Israeli Prime Minister Benjamin Netanyahu encourages the nomination of President Donald Trump for a Nobel Peace Prize for his support of peace in the Middle East, how personal his country’s fight is and more on ‘Life, Liberty & Levin.
Gaza truce talks faltering over withdrawal; 17 reported killed in latest shooting near aid
CAIRO/JERUSALEM/GAZA, July 12 (Reuters) – Talks aimed at securing a ceasefire in Gaza are stalling over the extent of Israeli forces’ withdrawal from the Palestinian enclave, Palestinian and Israeli sources familiar with the negotiations in Doha said on Saturday. The indirect talks over a U.S. proposal for a 60-day ceasefire are nonetheless expected to continue, the sources said. In Gaza, medics said 17 people trying to get food aid were killed on Saturday when Israeli troops opened fire, the latest mass shooting around a U.S.-backed aid distribution system that the U.N. says has resulted in 800 people killed in six weeks. Witnesses who spoke to Reuters described people being shot in the head and torso. Reuters saw several bodies of victims wrapped in white shrouds as family members wept at Nasser Hospital. The Israeli military said its troops had fired warning shots, but that its review of the incident had found no evidence of anyone hurt by its soldiers’ fire. Delegations from Israel and Hamas have been in Qatar for a week in a renewed push for an agreement which envisages a phased release of hostages, Israeli troop withdrawals and discussions on ending the war. U.S. President Donald Trump, who hosted Israeli Prime Minister Benjamin Netanyahu over the past week, had said he hoped for a deal soon. But the Israeli and Palestinian sources described longstanding issues that remain unresolved. A Palestinian source said that Hamas had rejected withdrawal maps which Israel had proposed that would leave around 40% of Gaza under Israeli control, including all of the southern area of Rafah and further territories in northern and eastern Gaza. Two Israeli sources said Hamas wanted Israel to retreat to lines it held in a previous ceasefire before it renewed its offensive in March.
The Palestinian source said matters regarding aid and guarantees on an end to the war were also presenting a challenge. The crisis could be resolved with more U.S. intervention, the source said. Hamas has long demanded an agreement to end the war before it would free remaining hostages; Israel has insisted it would end the fighting only when all hostages are released and Hamas is dismantled as a fighting force and administration in Gaza.
nn: this is going nowhere fast
Oil Rises on Looming US Russia Sanction Threats
Oil gained as traders braced for fresh US efforts to crimp Russian energy exports. West Texas Intermediate advanced almost 3% to settle above $68 a barrel after President Donald Trump said he plans to make a “major statement” on Russia on Monday and reiterated criticism of President Vladimir Putin. One sanctions bill, which at least 85 senators have endorsed, would levy 500% tariffs on China and India if they make any purchases of Russian energy. “The US could decide to impose new sanctions on Russia as early as the beginning of next week,” according to a report from Commerzbank AG. “Lower oil supply from Russia is probably one reason why oil prices have so far been able to absorb the significant increase in OPEC+ production so well.” Limiting the rally, Trump also threatened a 35% tariff on some Canadian goods. The tax doesn’t apply to goods that are traded within the rules of the US-Mexico-Canada Agreement, and the exclusion is poised to remain in place. The US is also expected to keep a lower 10% tariff on some energy-related imports Saudi Arabia boosted its oil production above supply levels “briefly” in June amid heightened geopolitical tensions in the Persian Gulf, the country’s energy minister said in a post on X. The comments followed a report from the International Atomic Energy Agency that Saudi Arabia raised crude output far above its OPEC+ output quota, joining other producers in a rush to export oil out of the region as Israel went to war with Iran.
“Traders are looking through the report, recognizing that the increase came during a period of extreme regional risk and strong local demand,” said Rebecca Babin, a senior energy trader at CIBC Private Wealth Group. “Notably, Saudi flows to China appear set to increase in August, with pricing remaining firm — a more important signal for the market than June’s overproduction.”
