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US sanctions target Houthi oil traders and those who provide Iran with military equipment
The Trump administration announced on Friday that it had imposed new sanctions against Iran, targeting eight entities and one vessel as well as one individual for their alleged involvement in providing sensitive equipment for Tehran's defence industry. United States The gang is determined to stop any attempt by Scott Bessent, U.S. Treasury secretary, said that the U.S. government would "purchase sensitive dual-use components and machinery" to support the regime's ballistic weapons, unmanned aerial vehicles, and asymmetric weapon programs. Treasury will continue to degrade Iran’s ability to manufacture and proliferate deadly weapons that threaten regional stability as well as global security, he said in announcing this action. The statement stated that two of the entities are shipping companies located in Hong Kong, Unico Shipping Co Ltd. and Athena Shipping Co Ltd. The Treasury Department on Friday also issued counterterrorism-related sanctions targeting Yemen's Iran-aligned Houthis over alleged illicit oil trading and shipping, it said in a separate statement. The department stated that these sanctions were imposed on four individuals, twelve entities and two vessels for importing oil and other illegal goods in support of the Houthis. The Department of State said that the sanctions target four individuals, 12 entities and two vessels over imported oil and other illicit goods to support the Houthis.
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Gold to lose a weekly loss as US delays decision on Middle East involvement
Gold prices remained steady on Friday, and are expected to fall by a significant amount this week after U.S. president Donald Trump deferred a decision about entering the Israel-Iran war. As of 10:17 am EDT (1417 GMT), spot gold was unchanged at $3,372.81 per ounce. This is its lowest price since June 12. The index fell for the second consecutive week, falling 1.8%. U.S. Gold Futures fell 0.6% to $3388.90. Gold is stable as Trump reverses his stance on an "imminent" attack on Iran. Tai Wong, a metals trader, said that for the moment it appears all the bad information is out. The White House said that Trump will decide in the next two weeks whether or not to get involved in the Israel-Iran air war. This puts pressure on Tehran to negotiate. The White House announced on Thursday that Trump would decide within the next two week whether or not the United States will be involved in the Israel/Iran air conflict. This will increase pressure on Tehran to begin negotiations. Iran launched another barrage of rockets against Israel in the early hours of Friday morning, hitting near residential apartments, offices, and industrial buildings in Beersheba, a southern city. Gold has traditionally been considered a hedge in times of political or economic uncertainty. The U.S. Central Bank held interest rates at the same level on Wednesday. While policymakers still anticipate cutting rates by half a percentage point this year, they slightly slowed the pace from there to a single quarter-percentage-point cut in each of 2026 and 2027. Gold is not a yielding asset, so a high interest rate environment is not favourable. Carsten Menke is an analyst with Julius Baer. He said that gold prices should continue to be supported by central banks and safe-haven investors. Spot silver dropped 1.1%, to $35.98 an ounce. It was down by 0.8% during the week. Palladium fell 0.7% to $1 043,28, but gained 1.7% for the week. Platinum fell 2.5% to $1268.58, increasing for the third consecutive week. (Reporting and editing by Rod Nickel, AnushreeMukherjee, Sarah Qureshi in Bengalur; Additional reporting by AshithaSivaprasad)
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Dutch Operation Orange Shield Launched to Keep NATO Summit Safe
The Netherlands launched Operation Orange Shield in order to protect the NATO summit next week. They deployed combat helicopters, patrols at sea, more than 10,000 military and law enforcement personnel, bomb squads, and air defence systems. The closed-door event will be held at The Hague World Forum. It will include delegates and leaders of 32 countries including U.S. president Donald Trump, French president Emmanuel Macron and British prime minister Keirstarmer. Seven Dutch frigates will be deployed as part of the largest security operation in the country. Dennis Oorburg, commander of Tromp frigate, said, "The goal is to observe all that's going on in the area, both at sea and in the sky." Pieter-Jaap Aalbersberg, the Dutch counterterrorism chief, told Dutch broadcaster NOS about cybersecurity risks being closely monitored. On Monday, heads of state and ministers will arrive at Schiphol Airport and then be escorted via a secure highway to The Hague. The Dutch King Willem-Alexander is hosting a state dinner on Tuesday for NATO leaders. The Ukrainian president Volodymyr Zelenskiy has been invited but has not confirmed his attendance. Mark Rutte, NATO's chief, will officially open the summit on Wednesday. He hopes to achieve consensus among leaders about a target of 5% for defence spending, as demanded by Trump. The Spanish Prime Minister Pedro Sanchez, however, has been against the higher target. Protests will be held around the summit. These include a planned blockade of the highway by Extinction Rebellion activists, demonstrations against the conflict in Gaza, and hate speech directed at LGBTI+. The police say that protests are allowed within the "limits of the law". Reporting by Bart Biesemans, Charlotte Van Campenhout and Alison Williams from Scheveningen.
