Govt Enforces ‘Melt and Pour’ Rule for All Steel in Public Projects Nippon Steel expected to finalize U.S. Steel acquisition at $55 per share NMDC Limited reports a 38% drop in Q4 FY24 consolidated net profit RINL to Raise $23 Million Through Land Sales Amid Crisis
Oil prices rebounded on Monday after experiencing significant declines the previous week. This recovery was attributed to Washington's commitment to conduct additional strikes on Iran-backed groups in the Middle East. Simultaneously, Ukrainian drones targeted the largest oil refinery in southern Russia, contributing to market uncertainties.
Brent crude futures increased by 1%, reaching $789 a barrel, while U.S. West Texas Intermediate futures rose by 0.4% to $73 a barrel. Despite this upturn, both benchmarks concluded the preceding week with a 7% decrease, with a 2% decline on Friday influenced by stronger-than-expected U.S. jobs data and progress in ceasefire talks between Israel and Hamas.
Analysts from ING noted that hopes for a ceasefire between Israel and Hamas played a role in the market weakness, but an imminent ceasefire was not anticipated. Investors remained cautious due to the potential escalation of conflicts in the Middle East. The U.S. signalled further strikes on Iran-backed groups in response to an attack on U.S. troops in Jordan, while also continuing operations against Iran-backed Houthis in Yemen.
The U.S. Department of Justice announced sanctions and seizures related to an oil trafficking network financing Iran's Islamic Revolutionary Guard Corps, seizing over 520,000 barrels of sanctioned Iranian oil on the crude tanker Abyss en route to China. Iran aims to sell 1 Mn barrels per day in the upcoming fiscal year, representing about 1% of the global supply forecasted by the International Energy Agency.
In Russia, two Ukrainian attack drones targeted the country's largest oil refinery, leading to a reduction in Russia's naphtha exports, a crucial petrochemical feedstock. Commonwealth Bank commodities analyst Vivek Dhar suggested that oil markets would likely continue to discount supply disruption risks in the Middle East, keeping Brent futures below $80 a barrel.
The situation remains fluid, with ongoing geopolitical tensions and military actions influencing oil market dynamics.
Also Read : Trump pledges to halt Nippon's acquisition of U.S. Steel Pentagon Plans AI-Based Program to Estimate Prices for Critical Minerals
India has eclipsed China and Japan as the world's top importer of seaborne coking coal, with imports...
Ferrous 08-May-2024
In a recent clarification, the Indian government emphasized that any products manufactured by Micro,...
Announcement 01-Apr-2025
VinFast, a Vietnamese electric vehicle manufacturer, has asked India to reduce import charges on its...
Large Corporate 26-Feb-2024
Measures such as fiscal incentives, investments in technology and infrastructure, mining operations...
Raw Material 19-Feb-2024
Sajjan Jindal, the chairman of the Mumbai-based Steel to Infrastructure JSW Group, expressed interes...
Large Corporate 20-Mar-2024
According to Jindal Stainless Ltd, it has completed the acquisition of Evergreat International Inves...
Large Corporate 05-Jun-2024