Latest news with #MajidTakhtravanchi
BusinessToday
21-05-2025
- Business
- BusinessToday
Oil Prices Inch Higher Amid Stalled US-Iran Nuclear Talks And Supply Uncertainty
Oil prices rose slightly on Tuesday as hopes for a breakthrough in US-Iran nuclear negotiations dimmed, raising concerns over the potential delay in Iranian crude re-entering the global market. Brent crude futures edged up 12 cents to US$65.66 a barrel by 0008 GMT, while US West Texas Intermediate (WTI) gained 16 cents to US$62.85. The gains were fuelled by comments from Iran's Deputy Foreign Minister Majid Takhtravanchi, who warned that nuclear talks with the US would 'lead nowhere' if Washington continues to demand a full halt to Tehran's uranium enrichment programme. His remarks came just a day after US special envoy Steve Witkoff reaffirmed that any new agreement must include a ban on uranium enrichment — a critical step in developing nuclear weapons. Analysts say a deal between the two sides could have added 300,000 to 400,000 barrels per day of Iranian crude to the market, easing global supply constraints. The standoff has instead raised fresh concerns about future supply levels. However, gains in oil prices were limited by broader economic headwinds, including Moody's downgrade of the US sovereign credit rating, which cast a shadow over demand from the world's largest energy consumer. The ratings agency cut the US government's rating by one notch on Friday, citing concerns over its mounting US$36 trillion debt. Additional pressure came from slowing industrial output and retail sales in China, the world's top oil importer, reinforcing fears about weakening demand. Market volatility is expected to persist in the near term, with traders watching closely for developments in US-Iran relations, global tariff tensions, and the ongoing Russia-Ukraine conflict. In a related update, Russian President Vladimir Putin said after a call with Donald Trump that Moscow was willing to work with Ukraine on a draft peace accord, calling recent diplomatic efforts 'on the right track.' Reuters Related
Yahoo
20-05-2025
- Business
- Yahoo
Oil slips amid US-Iran talks
Oil prices slipped as traders assessed the implications of diplomatic overtures on multiple fronts –including Russia-Ukraine peace talks and US-Iran nuclear negotiations – while a cautious outlook for China's economy further dampened sentiment. Brent crude futures (BZ=F) lost 0.7% to $65.11 a barrel, while West Texas Intermediate futures (CL=F) retreated 0.7% to $62.25 a barrel. The possibility of a ceasefire between Russia and Ukraine has raised expectations of a more stable supply outlook, while ongoing negotiations between Washington and Tehran over Iran's nuclear programme added further complexity to the demand-supply calculus. Discussions over the nuclear deal appeared to hit an impasse on Monday. Iran's deputy foreign minister, Majid Takhtravanchi, was quoted by state media as saying talks would 'lead nowhere' if the US continued to demand that Tehran entirely halt uranium enrichment. The comments followed remarks from US special envoy Steve Witkoff, who reiterated on Sunday that Washington would require any new agreement to prohibit enrichment – seen as a key step in the development of nuclear weapons. Read more: FTSE 100 LIVE: Markets cautiously higher as Starmer takes EU deal to parliament A deal would have paved the way for the easing of US sanctions and allowed Iran to raise oil exports by 300,000 barrels to 400,000 barrels per day, StoneX analyst Alex Hodes said. Such a deal would have paved the way for an easing of US sanctions, potentially allowing Iran to increase its crude exports by 300,000 to 400,000 barrels per day, according to Alex Hodes, an analyst at StoneX. Adding to bearish pressure was fresh data from China, the world's largest oil importer, showing a slowdown in industrial production and retail sales. The weaker-than-expected figures reinforced concerns about the country's near-term demand for fuel. BMI analysts projected a year-on-year fall of 0.3% in Chinese oil consumption in 2025, citing a broad-based slowdown across oil product categories. 'Even if China adopts stimulus measures, it may take time to have a positive impact on oil demand,' they added. Gold prices edged lower on Tuesday as easing geopolitical tensions and renewed optimism over global trade tempered investor appetite for traditional haven assets. Gold futures (GC=F) retreated 0.2% to $3,226.00 per ounce at the time of writing, while the spot gold price fell 0.6% to $3,224.75 per ounce. The declines come amid tentative signs of progress on two major geopolitical fronts: US-China trade relations and the Russia-Ukraine conflict. "We are seeing a knee-jerk response to the US credit downgrade wear off and there's some hope of a truce between Ukraine and Russia," said Kyle Rodda, financial market analyst. US president Donald Trump said on Monday that Russia and Ukraine would immediately start negotiations toward a ceasefire, further buoying market sentiment and reducing the urgency for defensive positioning. The moderation in gold follows a period of heightened volatility triggered by Moody's downgrade of the US sovereign credit rating to 'Aa1'. While initially supportive for gold, the downgrade's impact has since faded. Read more: UK high street in the spotlight as key data