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Trump says US can stay in Iran to keep oil like Venezuela deal
Donald Trump suggested on Sunday that the United States might "keep" oil in Iran, drawing a parallel with the U.S. effort to seize a fifth Venezuela's vast reserves of oil. He said that on a trip to Ireland to attend meetings and watch golf he still "expected" the Iran War to end this coming year. This could be just before the midterm elections in the United States due in November. Trump said that gasoline prices would drop "like a rock" when the Iran War ended. Oil traders expect prices to increase again on Monday following an attack on Saudi oil pipeline. Trump stated that he will only do the "right deal", and not one that is "no good". He also said that Iran "constantly" calls for peace talks, a claim that Tehran has rejected in the past. The president did introduce another option, however: "stay engaged with Iran." He made a comparison with the August deal announced by the United States in Venezuela. Trump added that "we'll eventually get out" of Iran unless we decide to stay in the country and keep the oil, like Venezuela. The revenue from Venezuela "paid for the war many times."
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Saudi shares drop after drone attacks target key oil pipeline
Saudi Arabian stocks fell in the early trading on Sunday as a result of 'the market's reaction to drone attacks' on the Kingdom's East-West crude oil pipeline. Saudi Arabia's benchmark index fell?1.0%. This was due to a 0.8% decline in Al Rajhi Bank, and a 2.4% drop in Saudi Arabian Mining Company. Saudi Aramco, the oil giant, fell 1.1%. Rabigh Refining and Petrochemical Company plummeted 7.3% and was the worst performer of this session. The sale 'followed an emergency shutdown of the East West pipeline on Thursday after aerial strikes 'hit installations in the Riyadh region and Medina, causing multiple injuries. Riyadh as well as?Baghdad both traced the attack back to Iraqi territory where Iran-backed militias are active, leading the Iraqi Government to dismiss a senior military leader on Saturday. Saudi Arabia did not immediately retaliate militarily after an appeal from Iraq's Prime Minister, but Riyadh defended its right to protect its sovereignty and vital infrastructure. The U.S. president Donald Trump blamed Iran on Saturday for the attacks on the conduit. This is the primary alternative that the Kingdom uses to avoid the Strait of Hormuz. According to the International Energy Agency, previous attacks on Saudi energy facilities had reduced crude production by 2.3 million barrels per day to a low of 6 millions bpd for three decades. Qatar's benchmark Index, which is a measure of the petrochemical industry, rose 0.2%, bucking the regional trend. The Financial Times reported that Gulf foreign ministers will meet with their Iranian counterparts in an effort to reach an interim agreement on traffic management through the Strait of Hormuz.
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Authorities say it could take several months to identify the victims of the Philippine ferry fire.
On Sunday, authorities in the Philippines warned that it may take several weeks or months to identify victims of a ferry fire in which 76 people died. As forensic experts collect and compare DNA samples taken from the charred remains, investigators are determining what caused the worst maritime disaster in recent history in the Philippines. Richard Allan Mangalip, a forensic expert with the Philippine National Police said that some remains were clustered in certain areas of the vessel. Others were spread out across the ship. The vessel was carrying over 130 people, and it was nearing its destination at the time of the fire. The ferry headed southwest from Manila, to Coron in the province of Palawan, a journey that usually takes around 20 hours. Mangalip, at a recent press conference, said that "most of them are already charred." He added that authorities could not give a timeline for identification due to the large number of specimens which must be examined. It could take a few weeks or even longer. This assessment was made a day after the rescuers found 41 more remains on the ferry. The death toll now stands at 76, and 13 people are still missing. Officials stated that more remains may still be discovered because investigators haven't yet thoroughly searched the flooded sections of vessel. On Friday, firefighters entered the ferry after putting out the blaze a day and a half after it started. The Coast Guard released images showing the extent of the damage inside the ship, including rows of bed frames that were twisted and covered with ash by intense heat. Investigators have not yet determined where the fire began and are still working to gain access to key areas of the vessel including the flooded lower decks, the engine room and other sections where evidence may help determine the cause. According to a statement by the Maritime Industry Authority based on survivor 'accounts', two explosions could be heard within the vessel just before the fire started. A representative from shipowner Atienza inter-Island ferry said at the same press conference that the 'company is cooperating fully with the investigators and will continue to assist affected families. The fire is just the latest in a series of maritime accidents that have killed people in the Philippines. This archipelago has more than 7,600 island, and millions of people rely on small boats and ferries to travel.
