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S&P 500 and Dow fall as tensions between the US and Iran unnerve investors
S&P 500, the blue-chip Dow and the benchmark S&P 500 both fell on Monday. Investors were weighing the heightened concern over the Middle East conflict with the optimism generated by?last weeks earnings. Reports contradicting each other about a U.S. In a volatile start to the week, market sentiment was dampened by conflicting reports about a?U.S. Tehran claimed that it forced a U.S. Warship to return after it tried to enter the Strait of Hormuz. The semi-official Fars News Agency in Iran reported that two missiles hit the warship. However, the United States has denied this report. Investors paused after a good week of earnings to assess the aggressive rhetoric from Washington and Tehran, and the potential for a new escalation. Mark Malek is chief investment officer of Siebert Financial. He said, "I do not believe that the markets are properly pricing in the long-term risk that will come." There are going to be more shoe drops. You'll see it in future profits," he said. He was referring to the increased risk of higher oil prices. Oil prices remain high as the conflict continues to rage. Brent crude futures are now trading at over $110 per barrel, up 2.2% from Monday. The Dow Jones Industrial Average dropped 230.93 or 0.47% to 49,268.34. The S&P 500 fell 6.48 or 0.09% to?7.223.64. And the Nasdaq Composite rose 26.87 or 0.11% to 25,141.31. S&P 500's energy sector led the losses, falling 0.7%. The CBOE Volatility Index (also known as Wall Street’s “fear gauge”) was up 0.57 at 17.56. History has shown that May marks the beginning of a six-month period when stocks are weaker. According to Fidelity data, from 1945 to April 2026 the S&P 500 gained on average about 2% between May and October. This compares to an average gain of 7% from November through April. Adam Turnquist is chief technical strategist for LPL Financial. He said that seasonal patterns are useful in the past, but not always reliable indicators of what's to come. Oil prices falling and tensions in the Middle East easing could continue to support equities. This is especially true if earnings are resilient. Berkshire Hathaway announced on Saturday that it had been a net seller of stocks for 14 consecutive quarters. Conglomerate is often seen as a bellwether for the U.S. Economy. Its insight into market conditions and valuations are closely monitored. GameStop shares fell 2.4%, while eBay's rose 5.5%. The video game retailer announced a plan to purchase eBay for $56 billion. Amazon.com announced on Monday that it would be rolling out "Amazon Supply Chain Services" to allow other businesses access to its logistics network. Norwegian Cruise Lines' shares fell 7.7% after it lowered its forecast for the year due to higher fuel prices. On the NYSE, declining issues outnumbered advancing ones by a ratio of 1.94 to 1 and by a ratio of 1.1 to 1 on the Nasdaq. The S&P 500 recorded 19 new 52-week lows and 13 highs, while Nasdaq Composite registered 74 new highs with 31 new lows. (Reporting and editing by Arun K. Koyyur, Pooja D. Desai and Utkarsh H. Hathi from Bengaluru)
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Sonatrach reduces prices from 2% to 18%. Saudi Aramco keeps LPG OSPs at the same level for May.
Saudi Arabian state oil producer Saudi Aramco has held its official selling prices for liquefied petroleum gas in May, while Algerian Sonatrach cut it by up to 18%, due to a higher global supply. Saudi Aramco’s?OSPs for May were at $750 per metric ton of propane Butane is priced at $800 a ton . Propane and butane, two types of LPG, have?different boiling point. LPG is used primarily as fuel for vehicles, for heating and for other petrochemicals. Sonatrach has reduced its?May OP for propane from $700 to $150 per ton And?for Butane by $20 per ton?to $880 . The OSPs of Saudi 'Aramco are used to reference 'contracts for the supply of LPG from the Middle East into Asia-Pacific. Sonatrach's OSPs are benchmarks for the Mediterranean and Black Sea region including Turkey. Reporting by Mark Potter Mark Potter (Editing by Mark Potter).
