Fire erupts near Microsoft office in Israel's Beer Sheva, CNN reports
June 20 (Reuters) - Several fires were burning in a street in Israel's southern city of Beer Sheva, close to a tech park that houses a Microsoft (MSFT.O), opens new tab office, CNN reported on Friday.
(This story has been refiled to correct the date and day in paragraph 1)
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Reuters
21 minutes ago
- Reuters
Discounts deepen on Iranian oil in China as struggling teapots slow buying
SINGAPORE, June 20 (Reuters) - Sellers of Iranian oil to China are offering deeper discounts this month as they look to reduce inventories and as independent refiners slow their buying due to a jump in crude prices, traders and analysts said. Iranian Light crude oil is being traded at $3.30-$3.50 a barrel below ICE Brent for July deliveries, compared to a discount of around $2.50 for June, three traders said. Independent refineries, known as teapots, are the main Chinese buyers of Iranian crude. They are currently being squeezed by a $10 a barrel surge in crude prices since the Israel-Iran conflict began last week. Teapots in refining hub Shandong province are incurring their deepest losses this year, traders said. Consultancy Sublime China Information estimates average losses at 353 yuan ($49.15) per metric ton this week. Shandong refinery operations remained low at 51% of capacity as of June 18, down from 64% a year earlier, Sublime data showed. STORAGE RISING Meanwhile, stocks of Iranian oil, including in Chinese storage, in tankers near and off Chinese ports awaiting discharge, and in floating storage near Malaysia and Singapore, amount to roughly 70 million barrels, according to analytics firm Vortexa. That is enough for two months' demand for Iranian oil from China, the biggest buyer. Data from tanker tracker Kpler points to a stockbuild of more than 30 million barrels this year in floating storage. Both Kpler and Vortexa estimate total Iranian oil on the water, including floating storage, at nearly 120 million barrels, the most since at least 2023. Recent U.S. sanctions on three Chinese teapots curtailed buying from several mid-sized independents worried about being designated, Reuters has reported. One trader estimated the volume of Iranian supply to China replaced by non-sanctioned barrels at 100,000 barrels per day in the first half of 2025 - a fraction of the 1.4-1.5 million bpd of Iranian oil being delivered to China. ($1 = 7.1819 Chinese yuan renminbi)
Reuters
21 minutes ago
- Reuters
UAE stocks bounce back amid hopes of regional de-escalation
June 20 (Reuters) - Stock exchanges in the United Arab Emirates rebounded on Friday, buoyed by hopes of a potential de-escalation in regional tensions. Investor sentiment improved following European efforts to bring Tehran back to the negotiating table and a pause in U.S. involvement in the Middle East conflict. The White House said on Thursday that President Donald Trump would decide on "whether or not to go" with U.S. involvement in the conflict in the next two weeks, citing the possibility of negotiations involving Iran in the near future. Dubai's main index (.DFMGI), opens new tab snapped a three-day losing streak, rising 1.6%, driven by gains in real estate and materials sector stocks. Among the top performers, Dubai's developer Emaar Properties ( opens new tab jumped 1.2%, while state-owned Parkin Company ( opens new tab advanced 4.8%. Separately, UAE created a new ministry of foreign trade, and appointed Thani al Zeyoudi as its minister, the United Arab Emirates prime minister and Dubai ruler Sheikh Mohammed bin Rashid Al Maktoum said in a post on X on Friday. Abu Dhabi's benchmark index (.FTFADGI) also rebounded, gaining 1% after three consecutive sessions of losses. First Abu Dhabi Bank ( opens new tab rose 2.7%, while Adnoc Gas ( opens new tab advanced 2.5%. Real estate developer Aldar Properties ( opens new tab gained 4.5% after reporting over AED 3.5 billion in sales at its Fahid Beach Residences and The Beach House projects. Despite Friday's gains, Dubai's index posted a second consecutive weekly loss, down 0.2% after nine straight weeks of gains. Abu Dhabi mirrored the trend with a 0.5% weekly decline, according to LSEG data. Meanwhile, oil prices — a key driver of Gulf financial markets — fell 2.3% to $77.04 per barrel as of 11:40 GMT.
