Latest news with #oilfutures
Asharq Al-Awsat
04-07-2025
- Business
- Asharq Al-Awsat
Oil Falls as Iran Affirms Commitment to Nuclear Treaty
Oil futures fell on Friday after Iran reaffirmed its commitment to nuclear non-proliferation and amid expectations that major producers are set to agree to raise their output this weekend. Brent crude futures were down 22 cents, or 0.32%, to $68.58 a barrel by 0445 GMT, while US West Texas Intermediate crude fell 12 cents, or 0.18%, to $66.88. Trade was thinned by the US Independence Day holiday. US news website Axios reported on Thursday that the US was planning to meet with Iran next week to restart nuclear talk, while Iran Foreign Minister Abbas Araghchi said Tehran remains committed to the nuclear Non-Proliferation Treaty. "Thursday's news that the US is preparing to resume nuclear talks with Iran, and Araghchi's clarification that cooperation with the UN atomic agency has not been halted considerably eases the threat of a fresh outbreak of hostilities," said Vandana Hari, founder of oil market analysis provider Vanda Insights. Araghchi's comments came a day after Tehran enacted a law suspending cooperation with the UN nuclear watchdog, the International Atomic Energy Agency. "But the price correction may have to wait till Monday, when the US reopens from a long weekend and takes in Sunday's OPEC+ decision, which is likely to be another 411,000 barrels per day target hike in August," Hari said. OPEC+, the world's largest group of oil producers, is set to announce an increase of 411,000 bpd in production for August as it looks to regain market share, four delegates from the group told Reuters. Meanwhile, uncertainty over US tariff policies was renewed as the end of a 90-day pause on higher levy rates approaches. Washington will start sending letters to countries on Friday specifying what tariff rates they will face on goods sent to the United States, a clear shift from earlier pledges to strike scores of individual trade deals. President Donald Trump told reporters before departing for Iowa on Thursday that the letters would be sent to 10 countries at a time, laying out tariff rates of 20% to 30%. Trump's 90-day pause on higher US tariffs ends on July 9, and several large trading partners have yet to clinch trade deals, including the European Union and Japan. The US imposed sanctions on Thursday against a network that smuggles Iranian oil disguised as Iraqi oil and on a Hezbollah-controlled financial institution, the Treasury Department said. Trump also said on Thursday that he would meet with representatives of Iran "if necessary". Separately, Barclays said it raised its Brent oil price forecast by $6 to $72 per barrel for 2025 and by $10 to $70 a barrel for 2026 on an improved outlook for demand.
Yahoo
24-06-2025
- Business
- Yahoo
Oil prices sink after Israel confirms ceasefire with Iran announced by Trump
Oil futures slumped on Tuesday after President Trump said a ceasefire between Israel and Iran is now in place, lifting hopes for a more permanent end to the Middle East hostilities. West Texas Intermediate (CL=F) fell over 3% to trade below $66 per barrel, while Brent crude (BZ=F), the international benchmark, also tumbled to hover near $68 per barrel. Israel confirmed that it had agreed to a truce, after Trump announced the ceasefire and its timeline in a late-Monday post to social media. The president then announced overnight that the pause in the conflict had begun. 'THE CEASEFIRE IS NOW IN EFFECT. PLEASE DO NOT VIOLATE IT!' Trump wrote on social media early on Tuesday. Oil settled 7% lower on Monday after Iran launched missile attacks on a US air base in Qatar, retaliating against Washington's strikes on three Iranian nuclear sites over the weekend. Prices further weakened after Trump hinted Iran's retaliation had been telegraphed. 'I want to thank Iran for giving us early notice, which made it possible for no lives to be lost, and nobody to be injured,' Trump wrote on social media. 'Iran's response appears to have been more symbolic than escalatory — targeting US military bases but avoiding any loss of life or damage to energy structure,' Rebecca Babin, senior energy trader at CIBC Private Wealth, told Yahoo Finance on Monday afternoon. Prior to the retaliatory move, Wall Street weighed various scenarios in the wake of the initial US strikes, including the threat of Iran closing the Strait of Hormuz, a critical chokepoint for roughly 20% of the world's oil flows. JPMorgan analysts projected the closure would be a "severe outcome" scenario, in which oil futures could spike to $120 to $130. "Yet, beyond the short-term spike induced by geopolitics, our base case for oil remains anchored by our supply-demand balance, which shows that the world has enough oil," wrote Natasha Kaneva on Monday morning. JPMorgan expects oil to trade in the low-to-mid-$60 range for the remainder of 2025, assuming the Middle East risk premium fully dissipates. Ines Ferre is a Senior Business Reporter for Yahoo Finance. Follow her on X at @ines_ferre. Click here for in-depth analysis of the latest stock market news and events moving stock prices
Wall Street Journal
22-06-2025
- Business
- Wall Street Journal
Oil Prices Expected to Rise After U.S. Strikes
Oil futures are set to rise when trading resumes later Sunday, analysts said, with the full impact on energy markets dependent on how Iran responds to the U.S. strikes. Crude prices have jumped since Israel launched its air campaign against Iran but cooled Friday after the White House said President Trump would take time to decide whether the U.S. should join the campaign. With direct U.S. involvement now confirmed, 'the question is no longer if crude will react but how far and how fast,' said Ole Hvalbye, an analyst at SEB.
