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Sources say that the lower freight rates for Urals shipments from Russia to India are due to increased tanker availability.
According to three sources, the freight rates for tanker shipments from western ports of Russia's Urals crude to India have fallen in July compared to last month. This is because increased vessel availability and the summer season eased pressure on the market. The lower transportation costs are a relief for Russian oil exporters whose margins were under pressure due to the wider discounts on Urals crude, as a result of weak demand in Asia. Sources claim that the cost to ship a cargo of 100,000 metric tonnes of Aframax from the Baltic port of Primorsk, in the Baltic Sea, to India, has dropped from $10 million to $12 million. Sources said that the freight rates for Suezmax tanks carrying 140,000 tons of crude oil from the Black Sea port of Novorossiisk in India to India has dropped to $10 million, down from $15 million last month. The decline in the market was attributed to a weaker seasonal demand, and increased availability of vessels following the tightening of freight markets earlier this year. In recent days, the United States and Iran resumed their attacks, re-igniting fears over shipping through the Strait of Hormuz. This is a major route for oil exports around the world. After the U.S. - Iran conflict broke out in spring, the disruption of traffic through the Strait caused a sharp rise in tanker prices worldwide. This also increased the transportation costs for Russian crude oil suppliers. Traders say freight rates may rise again if the Strait of Hormuz is interrupted once more. Russia's oil production is nearing record levels. This will support the demand for tankers, and could increase freight rates. (Reporting and Editing by Louise Heavens).
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Spanish wildfire victims burnt in cars after roads became death traps
Residents in rural Andalusian towns around Los Gallardos, southern Spain chose to flee as?flames approached and smoke filled the air. Some paid with their lives for this decision. Residents had to decide whether they wanted to take a chance by leaving or stay and shelter in place. Authorities advised some residents to evacuate above Los Gallardos and indicated a safe route. Later, it was deemed safer for those living in the densely forested Bedar hamlet to remain where they were due the proximity of the fire. Antonio Sanz said that in situations such as this, everyone must follow the route indicated. "Unfortunately, in this case a decision was made to use another route which wasn't recommended for evacuation. Finding another route out through a dry riverbed proved to be a trap. As the flames approached Antonio?Rubio a handyman from Bedar said that the smoke made it impossible for him to stay in one place. We left the house at 5 pm on Thursday afternoon. "The fire did not reach my home - it stopped just before it, but we could see so much smoke even though the flames were some distance away. We had to leave," said he. "We left of our own free will." In one of Spain's most deadly wildfires, 12 people have been confirmed dead and 23 still missing. Sanz stated that four people who he described as 'British' because the steering wheel was on the right, died in a vehicle. Seven other people were found dead in their vehicles after they had abandoned them to run away on foot. He added that "the village of Bedar was not affected by flames in many cases, so the order to shelter-in-place avoided a more severe situation." Fire Blocks Roads Sonia, an unidentified Spanish woman who lives in Los Gallardos, told reporters that she took in relatives after authorities ordered them to evacuate by 7 pm (1700 GMT). She stated that they were told to take a route up the mountain and then return back down the coast. She said, "There are many homes in the mountains in the middle countryside. People would choose any road they could." The road between Bedar and Los Gallardos is blocked because the fire has crossed it. As authorities searched the globe for missing persons, worried relatives posted messages on local forums and social media. A woman from the United States sent a message to local emergency services, saying that her brother was among 10 people who attempted to escape by escaping through a valley near a stream. She shared the coordinates with the emergency services and asked them to look for him. Regional President Juanma Moreno said that the urge to run was understandable. "Many people run away when they see a fire. They think they are familiar with the routes, but without the right information, they can easily become a trap. Angel Collado, Bedar mayor, said that many of the affected residents were foreigners. They are British and Belgian residents. I've even officiated at some of their marriages. He told reporters on the scene that he felt sadness and pain. Reporting by Corina Poons and Aislinn laing, writing by Aislinn laing; editing by Sharon Singleton
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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 rival supplies.
