Latest news with #USSanctions
Arab News
14-07-2025
- Business
- Arab News
Oil Updates — prices edge up, investors eye Trump statement on Russia
SINGAPORE: Oil prices nudged higher on Monday, adding to gains of more than 2 percent from Friday, as investors eyed further US sanctions on Russia that may affect global supplies, but a ramp-up in Saudi output and ongoing tariff uncertainty limited gains. Brent crude futures rose 21 cents, or 0.3 percent, to $70.57 a barrel by 09:51 a.m. Saudi time, extending a 2.51 percent gain on Friday. US West Texas Intermediate crude futures climbed 20 cents, 0.3 percent, to $68.65, after settling 2.82 percent higher in the previous session. US President Donald Trump said on Sunday that he will send Patriot air defence missiles to Ukraine. He is due to make a 'major statement' on Russia on Monday. Trump has expressed frustration with Russian President Vladimir Putin due to the lack of progress in ending the war in Ukraine and Russia's intensifying bombardment of Ukrainian cities. In a bid to pressure Moscow into good-faith peace negotiations with Ukraine, a bipartisan US bill that would hit Russia with sanctions gained momentum last week in Congress, but it still awaits support from Trump. EU envoys are on the verge of agreeing an 18th package of sanctions against Russia that would include a lower price cap on Russian oil, four EU sources said after a Sunday meeting. Last week, Brent rose 3 percent, while WTI had a weekly gain of around 2.2 percent, after the International Energy Agency said the global oil market may be tighter than it appears, with demand supported by peak summer refinery runs to meet travel and power generation. However, ANZ analysts said price gains were limited by data showing Saudi Arabia lifted oil output above its quota under the Organization of the Petroleum Exporting Countries and allies' supply agreement. The IEA said Saudi Arabia exceeded its oil output target for June by 430,000 barrels per day to reach 9.8 million bpd, compared with the Kingdom's implied OPEC+ target of 9.37 million bpd. Saudi Arabia's energy ministry said on Friday that it had been fully compliant with its voluntary OPEC+ output target, adding that Saudi-marketed crude supply in June was 9.352 million bpd, in line with the agreed quota. China's June oil imports increased 7.4 percent to 49.89 million tonnes from a year earlier, equivalent to 12.14 million barrels per day, reaching the highest daily rate since August in 2023, according to customs data released on Monday. China is likely to continue stockpiling, but with storage at 95 percent of the peak inventory build from 2020, these inventories are likely to emerge in 'visible' Western market locations that are crucial for price formation, exerting downward pressure on prices, JP Morgan's research team said in a client note. Investors are also eyeing the outcome of US tariff talks with key trading partners that could impact global economic growth and fuel demand.
Zawya
14-07-2025
- Business
- Zawya
Oil edges up, investors eye Trump statement on Russia
SINGAPORE: Oil prices nudged higher on Monday, adding to gains of more than 2% from Friday, as investors eyed further U.S. sanctions on Russia that may affect global supplies, but a ramp-up in Saudi output and ongoing tariff uncertainty limited gains. Brent crude futures rose 8 cents to $70.44 a barrel by 0011 GMT, extending a 2.51% gain on Friday. U.S. West Texas Intermediate crude futures climbed to $68.50, up 5 cents, after settling 2.82% higher in the previous session. U.S. President Donald Trump said on Sunday that he will send Patriot air defence missiles to Ukraine. He is due to make a "major statement" on Russia on Monday. Trump has expressed frustration with Russian President Vladimir Putin due to the lack of progress in ending the war in Ukraine and Russia's intensifying bombardment of Ukrainian cities. In a bid to pressure Moscow into good-faith peace negotiations with Ukraine, a bipartisan U.S. bill that would hit Russia with sanctions gained momentum last week in Congress, but it still awaits support from Trump. European Union envoys are on the verge of agreeing an 18th package of sanctions against Russia that would include a lower price cap on Russian oil, four EU sources said after a Sunday meeting. Last week, Brent rose 3%, while WTI had a weekly gain of around 2.2%, after the International Energy Agency said the global oil market may be tighter than it appears, with demand supported by peak summer refinery runs to meet travel and power generation. However, ANZ analysts said price gains were limited by data showing Saudi Arabia lifted oil output above its quota under the Organization of the Petroleum Exporting Countries and allies' supply agreement. The IEA said that Saudi Arabia exceeded its oil output target for June by 430,000 barrels per day to reach 9.8 million bpd, compared with the kingdom's implied OPEC+ target of 9.37 million bpd. Saudi Arabia's energy ministry said on Friday the kingdom had been fully compliant with its voluntary OPEC+ output target, adding that Saudi marketed crude supply in June was 9.352 million bpd, in line with the agreed quota. Elsewhere, the release of China's preliminary commodity trade data later on Monday should highlight any ongoing signs of weaker demand, ANZ said in a note. Investors are also eyeing the outcome of U.S. tariff talks with key trading partners that could impact global economic growth and fuel demand.
