Latest News
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US official: US supports efforts to revive Iraq-Syria crude pipeline
A State Department official stated on Tuesday that the United States is supporting Iraq and Syria in their efforts to revive an oil pipeline between the two countries. This could reduce Iran's ability to block oil through Strait of Hormuz. The U.S. is expecting American companies to be involved in the construction of the Kirkuk-Baniyas Pipeline, which has been largely out-of-service since it was damaged during the 2003 U.S. led invasion?of Iraq. The pipeline will run from the Iraqi oilfields in Kirkuk all the way to 'Syria’s western coast. This is just one of several attempts by oil producers to reduce their dependence on the Strait. Before the U.S. and Israeli war against Iran, 20% of world oil and gas passed through the strait. After Washington blamed Iran for strikes on ships that were in the strait, the United States reimposed a blockade on this chokepoint. Bloomberg reported on Tuesday that Chevron might play a role in re-building the pipeline. Chevron responded to a comment request by saying: "As a policy, we don't comment on statements made by?third parties or commercial matters."
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Cuba's national electrical grid collapses for a third time in July
The national power grid of Cuba collapsed Tuesday, according to the energy ministry. This is the third major blackout in nine days on the island of about 10,000,000 people. The ministry announced on social media that "there has been a complete disconnection of electrical system." A U.S. oil blockade is causing frequent power outages on the island, which has an already aging energy infrastructure. Donald Trump, the U.S. president, imposed a blockade on the Caribbean island following Washington's ouster of Venezuelan President Nicolas Maduro?on?January 3rd. Venezuela was Cuba's main fuel supplier. U.S.-led pressure led Mexico to halt oil deliveries to the island. Traffic lights were out in Havana's capital and generators could be heard humming through the streets. Residents, who are accustomed to blackouts expressed frustration over their increasing frequency and duration. Julia Valdes, 70, said that because of the blackouts, she had to throw away all the meat and fish in her refrigerator, because they were spoiled. This is the third time this week that the national electricity system has collapsed. How long will this last? We can't continue?living this way anymore." Chronic power failures have led to frustration and anger with the government. Valdes said, "It is unfair that we are forced to deal with this situation."
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Britain and EU sign Gibraltar Treaty to ease border crossings
The United Kingdom and the European Union signed a formal treaty regarding the status of Gibraltar in Brussels on Tuesday. This follows an agreement reached last year to ease border crossings and end years of political uncertainty about the British overseas territory. The treaty was inked by the?European trade commissioner Maros Sefcovic along with British Minister of state for Europe Stephen Doughty and Gibraltar Chief Minister Fabian Picardo. Gibraltar residents will be able to cross into Spain without having to stamp their passports, while Spanish nationals can use a government-issued ID card to cross. The agreement is intended to 'facilitate movement of goods and people, and to avoid long delays for the approximately 15,000 workers that cross the border each day. Albares said that the deal marked a new chapter in the history of Gibraltar, Spain and Britain, as well as the European Union. He said the deal would benefit 300,000 residents in the Campo de Gibraltar area by improving connectivity, encouraging investments and strengthening cross border cooperation. It would also replace centuries of mistrust and create a future based on coexistence and prosperity. Britain gained Gibraltar, a strategically significant enclave on the southern tip of Spain, in 1713's Treaty of Utrecht which ended the War of "Spanish Succession". Gibraltar and Spanish border officers will check passports of those arriving at Gibraltar Airport. Britain also wants to implement a similar system to the French police at London's St Pancras station, which operates Eurostar. Residents welcomed the removal of border controls. "It's good for the Spaniards and good for us." Elisabeth Tanino, a Gibraltar resident, said: "It's fantastic." Gibraltarian Lidia Mifsud said that Gibraltar, and the nearby Spanish town of La Linea, had long enjoyed close relations and?that removing border checks would make everyday life easier for residents and workers on both sides. Reporting by Sudip K. Gupta, with additional reporting from Jaime Lopez and Emma Pinedo. Editing by Phil Blenkinsop & Sharon Singleton.