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The PM's Office says that one person has died and more than 30 people are missing after a Vanuatu Ferry sinks.
In a statement, the office of Prime Minister Jotham napat said that at least one person had been confirmed dead on Sunday and that more than 30 others were still missing after a boat sank off Vanuatu. The statement on Facebook stated that search and rescue operations are continuing in the Pacific Island Nation located approximately 1,750 km (1.090 miles east of Australia) after the MV Matui, with its crew and passengers, went down. It added that 15 of them were alive. RNZ, the New Zealand public broadcaster, reported that search efforts had begun since Friday's inter-island boat sank due to bad weather between the islands of Ambae & Santo. The Napat office stated that the search in open waters was being lowered, while efforts were shifted?towards a search of?the south east coast where currents could have carried survivors. The statement stated that "this loss appears to have been caused by strong winds, failure to heed marine warnings and possible negligence such as overloading the vessel." We pray for the?strength of those who survived and their recovery. Please know that we are with the families of the missing and the ones who have died in this time. Matai Seremaiah is the representative for the Luganville region in Vanuatu’s parliament. He said that rescue efforts began after a crew member of the MV Matui swam to shore and raised the alarm. Seremaiah told RNZ that he alerted them to the fact that the ship had capsized. They went on a search. Vanuatu 'police, Vanuatu Maritime Safety Authority, and the ferry operator, Tui Shipping Agency did not respond immediately to requests for comments.
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Agency reports that 243 passengers from an Indonesian passenger ship have been reported missing at sea.
The Indonesian search and rescue agency reported that a passenger ship carrying 243 passengers was reported as'missing' after it lost contact in the Java Sea during bad weather early Sunday morning. The 'Virgo Transport 8' ship left the East Java town of Surabaya on Saturday for the South Kalimantan City of Banjarmasin, but lost contact. The agency stated that "at the time of this statement, it is not possible to contact the ship and its location is unknown." The agency said that rescuers had launched a search and sent a team to its last-known position. Indonesia is an archipelago consisting of over 17,000 islands. It relies heavily on ferries for transportation. Sea routes are more affordable and accessible than air travel. Safety?standards may not be?always strictly enforced, leading to a high accident rate.
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The PM's Office says that one person has died and more than 30 people are missing after a Vanuatu Ferry sinks.
In a statement, the office of Prime Minister Jotham Napat said that at least one person had been confirmed dead and more than 30 others were missing after a boat sank near Vanuatu. The statement on Facebook said that search and rescue operations are continuing in the Pacific Island Nation located approximately 1,750 km (1.090 miles east of Australia) after the MV Matui with its crew and passengers went down. It added that 15 of them were alive. RNZ, the public broadcaster of New Zealand, reported that search efforts had begun since Friday's inter-island?ferry sank between the islands Ambae and Santo in bad weather. The Napat office stated that the search was "being eased while efforts are being moved towards a search along South-East coast where currents could have carried survivors". The statement said that "this loss appears to be the result of not heeding marine warnings and strong winds, as well as possible negligence including overloading the vessel." "We pray for the strength and recovery of those who survived." "Please know that we stand with the families of the'missing' and those who have died," it added. The Vanuatu Police, the Vanuatu Maritime Safety Authority, and the 'ferry operator Tui Shipping Agency did not respond immediately to comments.
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Hyundai Motor will roll out a driver-assist technology in-house in 2029
Hyundai Motor Group plans to launch its driver-assistance technology in late 2029. This is two years later than originally planned. Hyundai executives said that the South Korean automaker would 'partner with U.S. Chipmaker to 'roll out advanced driver assistance systems (ADAS) in 2028. These are known as ADAS Level 2+ or Level 2++. This shift highlights the difficulties Hyundai faces in developing its own automated driving software, originally scheduled for a debut in late-2027, and raises concerns about its growing reliance on Nvidia. This delay has fueled fears that Tesla and Chinese competitors could catch up to the automaker in the race for commercialising vehicle autonomy. Park Min-woo said at a press briefing that the partnership between Hyundai Motor Group and Nvidia does not mean "leaving our fate entirely in their hand". Park?said Hyundai would co-design the tech with Nvidia, and use data from the system for training and refining its own software?platform dubbed Atria. Park, an ex-Nvidia executive, joined Hyundai in January and has spearheaded the automaker’s deeper ties with the chipmaker. His strategy is a departure from his predecessor Song Chang-hyeon's, who concentrated heavily on internal software before his abrupt December departure. Park stated that Hyundai vehicles powered by Nvidia’s Hyperion 10 will initially forgo expensive lidar sensor in favor of cameras, ultrasonic and radar sensors. Hyundai, however, is looking at lidar to be used with its Level 3 automated driving systems that allow for hands-free driving in certain conditions. Park did not provide a timeframe for commercialisation of Level?3. Park stated that Hyundai and its?affiliate Kia Corp., which are the third largest automakers in the world with sales of more than 7 million cars annually, will use their global fleet to collect data for training their autonomous driving technology. Hyundai expects to surpass its competitors in terms of accumulated driving data before 2033. Hyundai Motor Group has deepened its collaboration with Nvidia in autonomous driving, artificial Intelligence?datacenters and humanoid robotics developed by Hyundai owned Boston Dynamics. Level 2+ systems are more capable on the highway, while "Level 2++ systems can handle more complicated urban driving, similar Tesla's Full Self Driving system. Both require driver supervision.
