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Daily Mail
15-05-2025
- Business
- Daily Mail
Oil prices fall as Trump says US 'getting close' to Iran nuclear deal
Oil prices fell as much as 3 percent by Thursday afternoon after President Donald Trump said the US was close to reaching a nuclear accord with Iran. The price of Brent crude, the global benchmark, was trading at $64.6 per barrel by mid-afternoon, while West Texas Intermediate Crude stood at $61.7 per barrel. Trump told reporters in Doha, Qatar, which forms part of a three-day Middle East tour, that the US was 'getting close to having a deal' that would avoid a 'violent step'. During his first term in office, Trump withdrew from an agreement severely limiting Iran's ability to enrich uranium and slashing its nuclear fuel stockpiles. The US instead imposed major sanctions as part of a 'maximum pressure' campaign aimed at restricting Iran's support for armed groups in the Middle East and curtailing its ballistic missile program. A new deal could see significant sanctions lifted on Iranian energy exports, flooding the international oil market with even greater supply. OPEC+ member countries announced plans earlier this month to boost oil production in June by 411,000 barrels per day, taking the combined increases for April, May and June to 960,000 bpd. And just yesterday, the US Energy Administration revealed that US crude inventories surprisingly increased by 3.5 million barrels last week. This sparked a drop in oil prices, which had surged early this week after the US and China revealed they would cut their reciprocal tariffs on each other for 90 days. Trump's remarks badly hit shares in oil supermajors, with BP and Shell falling 3.9 percent and 2.1 percent, respectively, while mid-cap firm Harbour Energy had a 1.8 percent decline. The overall UK markets have performed comparatively better today than the oil giants, although the FTSE 100 was just 0.2 percent up at 8,595.8 points by 3pm and the FTSE 250 was flat at 20,816.1 points. However, Asian markets suffered from much weaker sentiment, with Hong Kong's Hang Seng index closing 0.8 percent lower at 23,453.2, Seoul's KOSPI 0.7 percent down at 23,453 and Japan's Nikkei 225 index dropping 1 percent to 37,775.51. And in Europe, France's CAC 40 was down 0.2 percent, or 17.5 points, at 7,819.3, while Germany's DAX had flatlined at 23,553. Chris Beauchamp, chief market analyst at IG, said: 'The euphoria from Monday's US-China truce has faded, and now markets are waiting to see if further deals materialize from here.' Having already struck a trade deal with the UK, Trump has now claimed India offered to remove all tariffs on imported US goods. He made the comments in Qatar whilst referencing Apple's intentions to manufacture the majority of iPhones in India instead of China. Many large companies have been scaling back their forecasts in response to the unpredictability resulting from Trump's tariff policies. Want more stories like this from the Daily Mail? Visit our profile page and hit the follow button above for more of the news you need.
Daily Mail
15-05-2025
- Business
- Daily Mail
Oil prices fall as Trump says US is 'getting close' to Iran nuclear deal
Oil prices fell as much as 3 per cent by Thursday afternoon after President Donald Trump said the US was close to reaching a nuclear accord with Iran. The price of Brent crude, the global benchmark, was trading at $64.6 per barrel by mid-afternoon, while West Texas Intermediate Crude stood at $61.7 per barrel. Trump told reporters in Doha, Qatar, which forms part of a three-day Middle East tour, that the US was 'getting close to having a deal' that would avoid a 'violent step'. During his first term in office, Trump withdrew from an agreement severely limiting Iran's ability to enrich uranium and slashing its nuclear fuel stockpiles. The US instead imposed major sanctions as part of a 'maximum pressure' campaign aimed at restricting Iran's support for armed groups in the Middle East and curtailing its ballistic missile programme. A new deal could see significant sanctions lifted on Iranian energy exports, flooding the international oil market with even greater supply. OPEC+ member countries announced plans earlier this month to boost oil production in June by 411,000 barrels per day, taking the combined increases for April, May and June to 960,000 bpd. And just yesterday, the US Energy Administration revealed that US crude inventories surprisingly increased by 3.5 million barrels last week. This sparked a drop in oil prices, which had surged early this week after the US and China revealed they would cut their reciprocal tariffs on each other for 90 days. Trump's remarks badly hit shares in oil supermajors, with BP and Shell falling 3.9 per cent and 2.1 per cent, respectively, while mid-cap firm Harbour Energy had a 1.8 per cent decline. The overall UK markets have performed comparatively better today than the oil giants, although the FTSE 100 was just 0.2 per cent up at 8,595.8 points by 3pm and the FTSE 250 was flat at 20,816.1 points. However, Asian markets suffered from much weaker sentiment, with Hong Kong's Hang Seng index closing 0.8 per cent lower at 23,453.2, Seoul's KOSPI 0.7 per cent down at 23,453 and Japan's Nikkei 225 index dropping 1 per cent to 37,775.51. And in Europe, France's CAC 40 was down 0.2 per cent, or 17.5 points, at 7,819.3, while Germany's DAX had flatlined at 23,553. Chris Beauchamp, chief market analyst at IG, said: 'The euphoria from Monday's US-China truce has faded, and now markets are waiting to see if further deals materialise from here.' Having already struck a trade deal with the UK, Trump has now claimed India offered to remove all tariffs on imported US goods. He made the comments in Qatar whilst referencing Apple's intentions to manufacture the majority of iPhones in India instead of China. Many large companies have been scaling back their forecasts in response to the unpredictability resulting from Trump's tariff policies.
