
NATO Ally Giving Ukraine 100K New Drones After Russian Airfield Strikes
Newsweek AI is in beta. Translations may contain inaccuracies—please refer to the original content.
The U.K. Ministry of Defence said it is increasing its drone supply to Ukraine tenfold, taking the total target for the coming year to 100,000, after Kyiv's stunning Operation Spiderweb saw drones destroy Moscow's strategic bombers deep inside Russian territory.
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CNBC
6 minutes ago
- CNBC
Oil prices gain for fourth day on supply fears from Trump tariff threats
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Yahoo
23 minutes ago
- Yahoo
Standard Chartered: Oil Prices Likely Headed Higher Over The Long Term
Crude oil futures have jumped to the highest levels in six weeks after U.S. President Donald Trump ratcheted up threats to slap Russia with extra sanctions and tariffs unless it agrees to a ceasefire with Ukraine. Brent crude for September delivery gained 1.2% to trade at $73.34/barrel in Wednesday's morning session, while WTI crude was up 1.5% to $70.24. Trump told reporters that he would give Russia 10 more days to negotiate a truce with Ukraine, extending his earlier deadline to August 3 from July 14. Trump says he is not concerned about the impact of Russian sanctions on the oil market, probably because he reckons it will give an opportunity for U.S. producers to ramp up oil output. "The new deadline caught many analysts by surprise and, if enforced, could tighten Russian crude and fuel supplies to the global market," BOK Financial Securities wrote in a note. Also driving oil prices higher was a trade deal struck between the U.S. and the European Union, that averted a full-blown trade war. The deal establishes a new baseline for commerce between the two economies, with the EU now facing a maximum 15% tariff on exports to the U.S. However, a large U.S. crude inventory build acted as a crude oil stocks rose by 7.7 million barrels in the week ending July 25, according to data released by the U.S. Energy Information Administration on Wednesday. Total stockpiles reached 426.7 million barrels, still 6% below the five-year seasonal average, but the size of the weekly increase surprised markets. The EIA figures came one day after the American Petroleum Institute reported a smaller build of 1.54 million barrels, underscoring a notable gap between public and private data. While geopolitical headlines and trade news pushed prices higher, the unexpected surge in inventories helped limit the scale of the rally. And now, commodity analysts at Standard Chartered have predicted that oil prices are likely to trend higher in the coming years. Current oil prices have remained close to $70/bbl in the post-pandemic period, and are roughly in-line with the 20-year average at $73.38/bbl. However, StanChart says the economics of U.S. shale that previously allowed oil prices to fall from the $90-100/bbl range in the runup to the Global Financial Crisis to below $60 per barrel have changed quite dramatically. The analysts point out that the U.S. shale patch now needs higher oil prices to prevent a precipitous decline in shale oil output. Higher input costs for steel, labor, and frac materials, courtesy of Trump's tariffs, are not helping, either. Indeed, we previously reported that, 'the average breakeven price for Permian producers is now edging back toward the mid-$60s, up from the mid-$50s just two years ago.' StanChart is not the only oil expert that holds this bullish view, with multiple energy analysts now sounding the alarm that oil prices at current levels are not sustainable. Back in May, Rystad Energy provided estimates that the breakeven price for new horizontal wells in key shale plays now hovers ~$68 per barrel, a sharp rise from just two years ago, 'There's an expectation of tight capital budgets and slower reinvestment — even if prices recover modestly,' said Artem Abramov. Wood Mackenzie shares a similar sentiment, 'This is not 2014. Investors want cash flow, not growth,' said Robert Clarke, WoodMac's VP of upstream research. 