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Kazakhstan's daily oil and condensate output is expected to increase by 6% this June, the ministry reports
The Energy Ministry and the National Statistics Bureau have both reported that the daily production of oil and gas condensate in Kazakhstan is expected to increase by 6% compared to May. The OPEC+ producers have criticized its output for exceeding the quota. The Ministry of Energy and Mineral Resources said that Kazakhstan's average daily production of oil and gas condensate in June will rise to 285,000 tons or 2,140 million barrels a day. Uses a conversion factor 7.5 barrels to a ton. Output stood at 269,000 tons in May, statistics bureau data showed. The ministry reported that the average daily production of oil and gas condensate for the first 10 days in June was 285,000 tons. It added that it would remain the same if there were no unforeseeable events. The Ministry did not specify the oilfields that were increasing production. Tengiz, a giant oilfield in Kazakhstan, was responsible for a surge in production this year. According to sources familiar with industry data, the production at Tengiz reached 118.100 tons (940,000 bpd) in the first ten days of June compared to 102.160 tons in May. Tengizchevroil is the operator of this field and does not comment about its activities. Alibek Zhamauov, deputy energy minister of Kazakhstan, said in May that production at Tengiz was down due to maintenance. Kazakhstan wants to increase its oil and gas condensate output by almost 10% in 2025, from 87.56 millions tons in 2024. (Reporting and editing by Jason Neely).
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Asian spot LNG price at 4-month-high on supply concerns
This week, Asian spot LNG prices reached their highest level in the past four months due to concerns about disruptions of supply caused by the Israel-Iran war. Average LNG price for August deliveries into North-east Asia According to industry sources, the price of gas was $14.00 per million British Thermal Units (mmBtu), an increase of 11% over $12.60/mmBtu from last week. This is also the highest since February 21. Israel launched an attack on Iran last Friday after claiming that Tehran was close to developing nuclear weapons. Iran, which claims its nuclear program is for peaceful purposes only, responded with drone and missile strikes against Israel. Prices have increased sharply in the past few days. Toby Copson is the chairman of Davenport Energy Partners. He said that they are pricing in possible supply disruptions from the Middle East, and that war premiums will continue to rise as long as the conflict continues. He added that "while demand is not high in Asia, some may bid on cargoes for any possible tightening supply." Alex Froley is a senior LNG analyst with data intelligence firm ICIS. He says that Chinese demand in June was around 12% less than the same period last year. Froley stated that "Geopolitics is likely to continue to drive market volatility, but if the physical supply continues to be stable then it could ease off in time." So far, there has been no significant disruption in the physical LNG cargoes. QatarEnergy instructed tankers to stay outside the Strait of Hormuz only until the day before loading. Martin Senior, the head of LNG pricing for Argus, stated that certain buyers could bid higher than European buyers in order to attract Atlantic Basin cargoes because of disruption at Hormuz. Florence Schmit, energy strategist at Rabobank, believes that a complete closure of the Strait of Hormuz is unlikely to happen in the future. The fundamental risk to markets is that the energy infrastructure of Qatar will be caught in the crossfire if there's an escalation. She added that damage to the LNG export infrastructure or gas production sites, as well shipping operations will have a bullish impact on long-term gas prices. Gas prices in Europe at the Dutch TTF Hub eased on Friday, after reaching a new 11-week high Thursday. However, they remain volatile. S&P Global Commodity Insights estimated its daily North West Europe LNG Marker price benchmark (NWM) for cargoes to be delivered in August ex-ship on June 19. This represents a $0.385/mmBtu reduction from the July futures prices at the TTF Hub. This weekly increase of 15.5% is the largest in nearly four months. Spark Commodities set the June price at 13.587/mmBtu. Argus estimated the July price at $13.825/mmBtu. Qasim Afghanistan, an analyst at Spark Commodities, says that the U.S. Arbitrage to North-East Asia via the Cape of Good Hope now points more to Europe while the arbitrage through Panama still points to Asia. On Friday, the LNG market saw its biggest week-on-week rise since October 2023, at $49750/day. Meanwhile, Pacific rates were unchanged at $32,000/day. (Reporting and editing by Nina Chestney; Marwa Rashad)
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As inventories shrink, premiums for copper contracts on the nearby LME soar.
