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The Latest Breaking News from Oil

A new fuel refinery is a start. But Australia is still vulnerable to shipping disruptions without a clear strategy

The Australian government announced this week it would study whether to build a major oil refinery in Western Australia to help shore up the country’s energy security.

The Conversation

Stocks in news: Adani Ports, Adani Enterprises, Vedanta Oil & Gas, Asian Paints, 6 others

Stocks in news: Adani Ports, Adani Enterprises, Vedanta Oil & Gas, Asian Paints, 6 others

Indian stock indices Sensex and Nifty experienced a significant surge on Wednesday. Several companies reported strong financial results for the June quarter. Bajaj Housing Finance and MTAR Technologies showed substantial profit growth. Vedanta Oil & Gas and Vedanta Iron and Steel returned to profitability. Adani Enterprises, however, reported a net…

The Economic Times

Saudi Arabia seeks coalition to secure Red Sea shipping

Saudi Arabia seeks coalition to secure Red Sea shipping

Saudi Arabia is seeking an international coalition to safeguard Red Sea shipping lanes. This initiative aims to counter ongoing Houthi attacks which threaten commercial vessels. The Houthis previously declared a naval blockade against Saudi Arabia in the Red Sea. Riyadh has responded with air strikes targeting Houthi military facilities. These…

The Economic Times

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Oil Price Today (July 30): Crude oil dips below $90 after 8% surge on Wednesday. Here’s why

Brent crude futures were down $1.29, or 1.42%, at $89.45 a barrel. U.S. West Texas Intermediate (WTI) crude slipped 56 cents, or 0.66%, to $83.90 a barrel.

The Economic Times

Fuel seller eyes massive earnings lift due to conflict

The company that owns one of Australia's two oil refineries says the Middle East war underscores the need to keep that capability, as the conflict continues.

Oil prices slip as tankers continue to ply Middle East conflict zones

Oil prices saw a decline as tankers continued to move out of the Middle East. Escalating tensions and expanded conflict fronts are impacting regional stability. Thirty-nine commodity ships passed through the Bab el-Mandeb strait into the Red Sea. Iran has ruled out an Omani proposal for regional joint management of…

The Economic Times

Trump Orders Strikes on Iran After Missile Attack: Dow Futures Gain 94 Points, Brent Hovers Near $90

Late Wednesday, U.S. military strikes on Iran and a drone attack on a U.S.-owned gas vessel in Egypt heightened fears of a broader Middle East conflict, even as U.S. stock futures moved higher and oil prices remained elevated.

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Global Market Today: Asian stocks mixed, bonds slip after Fed decision

Global Market Today: Asian stocks mixed, bonds slip after Fed decision

Asian stocks fluctuated on Thursday as semiconductor shares declined. Treasury yields reached multi-decade highs following the Federal Reserve's policy decision. Microsoft's cloud growth boosted its stock, while Meta's forecast caused a slide. South Korea implemented measures to stabilize its stock market after a significant rout. Oil prices edged lower amid…

The Economic Times

Paxton lawsuit prompts end of federal endangered species protection for Texas lizard

Paxton lawsuit prompts end of federal endangered species protection for Texas lizard

The state’s attorney general sued the Biden administration in 2024, citing incomplete data for the updated endangered status of the Permian Basin’s native dunes sagebrush lizard.

The Texas Tribune

Soybeans Collapse on Wednesday, as Forecasts Remain Wet

Soybeans Collapse on Wednesday, as Forecasts Remain Wet

Soybeans posted losses of 13 ½ to 34 cents on Wednesday, with front months leading the charge. The cmdtyView national average Cash Bean price was 31 3/4 cents lower at $11.46 ¼. Soymeal futures were $2.50 to $5.00 lower across the front months, with Soy Oil futures down 30 to...

Cotton Falls on Wednesday

Cotton Falls on Wednesday

Cotton futures were weaker on Wednesday, with contracts 67 to 119 points lower. Crude oil was back up $5.34 per barrel, with the US dollar index was 0.586. The Fed left rates unchanged on Wednesday’s announcement. The next 7 days looks for a drier forecast in TX, with the delta...