The Independent
27 minutes ago
- The Independent
Erdogan vows to boost Turkey's missile production as Israel-Iran war escalates
As the war between Israel and Iran escalates, Turkish President Recep Tayyip Erdogan has said he plans to strengthen the country's deterrence capabilities so that no country would dare attack it. Erdogan announced plans this week to step up Turkey's production of medium- and long-range missiles. Erdogan discussed the Iran-Israel war with German Chancellor Friedrich Merz in a telephone call on Friday. He told Merz that the Iranian nuclear issue can only be resolved through negotiations, according to Erdogan's office. Despite Turkey's tense relations with Israel, analysts and officials don't see an immediate threat of the conflict spreading into NATO-member Turkey. Still, some see the move by Erdogan as a sign that the Israel-Iran war could trigger a new arms race in the region, with countries not directly involved in the fray ramping up their military efforts to preempt future conflicts. Ahmet Kasim Han, a professor of international relations at Istanbul's Beykoz University, said that Turkey was reacting to what he described as an unraveling world order. 'The Turkish government is drifting toward what is the name of the game in the Middle East right now: an escalation of an arms race,' he said. Israel and the U.S. have set a high standard in aerial warfare, creating a technological gap that Turkey and others are eager to close, Han said. Erdogan said following a Cabinet meeting on Monday that 'we are making production plans to bring our medium- and long-range missile stockpiles to a level that ensures deterrence, in light of recent developments." 'God willing, in the not-too-distant future, we will reach a defense capacity that is so strong that no one will even dare to act tough toward us," Erdogan said. In an separate address days later, the Turkish leader highlighted Turkey's progress in its domestically developed defense industry, that includes drones, fighter jets, armored vehicles and navy vessels, but stressed that continued effort was needed to ensure full deterrence. 'Although Turkey has a very large army — the second largest in NATO — its air power, its air defense is relatively weaker,' said Ozgur Unluhisarcikli, a Turkey analyst at the German Marshall Fund think tank. The ongoing conflict has reinforced the importance of air superiority, including missiles and missile defense systems, prompting 'countries in the region, including Turkey to strengthen its air power,' he said. Since the start of the conflict, Erdogan has been scrambling to end the hostilities. He has held a flurry of phone calls with leaders, including U.S. President Donald Trump and Iranian President Masoud Pezeshkian, offering to act as a 'facilitator' for the resumption of negotiations on Iran's nuclear program. There are deep concerns in Turkey that a prolonged conflict will cause energy disruptions and lead to refugee movement from Iran, with which it shares a 560 kilometer-long (348 mile) border. Turkey relies heavily on energy imports, including from Iran, and rising oil prices due to the conflict could aggravate inflation and further strain its troubled economy. Turkey has strongly criticized Israel's actions, saying Iran has the legitimate right to defend itself against Israel's attacks, which came as nuclear negotiations were ongoing. Once close allies, Turkey and Israel have grown deeply estranged, especially after the start of the war in Gaza in 2023, with Erdogan becoming one of Israeli Prime Minister Benjamin Netanyahu's fiercest critics. Relations further deteriorated following the fall of Syrian President Bashar Assad's government, as Israel grew increasingly wary of expanding Turkish influence in Syria. Earlier this year, Turkey and Israel however, established a 'de-escalation mechanism' aimed at preventing conflict between their troops in Syria. The move came after Syria's Foreign Ministry said that Israeli jets had struck a Syrian air base that Turkey reportedly hoped to use. Israel hasn't commented on Turkey's announcement that it plans to ramp up missile production, but Israeli Foreign Minister Gideon Saar responded to Erdogan's criticisms of Israel over its attack on Iran in an X post on Wednesday. He accused Erdogan of having 'imperialist ambitions' and of having 'set a record in suppressing the freedoms and rights of his citizens, as well as his country's opposition.' Erdogan's nationalist ally, Devlet Bahceli, suggested that Turkey was a potential target for Israel, accusing the country of strategically 'encircling' Turkey with its military actions. He didn't elaborate. Analysts say, however, that such statements were for 'domestic consumption' to garner support amid growing anti-Israel sentiment in Turkey. 'I don't think that Israel has any interest in attacking Turkey, or Turkey has any interest in a conflict with Israel,' Han said.