Iranian oil at sea is rising as Tehran increased exports after the interim peace deal with the United States. However, sales are slow because China's independent refining companies have turned to cheaper crudes from Iraq, UAE, and Qatar. As shipments from Asia arrive, the return of U.S. sanctioned this week could leave?Tehran with a surplus of cargoes that are looking for buyers. According to traders, in recent weeks independent Chinese'refiners' based 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. A trader with knowledge of the purchases said that privately-owned refiner Shenghong Petrochemical purchased 12 million barrels each of Iraqi crude, Saudi crude and?Abu Dhabi crude. After the Strait of Hormuz reopened in late June, rival Middle Eastern producers? rushed to resume their exports. The rush of non Iranian shipments was sold by European traders like?Mercuria, Vitol and state-majors such as PetroChina International, Zhenhua Oil and Gulf producer Abu Dhabi National Oil Co at discounts between $5 and $8 per barrel compared to ICE Brent. Deliveries were in August – September. According to traders who deal with?teapots and Iranian Light crude, the discounts were not much different at $2-$3 a barrelle compared to ICE Brent. Two traders described the sellers as "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 recorded an estimated 34.5 millions barrels of Iranian crude that transited the Strait of Hormuz from June 14 to July 10 on 21 tankers. 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 is?an increase of 20% over January 2026. According to UANI, this number fell to 35,7?million barges in March. This is an average of 1,136?million bars per day. UANI analysis shows that since the ceasefire agreement announced on June 14, 52 tankers with Iranian crude oil and petrochemicals have been sailing, containing approximately 62,000,000 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 in anticipation of a possible imminent return of the US Navy blockade. 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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US proposes deal with Keystone Pipeline owner regarding 2022 Kansas rupture
The U.S. Justice Department announced on Friday that it had filed a proposal settlement with the owner and operator of a 'Keystone' oil pipeline in order to resolve violations under the Clean Water Act relating to a rupture expected to occur in Kansas by 2022. Keystone is an important part of Canada's network for oil export, shipping Canadian crude from Alberta through the U.S. Midwest to the Gulf Coast. The pipeline ruptured in December 2022 and spilled 14,000 barrels into a stream in Washington County, Kansas. This was the largest U.S. oil spill in nine years. The pipeline ruptured because of a crack that developed in the weld. This was exacerbated by "fatigue" caused by pressure and temperature. According to the US Justice Department, South Bow, Canada's pipeline owner and operator, has agreed to pay more than $26million in civil penalties and to complete the work necessary to prevent similar releases. The company estimates that the cost of the work will be $40 million. The department also announced that South Bow had agreed to provide over $3 million in Kansas for natural resource restoration projects to correct violations of Kansas laws. Reporting by Bhargavacharya and Katharine Jackson, Editing by Doinachiacu and David Ljunggren
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Wall St. to open with mixed crowds ahead of SK Hynix's listing; Middle East is in focus
Wall Street indexes opened mixed on Friday as investors awaited SK Hynix's highly anticipated Nasdaq debut. Meanwhile, the newest escalations in the Middle East conflict sparked inflation fears. Chipmakers' gains fueled the main U.S. indices to close higher during the previous session. The S&P 500, Nasdaq, and Dow were all on track to gain weekly gains as of Thursday's closing. The AI trade was also back on the agenda ahead of SK Hynix listing in the U.S. on Friday. This is the largest share offering in history, after SpaceX?s IPO record-breaking last month. Memory-chip maker, Samsung, raised $26.5 billion by selling American Depositary Receipts at $149 each on Thursday. We've heard it's (SK Hynix), oversubscribed, and people want the stock. I don't believe it will be a catastrophe or cause negative?volatility. In fact, once the trading begins, it may even boost the entire chip industry as we head into the weekend," said Kathleen Brooks at XTB, the research director. The AI rally this year has been fueled by the expectation of large investments in data centers and AI infrastructure. Recent volatility in the sector has been attributed to concerns about 'over-inflated valuations' and profit-taking. Semiconductor shares were under pressure during premarket trading. Intel fell about 2.6%. Micron Technology, a maker of memory-chips, eased by 1.3% following a 4.5% gain in the previous trading session. At 8:28 a.m. The Dow E-minis rose 104 points or 0.2% and the S&P E-minis fell 1 point or 0.01%. Nasdaq E-minis fell 84.25, or 0.28 percent. Investors were also on edge due to geopolitical risk after the Iranian military launched an attack on U.S. infrastructure in Gulf states, on Thursday. This followed U.S. attacks on Iran's eastern and southern provinces. The latest escalation has rekindled concerns about inflationary effects of the war. John Williams, the president of the New York Federal Reserve, said that he didn't expect Middle East hostilities to cause an increase in energy prices throughout the year. The Federal Reserve will be able to gain new insight next week from the June inflation data, and Fed Chairman Kevin?Warsh has also been scheduled to testify in front of the House Committee on Financial Services. According to LSEG, the markets are pricing in at least a 25-basis point rate increase by 2026. Delta Air Lines fell 0.5% in volatile trading, despite forecasting a third-quarter profit that was above expectations. Stocks related to bitcoin have risen, following the gains made by this cryptocurrency. Strategy increased by 5.4% while Coinbase, Riot Platforms, and Riot Platforms all added 4.9% and 2.2% respectively. Next week, earnings are expected to pick up. According to LSEG data, analysts expect S&P 500 earnings will rise by 24% compared to a year ago, with technology companies leading the way. (Reporting by Ragini Mathur and Avinash P in Bengaluru; Editing by Pooja Desai and Shinjini Ganguli)
