Latest news with #IpekOzkardeskaya
Khaleej Times
2 days ago
- Business
- Khaleej Times
UAE: Will petrol prices go up or down in July after the Iran-Israel war?
Petrol prices in the UAE could be revised upward for the month of July as global oil prices shot up earlier this month due to regional military conflict. Oil prices jumped after the Israel-Iran war and when later US attacked Iranian nuclear sites. Brent's closing price on average was around $69.87 in June compared to $63.6 last month. Brent oil was trading in the mid $60s a barrel, but it jumped to close to $80 a barrel as the Israel-Iran war escalated and the US was also involved in the conflict. Ipek Ozkardeskaya, senior analyst at Swissquote Bank, said geopolitics aside, the supply-demand dynamics continue to favour softer oil prices. 'Global demand prospects are weakening due to trade uncertainties, while supply is ample — thanks to faster production restoration from Opec+. Russia said yesterday it's open to another output hike at the next Opec+ meeting due on July 6. So, if Middle East tensions are truly done and dusted, oil is more likely than not to fall back toward, or even below, the $60 per barrel level,' he said. In the UAE, the Fuel Price Committee kept petrol prices for the month of June unchanged. Currently, Super 98, Special 95 and E-Plus 91 are selling at Dh2.58, Dh2.47 and Dh2.39 per litre, respectively. Though retail fuel rates could go up next month, the official decision will be announced next week on Monday. The UAE deregulated petrol prices in 2015 and since then rates have been revised every month to bring them in line with global rates.
Business Times
3 days ago
- Business
- Business Times
Europe: Shares sag as investors weigh Iran-Israel ceasefire
A RALLY in European stocks hit a roadblock as investors weighed the fragility of the Israel-Iran ceasefire, with attention quickly shifting to the looming US tariff pause deadline. The pan-European Stoxx 600 index lost steam after Tuesday's best intraday jump in over a month, dipping 0.74 per cent to 536.98 as a wave of red swept across most sectors. Only four sectors bucked the trend. Defence stocks jumped after Nato's pledge for a major boost in military spending. US President Donald Trump reassured allies of Washington's support. Meanwhile, major regional bourses closed lower. Spain led the slide with a 1.6 per cent drop. Concerns over its defence budget shortfall lingered. Data showed its economy cooled to a 0.6 per cent growth pace in early 2025. Germany shed 0.6 per cent, despite a new record investment budget, while France and Britain slipped 0.8 per cent and 0.5 per cent, respectively. Across the geopolitical stage, the US-brokered ceasefire between Israel and Iran appeared to hold, though scepticism lingered. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up Hopes for a durable peace rose after promising US-Iran talks, but investors remained cautious, eyeing the fast-approaching July 8 US tariff pause deadline as the EU scrambled to secure trade deals, with progress limited outside of an agreement with London. 'European stocks still face trade tensions and the ECB's easing and interest in European defense stocks are now no longer strong factors anymore,' said Ipek Ozkardeskaya, senior analyst at Swissquote Bank. 'That's why yesterday's rebound in the European stocks was overstretched and we might see some consolidation and even maybe some bearishness in the coming days.' European auto stocks accelerated 1.3 per cent. Data showed May car sales rose 1.9 per cent year-on-year. Stellantis rose 3 per cent after Jefferies upgraded the carmaker to 'buy' from 'hold'. Babcock topped the Stoxx index with a 10.7 per cent rise after the British defence engineering company upgraded its medium-term guidance. Shares of energy giants BP and Shell will be in focus on Thursday after the Wall Street Journal reported that Shell is in early talks to buy rival BP. Meanwhile, Wall Street looked to Washington, where Fed Chair Jerome Powell struck a cautious tone in Senate testimony, pledging a 'careful approach' on future policy moves. REUTERS
Malaysia Sun
5 days ago
- Business
- Malaysia Sun
Oil flip-flops, dollar firms after US hits Iran nuclear facilities
The dollar strengthened and oil prices pulled back from their early gains on Monday after the US struck Irans nuclear facilities at the weekend. Asian markets, however, retreated while European stocks were slightly higher as traders nervously awaited Irans response. Oil pricesgave up most of their early gains on Monday and the dollar strengthenedafter the United States struck Iran's nuclear facilities at the weekend. Asian marketsmostly retreated while European bourses were marginally higher as traders wait to see how Tehran could respond. Read moreIran vows US will 'receive a response' after strikes on nuclear sites "Everything hinges onIran's response and whether it's a symbolic jab or a haymaker that knocks theStrait of Hormuzoffline," said Stephen Innes at SPI Asset Management. One option on the table would be to potentially create economic havoc by seeking to close the strategic Strait of Hormuz -- which carries one-fifth of global oil output. Iran is the world's ninth-biggest oil-producing country, with output of about 3.3 million barrels per day. Itexportsjust under half of that amount and consumes the rest. Read more'Dangerous escalation': World