Iran provided Yemeni rebel group Houthis with medium-range ballistic missiles known as Ghadr, Tasnim news agency reported on Wednesday. Tasnim noted that these missiles are weapons that can pose “serious challenges” to the United States’ interests, and the country’s ally in the region, “the Zionist regime.” Meanwhile, the US Central Command (CENTCOM) shared that on …
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Oil rebounded from last week’s selloff as tensions flared in the Middle East, with a vessel attacked in the Red Sea and Israeli tanks reaching the center of Rafah. West Texas Intermediate rose 2.7% to settle above $79 a barrel. The gains followed a drop to three-month lows last week brought futures to oversold territory. …
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Iranian-backed Houthis fired five anti-ship ballistic missiles from Yemen into the Red Sea, according to the United States Central Command (CENTCOM). The Greek-owned bulk carrier M/V Laax, flagged under the Marshall Islands, reported being hit by three of these missiles. Despite the strikes, the vessel continued its voyage without injuries to the crew or other …
Crude oil prices for front-month deliveries rose on Tuesday as the latest geopolitical developments spurred market investors’ concerns. Namely, Spain, Ireland, and Norway officially recognized Palestine as a state, provoking Israel’s strong backlash. Additionally, Al Jazeera reported that the latest Israeli attack on Rafah left at least 21 persons killed and 64 wounded. West Texas Intermediate (WTI) for July contracts surged …
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International Atomic Energy Agency (IAEA) Director-General Rafael Grossi said on Tuesday that restarting the Zaporizhzhia nuclear power plant is impossible under existing conditions. The largest nuclear facility in Europe is in Ukrainian territory currently occupied by Russia and has been the target of attacks throughout the war. Grossi, who is visiting Russia today, told reporters that he …
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In a research note published late Friday, analysts at J.P. Morgan said their high-frequency demand indicators estimate that worldwide oil consumption averaged 103.4 million barrels per day through May 22. That figure was in line with their published estimates, the analysts highlighted in the note. “Sequential demand improved markedly in May after underperforming expectations throughout …
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Crude oil prices extended the gains made on Monday earlier today, amid expectations of stronger fuel demand in the United States, following news of a robust increase in air travel. Brent crude topped $83 per barrel in midmorning Asian trade today while West Texas Intermediate climbed closer to $79 per barrel as “real-time mobility data indicates oil demand growth is …
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Hamas informed the mediators that the group will not take part in the expected hostage negotiations after the latest Israeli attack on a compound in Rafah that killed at least 35 Palestinian civilians, Haaretz reported on Monday, citing Hamas sources. Previously, it was reported that Egypt is in talks with Hamas and Israeli representatives to resume ceasefire negotiations, while Israeli …
Oil steadied after two days of gains even as tensions in the Middle East ratcheted higher following the death of an Egyptian soldier during a clash with Israeli troops. Global benchmark Brent held above $83 a barrel, while West Texas Intermediate edged toward $79. Egypt’s military confirmed that a border guard died at the Rafah crossing …
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The United States considers the Israeli attack on a camp for displaced people in Rafah that killed at least 45 civilians “heartbreaking,” a National Security Council spokesperson said on Monday. “The devastating images following the IDF strike in Rafah last night that killed dozens of innocent Palestinians are heartbreaking,” the official stated, adding that “Israel must …