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On May 17, the Venezuelan government announced that Colombian businessman Alex Saab had been deported from the United States on suspicion of multiple crimes. Immigration authorities did not disclose his final destination. Saab was one of former Venezuelan President Nicolás Maduros most influential financial advisors. He had been detained in a Caracas prison since early February, during which time Venezuelan and U.S. authorities explored ways to extradite him. This transfer marks the most significant judicial cooperation between Caracas and Washington since Maduros capture by U.S. forces in January and could open new avenues for investigations into corruption within the former Venezuelan government. Maduro is currently on trial in a New York court with his wife.On May 17, the World Health Organization declared that the Ebola outbreaks in the Democratic Republic of Congo and Uganda constitute a "Public Health Emergency of International Concern."① Iran: 1. Construction resumes on Unit 2 of the Bushehr nuclear power plant in Iran. 2. A fire at an Iranian oil factory injures at least 10 people. 3. According to Iranian state media, the Iranian stock market will reopen next Tuesday. ② United States: 1. The USS Ford aircraft carrier returns to its home port in the United States. 2. Trump suggests the situation in Iran is "the calm before the storm." 3. The United States suspects Iranian hackers of infiltrating fuel monitoring systems at gas stations in multiple states. 4. Sources: The US and Israel may resume military operations against Iran as early as next week. ③ Israel: 1. Israeli military: One soldier was killed in fighting in southern Lebanon. 2. Israeli forces launched airstrikes on Hezbollah infrastructure in several locations in southern Lebanon. ④ Strait of Hormuz: 1. The conflict between the US, Israel, and Iran has led to a sharp decline in Iraqi crude oil exports. 2. Iran: A mechanism for managing the Strait of Hormuz is ready, and details will be released soon. 3. Iranian media: European parties have begun contacting the Revolutionary Guard regarding passage through the Strait of Hormuz. 4. According to Iranian media reports, Iran stated that shipping will return to normal after the unrest in the Strait of Hormuz ends. 5. US Central Command: As of May 16, 78 merchant ships have been redirected, and 4 have been intercepted and suspended to ensure compliance with the blockade measures. 6. According to Iran International Television: Iran has launched a new maritime insurance platform for ships transiting the Strait of Hormuz. Reports indicate the system provides digital insurance policies. ⑤ Ceasefire Negotiations 1. Pakistans Interior Minister visited Iran to discuss border security and other issues. 2. Trump: If a peace agreement cannot be reached, Iran will face a "very bad situation." ⑥ Other Situations 1. The current conflict between Israel and Lebanon has resulted in 2,969 deaths in Lebanon. 2. Pakistans Interior Minister visited Iran to discuss border security and other issues. 3. Gaza has been attacked several times in the past 48 hours, resulting in 13 deaths and 57 injuries. 4. British media: US officials are urging the UAE to seize the key Iranian island of Lawan. 5. The Strait of Hormuz crisis remains unresolved, and the US continues to suspend waivers for Russian crude oil sales. 6. Iranian media: Saudi oil production has fallen to its lowest level since 1990 due to the disruption in the Strait of Hormuz. 7. According to RIA Novosti: The Kremlin stated that Putin spoke by phone with the President of the UAE to discuss the Middle East and Iran.According to the Daily Mail, sources say British Prime Minister Keir Starmer has told close friends that he intends to resign and has developed a well-organized timetable for his departure.On May 17, British Columbia health officials reported on May 16 that a passenger from the cruise ship *Hundius*, who was quarantined in the province, tested positive for hantavirus in a preliminary test. British Columbias Chief Medical Officer of Health, Bonnie Henry, said the patient developed mild symptoms such as fever and headache two days prior and was subsequently hospitalized. Her preliminary hantavirus test on May 15 was positive. The patient is currently in isolation, and her test results still require confirmation by a microbiology laboratory. Her partner tested negative. Currently, 10 Canadian citizens are under quarantine due to the *Hundius* outbreak; four are in British Columbia for a 21-day quarantine, and the other six are in Alberta, Ontario, and Quebec.

Oil Quiet As Price Cap Suggestion Assists in Relieving Supply Concerns

Skylar Williams

Nov 25, 2022 14:48

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Benchmark Brent oil declined on Thursday, while West Texas Intermediate (WTI) crude remained unchanged, hovering at two-month lows due to uncertainty about the degree to which a proposed G7 restriction on the price of Russian oil would limit supply.


A larger-than-anticipated rise in gasoline inventories in the United States and an expansion of COVID-19 limitations in China also knocked on oil prices.


At 15.15 p.m. ET (2015 GMT), Brent oil prices decreased 29 cents, or 0.3%, to $85.12 per barrel, while U.S. WTI crude futures decreased 2 cents, to $77.96 per barrel.


Due to the Thanksgiving break in the United States, trade volumes were quite low.


The announcement on Wednesday that the expected price ceiling for Russian oil may surpass the current market level triggered a decrease of about 3 percent for both benchmarks.


European Union nations remained divided over what level to cap Russian oil prices to limit Moscow's ability to pay for its battle in Ukraine without causing a global oil supply shock; if positions converge on Friday, more conversations are possible.


A European official claimed that the G7 is discussing a cap of $65-$70 per barrel for Russian oil transported by sea, but European Union member states have not yet reached an agreement on a price.


A higher price ceiling might encourage Russia to continue selling its oil, decreasing the possibility of a global oil supply shortage.


According to two sources, several Indian refiners are discounting Russian Urals crude by between $25 and $35 per barrel compared to the worldwide benchmark Brent oil. Urals is Russia's principal crude export.


Despite the obstacles, Bart Melek, global head of commodities market strategy at TD Securities, is rather optimistic about oil. "The Russian price ceiling is another aspect that contributed to the current price fall," he stated.


The Energy Information Administration (EIA) said on Wednesday that gasoline and distillate inventories in the United States climbed substantially during the previous week. [EIA/S]


In contrast, oil stockpiles decreased by 3.7 million barrels to 431.7 million barrels in the week ending November 18, despite a Reuters survey predicting a reduction of 1.1 million barrels.


China reported the highest daily number of COVID-19 cases since the outbreak began over three years ago on Wednesday. Local officials intensified measures to remove the breakouts, raising investor anxiety over the economy and demand for fuel.

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