Oil edges down as market contemplates potential sanctions, tariffs
Brent crude futures fell 5 sen to US$69.16 a barrel by 0000 GMT, while US West Texas Intermediate crude futures fell to US$66.89, down 9 sen.
Both contracts settled more than US$1 lower in the previous session.
Trump announced new weapons for Ukraine on Monday, and threatened sanctions on buyers of Russian exports unless Moscow agrees to a peace deal in 50 days.
Oil prices had climbed at the news of potential sanctions, but later gave up these gains as the 50-day deadline raised hopes that sanctions could be avoided, and traders dwelled on whether the US would actually impose steep tariffs on countries continuing to trade with Russia.
"The pause eased concerns that direct sanctions on Russia could disrupt crude oil flows. Sentiment was also weighed down by rising trade tensions," ANZ senior commodity strategist Daniel Hynes wrote in a note to clients.
Trump said on Saturday he would impose a 30 per cent tariff on most imports from the European Union and Mexico from August 1, adding to similar warnings for other countries and leaving them less than three weeks to hammer out framework deals that could lower the threatened tariff rates.
Tariffs risk slowing down economic growth, which could sap global fuel demand and drag oil prices lower.
Elsewhere, oil demand is set to stay "very strong" through the third quarter, keeping the market snugly balanced in the near term, the Organisation of Petroleum Exporting Countries' secretary general said, according to a Russian media report.
Goldman Sachs on Monday raised its oil price outlook for the second half of 2025, pointing to potential supply disruptions, shrinking oil inventories in Organisation for Economic Co-operation and Development countries, and production constraints in Russia.
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The Star
35 minutes ago
- The Star
How do you silence a conspiracy theory?
AS a presidential candidate, Donald Trump loved a conspiracy theory. He started his political career by stoking the lie that then president Barack Obama was not born in the United States. By 2024, he complained, falsely, that non-citizens would vote in the November election and throw the result to Democrats. He declared on a debate stage that immigrants in Ohio were eating people's pets. He promised to release government files on Sept 11 and the assassination of John F. Kennedy, and told Fox News that 'I guess I would' release the government's files on Jeffrey Epstein, too. As president, though, he's finding out that it's a whole lot easier to start a conspiracy theory than it is to put one to rest. That was the challenge facing Trump, as his political supporters staged an open revolt over his administration's decision not to release further materials about Epstein, a convicted sex offender who hobnobbed with the global elite before he died by suicide in prison in 2019. Putting the genie back in the bottle They could be forgiven for expecting more details. Trump installed two vocal Epstein conspiracy theorists and right-wing media personalities, Kash Patel and Dan Bongino, to run the FBI after both men spent years telling their audiences there really was a there there. This spring, Attorney General Pam Bondi promised big revelations about the case that have come to nothing. It turns out, though, it is a whole lot easier to be a conspiracy theorist when you're not president, you don't control both houses of Congress, and you haven't handpicked the leaders of the nation's premier investigative agencies. Trump had tried to put the genie back in the bottle. He admonished a reporter for asking about the matter at a recent Cabinet meeting – 'Are you still talking about Jeffrey Epstein?' – and then, over last weekend, told off his followers, in a lengthy social media post. 'What's going on with my 'boys' and, in some cases, 'gals?'' Trump asked, urging them to 'not waste Time and Energy on Jeffrey Epstein, somebody that nobody cares about.' On his podcast, however, Steve Bannon, an influential former Trump adviser, suggested that the furore wasn't going anywhere – and that it posed a real political risk for Trump. 'You're going to lose 10% of the MAGA movement,' he said, warning that this could cost Republicans dozens of House seats in the midterm elections next year. The problem with a conspiracy theory is, of course, the more you talk about it, the more interest people take in it. The whole thing is born of distrust – so who wants to listen to someone telling them there's nothing to see, even if that someone is Trump himself? This is not usually a problem for Trump and his allies. The president has reaped political gains from many a conspiracy theory without having to offer up proof for any of them. And rarely has he needed to squelch one he or his allies stoked. Years of theories Trump has spent years railing about what he describes, without evidence, as systemic fraud in the 2020 election — a fiction that gave his supporters a grievance to rally around and insulated him from having to reckon with his electoral vulnerabilities or admit defeat. His claims about non-citizens voting have shaped executive orders and legislation in Congress though he never came up with proof that it happens on a significant scale. And he echoed unproved claims about Social Security fraud as Elon Musk and his Department of Government Efficiency riffled through the department's data this year. At times, members of the Trump administration have laboured to show that they were trying. In late May, Bongino said on the social platform X that the FBI was redoubling its investigations into several enduring Washington mysteries, including the pipe bombs found in Washington on Jan 6, 2021, the cocaine found at the White House in 2023 and the enduring question of who leaked the Supreme Court decision in the Dobbs case, which ultimately overturned the constitutional right to abortion. 'I try to read as much of your feedback as possible but the workday is busy, and my office is a SCIF with limited phone access,' Bongino said, using the official acronym for the secure area – or 'sensitive compartmented information facility' – where he works. Still, the Epstein matter is a rare instance in which the Trump administration has actually been expected to offer proof of a conspiracy theory that moves the president's followers. That might be why, in his social media post last Saturday, Trump sought to divert their attention back to a conspiracy theory he's never had to prove. 'The 2020 Election was Rigged and Stolen, and they tried to do the same thing in 2024,' Trump wrote, promising that Bondi, his attorney general, was 'looking into' that – 'and much more.' — ©2025 The New York Times Company This article originally appeared in The New York Times.
