Wild Quarter for Crude Puts Big Oil Trading Desks in Spotlight
Crude rallied 31% over a seven-week stretch in May and June, then plunged to end the quarter 10% lower than where it began as President Donald Trump's trade war and OPEC+'s supply increases outweighed the surge from Israeli and US attacks on Iran. The wild swings caused diverging performance at Shell Plc and BP Plc, which have larger trading divisions than their US rivals.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
7 minutes ago
- Yahoo
Iranian negotiator doesn't rule out exiting nuclear treaty if sanctions are reimposed
Iran Mideast Wars Nuclear UNITED NATIONS (AP) — A top Iranian official warned Wednesday that European threats to reimpose sanctions could lead Iran to withdraw from an international pact that limits the spread of nuclear weapons, one of the last remaining safeguards against the Islamic Republic's nuclear program. Iranian Deputy Foreign Minister Kazem Gharibabadi discussed with reporters his country's recourse against further financial punishment ahead of a critical meeting Friday with Britain, France and Germany. The talks between Iran and some of the remaining members of the 2015 nuclear deal, which the U.S. withdrew from in President Donald Trump's first term, are expected to take place in Istanbul. The three European countries have suggested triggering a so-called snapback provision in that accord that would reimpose sanctions on Iran if there is no progress on a deal to limit its nuclear program by August. The 2015 deal had eased economic penalties on Iran in exchange for restrictions and monitoring of its nuclear program, which Iran has insisted is peaceful. Gharibabadi, who has been part of the nuclear negotiation team, said that despite domestic pressure to withdraw from the separate, older Nuclear Non-Proliferation Treaty, especially in the aftermath of the recent Israeli and U.S. strikes on its nuclear sites, Iran has remained compliant with the 1970 treaty. 'But, I'm quite confident that if the snapback is triggered, Iran will not show more restraint in this regard,' Gharibabadi said. If Iran does exit the treaty, it will be just the second country to do so, after North Korea in 2003, whose withdrawal has never been formally accepted. The warning from Iran comes as the Trump administration is once again seeking to reach a deal with Tehran on its nuclear program. The two sides had held several rounds of talks before Israel staged a surprise attack in June. Gharibabadi and Iran's foreign minister, Abbas Araghchi, have remained optimistic that the triggering of sanctions and withdrawal from the treaty can be avoided with 'diplomacy and negotiation.' Gharibabadi said Friday's meeting is very important but that its success will depend on how the Europeans approach Iran this time around. 'We have always valued our meetings with the European countries. But there is an important issue: I think we have always told them that the policies of the European countries should be independent,' he said. 'They should not coordinate their positions with the Americans.' He added, 'If this is the case, why should we negotiate with the Europeans when we can negotiate with the Americans?' Iranian officials, including Gharibabadi, said they are open to proposals on how to prevent further sanctions and 'prevent a more complicated situation.' Solve the daily Crossword
Yahoo
7 minutes ago
- Yahoo
US and EU close in on 15% tariff deal, FT reports
(Reuters) -The EU and United States are closing in on a trade deal that would impose 15% tariffs on European imports, similar to the agreement U.S. President Donald Trump struck with Japan this week, the Financial Times reported on Wednesday. Both the EU and US would waive tariffs on some products, including aircraft, spirits and medical devices, the report said, citing people familiar with the matter. The bloc will continue to prepare a possible 93 billion euro ($109 billion) package of retaliatory tariffs, set at up to 30 per cent, in case they cannot agree a deal by August 1, the report added. The White House and a spokesperson for the European Union did not immediately respond to a Reuters request for comment. Reuters could not immediately verify the FT report. The Commission earlier said on Wednesday its primary focus was to achieve a negotiated outcome with the United States to avert 30% U.S. tariffs that Trump has said he will impose on the 27-nation bloc on August 1. In 2024, the U.S. imported more than $55 billion of vehicles and automotive parts from Japan. From the EU, the equivalent figure was 47.3 billion euros ($55.45 billion), with far fewer U.S. models sold into the EU or Japanese market. Sign in to access your portfolio
Washington Post
7 minutes ago
- Washington Post
Nearing a deal with Trump, Columbia expels and suspends student protesters
Columbia University disciplined more than 70 students for participating in a May protest of the Israeli government's actions in Gaza, the school said Tuesday, days after university officials hoping to cut a deal with the Trump administration to restore federal funding attended a meeting at the White House. The university suspended or expelled more than two-thirds of the students sanctioned in connection with a demonstration at the university's Butler Library, according to university spokeswoman Millie Wert. Some will have their degrees revoked, while others were put on probation.
