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Traders say that the price of Middle East oil rivals has risen as China's teapots have turned to Middle East supplies.
Iranian oil at sea is rising as Tehran increased exports in the interim peace agreement with the United States. However, sales are slow because China's independent refining companies have switched to cheaper crudes from Iraq, UAE, and Qatar. This week, the return of U.S. sanctions could leave Tehran with a surplus of cargoes that are looking for buyers. This week's sanctions could leave Tehran with more cargoes looking for buyers, just as shipments from?Asia arrive. In recent weeks, independent Chinese oil refiners in the eastern oil hub Shandong (also known as teapots) bought between 16 and 20.5 million barrels from Qatar, Iraq, and the United Arab Emirates. This was their biggest purchase of Middle Eastern oil that is not sanctioned since the conflict started. Since the reimposition of U.S. sanctions in 2018, Shandong's independent Chinese refiners are responsible for most of China's purchases. Separately a privately owned refiner Shenghong Petrochemical purchased?12,000,000 barrels of Iraqi crude and Abu Dhabi, Saudi, and other crudes, according to an expert familiar with these purchases. As rival Middle Eastern producers raced to resume exports after the reopening of Strait of Hormuz at the end of June, the demand for Iranian barrels was displaced by the wave of non-Iranian shipments. The rush to sell non-Iranian shipments on a delivered basis was made by?European traders like Mercuria, Vitol and state majors such as PetroChina International, Zhenhua Oil and Gulf producer Abu Dhabi National Oil Co. Discounts of $5 to 8 per barrel were offered to ICE Brent for deliveries between August and September. According to traders?actively dealing with teapots?, discounts for Iranian Light crude were little changed, at $2-$3 a barrelle compared to ICE Brent. Two traders?described the sellers as being "slow" or "stubborn". One senior trader said, "Iranian oil is now the most expensive." The week-long funerals that culminated in the burial of the Supreme Leader Ayatollah Khamenei on Thursday also affected sales, as the offices were closed for the period of mourning. The traffic through this vital waterway has also slowed down again in the past week, following the tit-fortat exchange of attacks between Iran and the U.S. IRANIAN TANKERS ARE ON THE WAY According to Vortexa Analytics, between June 15 and July 6 about 30 million barrels (or 1.35 million barrels) of Iranian oil was loaded. Kpler reported an estimated 34.5 millions barrels of Iranian crude oil transiting the Strait of Hormuz by 21 tankers between June 14 and 10. According to an analysis by the U.S. advocacy organization United Against Nuclear Iran, 60.7 million barrels were exported, averaging 2,17 million barrels a day. This represents a 20% increase from January 2026. According to UANI, this number fell?to 35,7 million barrels by?March. This is an average of 1.136 million barrels a day. UANI analysis shows that since the ceasefire agreement announced on June 14, 52 tankers with Iranian oil, petrochemicals and products have been sailing, carrying about 62 million barrels. UANI's analysis shows that 15 of these vessels have already reached the Singapore Strait, and are heading to the eastern?Outer Port Limits Anchorage in the Johor region, Malaysia. Three Iranian flagged very large crude carriers already have their cargoes unloaded. TankerTrackers.com reported on Thursday that Tehran had shipped 10 million barrels overnight of fuel oil and crude 'oil. The U.S. Central Command didn't immediately respond to an inquiry for comment. Independent refiners are expecting discounts of $4 to $5 for August and September arriving cargoes. Kpler data shows that China's Iranian crude oil imports have been at their lowest level since January 2023. Reporting by Chen Aizhu and Siyi Liu; Editing by Louise Heavens
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The son of a Belgian victim of wildfire disputes Spanish officials' accounts of warnings
The son of the Belgian man killed in wildfires in Spain disputed claims by authorities that his father, and other victims, ignored official advice on?sheltering in place'. He said emergency services did not give them any guidance. Thomas-Wolf Verdonckt of Belgium said on Saturday that, just before 9:00 p.m. (10:00 GMT) on Thursday, he had spoken by phone to his father, Stanislas Verdonckt (63), a businessman in the southeast Almeria region. Stanislas verdonckt, a 33-year old Belgian man, was one of eight victims who died in the wildfire that swept through the area of Paraje el Curato where he resided on the outskirts Bedar. The younger Verdonckt who lives in Belgium travelled to Spain and spoke to surviving neighbours after the fire. Verdonckt stated that