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Reuters
30 minutes ago
- Reuters
Oil rises 1% on signs of strong demand, Russia-Ukraine peace uncertainty
LONDON, Aug 21 (Reuters) - Oil prices rose 1% on Thursday, bolstered by signs of strong demand in the United States, with uncertainty over efforts to end the war in Ukraine also lending support. Brent crude futures were close to a two-week high and up 64 cents, or around 1%, to $67.48 a barrel at 1012 GMT. U.S. West Texas Intermediate (WTI) crude futures were up 65 cents, or 1%, to $63.36 a barrel. Both contracts climbed over 1% in the prior session. Russia said on Wednesday that attempts to resolve security issues relating to Ukraine over the war without Moscow's participation were a "road to nowhere". "If the White House's efforts do result in a halt to hostilities in Ukraine, and Russia gradually coming back into the international fold, it will be bearish for the crude market. But for now the Brent price floor to watch out for remains at $65 a barrel," said independent analyst Gaurav Sharma. U.S. President Donald Trump has announced an additional tariff of 25% on Indian goods from August 27 because of India's Russian crude purchases, which make up nearly 35% of its overall oil imports. Russian embassy officials in New Delhi said on Wednesday that Moscow expects to continue supplying oil to India despite warnings from the United States. Given uncertainty over progress towards ending the war in Ukraine, the possibility of tighter sanctions on Russia has resurfaced, which led to bullish sentiment among traders, said Tamas Varga, an analyst at PVM Oil Associates. Meanwhile, U.S. crude inventories fell by 6 million barrels last week to 420.7 million barrels, the U.S. Energy Information Administration said on Wednesday, against expectations in a Reuters poll for a 1.8 million-barrel draw. While the large draw indicates increased demand, the rise in crude levels at Cushing suggest underlying demand may be softer and that the draw was higher in part due to higher refinery runs and increased exports, Panmure Liberum's Ashley Kelty said.
Rhyl Journal
an hour ago
- Rhyl Journal
Russia launches missile attack on Ukraine as Zelensky seeks security guarantees
The attack mostly targeted western regions of the country, it said. The strikes killed at least one person and injured 15 others, according to officials. Ukraine's foreign minister, Andrii Sybiha, said Russia struck a 'major American electronics manufacturer' in western Ukraine. He provided no further details. Western parts of Ukraine are far from the battlefield's front line in the east and south of the country. Much of the military aid provided by Ukraine's Western allies is believed to be transported and stored there. It was Russia's third largest aerial attack this year in terms of the number of drones fired and the eighth-largest in terms of missiles, according to official figures. The strikes occurred during a renewed US-led effort to reach a peace settlement in the three-year war following Russia's invasion of its neighbour. Ukraine's President Volodymyr Zelensky condemned the attack, saying it was carried out 'as if nothing were changing at all'. Moscow has shown no signs of pursuing meaningful negotiations to end the war and urged the international community to respond with stronger pressure, including tougher sanctions and tariffs, he said. Russia 'wasted several cruise missiles against an American business', he said, noting it was a regular civilian enterprise producing domestic utilities, such as coffee machines. 'And that too became a target for Russia. Very telling.' Earlier, Mr Zelensky said Ukraine will hold intensive meetings to understand what kind of security guarantees its allies are willing to provide after receiving signals that the United States would back reinvigorated discussions seeking an end to war. The details are being hammered out among national security advisers and military officials and Mr Zelensky thinks they will take clearer shape within 10 days. He then expects to be ready to hold direct talks with Russian President Vladimir Putin for the first time since the full-scale invasion. The talks could also be conducted in a trilateral format alongside US President Donald Trump, Mr Zelensky said. 'We want to have an understanding of the security guarantees architecture within seven to 10 days. And based on that understanding, we aim to hold a trilateral meeting. That was my logic,' Mr Zelensky said, speaking to reporters on Wednesday after his trip to Washington along with Europe's top leaders. Russian foreign minister Sergey Lavrov said working on security arrangements in Ukraine without Moscow's involvement would not work, according to state news agency RIA Novosti. 'We cannot agree with the fact that it is now proposed to resolve collective security issues without the Russian Federation. This will not work. We have already explained more than once that Russia does not overstate its interests, but we will ensure our legitimate interests firmly and harshly,' Mr Lavrov said at a news conference on Wednesday.
Reuters
an hour ago
- Reuters
Iran holds military drills after big losses in war with Israel
DUBAI, Aug 21 (Reuters) - Iran on Thursday launched its first solo military exercises since its June war with Israel, state media reported, seeking to reassert an image of strength after suffering heavy losses. Navy units of Iran's regular armed forces fired missiles and drones at open water targets in the Indian Ocean under the "Sustainable Power 1404" drill, state television reported. "These drills take place around a month after the Iran-Russia drill under the name Casarex 2025 which took place in Iran's northern waters (Caspian Sea). The Sustainable Power in Iran's southern waters," state TV said. Israel attacked Iran in a 12-day air war which the United States briefly joined, pounding key nuclear installations and killing top military commanders and nuclear scientists. Israel largely destroyed Iran's air defences during the war and much of its stockpile of ballistic weapons is believed to have been damaged by Israeli strikes. Since then, the Islamic Republic has said it is ready to counter any future attacks. "Any new adventure by the enemy will be faced with a strong slap," the Defence Ministry said in a statement on Thursday. U.S. President Donald Trump has threatened to strike Iran again if it revives nuclear facilities including uranium enrichment plants. Tehran suspended negotiations with Washington aimed at curbing the country's nuclear ambitions after the Israeli and U.S. airstrikes. Iran denies any intent to develop atomic bombs. Iran believes the moment for "effective" nuclear talks with the U.S. has not yet arrived, its top diplomat said on Wednesday, though Tehran would not completely cut off cooperation with the U.N. nuclear watchdog.