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Bessent calls on China to intensify diplomatic efforts in Iran ahead of the Trump-Xi Summit
U.S. Treasury?Secretary Scott Bessent urged China on Monday to step?up diplomatic efforts to convince Iran to open up the Strait?of Hormuz for international shipping. He added?that this subject will?be?discussed?when Donald Trump meets Chinese President Xi Jinping in Beijing next week. Bessent stated during a Fox News Channel live interview that "China should step up and do some diplomacy to get the Iranians open the Strait." Bessent stated that China bought 90% of Iran's electricity, "so?they?are financing the largest state-sponsor of terrorism." He stated that he was encouraging China to "join us" in the international operation to open up the strait. However, he did specify what Beijing should do. He said that China and Russia must stop blocking initiatives being moved through the United Nations. For example, a resolution encouraging measures to protect commercial shipping along the Strait of Hormuz. Bessent stated that Trump and Xi had 'discussed the Iran situation, and will exchange their views in person on this during their May 14-15 Beijing summit. He stressed that both will work to maintain the stability of the U.S. and China relationship established by the trade truce they reached in Busan last October. He said, "We have had great stability within the relationship and that is due to both leaders' great respect for one another." Bessent said that through its blockade of Iranian shipping, the United States is in full control of the Strait of Hormuz and that a new U.S. Navy initiative to guide shipping along the strategic waterway would bring down oil prices. He said that high fuel prices are a temporary aberration and will be over in a few weeks or months. Bessent added that oil prices will fall quickly. David Lawder reported by Susan Heavey, David Lawder wrote by Daphne Psaledakis and Nick Zieminski edited by Hugh Lawson and Nick Zieminski.
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Source: Kazakhstan's oil-and-gas condensate production up 16% from March to April
A source familiar with these data reported that Kazakhstan, which is responsible for more than 2% of the world's oil production, increased oil and gas condensate output by 16% from March to April as major fields ramped up their output. Source: Total production increased to 2,17 million barrels per days in April, from 1,87 million bpd in march. Sources said that the increase was primarily due to the increased output at Tengiz - the 'largest oilfield in the country. Production there jumped by 39%, reaching 973,000 barrels per day. The 'energy ministry and operators in the major fields have not responded to our requests for comments. Tengiz, a Kazakh oil field located near the Caspian Sea, has recovered after a power outage that occurred in January. Tengizchevroil operates the field, which is a joint venture owned by Chevron. Exxon Mobil holds 25%, KazMunayGaz owns 20%, and Russia's Lukoil has 5%. Production at Karachaganak increased by?6% in April, to 256,600 bpd. Source: Excluding the gas?condensate crude oil production rose to 1.93 millions bpd from 1.64 million in March. This is far above Kazakhstan's OPEC+ quota for April of 1.579 millions bpd. Reporting by Mark Potter Mark Potter (Editing by Mark Potter).
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After the crisis, India's Petronet is expecting to receive a full supply of Qatar LNG.
A. K. Singh, the chief executive of India's largest?gas importer Petronet LNG, said that he expects to recieve his full contracted amount from Qatar once the?political situation? in?the Middle East stabilizes. Qatar, India’s largest LNG provider, has signed a contract with Petronet to supply 9-10 cargoes of LNG per month, or 7.5 million tons. In March, however, the?supplies ceased following the?Closure of the Strait of Hormuz. Iran also struck two of Qatar’s 14 LNG trains, forcing it to declare force majeure. Qatar has said that repairs will prevent the production of 12.8 million tonnes per year of LNG from Qatar for three to five more years. Singh stated that Petronet did not receive cargo from trains damaged by attacks. Singh said at a press briefing that he hoped and expected his supplies would not be cut. He added that Qatar had notified the company about force majeure in May deliveries. Petronet is building three new LNG tanks, two in a new import terminal in eastern India and another at the Kochi terminal to the south. Singh also said that they are scouting land to build four more tanks near their Dahej terminal which processes 22.5 million tons per year in western Gujarat.
