EUR/USD 1.14404
-0.019%
Gold 4015.33
0.979%
Oil 81.356
3.134%
USD/JPY 162.380
0.010%
GBP/USD 1.34578
-0.153%
GBP/JPY 218.532
-0.116%
Browse More
  • English
  • 简体中文
  • 繁體中文
  • Tiếng Việt
  • ไทย
  • Indonesia
Subscribe
Real-time News
July 19th - According to Iranian sources, the US military launched another attack on Qeshm Island in southern Iran that day. It is understood that at 6:10 AM local time, US warplanes struck parts of Qeshm Island again, with at least two explosions reported. Iranian officials have arrived in the affected area and are assessing the scale of the attack. Earlier that day, Iranian sources reported that around 3:38 AM local time, explosions were heard in multiple areas of Qeshm Island. Local residents said that "three to five missiles struck Qeshm Island." The US Central Command issued a statement on social media on July 18th, stating that the US military completed another round of airstrikes against Iran at 11:30 PM Eastern Time on July 18th (7:00 AM Iranian Time on July 19th).According to RIA Novosti: Russian Foreign Minister Sergey Lavrov and the UAE Foreign Minister held talks on the tensions in the Persian Gulf.July 19 – U.S. Central Command announced that it completed another round of strikes against Iran at 11:30 p.m. (Eastern Time) on July 18, under the direction of the Commander-in-Chief. In the eighth consecutive night of airstrikes, Central Command forces successfully targeted Iranian military coastal surveillance and air defense facilities, naval combat capabilities, and missile and drone storage sites, in an effort to continue weakening Irans military capabilities. The U.S. military also targeted Islamic Revolutionary Guard Corps forces, following their July 17 attack on U.S. service members in Jordan. Currently, more than 50,000 U.S. military personnel, both men and women, are deployed in the Middle East, maintaining a high level of vigilance, focus, lethality, and readiness.According to the New York Post: US President Trump stated that the US strikes prevented Iran from acquiring nuclear weapons. He added that if Iran is not stopped, the region could descend into a wider conflict.July 19 – According to Irans Mehr News Agency, the Iranian militarys public relations department stated that, in response to repeated enemy aggression and attacks on bridges, infrastructure, and demilitarized zones, hours earlier, during the sixteenth phase of Operation Lightning, the Iranian military launched a large-scale drone strike against a US terrorist army ammunition depot at Camp Adir in Kuwait, as well as Patriot radar and air defense radar used by the invading forces at the Ali Salim base in Kuwait. Camp Adir is a key US military base, located 104 kilometers from the Iranian border, and serves as a crucial support and reorganization center for the US military. Disrupting the bases operations will significantly impact US support operations in the region.

Oil Quiet As Price Cap Suggestion Assists in Relieving Supply Concerns

Skylar Williams

Nov 25, 2022 14:48

118.png


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.

Suggestion