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Crude oil shipments from Saudi Arabia’s Yanbu Port near maximum levels amid Houthi concerns
Data and industry sources indicate that daily crude loadings in Saudi Arabia's Red Sea Port of Yanbu are close to their maximum levels as tensions with Yemen's Houthi militants intensify. The kingdom also seeks to maximize oil exports. Since the U.S. - Israel conflict with Iran began February 28, Saudi?Aramco has increased its use of the Yanbu Terminal. Sources have said that Saudi Arabia also considers expanding its capacity of the oil pipeline to the western Red Sea Coast, which would enable the kingdom and?possibly?neighbours to transport more crude oil without having to cross the Strait of Hormuz. Aramco didn't immediately respond to an inquiry for comment Tuesday. According to Signal Ocean data, the number of barrels shipped from Yanbu increased from 3.36 million around July 10 to 4.7 million around July 13. This is a significant increase from 4.6 million around July 2. The data revealed that the average loadings since June have been above?4 million bpd, as opposed to 973,000 bpd in the same period of 2025. Kpler data shows that daily loadings have averaged around four million barrels over the past few weeks. OPEC’s largest producer relies increasingly on Yanbu for exporting crude oil as disruptions in shipping through the Strait of Hormuz during the conflict has curbed Gulf exports. This has prevented hundreds of millions of barrels of?oil from leaving the area and affected other?producers. Yemen's Houthis launched missiles against Saudi Arabia on Monday after accusing Riyadh of?bombing a?airport that they controlled. This broke a four-year-old truce between Riyadh, which is aligned with Iran, and the group. According to industry sources, there were concerns that Yanbu might become a Houthi-target. In March, a refinery near Yanbu was attacked. However, this incident was attributed to Iran and not the Houthis. One shipping industry source stated that "Yanbu is at its maximum capacity and there are fears the Houthis could open another front. However, there's little room to increase shipments." Reporting by Jonathan Saul & Ahmad Ghaddar. Mark Potter (Editing)
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Cameroon's major port resumes operation after vessel collision: Minister
Douala, the main port in Cameroon, has resumed its operations, said its transport minister?on a Tuesday. A collision between two cargo ships?at a weekend temporarily blocked?the navigational channel. The accident occurred early Sunday morning near buoy number 20. The collision occurred on 20 in the Douala - Bonaberi port canal when the cargo vessel MV Sea Honor, registered in Tuvalu, collided into the MV Black Rhino, flying the flag of Cyprus. The collision caused a temporary blockage of the channel and disrupted the maritime traffic in one of Central Africa’s busiest port. The impact of?disruption has not been disclosed. Port Douala-Bonaberi is the main seaport for Cameroon and it serves as a vital transit corridor for both imports and exports to and from the Central African Republic and Chad. Port Authority of Douala has launched a technical inquiry to determine the exact circumstances of this accident. Initial findings suggest that a loss in steering control aboard MV Black Rhino'may have caused the accident. In a press release, Minister Jean Ernest Massena Ngalle Bibehe stated that "MV Sea Honor has been cleared from the channel to the anchorage area and MV Black Rhino deliberately ran aground along the line of red buoys in order to facilitate the clearance operation and ensure safety of navigation." According to the Transport Ministry, all 15 crew members on board MV Black Rhino received help in accordance with national maritime rescue procedures. The ministry said that the channel was cleared, and that maritime traffic has returned to normal in standard safety conditions. Reporting by Amindeh Atabong, Editing by Susan Fenton
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Sources claim Trafigura delivered 80,000 tons to LME. This brought stocks up to a 14-year high.