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Wall St to open mixed as US-Iran tensions unnerve investors
Wall Street's major indexes are on course for a choppy opening on Monday, as 'heightened investor anxiety' over the Middle East conflict has tempered optimism following last week's earnings. Futures were thrown into turmoil at the start of the week following conflicting reports regarding a U.S. Warship near the Strait of Hormuz. Tehran claimed that it forced a U.S. Warship to return after it tried to enter the Strait of Hormuz. The semi-official Fars News Agency in Iran reported that two missiles hit the warship. However, the United States has denied this report. Investors were prompted to pause after a strong earnings run last week as they assessed the aggressive rhetoric from Washington and Tehran, and the risk of a renewed escalation. Mark?Malek is chief investment officer of Siebert Financial. He said: "I do not believe that the markets are properly pricing in the long-term risk that will come." There will be more shoe drops. You'll see it in your future earnings, he said. He was referring to the increased risk of higher oil prices. As oil prices remain high, the conflict has continued to exacerbate the global economy. Brent crude futures are now trading at over $110 per barrel, up 2.5% from Monday. At 8:44 am. At 8:44 a.m. ET, Dow E Minis dropped 131 points or 0.26%. S&P 500 E Minis lost 5.25 point or 0.07%. Nasdaq E Minis gained 31 points or 0.11%. History has shown that May marks the beginning of a six-month period when stocks are weaker. According to Fidelity data, from 1945 until April 2026 the S&P 500 gained on average about 2% between May and October. This compares to an average gain of 7% between November and April. Adam Turnquist is chief technical strategist for LPL Financial. He said that seasonal patterns are useful in the past, but not always reliable indicators of what's to come. Oil prices falling and tensions in the Middle East easing could continue to support equities. This is especially true if earnings are resilient. Berkshire Hathaway announced on Saturday it had been a net seller of stocks for 14 consecutive quarters. Conglomerates are often seen as bellwethers of the U.S. economy. The conglomerate is closely monitored for its insights into valuations and market conditions. GameStop shares fell 3.6%, while eBay's rose 7.3%. This was after the video game retailer announced a plan to buy eBay for $56 billion. After Amazon.com announced on Monday that it would be rolling out "Amazon Supply Chain Services", which will allow other businesses to access its logistics network, shares of FedEx and United Parcel Service dropped 4.5% and 3.3% respectively. Reporting by Niket Nishant and Utkarsh hathi in Bengalur; editing by Arun K. Koyyur, Pooja D. Desai
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JetBlue and Frontier share prices rise as Spirit shares fall to make room for growth
Frontier Airlines shares and JetBlue Airways shares rose in premarket trade on Monday after rival Spirit Airlines closed shop. This fueled hopes that the carriers could capture a?marketshare, control prices and absorb displaced customers. JetBlue's shares rose by about 5% while Frontier's gained 4%. After failing to secure creditor support for the U.S. Government bailout plan, bankrupt 'carrier Spirit' ceased its operations on Saturday, becoming the industry's?first casualty linked to Iran war. Spirit cancelled all flights and started a planned wind-down. This ended a 34-year-old run based on a model with no frills that had lost its appeal as more travelers chose comfort after the pandemic. Its exit would allow rivals to gain market share and ease the price wars that have squeezed the margins of the U.S. airlines, especially in "leisure-heavy" markets like Florida. Cirium, an aviation analytics firm, reported that Spirit had 4119 domestic flights between May 1 and 15 scheduled, offering 809 638 seats. Frontier and JetBlue both pursued Spirit at one time, but Frontier was the first to do so in early 2022 with a cash-and stock merger deal. JetBlue outbid Frontier, and the two companies signed a $3.8 Billion deal. However, in January 2024 a federal judge blocked this tie-up on antitrust grounds. FRONTIER AND JETBLUE MOVE TO THE BENEFIT Frontier, Spirit’s main competitor in the ultra-low cost segment, was already making gains in Spirit’s Florida-based airline’s stronghold markets, as Spirit reduced capacity during its bankruptcy proceeding, picking up price sensitive passengers. JetBlue is also gaining on the overlapping routes, and with travelers who are upgrading from basic flying. Its goal is to make Fort Lauderdale its third major hub following New York John F. Kennedy Airport (JFK) and Boston Logan Airport. Tom Fitzgerald, TD Cowen's analyst, wrote in a note: "We believe that the Blue Sky partnership between United and JetBlue is best positioned over time to capture (Spirit’s) revenue." Fitzgerald said that while Frontier Airlines and Spirit have a similar business model and a similar overlap, the Blue Sky loyalty utility program is more likely to offer 'value for money' in places like Fort Lauderdale, Orlando, and Newark, among other markets. JetBlue acted quickly to offer $99 rescue fares to Spirit passengers stranded at Fort Lauderdale-Hollywood International Airport, Florida. JetBlue also announced plans for an expansion of service in the Spirit hub's largest airport, Fort Lauderdale-Hollywood International Airport, Florida. The airline expects to have nearly 130 daily departures this summer from Fort Lauderdale, which is the largest number of flights in its history. This will be 75% more than 2025.