and results cap off earnings season "We are seeing buyers emerge on dips below $3,200. However, I think we are due a bigger pullback, especially if there's further easing in geopolitical risks and we see upward pressure on yields building from US fiscal policy." Improved risk appetite was also supported by a temporary 90-day trade truce between the US and China, helping to lift equity markets globally. The rebound in equities has further diminished the near-term allure of bullion. Traders are also adjusting expectations for monetary policy. Market participants are now pricing in at least two interest rate cuts by the Federal Reserve in 2025, following softer-than-expected inflation and retail sales data in the US. While such expectations typically weigh on the dollar and support gold prices, that dynamic has so far failed to materialise. The pound strengthened modestly on Tuesday following news of a fresh agreement between the UK and European Union aimed at easing trade frictions, particularly around checks on food, livestock and agricultural goods. Sterling rose 0.2% to $1.3382 against the dollar, with investors broadly welcoming the deal amid forecasts that it could deliver a £9bn boost to the UK economy. The agreement, seen as a step toward improving post-Brexit trade relations, helped lift market confidence ahead of key inflation data. Stocks: Create your watchlist and portfolio Attention now turns to April's consumer price index (CPI) report, set to be released on Wednesday, which is expected to offer further insight into the Bank of England's monetary policy outlook. Economists anticipate a slight acceleration in core CPI—which strips out food, energy, alcohol, and tobacco prices—with a reading of 3.6% year-on-year, up from 3.4% in the previous release. A higher-than-expected print could raise the likelihood of the BoE maintaining tighter policy for longer. The US dollar index ( which measures the greenback against a basket of six currencies, fell 0.3% to $100.14. In other currency moves, the pound was little changed against the euro (GBPEUR=X), which was trading at €1.18879 at the time of writing. The FTSE 100 (^FTSE) was down 0.5% at 8,640 points. 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Yahoo
20-05-2025
- Business
- Yahoo
Oil slips amid US-Iran talks
Oil prices slipped as traders assessed the implications of diplomatic overtures on multiple fronts –including Russia-Ukraine peace talks and US-Iran nuclear negotiations – while a cautious outlook for China's economy further dampened sentiment. Brent crude futures (BZ=F) lost 0.7% to $65.11 a barrel, while West Texas Intermediate futures (CL=F) retreated 0.7% to $62.25 a barrel. The possibility of a ceasefire between Russia and Ukraine has raised expectations of a more stable supply outlook, while ongoing negotiations between Washington and Tehran over Iran's nuclear programme added further complexity to the demand-supply calculus. Discussions over the nuclear deal appeared to hit an impasse on Monday. Iran's deputy foreign minister, Majid Takhtravanchi, was quoted by state media as saying talks would 'lead nowhere' if the US continued to demand that Tehran entirely halt uranium enrichment. The comments followed remarks from US special envoy Steve Witkoff, who reiterated on Sunday that Washington would require any new agreement to prohibit enrichment – seen as a key step in the development of nuclear weapons. Read more: FTSE 100 LIVE: Markets cautiously higher as Starmer takes EU deal to parliament A deal would have paved the way for the easing of US sanctions and allowed Iran to raise oil exports by 300,000 barrels to 400,000 barrels per day, StoneX analyst Alex Hodes said. Such a deal would have paved the way for an easing of US sanctions, potentially allowing Iran to increase its crude exports by 300,000 to 400,000 barrels per day, according to Alex Hodes, an analyst at StoneX. Adding to bearish pressure was fresh data from China, the world's largest oil importer, showing a slowdown in industrial production and retail sales. The weaker-than-expected figures reinforced concerns about the country's near-term demand for fuel. BMI analysts projected a year-on-year fall of 0.3% in Chinese oil consumption in 2025, citing a broad-based slowdown across oil product categories. 'Even if China adopts stimulus measures, it may take time to have a positive impact on oil demand,' they added. Gold prices edged lower on Tuesday as easing geopolitical tensions and renewed optimism over global trade tempered investor appetite for traditional haven assets. Gold futures (GC=F) retreated 0.2% to $3,226.00 per ounce at the time of writing, while the spot gold price fell 0.6% to $3,224.75 per ounce. The declines come amid tentative signs of progress on two major geopolitical fronts: US-China trade relations and the Russia-Ukraine conflict. "We are seeing a knee-jerk response to the US credit downgrade wear off and there's some hope of a truce between Ukraine and Russia," said Kyle Rodda, financial market analyst. US president Donald Trump said on Monday that Russia and Ukraine would immediately start negotiations toward a ceasefire, further buoying market sentiment and reducing the urgency for defensive positioning. The moderation in gold follows a period of heightened volatility triggered by Moody's downgrade of the US sovereign