Finance news

Oil jumps as U.S. 'powerful strikes' against Iran risk unraveling fragile Mideast truce

Oil prices rose on Wednesday after the U.S. launched fresh strikes on Iran in retaliation for attacks on commercial vessels in the Strait of Hormuz.

Energy: Exxon promises billions in profits thanks to high oil prices

Exxon Mobil expects a profit jump of around five billion dollars in the second quarter - a benchmark for the industry. The reason is the increased oil prices as a result of the Iran war.

Why the AI Boom Is About to Break the U.S. Power Grid

The American power grid is about to fail the most important industry it has ever been asked to support. In fact…the dominoes in this potentially disastrous scenario have already begun to fall. Large companies that right now depend heavily on the grid are making behind-the-scenes moves that are key to understanding what’s about to happen next. Microsoft just signed a 20-year deal to restart the Three Mile Island nuclear plant, a facility that has been offline since 2019. Amazon paid $650 million

The Next Oil Price Spike Could Come Sooner Than Traders Think

Oil prices have dropped back to pre-war levels since the United States and Iran agreed to negotiate a deal under a framework that included the reopening of the Strait of Hormuz. With oil flows out of the Middle East starting to return to the market, analysts, investment banks, and traders expect the global oil glut to return as early as in 2027 and sink oil prices further. Prices are heading south to $60 per barrel, many analysts think. The futures market seems to think this way, too. Speculator

FCC denies US firm with Chinese links approval to provide telecoms services

The US Federal Communications Commission ⁠said on Tuesday it is adding California-based Digitalsystem Technology to a list of companies posing risks to US national security, citing links to Chinese telecoms firms and its ownership by a Chinese national. The FCC also said ‌it was denying the Los Angeles-based IT company permission to provide international telecommunications services, saying it could be exploited by Chinese threat actors. “There is significant risk that the government of China and

U.S. resumes 'powerful strikes' on Iran after Hormuz Strait ship attacks, CENTCOM says

The U.S. revoked Iran oil sales authorization earlier in the day.

Has Iraq Finally Run Out of Road in Its Double-Dealings with the West?

Late June/early July normally brings twin events from Iraq for the global oil industry: an announcement that it intends to increase its crude oil production to either 6 or 7 million barrels per day (bpd) within three years, and a statement that its prime minister will visit Washington to discuss deepening strategic ties or something similar aimed at securing money from the U.S. This year is no different, with the announced three-year target being 7 million bpd, and the visit of new prime ministe

US Army tests autonomous mass mine-laying

The Army’s Volcano mine dispenser can blanket 32 acres of terrain with up to 960 mines. Now, the Army is testing an autonomous version.

Judge blocks DOJ subpoena for names of 2020 Fulton County, Georgia, election workers

President Donald Trump has focused on the ballot count in Fulton County, Georgia, to promote claims that he actually won the 2020 election

U.S. revokes Iran oil sales authorization after tanker attacks

Oil prices rise as the U.S. cancels Iran’s license to sell oil

Oil futures climbed late Tuesday after the Treasury Department canceled a license granted on June 21 to allow for the sale of Iranian oil.

Fed President Stays Optimistic as Energy Prices Fall

Federal Reserve Bank of New York President John Williams said he expects falling energy prices to drive a drop in overall inflation over the next few months.

Trump's Nuclear Loan Program Won't Fix What's Really Broken

Donald Trump is trying to push forward a nuclear power renaissance in the United States as the AI boom presents the country with a major looming energy deficit. The federal government recently announced over $17 billion in federal loans as part of a scheme to encourage investment in revitalizing the nation’s ageing nuclear fleet. The move comes as part of a broader desire on the part of the Trump administration to “produce lasting American dominance in the global nuclear energy market.” However,

Iran War: Oil experts expect oversupply: Are the analysts too optimistic?

Around ten million barrels are now being shipped through the Strait of Hormuz every day again - half as much as before the war. US sanctions on Iranian oil are now in effect again.

Iran War: Oil experts expect oversupply: Are the analysts too optimistic?

Around ten million barrels are shipped through the Strait of Hormuz every day - half as much as before the war. US sanctions on Iranian oil are now in effect again.

US Crude Oil, Product Inventories Fall Even As Hormuz Traffic Begins to Flow

The American Petroleum Institute (API) estimated that crude oil inventories in the United States fell by 399,000 barrels in the week ending July 3. In the week prior, US crude oil inventories fell by 6.072 million barrels. Although commercial crude oil inventories excluding the SPR have been falling rapidly for more than two months, shedding almost 60 million barrels over the last twelve weeks, US crude inventories are only down 8.6 million barrels so far this year, according to API data, kept i

US revokes temporary sanctions waiver on Iranian oil after vessels attacked in Hormuz

The US Treasury Department on Tuesday revoked a licence that temporarily lifted oil sanctions on Iran, calling Tehran’s actions in the Strait of Hormuz “wholly unacceptable”. “Iran’s actions in the Strait were wholly unacceptable to the United States and will be met with consequences,” a US official told Agence France-Presse, after attacks on tankers in the key waterway. The waiver announced in June had originally allowed the Islamic republic to produce, sell and deliver crude oil and related...