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UN document: Countries must reject Iran's efforts to control Hormuz
The U.N. Shipping Agency's governing board agreed that countries should reject Iran's efforts to impose sovereignty over the Strait of Hormuz, and Tehran's unilateral decision to create an agency to control traffic in the waterway. This week, the U.S. and Iran engaged in hostilities, which included U.S. airstrikes triggered by Washington's accusation that Tehran was responsible for attacks on ships. The attacks have renewed concerns over the recovery of oil supplies and shipping worldwide, and they have highlighted the fragility in an interim truce that was supposed to end a conflict lasting more than four months while the U.S. negotiated a permanent agreement with Iran. The International Maritime Organization, based in London, is the U.N. body responsible for regulating international shipping safety and security and preventing pollution. It has 176 members. The 40 members of the governing council discussed this week how to protect vital shipping routes. Gulf countries, United States and Iran clashed on the future of the Strait. IMO COUNCIL: NO RECOGNITION of IRAN's?Sovereignty Claim, According to the text a non-binding resolution reached, the IMO Council "strongly condemn" Iran's "establishment of an entity purporting control traffic through strait." In its decision, the Council called on member states to not recognize "Iran's claim of sovereign authority over the Strait of Hormuz and its assertions of maritime zones of strait states, which violated the sovereignty, sovereignty rights, and exclusive jurisdiction of those states", and to not recognize any Iranian actions aimed at "closing international navigation or interfering in transit passages". The newly created Persian Gulf Strait Authority in Iran stated that, "no vessel is allowed to pass through this waterway without a valid permit issued by the authority". Iran, which doesn't have a seat in the?Council told IMO delegates that it rejects "selective, politically motivated, and legally unfounded?allegations? made against it. Iran is not a signatory to the UNCLOS convention on international maritime law and "is not bound by the treaty based regime", said its IMO delegation. "The measures taken by Iran are intended to maintain maritime safety and security. They will prevent the support or assistance of acts of aggression. They will safeguard Iran's vital security interests and its sovereignty. And they will ensure that navigation is safe and non-threatening. Tehran's delegation stated that these measures did not amount to a closure of the Strait. (Reporting and editing by Sharon Singleton; Jonathan Saul)
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Polish air traffic control funding frozen over COVID vaccine decision
It was announced 'on Friday that the organisation in Poland responsible for air traffic control could lose airline fees amounting to more than 80% of their income as a result of a Belgian Court ruling on a case brought against Poland by U.S. pharmaceutical company?Pfizer over payment for COVID-19 vaccinations. The European Organisation for the Safety of Air Navigation in Brussels (Eurocontrol), informed the Polish Air Navigation Services Agency that it was owed money from airline fees. This is due to the April ruling. PANSA stated that it was preparing an official objection as the case was not related to its operations. However, PANSA was also taking steps to ensure financial resources to continue operations. The court ordered that Poland and Romania receive COVID-19 vaccines worth EUR1.9 billion ($2.2billion) made by Pfizer & BioNTech. Poland received EUR1.3 billion alone. Warsaw refused in April 2022 to honor the contract, citing a slowing pandemic and the conflict in Ukraine, as well as possible abuse by Pfizer of its dominant position. PANSA issued a statement saying that Eurocontrol's receipt of an enforcement order means it must withhold funds collected from PANSA for en route fees, both current and future payments, until Pfizer has satisfied its claim or the case has been resolved. Last week, Romanian air traffic controller Romatsa announced that Eurocontrol imposed a?precautionary seizure' on its account. The target was 3.4 billion lei ($743 millions) and recovery costs EUR18.5million. Romatsa, according to the government, will appeal this measure in Belgium. The seizure won't stop its operations. Eurocontrol had no ?comment. The Polish Prime Minister, Donald Tusk blamed the previous government, and said at a press conference that the government wouldn't leave PANSA unaided, but the overall situation was "quite ugli". He said: "Our legal fight is still ongoing, but the danger is evident." The Justice Ministry of Belgium did not respond immediately to an email request for comment. Pfizer stated?in an e-mail that "the Belgian court's judgment reflects on the importance of?contractual responsibilities that supported a successful European response to pandemics" and that it was taking the appropriate legal enforcement steps.
