
Oil prices little changed as investors eye impact of new sanctions on Russia
Brent crude futures rose 5 cents to $69.33 a barrel by 0040 GMT after settling 0.35% higher on Friday. U.S. West Texas Intermediate crude was at $67.36 a barrel, up 2 cents, following a 0.30% gain in the previous session.
The European Union approved on Friday the 18th package of sanctions against Russia over the conflict in Ukraine, which also targeted India's Nayara Energy, an exporter of oil products refined from Russian crude.
Kremlin spokesperson Dmitry Peskov said on Friday that Russia had built up a certain immunity to Western sanctions.
Rosneft (ROSN.MM), opens new tab, Russia's biggest oil producer with a stake in Nayara, on Sunday criticised the sanctions as unjustified and illegal, saying the restrictions directly threatened India's energy security.
Iran, another sanctioned oil producer, is due to hold nuclear talks in Istanbul with Britain, France and Germany on Friday, an Iranian Foreign Ministry spokesperson said on Monday. That follows warnings by the three European countries that a failure to resume negotiations would lead to international sanctions being reimposed on Iran.
In the U.S., the number of operating oil rigs fell by two to 422 last week, the lowest since September 2021, Baker Hughes said on Friday.
Separately, U.S. tariffs on imports from the European Union are set to kick in on August 1, although U.S. Commerce Secretary Howard Lutnick said on Sunday he was confident the United States could secure a trade deal with the bloc.
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Reuters
18 minutes ago
- Reuters
US expects to result of probe into chip imports in two weeks
TURNBERRY, Scotland, July 27 (Reuters) - The Trump administration will announce the result of a national security probe into imports of semiconductors in two weeks, Commerce Secretary Howard Lutnick said on Sunday, without providing details. Lutnick told reporters after a meeting between U.S. President Donald Trump and European Commission President Ursula von der Leyen that the investigation - which is expected to result in tariffs on chips imports - was one of the "key reasons" the EU sought to negotiate a broader trade agreement that would "resolve all things at one time." Trump said many companies would be investing in semiconductor manufacturing in the United States, including some from Taiwan and other places, to avoid getting hit by new tariffs.


Daily Mail
18 minutes ago
- Daily Mail
Trump announces 'very powerful deal' with the EU
Published: Updated: President Donald Trump announced he had reached a 'very powerful' trade deal with the European Union that would lower barriers to U.S. exports and bring new European investments into the U.S. Trump called it 'a very powerful deal' as well as 'a very big deal. It's the biggest of all the deals.' He also called it 'the biggest deal ever made.' Speaking from his Turnberry golf course, Trump said European Union countries would purchase $750 billion of energy from the U.S. and provide an additional $600 billion in U.S. investments. 'All of the countries will be opened up to trade with the United States at zero tariff, and they're agreeing to purchase a vast amount of military equipment,' Trump added. 'We don't know what that number is.' It came after Trump inveighed against 'one-sided' trade with Europe as he sat down at his Turnberry golf course with the EU Commission president, while raging against windmills and saying there were prospects for reaching a deal imminently. 'We wanted to rebalance the trade relations,' said EU Commission Chair Ursula von der Leyen, confirming the agreement while sitting alongside Trump. Trump flashed his anger when a reporter asked if turmoil over the Jeffrey Epstein story had contributed to the rush to get the deal done. 'Oh, you've got to be kidding. No – had nothing to do with it. Only you would make that. That had nothing to do with it,' Trump responded. Both leaders made nice – after the 'Liberation Day' tariffs Trump rolled out in April threatened to cleave the powerful allies. Trump had more recently threatened a 30 percent tariff on the EU – providing an incentive to negotiate it down. Trump, upon arriving here in Scotland, said the powerful trade bloc must 'buy down' the number. 'Basically the European market is open,' said von der Leyen. 'It's 450 million people, so it's a good deal. It's a huge deal. Was tough negotiations. I knew it at the beginning, and it was indeed very tough, but we came to a good conclusion from both sides,' she said. The number comports with what had already been floated. 