Two sources with knowledge of the matter said that Trafigura, a trading house, delivered over 80,000 metric tonnes of lead this week to London Metal Exchange's warehouses, bringing stocks to their highest level in 14 years. Lead stocks LME data shows that the number of tons in approved LME warehouses increased to 370,075 on Monday after the delivery of battery metal. This is the highest level since April 2012. LME inventories of lead have increased by 40% since the middle May. The LME benchmark three-month lead dropped as much as 0.9%, to $1,851 per ton, after Tuesday's stock data, which was the lowest level since April 2025. As of 1412 GMT it was trading at $1856, underperforming the other LME metals which were all moving higher. Sources said Trafigura had deposited lead at Singapore for a rental deal. Trafigura declined ?to comment. The companies that offer metal for rent do not have to keep ownership, but instead receive a portion of the rent paid by new owners as long as the metal remains in the warehouse. The daily rent for lead in Singapore is?51cents per ton. This would be more than $40,000 per day for 80,000 tonnes. (Reporting and writing by Pratima Dasai, editing by Kirsten Doovan.)
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Ukraine to buy Rafale jets, air defence systems under France deal
Ukraine will use an European loan facility for the first time to buy next-generation Franco Italian air defence systems and French Rafale jet fighters. It has also been given approval to manufacture 'key' Western missiles in-house, as per agreements signed by Kyiv on Tuesday with Paris. Both countries announced that Ukraine would purchase 16 Rafale aircraft as the first of a fleet of 100 planned for November 2025. The order will be financed by the EU's Ukraine Support Loan Programme. The French and Ukrainian presidencies announced in a statement that training for Ukrainian pilots and technicians could begin as early as 2026. After the training is complete, the first four aircraft will be delivered, they said. Ukraine plans to purchase four SAMP/T NG air and missile defense systems of the next generation, making it the first country in the world to use the Franco-Italian SAMP/T NG system for combat. Ukraine will receive two older versions of the system until the new systems arrive. The move is part of a larger air-defence project announced on Monday by Ukraine,?several European Allies and others to develop a cheaper anti-ballistic missile capability as Russia intensifies attacks on Ukrainian cities. France and Italy have also authorized licensed production of Aster 30 missiles in Ukraine, while France has approved the local production of AASM cruise missiles and SCALP guided bombs. This is part of a deeper defence-industrial collaboration with Kyiv. In recent weeks, Russia has intensified its missile and drone strikes across Ukraine. This is increasing pressure on Kyiv for it to improve air defences and obtain additional interceptors. (Reporting and editing by Alistair Bell; Michel Rose)
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Trump wants to charge fees for Hormuz, just like Iran. Is that legal?
Donald Trump announced on Monday that after the ceasefire broke down with Iran over Tehran's attempts to maintain control of the strategic waterway, the United States will charge cargoes 20% more for the use of the Strait of Hormuz. Iran closed down the 34 km wide strait, which was the main route for a 5th of the world's oil supply and other essential goods such as fertilisers. This caused a global energy crisis when the U.S. It's important to understand the differences between Trump and Iran, and what it means for the rest of the world. HAS THE U.S. Has the U.S. In response to Iran's request for fees, U.S. Secretary Marco Rubio stated in a meeting with Gulf States on June 25 that "no nation on Earth has the rights to charge for the usage of international waterways." He also said that shipping fees would never be included in any agreement. Trump had previously suggested that the U.S. could charge tolls in the event of a failure to reach a deal with Iran. There will be no tolls in the Hormuz strait during the Cease Fire period for 60 days, and after that, there will be no tolls, unless the United States of America imposes them for the services rendered by the Guardian Angel in the Middle East countries. He now seems to have returned to his previous stance, with the ceasefire in tatters. In a post on social media on Monday, he stated that "the U.S.A. would be known from now on as 'THE GUARDIAN of the HORMUZ STREET'. But as such, as a matter FAIRNESS will be reimbursed at a rate of 20% for all cargo shipped." Trump hasn't explained how such charges would be imposed, nor what legal authority could he use to require their passage. How is TRUMP's demand for a toll different from IRAN's request for fees? Iran's main negotiation priority is to maintain control of the Strait waters, which it shares with Oman. It sees this as the strongest strategic lever it has in the world, and the best assurance for