The Star
an hour ago
- The Star
US ambassadors wanted: Diplomatic experience optional
IN diplomacy, it's not always what you know – it's who you serve. The White House has tapped a self-professed Hooters fan and an orthopaedic surgeon for two key postings in South-East Asia, a front line in the battle for influence between the United States and China. The inexperienced candidates for Singapore and Malaysia are raising eyebrows in a region Washington is already alienating with its trade war. In the short term, a political appointee close to US president Donald Trump could be positive. Longer term, Washington risks losing out on decades of carefully crafted diplomacy and relationship-building that have served to advance American interests. The nominations came as Secretary of State Marco Rubio made his first official visit to Asia, where he attended the 10-member Asean gathering in Kuala Lumpur earlier this month. His trip also coincided with the renewal of tariff threats on regional economies, which Trump would impose on Aug 1, Rubio confirmed, if countries don't strike agreements by that deadline or shortly after. An ambassador who has the president's ear could – in theory – help carve out a better deal. But are bonhomie and being a golf buddy all that matter? Diplomacy is a blend of analytical thinking, meticulous attention to detail, and historical knowledge – along with many other attributes. Anyone watching the often-comical exchange between Singapore envoy-nominee Anjani Sinha and Democratic Senator Tammy Duckworth of Illinois at his recent confirmation hearing would've struggled to find these qualities. Sinha, who has been described as 'a friend of President Trump for over a decade,' couldn't answer Duckworth's questions about trade surpluses, military exercises or tariff rates. Videos of the exchange have gone viral in South-East Asia, with the senator chastising him for not doing his 'homework,' and accusing him of treating Singapore like a 'glamour posting.' Despite the pushback, Republicans hold the majority in the Senate and have enough votes to approve the nomination. But probably the more contentious nomination is that of Nicholas Adams, Trump's pick as ambassador to Malaysia. The 40-year-old, originally from Australia, became a US citizen in 2021. In his native country, Adams courted some controversy: He was the youngest-ever deputy mayor when he served on a council in Sydney's inner western suburbs, where he made headlines for calling for the eradication of pigeons and proposing DNA testing dog poo. The right-wing influencer has a strong conservative following, many of whom adore him for his alpha-male persona. 'Nick is an incredible Patriot and very successful entrepreneur, whose love of, and devotion to, our Great Country is an inspiration,' Trump wrote in a June 10 Truth Social post. 'Nick graduated from the University of Sydney and, since then, has made it his life's mission to extol the Virtues of American Greatness. Congratulations Nick!' In his enthusiasm, the president may have overlooked Adams's history of Islamophobic remarks, which is already raising concern in Muslim-majority Malaysia. His nomination has to go through the Senate confirmation process before the appointment can be formalised, but many in Malaysia are calling for Adams to be rejected because he's viewed 'as an insult to the country's dignity and foreign policy.' The decision is being seen as a broader erosion of American soft power in the region, Shahril Hamdan, a former visiting fellow with the Malaysia Programme at the S. Rajaratnam School of International Studies, and host of a popular podcast, told me. 'It reinforces the perception that South-East Asia remains an afterthought in Washington's strategic calculus – which only plays into the hands of its great rival, China.' Political appointees aren't unusual in US diplomacy. It's been common practice for decades for presidents to fill roughly 30% of chief-of-mission positions with them – far higher than any developed country. (The last ambassador to Singapore, appointed by the Biden administration, was Jonathan Kaplan, a wealthy businessman with no prior foreign policy experience.) That's despite research showing that career officials are on average more effective leaders who oversee higher performance. If confirmed, Adams will replace Edgard Kagan, a seasoned diplomat who has only served in the position for about 16 months. This decision comes at a difficult time for US-Malaysian relations, with Prime Minister Datuk Seri Anwar Ibrahim criticising Trump's long-threatened tariffs as 'sharpened instruments of geopolitical rivalry.' South-East Asia has long been wary of being caught in the geopolitical power play between the US and China. These nominations will cement the view that Beijing is a better partner – notwithstanding concerns over the muscle it's been flexing in the Indo-Pacific and the South China Sea. So far, the reactions from Asian capitals have been restrained. But privately, some diplomats have expressed no small degree of bewilderment. Ultimately, the choices reflect the priorities of the White House. In the Trump era, it's not expertise in a region that lands you the job – it's access to the man at the top. — Bloomberg Opinion/TNS