Separately, OPEC+ has been discussing a pause in further production increases from October, by which time it may have completed its planned revival of 2.2 million barrels a day of idle capacity. World oil consumption will grow by just 700,000 barrels a day in 2025, the slowest pace in 16 years excluding the 2020 pandemic slump, according to the IEA.
NN: oil supplies are Ver tight. Something BIG is bot to happen!
Araghchi: Cooperation with IAEA will get new form
Iranian Foreign Minister Abbas Araghchi stated on Saturday that the country’s cooperation with the International Atomic Energy Agency (IAEA) will resume, but in a new form. “Our cooperation with the agency has not stopped, but will take on a new form,” Araghchi said at a meeting with foreign representatives and diplomats in Tehran, adding that the IAEA’s requests to inspect Iran’s nuclear sites will be “reviewed on a case-by-case basis … taking into account safety and security issues.” Iran previously suspended cooperation with the IAEA following the US’s attacks on its nuclear sites, citing the agency’s “double standards.”
NN: Iran will not shrivel up and blow away. it has its bomb grade uranium. and its planning something very nasty.
Putin to Kim: Russia committed to all deals
Russian President Vladimir Putin voiced on Saturday his country’s commitment to all the agreements it reached with North Korea in a letter he sent to the latter nation’s Supreme Leader Kim Jong-un. Kim received the letter through Russian Foreign Minister Sergey Lavrov, who is currently visiting Pyongyang. “The President sends you his warmest greetings and confirms his commitment to all agreements that have been reached. And he very much hopes for continued direct contacts with you in the very near future,” Lavrov told Kim
NN: Ukraine might be looking into the abys, Russia has a endless supply of troops to put into the mix
Yemen’s Houthi rebels release video of attack on Eternity C vessel in Red Sea
Yemen’s Houthi rebels have released dramatic footage capturing the moment they sank the Greek-owned cargo ship Magic Seas in the Red Sea, highlighting the growing threat to commercial shipping in the region. The video, published days after the attack, shows the vessel being struck by explosives, boarded by militants, and ultimately sinking following a series of coordinated assaults. Newsweek has reached out to the Pentagon for comment.
The Magic Seas attack underscores the threat posed by the Iranian-aligned Houthi militants to international shipping in the Red Sea, a critical artery of global trade. The area has become a battleground as the Houthis, citing solidarity with Palestinians, target vessels in response to Israel’s war against Hamas in Gaza.Their actions have prompted U.S. and Israeli retaliatory strikes, broadening the conflict and destabilizing maritime security across the region. Despite multinational patrols, the Red Sea remains a flashpoint where regional grievances now threaten global commerce, with rising tensions risking to draw the U.S. into a wider confrontation.
The footage, published late Tuesday by the Houthi’s media wing, depicts their June 6–7 attack on the Magic Seas. The video begins with the Houthis allegedly contacting the cargo vessel on VHF Channel 16, the international maritime distress frequency, demanding it to slow and stop. The crew refuses. Shortly after, explosions strike the starboard midsection, possibly from unmanned surface vessels (USV) used by the militants. Footage then shows four masked, armed militants running unopposed down the deck. Later, they pose with weapons atop the deckhouse in what appears to be a staged display. Drone shots reveal extensive hull damage, including multiple blackened blast marks and at least seven underwater explosions breaching the hull below the waterline. The ship eventually lists and sinks bow-first in calm seas, marking the end of the attack. Ambrey, a UK-based maritime security firm, confirmed the Magic Seas sank the day after the attack. The incident occurred roughly 51 nautical miles southwest of Hodeidah, a major Red Sea port held by the Houthis.
How Did the Attack Unfold?
According to Greek authorities, the assault involved eight speedboats carrying armed militants, four USVs, and multiple anti-ship missiles. The ship’s private security team destroyed two USVs, but two others detonated against the hull. Three missiles were launched; two made contact.
