European Gas Prices Set for First Monthly Increase Since January - Jordan News
The anticipated monthly rise reflects mounting concerns over long-term energy security and the evolving energy policies across Europe, particularly amid ongoing geopolitical tensions and the continent's energy transition goals.
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Jordan News
4 hours ago
- Jordan News
Oil Prices Drop Following Trump's 50-Day Deadline for Russia - Jordan News
Oil prices fell on Tuesday after U.S. President Donald Trump's relatively long 50-day deadline for Russia to end the war in Ukraine and avoid sanctions eased immediate concerns over supply disruptions. اضافة اعلان Brent crude for August delivery dropped by 12 cents, or 0.2%, to $69.09 per barrel as of 06:10 GMT (Reuters), while U.S. West Texas Intermediate (WTI) for September delivery fell 16 cents, also 0.2%, to $66.82 per barrel. Both contracts closed more than a dollar lower than in the previous session. Priyanka Sachdeva, senior analyst at Phillip Nova, commented: "Trump's lenient stance on Russian oil sanctions has alleviated supply shortage fears, even as his tariff strategy continues to exert growing economic pressure." Oil prices had initially surged on expectations of sanctions, but they later gave up gains after the 50-day extension, raising hopes the sanctions might be avoided. Traders shifted focus to whether the U.S. would actually impose high tariffs on countries continuing to trade with Russia. Should Trump follow through on the proposed sanctions, 'It would drastically alter the oil market outlook,' according to analysts at ING Bank in a Tuesday note. The note also stated: 'China, India, and Turkey — the top importers of Russian crude — would need to weigh the benefits of discounted oil against the cost of their exports to the U.S.' On Monday, Trump announced new weapons for Ukraine, and on Saturday he said he would impose a 30% tariff on most imports from the EU and Mexico, effective August 1, adding to earlier threats aimed at other countries. These tariffs could slow global economic growth, potentially reducing fuel demand and pushing oil prices lower. Tuesday's data also showed a slowdown in China's economy in Q2, as markets brace for a weaker second half due to falling exports, declining prices, and waning investor confidence. Tony Sycamore, analyst at IG, noted: 'China's economic growth beat expectations largely due to strong fiscal support and front-loading of exports to the U.S. to avoid incoming tariffs.' 'Today's weak Chinese data directly affects commodities like iron ore and oil.' Meanwhile, the OPEC Secretary-General stated that oil demand will remain 'very strong' during Q3, helping maintain near-term market balance, according to Russian media (Reuters).
Ammon
7 hours ago
- Ammon
Oil falls as Trump's 50-day deadline for Russia eases supply fears
Ammon News - Oil prices fell on Tuesday after U.S. 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 29 cents, or 0.4%, to $68.92 a barrel by 0342 GMT, while U.S. West Texas Intermediate crude futures fell 35 cents, or 0.5%, to $66.63. Both contracts settled more than $1 lower in the previous session. Elsewhere, oil demand is set to stay "very strong" through the third quarter, keeping the market snugly balanced in the near term, the Organization of Petroleum Exporting Countries' secretary general said, according to a Russian media report. Goldman Sachs on Monday raised its oil price outlook for the second half of 2025, pointing to potential supply disruptions, shrinking oil inventories in Organisation for Economic Co-operation and Development countries, and production constraints in Russia. Reuters
Roya News
13 hours ago
- Roya News
Trump gives Russia 50 days to make Ukraine deal
US President Donald Trump told Russia on Monday to end its Ukraine war within 50 days or face massive new economic sanctions as he laid out plans for new infusions of weaponry for Kyiv via NATO. Trump said he was "very, very unhappy" with Vladimir Putin, underlining his insistence that his patience had finally snapped with the Russian leader's refusal to end his three-year-old invasion of Ukraine. "We're going to be doing very severe tariffs if we don't have a deal in 50 days, tariffs at about 100 percent," Trump said during an Oval Office meeting with NATO Secretary General Mark Rutte. He added that they would be "secondary tariffs" targeting Russia's remaining trade partners, seeking to cripple Moscow's ability to survive the already sweeping Western sanctions. Trump and Rutte also unveiled a deal under which the NATO military alliance would buy billions of dollars of arms from the United States, including Patriot anti-missile batteries, and then send them to Ukraine. "This is really big," said Rutte, as he touted a deal aimed at easing Trump's long-held complaints that the US is paying more than European and NATO allies to aid Ukraine. Germany, Canada, Denmark, Finland, the Netherlands, Norway, Sweden, and Britain were among the buyers helping Ukraine, added the NATO chief. "If I was Vladimir Putin today and heard you speaking... I would reconsider whether I should take negotiations about Ukraine more seriously," said Rutte. Ukrainian President Volodymyr Zelensky announced he had spoken with Trump and was "grateful" for the arms deal. Very long time German Chancellor Friedrich Merz said Berlin would play a "decisive role" in the new weapons plan. But EU foreign policy chief Kaja Kallas said Trump's sanctions deadline was too far into the future. "Fifty days is a very long time if we see that they are killing innocent civilians every day," she said. Trump attempted a rapprochement with Putin shortly after starting his second term, in a bid to honor his election campaign pledge to end the Ukraine war within 24 hours. His pivot towards Putin sparked fears in Kyiv that he was about to sell out Ukraine, especially after Trump and his team berated Zelensky in the Oval Office on February 28. But in recent weeks, Trump has shown increasing frustration with Putin as the Russian leader, instead of halting his invasion, stepped up missile and drone attacks to record levels. Washington has also reversed its earlier announcement this month to pause some arms deliveries to Kyiv. Trump said his wife, Melania, had helped change his thinking about Putin, a man for whom he formerly expressed admiration. "I go home, I tell the First Lady, 'you know, I spoke to Vladimir today, we had a wonderful conversation.'" Trump said. "And she said, 'Oh really? Another city was just hit." He added of Putin: "I don't want to say he's an assassin, but he's a tough guy." Better late than never US Republican Senator Lindsey Graham and Democratic Senator Richard Blumenthal, who are pushing a bipartisan bill on Russia secondary sanctions, praised Trump's "powerful" move. "The ultimate hammer to bring about the end of this war will be tariffs against countries, like China, India and Brazil, that prop up Putin's war machine," they said in a statement. Trump's special envoy, Keith Kellogg, arrived in Kyiv on Monday for what Zelensky called a "productive meeting." One Ukrainian soldier deployed in the war-scarred east of the country, who identified himself by his call sign Grizzly, welcomed Trump's promise of fresh air defense systems. "Better late than never," the 29-year-old told AFP. Russian forces, meanwhile, said on Monday they had captured new territory in eastern Ukraine with the seizure of one village in the Donetsk region and another in the Zaporizhzhia region. Its forces also killed at least three civilians in the eastern Kharkiv and Sumy regions on Monday, Ukrainian officials said. In Kyiv, Zelensky also proposed a major political shake-up, recommending economy minister Yulia Svyrydenko take over new prime minister, and appointing current premier Denys Shmygal as defense minister.