The premiums for copper contracts near London Metal Exchange have increased to their highest level since October 2022 due to low inventories, large cash contracts and warrants held by traders. The title document that confers ownership on metal is a warrant. Tom-next, also known as the premium or backwardation that is charged for purchasing copper tomorrow and then selling it the next day, is currently trading at above The price of a metric tonne is $48. This compares to a $2 discount at the beginning of the week. The premium for the cash Copper Contract over the Three-Month Forward It is now trading at $180 per ton, up from $3 a month earlier. LME data shows that one company holds a dominant position with more than 90% of 0#LMEWHC> copper warrants or cash contracts, and two other companies hold 50%-79%. The dominant position would have triggered LME lending guidelines, which requires those with large trading or warrant positions to lend metal at specified premiums to other market participants. The guidelines aim to maintain market liquidity, and to prevent a single entity from squeezing the market or cornering it. The 99,200 tons of copper in LME warehouses has dropped by more than 60% from the middle February to its lowest level since August 2023. . The cancellation of warrants and the metal that was earmarked to be delivered shows 45%, or 44,800 tonnes more copper. A large amount of copper from LME's warehouses was shipped to the United States. Prices soared in the United States after President Donald Trump ordered an investigation into possible tariffs for copper imports as a way to rebuild U.S. manufacturing. COMEX copper is around $4.781 cents per lb, or $10,540 per ton, compared to $9,690 for the LME's three-month futures. Copper is an important material in power generation and construction. (Reporting and editing by Shailesh Kuber; reporting by Pratima Deai)
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China's teapots are slowing the purchase of Iranian oil, resulting in steeper discounts on Iranian oil
As independent refiners reduce their purchases due to the rise in crude oil prices, sellers of Iranian oil are offering greater discounts to China this month. They want to reduce their inventories. Three traders reported that Iranian Light crude oil was being traded between $3.30 and $35 a barrel under ICE Brent, compared with a discount around $2.50 in June. The main Chinese buyers for Iranian crude are independent refineries known as teapots. Since the conflict between Israel and Iran began last week, crude oil prices have risen by $10 per barrel. According to traders, teapots in the province of Shandong, a major refining hub, have suffered their worst losses ever this year. Consultancy Sublime Information estimates the average loss at 353 Yuan ($49.15 per metric ton) this week. Sublime data revealed that Shandong refinery operation remained at 51% capacity on June 18 compared to 64% one year ago. Storage Increasing According to Vortexa, the stocks of Iranian crude oil in China, on tankers in Chinese ports and near them, as well as in floating storage near Malaysia, Singapore and Malaysia, total 70 million barrels. China, the largest buyer of Iranian oil, has enough to last two months. Kpler's tanker tracking data indicates that this year, more than 30,000,000 barrels of oil were stored in floating storage. Kpler, as well as Vortexa, estimate the total Iranian oil in floating storage at 120 million barrels. This is the highest since at least the year 2023. Reports indicate that recent U.S. restrictions on three Chinese teapots have slowed down purchases from independent mid-sized retailers who were worried about being classified. One trader estimated that the Iranian oil delivered to China in the first half 2025 would be replaced by 100,000 barrels of non-sanctioned crude. This is a fraction of the 1,4-1.5 million barrels of Iranian oil per day.
