Latest news with #WarrenPatterson
Yahoo
20 hours ago
- Business
- Yahoo
Oil Extends Loss as Trade Negotiations Intensify Before Deadline
(Bloomberg) -- Oil fell for a third session as talks between the US and its trading partners gain urgency ahead of next week's deadline. Why the Federal Reserve's Building Renovation Costs $2.5 Billion Salt Lake City Turns Winter Olympic Bid Into Statewide Bond Boom Milan Corruption Probe Casts Shadow Over Property Boom How San Jose's Mayor Is Working to Build an AI Capital International benchmark Brent traded below $69 a barrel. European Union and US negotiators are heading into another week of intensive discussions as they seek to clinch a trade deal by Aug. 1, when President Donald Trump has threatened to hit most of the bloc's exports with 30% tariffs. 'With the tariff deadline looming, risks are skewed to the downside,' said Warren Patterson, head of commodities strategy at ING Groep NV, 'Expectations for a better supplied oil market later in the year only add to the view that there is further downside.' Crude has been drifting sideways since the end of the conflict between Iran and Israel towards the end of the last month, dragging gauges of market volatility to the lowest level since early April. While Brent and West Texas Intermediate crude prices have flatlined, many of the largest moves in the oil market have been in diesel prices, where values are soaring thanks to tight supplies and refinery closures. Elon Musk's Empire Is Creaking Under the Strain of Elon Musk A Rebel Army Is Building a Rare-Earth Empire on China's Border Thailand's Changing Cannabis Rules Leave Farmers in a Tough Spot How Starbucks' CEO Plans to Tame the Rush-Hour Free-for-All What the Tough Job Market for New College Grads Says About the Economy ©2025 Bloomberg L.P. Sign in to access your portfolio
Yahoo
5 days ago
- Business
- Yahoo
Oil prices surge after EU's new Russia sanctions and drone attacks in Iraqi Kurdistan
Oil (BZ=F, CL=F) Oil prices jumped on Friday morning after the European Union (EU) agreed new sanctions against Russia, while drone attacks on northern Iraqi oil fields prompted concerns about tighter supply. Brent crude (BZ=F) futures rose 0.8% to trade at $70.06 per barrel, at the time of writing, while West Texas Intermediate futures (CL=F) rose 0.4% to $67.84 a barrel. The EU approved an 18th sanctions package against Russia on Friday over its war in Ukraine. The measures included lowering the price cap on Russian oil, along with restrictions on its petroleum refined in third countries, according to a Bloomberg report. Oil prices were also driven higher after four days of drone attacks on oil fields in Iraqi Kurdistan shut down facilities in the region. Reuters reported that officials had pointed to Iran-backed militias as the likely source of the attacks, though no group has claimed responsibility. ING head of commodities strategy Warren Patterson and commodities strategist Ewa Manthey said: "Near-term oil fundamentals remain supportive, with the market set to remain fairly tight through this quarter, before becoming better supplied from the last three months of the year. Read more: London markets higher after week of records for indices "In addition, drone attacks on oil fields in Kurdistan provided some further support, with producers suspending operations, resulting in around 200k b/d [barrels per day] of lost production." "However, a deal between the government in Baghdad and the Kurdistan regional government should resume oil exports from Kurdistan, after being halted since early 2023," they added. "The Kurdish region will supply Iraq's State Organization for Marketing of Oil (SOMO) with at least 230k b/d." Gold (GC=F) Gold prices edged higher on Friday, helped by a weaker dollar, making the precious metal cheaper for overseas buyers as it is typically traded in the greenback. Gold futures (GC=F) were up 0.3% to $3,354.50 per ounce, at the time of writing, while spot gold rose 0.2% to $3,346.52 per ounce. The US dollar index ( which measures the greenback against a basket of six currencies, was down 0.3% to 98.40 at the time of writing. Stocks: Create your watchlist and portfolio Gold prices advanced despite strong US economic data releases on Thursday, helping drive the S&P 500 (^GSPC) and Nasdaq (^IXIC) to hit fresh highs. US retail sales grew by 0.6% in June, which was above expectations of a 0.1% rise. Derren Nathan, head of equity research at Hargreaves Lansdown, said: "The broad-based rebound showed little evidence that tariffs are damaging the average American's spending power. That may soften the case for rate cuts by the Fed." Meanwhile, US initial jobless claims fell to a three-month low of 221,000 for the week