MIDDLE EAST CONFLICT
Hezbollah's deputy leader says group would stop fighting with Israel after Gaza cease-fire
Hezbollah's deputy leader, Sheikh Naim Kassem, stated that a full cease-fire in Gaza is crucial for halting hostilities on the Lebanon-Israel border. He emphasized Hezbollah's support role for Hamas and indicated that if Gaza's conflict ceases, their military assistance will also end. Kassem expressed uncertainty about how Hezbollah would respond to partial cease-fires or ongoing military actions in Gaza. The remarks come amid heightened tensions as talks of Gaza cease-fires falter, raising concerns of escalation along the Lebanon-Israel frontier.
US and Europe warn Lebanon's Hezbollah to ease strikes on Israel and back off from wider Mideast war
Mediators from the U.S., Europe, and Arab nations are working to prevent escalating tensions between Israel and Hezbollah in Lebanon from turning into a broader Middle East conflict. Despite ongoing violence and threats from Iran and Israel, efforts are focused on warning Hezbollah against provoking Israel further. The situation has been marked by cross-border attacks and strong rhetoric, with fears that a second front in the region could open, complicating the conflict with Hamas in Gaza. Diplomatic efforts continue, with hopes that a resolution in Gaza could ease tensions along the Israel-Lebanon border.
No matter who wins Iran's presidential election, much may hinge on the 'Great Satan' US
In the waning moments of Iran's final televised presidential debate, one of the top candidates to replace the late hard-line President Ebrahim Raisi invoked the name of the one person who perhaps has done more than anyone to change the trajectory of the Islamic Republic's relationship with the wider world in recent years.
Oil edges higher on inventory drawdown outlook, Middle East risks
Oil prices inched up on Wednesday nearing their highest level in almost two months, driven by forecasts for an eventual inventory drawdown during the third quarter peak summer demand season and geopolitical risks from the Middle East conflict.
Brent rises on Middle East war jitters, while WTI dips ahead of inventories report
Brent crude futures rose as Israeli tanks advanced into Gaza, while U.S. crude dipped on the U.S. federal holiday of Juneteenth.
Oil inches up as war jitters outweigh surprise build in U.S. crude stocks
Oil prices rose on conflict fears in Europe and the Middle East, with unexpected U.S. crude inventory build. Concerns over escalating conflict and supply disruptions led to price increases in the oil market.
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Oil up on firming demand, Mideast tensions underpin risk premium
Oil prices rose on Tuesday due to a stronger demand outlook and investor confidence in OPEC+ producers. Global benchmark Brent crude futures and U.S. West Texas Intermediate crude futures were up, closing at their highest since April.
G7 Summit commits to promoting India-Middle East-Europe Economic Corridor
At the G7 Summit, the Group of Seven industrialized nations committed to promoting infrastructure projects such as the India-Middle East-Europe Economic Corridor (IMEC), reaffirming a commitment to a "free and open Indo-Pacific." Prime Minister Narendra Modi attended the summit at the invitation of Italian Prime Minister Giorgia Meloni.
Oil prices slip despite OPEC+ production cut extension
Oil prices fell as OPEC+ extended output cuts, impacting Brent and WTI futures. Goldman Sachs analysts view meeting as bearish. Gaza conflict mediators urge Israel-Hamas ceasefire. Israel considers alternative to Iran-backed group.
Israel says it's recalling ambassadors from Ireland and Norway over Palestinian state recognition
Israel's Foreign Minister Israel Katz recalls ambassadors from Norway and Ireland as they plan to recognize a Palestinian state, potentially impacting hostage negotiations with Hamas and Iran. Norwegian Prime Minister Jonas Gahr Store supports recognition, echoing EU countries' push for a two-state solution post-Oslo agreement.
Harvard students end protest as university agrees to discuss Middle East conflict
The student protest group Harvard Out of Occupied Palestine said in a statement that the encampment "outlasted its utility with respect to our demands." Meanwhile, Harvard University interim President Alan Garber agreed to pursue a meeting between protesters and university officials regarding the students' questions.