credit rating to 'Aa1'. While initially supportive for gold, the downgrade's impact has since faded. Read more: UK high street in the spotlight as key data and results cap off earnings season "We are seeing buyers emerge on dips below $3,200. However, I think we are due a bigger pullback, especially if there's further easing in geopolitical risks and we see upward pressure on yields building from US fiscal policy." Improved risk appetite was also supported by a temporary 90-day trade truce between the US and China, helping to lift equity markets globally. The rebound in equities has further diminished the near-term allure of bullion. Traders are also adjusting expectations for monetary policy. Market participants are now pricing in at least two interest rate cuts by the Federal Reserve in 2025, following softer-than-expected inflation and retail sales data in the US. While such expectations typically weigh on the dollar and support gold prices, that dynamic has so far failed to materialise. The pound strengthened modestly on Tuesday following news of a fresh agreement between the UK and European Union aimed at easing trade frictions, particularly around checks on food, livestock and agricultural goods. Sterling rose 0.2% to $1.3382 against the dollar, with investors broadly welcoming the deal amid forecasts that it could deliver a £9bn boost to the UK economy. The agreement, seen as a step toward improving post-Brexit trade relations, helped lift market confidence ahead of key inflation data. Stocks: Create your watchlist and portfolio Attention now turns to April's consumer price index (CPI) report, set to be released on Wednesday, which is expected to offer further insight into the Bank of England's monetary policy outlook. Economists anticipate a slight acceleration in core CPI—which strips out food, energy, alcohol, and tobacco prices—with a reading of 3.6% year-on-year, up from 3.4% in the previous release. A higher-than-expected print could raise the likelihood of the BoE maintaining tighter policy for longer. The US dollar index ( which measures the greenback against a basket of six currencies, fell 0.3% to $100.14. In other currency moves, the pound was little changed against the euro (GBPEUR=X), which was trading at €1.18879 at the time of writing. The FTSE 100 (^FTSE) was down 0.5% at 8,640 points. For more details, check our live coverage while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
Yahoo
20-05-2025
- Business
- Yahoo
Oil slips amid US-Iran talks
Oil prices slipped as traders assessed the implications of diplomatic overtures on multiple fronts –including Russia-Ukraine peace talks and US-Iran nuclear negotiations – while a cautious outlook for China's economy further dampened sentiment. Brent crude futures (BZ=F) lost 0.7% to $65.11 a barrel, while West Texas Intermediate futures (CL=F) retreated 0.7% to $62.25 a barrel. The possibility of a ceasefire between Russia and Ukraine has raised expectations of a more stable supply outlook, while ongoing negotiations between Washington and Tehran over Iran's nuclear programme added further complexity to the demand-supply calculus. Discussions over the nuclear deal appeared to hit an impasse on Monday. Iran's deputy foreign minister, Majid Takhtravanchi, was quoted by state media as saying talks would 'lead nowhere' if the US continued to demand that Tehran entirely halt uranium enrichment. The comments followed remarks from US special envoy Steve Witkoff, who reiterated on Sunday that Washington would require any new agreement to prohibit enrichment – seen as a key step in the development of nuclear weapons. Read more: FTSE 100 LIVE: Markets cautiously higher as Starmer takes EU deal to parliament A deal would have paved the way for the easing of US sanctions and allowed Iran to raise oil exports by 300,000 barrels to 400,000 barrels per day, StoneX analyst Alex Hodes said. Such a deal would have paved the way for an easing of US sanctions, potentially allowing Iran to increase its crude exports by 300,000 to 400,000 barrels per day, according to Alex Hodes, an analyst at StoneX. Adding to bearish pressure was fresh data from China, the world's largest oil importer, showing a slowdown in industrial production and retail sales. The weaker-than-expected figures reinforced concerns about the country's near-term demand for fuel. BMI analysts projected a year-on-year fall of 0.3% in Chinese oil consumption in 2025, citing a broad-based slowdown across oil product categories. 'Even if China adopts stimulus measures, it may take time to have a positive impact on oil demand,' they added. Gold prices edged lower on Tuesday as easing geopolitical tensions and renewed optimism over global trade tempered investor appetite for traditional haven assets. Gold futures (GC=F) retreated 0.2% to $3,226.00 per ounce at the time of writing, while the spot gold price fell 0.6% to $3,224.75 per ounce. The declines come amid tentative signs of progress on two major geopolitical fronts: US-China trade relations and the Russia-Ukraine conflict. "We are seeing a knee-jerk response to the US credit downgrade wear off and there's some hope of a truce between Ukraine and Russia," said Kyle Rodda, financial market analyst. US president Donald Trump said on Monday that Russia and Ukraine would immediately start negotiations toward a