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Nine Russians are killed and dozens injured in Ukraine by Russian attacks. Moscow claims it hit ships, plants
Officials have confirmed that Russian air strikes on Saturday in various Ukrainian regions killed nine people and injured dozens. They also damaged residential buildings and infrastructure throughout the country. In the last two months, civilian deaths in Ukraine have risen dramatically as Russia intensifies its attacks on power stations and other infrastructure. Ukraine has attacked energy facilities and storage warehouses in remote parts of Russia, and both sides have targeted shipping. According to the city council of Kramatorsk, a Ukrainian "fortress city" on Ukraine's frontline that Russia is trying to capture, Russian forces have attacked and killed three private cars in three separate incidents in a 90 minute period. Four people were injured. The council stated that "these are not military targets." The council said, "They are just ordinary civilian cars." "People were going about their businesses." Vitaliy Bunechko is the governor of Ukraine's Zhytomyr Region west of Kyiv. He said that a Russian attack on an grocery store in Zvyahel killed two people. He said that two petrol stations and an "unidentified enterprise with foreign investment" were also attacked. Volodymyr Zelenskiy, the president of Ukraine, had earlier reported that attacks were taking place in Zaporizhzhia (a city located in the south-east) and his hometown of Kryvyi Rih. Ivan Fedorov is the governor of Zaporizhzhia Region. He said that two people died and eleven were injured in "assaults" on Zaporizhzhia. Oleksandr Vikul, the head of Kryvyi Rih’s military administration, confirmed that two people were killed overnight in attacks by drones and rockets on the city. The Russian military claimed that its forces had attacked Ukrainian steelmaker Zaporizhstal, located in Zaporizhzhia. They also said they hit an Interpipe Steel facility in Dnipro, and several plants at Kryvyi Rih including the Northern Iron Ore Benefit Works Complex. It was impossible to independently verify the accounts of either side. Oleh Kiper, the Governor of Odesa Region said that 37 people including an infant had been injured during a series overnight attacks. Two people are missing. RUSSIAN STRikes on UKRAINIAN Port The Russian Defence Ministry stated that Moscow's forces have continued their strikes against Ukrainian ports. It said that a cargo vessel in Odesa was being used to transport military goods. The ministry announced earlier in the day that its forces had?struck two cargo ships?overnight at the Black Sea Port of Chornomorsk. Ukraine's military claimed it had caused a fire at one of Russia's biggest synthetic rubber producers, Togliatti, in the Samara area. It said that the?Togliattikauchuk factory specialised in producing synthetic rubbers and fuel add-ons used in fuel for Russian missiles. Interfax reported that Russian regional governor Vyacheslav Federishchev claimed that Ukrainian drones had attacked industrial facilities in the Samara region, but did not specify which ones or if they had been damaged. Ilya Sukhikh said that several residential buildings had been damaged, and one person injured. Svetlana Kambulova, the local mayor, told TASS that four commercial properties in Taganrog, in the Rostov Region, were also set ablaze.
Bousso: The Mideast war both helps and hurts BP's CEO's turnaround plans
BP has received a windfall from the Middle East conflict, thanks to higher gas and oil prices. This will help Meg O'Neill in her efforts to stabilize the ship.
The Iran War has made the future of energy less predictable and has complicated BP's attempts to chart a course for the long term.
BP is today 'on a much firmer footing than it was in February when it reduced planned capital expenditure for 2026 due to growing concerns about looming oil and?gas surpluses that would impact on prices and earnings.
This narrative was flipped on its head when the Iran War began on February 28, 2003.