ending 12 July, which was below expectations of 233,000. Pound (GBPUSD=X, GBPEUR=X) The pound inched higher against a weaker dollar (GBPUSD=X) on Friday, up 0.2% to $1.3440 at the time of writing. However, sterling is down 0.4% over the past five days, as UK economic data releases this week showed an unexpected jump in inflation but a weakening of the jobs market. Consumer prices rose by an annual rate of 3.6% in June, up from 3.4% in May, according to data published by the Office for National Statistics (ONS) on Wednesday. That was the highest rate since January 2024. Meanwhile, separate ONS data released on Thursday showed that the rate of UK unemployment ticked up to 4.7% in the March to May period was highest rate in around four years and was up from 4.6% for the three months to April. The number of employees on the payroll and job vacancies also declined, while pay growth eased. Read more: Jobs data increases odds on Bank of England interest rate cut This latest data adds to pressure on the Bank of England in deciding whether to cut interest rates in August, as it tries to balance keeping inflation under control, while also avoiding a slowdown in the labour market. In other currency moves, the the pound dipped against the euro (GBPEUR=X), down 0.2% to trade at €1.1544 at the time of writing. More broadly, the FTSE 100 (^FTSE) rose 0.2% on Friday morning to 8,987 points. For more details, on market movements check our live coverage here. Read more: Bank of England governor warns tariff hikes risk 'fragmenting the world economy' Reeves calls on regulators to loosen rules in push to spur investment UK jobs market continues to cool as pay growth slowsSign in to access your portfolio
Yahoo
5 days ago
- Business
- Yahoo
Oil prices surge after EU's new Russia sanctions and drone attacks in Iraqi Kurdistan
Oil (BZ=F, CL=F) Oil prices jumped on Friday morning after the European Union (EU) agreed new sanctions against Russia, while drone attacks on northern Iraqi oil fields prompted concerns about tighter supply. Brent crude (BZ=F) futures rose 0.8% to trade at $70.06 per barrel, at the time of writing, while West Texas Intermediate futures (CL=F) rose 0.4% to $67.84 a barrel. The EU approved an 18th sanctions package against Russia on Friday over its war in Ukraine. The measures included lowering the price cap on Russian oil, along with restrictions on its petroleum refined in third countries, according to a Bloomberg report. Oil prices were also driven higher after four days of drone attacks on oil fields in Iraqi Kurdistan shut down facilities in the region. Reuters reported that officials had pointed to Iran-backed militias as the likely source of the attacks, though no group has claimed responsibility. ING head of commodities strategy Warren Patterson and commodities strategist Ewa Manthey said: "Near-term oil fundamentals remain supportive, with the market set to remain fairly tight through this quarter, before becoming better supplied from the last three months of the year. Read more: London markets higher after week of records for indices "In addition, drone attacks on oil fields in Kurdistan provided some further support, with producers suspending operations, resulting in around 200k b/d [barrels per day] of lost production." "However, a deal between the government in Baghdad and the Kurdistan regional government should resume oil exports from Kurdistan, after being halted since early 2023," they added. "The Kurdish region will supply Iraq's State Organization for Marketing of Oil (SOMO) with at least 230k b/d." Gold (GC=F) Gold prices edged higher on Friday, helped by a weaker dollar, making the precious metal cheaper for overseas buyers as it is typically traded in the greenback. Gold futures (GC=F) were up 0.3% to $3,354.50 per ounce, at the time of writing, while spot gold rose 0.2% to $3,346.52 per ounce. The US dollar index ( which measures the greenback against a basket of six currencies, was down 0.3% to 98.40 at the time of writing. Stocks: Create your watchlist and portfolio Gold prices advanced despite strong US economic data releases on Thursday, helping drive the S&P 500 (^GSPC) and Nasdaq (^IXIC) to hit fresh highs. US retail sales grew by 0.6% in June, which was above expectations of a 0.1% rise. Derren Nathan, head of equity research at Hargreaves Lansdown, said: "The broad-based rebound showed little evidence that tariffs are damaging the average American's spending power. That may soften the case for rate cuts by the Fed." Meanwhile, US initial jobless claims fell to a three-month low of 221,000 for the week ending 12 July, which was below expectations of 233,000. Pound (GBPUSD=X, GBPEUR=X) The pound inched higher against a weaker dollar (GBPUSD=X) on Friday, up 0.2% to $1.3440 at the time of writing. However, sterling is down 0.4% over the past five days, as UK economic data releases this week showed an unexpected jump in inflation but a weakening of the jobs market. Consumer prices rose by an annual rate of 3.6% in June, up from 3.4% in May, according to data published by the Office for National Statistics (ONS) on Wednesday. That was the highest rate since January 2024. Meanwhile, separate ONS data released on Thursday showed that the rate of UK unemployment ticked up to 4.7% in the March to May period was highest rate in around four years and was up from 4.6% for the three months to April. The number of employees on the payroll and job vacancies also declined, while pay growth eased. Read more: Jobs data increases odds on Bank of England interest rate cut This latest data adds to pressure on the Bank of England in deciding whether to cut interest rates in August, as it tries to balance keeping inflation under control, while also avoiding a slowdown in the labour market. In other currency moves, the the pound dipped against the euro (GBPEUR=X), down 0.2% to trade at €1.1544 at the time of writing. More broadly, the FTSE 100 (^FTSE) rose 0.2% on Friday morning to 8,987 points. For more details, on market movements check our live coverage here. Read more: Bank of England governor warns tariff hikes risk 'fragmenting the world economy' Reeves calls on regulators to loosen rules in push to spur investment UK jobs market continues to cool as pay growth slows
Yahoo
5 days ago
- Business
- Yahoo
Oil prices surge after EU's new Russia sanctions and drone attacks in Iraqi Kurdistan
Oil (BZ=F, CL=F) Oil prices jumped on Friday morning after the European Union (EU) agreed new sanctions against Russia, while drone attacks on northern Iraqi oil fields prompted concerns about tighter supply. Brent crude (BZ=F) futures rose 0.8% to trade at $70.06 per barrel, at the time of writing, while West Texas Intermediate futures (CL=F) rose 0.4% to $67.84 a barrel. The EU approved an 18th sanctions package against Russia on Friday over its war in Ukraine. The measures included lowering the price cap on Russian oil, along with restrictions on its petroleum refined in third countries, according to a Bloomberg report. Oil prices were also driven higher after four days of drone attacks on oil fields in Iraqi Kurdistan shut down facilities in the region. Reuters reported that officials had pointed to Iran-backed militias as the likely source of the attacks, though no group has claimed responsibility. ING head of commodities strategy Warren Patterson and commodities strategist Ewa Manthey said: "Near-term oil fundamentals remain supportive, with the market set to remain fairly tight through this quarter, before becoming better supplied from the last three months of the year. Read more: London markets higher after week of records for indices "In addition, drone attacks on oil fields in Kurdistan provided some further support, with producers suspending operations, resulting in around 200k b/d [barrels per day] of lost production." "However, a deal between the government in Baghdad and the Kurdistan regional government should resume oil exports from Kurdistan, after being halted since early 2023," they added. "The Kurdish region will supply Iraq's State Organization for Marketing of Oil (SOMO) with at least 230k b/d." Gold (GC=F) Gold prices edged higher on Friday, helped by a weaker dollar, making the precious metal cheaper for overseas buyers as it is typically traded in the greenback. Gold futures (GC=F) were up 0.3% to $3,354.50 per ounce, at the time of writing, while spot gold rose 0.2% to $3,346.52 per ounce. The US dollar index ( which measures the greenback against a basket of six currencies, was down 0.3% to 98.40 at the time of writing. Stocks: Create your watchlist and portfolio Gold prices advanced despite strong US economic data releases on Thursday, helping drive the S&P 500 (^GSPC) and Nasdaq (^IXIC) to hit fresh highs. US retail sales grew by 0.6% in June, which was above expectations of a 0.1% rise. Derren Nathan, head of equity research at Hargreaves Lansdown, said: "The broad-based rebound showed little evidence that tariffs are damaging the average American's spending power. That may soften the case for rate cuts by the Fed." Meanwhile, US initial jobless claims fell to a three-month low of 221,000 for the week ending 12 July, which was below expectations of 233,000. Pound (GBPUSD=X, GBPEUR=X) The pound inched higher against a weaker dollar (GBPUSD=X) on Friday, up 0.2% to $1.3440 at the time of writing. However, sterling is down 0.4% over the past five days, as UK economic data releases this week showed an