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Philippine Air orders 15 Boeing 787-10s and nine Airbus A350-1000s
Industry sources reported on Friday that PAL is expected to announce its first Boeing purchase in nearly 20 years. These orders will be announced this month at the Farnborough Airshow. The inclusion of the Boeing 787 in the competition will trigger a separate engine race between Britain's Rolls-Royce Aerospace and U.S. giant GE Aerospace. Airbus and Boeing refused to comment on the commercial discussions. Philippine Airlines stated that it was unable to provide any?information regarding potential fleet acquisitions. The airline's president announced at an industry summit in June that it planned to order "new planes" within the next two months. Bloomberg News reported this week that the airline had decided to split its order for 20 planes evenly between Airbus and Boeing. PAL has a wide-body fleet that is a mix of older-generation Airbus 777s, Boeing 777s, and a few of the more recent A350s. The 787-10 is most directly in competition with Airbus's upgraded A330neo. After a global showdown on?tariffs Washington is aiming to reduce its trade deficit, which was nearly $5 billion in 2024. The Philippines has committed to increasing?imports of goods from the United States. PAL, which is expanding due to the country's plans for a new airport, announced last month that it would join the Oneworld Alliance and end its isolation from the major airline groups. (Reporting and editing by David Goodman, Sharon Singleton, Karen Lema)
Wall St. steadies before South Korean chip behemoth SK Hynix debut
Wall Street indexes remained steady on Friday as investors awaited SK Hynix's highly anticipated Nasdaq debut, shifting their focus away from the recent escalation of the Middle East conflict.
The AI market takes centre stage as SK Hynix prepares to list in the U.S.
This offering will be the largest share sale in history after SpaceX's record breaking IPO last week. The chipmaker raised $26.5 billion by selling American Depositary Receipts at $149 each on Thursday.
ADRs of the company are expected to open at $176.01 - about 18% higher than their offer price.
We've heard it's oversubscribed (SK Hynix), and people want the stock. I don't believe it will be a catastrophe or cause negative volatility. In fact, once the market opens, the whole chip sector could be lifted as we'move towards the weekend", said Kathleen Brooks.
The AI rally this year has been fueled by the expectation of heavy spending by hyperscalers. Recent volatility in the semiconductor industry has been attributed to concerns about stretched valuations and profit-taking.
Semiconductor shares were under pressure Friday. Memory-chip maker Micron Technology eased 1.6% after gaining 4.5% the previous session. In choppy trade, the Philadelphia SE Semiconductor Index fell by 0.5%.
Meta Platforms shares grew 6.1%, helping to extend?gains that helped boost the communication services sector by 0.9%. On the S&P500 benchmark, eight out of eleven sectors traded higher.
The S&P 500, Nasdaq and blue-chip Dow were all on course for weekly gains.
At 9:50 a.m. The Dow Jones Industrial Average gained 35.60 points or 0.07% to 52,523.01; the S&P 500 rose 11.18 points or 0.15% to 7,554.82; and the Nasdaq Composite added 13.40 points or 0.05% to 26,220.29.
Investors are on edge because of the geopolitical risks after Iranian forces launched an attack on U.S. military facilities in Gulf states, on Thursday. This follows U.S. attacks on Iran's eastern and southern provinces.
The latest escalation has revived concerns over the inflationary effect of war.
John Williams, the president of the New York Federal Reserve, said that he didn't expect Middle East hostilities would cause energy prices to rise?for?the rest of the year.
The Federal Reserve will be able to gain new insight next week when it releases its June inflation figures. Fed Chairman Kevin Warsh also has a scheduled appearance before the House Committee for Financial Services.
According to LSEG data, markets are pricing at least a 25-basis point rate increase by the end 2026.
Delta Air Lines fell 2.5% even though it forecasted a third-quarter profit that was above expectations.
Stocks related to crypto-currencies have risen in line with bitcoin's gains. Coinbase and Strategy both added 3.1%, while Strategy gained 5%.
Next week, earnings are expected to pick up speed. According to LSEG data, analysts expect S&P500 earnings?to increase 24% compared to a year ago, with technology companies 'driving the growth.
On the NYSE and the Nasdaq, the number of advancers outnumbered the number of decliners in a ratio 1.79 to 1.
The S&P 500, and the Nasdaq Composite, posted no new highs or lows in 52 weeks. (Reporting by Ragini Mathur and Avinash P in Bengaluru; Editing by Pooja Desai and Shinjini Ganguli)
(source: Reuters)