Oil prices steady as EU sanctions on Russia and Iran talks loom
Brent crude futures edged up 5 cents to $69.33 a barrel, while US West Texas Intermediate crude rose 2 cents to $67.36.
The European Union approved its 18th sanctions package against Russia, targeting India's Nayara Energy, which processes Russian crude into oil products. Kremlin spokesperson Dmitry Peskov stated that Russia had developed resilience against Western sanctions.
Rosneft, a major stakeholder in Nayara, condemned the sanctions as unjustified, warning they could threaten India's energy security.
Meanwhile, Iran is set to resume nuclear talks with Britain, France, and Germany in Istanbul this week.
The discussions come after warnings from European nations that failure to negotiate could lead to renewed sanctions.
In the US, oil rig counts dropped to their lowest since September 2021, with only 422 active rigs reported last week.
Additional market pressure stems from impending US tariffs on EU imports, set to take effect on August 1.
However, US Commerce Secretary Howard Lutnick expressed optimism about reaching a trade agreement with the bloc. - AFP
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
The Star
14 minutes ago
- The Star
EU, US could reach framework trade deal this weekend, EU officials say
FILE PHOTO: U.S. and European Union flags and a "tariffs" label are seen in this illustration taken April 10, 2025. REUTERS/Dado Ruvic/Illustration/File Photo BRUSSELS (Reuters) -The European Union and the United States could reach a framework deal on trade this weekend, ending months of uncertainty for European industry, EU officials and diplomats said on Friday. The deal would likely include a 15% baseline tariff on all EU goods entering the United States and probably a 50% tariff on European steel and aluminium, the officials and diplomats said. U.S. President Donald Trump on Friday said there was a 50-50 chance or perhaps less that the United States would reach a trade agreement with the European Union, adding that Brussels wanted to "make a deal very badly". One of the sources said a weekend deal seemed likely as the "agreement is basically in the hands of Trump now." A source familiar with the negotiations said there was a "good chance" European Commission President Ursula von der Leyen would meet Trump in Scotland over the weekend. A spokesperson for the Commission did not respond to multiple requests for comment on a possible meeting. Trump will visit his golf course on Scotland's west coast and is set to meet British Prime Minister Keir Starmer on Monday. Combining goods, services and investment, the EU and the United States are each other's largest trading partners by far. The American Chamber of Commerce to the EU warned in March that any conflict jeopardised $9.5 trillion of business in the world's most important commercial relationship. The EU is facing U.S. tariffs on more than 70% of its exports - 50% on steel and aluminium, 25% on cars and car parts and a 10% levy on most other EU goods, which U.S. President Donald Trump has said he would hike to 30% on August 1, a level EU officials said would wipe out whole chunks of transatlantic commerce. Further tariffs on copper and pharmaceuticals are looming. The EU has prepared countermeasures that could enter into force on August 7 in the event that talks collapse. (Reporting by Julia Payne and Jan Strupczewski; Editing by David Holmes)
The Star
2 hours ago
- The Star
Thailand-Cambodia conflict could trigger global tuna pert food shortages
MOSCOW: The escalating tensions between Thailand and Cambodia could cause a serious shortage of canned tuna due to Thailand's dominant position in this market, according to RIA Novosti's analysis of Thai Tuna Industry Association data. In 2023, global exports of canned tuna totalled 1.6 million tonnes, with Thailand accounting for a dominant 28 per cent of that volume. Ecuador, the second-largest exporter, held just a 14 per cent share, followed by China at 9 per cent. Thailand's canned tuna exports surged by 30 per cent in 2024, reaching 580,000 tonnes, up from 445,000 tonnes a year earlier. The United States is the largest consumer of Thai canned tuna, accounting for 21 per cent of purchases, followed by Japan, Australia, and Libya (7 per cent each), and Saudi Arabia (6 per cent). According to the UN's Food and Agriculture Organisation, Thailand also controls around 8 per cent of the global tuna trade (both fresh and processed), trailing Ecuador (12 per cent), China (11 per cent), and Indonesia (8.5 per cent). According to RIA Novosti's analysis of UN Comtrade data, a disruption in trade due to the Thai-Cambodian conflict could also impact the global pet food market, as Thailand was the world's second-largest exporter of pet food in 2024, with US$2.7 billion worth of shipments or just over 10 per cent of the global total. Only Germany exported more, with exports totalling US$3.3 billion. The United States was the top buyer of Thai pet food, accounting for nearly one-third of Thailand's exports. Other major importers included Japan (12 per cent), Australia and Italy (6 per cent each), Malaysia (5 per cent), and the Philippines and Germany (4 per cent each). Thailand's presence in the Russian pet food market remains minimal, with imports totalling just US$4.9 million last year. In March 2024, Russia's Federal Service for Veterinary and Phytosanitary Supervision banned six Thai enterprises from the Russian market. The long-standing dispute between Thailand and Cambodia over the 11th-century Preah Vihear Temple, a Unesco World Heritage site, escalated Thursday. Following weeks of heightened tensions from landmine incidents and subsequent mutual diplomatic expulsions, heavy artillery and rocket attacks erupted near border temples. Al Jazeera reported, citing the Thai Health Ministry, that bombing and shelling had killed at least 11 civilians and a soldier in Thailand. The authorities of four Thai provinces bordering Cambodia have announced the evacuation of residents amid the escalation, The Nation newspaper reported. - Bernama-Sputnik/Ria Novosti
The Star
3 hours ago
- The Star
Google partners with Italy's Energy Dome on zero-emission power supply
FILE PHOTO: A logo is pictured at Google's European Engineering Center in Zurich, Switzerland July 19, 2018. Picture taken July 19, 2018. REUTERS/Arnd Wiegmann/File Photo/File Photo MILAN (Reuters) -Italian energy storage firm Energy Dome said on Friday it had entered a commercial partnership with Google to supply carbon-free energy to the grids that power the operations of the U.S. tech giant. As part of the agreement, Google has made a strategic investment in Milan-based Energy Dome, which has developed a CO2 battery technology to support the energy transition through long-duration energy storage solutions, the companies said in a joint statement. They did not disclose the financial details. Google joins other investors in the Italian energy storage firm such as Oman's sovereign wealth fund and global tank storage operator Vopak. Google's first commercial long-duration energy storage deal is part of a growing number of advanced energy technologies the group needs to hit a goal to run its operations on 24/7 carbon-free energy by 2030. Energy Dome's CO2-based system stores energy by compressing and liquefying carbon dioxide, which is later expanded to generate electricity. The technology avoids the use of scarce raw materials such as lithium and copper, making it potentially attractive to European policymakers seeking to reduce reliance on critical minerals and bolster energy security. Energy Dome launched its first commercial-scale plant in Sardinia in 2022 with a view to completing it by the end of 2024, with a 24-hour cycle and a 20-megawatt capacity able to power 13,000-15,000 houses. (Reporting by Valentina Za; Editing by Emelia Sithole-Matarise)