ceasefire, further buoying market sentiment and reducing the urgency for defensive positioning. The moderation in gold follows a period of heightened volatility triggered by Moody's downgrade of the US sovereign credit rating to 'Aa1'. While initially supportive for gold, the downgrade's impact has since faded. Read more: UK high street in the spotlight as key data and results cap off earnings season "We are seeing buyers emerge on dips below $3,200. However, I think we are due a bigger pullback, especially if there's further easing in geopolitical risks and we see upward pressure on yields building from US fiscal policy." Improved risk appetite was also supported by a temporary 90-day trade truce between the US and China, helping to lift equity markets globally. The rebound in equities has further diminished the near-term allure of bullion. Traders are also adjusting expectations for monetary policy. Market participants are now pricing in at least two interest rate cuts by the Federal Reserve in 2025, following softer-than-expected inflation and retail sales data in the US. While such expectations typically weigh on the dollar and support gold prices, that dynamic has so far failed to materialise. The pound strengthened modestly on Tuesday following news of a fresh agreement between the UK and European Union aimed at easing trade frictions, particularly around checks on food, livestock and agricultural goods. Sterling rose 0.2% to $1.3382 against the dollar, with investors broadly welcoming the deal amid forecasts that it could deliver a £9bn boost to the UK economy. The agreement, seen as a step toward improving post-Brexit trade relations, helped lift market confidence ahead of key inflation data. Stocks: Create your watchlist and portfolio Attention now turns to April's consumer price index (CPI) report, set to be released on Wednesday, which is expected to offer further insight into the Bank of England's monetary policy outlook. Economists anticipate a slight acceleration in core CPI—which strips out food, energy, alcohol, and tobacco prices—with a reading of 3.6% year-on-year, up from 3.4% in the previous release. A higher-than-expected print could raise the likelihood of the BoE maintaining tighter policy for longer. The US dollar index ( which measures the greenback against a basket of six currencies, fell 0.3% to $100.14. In other currency moves, the pound was little changed against the euro (GBPEUR=X), which was trading at €1.18879 at the time of writing. The FTSE 100 (^FTSE) was down 0.5% at 8,640 points. For more details, check our live coverage 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
Arab News
20-05-2025
- Business
- Arab News
Oil Updates — crude slips as markets weigh impact of US-Iran talks, demand
LONDON: Oil prices slipped on Tuesday as traders weighed the impact on supply from Russia-Ukraine peace talks and US-Iran negotiations, strong front-month physical demand in Asia and a cautious outlook for China's economy. Brent futures for July dipped 19 cents to $65.35 a barrel by 9:25 a.m. Saudi time. June US West Texas Intermediate crude futures, which expire on Tuesday, gained 3 cents to $62.72, while the more active July contract slipped 17 cents to $61.97 a barrel. Discussions on Iran's nuclear program would 'lead nowhere' if Washington insisted that Tehran slash uranium enrichment activity entirely, state media quoted Deputy Foreign Minister Majid Takhtravanchi as saying on Monday. The remarks came after US special envoy Steve Witkoff reiterated on Sunday that Washington would require any new deal to include a pact to refrain from enrichment, a precursor to the development of nuclear bombs. A deal would have paved the way for the easing of US sanctions and allowed Iran to raise oil exports by 300,000 barrels to 400,000 barrels per day, StoneX analyst Alex Hodes said. Prices were also supported by expectations of near-term firm physical demand, amid healthy refining margins in Asia. 'The Asian buying cycle got off to a very mild start, but strong margins and the end of maintenance should still prove supportive,' said Sparta Commodities' analyst Neil Crosby. Singapore complex refining margins, a regional bellwether, hovered at more than $6 a barrel on average for May, LSEG data showed, up from April's average of $4.4 a barrel. Markets were eyeing Russia-Ukraine peace talks for a direction on Russian oil flows, which could swell supply and weigh on prices. 'Energy markets have been focused on potential peace talks, with an eventual deal possibly leading to an easing of sanctions against Russia,' ING analysts said in a note to clients. A US sovereign downgrade by Moody's also dampened the economic outlook for the world's biggest energy consumer, pinning back oil prices. The ratings agency cut the US sovereign credit rating by one notch on Friday, citing concerns about its growing debt of $36 trillion. Piling more pressure on oil prices was data showing decelerating industrial output growth and retail sales in China, the world's top oil importer, with analysts expecting a slowdown in fuel demand. In a client note, BMI analysts projected a decline of 0.3 percent in 2025 consumption on the year, hit by a slowdown across oil product categories. 'Even if China adopts stimulus measures, it may take time to have a positive impact on oil demand,' they added.
