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Sources: RPT-Iran explores oil sales to Japan; buyers want longer sanctions waivers
Iran has started talks with Japanese firms under a U.S. sanction waiver that allows?it resume oil sales. However, prospective buyers are?seeking longer waivers and reassurances regarding ship safety. The waiver was part of the 60-day talks between Washington and Tehran, and it expires on August 21. Two Iranian sources declined to identify themselves due to the sensitive nature of the matter. They said that three Japanese buyers are considering possible crude oil purchases in Iran. This would be their first purchase since 2019. A Western industry source with knowledge of the situation said that Japanese and Iranian officials were initially in talks about oil sales. Unknown to him was any such issue. An official from Japan's Ministry of Economy, Trade and Industry, which oversees the fuel supply infrastructure, confirmed that he had no knowledge of it. The U.S. Treasury and Japan's Foreign Ministry did not respond immediately to comments. Japan, South Korea and European countries stopped purchasing Iranian oil after U.S. sanctions were tightened in 2018 following President Donald Trump’s withdrawal from the Iran nuclear agreement. China is Iran's largest buyer in recent times. HORMUZ RISKS A separate METI official said in June that any Japanese purchases would be the responsibility of private companies. However, it was not clear whether such deals could proceed due to shipping times and current contracts. Officials added that the safety of all tanker trips would have to be guaranteed. According to a senior Iranian official, any agreement would require that the U.S. extend its current waiver due to the time it takes for shipping between Japan and Iran. Officials added that cargos will be loaded on Iran's Kharg Island using?Japanese operated tankers. An Iranian senior oil ministry official said that Iran's national company NIOC has approached its traditional customers, including Japan, and asked them to resume purchasing if a deal is concluded and sanctions are lifted. The Iranian oil ministry has not responded to a?request for comment. It is far from certain that the Strait of Hormuz will be safe for ships to pass through once a permanent peace agreement between Washington and Tehran is signed. Last week, Iranian forces attacked a container ship in the Strait of Hormuz. The?elite Revolutionary Guards of Iran have stated that all transits of the strait must be cleared first with them. According to the U.N. shipping agency, there are an estimated 80 floating mines in the central part the waterway. A senior official with a major Japanese oil refining company said that securing insurance would be the greatest challenge. Trade sources and analysts said that the current temporary U.S. sanction waiver is unlikely to attract orders from Asian refiners with large inventories, which leaves independent Chinese refineries, as the primary buyer.
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EasyJet's journey from launch to takeover:
The announcement?on Sunday of a PS5,50 billion ($7.34billion) deal by U.S. investment company Castlelake to acquire British budget airline easyJet would be a new chapter for the carrier's 31-year history. Here's an overview of the?major milestones in?easyJet history: Stelios Ioannou, founder of the company, launches low-cost flights from London Luton Airport in Scotland to Glasgow and Edinburgh. 2002 Acquisition of rival Go Fly. Acquisition of rival GB Airways. 2011 - 2013 Modernising fleet with 135 Airbus aircraft. 2020 COVID-19? Forces 4,500 job reductions and fleet shrinkage. Rejects Wizz Air's takeover offer and raises $1.7 Billion from existing shareholders February - March 2020 EasyJet warns that fuel shortages and higher fares are caused by the Iran conflict. May 29, 2026 Castlelake, a Minneapolis-based aviation investment firm, has revealed that it is "considering" an offer to buy EasyJet. June 12, 2026 Castlelake?privately?submits a takeover proposal of PS5.60 per share. June 16, 2026 EasyJet rejects Castlelake’s bid June 17, 2026 Castlelake is back with a PS6.00 per share private bid. June 20, 2026 EasyJet's board rejects Castlelake’s second proposal. This prompts it to raise its private offer to PS6.25 per share. June 21, 2026 EasyJet's third proposal is rejected by Castlelake, which EasyJet calls "cheap". June 22, 2026 Castlelake makes its PS6.25 per share offer public and claims that the structure will satisfy EU?majority ownership regulations. June 23, 2026 Castlelake submits a private fourth offer of PS6.50 per share, easyJet revealed later. June 25, 2026 EasyJet has said that it rejected the bid, but is willing to share some internal data with Castlelake if they can get a better bid. The deadline is July 5. July 5, 2026 EasyJet, Castlelake and Castlelake announced a deal in principle for PS6.90 per share. This would value the airline at PS5.5 Billion on a fully-diluted basis. $1 = 0.7490 pounds (reporting by Neeshita B. and Nithyashree B. in Bengaluru; additional reporting by Bipasha D.; editing by Rashmi. Aich. and Cynthia Osterman.)