Malay Mail
an hour ago
- Malay Mail
The Epstein saga: Key moments from sex trafficking charges to Trump's legal battle
NEW YORK, July 20 — Jeffrey Epstein, the abuser at the centre of a conspiracy theory creating political headwinds for President Donald Trump, was facing federal charges of sex trafficking underage girls when he was found dead in his New York prison cell. Six years later, the death of the wealthy and well-connected financier continues to reverberate, leaving major questions unanswered. Here is a breakdown of the legal cases and recent developments surrounding Epstein: Florida case Epstein's first serious trouble with the law came in 2006 after the parents of a 14-year-old told police he had molested their daughter at his Florida estate. Epstein avoided federal charges — which could have seen him face life in prison — through a controversial plea deal with prosecutors. In June 2008, he pleaded guilty to state felony charges of procuring a person under the age of 18 for prostitution and solicitation of prostitution. He was jailed for just under 13 months and required to register as a sex offender. New York sex trafficking A federal grand jury in New York charged Epstein on July 2, 2019 with two felony counts: conspiracy to commit sex trafficking of minor girls and sex trafficking of minor girls. He was arrested four days later but was found dead in his prison cell on August 10, before the case came to trial. His death was ruled a suicide. The grand jury indictment accused Epstein of having 'sexually exploited and abused dozens of minor girls,' some as young as 14, at his Manhattan mansion and Palm Beach estate. Epstein and employees and associates recruited girls 'to engage in sex acts with him, after which he would give the victims hundreds of dollars in cash,' it said. Epstein also paid his victims to provide him with other girls, the indictment said, creating a 'vast network of underage victims for him to sexually exploit.' The indictment did not name the employees or associates who recruited girls for Epstein. But British socialite Ghislaine Maxwell, Epstein's one-time girlfriend and assistant, was convicted in 2021 in New York with sex trafficking of minors on his behalf. Maxwell is serving a 20-year prison sentence. The memo Trump's conspiracy-minded supporters have been obsessed with the Epstein case for years and Trump, during his latest presidential campaign, said he would 'probably' release what have come to be known as the 'Epstein files.' They were outraged when the Justice Department and FBI announced on July 7 that Epstein had indeed committed suicide, did not blackmail any prominent figures and did not keep a 'client list.' The 'exhaustive review' also did not reveal any illegal wrongdoing by 'third-parties,' the joint memo said, adding that there would be no further disclosure of information about the case. The memo sparked a fierce backlash from Trump's 'Make America Great Again' movement — which has long held as an article of faith that 'deep state' elites were protecting powerful associates in the Democratic Party and Hollywood. Right-wing supporters typically did not include former Epstein friend Trump in their conspiracy theories. Trump and Epstein The 79-year-old Trump, who was friends with Epstein in the 1990s and early 2000s, has been seeking — unsuccessfully so far — to tamp down the uproar caused by the FBI memo putting a lid on the case. No evidence has emerged of any wrongdoing by Trump, but The Wall Street Journal published details yesterday of a raunchy letter he purportedly sent Epstein in 2003 to mark his 50th birthday. The president yesterday sued Dow Jones, News Corp, two Wall Street Journal reporters and the newspaper's owner Rupert Murdoch, for libel and slander in relation to the article. He is seeking at least US$10 billion in damages in a defamation lawsuit filed in federal court in Miami. Trump also ordered Attorney General Pam Bondi to seek the release of the grand jury testimony in Epstein's New York case. In a filing in New York, Bondi cited 'extensive public interest' for the unusual request to release what is typically secret testimony. — AFP
