Oil set for weekly gain on Iran sanctions, OPEC+ plan to rein in overproduction
Brent crude futures climbed 42 cents, or 0.6%, to $72.40 per barrel by 0026 GMT. U.S. West Texas Intermediate crude futures were up 45 cents, or 0.6%, to $68.52 a barrel.
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On a weekly basis, both Brent and WTI were on track to rise about 2%, their biggest weekly gains since the first week of 2025.
The United States Treasury on Thursday announced new Iran-related sanctions, which for the first time targeted an independent Chinese refiner among other entities and vessels involved in supplying Iranian crude oil to China.
That marked Washington's fourth round of sanctions against Iran since U.S. President Donald Trump in February vowed to reimpose a "maximum pressure" campaign on Tehran, pledging to drive the country's oil exports to zero.
Analysts at ANZ Bank said they expect a 1 million barrels per day (bpd) reduction in Iranian crude oil exports because of tighter sanctions.
Vessel tracking service Kpler pegged Iranian crude oil exports at over 1.8 million bpd in February, cautioning that the masking of Iranian vessel activity due to sanctions could lead to revisions to those numbers.
Oil prices were also supported by a new OPEC+ plan announced Thursday for seven members to further cut output to make up for producing more than agreed levels. The plan would represent monthly cuts of between 189,000 bpd and 435,000 bpd, and will last until June 2026.
The plan will buffer all the supply increments that OPEC+ had previously announced will take effect from next month, Kpler's head of Middle East energy Amena Bakr said in a post on social media service X.
OPEC+ earlier this month confirmed that eight of its members would proceed with a monthly increase of 138,000 bpd from April, reversing some of the 5.85 million bpd of output cuts agreed in a series of steps since 2022 to support the market.
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Daily Mail
an hour ago
- Daily Mail
Trump backlash as rich Americans flee the States and bid for new life... in a Scottish castle
Wealthy Americans fleeing the US after the election of Donald Trump are driving a boom in sales of Scottish castles. In the six months since the most controversial and divisive president in modern history took office, top-end estate agents have witnessed a huge surge in interest for the country's oldest and most dramatic properties. And although buying a castle has long been the ultimate fantasy of many home-owners, prices are now soaring to a historic high – partly because of an exodus of millionaires from the States. So while many castles over the centuries have witnessed and withstood countless battles, skirmishes and attacks, these days they are more likely to find themselves at the centre of a bidding war. One recent sale went to a closing date with no fewer than three rich Americans all offering far in excess of the initial asking price. Cameron Ewer, head of residential property for Savills estate agency explained a spike in interest from the US was pushing prices higher. He said: 'There are definitely more international buyers in the marketplace. In the immediate aftermath of Donald Trump 's election, the number of American inquiries through our website went absolutely through the roof – and has now settled to a far higher-than-normal level. 'Not everyone is a Trump supporter, and those that aren't are keen to leave the country: there's definitely an element of that in discussions we've had with buyers.' Last month tax lawyers and immigration advisers told US broadcaster CNN they had seen a 'stampede' of Americans emigrating since the start of Mr Trump's presidency. One couple told the channel: 'We're getting away from the chaos … I feel like the America as we knew it growing up is slipping away pretty fast.' Meanwhile, more than 1,900 US residents applied for a British passport during the first quarter of 2025, the most since the Home Office began keeping records in 2004. Politics aside, Mr Ewer said there were also other factors behind the surge in interest in Scotland's castles. He said: 'Scottish castles have always had international appeal. There's a romance surrounding them – and there's always a smattering on the market. But there are definitely more for sale right now. One factor may be the increasing costs of running a castle – which isn't cheap. Another factor is simply that the market in Scotland is pretty buoyant across the board, and with more stock coming to the market generally, there's a feeling that this is a good time to be selling prize assets in Scotland.' He explained: 'The overarching reason for the uptick in interest is value: the quality of the properties, the culture, the heritage behind them that buyers can afford in Scotland is head and shoulders above what can be found in other places in the UK, Europe or elsewhere.' And with a flurry of castles newly offered to the market, even properties worth millions are being quickly snapped up. In just the past few weeks, three magnificent piles have gone 'under offer' – including Plane Castle in Stirlingshire (a manor house near Bannockburn with a 14th-century tower which was marketed for offers over £1.2 million); Keillour Castle (a turreted country house in Perthshire, offers over £1.8 million) and Cramond Tower (a restored mediaeval tower house outside Edinburgh, offers over £850,000). Glenborrodale Castle, a sprawling 16-bedroom sandstone castle in the West Highlands also sold this year – for more than £200,000 above the asking price – having been put on the market for offers over £2.35 million. Scotland has around 1,500 castles – ranging from mediaeval strongholds with towers and keeps, to fortified mansions, and even 18th century estate houses whose battlements are purely decorative. Many are ruins, while others have been converted into commercial ventures such as luxury hotels and wedding venues. Hundreds more, however, remain as private homes – and are eagerly sought after when they go up for sale, sometimes after decades or even centuries in the ownership of the same family. Estate agents believe the general level of interest in castles from property lovers on both sides of the Atlantic has been boosted by TV's The Traitors – hosted in the UK by Claudia Winkleman and by Alan Cumming in the American version – which was set amid the baronial splendour of Ardross Castle north of Inverness. Mr Ewer said increased demand was boosting the prices for castles. He said: 'Prices this year are at a height – both in terms of asking prices and also in terms of the final prices being achieved. Castles are a special type of property, and the values don't always follow trends in the general housing market. 'People don't say, 'I've got a budget of two million, I'm going to buy a Scottish castle.' They typically need far deeper pockets than that, to be able to ensure they can afford the maintenance and running costs. These aren't buyers with specific budgets. If you find the right buyer, they'll pay whatever it takes.' Earlier this month American actress Christina Hendricks hinted she was looking to buy a castle. After spending time in Scotland filming two series of period drama The Buccaneers – which features as locations Culzean Castle in Ayrshire, Hopetoun House, near South Queensferry, and Drumlanrig Castle in Dumfriesshire – the 50-year-old confessed in an interview: 'I am so in love with Scotland... I'm all about the historical stuff. I mean when we shoot at these estates and these castles... this is mind blowing to me.' Above, to help the actress – and any other would-be purchasers – track down a dream castle in Scotland, the Mail on Sunday reveals some of the most amazing examples currently on the market. Picturesque ruins Over the centuries, many ancient castles have fallen into disrepair. And although the damage may be beyond the reach of even the most ambitious restorer, the remains can still make a picturesque centrepiece for a larger estate. The ruins of Castle Cary in Creetown, Dumfries and Galloway, are currently on the market for offers over £9.5 million. The price tag may seem high for a derelict building but the estate also includes a holiday park business with swimming pool, and pub and restaurant. On the Isle of Skye, the ruins of Armadale Castle, the historic seat of the MacDonalds of Sleat, (above) is on sale at offers over £995,000. The Clan Donald Lands Trust said it had taken the 'difficult' decision to sell the square Tudor-Gothic mock-castle dating back to 1815 – and the adjoining 20,000-acre estate – because of financial challenges. Castle with Mod Cons Although Pirwindy Keep near Largo in Fife looks and sounds like a historic stronghold, it was actually built in 1998. To all intents and purposes it really is a 'modern' castle. The six-bed property – offers over £1.9 million – was designed as a replica of a fortified turreted keep. The main three-storey tower has an imposing stone façade and a protruding balcony which offers great views over the Firth of Forth to Edinburgh's Arthur's Seat – ideal as a lookout in case the house ever needs to take on a defensive role against marauding invaders! Historical dungeons! For some, a castle's true worth can only be measured in the number of centuries it has been standing – and in the tally of original features such as mediaeval battlements, dungeons, moats and arrow-slit windows. Earlshall Castle in Leuchars, Fife, still retains its 16th century musket loops for repelling invaders. With an asking price of £8 million, the house – which was visited by Mary, Queen of Scots and King James VI – also boasts a Great Hall and a 50ft gallery decorated with the coats of arms of European royalty and Scottish nobles. Cakemuir Castle in Tynehead, Midlothian, (above) also dates back to the 1500s and has distinctive crenellated walls and spiral staircases, plus a stone plaque commemorating the occasion Mary, Queen of Scots in 1567 sheltered there, as she fled Borthwick Castle disguised as a page boy. The eight-bedroom restored tower house is available for offers over £2.9 million. The original tower house features a projecting turnpikestair, gun loops and a parapet for guards. A pavilion contains a dining room opening to the lawned garden through three sets of French doors. The property also has a wine cellar. A £300,000 bargain Believed to be the cheapest castle currently on the market in Scotland, Little Tarrel Castle is for sale, offers over £299,000. The B-listed fortalice – a small fortified house – was built in 1559 by Alexander Ross who became chief of Clan Ross and Laird of Balnagown after his father was murdered. Determined not to meet the same fate, Alexander began attacking rivals, kidnapping neighbours, stealing church lands and defying the government. After decades of delinquent behaviour, he was brought to book and forced to hand his title to his son. The castle was fully restored in the 1980s but retains many original features, including arched stone fireplace, timber beams, thick wooden latched doors and shutters, as well as the original shot hole, gun loops and arrow slits.
