US Orders Some Diplomats to Leave Middle East
Around the same time, risk warnings from naval forces were issued to vessels operating in and around the Persian Gulf, the world's largest oil-producing region. Market jitters intensified amid the heightened tensions, with oil and gold prices rising higher.
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2 hours ago
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StanChart: Limited Russian Supply Cushion Even if Sanctions Ease
Oil prices have been trading in a narrow range over the past week, with Brent crude sinking to an intra-day low of $65.01 per barrel (bbl) on 13 August before rising to an intra-day high of $67.06/bbl on 15 August with momentum skewed to the downside thanks to a potential peace deal between Russia and Ukraine. Recent meetings between U.S. President Donald Trump, Russian President Vladimir Putin, Ukrainian President Volodymyr Zelenskyy and European leaders have weighed on prompt prices, pushing them below several key moving averages. Trump has revealed that arrangements are being made for another meeting between Putin and Zelenskyy, the first between the two leaders ever since the war began three and a half years ago. Zelenskyy has described his latest talks with Trump as "very good" and acknowledged potential U.S. security guarantees for Ukraine, although no specifics of Washington's support have been divulged. "The odds of a peace deal are rising, which would very likely lead to easing sanctions on Russian oil product,s moving global supplies to more of a surplus," Dennis Kissler of BOK Financial said in a note. Meanwhile, upcoming refinery maintenance in the U.S. coupled with fading summer demand, has been weighing on WTI prices. According to the Energy Information Administration (EIA), crude inventories at the Cushing hub have increased for six consecutive weeks and currently stand at 23.1 million barrels. However, inventory levels remain significantly below the five-year average clip of 35.1mb. The high pressure on WTI has triggered a widening spread between Brent and WTI, growing from a low of $2.24/bbl in late June (for the prompt contracts) to $3.87/bbl intraday on 19 August. Related: Despite Delays Suriname's Oil Boom is Fast Becoming a Reality Meanwhile, Erin has become the first major hurricane of the 2025 Atlantic season, reaching Category-5 status on 16 August following an unusually rapid atmospheric pressure drop. However, its trajectory has swung north eastwards along the eastern seaboard of the U.S. through the week, taking it away from critical oil and gas infrastructure. The 2025 hurricane season has so far been relatively quiet, with storm duration also curtailed. Hurricane activity in the country tends to escalate from mid-August onwards, and current models are pointing to another potentially active season. The National Oceanic and Atmospheric Administration (NOAA) continues to forecast an above-average season, but has moderated its May pre-season predictions. NOAA now sees the country being hit by 5-9 hurricanes in the current season, with 3-5 being major ones (above Category 3). Despite these developments, commodity analysts at Standard Chartered see very limited potential for Russian energy commodities returning to Europe any time soon. Last week, we reported that fears that oil prices will crash if Trump manages to negotiate a truce with Putin are overdone. First off, StanChart says that Russia has been producing unsustainably at its maximum capacity with long-term consequences for its reservoirs. The country's oil production averaged 9.01 million barrels per day (mb/d) in H1-2025, about 610,000 b/d lower than the 2021 annual average before the invasion of Ukraine. A lifting of export sanctions will mean a return of Western service companies and Russia being able to access quality replacement parts; however, Russia just doesn't have a lot of spare production capacity to flood the oil markets. Second, the removal of the oil price cap on Russian oil would disincentivize India and China, the biggest buyers of discounted Russian. India's imports of Russian crude have surged since the war began, jumping from $2.31 billion four years ago to $52.2 billion in 2024. Further, Europe is unlikely to put itself at Putin's mercy again by buying large quantities of Russian oil and gas. In the same vein, StanChart sees limited scope for Russian pipeline gas returning to European markets. According to the analysts, Russian LNG represents the biggest tail risk, with a possibility of formerly sanctioned cargoes returning to Asia. European benchmark gas Dutch Title Transfer Facility (TTF) for September delivery has continued its recent slide, falling to a 15-month intra-day low of 30.30/MWh on 18 August, before settling at EUR 32.21/MWh on Wednesday. As discussed in last week's Commodity Roadmap. However, Europe's gas injections have slowed down relative to the five-year average over, with data from Gas Infrastructure Europe (GIE) showing that inventories increased by 2.30 billion cubic metres (bcm) w/w to 85.99 bcm (74% of technical maximum fill capacity) but 8.11 bcm below the five-year average fill. Last week's refill rate was nearly 8% below the five-year average and 3% lower than the same week in 2024. By Alex Kimani for More Top Reads From this article on Sign in to access your portfolio