All 22 crewmembers—17 Filipinos, one Romanian, one Vietnamese, and three Sri Lankan security guards—were rescued by Yemeni Coast Guard forces.
Further Attacks
On Monday, the Houthis launched another coordinated assault, this time on the bulker Eternity C, killing three crew members and disabling the ship. According to the United Kingdom Maritime Trade Operations centre (UKMTO), run by the British military, “search and rescue operations commenced overnight” following the attack. So far, five crew members have been rescued, while two others remain wounded.
Brigadier General Yahya Saree, the Houthi military spokesperson: “We will not hesitate to use appropriate force to prevent any ship belonging to this company that has dealt with the Zionist enemy and violated the ban on entry to occupied Palestinian ports.”
UKMTO spokesperson: “Search and rescue operations commenced overnight following the attack on Eternity C. We continue to work with regional authorities to support maritime safety and security”
What Happens Next
Greek authorities continue to coordinate with the European Union‘s Operation ASPIDES, which escorts merchant vessels through the Red Sea. As Houthi attacks intensify, pressure is building for a broader international response. The U.S. Navy has ramped up patrols and carried out precision strikes on Houthi missile and drone sites, signaling a growing willingness to once again use force to protect global shipping. With Greece, the EU, and the U.S. now actively engaged, the Red Sea may become an increasingly militarized zone.
NN: did i not hear there is a peace deal?
Oil Rises Again on Middle East Tensions……..Never Mind Oil prices dip 2% with trade in focus
Oil gained for a second straight session as technical levels exaggerated a rally on fresh tensions in the Middle East. “Crude is treading water as short-term fundamentals remain firm, with product tightness supporting crude demand while geopolitical headlines are mixed, with some concerns about potential Houthi attacks in the Red Sea driving modest caution,” said Rebecca Babin, a senior energy trader at CIBC Private Wealth Group. The number of tankers passing through the Bab el-Mandeb Strait has remained low after falling sharply in late 2023 amid Houthi attacks. Elsewhere, Iranian Foreign Minister Abbas Araghchi wrote in the Financial Times that Iran has “good reason” to doubt further dialogue with the US. Still, the market remains largely focused on supply-and-demand dynamics rather than geopolitics. Iran’s reluctance to close the Strait of Hormuz in response to US military strikes on its nuclear facilities raised investors’ confidence that energy infrastucture won’t be used as leverage in future military standoffs. At the same time, near-term demand in the US and China remains solid, while pockets of extreme tightness are emerging in the physical market.
The rally was limited by the US unveiling a slew of letters warning key trading partners of high tariff rates, including 25% levies on goods from Japan and South Korea, muddling the long-term energy demand outlook for several major oil-consuming nations. US President Donald Trump said an Aug. 1 deadline was “not 100% firm” and signaled he might tweak rates further. Oil settled higher on Monday even after OPEC+ decided to increase production more rapidly than expected in August. Saudi Arabia raised the cost of crude for buyers in Asia by more than customers were expecting — a sign Riyadh is confident the market is strong enough to absorb extra supplies.
“The fundamental reality is that oil inventories remain low, and balances should tighten during the summer despite the OPEC+ increase,” Societe Generale SA said in a report. “The unwinding will show up in inventory levels, thus affecting prices and term structures, and the swoosh in the forward curve should eventually disappear.”
Never Mind:
Oil prices dip 2% with trade in focus
Crude oil prices slipped by more than 2% on Thursday after the newest tariffs imposed by United States President Donald Trump, including a 50% tariff on copper and a 50% trade duty on Brazilian exports. Investors also digested the latest World Oil Outlook 2050 report from the Organization of Petroleum Exporting Countries (OPEC), which saw an increasing demand in oil by year 2050, but cut its demand expectations for the next few years. West Texas Intermediate (WTI) for August’s deliveries dropped by 2.50% at 9:41 am ET, selling for $66.67 per barrel. Meanwhile, Brent for September’s settlements declined by 2.07% and went for $68.73 per barrel at 9:41 am ET.