Globe and Mail
15-05-2025
- Business
- Globe and Mail
World shares are mostly lower and oil prices drop $2 on hopes for a US-Iran nuclear deal
World shares were mostly lower Thursday while oil prices fell more than $2 as traders bet on a possible U.S.-Iran nuclear deal. U.S. benchmark crude oil lost $2.37 to $60.78 per barrel. Brent crude, the international standard, gave up $2.32 to $63.70 per barrel. President Donald Trump, visiting Qatar as part of a three-country Middle East tour, has urged it to use its influence with Iran to persuade its leadership to agree to dial back its rapidly advancing nuclear program. A deal would help pave the way to ease sanctions against Tehran. Oil prices surged early this week after China and the U.S. announced an agreement to scale back painfully high tariffs each has imposed on the other for 90 days. But they've since retreated after the U.S. Energy Administration reported relatively high crude oil stockpiles that could lead to an oversupply. European share markets opened lower, with Germany's DAX shedding 0.3% to 23,453.16, while the CAC 40 in Paris was down 0.3% at 7,814.40. Britain's FTSE 100 slipped 0.2% to 8,564.65. The future for the S&P 500 lost 0.6% while that for the Dow Jones Industrial Average was down 0.4%. China moved to reverse some of its 'non-tariff' measures against the U.S. as agreed with Washington in their temporary trade war cease-fire, while demanding that the U.S. side 'immediately correct its wrong practices.' A Chinese Commerce Ministry spokesperson, He Yongqian, accused the Trump administration of violating world trade rules by announcing that use of Ascend computer chips made by China's Huawei Technologies violates U.S. export controls. 'This move by the U.S. is not conducive to the long-term mutually beneficial and sustainable cooperation and development of companies on both sides,' He said in a statement. Japan's Nikkei 225 index dropped 1% to 37,775.51. Computer chip-related stocks were among the biggest decliners, with Disco Corp. falling 3.2% and Advantest down 1.1%. Hong Kong's Hang Seng dropped 0.8% to 23,453.16, while the Shanghai Composite index lost 0.7% to 3,380.82. Taiwan's Taiex fell 0.2%, while India's Sensex rebounded to gain 1.6%. In Australia, the S&P/ASX 200 edged 0.2% higher to 8,297.50. South Korea's Kospi gave up 0.7% to 2,621.36. On Wednesday, a choppy day of trading on Wall Street ended with a mixed finish as gains by several big technology stocks helped temper losses. The S&P 500 edged up 0.1% and the Dow Jones Industrial Average slipped 0.2%. The Nasdaq composite rose 0.7%. The U.S. will release its April report for inflation at the wholesale level on Thursday, and economists expect an easing of price pressures. An update for retail sales is expected to reflect a sharp drop to 0.2% in April from 1.4% the previous month. Retail giant Walmart will also report its latest financial results on Thursday and its financial forecasts will be closely watched. The stock market has been relatively steady since it surged Monday after the U.S. and China announced a 90-day pause in their trade war. The market gained more ground on Tuesday after the government reported that inflation unexpectedly cooled across the country in April. More updates on inflation and retail sales are expected on Thursday. Trump has delayed a large swath of his most severe tariffs against America's trading partners, but some import taxes remain in place. Uncertainty over the path ahead continues to hang over businesses and consumers. The on-again-off-again nature of Trump's trade policy has left companies reluctant to make plans about investment and hiring and consumers nervous about spending. Businesses continue to trim or withdraw their financial forecasts as they face unpredictable trade policy and cautious consumers. More than 90% of companies in the S&P 500 have reported earnings for their latest quarter and most reported better-than-expected earnings. But they have cut or scrapped forecasts for the current quarter. The U.S. economy has already showed signs of slowing. It contracted 0.3% during the first quarter as imports jumped while businesses and consumers stocked up to beat tariffs. In other dealings early Thursday, the dollar slipped to 145.77 Japanese yen from 146.75 yen. The euro rose to $1.1208 from $1.1174.