Yahoo
8 hours ago
- Yahoo
Iraq, Lebanon intel cooperation leads to destruction of Captagon factory
Iraqi and Lebanese intelligence agencies have coordinated to discover and destroy one of Lebanon's largest drug factories making the highly addictive amphetamine Captagon, Iraq's Ministry of Interior says. The announcement late on Monday showcased rare security operation between the two countries and comes a month after the Lebanese army issued a statement about the discovery of a factory with large amounts of drugs in Yammoune village in the eastern Bekaa Valley. Iraq's Interior Ministry said the Lebanese operation in Yammoune in mid-July came after Iraqi authorities gave Beirut information about the factory. A senior Lebanese security official on Tuesday said it was not clear why Iraqi authorities made the announcement on Monday, adding that Lebanon's security agencies are always in contact with Arab and international security agencies. Arab states have been intensifying efforts to battle the massive drug trade. The vast majority of the world's Captagon is produced in neighbouring Syria with some production in Lebanon. Western governments estimated that Captagon generated billions of dollars in revenue for ousted longtime Syrian leader Bashar al-Assad, his family, associates and allies. The former government in Damascus denied the accusations. But in the immediate days after al-Assad's fall in December, opposition fighters, who took control of the capital, Damascus, uncovered large stashes of Captagon, a stimulant that has long been mass-produced in the country and became almost synonymous with the nation's former leadership. Ahmed al-Sharaa, who led the rebels who forced al-Assad out of the country and has since become interim Syrian president, accused the former regime of turning Syria into 'the world's leading source of Captagon'. He promised to crack down on Captagon manufacturing and trade. In February, the interior ministers of Lebanon, Syria, Jordan and Iraq held talks in Amman on ways to combat the illegal drug trade and agreed to set up a joint telecommunications cell to exchange information. Smugglers have used Jordan as a corridor to smuggle Captagon pills out of Syria, mainly to oil-rich Arab Gulf states.
Yahoo
12 hours ago
- Yahoo
The White House buys Ford Mustangs to recruit new ICE agents
The White House is spending over $120,000 to buy two Ford Mustang GT muscle cars in what it says is part of a "compelling" and "urgent" need to use the cars to entice people to join the U.S. Immigration and Customs Enforcement agency, also known as ICE. The vehicles were part of 'an immediate request by the White House, on Thursday, August 7, 2025,' according to the federal justification-and-approval documents, which also explain why the contract was awarded to a Washington, D.C.-area Ford dealership without using the typical competitive bidding process. "The agency's need for the services is so urgent and compelling that providing full and open competition would result in unacceptable delays and seriously hinder the Government's recruiting initiative," the documents read. It listed the price for the pair of vehicles at $121,450. Ford Motor Co. declined to comment on the federal government's purchase of the cars. The owner of the dealership the government purchased the cars from, Banister Ford of Marlow Heights, confirmed the sale of the two 2025 Mustang GTs to the federal government. The cars were delivered to the government a couple of weeks ago, just days after the request was made, Dan Banister, owner of Banister Automotive — which owns the Ford store in Suitland, Maryland — told the Detroit Free Press. "I didn't know it was the White House. Donald Trump didn't call me," Banister said of the goverment's purchase of the cars. "The way they found us was, we had to register with the federal government to be a provider of vehicles. We offer government discounts. Many times, it's a bidding process, but it looks like they were in a pinch and needed cars right away." Banister's store had what ICE was looking for in those vehicles already in its inventory. 