The Oil Market Can Absorb OPEC+ Output Hikes?
- OPEC+ surprised markets by announcing a larger-than-expected August output hike of 548,000 bpd.
- Analysts say actual supply increases remain limited due to ongoing compensation cuts.
- Strong summer demand, especially from Asia, is expected to absorb the added barrels, but demand could falter this autumn. OPEC+ never fails to surprise speculators and market analysts. This weekend’s meeting to decide August production levels was expected to be a short routine video call to announce another output hike of 411,000 barrels per day (bpd). Short it was, but the size of the increase for August was bigger than expected— 548,000 bpd. The eight OPEC+ members that are unwinding the cuts are expected to make another supersized increase in September, with which the 2.2 million bpd cuts will all be back on the market, at least the headline figures suggest so. OPEC+ continues to rely on strong summer oil demand to absorb the additional barrels. The physical market appears to be tight in the near term, although the coming glut in the autumn and beyond is likely to push oil prices further down. Oil didn’t collapse following this weekend’s OPEC+ decision—a sign that there isn’t immediate fear of oversupply and that the market hasn’t shaken off entirely geopolitics-driven volatility.
Immediately after the OPEC+ meeting, Saudi Arabia raised the official selling price (OSP) for its crude destined for Asia and Europe in August, betting on robust summer demand to soak up the additional supply.
Current oil prices in the $60s per barrel are likely to encourage buying in Asia, as China continues to stockpile crude with high purchases at lower oil prices. The market is still tight in the near term, with the tightness reflected in the strength in the prompt Brent timespread, ING commodities strategists Warren Patterson and Ewa Manthey wrote in a note on Tuesday.“The expected supply surplus won’t materialise until later this year, when we expect more sustained downward price pressure,” they added. The middle distillate market is also tightening, more so than the crude market. Gasoil refining margins are rising, while speculators hold the largest net long position – the difference between bullish and bearish bets – in gasoil for a year, according to ING.
In the United States, middle distillate inventories sit at their lowest level in more than two decades for this time of the year, the bank’s strategists noted.
Saudi Aramco’s crude price hikes to all regions for August-loading cargoes also signal that physical markets remain tight, “suggesting the additional barrels can be absorbed—for now,” Ole Hansen, Head of Commodity Strategy at Saxo Bank, wrote in a Monday note.
“In the short term, downside risks to crude appear contained,” Hansen said.
Ukraine: Russia launched massive attack with 728 drones……… Biggest Ever!
The Air Forces of the Armed Forces of Ukraine reported on Wednesday that Russia launched a massive overnight air assault involving 741 aerial threats, including 728 Shahed-type drones and decoy UAVs. The attack began at 20:00 (local time) on Tuesday and continued through the night. In addition to the drones, the assault involved seven Kh-101 and Iskander-K cruise missiles launched from Russia’s Saratov and Kursk regions, as well as six Kh-47M2 Kinzhal aeroballistic missiles fired from airspace over the Lipetsk region. Ukrainian air defenses neutralized 718 targets, according to preliminary data. Of these, 303 were destroyed by firepower, while 415 were lost or suppressed through electronic warfare systems. The city of Lutsk in the Volyn region in the northwestern part of the country was the main target of the strikes. Authorities recorded direct strikes at four locations and debris from downed objects in 14 others.
NN: does not look like peace to me
UK: Merchant ship sustains significant damage near Yemen
The United Kingdom Maritime Trade Operations (UKMTO) reported Tuesday that a merchant vessel was attacked by five rocket-propelled grenades about 51 nautical miles west of Hodeidah, Yemen. According to third-party reports and the Company Security Officer, the rockets were fired from multiple small craft. The vessel sustained significant damage and lost all propulsion. UKMTO said the ship remains surrounded by small craft and is under continuous attack. Authorities are investigating, and vessels in the area are advised to transit with caution and report any suspicious activity.