Yahoo
14-05-2025
- Business
- Yahoo
2025 Taiwan International Geothermal Conference A New Era of Geothermal Energy: Technological Innovation and Sustainable Development
TAIPEI, May 14, 2025 /PRNewswire/ -- The 2025 Taiwan International Geothermal Conference, hosted by the Ministry of Economic Affairs, is taking place from April 24-25 in Taipei. Now in its third edition, the conference brings together leading geothermal experts, government representatives, and industry leaders from the United States, New Zealand, Canada, the Philippines, and other countries to explore cutting-edge technologies and the future development of geothermal energy. Held in a hybrid format with both in-person sessions and online streaming, the conference has attracted more than 700 participants from around the world, including representatives from academia, industry, government, and research institutions. The event aims to advance Taiwan's geothermal industry and enhance its global competitiveness in the green energy sector. Government Drives Geothermal Development and Industry Collaboration Shapes a Sustainable Future In his opening remarks, Vice Minister of Economic Affairs Lai Chien-Hsin emphasized that amid the global climate change, the government is committed to implementing a range of carbon reduction measures to ensure sustainable energy transition. Promoting renewable energy, he noted, is critical to achieving these goals. Vice Minister Lai highlighted geothermal energy's pivot role in Taiwan's energy transition. With Taiwan's favorable geological conditions, it has completed the construction of six geothermal power plants. This year, more geothermal power plants will be connected to the grid. He sincerely welcomes all geothermal scholars, developers and experts to participate in 2025 Taiwan International Geothermal Conference, believing that through collaboration between international enterprises and local Taiwanese companies, they can contribute to achieving net-zero emission goals and jointly address the challenges of extreme climate. International Experts Convene to Foster Technology Exchange and Industry Collaboration The conference features a broad range of topics, including the status of geothermal energy development in Taiwan, international industry trends, advanced technologies and innovative applications, and the role of local governments in promoting geothermal power development. The Energy Administration and the Geological Survey and Mining Management Agency presented Taiwan's geothermal policies and exploration progress. Meanwhile, the CPC Corporation and Taiwan Power Company delivered special reports on development strategies and recent technical breakthroughs, which have attracted investment interest from domestic and international companies. Afternoon sessions focused on cutting-edge project management and international drilling experiences, exploring how to leverage advanced technology and optimized practices to support local developers, accelerate geothermal plant construction, and enhance industry competitiveness. High-Level Dialogue on the Future of Geothermal Energy and Strengthening International Partnerships The first day of the conference concluded with a high-level dialogue moderated by the Acting Director-General of the Energy Administration Lee Chun-Li joined by representatives from the global geothermal industry, research institutes, and government sectors. The discussion centered on "The Future Outlook for Geothermal Power in Taiwan," highlighting strategies to attract international investment, expand the geothermal industry value chain, and strengthen Taiwan's presence in the global green energy market. Workshops and Site Visits Promote Practical Engagement On April 25, the second day of the conference, three professional workshops will be held on "Geothermal Drilling Technology," "Development Solutions," and "Exploration and Equipment Applications." The conference will also feature a technical site visit for international guests to CPC Corporation's Yuanshan No.1 Well, Taiwan's first deep geothermal exploratory well. Jointly developed by Academia Sinica and CPC and currently drilled to a depth of 1,820 meters, this well marks a key milestone for Taiwan's deep geothermal progress, offering international stakeholders a firsthand look at Taiwan's geothermal potential and supportive development environment. Through this international platform, Taiwan aims to strengthen global partnerships, foster innovation, accelerate the growth of its geothermal sector, and advance toward the long-term goal of sustainable energy. Contact Person:Ms. Hsiu-fen Tsai, Director, Energy Administration, Ministry of Economic AffairsTel: +886-2-2775-7730Email: hftsai@ View original content to download multimedia: SOURCE Energy Administration, Ministry of Economic Affairs Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