leaders call for return to diplomacy after US strikes on Iran When trading opened on Monday, Brent and the main US crude contract WTI both jumped more than four percent to hit their highest price since January. They pared these gains however and briefly dipped into the red before recovering totradeslightly higher. "So far, satellite images reportedly suggest that oil continues to flow through the Strait, which may explain the muted market reaction to the news," said Ipek Ozkardeskaya, senior analyst at Swissquote Bank. "Many remain optimistic that Iran will avoid a full-blown retaliation and regional chaos, to prevent its own oil facilities from becoming targets and to avoid a widening conflict that could hurtChinaits biggest oil customer." But "if things get uglier" the price of US crude could even spike beyond $100 per barrel, she said. WTI was trading around $74 per barrel on Monday. 'Extreme route' "An oil price shock would create a real negative impact on most Asian economies" as many are big net energy importers, economists at MUFG warned. Tokyo,Seoul, Sydney,Singapore, Taipei, Manila, Bangkok and Jakarta were all lower. Hong Kong, Shanghai and Kuala Lumpur were the only gainers in Asia. InEuropean marketsLondonand Frankfurt ticked marginally higher whilePariswas flat. Read moreRussia and China push for a ceasefire as UN Security Council meets on Iran The dollar rose against other currencies but analysts questioned to what extent this would hold out. "If the increase proves to be just a knee-jerk reaction to what is perceived as short-lived US involvement in the Middle-East conflict, the dollar's downward path is likely to resume," said Sebastian Boyd, markets live blog strategist at Bloomberg. Chris Weston at Pepperstone said Iran would be able to inflict economic damage on the world without taking the "extreme route" of trying to close the Strait of Hormuz. "By planting enough belief that they could disrupt this key logistical channel, maritime costs could rise to the point that it would have a significant impact on the supply of crude and gas," he wrote. At the same time, "while Trump's primary focus will be on theMiddle East, headlines on trade negotiations could soon start to roll in and market anxieties could feasibly build". Key figures at around 0900 GMT Brent North Sea Crude: UP 0.2 percent at $77.14 per barrel WestTexasIntermediate: UP 0.1 percent at $73.94 per barrel Tokyo -Nikkei225: DOWN 0.1 percent at 38,354.09 (close) Hong Kong- Hang Seng Index: UP 0.7 percent at 23,689.13 (close) Shanghai - Composite: UP 0.7 percent at 3,381.58 (close) London - FTSE 100: UP 0.1 percent at 8,800.5 Euro/dollar: DOWN at $1.1458 from $1.1516 on Friday Pound/dollar: UP at $1.3445 from $1.3444 Dollar/yen: UP at 147.94 yen from 146.13 yen Euro/pound: DOWN at 85.65 pence from 85.66 pence New York- Dow: UP 0.1 percent at 42,206.82 (close) (FRANCE 24 with AFP) Originally published on France24
Malaysia Sun
5 days ago
- Business
- Malaysia Sun
Oil dips, dollar firms after US strikes in Iran
Oil prices gave up most of their early gains on Monday and the dollar strengthened after the United States struck Iran's nuclear facilities at the weekend. Asian markets mostly retreated while European bourses were marginally higher as traders wait to see how Tehran could respond. "Everything hinges on Iran's response -- and whether it's a symbolic jab or a haymaker that knocks the Strait of Hormuz offline," said Stephen Innes at SPI Asset Management. One option on the table would be to potentially create economic havoc by seeking to close the strategic Strait of Hormuz -- which carries one-fifth of global oil output. Iran is the world's ninth-biggest oil-producing country, with output of about 3.3 million barrels per day. It exports just under half of that amount and consumes the rest. When trading opened on Monday, Brent and the main US crude contract WTI both jumped more than four percent to hit their highest price since January. They pared these gains however and briefly dipped into the red before recovering to trade slightly higher. "So far, satellite images reportedly suggest that oil continues to flow through the Strait, which may explain the muted market reaction to the news," said Ipek Ozkardeskaya, senior analyst at Swissquote Bank. "Many remain optimistic that Iran will avoid a full-blown retaliation and regional chaos, to prevent its own oil facilities from becoming targets and to avoid a widening conflict that could hurt China -- its biggest oil customer." But "if things get uglier" the price of US crude could even spike beyond $100 per barrel, she said. WTI was trading around $74 per barrel on Monday. 