The Guardian
4 hours ago
- The Guardian
‘Blatant misinformation': Social Security Administration email praising Trump's tax bill blasted as a ‘lie'
An email sent by the US Social Security Administration (SSA) that claims Donald Trump's major new spending bill has eliminated taxes on benefits for most recipients is misleading, critics have said. The reconciliation bill – which the president called the 'one big, beautiful bill' before signing it on Friday after Republicans in Congress passed it – includes provisions that will strip people of their health insurance, cut food assistance for the poor, kill off clean energy development and raise the national debt by trillions of dollars. But the bill also 'eliminates federal income taxes on social security benefits for most beneficiaries, providing relief to individuals and couples', the previously apolitical SSA stated in an email circulated on Thursday. Frank Bisignano, the commissioner of the agency, said in a statement that nearly 90% of social security beneficiaries will no longer pay federal income taxes on their benefits. 'This is a historic step forward for America's seniors,' Bisignano said. 'By significantly reducing the tax burden on benefits, this legislation reaffirms President Trump's promise to protect social security and helps ensure that seniors can better enjoy the retirement they've earned.' However, the spending bill does not actually eliminate federal taxes on social security due to the rule constraints of passing a bill this way – through the reconciliation process, to avoid a Democratic filibuster. Instead, the legislation provides a temporary tax deduction of up to $6,000 for people aged 65 and older, and $12,000 for married seniors. These benefits will start to phase out for those with incomes of more than $75,000 and married couples of more than $150,000 a year. Previous SSA officials said that the Trump administration's framing of the bill was misleading. 'People are like, 'Is this real? Is this a scam?' Because it's not what they signed up for,' Kathleen Romig, a former senior adviser at the SSA during the Biden administration, told CNN. 'It doesn't sound like normal government communications, official communications. It sounds like – you know – partisan.' Jeff Nesbit, who served as a top SSA official under Republican and Democratic presidents, posted on X: 'The agency has never issued such a blatant political statement. The fact that Trump and his minion running SSA has done this is unconscionable.' New Jersey congressman Frank Pallone, the top Democrat on the House's energy and commerce committee, wrote on X that 'every word' of the SSA's email on Thursday 'is a lie'. 'This big, ugly bill doesn't change that,' Pallone wrote. 'It's disturbing to see Trump hijack a public institution to push blatant misinformation.'