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Amazon is under investigation by the UK Grocery Watchdog for alleged payment delays to suppliers
The British grocery regulator launched an investigation on Amazon on Friday, looking into whether the U.S. retailer had violated rules regarding timely payments to suppliers over a period of three years. The Groceries Code Adjudicator said that it suspected Amazon of breaking paragraph 5 of Groceries Supply Code of Practice which mandates prompt payments to suppliers. Mark White, an adjudicator at the Amazon Suppliers' Forum, said that "the alleged delays may expose Amazon suppliers and their partners to excessive risks and unexpected costs. This could affect their ability to innovate and invest." Amazon's spokesperson stated that it takes the Groceries Supply Code of Practice seriously and will fully cooperate with White and his investigations. The spokesperson stated, "While we're disappointed by this decision, it is a great opportunity for us to demonstrate our continued compliance with this section of the Code." White stated that he had launched an investigation that would cover the time between Amazon's designation of March 2022 to June 2025. The evidence was gathered from multiple sources who were not named. The GCA stated that it would investigate the impact and scale of any delays. It will focus on Amazon's payments systems, its handling of supplier disputes regarding deductions and whether or not it unfairly uses settlements for deductions in commercial negotiations. The GCA threatened Amazon last year with a formal inquiry if the company did not improve compliance with the GSCOP. The code aims at ensuring that Britain's 14 biggest grocery retailers, such as Tesco and Sainsbury's, treat their suppliers fairly. In its annual survey for 2024, the regulator found that less than half the respondents who directly supplied Amazon thought the U.S. giant complied "consistently", or "mostly". Amazon announced at the time that it had improved its services for grocery suppliers compared to last year, including clearer explanations of cost price increases, minimum periods before de-listing and a major upgrade in handling invoice disputes. The GCA has the power to impose fines of up 1% of the UK turnover of large retailers. (Reporting and additional reporting by James Davey, Writing by Sam Tabahriti, Editing by Joe Bavier & Louise Heavens).
Iraqi oil minister sues Kurdish government over US contracts
Three sources with direct knowledge of this matter and a document show that the Iraqi oil ministry sued the government of Iraq's semi-autonomous Kurdistan Region over oil and natural gas contracts signed with U.S. companies.
The legal challenge is a new obstacle to the restart of oil flows through the Iraqi-Turkish pipeline, which have been stopped since March 2023 despite the pressure from the Trump administration.
Masrour barzani, prime minister of Kurdistan Regional Government (KRG), oversaw the signing two energy contracts worth a total of $110 billion in their lifetimes, with U.S. firms HKN Energy, and WesternZagros.
Has contacted companies but hasn't received a reply.
The agreement involves the development of the Miran, Topkhana and Kurdamir Gas Fields in the northern Iraqi City of Sulaimaniya.
Baghdad said that direct engagement between the KRG and companies without the inclusion of the federal government violated the constitution. The deal has been deemed "null" and "void".
The KRG defended these agreements by stating that they were based upon existing contracts.
Sources who spoke of Iraq's legal actions spoke under condition of anonymity, as they weren't authorised to talk publicly about it.
Barzani and U.S. Secretary Marco Rubio met on Friday in Washington, D.C., where they discussed the "need to resume oil exports through the Iraqi Turkish Pipeline from the Kurdistan Region," according to a KRG press release.
The Kurdistan Regional Government and the Federal government have long had a tense relationship over the control of oil and gas.
The pipeline that runs through Turkey is a major concern.
The International Chamber of Commerce in Paris ruled that Turkey had violated the 1973 Treaty of Baghdad by facilitating Kurdish Exports without Baghdad’s consent.
The negotiations to resume Kurdish crude oil exports through the Iraq-Turkey pipeline, which handled 0.5% of world oil supply at one time, have been stalled due to payment terms and contract specifics. (Reporting from Maha El Dahan and Ahmed Rasheed, in Dubai and Baghdad respectively; Writing by Yousef SABA; Editing by Kirsten Doovan and Barbara Lewis).
(source: Reuters)