Drone Strikes US-Owned Tanker at Egypt's Damietta Port, Oil Prices Surge Past $90 as Egypt Denies Attack

Drone Strikes US-Owned Tanker at Egypt's Damietta Port, Oil Prices Surge Past $90 as Egypt Denies Attack

A drone allegedly struck a US-owned tanker at Egypt's Damietta port, causing a fire and raising oil prices. Conflicting reports and regional tensions complicate the incident's narrative.

International Business Times UK

Stocks Plunge on a Rout in Chipmakers and a Hawkish Fed Hold

Stocks Plunge on a Rout in Chipmakers and a Hawkish Fed Hold

The S&P 500 Index ($SPX ) (SPY ) on Wednesday closed down -1.52%, the Dow Jones Industrial Average ($DOWI ) (DIA ) closed down -2.19%, and the Nasdaq 100 Index ($IUXX ) (QQQ ) closed down -2.06%. September E-mini S&P futures (ESU26 ) fell -1.59%, and September E-mini Nasdaq futures...

Trump insists Andy Burnham will ‘open up North Sea’ for oil drilling

Trump insists Andy Burnham will ‘open up North Sea’ for oil drilling

US President Donald Trump has claimed that Prime Minister Andy Burnham told him he would "open up the North Sea" for oil drilling, asserting that this action would make the UK "a really rich country" due to vast reserves.

The Independent UK

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Evening Standard

Donald Trump says Andy Burnham told him he will ‘open up North Sea oil’

The US president, who is a vocal supporter of fossil fuels, argues the move would make the UK ‘a wealthy country’.

Dow Drops 1,153 Points as Oil Pops on Fed Day: Stock Market Today

Fed Chair Kevin Warsh reassured markets about a resilient economy, but geopolitical uncertainty remains the major factor for most interested parties right now.

The Independent UK

Trump says Burnham will ‘open up North Sea’ for oil drilling

US president claims new prime minister confirmed UK would allow more drilling

Dollar Falls as FOMC Keeps Interest Rates Unchanged

The dollar index (DXY00 ) fell to a 1-week low on Wednesday and finished down by -0.48%. The dollar tumbled on Wednesday after the FOMC kept interest rates unchanged. The dollar moved higher briefly early on Wednesday after crude oil prices surged more than +6% when President Trump said the...

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The National (Scotland)

Andy Burnham will 'open up the North Sea' for oil drilling, Donald Trump claims

DONALD Trump has said Prime Minister Andy Burnham told him that he would 'open up the North Sea' for oil drilling

The Economic Times

Discounts narrow on Russian Urals crude in India

Discounts on Russian Urals crude oil delivered to India have dropped significantly this week. Stronger demand from Indian refiners is linked to renewed hostilities in the Iran war. This rebound marks a sharp change from earlier July when discounts were much larger. Indian refiners have stepped up purchases of Russian…

Crude Oil Prices Surge as US-Iran Conflict Looks to Drag On

September WTI crude oil (CLU26 ) on Wednesday closed up +5.20 (+6.56%), and September RBOB gasoline (RBU26 ) closed up +0.0815 (+2.59%). Crude oil and gasoline prices rallied sharply on Wednesday amid a fresh round of hostilities in the Middle East, which threatens global energy supplies. Gains in crude accelerated...

The Economic Times

Aramco mulls new Asia pricing on deliveries from Egypt port

State-run Aramco has been asking Asian customers to take oil deliveries from the Egyptian port, near the Suez Canal exit from the Red Sea, as some shipowners are avoiding Yanbu fearing Houthi attacks. Meanwhile, Asian refiners are pressing Saudi Arabia for discounts to offset the higher freight costs and longer…

United States Oil Stock Rallies After Trump Vows to Hit Iran Hard

United States Oil Fund (NYSE:USO) shares are surging Wednesday after President Donald Trump pledged a severe military response to an overnight Iranian ballistic missile strike on American forces.

The Independent UK

A divided Federal Reserve holds interest rates steady despite high inflation

The ongoing war in Iran continues to inject considerable uncertainty into the Fed’s decision-making process

The Economic Times

US Federal Reserve keeps rates steady as Iran-driven inflation risks keep markets on edge

The US Federal Reserve kept interest rates unchanged, awaiting clearer inflation signals. Renewed fighting linked to Iran pressures oil prices and clouds economic outlook. Inflation remains above the Fed's target, causing investor concern about potential price increases.

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