US judge extends topping period in Citgo parent's auction until June 2
HOUSTON (Reuters) -A U.S. federal judge has extended to at least June 2 a period for bidders to submit rival bids in a court-organized auction of shares in the parent of Venezuela-owned refiner Citgo Petroleum, according to filing released by the Delaware court on Tuesday.
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Most G7 members ready to lower Russian oil price cap without US
By Julia Payne and John Irish BRUSSELS/PARIS (Reuters) -Most countries in the Group of Seven nations are prepared to go it alone and lower the G7 price cap on Russian oil even if U.S. President Donald Trump decides to opt out, four sources familiar with the matter said. G7 country leaders are due to meet on June 15-17 in Canada where they will discuss the price cap first agreed in late 2022. The cap was designed to allow Russian oil to be sold to third countries using Western insurance services provided the price was no more than $60 a barrel. The European Union and Britain have been pushing to lower the price for weeks after a fall in global oil prices made the current $60 cap nearly irrelevant. The sources, who declined to be named, said the EU and Britain are ready to lead the charge and go it alone, backed by the other European G7 countries and Canada. They said it is still unclear what the U.S. will decide, though the Europeans are pushing for a united decision at the meeting. Japan's position also remains uncertain, they said. "There is a push among European countries to reduce the oil price cap to $45 from $60. There are positive signals from Canada, Britain and possibly the Japanese. We will use the G7 to try to get the U.S. on board," one of the sources said. The White House had no immediate comment. During the G7 finance ministers meeting in the Canadian Rockies last month, U.S. Treasury Secretary Scott Bessent remained unconvinced there was a need to lower the cap, according to sources. However some U.S. Senators may endorse the idea, including Lindsay Graham, who in recent weeks told reporters he supports lowering the cap. Graham is pushing a hard-hitting new set of Russia sanctions that could impose steep tariffs on buyers of Russian oil. The Canadian foreign ministry was not immediately available for comment. The EU has proposed lowering the price to $45 a barrel in its latest 18th package of sanctions. The package must have unanimity from member states in order for it to be adopted, which could take several weeks. Russia's largest export grade, Urals, trades at around a $10 a barrel discount to the Dated Brent benchmark out of Baltic ports. Brent futures have been trading below $70 a barrel since early April. Sources said Washington's buy-in was not essential to lower the cap owing to Britain's dominance in global shipping insurance, and the EU's influence on the Western rules-abiding tanker fleet. The U.S., however, does matter when it comes to dollar-denominated payments for oil and its banking system. The EU and its Western allies have been progressively cracking down on Russia's shadow fleet of tankers and related actors, which work to circumvent the cap. The pressure has started to hurt Moscow's revenues and Western allies hope this will push more of the oil trade back under the cap. Russia's state-owned oil producer Rosneft reported a 14.4% slump in profits last year.
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Why the West is bracing for war in the Middle East
The signs could hardly be more ominous. The United States is withdrawing non-essential diplomats and the families of American servicemen from across the Middle East. Britain has warned commercial vessels in and around the Gulf to exercise caution. It seems clear that Western officials are bracing for a potentially imminent Israeli attack on Iran's nuclear facilities – and the retaliation Tehran would unleash in response. The sudden movement of personnel is being interpreted as a signal that Donald Trump has privately told Benjamin Netanyahu he will not stand in the way should the Israeli prime minister decide to act. Such a message would mark a significant shift from the US president's position just a few weeks ago, when he reportedly stayed the Israeli prime minister's hand. That does not mean military action is inevitable. Frustrated by the slow pace of nuclear talks, Mr Trump – a dove at heart – may simply be trying to rattle Tehran. He was deeply riled last month after being branded 'Taco' – an acronym that stands for 'Trump Always Chickens Out'. Keenly aware that his adversaries may now view his threats as bluster, and assume the safest course is to wait him out, the US president may be trying to persuade the mullahs in Tehran that playing chicken with him is a dangerous miscalculation. Likewise, even if Washington has given Mr Netanyahu the green light, the Israeli prime minister has backed down at the last minute in the past on the advice of his generals. Ideally, any serious assault on Iran's nuclear programme would include a commando component to cripple its deeply-buried enrichment facilities. But earlier this year, Israel's generals reportedly told the prime minister that planning for a commando operation would not be completed until the autumn. Mr Netanyahu may decide to press on regardless. There are certainly increasingly convincing reasons to believe that, after 16 years of threatening military action, Israel may now be