Finance and markets: business, quotes, gold, energy and releases.
Found 2651 articles
Facing a severe fuel shortage caused by the collapse of Russian imports, Tajikistan has formally requested 2.55 million tons of petroleum products from Iran. The move follows a series of high-level meetings in Tehran, where the Central Asian nation signed over a dozen cooperation agreements to secure its energy future.
Coal India has filed an application to open a trading office in Singapore, marking the state-owned giant’s first international expansion beyond domestic borders. The move aims to secure global supplies of iron ore and critical minerals, positioning the company to compete more aggressively against Chinese dominance in the sector.
A 25% surge in Australian coking coal prices over the first seven months of the year is rattling India’s steel industry. With the nation dependent on imports for 95% of its metallurgical coal needs, the rapid cost escalation is now stalling capacity expansion projects and thinning profit margins for domestic producers.
Abu Dhabi National Oil Company has initiated its ninth spot tender since June, offering October and November loadings of Upper Zakum, Umm Lulu, and Das crude grades. This aggressive sales strategy continues despite ongoing instability near the Strait of Hormuz, signaling the UAE’s push to maximize international market share.
Oil prices surged to a three-week high on Thursday, with Brent Crude climbing to $93.48 per barrel as U.S.-Iran diplomatic prospects evaporated. The rally follows President Donald Trump’s pledge to launch an unprecedented economic pressure campaign against Tehran, warning that any nation facilitating Iranian trade will face severe financial consequences.
U.S. President Donald Trump has vowed to unleash the most severe economic sanctions in history against any nation providing a financial lifeline to Iran. In a late-night social media post, he warned that countries facilitating trade, cash transfers, or oil smuggling with Tehran would face immediate and tremendous economic retaliation.
The reinstated U.S. naval blockade in the Gulf of Oman has effectively severed Iran’s access to global markets, rendering Tehran’s oil output a non-factor in current supply calculations. With shipments from the Kharg Island terminal stalled, the crude market is grappling with a sudden, significant loss of volume.
With Venezuela holding the world’s largest crude reserves yet operating only two onshore drilling rigs, SLB is moving to reactivate 15 units currently idled within the country. This effort aims to dismantle the infrastructure bottlenecks stalling production growth in a nation struggling to reclaim its former output levels.
Persistent security threats in the Strait of Hormuz have sent the cost of very large crude carriers skyrocketing. With new and second-hand vessels now exceeding $130 million, Middle Eastern oil majors are aggressively acquiring their own fleets to bypass the risks that have sidelined traditional shipping companies.
Japan’s import bill climbed to a staggering $76.39 billion in July, marking an all-time high driven by the relentless surge in global energy costs. This 27.8% year-on-year increase underscores the severe economic strain placed on the nation as it grapples with both rising crude prices and the logistical costs of diversifying its supply.
A sudden mechanical failure at the Toktogul hydropower plant triggered a massive power outage across Central Asia on August 14, according to the Kyrgyz Energy Ministry. The incident left millions without electricity in Kyrgyzstan, Kazakhstan, Uzbekistan, and Tajikistan, exposing the fragility of the region's interconnected electrical grid.
Chinese refiners have secured 8 million barrels of Basrah Heavy and Medium crude for immediate delivery, seeking to stabilize supply chains as regional volatility complicates traditional oil routes. While Saudi exports face significant delays due to Houthi-related threats in the Red Sea, Iraq maintains a steady output of 2 million barrels daily.
A sudden influx of 20,000 tons of copper into London Metal Exchange warehouses on Tuesday shattered a week-long supply squeeze. The cash-to-three-month spread narrowed sharply to $248 a ton, less than half of Monday’s peak, as Trafigura Group and other major traders offloaded significant stockpiles to capitalize on cooling market premiums.
While nations accelerate wind and solar installations, coal remains the world’s primary electricity source, generating nearly 11,000 terawatt-hours annually. The International Energy Agency expects coal to provide nearly one-third of global power in 2026, outpacing natural gas, nuclear, and renewables by a significant margin.
Drivers across Moscow are facing strict rationing as major energy providers cap petrol sales, a direct consequence of a sustained long-range drone campaign targeting Russian oil infrastructure. With queues lengthening at filling stations, the operational capacity of refineries has come under intense pressure from recurring strikes reaching deep into the interior.
