Oil prices dropped near $70 as a potential US-Iran agreement raised hopes for reopening the Strait of Hormuz, potentially easing supply concerns. WTI and Brent crude fell around 5% to three-month lows.
Oil prices have fallen below $80 per barrel, nearing pre-conflict levels, driven by optimism over a potential US-Iran agreement that could reopen the Strait of Hormuz to oil flows.
The Reserve Bank of Australia (RBA) board has gained significant breathing room as benchmark oil prices dropped to $US84 a barrel following a truce between Donald Trump and Iran. This development eases inflation concerns and reduces pressure for further interest rate hikes, with economists now anticipating rates to remain on hold this year.
The Reserve Bank of Australia (RBA) has gained crucial breathing room as falling oil prices, following a tentative truce in the Iran conflict, ease inflationary pressures. This allows the RBA to potentially hold interest rates steady, with economists shifting from advocating hikes to suggesting holds or even future cuts.
President Macron stated France and allies are prepared to deploy a mission to secure the Strait of Hormuz within days if a US-Iran truce is confirmed. The Charles de Gaulle aircraft carrier could be deployed in 2-3 days, with fighter jets and a frigate ready sooner.
The Israeli military conducted fresh strikes in southern Beirut, targeting a Hezbollah command center in the Ghobeiry neighborhood. The IDF stated the strikes were precise and in response to Hezbollah firing towards Israeli territory. This follows a weekend of escalation that killed at least five people in Lebanon.
The US and Iran are set to sign a memorandum extending a truce for 60 days in a virtual format on Sunday. Pakistan and Qatar will mediate. The deal includes opening the Strait of Hormuz and launching negotiations on Iran's nuclear program.
Pakistan stated on Saturday that the US and Iran could finalize an agreement to end the Middle East war within 24 hours, citing optimism from both sides and ongoing negotiations. Prime Minister Shehbaz Sharif expressed confidence in the deal's imminent finalization, with electronic signing expected shortly after.
US forces intercepted and downed several Iranian drones over the Strait of Hormuz in recent hours, according to CENTCOM. The strait remains open for transit despite an Iranian-enforced blockade, with ongoing talks between Tehran and Washington mediated by Pakistan marked by exchanges of fire.
German MEP Bernd Lange warns the Airbus-Boeing subsidy dispute could derail the EU-US trade agreement if tensions escalate. The five-year truce expires July 11, with no extension yet agreed, potentially leading to new tariffs.
Il portavoce del Ministero degli Esteri iraniano, Esmail Baghaei, accusa gli Usa di essere responsabili di eventuali violazioni dell'accordo di cessate il fuoco dell'8 aprile, sostenendo che Israele non agisce senza coordinamento con Washington.
Hezbollah has rejected a US-brokered ceasefire plan agreed by Lebanese and Israeli governments, demanding a full Israeli withdrawal. The group's leader, Naim Qassem, called the plan a "roadmap to annihilate part of the Lebanese people." Fighting continues despite the agreement, raising questions about regional peace efforts.
Israel and Lebanon agreed to renew a ceasefire and establish security zones in southern Lebanon following US-brokered talks. The deal hinges on Hezbollah withdrawing from these zones. Meanwhile, US-Iran talks continue amid escalating tensions, with Iran demanding a halt to hostilities in Lebanon as part of any deal.
The European Commission criticized US plans to impose a 10% tariff on EU goods, citing the EU's alleged failure to ban imports made with forced labor. The EU called the tariffs unjustified and highlighted its own stringent regulations.
Kuwait's main airport was heavily damaged and one person killed by Iranian drones, escalating regional tensions. The US responded with strikes on an Iranian control station. Iran also reportedly halted talks with mediators over a ceasefire extension.
Iran and Hezbollah are attempting to portray Tehran as the primary architect of the recent Lebanon truce, despite evidence of US-led negotiations involving Lebanese officials and American diplomats. This narrative emerges as the Israeli Knesset moves towards early elections due to internal coalition disputes, and the UN proposes a new monitoring force for Lebanon post-UNIFIL.
Bloomberg reports that a swift end to the conflict in Ukraine could create significant political challenges for President Volodymyr Zelensky, potentially forcing him to defend unpopular concessions made for a truce during future elections.
Donald Trump announced that Israel and Hezbollah have agreed to a ceasefire following indirect talks. While Hezbollah reportedly accepted a US proposal for mutual cessation of attacks, Israel stated it reserves the right to strike Beirut if Hezbollah attacks continue.
Tensions between the US and Iran over Lebanon escalate, with a risk of negotiations collapsing. Trump announced a truce between Israel and Hezbollah, with potential agreement on Hormuz. However, attacks continued, and Trump reportedly clashed with Netanyahu.
Bolivian President Rodrigo Paz has appealed for "democratic maturity" and a national "truce" to end a month of paralyzing road blockades and protests. The call comes as the country enters its second month of social conflict, with the Bolivian Workers' Central (Cob) leading over 100 blockades, demanding the president's resignation.
France, Iran, and Algeria have condemned Israel's military operations in Lebanon. Hezbollah rejected a US offer for a partial truce, demanding a comprehensive ceasefire and Israeli withdrawal. Iran and Hezbollah issued threats against Israel and US forces in the region.
US President Trump expressed optimism about negotiations with Iran, suggesting a potential deal to extend a ceasefire and reopen the Strait of Hormuz. He also announced a truce between Israel and Hezbollah following Iran's halt in communication over Israeli strikes in Lebanon.
The US and Iran exchanged new military strikes, raising pressure on the truce and revealing the fragility of the ceasefire. Indirect communications continue between the two sides to reach an agreement to end the three-month war. The US military announced "defensive" strikes inside Iran on Saturday and Sunday, while the Revolutionary Guard announced it responded by targeting an air base used in the American attacks.
Iran has suspended all mediated exchanges with the US, citing Israel's actions in Lebanon as a violation of the ceasefire. Tehran demands Israeli withdrawal and threatens to close the Strait of Hormuz. US President Trump expressed unawareness of the decision.