The Independent
4 hours ago
- The Independent
Trump and Musk's feud: From Epstein allegations to clash over the Big, Beautiful Bill
On Friday May 30, President Donald Trump handed his close aide and 'first buddy' Elon Musk a golden key to the White House, praising the work the tech billionaire had done for his administration. 'Elon gave an incredible service,' Trump said at the joint press conference with Musk. 'There's nobody like him.' That event was intended to mark the end of Musk's 130 days as a special government advisor, leading the Department of Government Efficiency (DOGE) in slashing excess federal spending. Elon Musk and Donald Trump in happier times (Getty) Although there had been some disagreements during Musk's time in the role – the Tesla owner made it clear he was not a fan of Trump's tariffs, for instance – the event seemed to mark a conciliatory end to their working relationship. But there were rumblings: Musk, whose whole purpose at DOGE had been reducing federal expense, was deeply opposed to Trump's 'Big Beautiful Bill,' fearing it would ramp up the national debt over the next 10 years. While White House Press Secretary Karoline Leavitt had successfully managed to spin their difference of opinion as an example of healthy debate for a couple of days, everything came to a head on Thursday June 5. A month later and the two billionaires are back to trading pot shots as Trump's deadline to pass the bill looms. Here's a timeline of how the very public fight between Trump and Musk unfolded, which appeared unresolvable until Musk offered a grovelling apology six days later, only to then blow up again three weeks later. Trump vs Musk: Minute-by-minute 1.31pm ET, Tuesday June 3: Musk attacks the 'Big Beautiful Bill' Writing on X, Musk says: 'I'm sorry, but I just can't stand it anymore. This massive, outrageous, pork-filled Congressional spending bill is a disgusting abomination. Shame on those who voted for it: you know you did wrong. You know it.' He continued: 'It will massively increase the already gigantic budget deficit to $2.5 trillion (!!!) and burden America [sic] citizens with crushingly unsustainable debt.' Two days later, things escalated dramatically. 12pm, Thursday June 5: Trump says he's 'surprised' by Musk and 'very disappointed' In an Oval Office appearance with German Chancellor Friedrich Merz, Trump said he was 'very disappointed' by Musk's comments. 'Elon knew the inner workings of this bill better than almost anybody sitting here,' Trump told reporters. 'Elon and I had a great relationship. I don't know if we will anymore.' Trump added he 'would have won Pennsylvania easily anyway,' without Musk's help. At first, Trump was uncharacteristically restrained with Musk (AFP/Getty) 1.44-1.57pm June 5: Musk renames bill, asks his followers if it is time to create a new political party Musk posts a slew of tweets to X, in one of which he rebuts Trump's point about Pennsylvania, arguing: 'Without me, Trump would have lost the election, Dems would control the House and the Republicans would be 51-49 in the Senate.' In another, he asks, 'Where is this guy today??' in response to a tweet of screenshots from the president's previous criticisms of increasing the debt ceiling. He then tweeted: 'The Big Ugly Bill will INCREASE the deficit to $2.5 trillion!' This is shortly followed by a new suggestion from Musk: 'Is it time to create a new political party in America that actually represents the 80% in the middle?' This post was still pinned to the top of the X owner's timeline for several days thereafter. 2.16pm June 5: Musk says he will be around for longer than Trump Responding to MAGA blogger Laura Loomer on X, who was commenting about the divide amongst Republicans over the fight between Musk and Trump, the billionaire said: 'Oh and some food for thought as they ponder this question: Trump has 3.5 years left as President, but I will be around for 40+ years...' 2.37pm June 5: Trump attacks from Truth Social The president says that Musk was 'wearing thin' in a series of posts on his social media platform. 'I asked him to leave, I took away his EV Mandate that forced everyone to buy Electric Cars that nobody else wanted (that he knew for months I was going to do!), and he just went CRAZY!' Trump said. He then added: 'The easiest way to save money in our Budget, Billions and Billions of Dollars, is to terminate Elon's Governmental Subsidies and Contracts. I was always surprised that Biden didn't do it!' 2.48 pm June 5: Musk hits back Retweeting a screenshot of Trump's EV mandate comment (alluding to the Big, Beautiful Bill scrapping a $7,500 tax credit for EV customers, which would impact Tesla), Musk said: 'Such an obvious lie. So sad.' 3.10 pm June 5: Musk alleges Trump appears in the Jeffrey Epstein files Musk tweeted: 'Files linked to the investigation of convicted sex offender Jeffrey Epstein have emerged as a point of fixation for Trump and his allies and right-wing media figures. 