As a result of the sudden increase in energy prices and the closure of the Strait, buyers were forced to scramble for other cargoes. BP, along with its Big Oil competitors, was among the biggest beneficiaries.
The British oil giant reported a second-quarter profit worth $5.7 billion – the highest since 2022 – thanks to high oil and gas costs, exceptional refining margins, and a robust performance by its trading division.
Cash flow surge helped BP reduce its net debt from $22.5 billion to $22.5 billion in the last quarter. This allowed it to advance by an additional year until the end of 2026 to achieve its goal of reducing net debt between $14 billion and $18 billion.
O'Neill's stronger financial position is a much more comfortable one than what she inherited in April when she became CEO of BP. She was given the mandate to stabilize the company after a turbulent period marked by leadership scandals and strategic drift, as well as a failed attempt to transform it into a renewable-energy champion.
Once investors have reaped the benefits of the Iran war, they will naturally ask, "What next?"
It is not obvious what the answer to this question is.
RIVALS STRONGER, BUT LAGGING
O'Neill has already made it clear that he intends to make rapid changes to the company's strategic direction.
During her first four-month tenure, BP announced a number of job cuts. It also restructured its leadership, dismantled the low-carbon division, and restructured corporate structure to resemble a traditional upstream/downstream organisation.
BP also accelerated the asset sales. Last week, BP made a symbolic move by selling its North Sea?business. The company was removing itself from a historic oil region that has defined BP's history.
It is still unclear whether investors fully support O'Neill's plan. BP shares have dropped around 3% in the last few months, underperforming competitors such as Shell and TotalEnergies.
The market's caution is partly a response to BP’s strategic drift during the first half of the last decade which resulted in approximately $50 billion of write-offs. However, it also reflects this year’s extraordinary volatility in the energy markets.
Investors try to differentiate between a wartime windfall, and a long-term improvement in the company's prospects.
WHAT'S NEXT, MEG?
BP is likely to seek to clarify this issue when it announces its updated long term targets in the next few months.
It is almost certain that they will reinforce the direction O’Neill has already established, focusing on exploration of oil and gas, operational performance and debt reduction, as well as shareholder returns.
The very conflict that BP used to boost its finances could have also complicated BP's future.
The Iran War exposed the vulnerability of a system of energy that is heavily dependent on only a few supply routes and production regions.
The governments and companies who have suffered most, especially those in Europe, Asia and the Middle East, are now reevaluating their energy security strategies, which includes their dependence on fossil fuels imported.
Some will likely accelerate investments in domestic energy sources - from renewables to nuclear power and coal - while pushing forward with the electrification and automation of transport, industry, and heating.
Some may choose to increase their domestic hydrocarbon production or to build up strategic stocks to protect themselves from future supply shocks.
The assumptions underlying future energy demand have become harder to predict.
The conflict has also raised questions about the future investment of the Middle East.
Even after the crisis subsides the security of the Strait of Hormuz on a long-term basis will be in doubt, underlining the risks of concentration of future production growth into a region which remains susceptible to geopolitical turmoil.
This presents a special challenge to BP. In 2025, the Middle East will account for approximately 411,000 barrels equivalent to?per-day or 18% of BP's total production. The Middle East is becoming a more important location for new investments.
BP acquired a 10% stake, in June, in two major projects in the United Arab Emirates -?the Bab gas cap project? and the Ruwais 'LNG development. The company is also renovating the massive Kirkuk oilfield located in northern Iraq.
EXPENSIVE CHOICES
Oil companies respond to the uncertainty of oil prices by concentrating their capital on their most reliable and lowest-cost assets.
To maintain production, and even grow it, BP must invest billions of dollar in new large projects such as the Bumerangue giant discovery off the coast of?Brazil. They will also need to continue to progress developments in the Gulf of Mexico Namibia, and the Middle East.
It is a challenge that post-war conditions make investment decisions more costly. Producers' scramble to increase output has already increased demand for drilling equipment, services, materials and equipment across the industry.
All oil companies are affected by these pressures. BP is more vulnerable than others because of years of strategic turmoil and a slowdown on upstream investments.
The Middle East turmoil is giving BP what it needs: higher?profits and lower debt, as well as breathing space for a new CEO to reshape the company.
Ironically, the same crisis also has muddied market expectations. O'Neill's first challenge is to repair BP's financials, but the bigger challenge will be deciding how to invest BP's billions of dollars in its next generation.
It may be more difficult to make the right decisions in an energy system that has been reshaped by geopolitical risks, wars, and shifting demands.
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(source: Reuters)