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The US has pledged to increase shipping through the Strait of Hormuz, but most of it is at a standstill.
On Monday, there were no signs that?increased vessel?traffic through the Strait?of Hormuz had increased. This was a day after?President?Donald Trump announced the U.S.'s intention to begin efforts to increase shipping. MarineTraffic data revealed that only one tanker and a small, sanctioned LPG carrier as well as a few cargo vessels, a cable-laying ship, and a few cargo ships passed through the Gulf of Oman Monday. There were no tankers or commercial vessels in line to transit. German shipping group Hapag-Lloyd stated that transit was impossible for their vessels due to unclear procedures regarding safe passage. U.S. CENTCOM (Central Command) announced that it would help restore freedom of movement through the strait beginning Monday while continuing to blockade iranian ports. BIMCO, a shipping association, said that the industry had not received any information about the U.S. operation or its intentions, and the overall security situation remained unchanged. Jakob Larsen said that it was not yet clear if the Iranian threat against ships could be reduced or eliminated without Iran's consent to allow commercial?ships to safely transit the Strait of Hormuz. BIMCO issues security alerts to the industry. The International Maritime Organization reported that hundreds of commercial vessels, and possibly up to 20,000 mariners, have been unable transit the waterway due to the Iran War. The Joint Maritime Information Center, led by the United States, said that the threat level to maritime security in the strait remained 'critical' and advised mariners on how they could avoid the strait via Omani waters south of traffic separation?scheme. CENTCOM called U.S. missions "defensive", and stated that they would combine military coordination with diplomatic efforts. Iran warned the U.S., while at the same time, Iran. The Navy was told to keep out of the Strait of Hormuz, and commercial vessels were instructed to coordinate their passages with Iran's military. It also released a map showing what it claimed was Iran's?control?area. Pakistan has confirmed that all 22 crew of the Iranian flagged container ship Touska were evacuated to Pakistan by U.S. Forces last month and will be returned home. Pakistan's Foreign Ministry said that the vessel would also be returned to its owners after repairs. It called this a "confidence building measure". The U.S. Navy's blockade of Iranian ports, which began on April 13, has also reduced Tehran's oil imports. (Reporting and editing by Alexander Smith; Additional reporting in London by Ahmad Ghaddar; Reporting by Nerijus Adomiaitis)
Ukraine: Russia is intensifying drone attacks on Ukrainian ports
Kyiv reported on Monday that Russia had stepped up its attack against Ukrainian port infrastructure this year. It used?more 800 drones to carry out its attacks, which is more than ten times what it did in the same time period last year. Keep the seaports open in southern Odesa, as they are vital to Ukraine's wartime economy and hard currency revenue.
Oleksii Kulba, Ukraine's Minister of Infrastructure, said that despite the attacks, Ukraine's ports have processed more than 30 millions metric tons since the beginning of the year.
In recent months, almost daily Russian attacks have been reported on Ukraine's south?region. Damage to port infrastructure and warehouses has also been regularly reported by?officials.
Kuleba, a Telegram user, said that since the start of Moscow’s full-scale invasion in Ukraine, which began in February 2022, Russian'strikes' have damaged or destroyed more than 900 ports, including 177 civil vessels.
Data from the central?bank showed that exports of goods to Ukraine increased by just 0.6% year-on-year in March. (Reporting and editing by Alexander Smith; Yuliia?Dysa)
(source: Reuters)