Reuters
14-07-2025
- Business
- Reuters
Oil edges up, investors eye Trump statement on Russia
SINGAPORE, July 14 (Reuters) - Oil prices nudged higher on Monday, adding to gains of more than 2% from Friday, as investors eyed further U.S. sanctions on Russia that may affect global supplies, but a ramp-up in Saudi output and ongoing tariff uncertainty limited gains. Brent crude futures rose 8 cents to $70.44 a barrel by 0011 GMT, extending a 2.51% gain on Friday. U.S. West Texas Intermediate crude futures climbed to $68.50, up 5 cents, after settling 2.82% higher in the previous session. U.S. President Donald Trump said on Sunday that he will send Patriot air defence missiles to Ukraine. He is due to make a "major statement" on Russia on Monday. Trump has expressed frustration with Russian President Vladimir Putin due to the lack of progress in ending the war in Ukraine and Russia's intensifying bombardment of Ukrainian cities. In a bid to pressure Moscow into good-faith peace negotiations with Ukraine, a bipartisan U.S. bill that would hit Russia with sanctions gained momentum last week in Congress, but it still awaits support from Trump. European Union envoys are on the verge of agreeing an 18th package of sanctions against Russia that would include a lower price cap on Russian oil, four EU sources said after a Sunday meeting. Last week, Brent rose 3%, while WTI had a weekly gain of around 2.2%, after the International Energy Agency said the global oil market may be tighter than it appears, with demand supported by peak summer refinery runs to meet travel and power generation. However, ANZ analysts said price gains were limited by data showing Saudi Arabia lifted oil output above its quota under the Organization of the Petroleum Exporting Countries and allies' supply agreement. The IEA said that Saudi Arabia exceeded its oil output target for June by 430,000 barrels per day to reach 9.8 million bpd, compared with the kingdom's implied OPEC+ target of 9.37 million bpd. Saudi Arabia's energy ministry said on Friday the kingdom had been fully compliant with its voluntary OPEC+ output target, adding that Saudi marketed crude supply in June was 9.352 million bpd, in line with the agreed quota. Elsewhere, the release of China's preliminary commodity trade data later on Monday should highlight any ongoing signs of weaker demand, ANZ said in a note. Investors are also eyeing the outcome of U.S. tariff talks with key trading partners that could impact global economic growth and fuel demand.
CNN
07-07-2025
- Politics
- CNN
Trump admin to revoke foreign terrorist organization designation for group led by Syria's interim president
The Trump administration will no longer consider Syria's Hay'at Tahrir al-Sham (HTS), the group led by Syria's interim president, a foreign terrorist organization, according to a notice from Secretary of State Marco Rubio. The revocation of the foreign terrorist designation for the group, which is also known as the al-Nusra Front, comes amid a growing rapprochement between Washington and Damascus. The revocation was signed on June 23 and will take effect on Tuesday, according to the notice from Rubio. The draft was posted in the federal register on Monday. The United States and Syria have not yet re-established diplomatic relations, although a number of administration officials have met with Syrian officials, including interim leader Ahmed al-Sharaa. Al-Sharaa is the leader of the HTS, which was was formed out of a former al Qaeda affiliate. HTS, with Al-Sharaa at its helm, led the shocking ouster of Bashar al-Assad in December 2024. Last week, President Donald Trump signed an executive order to formally end US sanctions on Syria, following an announcement earlier in June that he would lift sanctions in order to help the country rebuild after years of war. As part of the executive order, the administration was reviewing Syria's state sponsor of terrorism and foreign terrorist organization designations, a senior administration official said. The state sponsor of terrorism designation has been in place since 1979. The executive order also directed the State Department to review the Specially Designated Global Terrorist (SDGT) designations on the HTS and al-Sharaa. It is unclear if the Trump administration is also lifting the SDGT designations. CNN has reached out to the State Department for additional information.
CNN
07-07-2025
- Politics
- CNN
Trump admin to revoke foreign terrorist organization designation for group led by Syria's interim president
The Trump administration will no longer consider Syria's Hay'at Tahrir al-Sham (HTS), the group led by Syria's interim president, a foreign terrorist organization, according to a notice from Secretary of State Marco Rubio. The revocation of the foreign terrorist designation for the group, which is also known as the al-Nusra Front, comes amid a growing rapprochement between Washington and Damascus. The revocation was signed on June 23 and will take effect on Tuesday, according to the notice from Rubio. The draft was posted in the federal register on Monday. The United States and Syria have not yet re-established diplomatic relations, although a number of administration officials have met with Syrian officials, including interim leader Ahmed al-Sharaa. Al-Sharaa is the leader of the HTS, which was was formed out of a former al Qaeda affiliate. HTS, with Al-Sharaa at its helm, led the shocking ouster of Bashar al-Assad in December 2024. Last week, President Donald Trump signed an executive order to formally end US sanctions on Syria, following an announcement earlier in June that he would lift sanctions in order to help the country rebuild after years of war. As part of the executive order, the administration was reviewing Syria's state sponsor of terrorism and foreign terrorist organization designations, a senior administration official said. The state sponsor of terrorism designation has been in place since 1979. The executive order also directed the State Department to review the Specially Designated Global Terrorist (SDGT) designations on the HTS and al-Sharaa. It is unclear if the Trump administration is also lifting the SDGT designations. CNN has reached out to the State Department for additional information.