its security from future attacks. Washington may have accepted this from the language of the interim agreement signed last month, which stated that Iran would "make arrangements with its best efforts to ensure the safe passage of commercial ships without charge for 60-days only". The U.S., however, interpreted this language to mean that Iran should only facilitate safe passage of vessels and not impose any restrictions backed by force. During the war in Iran, Tehran created the Persian Gulf Strait Authority with which it said any vessel transiting the waterway had to coordinate and that ships were only allowed to transit near the Iranian shoreline. It has targeted vessels that have tried to pass the Omani coast without its permission. The company has stated that it will eventually charge a fee for the passage of passengers, but hasn't specified what this would be. What was the situation before the war and is it legal to charge for using a 'STRAIT'? The Strait is made of the territorial waters between Iran and Oman with the maritime border running through the middle. UNCLOS, the international maritime law convention, says that states bordering straits can't demand payment for a simple permission to pass through. They can, however, impose a limited fee for certain services, such as tugging, piloting or port services. These fees may not be imposed more heavily on ships from a particular country. UNCLOS is not signed by either Iran or the United States, but it is widely accepted as international maritime law. Hormuz has been referred to as an international strait. In 1968, Iran & Oman reached an agreement with the International Maritime Organization (IMO) to use the sea lanes in the middle of the Strait for major vessels. According to the IMO, the mines laid by Iran during the war have made this passage dangerous. Would other countries accept tolls or fees for transiting HORMUZ? Shipping industry officials claim that no such unilateral decision to charge fees for crossing a strait was ever made in modern history. Oman and Iran have held a dialogue on this issue. It issued guidelines last month to vessels that transited the Strait via its waters without paying any fees. Gulf States, whose primary access to high seas is through the Strait for vital energy exports, are especially concerned about fees. Trump's proposed 20% surcharge for cargoes could also alarm major consumers of Gulf energy and fertilisers. This could cause global oil prices to rise significantly.
PJM auction prices reach cap and hold near record levels
PJM Interconnection held its 'latest annual capacity sale on Tuesday,' with power prices nearing record highs of $325 per'megawatt-day. This is the maximum price allowed by a temporary cap set by the U.S. largest grid operator in order to reduce rising bills for businesses and households. The auction is aimed at securing sufficient electricity to cover high-demand days in the PJM grid, which covers 13 states of the Mid-Atlantic region and Midwest. Prices have risen in recent years largely because demand from data centres has outstripped supply.
PJM failed to meet its reliability requirements for the second time in a row. This means that it faces a higher risk of electricity shortages, which could lead blackouts at times of high demand. Due to this imbalance in supply and demand, the so-called "capacity" prices that were determined by auctions have increased by over 1,000% since 2024. This has increased energy bills for people who live in PJM's?regions, which is about one fifth of Americans.
PJM temporarily capped 'prices' in its auction under pressure from a group of governors in the area. Consumers are struggling with high utility costs and energy prices. This price cap was also in place during the auction last year, so this year's prices are essentially unchanged. Prices will be updated in 2028.
POWER SUPPLY CUSHION
Power plant operators are compensated for capacity prices that are included in power bills of homes and businesses within the PJM area. This is to ensure they can provide electricity at the peak times and days on the grid.
The incentives are also intended to encourage the construction of new plants. After nearly two decades with a?flat growth of power consumption in PJM the region suffered net losses of energy supplies as 'demand for energy-intensive?"data centers" began to emerge.
PJM failed to secure the power supply cushion it needed in its capacity auction held in December. For reference, one gigawatt is enough electricity to power approximately?750,000 households.
The capacity price increase is also due to PJM recalculating its available supplies in the winter, when the electricity generated by natural gas-fired 'plants' and solar resources are lower than during the summer.
PJM has added new rules and policies in order to meet the new electricity demand of data centers, advanced manufacturers and other large energy consumers. (Reporting from Laila KEARNEY in New York, with additional reporting from Anjana Anil. Emelia Sithole Matarise edited the story.
(source: Reuters)