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Wall St Week Ahead: Investors watch for Fed clues and earnings signs, as tech wobbles
Investors will be looking for clues this week about the?likelihood of imminent interest-rate increases and the early signs of an important earnings season to gauge the strength of U.S. stocks'?rally. This week, the second half of the year 2026 began'much like the first half did' with the rocky performance of "heavyweight" technology shares affecting major indexes. The minutes of the Federal Reserve's last month's meeting as well as earnings reports from Delta Air Lines, PepsiCo and other companies could be new indicators for a market that has been shaky in recent weeks due to its tech-fueled rally. The market has seen gains over the last few months thanks to tech shares, and in particular semiconductors. The benchmark S&P 500 rose 14.9% during the second quarter, which ended on Tuesday. This was its best quarter since 2019. In recent months, this group has seen a dramatic swing, with steep drops to end the week. Over the last month, other sectors such as financial, industrial, and healthcare stocks have done well, giving investors hope of a healthy market rotation that will lead to broader gains. Joe Mazzola is the head trading and derivatives strategist at Charles Schwab. He said, "I'll be watching that over the next few weeks to see if or not this broadening continues." If you start to see a prolonged pullback of some technology winners, will that mean the market is going backwards? INVESTORS SEEK RATES CLUES FROM FED MINUTES. The outlook for interest rate?has changed from expectations of equity-friendly rates cuts at the beginning of the year to projections for hikes in the next months. These expectations of rate hikes were slightly reduced on Thursday after a less-than-expected job report. Following the Federal Reserve's meeting last month, which was led for the first time by Kevin Warsh as chairperson, hawkish bets were on the rise. He said the Fed would be focused on price stability and inflation that is above its 2% target. The minutes of that meeting are expected to be released on Wednesday. Warsh warned that the Fed would not be able to control the markets and had ceased providing any guidance as to what it might do in the short term. This could make the minutes of future Fed meetings more significant. Matthew Miskin is the co-chief investment strategy at Manulife John Hancock Investments. Investors and markets will be asking: what is the new Fed Chairman and the updated (Fed Policymaking Body) looking for in order to determine where rates are headed from here? Investors said that a key issue was how Fed policymakers viewed the inflationary impact energy prices. Energy prices had been declining since the spikes caused by the Iran war. The extent of the divisions among Fed officials is another important topic. Bonds can be more attractive to investors than stocks if interest rates rise. This is because higher interest rates increase borrowing costs for both consumers and businesses. LSEG data showed that Fed fund futures at the end of Thursday indicated roughly equal odds that?the Central Bank would raise rates before its September meeting. The Labor Department's data on Thursday showed that U.S. employment growth was slowed dramatically in June. This helped to calm some fears of a rate hike. "If the Fed becomes more restrictive and begins a tightening process, this is a risk for the market and valuations", said James Ragan. He is co-CIO at D.A. Davidson. "I think it's important to get more information about what the Fed is thinking." SEASONAL PIVOTAL EARNINGS The release of services and manufacturing activity could clarify the inflation trend in a week with relatively few economic data releases. In recent months, stocks have recovered from the declines caused by the U.S./Israeli conflict over Iran. The S&P 500 has risen more than 9% since 2026 while the Nasdaq Composite, which is heavily tech-oriented, has risen 11%. The market's rise was fueled by the surprising strength of first-quarter corporate earnings. This has raised the bar as the second-quarter report season heats up this month. Next week, two early reports will be released: Delta and the snack and beverage manufacturer PepsiCo. Both offer different perspectives regarding consumer spending trends. According to LSEG, IBES, the S&P 500 is expected to grow earnings in the second quarter by over 24%. Keith Lerner is the chief investment officer of Truist Advisory Services. He said that if the north star is earnings, then the most important thing to do for earnings season is to confirm the earnings trajectory this year, and ensure the upward momentum will continue into next year. (Reporting and editing by Michelle Price, David Gregorio and Lewis Krauskopf)
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As the far-right AfD aims for power, thousands of protesters in Germany are taking to the streets.