'Time to drop the really big bomb: Donald Trump is in the Epstein files. That is the real reason they have not been made public.' Shortly after, he wrote: 'Mark this post for the future. The truth will come out.' 4.09 pm June 5: Musk says he will decommission the Dragon spacecraft 'In light of the President's statement about cancellation of my government contracts, SpaceX will begin decommissioning its Dragon spacecraft immediately,' he tweeted. Another X user replied, urging Musk to 'cool off and take a step back for a couple of days.' Musk replied: 'Good advice. Ok, we won't decommission Dragon.' SpaceXs Falcon 9 rocket and Dragon spacecraft lift off from Launch Complex 40 at the Cape Canaveral Air Force Station in Florida (NASA) 4.06 pm June 5: Trump defends the bill Trump wrote on Truth Social: 'I don't mind Elon turning against me, but he should have done so months ago. This is one of the Greatest Bills ever presented to Congress. It's a Record Cut in Expenses, $1.6 Trillion Dollars, and the Biggest Tax Cut ever given. 'If this Bill doesn't pass, there will be a 68% Tax Increase, and things far worse than that. I didn't create this mess, I'm just here to FIX IT. This puts our Country on a Path of Greatness. MAKE AMERICA GREAT AGAIN!' 4.11 pm June 5: Musk seems to agree Trump should be replaced by Vice President JD Vance Musk retweets an X user, who said: 'President vs Elon. Who wins? My money's on Elon. Trump should be impeached and JD Vance should replace him.' 4.26 pm June 5: Musk brings tariffs into the fight Musk tweets: 'The Trump tariffs will cause a recession in the second half of this year.' The point echoes a warning issued by many of the president's critics, from economists to pundits, but most notably his former presidential rival Kamala Harris. 7.50 pm June 5: Musk says 'Kill the bill' Musk tweets: 'Call your Senator, Call your Congressman, Bankrupting America is NOT ok! KILL the BILL.' Musk and Trump posing with a Tesla at the White House on March 11 2025 (Reuters) Last post of June 5: Impeachment for Trump? Musk's last repost for the day came from an X user, who said: 'This is why Republicans will likely lose the House in 2026 and then Democrats will spend two years investigating and impeaching President Trump. 'Trump and the Republicans in Congress need to deliver. We want budget cuts. We want agencies shut down. We don't want big govt.' June 6: Trump shuns phone call to clear the air The following day, West Wing aides briefed the media that the two men were planning a private phone call to clear the air, only for the president himself to tell reporters that he had no interest in speaking to the man who had donated at least $288m to his election campaign just months earlier, leaving their once-close relationship in limbo. Trump told Jonathan Karl of ABC News he was 'not particularly' interested in talking to Musk and said to Dana Bash of CNN: 'I'm not even thinking about Elon. He's got a problem. The poor guy's got a problem.' 3 am June 11: Musk seeks reconciliation? With Trump and his administration subsequently shifting focus to the Los Angeles anti-ICE protests, the tech boss unexpectedly extends an olive branch. 'I regret some of my posts about President Donald Trump last week,' Musk wrote on X in the small hours of the morning. 'They went too far.' 4 pm June 28: Megabill disagreement erupts again After several weeks of quiet, in which Musk returned to his businesses and the president turned his attention towards Los Angeles and joining Israel's offensive against Iran, the two egos clashed again when Trump's bloated, 940-page 'Big, Beautiful Bill' made its way to the Senate. 'The latest Senate draft bill will destroy millions of jobs in America and cause immense strategic harm to our country!' Musk wrote on X. 'Utterly insane and destructive. It gives handouts to industries of the past while severely damaging industries of the future.' Musk revived his attacks on Trump's 'Big, Beautiful Bill' in late June, objecting to its likely increase to the national debt (AP) 4 pm June 30: Musk pledges to support primary opponents of Republicans who back bill After the president's signature bill narrowly passed the Senate 51-49, it was subjected to a marathon 'vote-a-rama' in which lawmakers tabled amendments seeking to modify a legislative package many feared went too far in cutting welfare programs while cranking up the national debt, a particular concern of Musk's. 'Every member of Congress who campaigned on reducing government spending and then immediately voted for the biggest debt increase in history should hang their head in shame!' the world's richest man posted. 'And they will lose their primary next year if it is the last thing I do on this Earth.' 1am July 1: Trump suggests DOGE investigate Musk subsidies with veiled threat to send him 'home to South Africa' While the president was largely preoccupied with keeping Republican 'grandstanders' in line as the Senate voting progressed, he finally snapped and went after Musk on Truth Social in the early hours of Tuesday morning. 'Elon Musk knew, long before he so strongly Endorsed me for President, that I was strongly against the EV Mandate,' Trump huffed. 'It is ridiculous, and was always a major part of my campaign. Electric cars are fine, but not everyone should be forced to own one. Elon may get more subsidy than any human being in history, by far, and without subsidies, Elon would probably have to close up shop and head back home to South Africa. 'No more Rocket launches, Satellites, or Electric Car Production, and our Country would save a FORTUNE. Perhaps we should have DOGE take a good, hard, look at this? BIG MONEY TO BE SAVED!!!'