Yahoo
17-06-2025
- Business
- Yahoo
Oil futures and US futures drop after Trump warns 'everyone' to evacuate Tehran
Oil futures jumped after President Trump warned "everyone" to evacuate Tehran amid Israel and Iran's conflict. Oil futures and US stock futures later edged down. Markets are concerned about Iran's frequent threats to block a key oil and gas shipping route. Crude oil futures jumped in late Monday trading before edging down during Asia's trading day, after President Donald Trump issued a warning about the Israel-Iran conflict on social media. "IRAN CAN NOT HAVE A NUCLEAR WEAPON. I said it over and over again! Everyone should immediately evacuate Tehran!" he wrote. US West Texas Intermediate oil futures jumped as much as 2.7% but were 0.6% lower at $71.32 a barrel at 2:58 a.m. ET on Tuesday. Brent oil futures gained as much as 2.2% before trading 0.6% lower, at $72.80 a barrel. US stock futures were also lower as of 2:58 a.m. ET: S&P 500 futures: down 0.5% at 6,061.00 Dow futures: down 0.5% at 42,667.00 Nasdaq futures: down 0.5% at 22,058.25 "So far, this still looks very much like a controlled confrontation, even if market jitters are showing up as expected in commodity prices, particularly oil," wrote Samy Chaar, the chief economist at Swiss private bank Lombard Odier. "But for the moment at least there's no sign of an irreversible escalation," he added. Vishnu Varathan, Mizuho's head of macro research for Asia, excluding Japan, wrote that Trump's warning has injected even more uncertainty, risk, and volatility into the market. Varathan said that different interpretations of Trump's broader remarks might imply a strategy of brinkmanship intended to secure a deal that curtails Iran's nuclear ambitions. However, given Israel's continued strikes on Iran — and the limited prospects for negotiations — the immediate concern lies in the risk of escalation and regional spillover, Varathan added. "If the leadership in Iran smells regime change on the agenda, the risk is that it may shift from loss-minimizing survival strategies to destruction-maximizing end-game," wrote Varathan. Markets are concerned about Iran making good on its frequent threats to blockade the Strait of Hormuz, a key oil and gas shipping route, just as the US heads into peak summer demand season. "A blockade remains the key risk that could push markets into uncharted territory," wrote Janiv Shah, a vice president of oil markets at Rystad Energy, on Monday. Read the original article on Business Insider Sign in to access your portfolio
Yahoo
17-06-2025
- Business
- Yahoo
Oil futures jump and US futures slump after Trump warns 'everyone' to evacuate Tehran
Oil futures jumped after President Trump warned "everyone" to evacuate Tehran amid Israel and Iran's conflict. Trump's remark stoked uncertainty and market volatility. Markets are concerned about Iran's frequent threats to block a key oil and gas shipping route. Crude oil futures jumped in late Monday trading after President Donald Trump issued a warning about the Israel-Iran conflict on social media. "IRAN CAN NOT HAVE A NUCLEAR WEAPON. I said it over and over again! Everyone should immediately evacuate Tehran!" he wrote. US West Texas Intermediate oil futures jumped as much as 2.7% and were 0.3% higher at $72.05 a barrel at 9:31 p.m. ET. Brent oil futures gained as much as 2.2% before trading 0.4% higher, at $73.50 a barrel. US stock futures were also lower as of 9:34 p.m. ET: S&P 500 futures: down 0.4% at 6,064.50 Dow futures: down 0.4% at 42,698.00 Nasdaq futures: down 0.5% at 22,068.00 Vishnu Varathan, Mizuho's head of macro research for Asia, excluding Japan, wrote that Trump's warning has injected even more uncertainty, risk, and volatility into the market. Varathan said that different interpretations of Trump's broader remarks might imply a strategy of brinkmanship intended to secure a deal that curtails Iran's nuclear ambitions. However, given Israel's continued strikes on Iran — and the limited prospects for negotiations — the immediate concern lies in the risk of escalation and regional spillover, Varathan added. "If the leadership in Iran smells regime change on the agenda, the risk is that it may shift from loss-minimizing survival strategies to destruction-maximizing end-game," wrote Varathan. Markets are concerned about Iran making good on its frequent threats to blockade the Strait of Hormuz, a key oil and gas shipping route, just as the US heads into peak summer demand season. "A blockade remains the key risk that could push markets into uncharted territory," wrote Janiv Shah, a vice president of oil markets at Rystad Energy, on Monday. Read the original article on Business Insider