'Extreme route' "An oil price shock would create a real negative impact on most Asian economies" as many are big net energy importers, economists at MUFG warned. Tokyo, Seoul, Sydney, Singapore, Taipei, Manila, Bangkok and Jakarta were all lower. Hong Kong, Shanghai and Kuala Lumpur were the only gainers in Asia. In European markets London and Frankfurt ticked marginally higher while Paris was flat. The dollar rose against other currencies but analysts questioned to what extent this would hold out. "If the increase proves to be just a knee-jerk reaction to what is perceived as short-lived US involvement in the Middle-East conflict, the dollar's downward path is likely to resume," said Sebastian Boyd, markets live blog strategist at Bloomberg. Chris Weston at Pepperstone said Iran would be able to inflict economic damage on the world without taking the "extreme route" of trying to close the Strait of Hormuz. "By planting enough belief that they could disrupt this key logistical channel, maritime costs could rise to the point that it would have a significant impact on the supply of crude and gas," he wrote. At the same time, "while Trump's primary focus will be on the Middle East, headlines on trade negotiations could soon start to roll in and market anxieties could feasibly build". Key figures at around 0900 GMT Brent North Sea Crude: UP 0.2 percent at $77.14 per barrel West Texas Intermediate: UP 0.1 percent at $73.94 per barrel Tokyo - Nikkei 225: DOWN 0.1 percent at 38,354.09 (close) Hong Kong - Hang Seng Index: UP 0.7 percent at 23,689.13 (close) Shanghai - Composite: UP 0.7 percent at 3,381.58 (close) London - FTSE 100: UP 0.1 percent at 8,800.5 Euro/dollar: DOWN at $1.1458 from $1.1516 on Friday Pound/dollar: UP at $1.3445 from $1.3444 Dollar/yen: UP at 147.94 yen from 146.13 yen Euro/pound: DOWN at 85.65 pence from 85.66 pence New York - Dow: UP 0.1 percent at 42,206.82 (close) Originally published on France24
Malaysia Sun
5 days ago
- Business
- Malaysia Sun
Oil flip-flops, dollar firms after US hits Iran nuclear sites
The dollar strengthened and oil prices pulled back from their early gains on Monday after the US struck Irans nuclear facilities at the weekend. Asian markets, however, retreated while European stocks were slightly higher as traders nervously awaited Irans response. Oil pricesgave up most of their early gains on Monday and the dollar strengthenedafter the United States struck Iran's nuclear facilities at the weekend. Asian marketsmostly retreated while European bourses were marginally higher as traders wait to see how Tehran could respond. Read moreIran vows US will 'receive a response' after strikes on nuclear sites "Everything hinges onIran's response and whether it's a symbolic jab or a haymaker that knocks theStrait of Hormuzoffline," said Stephen Innes at SPI Asset Management. One option on the table would be to potentially create economic havoc by seeking to close the strategic Strait of Hormuz -- which carries one-fifth of global oil output. Iran is the world's ninth-biggest oil-producing country, with output of about 3.3 million barrels per day. Itexportsjust under half of that amount and consumes the rest. Read more'Dangerous escalation': World leaders call for return to diplomacy after US strikes on Iran When trading opened on Monday, Brent and the main US crude contract WTI both jumped more than four percent to hit their highest price since January. They pared these gains however and briefly dipped into the red before recovering totradeslightly higher. "So far, satellite images reportedly suggest that oil continues to flow through the Strait, which may explain the muted market reaction to the news," said Ipek Ozkardeskaya, senior analyst at Swissquote Bank. "Many remain optimistic that Iran will avoid a full-blown retaliation and regional chaos, to prevent its own oil facilities from becoming targets and to avoid a widening conflict that could hurtChinaits biggest oil customer." But "if things get uglier" the price of US crude could even spike beyond $100 per barrel, she said. WTI was trading around $74 per barrel on Monday. 'Extreme route' "An oil price shock would create a real negative impact on most Asian economies" as many are big net energy importers, economists at MUFG warned. Tokyo,Seoul, Sydney,Singapore, Taipei, Manila, Bangkok and Jakarta were all lower. Hong Kong, Shanghai and Kuala Lumpur were the only gainers in Asia. InEuropean marketsLondonand Frankfurt ticked marginally higher whilePariswas flat. Read moreRussia and China push for a ceasefire as UN Security Council meets on Iran The dollar rose against other currencies but analysts questioned to what extent this would hold out. "If the increase proves to be just a knee-jerk reaction to what is perceived as short-lived US involvement in the Middle-East conflict, the dollar's downward path is likely to resume," said Sebastian Boyd, markets live blog strategist at Bloomberg. Chris Weston at Pepperstone said Iran would be able to inflict economic damage on the world without taking the "extreme route" of trying to close the Strait of Hormuz. "By planting enough belief that they could disrupt this key logistical channel, maritime costs could rise to the point that it would have a significant impact on the supply of crude and gas," he wrote. At the same time, "while Trump's primary focus will be on theMiddle East, headlines on trade negotiations could soon start to roll in and market anxieties could feasibly build". Key figures at around 0900 GMT Brent North Sea Crude: UP 0.2 percent at $77.14 per barrel WestTexasIntermediate: UP 0.1 percent at $73.94 per barrel Tokyo -Nikkei225: DOWN 0.1 percent at 38,354.09 (close) Hong Kong- Hang Seng Index: UP 0.7 percent at 23,689.13 (close) Shanghai - Composite: UP 0.7 percent at 3,381.58 (close) London - FTSE 100: UP 0.1 percent at 8,800.5 Euro/dollar: DOWN at $1.1458 from $1.1516 on Friday Pound/dollar: UP at $1.3445 from $1.3444 Dollar/yen: UP at 147.94 yen from 146.13 yen Euro/pound: DOWN at 85.65 pence from 85.66 pence New York- Dow: UP 0.1 percent at 42,206.82 (close) (FRANCE 24 with AFP) Originally published on France24