On Saturday, thousands of protesters blocked the roads leading to the annual conference of Germany's far right AfD in the eastern city?Erfurt. The party was re-electing the two leaders who had overseen the rise of the party as a national force. AfD’s two-day AfD conference was preceded by a large number of protesters, including unionists, civil societies and left-wing groups. AfD is Alternative for Germany. Protesters, surrounded by riot police wearing riot gear and seated in rows, blocked highways and roads that led to the convention center where the meeting was being held. Around 15,000 demonstrators were estimated by police to have taken part in the demonstrations around and within the eastern city. AfD re-elected Alice Weidel, Tino Chrupalla as party leaders. Under their leadership the AfD is now leading the national opinion polls over the conservatives of Chancellor Friedrich Merz. Opening speeches ridiculed and lambasted protesters as antidemocratic. The opening speeches mocked and lambasted the protesters as anti-democratic. Weidel stated, "This is our last chance to save this country." "More people want to join us in our fight against Germany's declining, the?fight for fatherland and our identity." Minutes before the AfD convention began, the AfD social media stream played a song entitled "Send them Back" to highlight the party's hardline on immigration. Vintage-style cards with slogans like "YOU WILL BE DEPORTED" were sold inside the convention centre. Bjoern Höecke, a controversial and radical leader of the SPD, offered a mixture of nostalgia and invective. He even pointed to the state of Germany’s motorway restrooms as an indication of societal malaise. "A great Germany would be a country where you don't have to worry about taking an evening stroll through the park. "A great Germany is one where apartment keys are left on the door of the building," he said. Leading in the Polls The conference comes ?ahead of elections in the eastern states of Saxony-Anhalt and Mecklenburg-Vorpommern that the AfD hopes will help pave the way for success at national level, a prospect that has alarmed its opponents. "We simply will not tolerate this, that fascism in Germany is on the increase," Georg Becker said, a spokeswoman for Widersetzen (Resist), an umbrella anti-AfD group that was behind?the Erfurt demonstrations. The AfD was formed more than a decade ago. It has used a mixture of nationalist language, called for stricter immigration policies, and appealed to voters who are frustrated by successive governments, and years of economic stagnation. Weidel stated that criminals and illegal immigrants have no place in Germany anymore. "We will deport these people firmly, because Germany deserves better." The AfD is accused by its opponents of promoting "racist policies" and attitudes that are incompatible with Germany’s democratic values. They also claim it threatens the constitutional order of the country. The mainstream parties have refused to work together, as part of a "firewall" policy designed to keep the AfD out of coalition government. AfD leaders have denied?opposing Germany’s democratic foundations. Earlier this year, they won a court order?ordering that the domestic intelligence service suspend its previous classification as an "extremist" party. Recent polls show that AfD supporters are as high as 29 percent, compared to Merz's conservative CDU/CSU. The former communist east is where the strongest support for the party system comes from. Surveys show that voters are most disillusioned with it. (Writing and reporting by James Mackenzie, Matthias Williams and Susanne Neumayer Remter; editing by Mark Potter).
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Authorities say that a major drone attack on the St Petersburg oil terminal and port was carried out by Ukraine.
Authorities in St Petersburg, Russia's second largest city and the surrounding Leningrad area said on Saturday that a major Ukrainian drone strike overnight had hit a local oil pipeline and port. Alexander Beglov, the Governor of St Petersburg, said that the city with a population of 6,000,000 had been subjected to a "large scale" drone attack. The city's oil storage terminal was also hit. He stated that there were no injuries and the aftermath had been handled. Alexander Drozdenko, Governor of the Leningrad Region, said that drones struck the port of Vysotsk on the Gulf of Finland. The port is located about 170 kilometers (105 miles), northwest of St Petersburg. The port is used to handle oil, grain and coal, as well as liquefied gas. Drozdenko stated that 72 drones were shot down in the Leningrad area. Ukraine has intensified its strikes against Russian energy infrastructure this year, leading to fuel shortages across parts of Russia. St Petersburg is about 900km (560miles) from Ukrainian-held territory.?Kyiv drones have occasionally attacked St Petersburg. The city's oil-terminal and a moored ship were among the targets during the St?Petersburg International Economic Forum held in June. The governor of Pskov Region, south?of St Petersburg said that more than 30 'drones were shot down overnight. He reported minor injuries and damage, including to the factory in Velikiye-Luki. Reporting by. Felix Light is the author. Mark Potter (editing by Felix Light)
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Yemen's Houthis warn Saudi Arabia of their targets in response to Iran's flight to Sanaa