no officials informed the group of the approaching fire or told them that it was safer to remain at home rather than leave, Verdonckt. "The people that died didn't fail to follow orders because there were no orders." "No information was given," he said. They only fled when the flames were close to them. It was their last resort." Andalusia’s regional government said that residents did not receive a text alert because the advice varied depending on where they were located in the mountainous and wooded terrain?and the latest developments of the rapidly-moving situation. Local mayors and the police instead went door to door or called residents to either indicate a safe evacuation route or instruct them to shelter-in-place. In a Sunday night statement, the government disputed Verdonckt’s version of the events. It said that Angel Collado's, Bedar's, mayor had asked the group, including Stanislas Verdonckt, to shelter in place. The statement read: "We respect and understand the grief of the families and the fact that in times of great suffering, such as these, anger and a feeling of helplessness can lead to different perceptions of what occurred." 13 people, mainly foreigners, including Stanislas verdonckt and one Spaniard, died while trying to escape wildfires that spread above Los Gallardos to Bedar. The identities of the 13 people are not yet confirmed. Another 10 people have also been reported as missing. By Sunday lunchtime, the wildfire - one of Spain's most deadly - was declared under control. CLOSE ENOUGH FOR FLAMES TO BE TOUCHED Verdonckt claimed that a group including his father tried to leave on a paved highway on Thursday night, but was beaten back by fire. They couldn't have gotten through the main road because they weren't warned beforehand. He said that nobody had warned them about the fire coming from this direction. When they tried to escape, it was already too late. The group tried to escape by car on a dead-end dirt road belonging to their neighbours, which "hugs" a mountainside. He said that they were unable to make it and abandoned their cars in order to flee on foot. It was not an option. He said that they?drove until the end of the trail, and then when it was on fire, some people decided to run to try and get into the valley. Verdonckt was told by a neighbour who had survived the fire that the flames were close enough to his house to touch. Verdonckt stated that his father was a keen photographer and hiker who had lived in the area for a number of years. He knew the terrain and spoke Spanish. Verdonckt told me that during their final conversation, his father discussed the various options available to him for protection. Verdonckt stated that Stanislas Verdonckt remained calm in "even the most desperate situations". He also went over "plans A, B, and C". "My father is among the smartest people that I know. He was always a very analytical person and checked boxes when he asked: "Can we do that? He was checking boxes: 'Can we do this? "," he replied. At that point, they had just a few minutes before they became trapped and engulfed. The Andalusian Government said that it supported the Bedar Mayor's decision ordering citizens to remain in their homes, as "the option which offered the greatest guarantee of safety, given the conditions of fire, as unfortunately the tragic result has shown". The government provided photos that showed Stanislas' Verdonckt home was only slightly damaged by the fires. It added: "Therefore, it would have been a secure haven." (Editing by Cynthia Osterman & Edmund Klamann).
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Officials say that at least 27 people were killed in a Bangkok pub fire
The Thai prime minister and other government officials confirmed on Monday that at least '27 people were killed in an 'incident? in a Bangkok pub. This is one of the most deadly incidents to have occurred in this tourist hub in recent years. "There are over 27 dead," said Anwut Pho Ampai, of the Ruamkatanyu Foundation. The foundation operates a volunteer?emergency service. Anutin Charnvirakul visited the scene of the fire in the early morning hours of Monday and told reporters that, based on the'survivor reports, the pub quickly filled with smoke following a fire break out. Many were forced to run towards the rear of the venue, near the bathroom, but there was 'no fire exit. Anutin said, "We've recovered 27 bodies and others are being sent hospital." An official from the Bangkok Metropolitan Administration said that?63 people?were injured in the fire. Local media reported that the exact details of the fire were not known, but it was thought to have been started at the Rong Beer na Lat Phrao bar in Bangkok's Chatuchak District. Reporting by 'Panarat Thepgumpanat and Kitiphong?Thaichareon in Bangkok, and Bipasha Dey and Chayut Setboonsarng from Bengaluru. Writing by Devjyot...