Tanker traffic through the Strait of Hormuz has plummeted to just 11% of pre-war levels, forcing energy markets to confront the reality of a prolonged supply drought. As diplomatic efforts stall and regional rhetoric intensifies, the reliance on optimistic peace projections is rapidly giving way to a volatile new normal.
Conflict lead: Democracy cannot be held hostage by the Kremlin, according to Mykhaylo Fedorov, the former defense minister dismissed by Volodymyr Zelenskyy last month. In a pointed video address, Fedorov called for a viable mechanism to hold elections, arguing that the state must restore a full democratic process despite ongoing hostilities.
As the strongest El Niño on record intensifies, global energy markets face a volatile test of resilience. While some analysts anticipate milder winters, the weather phenomenon is already crippling hydropower reservoirs, slashing solar output, and restricting critical maritime chokepoints like the Panama Canal during a period of strained supply.
Commercial stockpiles in the United States swelled by 4.4 million barrels for the week ending August 14, according to the latest EIA report. This sharp uptick brings national inventory levels to 428.8 million barrels, effectively aligning the current supply with the five-year average for this time of year.
The UK consumer price index rose to 2.9 percent in the year to July, up from 2.6 percent, as the reset of the energy price cap began to exert upward pressure on household budgets. This increase signals the start of a challenging period for the British economy.
A 25,000-pound demonstrator aircraft took to the skies over New York for 27 minutes, marking a milestone for megawatt-scale electric aviation. The X1 test flight, which cost just $5 in electricity, signals a shift toward regional air travel that aims to decouple flight operations from volatile jet fuel prices.
Saudi Aramco is fulfilling full September crude contracts for at least three European refiners by shifting delivery logistics. Faced with persistent maritime instability, the state producer is bypassing conventional Red Sea bottlenecks by routing barrels through Egypt’s Sidi Kerir terminal and implementing ship-to-ship transfers off the coast of Malta.
The United Arab Emirates has severed all commercial and financial links with Iran after identifying two ballistic missiles launched from the Islamic Republic toward its coast. While the projectiles reportedly landed in the sea, the move marks a significant escalation in regional instability and immediate diplomatic fallout.
A persistent global shortage of refined fuels, exacerbated by constrained Middle Eastern production and reduced Russian capacity, has turned U.S. refiners into the energy sector’s primary beneficiaries. As diesel and gasoline margins reach historic highs, domestic processing facilities are operating at near-record utilization to bridge the widening supply gap.
A nocturnal drone strike hit an oil refinery in Ufa, Bashkortostan, igniting a blaze that local authorities are still working to contain. The facility, operated by the Rosneft subsidiary Bashneft, represents a new reach for Kyiv’s ongoing campaign to systematically disable Russia's critical energy infrastructure and domestic fuel supply chains.
President Donald Trump has offered the resurrection of the long-dormant Keystone XL pipeline as a potential sweetener in trade talks, providing Canada a three-day extension to avoid a threatened 50% tariff. While Washington claims a deal is reached, Ottawa remains cautious, citing unresolved disputes over automotive export protections.
With the Strait of Hormuz effectively closed to large-scale shipping, Saudi Aramco has turned to private ship-to-ship transfers off the coast of Fujairah. The shift comes as VLCC freight rates for Middle East-to-China voyages exceed $500,000 per day, forcing global energy markets to navigate a volatile new bypass reality.
Escalating tensions between Iran and the West are rippling through global energy markets, threatening to push UK household power bills to their highest level since the summer of 2023. Consultancy firm Cornwall Insight projects a 4% increase in the Ofgem price cap starting this October, compounding existing cost-of-living pressures.
The Russian Supreme Court has finalized the exclusion of the Yabloko party from the upcoming September parliamentary elections, confirming a lower court ruling that stripped the only registered anti-war group of its ballot status. The decision solidifies a broader state campaign to silence political opposition as the war in Ukraine persists.
A 5% reduction in spot tender offerings to Asian buyers has pushed Murban Crude to a four-month peak. The flagship UAE grade is currently trading at $97.75 per barrel, commanding a nearly $7 premium over Brent futures as Abu Dhabi moves to limit immediate regional exports.