Yemen's Houthis claimed on Friday that their forces had engaged Saudi "warplanes", which they claimed 'attempted to stop an Iranian civilian aircraft from landing at Sanaa International Airport', according to the military spokesperson for the group Yahya Saarea. Sarea, an Iran-aligned group, warned they would "target Saudi airports and vital interest on land and sea" if Saudi Arabia continued to violate Yemeni airspace. He added that flights between Sanaa, Iran and Tehran would continue despite "possible consequences". Al Masirah TV, a Houthi-run channel, reported on Friday that an Iranian plane landed in Sanaa to fly the group's delegation to Tehran for the funeral of Iran’s late Supreme leader Ayatollah Ali Khamenei. Other passengers included more than 200 patients. Saudi Arabia led the military coalition which intervened in Yemen after the Iran-aligned Houthis took over the capital Sanaa in 2015. The Saudi-led coalition claimed early on Saturday that the Houthis' statements against the Kingdom were an attempt to "divert the attention" away from the group's "violations". It warned it would react firmly with "unprecedented force" against any attempts to attack the kingdom or violate Yemen's sovereignty. The Houthis demonstrated their missile and drone capabilities in Yemen's?war by attacking Saudi Arabia, targeting oil installations and critical infrastructure. Reporting by Eman Abohassira, Menna Alaa el-Din and Editing by Louise Heavens Philippa Fletcher David Gregorio
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Heatwave disrupts Fourth of Jule events in eastern US
The Fourth of July festivities were disrupted by a 'dangerous heatwave' that swept across large swathes of the central and eastern U.S. The Great American State Fair, which was a major event in President Donald Trump's celebration of the 250th anniversary of the United States, was also affected by the heat. The Great American State Fair was temporarily closed Friday afternoon as temperatures reached 101° Fahrenheit (38° Celsius). The organizers said that they expect the fair to reopen by?5 pm, with modifications such as cooling tents and spritzing stations. The emergence of the "heat dome," a system of high pressure that traps hot air over a large area, caused record-breaking temperatures to spread from the Midwest to the east of the U.S. earlier this week. More than 185 million people, or more than half of the U.S. population, were under heat alerts on Friday. National Weather Service reported that on Friday there were heat alerts for over 185 million people, more than half of the?U.S. In some parts of the nation, heat indexes can reach up to 115 F (46 C). Forecasters and government officials warned that this heat wave could be deadly. The government urged Americans to be hydrated and seek shade when attending public events and gatherings during the Fourth of Independence weekend. There were cancellations of events along the Eastern Seaboard during the Fourth of July weekend. This is when Americans usually 'gather to barbecues, parades, and fireworks displays in celebration of the 1776 Declaration?of?Independence. The Salute to Independence Parade in?Philadelphia was canceled due to extreme heat. The decision was made after temperatures reached 103 F in Philadelphia on Thursday. This tied a record set back in 1901. Heat-related disruptions were also felt in other parts of the region. Haddon Township in New Jersey canceled its annual Fourth of July parade. Watertown, upstate New York, cancelled its Independence Day concert. Boston officials have delayed the entrance to an annual riverside celebration of fireworks by four hours. The event was originally scheduled to begin at noon, but now it will start at 4 p.m. Reporting by Ahmed Aboulenein, Washington; Nathan Layne, New York. Editing by Mark Porter and David Gregorio.
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Heatwave disrupts Fourth of Jule events in eastern US
The Fourth of July celebrations were ruined by a 'dangerous heatwave' that swept through much of central and eastern U.S. On Friday, the heat wave forced officials to cancel or postpone dozens parades, concerts, and fireworks displays in celebration of the 250th anniversary of America. The Great American State Fair, a centerpiece event of President Donald Trump's efforts to celebrate the 250th anniversary of the United States of America on the National Mall of Washington was temporarily closed on Friday afternoon due to temperatures of 101 degrees Fahrenheit. Organisers have said that it is expected to reopen, weather permitting, at?5 pm, with modifications such as cooling tents and misting station. The National Weather Service reported that record-breaking temperatures reached the east coast of the United States from the Midwest this week. Over 185 million people received heat alerts for Friday. In many areas, peak heat indexes could reach?up to 115 degrees Fahrenheit. Forecasters and government officials warned that the heat wave was potentially deadly. They urged Americans to celebrate the Fourth of July outdoors, stay hydrated and seek shade, and be on guard for signs of heat illness. At least seven states have reported event cancellations, including a "major Independence Day Parade" in Philadelphia, as well as "events" in Maryland's Takoma Park, and Loudoun County in Virginia. Ahmed Aboulenein reported from Washington, Nathan Layne from New York and Mark Porter edited the story.
How airlines have hedged themselves against fuel price rises
The Iran war has led to higher oil prices, and this is affecting jet fuel prices. This accounts for a large portion of airline costs.
Brent crude oil jumped above $80 a barrel on Tuesday amid concerns about?supply disruption.