'Eye-catching design' will attract recruits As part of the "One Big, Beautiful Bill" last month, Congress approved $30 billion for an ICE hiring spree to add some 14,000 immigration officers. According to the federal procurement documents, the agency intends to do the recruiting over the next two fiscal years. But low morale has plagued U.S. Immigration and Customs Enforcement personnel due to the high expectations, shifting priorities and job insecurity, according to published reporters. In a July 10 report in The Atlantic, it said, "Officers and agents have spent much of the past five months clocking weekends and waking up at 4 a.m. for predawn raids. Their top leaders have been ousted or demoted, and their supervisors — themselves under threat of being fired — are pressuring them to make more and more arrests to meet quotas set by the Trump adviser Stephen Miller." ICE, which initially prioritized catching criminals, has shifted its attention to civil immigration arrests under President Donald Trump. That has meant nabbing asylum seekers at court hearings or chasing day laborers through Home Depot parking lots "as angry onlookers attempt to shame ICE officers with obscenities, and activists try to dox them, officers are retreating further behind masks and tactical gear," The Atlantic reported. The government believes using Mustang GTs at recruitment events will bolster the job's appeal. 'The Ford Mustang GT enhances recruitment efforts in support of the USC Title 8 mission and HR 1 OBBBA recruiting, by serving as a bold, high-performance symbol of innovation, strength and modern federal service,' according to the federal procurement documents. 'Its eye-catching design increases public engagement at outreach events and helps attract top talent by conveying a culture of excellence and forward momentum.' This purchase comes after ICE spent more than $700,000 to customize a group of SUVs and pickup trucks to be used for recruitment, according to published reports last week. That included a Ford Raptor and a GMC Yukon that were "tricked out to mimic the look of Donald Trump's private Boeing 757," The Independent reported. It means they're painted navy blue, with red-and-white racing stripes and a gold ICE logo — the same color scheme of Trump's aircraft. The words 'President Donald J. Trump' are printed in gold on the rear window along with 'Defend the homeland' on the side. The trucks cost more than $500,000, with another $227,000 spent on custom automotive wraps, The Independent reported, citing federal procurement records. Needed immediately According to The Independent — which was first to report this story — one of the Mustangs has already been seen around D.C. on Monday evening, "with a gold ICE logo and the words 'Defend the homeland' on the side." In the government documents it said the cars will be used to transport staff and materials for recruitment events, career fairs and recruitment initiatives at various locations. 'Without timely access to these resources, our ability to attract and onboard qualified candidates will be severely hindered, ultimately impacting the agency's ability to fulfill its mission,' the document said of needing to buy the Mustangs without a bidding process. The government documents said Banister Ford of Marlow Heights was in a position to fulfill this requirement quickly because it had immediate availability of vehicles that 'fully meet ICE's specifications." It added that 'failure to approve this (Justification and Approval) request will result in significant disruption to ICE's recruitment efforts." How Banister got the sale Banister, who said his store is about a 25-minute drive southeast of the White House, had no idea his customer was ICE. 'We sell to a wide range of customers including individuals, businesses and government agencies. We don't take any political position on who purchases a vehicle," Banister, who owns four other dealerships that sell other brands in the Virginia area, told the Detroit Free Press. "We just want to provide a quality vehicle with professional service." Banister said the Mustangs are powerful cars that are fun to drive but "I don't know that would make people want to join ICE or not? I guess if I'm going out there trying to hire people to work and I bring a nice sporty car out there, that would get people to come talk to me.' More: Ford reveals a new race car inspired trim for its $325,000 Mustang More: Ford Bronco fan, 60, keeps customizing her 'Fiona' Banister said it was likely just luck that his dealership got this sale, but he said he is honored. "It just happened they saw our name in there and contacted us and I thought it was an honor," Banister said. "I love being in a position where we can help and the Mustang is a great vehicle.' Jamie L. LaReau is the senior autos writer who covers Ford Motor Co. for the Detroit Free Press. Contact Jamie at jlareau@ Follow her on Twitter @jlareauan. To sign up for our autos newsletter. Become a subscriber. This article originally appeared on Detroit Free Press: White House buys Ford Mustangs to recruit new ICE agents Solve the daily Crossword