Oil Jumps on Hormuz Shipping Attacks

The US revoked a waiver allowing Iranian oil sales following shipping attacks that threatened the fragile ceasefire with Iran.

Iran War: US reinstates Iranian oil sanctions

Only around two weeks ago, the USA relaxed sanctions on Iranian oil as part of the framework agreement. Now there is a turnaround.

Big Oil's Windfall Earnings Threaten to Reignite Trump's Price-Gouging Push

Chevron and Exxon are expected to report their best quarter since 2022 this month, as the war that the United States and Israel started against Iran on February 28 drove much tighter oil and gas supply. This could be a problem for President Trump who has already slammed Big Oil for keeping prices at the pump too high. The two biggest American oil companies are reporting second-quarter results at the end of this month and, according to Reuters, will book the best quarter since 2022, when Western

+++ Iran War +++: USA attacks targets in Iran in response to ship attacks

Iran: USA violates framework agreement +++ USA reinstates sanctions on Iranian oil +++ Attack on tanker: Qatar appoints Iran's deputy ambassador +++ The news blog.

+++ Iran War +++: USA reinstates sanctions on Iranian oil – oil prices rise

Netanyahu curbs expectations of Iran ceasefire +++ Attack on tanker: Qatar appoints Iran's deputy ambassador +++ Another ship fired at in Strait of Hormuz +++ The news blog.

Oil Market Swings From Glut Fears to Hormuz Toll Concerns

Despite a lull in peace talks progress between Iran and the United States, analysts have once again started to talk about oversupply as tankers leave the Persian Gulf in greater numbers than the past three months. Importing nations are even being warned of a “wave” of crude coming their way. Meanwhile, some are preparing for a future where Hormuz passage tolls are part of oil price formation. The latest to warn about a glut of crude oil was the Wall Street Journal, following reports from other m

Cardinal in Morocco steps back from duties after sexual assault claims

At least five women have accused the archbishop of Rabat of sexual assault, according to an Agence France-Presse investigation, prompting the Spanish-born cleric to announce he was “stepping back” on Tuesday while the Vatican holds an inquiry. Agence France-Presse interviewed a retired woman involved in the Church and reviewed the written testimony of another woman who said Cristobal Lopez Romero had sexually assaulted them. The 74-year-old archbishop denied all wrongdoing when contacted by...

Kazakhstan Bets on Iran Port Despite Regional Tensions

Despite lingering tension between the United States and Iran, Kazakhstan is planning to build a terminal at the Iranian port of Bandar Abbas to facilitate exports. In comments made before a joint session of the Kazakh parliament in late June, Deputy Prime Minister Serik Zhumangarin said no state funds would be used in developing the planned facility, which will occupy roughly 15 hectares at the Iranian port. “The project will be implemented at the expense of private investment. As far as I know,

Pressure builds on Platner to drop out of Maine Senate race after sexual assault allegations

Platner has denied allegations of sexual assault leveled by Maine resident Jenny Racicot as calls for him to exit the pivotal race mount.

Drone Strike Shuts Russia's Largest Refinery as Fuel Shortages Worsen

Ukraine has landed one of its most consequential blows yet against Russia's energy sector, knocking out the country's largest oil refinery just as Moscow is scrambling to contain a widening fuel crisis. Industry sources told Reuters that Gazprom Neft's Omsk refinery halted operations after a Ukrainian drone strike damaged key processing units at the 440,000-barrel-per-day facility. The refinery is Russia's largest gasoline producer, making the timing particularly painful for the Kremlin. Accordi

Super El Niño Could Push Colombia Into an Energy Crisis

Scientists predict 2026 will bring a devastating Super El Niño weather event, with rising temperatures and economically damaging droughts expected. There are fears the climate pattern will hit Colombia especially hard, triggering severe droughts that lower water levels and sharply reduce hydroelectric power generation. This will significantly pressure Colombia’s thermal power plants, already constrained by a natural gas shortage, while straining the electricity grid. As a result, costly natural

Nato launches defence projects to counter Russia and China

Nato member states unveiled a series of defence initiatives on Tuesday aimed at strengthening weapons development, production and supply chains in response to security challenges posed by Russia and China. Speaking at the Nato Summit Defence Industry Forum (NSDIF) on the first day of this year’s summit in Ankara, Turkey, Nato Secretary General Mark Rutte announced several new projects involving member states and defence contractors to bolster the alliance’s advanced military capabilities. Among.

Saudi Arabia Eyes Major Red Sea Pipeline Expansion to Bypass Hormuz

Saudi Arabia is looking beyond the Strait of Hormuz. The kingdom is considering expanding the capacity of its East-West crude pipeline by as much as 2 million barrels per day, according to Reuters. It’s a move that would allow more Saudi—and potentially neighboring Gulf—oil to reach global markets without passing through the world's most strategically vulnerable chokepoint. The discussions are still preliminary. After five months of war, tanker disruptions, and Iranian threats to commercial ship