Oil gains as wildfires threaten Canada supply
NEW YORK: Oil prices rose by more than $2 on Monday, despite producer group OPEC+ sticking with output hike plans, as wildfires in central Canada threatened supply and President Donald Trump's new tariff threats weighed on the US dollar.
Brent crude futures climbed by $2.29, or 3.65%, to $65.06 a barrel by 1:05 p.m. EDT (1705 GMT). US West Texas Intermediate crude was up $2.32, or 3.82%, at $63.11. In Canada, wildfires in the province of Alberta prompted the temporary shutdown of some oil and gas production, reducing supply.
'The wildfires in Alberta are now starting to seep in,' said John Kilduff, partner at Again Capital in New York. 'We are going to lose some barrels.' Also supporting prices, the US dollar slipped across the board on Monday on worries that President Donald Trump's fresh tariff threats might hurt growth and stoke inflation.
A weaker US currency makes dollar-priced commodities like oil less expensive for buyers using other currencies. Prices were also supported by the increased geopolitical risk premium after Ukrainian drone strikes against Russia over the weekend, said Rystad Energy's Jorge Leon.
The Organization of the Petroleum Exporting Countries and its allies, known collectively as OPEC+, decided on Saturday to raise output by 411,000 barrels per day (bpd) in July, the third consecutive monthly increase of that amount, as it looks to wrestle back market share and punish members that have produced more than their quotas. Sources familiar with OPEC+ talks said on Friday that the group could discuss an even larger increase.
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Express Tribune
an hour ago
- Express Tribune
Putin warns Trump of response to Ukrainian attacks on Russia
Russian President Vladimir Putin chairs a meeting with members of the government via video link at the Novo-Ogaryovo state residence outside Moscow, Russia June 4, 2025. PHOTO: REUTERS Listen to article Russian President Vladimir Putin told US President Donald Trump on Wednesday that he would have to respond to high-profile Ukrainian drone attacks on Russia's nuclear-capable bomber fleet and a deadly bridge bombing that Moscow blamed on Kyiv. The war in Ukraine is intensifying after nearly four months of cajoling and threats to both Moscow and Kyiv from Trump, who says he wants peace after more than three years of the deadliest conflict in Europe since World War Two. After Ukraine bombed bridges and attacked Russia's fleet of nuclear-capable bombers deep in Siberia and Russia's far north, Putin on Wednesday said he did not think Ukraine's leaders wanted peace. Shortly after Putin discussed the attacks with top ministers in Moscow, Trump said he had spoken by telephone with Putin for one hour and 15 minutes, and that they had discussed the Ukrainian attacks and Iran. "We discussed the attack on Russia's docked airplanes, by Ukraine, and also various other attacks that have been taking place by both sides. It was a good conversation, but not a conversation that will lead to immediate Peace," Trump said on social media. Russia has unleashed several massive aerial attacks on Ukraine over recent weeks. "President Putin did say, and very strongly, that he will have to respond to the recent attack on the airfields," Trump said, adding that he hoped Putin could be helpful in US negotiations with Iran over the Islamic Republic's nuclear programme. Trump said he believed Putin agreed with Washington that Iran "cannot have a nuclear weapon," and accused Tehran of "slowwalking" decisions regarding the talks. Trump has been unusually silent on the Ukrainian attacks on the Russian bombers - one of the three pillars of Russia's nuclear arsenal - though Moscow demanded that the United States and Britain restrain Ukraine. The Kremlin said Trump had told Putin that Washington was not informed in advance of the Ukrainian attacks. Trump's Ukraine envoy said the risk of escalation from the war in Ukraine was "going way up" after the strikes. Russia and the United States are by far the world's biggest nuclear powers: together they hold about 88% of all nuclear weapons. Each has three ways of nuclear attack - strategic bombers, land-launched intercontinental ballistic missiles and submarine-launched ballistic missiles - and any attack on any part of the "triad" is considered a grave escalation. WAR OR PEACE? In some of his most hawkish remarks in recent months on the outlook for peace, Putin on Wednesday said the bridge attacks had been directed against civilians and accused Ukrainian leadership of being a "terrorist organisation" supported by powers who were becoming "terrorist accomplices." "The current Kyiv regime does not need peace at all," Putin said at a meeting with senior officials. "What is there to talk about? How can we negotiate with those who rely on terror?" Ukraine has not commented on the bridge attacks. It denies it targets civilians, as does Russia, though civilians have been killed by both sides. Kyiv has similarly accused Moscow of not seriously wanting peace, citing as evidence Russian resistance to an immediate ceasefire. Russia says certain conditions must first be met. Putin, in his public remarks, did not mention the bomber attacks, which came just before Russia and Ukraine met for direct peace talks in Istanbul where Moscow set out what the United States has called "maximalist" aims. Before Putin spoke, other Russian officials said military options were "on the table" for its response to Ukrainian attacks deep inside Russia and accused the West of being involved in them. "We urge London and Washington to react in such a way as to stop further escalation," Russian Deputy Foreign Minister Sergei Ryabkov was quoted by the Interfax news agency as saying. Ryabkov oversees relations with the US and arms control. British and US officials have said they had no prior knowledge of the weekend attacks on Russian nuclear-capable long-range bombers. The White House has said Trump was not informed of Ukraine's drone attack before it unfolded.