'If the price floor doesn't come back, the rig count will absolutely fall.' Well, maybe oil executives have communicated this harsh reality to Trump. Maybe they've warned him that his 'drill, baby drill' mantra will remain a mere political slogan as long as oil prices remain at these levels, hence his sudden antagonism towards Moscow. Indeed, U.S. rig count is going through a protracted decline, a precursor for falling oil production. According to the latest Baker-Hughes data, the U.S. oil rig count fell for the 13th consecutive week, losing seven w/w to a 46-month low of 415, with the YTD decline now clocking in at 68 rigs. The latest fall was heavily concentrated in Texas where oil drilling fell by six w/w to a 47-month low of 212. Oil drilling in the Eagle Ford formation of south Texas fell by five w/w to 34 rigs, with overall basin activity supported by a three-rig rise to 14 rigs in gas drilling. Delaware Basin drilling fell by two to 146 rigs while, elsewhere in the Permian, Midland Basin drilling fell by one to 91 rigs and other Permian drilling was unchanged at 23 rigs. Meanwhile, the U.S. gas rig count gained five w/w to a 23-month high of 122, bringing the year-to-date increase in gas drilling to 21 rigs. By Alex Kimani for More Top Reads From this article on Error al recuperar los datos Inicia sesión para acceder a tu cartera de valores Error al recuperar los datos Error al recuperar los datos Error al recuperar los datos Error al recuperar los datos


Newsweek
2 hours ago
- Newsweek
China and Russia Challenge US Military Supremacy With Major Joint Exercise
Based on facts, either observed and verified firsthand by the reporter, or reported and verified from knowledgeable sources. Newsweek AI is in beta. Translations may contain inaccuracies—please refer to the original content. China and Russia will carry out joint naval exercises in the Pacific next week, the Chinese defense ministry said Wednesday, as the quasi-alliance continues to mature. Why It Matters The neighbors have moved to strengthen security ties in recent years through bilateral and multilateral exercises spanning naval and air patrols and computer simulations. Over half of their 113 combined drills since 2003 have taken place in the past six years, according to analysis by the Center for Strategic and International Studies' China Power Project. This cooperation is especially concentrated in the Pacific. While Beijing and Moscow lack a formal treaty, they are aligned on challenging long-standing U.S. military dominance and seek to establish their own spheres of influence, analysts say. Newsweek reached out to the Russian defense ministry by email with a request for comment outside of office hours. What to Know The People's Liberation Army Navy will join Russia's Pacific Fleet for drills in the Sea of Japan, in the waters and airspace near the far eastern Russian city of Vladivostok, China's defense ministry spokesperson Zhang Xiaogang said during Wednesday's regular news conference. This handout photo made available by the Iranian Army Office on March 11 shows the Chinese People's Liberation Army Navy guided-missile destroyer Baotou during joint military drills between Iran, Russia and China in the Gulf... This handout photo made available by the Iranian Army Office on March 11 shows the Chinese People's Liberation Army Navy guided-missile destroyer Baotou during joint military drills between Iran, Russia and China in the Gulf of Oman. More Iranian Army via Getty Images The exercises, which will also include land-based training and collectively dubbed Maritime Interaction 2025, begin August 1, according to a Pacific Fleet statement shared by Russian state media. Both sides stressed that the drills are not directed at any third party. Naval forces will train in anti-submarine warfare, air defense and search-and-rescue operations, and will conduct "joint gun" exercises, according to a Russian statement. Participating Russian ships will be led by the large anti-submarine warfare ship Admiral Tributs, with the Type 052 guided-missile destroyer Shaoxing leading the Chinese contingent. Diesel-electric submarines and naval aircraft from both countries will also take part. Following the exercises, the two sides will deploy to an unspecified part of the Pacific Ocean for their sixth joint maritime patrol, Zhang told reporters. What People Have Said Zhang Xiaogang, Chinese defense ministry spokesperson: "This is an arrangement within the annual cooperation plan between the Chinese and Russian militaries. It is not targeted at any third party, nor is it related to the current international and regional situation." Garrett Campbell, retired U.S. Navy captain and adviser to NATO on Russian military strategy, wrote for the Philadelphia-based Foreign Policy Research Institute in June: "It has become resoundingly clear that the increase in bilateral military activities is directly linked to a shared strategic vision held by both Chinese President Xi Jinping and Putin. "[...] Putin, incorrectly perceived by many in the U.S. national security community as a mere tactical opportunist, has committed Russia to a long-term strategic confrontation with the West." What's Next The last two days of the drills will overlap with a joint exercise between the Indian and Philippine navies in the South China Sea, in what observers have billed as a show of New Delhi's support for the U.S. treaty ally in its ongoing territorial dispute with China.