preparing to follow that through. Much has changed since April, when Mr Trump is said to have talked him down, arguing that negotiations remained a better path to prevent Iran from building a bomb. Credit: Reuters Israel is believed to have a strike plan in place, with or without commandos, and Mr Netanyahu was ready to implement it last month. Yet without US backing, he had to back down. No Israeli attack is feasible without American operational support and a commitment to help defend Israel from Iranian retaliation. That calculus appears to be shifting. This week, Mr Trump acknowledged for the first time that diplomacy may be failing, and that he is no longer sure Tehran can be persuaded to halt nuclear enrichment. That impression was reinforced on Thursday when the UN's nuclear watchdog, the International Atomic Energy Agency, formally found Iran in breach of its nuclear obligations for the first time in two decades. Tehran responded defiantly, announcing plans for a new enrichment facility. In Israel's eyes, that declaration may well amount to a casus belli. The stakes are high. Less hawkish voices in the Trump administration doubt that Israeli strikes could destroy Iran's nuclear capability and warn that strikes could prompt Tehran to race to build a bomb while triggering a wider regional war. Aware of these risks, Israel may instead opt for a more limited assault aimed not at eliminating Iran's nuclear programme but at delaying it by a year. Such an operation, Israeli officials believe, is more likely to succeed now than in the past. Iran's proxy forces – Hamas in Gaza, Hezbollah in Lebanon and, to a lesser extent, the Houthis in Yemen – have been weakened by Israeli strikes, diminishing Tehran's capacity for retaliation. Iran's principal deterrent has been blunted. Moreover, Iran's nuclear facilities are more exposed after Israeli retaliatory strikes last year that destroyed much of its air defence capacity. Still, the regime's most important nuclear facilities remain deeply buried. In the absence of commandos, the only realistic way to destroy them would be with US B-2 bombers carrying 30,000lb bunker-busting bombs flying in support of an Israeli-led mission. It is unclear whether Mr Trump would have the appetite for such a mission. Even a limited Israeli strike, however, risks triggering a wider regional conflagration. Iran is expected to retaliate with missile strikes on Israel – although, given the strength of Israeli air defences, the effectiveness of such an attack would be uncertain. Two Iranian missile assaults last year caused only limited damage. Iranian strikes on US interests in the region or on energy infrastructure in the Gulf would be far more dangerous – steps that could draw Saudi Arabia and its allies into the conflict. Oil prices would soar, exacerbating strains on a global economy reeling from Mr Trump's trade wars. There is still a chance to avert the worst. US and Iranian negotiators are due to meet in Oman on Sunday. What would once have been a routine round of talks has taken on far greater significance. If they go ahead at all, they may now mark a moment of reckoning, with the Americans delivering a final ultimatum – get serious, or face the consequences. Broaden your horizons with award-winning British journalism. Try The Telegraph free for 1 month with unlimited access to our award-winning website, exclusive app, money-saving offers and more.
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Egypt deports dozens planning pro-Palestinian march, organisers say
CAIRO (Reuters) -Egyptian authorities have deported dozens of foreign nationals who arrived in Egypt to take part in a pro-Palestinian march and dozens more face deportation, the organisers and airport and security sources said on Thursday. Hundreds of people came to Egypt this week for the Global March to Gaza, an international initiative intended to exert pressure for an end to an Israeli blockade of the Palestinian enclave and draw attention to the humanitarian crisis there. Organisers said people from 80 countries were set to begin the march to Egypt's Rafah Crossing with Gaza, and confirmed some had been deported or were detained at the airport. Three airport sources told Reuters at least 73 foreign nationals had been deported on a flight to Istanbul on Thursday after authorities said they violated entry protocols, and that about 100 more were at the airport awaiting deportation. The Foreign Ministry did not immediately respond to a Reuters request for comment. It had earlier said visits to the Rafah border region must be coordinated in advance with Egyptian embassies or government entities, and underlined the need to follow official procedures to ensure safety and security. The organisers said in a statement late on Wednesday they had complied with all the stated requirements. "In the two months leading up to the march, organisers coordinated directly with Egyptian embassies in over 15 countries and with the Foreign Ministry to ensure transparency at every stage," the organisers said, urging Egypt to free all those who had been detained. Israel's defence minister told the Israeli military on Wednesday to prevent demonstrators entering Gaza from Egypt, and said the march was a threat to Israeli and regional security. Egyptian officials have said the Rafah crossing is closed by Israel on the Gaza side and want international pressure applied on Israel to open it to allow in aid.
