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Arab News
41 minutes ago
- Arab News
Oil Updates — Crude falls as Trump's 50-day deadline for Russia eases supply fears
LONDON : Oil prices fell on Tuesday after US President Donald Trump's lengthy 50-day deadline for Russia to end the Ukraine war and avoid sanctions eased immediate supply concerns. Brent crude futures fell 12 cents, or 0.2 percent, to $69.09 a barrel by 09:10 a.m. Saudi time, while US West Texas Intermediate crude futures fell 16 cents, also 0.2 percent, to $66.82. Both contracts settled more than $1 lower in the previous session. 'Trump's milder stance on sanctions over Russian oil eased fears of a supply crunch while his tariff plan continues to mount economic pressures,' said Priyanka Sachdeva, senior market analyst at Phillip Nova. Oil prices had climbed on the potential sanctions, but later gave up their gains as the 50-day deadline raised hopes that sanctions could be avoided, and traders dwelled on whether the US would actually impose steep tariffs on countries continuing to trade with Russia. If Trump does follow through and the proposed sanctions are implemented, 'it would drastically change the outlook for the oil market,' analysts at ING said in a note on Tuesday. 'China, India and Turkiye are the largest buyers of Russian crude oil. They would need to weigh the benefits of buying discounted Russian crude oil against the cost of their exports to the US,' the ING note said. Trump announced new weapons for Ukraine on Monday, and had said on Saturday he would impose a 30 percent tariff on most imports from the European Union and Mexico from August 1, adding to similar warnings for other countries. Tariffs risk slowing down economic growth, which could sap global fuel demand and drag oil prices lower. China's economy slowed in the second quarter, data showed on Tuesday, with markets bracing for a weaker second half as exports lose momentum, prices continue to fall, and consumer confidence remains low. Tony Sycamore, an analyst at IG, said economic growth in China came in above consensus, largely due to strong fiscal support and the front-loading of production and exports for the US to beat tariffs. 'Economic data released today was concerning. Today's tepid Chinese data has direct implications for commodities including iron ore and crude oil,' he said. Elsewhere, oil demand is set to stay 'very strong' through the third quarter, keeping the market balanced in the near term, the Organization of Petroleum Exporting Countries' secretary general said, according to a Russian media report.


Asharq Al-Awsat
an hour ago
- Asharq Al-Awsat
Attacks on Syrian Security Forces Sent to Quell Sectarian Clashes Leave 18 Dead as Israel Strikes Targets to Protect Druze
At least 18 members of Syria's security forces have been killed in the predominantly Druze city of Sweida, the Defense Ministry said, after they deployed to quell deadly sectarian clashes that had resumed on Monday, while Israel said it struck tanks in a town in the same province on the same day. Sunday's fighting between Druze militiamen and Bedouin tribal fighters was the first time that sectarian violence erupted inside the city of Sweida itself, following months of tensions in the broader province. Defense Ministry spokesperson Hassan Abdel-Ghani said in statements reported by Syrian state news agency SANA that a number of troops were also injured during attacks on military points by "outlawed groups". Earlier, the ministry said in a statement to Reuters that these groups, who it did not identify further, had attacked a number of its units at dawn. It said its forces responded to the attacks and had pursued the groups that refused to halt hostilities and continued to target security forces. Meanwhile, the Israeli military said it attacked several tanks in a town in Sweida. Israeli Defense Minister Israel Katz said the strikes were a "clear warning to the Syrian regime", adding that Israel would not allow harm to the Druze living in Syria. Close ties between the Israeli state and its 120,000 Druze citizens, strengthened by the fact that Druze men serve in the Israel army, are one of the reasons for Israel's deepening involvement in Syria. The fighting on Sunday left 30 people dead and prompted Syria's security forces to deploy units to the city to restore calm and guarantee safe passage for civilians looking to leave, the defense ministry said in earlier statements. But intense clashes broke out again on Monday, local news outlet Sweida24 reported. Another security source said that Syrian troops would aim to exert state control over the whole province to prevent any more violence, but that this could take several days. It marked the latest episode of sectarian bloodshed in Syria, where fears among minority groups have surged since opposition fighters toppled President Bashar al-Assad in December, installing their own government and security forces. The factions which fought Assad during the war agreed in December to dissolve into the Defense Ministry but efforts to integrate armed factions from minority groups - including Druze and Kurds - have largely stalled. In southern Syria, efforts have been further complicated by Israel's stated policy that it would not allow Syria's new army to deploy south of Damascus and that Sweida and neighboring provinces should make up a demilitarized zone. Interior Minister Anas Khattab said in a written statement carried on state media that the "absence of state institutions, especially military and security institutions, is a major cause of the ongoing tensions in Sweida and its countryside." Sunday's violence erupted after a wave of kidnappings, including the abduction of a Druze merchant on Friday on the highway linking Damascus to Sweida, witnesses said.


Al Arabiya
2 hours ago
- Al Arabiya
Trump says ‘disappointed but not done' with Russia's Putin
US President Donald Trump says he is disappointed but not done with Russia's President Vladmir Putin, according to the BBC.