Oil prices up on stronger Chinese data, Middle East conflict
In the previous session, oil prices edged up to a one-week high on data of rising crude oil imports in China in April and as investors saw the cooling U.S. job market as an indication of possible interest rate cuts.
Gold prices tick higher on US rate cut bets
Data on Friday showed job growth in the U.S. slowed more than expected in April, while the increase in annual wages fell below 4.0% for the first time in nearly three years.
Oil down on Middle East talks while investors await Fed meeting
Oil edged lower on Tuesday after U.S. data showed healthy crude output and exports, extending losses prompted on Monday by hopes of an Israel-Hamas ceasefire, while investors await signals on U.S. interest rates from the Federal Reserve meeting this week.
Oil dips as investors eye Israel-Gaza truce talks, US Fed policy review
Brent crude futures dipped 5 cents, or 0.06%, to $88.35 a barrel at 0006 GMT, and U.S. West Texas Intermediate crude futures slipped 12 cents, or 0.15%, to $82.51 a barrel.
OPEC is causing market volatility, says Hardeep Puri
Current market volatility is being caused by the OPEC producer group rather than the conflict in the Middle East, said Union Minister of Petroleum & Natural Gas Hardeep Puri on Friday, reported ET Now.
Oil eases as US demand concerns outweigh fears over Middle East conflicts
Brent crude futures dipped 9 cents, or 0.1%, to $86.95 a barrel at 0024 GMT, and U.S. West Texas Intermediate crude futures slipped 7 cents, or 0.1%, to $82.74 a barrel. Both benchmarks lost less than 1% on Wednesday.
Gold edges down as Middle East worries ebb
Spot gold was down 0.1% at $2,320.19 per ounce, as of 0115 GMT, having hit its lowest since April 5 in the previous session. Bullion's March to April rally drove it up by nearly $400 to an all-time high of $2,431.29 on April 12.
Rupee ends higher on inflows, dollar sales by state-run banks
The currency had dropped to a record low of 83.5750 on Friday but has since recovered modestly helped by the central bank's intervention and as fears of escalation in the Middle East conflict ebbed.
Asia stocks edge up, oil and gold retreat on tempered Mideast fears
Gold and the safe-haven dollar pulled back from near their peaks, and crude oil prices declined as the potential for a major supply disruption waned.
Gold edges down as rising bond yields dent appeal
Benchmark 10-year U.S. Treasury yields edged up and were last at 4.6475%, making non-yielding bullion less attractive for investors.
A caution for India as Iran's one action can shoot up oil and LNG prices
India-Israel war: Oil and LNG prices could see a notable rise if Iran opts to block the Strait of Hormuz, a key route for importing crude oil from Saudi Arabia, Iraq, and UAE. Analysts have pointed out that this could lead to increased inflation. The conflict between Iran and Israel has escalated recently, with Iran launching drone and rocket attacks on Israel, prompting Israel to respond with missile strikes. Crude oil prices have hovered around USD 90 per barrel amid the tensions. While efforts to de-escalate the situation are underway, Motilal Oswal Financial Services has warned of potential price hikes in oil and LNG if Iran takes steps to restrict the flow of oil through the Strait of Hormuz.
US 10-year Treasury yields at highest since November following strong retail sales data
Benchmark U.S. 10-year Treasury yields spiked due to inflation and Middle East concerns. Consumer resilience affects rate cut expectations. Two-year Treasury yield rises by 10 basis points.
Biden in 'very tough spot' trying to stop Middle East escalation
Tensions with Benjamin Netanyahu over Israel's war on Gaza were papered over as the US president offered "ironclad" support, including shooting down Iranian drones.
Biden cuts weekend trip short for urgent Middle East consultations
Iran has vowed retaliation after a presumed Israeli strike on April 1 leveled an Iranian diplomatic building in Damascus, killing seven members of the elite Revolutionary Guards including two generals.
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