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The son of a Belgian victim of wildfire disputes Spanish officials' accounts of warnings
The son of a Belgian who died in the Spanish wildfires has disputed claims by authorities that his father, and other victims, ignored official advice to 'huddle in place.' He said emergency services had not given them any guidance. Belgian virologist Thomas-Wolf Verdonckt told ? On Saturday, Thomas-Wolf Verdonckt told? Stanislas verdonckt, a 33-year old Belgian man, was one of eight victims found dead by the wildfire in a valley near the Paraje el Curato region where he had lived at the outskirts Bedar. Verdonckt, a Belgian resident, travelled to Spain and spoke with neighbours who survived the fire. Verdonckt claimed that no official told the group the fire was headed their way, or that it was safer to stay home rather than run. "The people who died didn't fail to follow orders, because there were none. He said that no information had been provided. They only fled when the fires were almost upon them. It was their last resort. Local officials and police contacted residents by phone or went door to door to give them instructions on how to safely evacuate or shelter in place depending on the speed of the fire. Angel Collado, Bedar's mayor, urged Stanislas verdonckt and the rest of the group to take shelter. Verdonckt did not receive a response to a request for comment from the Andalusian Regional Government, which is responsible for emergency services, local administration, or the Spanish Civil Guard Police, who were involved in rescue operations. Twelve people, mostly foreigners, like Stanislas verdonckt, and one Spaniard, died in the wildfires that reached Bedar above Los Gallardos. The identities of the victims have not yet been confirmed. Firefighters are still battling to put out the fires. CLOSE ENOUGH FOR FLAMES TO BE TOUCHED Verdonckt reported that a group of neighbours, including his father, tried to leave on a paved street, but were stopped by the flames. They couldn't have gotten through the main road, because they weren't warned beforehand. He said that nobody had warned them of the danger. When they tried to escape, it was too late. The group tried to escape by car on the dead-end dirt road of the neighbours, which runs along a mountainside. He said that when they couldn't make it, the group abandoned their cars to flee on foot. It was not an option. He said that they drove to the end, but when the fires started, some people ran to try and get into the valley. Verdonckt was told by a neighbour who had survived the fire in his house that the flames were close enough to touch the house. Verdonckt stated that his father was a keen photographer and hiker who had lived in the area for many years. He knew the terrain and spoke Spanish. Verdonckt stated that his father discussed the options to protect himself during their final phone call. Verdonckt stated that Stanislas Verdonckt remained calm in "even the most desperate situations". He also went over "plans A, B and c". "My father's one of the most intelligent people I know." He was always analytical and checked boxes. He was checking boxes: 'Can we do this? "," he replied. At that point, they had just minutes left before they would be engulfed by the fire and trapped. (Editing by Cynthia Osterman).
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UKMTO says crew abandon container ship near Oman after fire onboard
According to the United Kingdom Maritime Trade Operations agency, on Sunday, the crew of a container ship abandoned it after military authorities reported that there had been a fire caused by a 'damage in its rear near 'Oman. The UKMTO had earlier reported that it received a report about an incident which occurred nine nautical miles (16,7?km?) east of Oman. In a new advisory, the agency said that it was informed by the military authorities and?the vessel's security officer, that the crew abandoned the vessel, and are presently in a?lifeboat. The authorities are?continuing their investigation. The U.S. launched a new wave of strikes on Iran Sunday after the Islamic Revolutionary Guard Corps' (IRGC) forces targeted a container ship flying the flag of Cyprus transiting through Strait of Hormuz. The?U.S. reported that "a civilian crew member is missing, and the vessel cannot continue its journey due to significant engine room damage and an onboard fire." Central Command released a statement on X. Iran's IRGC Navy said earlier on a Sunday that it had struck a vessel which had "jeopardized Maritime Security by switching off their?systems". This vessel, along with other vessels, had attempted to transit? through an unauthorized route despite being warned to correct its direction.