Business Recorder
2 hours ago
- Business Recorder
Trump says Putin plans to retaliate after Ukraine drone strikes
WASHINGTON: Donald Trump says Vladimir Putin warned him 'very strongly' in a call Wednesday that he would respond to Ukraine's stunning attack on Russian airfields, adding that any immediate prospect of peace remained far off. Kyiv's daring mass drone strikes on Sunday destroyed several nuclear-capable bombers worth billions of dollars, and dominated the third call between the Russian and US presidents since Trump returned to power. Earlier, Putin had appeared to rule out a ceasefire or any direct talks with Ukrainian President Volodymyr Zelensky. Turkey has suggested it could host such negotiations and invited Trump, too. Trump says he has had good discussions on Russia and Ukraine 'It was a good conversation, but not a conversation that will lead to immediate Peace,' said Trump in a social media post. 'President Putin did say, and very strongly, that he will have to respond to the recent attack on the airfields.' The US leader added that during his call with Putin, whose forces invaded Ukraine in 2022, launching a grinding war, they had 'discussed the attack on Russia's docked airplanes' as well as other attacks 'by both sides.' The Kremlin described the call, which also focused on negotiations over Iran's nuclear program, as 'positive' and 'productive.' Trump has repeatedly alarmed Kyiv and its allies in Europe and elsewhere by pivoting towards Putin over the war, and he had a blazing Oval Office row with Zelensky in February. The US president has, however, also shown growing frustration with Putin – last week calling him 'crazy' – as Russia has continued attacks and derailed Trump's campaign pledge to end the war within 24 hours. Putin's call with Trump appeared to be part of a diplomatic offensive by the Russian leader, who discussed the Ukraine war with Pope Leo XIV in a telephone conversation on Wednesday. The Kremlin said Putin told the US-born pope he wanted peace through diplomacy but added that 'the regime in Kyiv is betting on an escalation of the conflict and carrying out of acts of sabotage against civil infrastructure on Russian territory.' Putin earlier accused Ukraine of being behind 'terrorist' attacks on bridges in its border regions over the weekend, including one that caused a train to derail, killing seven people. He said any full ceasefire would just give Kyiv a chance to rearm. 'Why reward them by giving them a break from the combat, which will be used to pump the regime with Western arms, to continue their forced mobilization and to prepare different terrorist acts,' Putin said in a televised government meeting. Ukraine has been pushing for an unconditional and immediate 30-day truce, issuing its latest proposal to Moscow at peace talks in Istanbul on Monday. Zelensky said earlier Wednesday that Russia had handed Ukraine an 'ultimatum' and recycled old demands in Turkey, where the only concrete agreement was on a series of large-scale prisoner exchanges. Moscow's demands included Ukraine fully pulling out of four regions – Donetsk, Lugansk, Kherson and Zaporizhzhia – that Russia claims to have annexed but does not have full control over. Zelensky said Ukraine was ready 'any day' for a meeting proposed by Turkish President Recep Tayyip Erdogan that would also include the US and Russian leaders. The White House says Trump is 'open' to such a meeting. More than three years into Russia's invasion, which has cost tens of thousands of lives, the two sides have opened direct talks searching for a way to end what has become Europe's largest conflict since World War II. Ukrainian troops have been suffering months of setbacks on the battlefield as Russian forces steadily advance across key sectors of the sprawling front line. Russia's army said it had captured another village in Ukraine's Sumy border region as it seeks to establish what it calls a 'buffer zone' inside Ukrainian territory. Kyiv has sought to gain assurances of continued support from Washington. On Wednesday, senior Zelensky aide Andriy Yermak met US Secretary of State Marco Rubio in Washington.
Business Recorder
3 hours ago
- Business Recorder
Trump told Putin Ukraine did not warn him of airbase strikes: Kremlin
MOSCOW: The Kremlin said Wednesday US President Donald Trump told Russian leader Vladimir Putin that Ukraine had not informed him in advance of its major drone strikes against Russian airfields at the weekend. Trump says he has had good discussions on Russia and Ukraine "The subject of the strikes on the military airfields was also discussed. Donald Trump underlined that the American side had not been informed in advance," Putin's diplomatic adviser Yuri Ushakov told reporters.
