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Business Insider
7 hours ago
- Business
- Business Insider
Oil prices tumble, stock futures up after Trump announces Israel-Iran ceasefire
Oil prices are tumbling after President Donald Trump announced a Israel-Iran ceasefire agreement. Oil prices were already falling after Iran launched strikes on a US airbase in Qatar. Markets saw Iran's strikes as a de-escalatory move as Tehran did not target the Strait of Hormuz. Oil prices are down sharply while stocks are up on Tuesday morning in Asia after President Donald Trump said Israel and Iran have agreed to a "complete and total" ceasefire. Benchmark US West Texas Intermediate oil futures were 3.6% lower at $66.04 a barrel at 8:48 p.m. ET on Monday while international Brent crude oil futures were 3.6% lower at $68.93 a barrel. The declines extended losses of 7.2% for both grades on Monday. Oil prices have now reversed gains from June 12, a day before Israel struck Iran. US stock futures were higher: Oil prices were already moving lower after Iran's retaliatory strikes on a US airbase in Qatar on Monday, following the American forces' strikes on three Iranian nuclear sites on Sunday. Even though Iran targeted US military assets, markets are relieved that Iran did not target the Strait of Hormuz, a key shipping route for the global oil and gas trade, wrote analysts at Rystad Energy, a research and intelligence firm. Tehran's strikes on US's airbase in Qatar signaled "a possible desire from Iran to de-escalate by inflicting minimal damage to US infrastructure in the region," wrote the Rystad Energy analysts. Qatar said Iranian missiles were intercepted. US officials said there were no reports of casualties. The energy markets are now focused on developments in the Strait of Hormuz, where a quarter of seaborne oil and a fifth of global liquified natural gas trade passes. If the Hormuz is impacted and closes, the markets may turn again. "The waterway handles significant volumes for global markets and its importance cannot be understated," added Janiv Shah, a vice president of oil markets analysis at Rystad Energy. In an earlier Truth Social post, Trump described Iran's retaliatory attack as a "very weak response," and thanked Tehran for giving the US early notice of the strikes. Ongoing developments in the Middle East, coupled with market swings, highlight the fluid nature of the current landscape. As Deustche Bank analysts wrote in a note on Monday, "the situation in the Middle East is live and things can change quickly."
Business Times
30-05-2025
- Business
- Business Times
New World seeks more banks to join up to US$2 billion loan
[HONG KONG] New World Development is looking for more banks to join an up to US$2 billion loan backed by its key asset, Victoria Dockside, according to people familiar with the matter, as the cash-strapped company tries to shore up its finances. Deustche Bank, which is arranging the deal, sent invitations this week to some banks that aren't already lenders to the developer, the people said, asking not to be identified discussing private matters. The base size of the three-year facility is HK$4 billion (S$657.8 million), they added. Proposed terms that the company sent to other banks in March didn't specify a base loan size. Some of New World's existing lenders have since decided not to participate in the transaction because they are separately engaged in an HK$87.5 billion refinancing exercise by the company, the people said. The financiers are wary of increasing their exposure to the company, they added. Banks must finalise their commitments to the new loan by July 11, the people said. New World, controlled by one of Hong Kong's richest families, has been struggling with liquidity problems amid a years-long property slump in the city and mainland China. Investors have become increasingly skeptical of the firm's ability to manage its debt burden, particularly after it reported its first loss in 20 years for the financial year ended last June. New World didn't immediately respond to a request for comment. A Deutsche Bank spokesperson declined to comment. New World plans to use the proceeds from the new loan to repay debt. The company is using Victoria Dockside, one of the company's most valuable properties, as a first-lien mortgage for this loan, and it will also be used as second-lien mortgage for its mega refinancing. The developer is racing to finalise the refinancing deal by the end of June. It has landed commitments of more than HK$35 billion for the deal, about 40% of that total target amount. BLOOMBERG
