. This is due to a preliminary agreement between the United States and Iran. The deal aims to reopen the Strait of Hormuz and lift sanctions. This is expected to boost global oil supply. Analysts anticipate a gradual recovery in oil flows. Some experts believe prices…

The Economic Times

Soybeans Facing Pressure as Products Retreat

Soybeans are falling on Thursday despite another round of export business, as contracts are down 6 to 9 ¾ cents. The cmdtyView national average Cash Bean price is down 9 cents at $10.70. Soymeal futures are down $4.90 to $5.10, with Soy Oil futures falling another 205 to 215 points....

Barchart

Cotton Trading Mostly Lower on Thursday

Cotton futures are down 7 to 85 points so far on Thursday, with front months leading the losses. Crude oil is down another $2.07/bbl to $74.68. The US dollar index is up another $0.684 at $100.555. The market will round out the week today, with Friday off in observance of...

Barchart

Bulletin world briefing: Huge attack on Moscow and oil flows through Hormuz

Here are five of the biggest stories from around the world today

The Independent UK

Sugar Prices Fall on Dollar Strength and Crude Oil Weakness

July NY world sugar #11 (SBN26 ) today is down -0.27 (-1.95%), and Aug London ICE white sugar #5 (SWQ26 ) is down -6.10 (-1.35%). Sugar prices are falling today, with NY sugar matching Tuesday’s 1.75-month low. Dollar strength and weakness in crude oil prices today are pressuring sugar prices....

Barchart

60-day ceasefire begins as 12 million barrels of oil flow through Strait of Hormuz

IN FULL

The Independent UK

What sanctions are there on Iran and will they be lifted?

Iran's oil sales may see a waiver under a new interim deal. However, the country remains under a complex network of international sanctions. These restrictions, imposed by the UN, US, and EU, target Iran's nuclear program, rights record, and regional support. Sanctions have been in place for decades, impacting trade…

The Economic Times

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AAP

US allows more than a dozen ships through to Iranian ports, lifting blockade under deal, Vance says

Vice President JD Vance says the U.S. Navy has allowed more than a dozen ships through to Iranian ports, lifting a blockade as part of an agreement to end the war

The Economic Times

Vance says 12.5 million barrels oil moved as Iran deal enters 60-day phase

Oil flow through the Strait of Hormuz reached its highest level since late February. US Vice President JD Vance stated a US-Iran agreement has entered a 60-day implementation period. The US Navy allowed ships access to Iranian ports, lifting a blockade. This move demonstrates Washington honoring its commitments.

Barchart

Crude Oil Prices Tumble as Strait of Hormuz Reopens

July WTI crude oil (CLN26 ) today is down -2.90 (-3.78%), and July RBOB gasoline (RBN26 ) is down -0.0349 (-1.20%). Crude oil and gasoline prices are retreating today, with crude falling to a 3.5-month low. Today's rally in the dollar index ($DXY ) to a 13-month high is bearish...

France 24

Vance says 60-day negotiating period under draft deal with Iran begins Thursday

US Vice President JD Vance spoke at a White House press briefing on the interim agreement with Iran on Thursday, saying that some 12.5 ‌million ⁠barrels ‌of oil have flowed ⁠through the Strait of Hormuz following ‌the overnight signing of ‌a memorandum of understanding between the United States and Iran.

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Barchart

Stocks Supported as Geopolitical Risks Recede

The S&P 500 Index ($SPX ) (SPY ) today is up +0.99%, the Dow Jones Industrial Average ($DOWI ) (DIA ) is up +0.61%, and the Nasdaq 100 Index ($IUXX ) (QQQ ) is up +2.16%. September E-mini S&P futures (ESU26 ) are up +0.99%, and September E-mini Nasdaq futures...

Barchart

Dollar Strengthens and Gold Sinks on the Fed's Hawkish Policy Update

The dollar index (DXY00 ) today rallied to a 13-month high, up by 0.54%. The dollar is climbing today on carryover support from Wednesday, when the FOMC projected higher interest rates later this year. Today's US economic news is also supportive of the dollar as weekly jobless claims fell as...

International Business Times

Oil Prices Keep Falling After U.S. And Iran Sign Deal To End The War And Reopen The Hormuz Strait

Oil prices kept falling on Thursday after the U.S. and Iran signed the memorandum of understanding to end the war and reopen the Strait of Hormuz.

Barchart

Stocks Rally as President Trump Signs a Preliminary Deal to End the US-Iran War

The S&P 500 Index ($SPX ) (SPY ) today is up +0.73%, the Dow Jones Industrial Average ($DOWI ) (DIA ) is up +0.53%, and the Nasdaq 100 Index ($IUXX ) (QQQ ) is up +1.62%. June E-mini S&P futures (ESM26 ) are up +0.80%, and June E-mini Nasdaq futures...

The Guardian - UK

What did Ukraine target in Moscow and how significant was the drone attack?

Mass drone strike on capital brought the war to Russians, but Ukrainians will be braced for Kremlin’s response

The Economic Times

War, oil and El Nino: Triple threat may cut India Inc's profit margins by 150 bps

India Inc faces challenges ahead. Geopolitical tensions in West Asia and El Nino conditions may hurt company profits. Operating profit margins could shrink. Rural demand might be disrupted. Revenue growth is projected to slow down. Companies may face higher costs for imports and fuel. Some sectors show resilience in investment.…

Bangkok Post

Cuban economy needs 'urgent changes' to overcome crisis: president

HAVANA - Cuba's economy needs "urgent changes" to overcome a major crisis intensified by a US oil blockade, President Miguel Diaz-Canel said in a speech to Communist Party leaders broadcast on Thursday.

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