Futures and options are used by some airlines to hedge against increases in price. Some airlines also hedge against changes in the value of the U.S. Dollar, which is used to price jet fuel.
Here is a list of some of the largest airlines in the world.
AIR FRANCE-KLM:
In 'February, the Franco-Dutch group announced that it had increased its total exposure to fuel consumption over a year to 87%. The group said that it had 'extended its hedging horizon from six quarters to eight and increased the hedging percentages.
AIR NEW ZEALAND
New Zealand's national carrier announced in February that it would hedge 83% of its fuel costs for the second half year of its financial period and 46% of its fuel costs for the first six months of the year up to 2027.
The majority of the hedges are in Brent Crude with some opportunistic Singapore Jet Swaps expected in second half of the year.
CATHAY:
Hong Kong's flagship airline said last year that it would hedge fuel costs into the second half of 2027. This will cover around 30% of the cost until the second half of 2026.
CHINA EASTERN:
State-owned airline says it has made careful assessments on derivatives market conditions, and did not engage in any jet fuel hedging transaction during the first half 2025. It had no jet fuel hedging contract outstanding as of 30 June 2025.
EASYJET:
In January, the British budget airline announced that it had hedged 84 percent of its fuel needs in the first six months of 2026. It also said that 62% of the fuel needed for the second half and 43 percent for the first six months of 2027 were covered at a cost of $688, $715 and $671, respectively, per metric tonne.
It has 80 percent of the money it needs for the first six months of the year at $1.30 a pound. The second half is 62% at $1.24 a pound. And the first six months of 2027 are 40% at $1.32 pound.
FINNAIR:
In December, the Finnish carrier revised its risk management policies to increase the hedging period to 24 months from 18 previously.
The company has purchased 219 tons at an average cost of $718 per ton for the first quarter and 834 tons at an average cost of $697 per ton through the second quarter.
The hedging rate is set at 70%-95% for the initial three months and then lower limits are set for the following quarters.
British Airways and Iberia's owner said that in February, fuel and currency hedges were down 9% by 2025 as compared to the year before.
It stated that its policy included hedging up to 75% near-term expectations near-term and up to 80% in the case of low-cost carriers.
ICELANDAIR:
Icelandic airline said it would hedge fuel consumption between 20% and 50 percent six months in advance, 0% to 40 percent seven to twelve months ahead and 0-20% for 13-18 months.
It stated that a 10% rise in fuel prices could have a $11.6 million impact on its equity.
LUFTHANSA:
Last year, the German airline said that its fuel hedging horizon is up to 24 month. The German carrier said that its fuel hedging ended in 2024 covered approximately 76% of the forecasted 2025 fuel requirements and about 28% for the forecasted 2026 requirements.
NORWEGIAN AIR
In February, the Norwegian airline said it had hedged approximately 45% of its estimated jet fuel consumption in 2026 and roughly?25% in 2027.
QANTAS:
In February, the Australian airline reported that 81% of fuel for its second half-year financial year ending June 30 2026 was hedged.
RYANAIR:
Michael O'Leary, the Irish carrier's CEO, said that the company was 84% hedged for the current quarter at $77 per barrel and had hedged about 80% of its jet fuel needs at around $67 per barrel.
Last year, the largest Scandinavian airline announced that due to unpredictability in the market, it temporarily changed its fuel hedging policies and had zero percent of its fuel consumption covered for the next 12 months.
Hedging is allowed up to 50% for the next six months. The company has a hedging policy that targets between 40 and 80% of the anticipated volumes in the coming year.
SINGAPORE:
In November, the company announced that it would hedge fuel for a period of up to five-years. 49% of fuel was covered in the third quarter of December, and 47% of fuel in the fourth quarter of March. This will reduce to 24% of fuel in the second half to 2027, and 7% of fuel in subsequent years.
The company said that it paid between $66-$69 per barrel for Brent hedged and between $79-$87 per barrel for MOPS.
VIRGIN AUSTRALIAN:
In February, the Australian airline announced that it would hedge 85% of fuel costs and 94% for foreign exchange in its second half-year financial year.
WIZZ Air:
Hungarian budget airline said it would hedge 83% of its jet fuel needs for the period up to March 2026, at a cost between $681 and $749 per metric tonnes.
It stated that it would cover 55% of the total year up to 2027, and 7% of the total year up to 2028 at prices of $650 to $716 per metric ton and $628 to $694 per metric ton, respectively. (Reporting and editing by Matt Scuffham; Alessandro Parodi)
(source: Reuters)