'We are agreeing that the tariff straight across for automobiles and everything else' would be 15 percent, said Trump. The agreement – with details still to be revealed – comes after Trump announced other agreements with Japan and other nations, while firing off a series of trade 'letters' announcing new tariffs he is imposing on other nations. Japan, too, would face a 15 percent rate on its auto exports to the U.S. After many economists warned that Trump's tariffs could break the alliance, the two leaders proclaimed new cooperation after they had agreed to broad terms. 'This deal will bring us very close together actually. It's a partnership in a sense,' Trump said. The progress came about an hour after Trump complained about the trade relationship. 'It's been a very one-sided transaction – very unfair to the United States,' he complained alongside von der Leyen, keeping her hands in her lap and her expressions muted. 'It's been a very, very one-sided deal, and it shouldn't be,' Trump fumed. He said a deal, if it can be reached, would be the biggest deal 'ever struck by anybody.' 'This is the biggest deal. People don't realize – this is bigger than any other deal. And it could happen – should happen,' he said. Fielding questions at a press event that put the 'working' in what his team calls a 'working visit,' Trump went off on a number of topics. His attacks quickly changed to wind turbines he said obstruct the view from his Scottish golf course. 'It ruins the landscape. It kills the birds. They're noisy,' Trump complained. He said what he terms windmills in Massachusetts were 'driving them loco – driving them crazy.' 'Today I'm playing the best course, I think, in the world: Turnberry ... And I look over the horizon and I see nine windmills. I say isn't that a shame,' he said. On immigration, another tension point, Trump said: 'We've sealed our borders. We have nobody coming in ... I think they're going to end up in the same place. You might as well go there quicker.' Von der Leyen shared his assessment on the chance of reaching an agreement, putting it at 50 percent. Trump got asked at one point if he could do better than 15 percent – the amount of a tariff on European imports that has been floated as a potential final number in an agreement. 'Better meaning lower? No,' Trump said flatly. But the former German politician showed some give in her own remarks and kept her composure even as Trump tore into European policies on trade, energy, and immigration.


Telegraph
18 minutes ago
- Telegraph
French submarine-maker targeted by hackers
A French naval giant is investigating a potential cyber attack after hackers claimed to have obtained sensitive data about the country's nuclear submarines. Naval Group, a state-owned ship maker that traces its origins back almost 400 years to the reign of Louis XIII, said it had 'immediately launched technical investigations' after cyber criminals threatened to publish files on the dark web. The company builds and maintains key ships and submarines for the French Navy, including aircraft carriers and nuclear-powered submarines. These include France's Barracuda fleet of nuclear missile-armed submarines. In a post on a dark web forum, hackers claimed to have uncovered 'top-secret classified' data for 'submarines and frigates'. Hackers gave the company 72 hours to respond to the leak, with initial documents published online allegedly including source code for submarine weapon systems. The attackers have so far published around 30 gigabytes of data, although they claim to have far more information still to be disclosed. Naval Group has responded by insisting it had found 'no intrusion into our IT environments', and described it as a 'reputational attack'. A spokesman said: 'Naval Group has noticed being the target of a reputational attack with the claim of a cyber-malice act. We immediately launched technical investigations. 'All teams and resources are currently mobilised to analyse and verify the authenticity, origin and ownership of the data as quickly as possible. 'At this stage, no intrusion into our IT environments has been detected and there has been no impact on our activities.' The alleged hack comes amid a wave of cyberattacks against companies and governments. Last week, Microsoft admitted to a major flaw in its SharePoint document-sharing system, which is believed to have been exploited by hackers with links to China. Among the organisations targeted were the US National Nuclear Security Administration, which maintains America's nuclear arsenal, although no sensitive files were reported to have been taken. Naval Group is France's largest shipbuilder, employing more than 15,000 people with revenues of more than €4.4bn. The French government owns almost two-thirds of the business, with he remainder owned by Thales, the French defence giant.