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Six dead and dozens injured as Russia attacks Ukraine with drones, missiles
Officials said that Russia carried out missile and drone strikes on Ukraine on Saturday. Six people were killed and dozens injured. Kyiv was waiting for a supply of air defence ammunition due to a shortage. Authorities reported that two glide bombs struck a crowded area of the northern city Sumy and killed four people. They also injured 17 others. The bombs were aimed at a bus stop. Pictures showed a yellow bus that had one side ripped off. A missile strike earlier that day on Odesa in southern Ukraine killed two people and injured another. Meanwhile, a drone struck a civilian enterprise in Kharkiv in eastern Ukraine, injuring seven. In the meantime, eleven people were wounded in Kyiv, Ukraine's capital, during an attack overnight that involved drones, ballistic missiles, and cruise-missiles. Volodymyr Zelenskiy, President of Ukraine, said that the attacks in Kyiv had already affected the city's infrastructure before an air raid alert was sent. "Our defenders were able to take out most of the targets but not the missiles." He reiterated his call to Ukraine's NATO allies for them to deliver quickly the support packages agreed on at the NATO Summit this week. Ukraine's air force reported on Saturday morning that Russia had launched 121 drones and six cruise missiles as part of the attacks overnight, including those against Kyiv. The Pentagon said that it had shot down at least two cruise-missiles and 111 drones. UKRAINE REQUESTS SUPPLIES FROM ALLIES In the last month, Ukraine has had a difficult time destroying ballistic missiles that travel at speeds several times faster than sound. The Ukrainian government has asked allies to increase their supplies of these munitions. It has also encouraged Europe to collaborate with Kyiv in developing its own anti-ballistic system. The U.S. president Donald Trump announced this week that Ukraine would be given a license to manufacture its own Patriot missiles. Zelenskiy, after Saturday's attack called for these projects to be moved "as quickly as possible". In recent weeks, Russia has intensified its attacks against the capital. In the last month, more than 60 people have been killed in attacks on Kyiv. Kyiv has, in turn pressed Russia's military logistic in the occupied south of Ukraine. It aims to rob Russian forces from fuel and munitions through strikes on trucks and vessels far behind the frontlines. Robert Brovdi, the chief of Ukraine's drone force, said that his units struck 21 fuel-tanker vessels overnight in the Sea?of Azov, along with seven other cargo ships and support vessels, bringing the number of vessels hit this?week up to 76. Zelenskiy said that the goal of the drone campaign was to bring Russia to a negotiating table. Vladimir Putin, however, has not publicly indicated a willingness to soften his position. Russian authorities announced on Saturday that one person was killed by a drone attack on four vessels in the?Taganrog Bay, on the Sea of Azuv. This included a tanker transporting methanol. Following drone attacks, two fuel depots as well as the Taganrog port caught fire on Friday. The Russian Defence Ministry reported that air defence units in Russia had shot down a total 178 Ukrainian drones overnight over different regions. (Reporting and editing by William Mallard in Kyiv, Tomaszjanowski, Barbara Lewis, Joe Bavier, and Max Hunder)
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Floods in Bangladesh leave 44 dead and over a half million homeless
At least 44 people have been killed by floods and landslides in southeastern Bangladesh as a result of monsoon rains that lasted for days. Authorities raced to provide aid on Saturday. The Disaster Management Ministry said that on Saturday, flooding in seven districts -- Chattogram (Cox's Bazar), Bandarban (Rangamati), Khagrachhari (Moulvibazar), Moulvibazar, and Habiganj - had disrupted everyday life, stranded thousands of families and isolated 267,918 homes. Rescue and relief efforts have been slowed by power outages, damaged roadways and broken communication links. Many residents were unable to cook as flood waters submerged their homes. Others are still struggling with thick layers of mud covering kitchens and living areas. We have no electricity and there is no water in our house. We have run out of dry food and spend the nights with our children in darkness because we don't have electricity. Thousands of families rely on emergency relief and dry food, such as flattened or puffed-up rice or biscuits. Aid workers have found it difficult to reach the worst-hit areas due to washed-out roads and bridge damage. As authorities intensify their relief efforts, army and navy personnel are transporting food, drinking-water, medicines, and other essential supplies by boat to remote communities. The government is