unexpected jump in inflation but a weakening of the jobs market. Consumer prices rose by an annual rate of 3.6% in June, up from 3.4% in May, according to data published by the Office for National Statistics (ONS) on Wednesday. That was the highest rate since January 2024. Meanwhile, separate ONS data released on Thursday showed that the rate of UK unemployment ticked up to 4.7% in the March to May period was highest rate in around four years and was up from 4.6% for the three months to April. The number of employees on the payroll and job vacancies also declined, while pay growth eased. Read more: Jobs data increases odds on Bank of England interest rate cut This latest data adds to pressure on the Bank of England in deciding whether to cut interest rates in August, as it tries to balance keeping inflation under control, while also avoiding a slowdown in the labour market. In other currency moves, the the pound dipped against the euro (GBPEUR=X), down 0.2% to trade at €1.1544 at the time of writing. More broadly, the FTSE 100 (^FTSE) rose 0.2% on Friday morning to 8,987 points. For more details, on market movements check our live coverage here. Read more: Bank of England governor warns tariff hikes risk 'fragmenting the world economy' Reeves calls on regulators to loosen rules in push to spur investment UK jobs market continues to cool as pay growth slowsError in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Local Spain
23-06-2025
- Business
- Local Spain
What will happen to Spain's petrol prices amid escalation Iran-US conflict?
The world is closely watching the escalation of the conflict between Israel and Iran. In mid-June, Israel began targeting Iranian military and nuclear sites, while Iran retaliated by firing hundreds of missiles and drones back at them. Then on Saturday June 21st ,the United States launched an unprecedented attack on Iran, bombing three nuclear sites in the Persian nation. This is likely to have a major impact on the global energy supply. The Iranian Parliament has approved a proposal to close the Strait of Hormuz in response to the US's attacks. The Strait of Hormuz is a maritime corridor which is crucial for the global economy. At just 30 kilometres wide, it carries one-fifth of the global oil output and 30 percent of the liquefied natural gas, which supply a large part of the world. Iran is the world's ninth-biggest oil-producing country with around 3.3 million barrels per day. It exports just under half of that amount and consumes the rest. The United Arab Emirates, Saudi Arabia, Kuwait and Iraq all depend on this strait to export their hydrocarbons. Also, around one in three barrels of crude oil worldwide passes through this passage, making it a critical route for international supply. If Iran follows through on its threat and blocks the Strait, even if only partially or briefly, oil and gas prices could increase sharply. This in turn would put financial pressure on global consumers and industry. According to El Economista, it means that oil trade would be reduced by approximately 15 percent. Since the attacks began, the price of oil has already increased by around 5 percent. This is not because the Strait has already closed, but just due to the mere threat of it closing. How would Spain specifically be affected? Thankfully, the country does not directly import oil from Iran, but it doesn't mean that it will escape the fallout. Spain depends on suppliers in countries such as Nigeria, the United States, Saudi Arabia, and Mexico, some of whom buy will be affected by the closure of the Strait. If the Hormuz Strait is blocked, it will mean higher prices for gasoline and diesel in Spain, affecting the transportation sector and generating inflationary pressure on the economy, with widespread price increases. Electricity could also become more expensive, given Spain's partial dependence on natural gas and oil. In fact, Spain just like every country in Europe, would be affected by the decision. According to 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 (€87.10) per barrel, she said. Warren Patterson, head of commodity strategy at ING Research, told Spanish news agency Europa Press that this scenario increases the risk of shipping blockages and affects crude oil flows from the Persian Gulf. According to his projections, a significant disruption to these shipments could push the price of a barrel to $120 (€104.49) and if the restrictions continue toward the end of the year, it surpass the all-time highs reached in 2008. If the price of a barrel of crude oil goes up to $150 (€130.64), petrol costs in Spain could go up to €2.20 per litre, just as it was years ago when the Spanish government gave a fuel subsidy of 20 cents per litre.