doing all it can to help flood victims. "We are distributing relief, drinking water and medical supplies, and we encourage people who have lost their homes to move to the nearest shelter," said Disaster Management and Relief minister Iqbal Hossain during a trip to Chattogram. Heavy rains also caused landslides to occur in Rohingya camps in Cox's Bazar this week. 16 people, including women, children, and refugees were killed. In the camps, more than a million Rohingya live. The makeshift shelters built on steep, deforested hillsides are particularly vulnerable to flooding during monsoon. Bangladesh is one the most disaster-prone nations in the world, as monsoon season rains are responsible for regular floods, erosion of rivers and landslides. Scientists claim climate change increases extreme rainfall, increasing the severity and scale of disasters. (Reporting and editing by Ruma Bavier; Ruma Paul)
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Businessman suspected of falsifying deeds after selling land to Kushner Resort in Albania
The country's organized crime-fighting agency revealed in case files reviewed by that a Miami-based Miami businessman was wanted in Albania for allegedly laundering drugs money. He is suspected of fabricating the deeds on land where Jared Kushner plans to build a multibillion-dollar resort. Kujtim Kakrani, the lawyer of Artur Shehu denies any accusations made against him. He confirmed that Albanian prosecutors issued a warrant for Shehu to be arrested for money laundering for drug gangs. The case files accuse Shehu and his associates of trafficking South American cocain into European ports and laundering funds by using them to create a real estate business, which included falsifying land ownership documents. "None of the allegations made about Mr. Artur Shehu are true. Cakrani stated that Shehu is not a drug dealer or a forger. "Mr Shehu knows of the accusations made by the Albanian prosecutor." He is not concerned by these allegations because he believes that the truth differs from what the Albanian prosecution claims. The U.S. Justice Department declined to comment if it received any requests from Albania to find or detain Shehu. Shehu sold in April the planned resort's strip of pristine Albanian coast to Albania Land Development. This company is owned by Sazan Real Estate Development, the project developers who are backed by Kushner, and other investors. Prosecutors wrote in case files that "reasonable suspicions" were formed based on the evidence that the assets mentioned above had been acquired by using forged documents. No allegations of wrongdoing are made in the files against Donald Trump's daughter-in-law Kushner or any other investor involved in the project. No evidence was found that any of the investors knew about any suspicions regarding Shehu before they purchased land from him. When asked about the allegations made against Shehu, a spokesperson from Sazan Real Estate Development said that the company did not respond to them but believed the land acquisitions had been legitimate. Albania Land Development has not responded to any requests for comment. A spokesperson for?Kushner refused to comment on this story. Sazan confirmed that Kushner was an investor in this project. However, Sazan did not reveal the exact nature or extent of Kushner's investment. DISPUTED PROJECTS ON PRISTINE LAND The claim that the deeds were falsified adds another obstacle to a project that is already facing protests from?allegations it threatens wildlife. Residents of Zvernec, a village near the project, have been fighting Shehu in court for more than 10 years. Last month, 12 of them presented title deeds or tax records which they claimed proved that they were the legal owners of the property. Kostandin Beko, their lawyer, stated that the case was still open and they planned to ask a court to stop the resort project. Albania, once one the poorest, most isolated countries of Europe, is now a EU candidate and experiencing a construction boom along the last unspoiled coast of Europe on the Adriatic Sea. The Kushner resort will be built along a stretch with wild beaches, forests and a wetlands that is home to sea turtles. The flamingos have become a symbol for those who oppose the project. They call their protests "the Flamingo Revolution". Ivanka Trump, Kushner's spouse, has stated that she and Kushner came up with the idea of the resort after they saw the coast years ago from a boat. Kushner revealed the plans in 2024 on social media, with an artist's rendition showing the land covered by a hotel, villas and pools, as well as jetties for yachts. He hasn't publicly revealed how much he invested. Albanian government strongly supports the plans, and claims that the protests were staged by political opponents. Edi Rama, the Prime Minister of Albania, said last month that this was a beautiful project and it would proceed regardless. A government spokesperson responded that it would not interfere in private transactions but said that the project was being carried out in accordance with Albanian and EU law. Brussels had previously urged Albania, as an EU candidate, to adhere to EU environmental regulations in relation to the project. The spokesperson of the EU's executive Commission declined to comment on this story. ALBANIAN PROSECUTORS STEP INSIDE The case files against Shehu have been prepared by Albania’s Special Structure Against Corruption and Organised Crime (SPAK), which was set up in 2019. Its investigators and prosecutors are independent from the regular police and prosecutor service. The 200-page files have not been released. A spokesperson confirmed the investigation of the SPAK but refused to elaborate further. The files date from June 12, 2026. SPAK announced publicly on the same day arrest warrants against 20 people accused of trafficking in narcotics, and laundering money from that trade. The arrest warrants do not identify the suspects by name but only by initials. This is in accordance with the standard practice of Albania, where suspects are never publicly identified before being charged. The initials on the arrest warrants correspond to the full name of the people described in the case file, including one suspect who is identified as "A.Sh." Shehu's attorney Cakrani confirmed that Shehu is a target. He said that he wasn't concerned about the arrest warrant because it was "widely known" that Albanian prosecutors worked under the influence politicians and businessmen. SPAK has yet to confirm if any of the suspects have been arrested or charged. The Albanians living in Miami SPAK documents state that Shehu sold the land for the project of the resort for approximately EUR110 million. It claims to have frozen the funds in the account a notary so they could not reach Shehu. SPAK stated in its files that Shehu, and his associates, "purchased property using illegally acquired funds and forging ownership documents by creating fake property titles or artificially enlarging properties." The properties were transferred or traded so that they could not be easily traced by authorities. A spokesperson from Sazan Real Estate said: "We still believe that the land acquisitions in question were done lawfully and according to applicable procedures." We will always respect any legal process and cooperate as needed. The spokesperson did not respond to my question about why Shehu's land acquisitions are legal, despite the allegations made by the prosecutors. Shehu’s lawyer Cakrani told Shehu that Shehu’s family owned the land from the Ottoman Empire, more than 100 year ago, and had sold it lawfully to the investors. Cakrani described Shehu, a good citizen who sought asylum in the United States after "criminal groups" had killed his brother in front of him in 1998. This account could not be independently verified. Reporting by Fatos bytyci, Edward McAllister, Timour Azhari in Dubai, Amina lsmail in Brussels, and Andrew Goudsward, Washington. Writing by Edward McAllister, Editing by Peter Graff.
Australia's Regis gives up on Vault battle and Genesis' $3.9billion offer
On Monday, Australia's Regis Resources said it would not match an offer from a rival to purchase Vault Minerals. This cleared the way for Genesis Minerals A$5.6 Billion ($3.88 Billion) bid.
The recent surge in gold prices has led to a consolidation of mid-tier mines.
Genesis' offer, which Vault considered superior last week was at a premium of 15.7% to Vault's close price when the offer was made. It also came in nearly 6% higher than Regis' bid for all stock from May.
Genesis-Vault would become one of the largest gold producers in Australia with a combined market value of A$12.6billion and a production capacity?of up 700,000 ounces per year.
Vault shares are up nearly 8% from the time Regis made its offer.
On Monday, the ASX 200 index was barely changed. The company's shares reversed their early losses and rose as much as 0.8%. Regis stock traded flat.
Vault said in a separate filing on the exchange that it intended to end the Regis program and enter into an?agreement definitive with Genesis regarding its offer.
The company's board of directors concluded that the terms required to match Genesis Proposal did not "meet" the value and return thresholds it applies to every?growth opportunity,? the statement said.
Regis has said that the termination of the program will result in the payment of a break-fee of around A$50.7million to the company.
Genesis has also confirmed that the terms of their proposal for Vault remain unchanged and are still open to acceptance until the Regis scheme is terminated. Its'shares' were up as much a?3% to A$5.84 and were among the top gainers in the benchmark index. $1 = 1.4420 Australian Dollars (Reporting and editing by Sam Holmes, SonaliPaul, Ronojoy Mazumdar).
(source: Reuters)