Oil Extends Rally As US-Iran Peace Deal Hopes Fade

RTTNews | 122 days ago
Oil Extends Rally As US-Iran Peace Deal Hopes Fade

(RTTNews) - Oil prices extended their surge on Tuesday amid fresh doubts over the U.S.-Iran ceasefire.

Brent crude futures for July delivery were up more than 3 percent at $107.47 a barrel, extending gains from the previous session on concerns that the Strait of Hormuz may stay effectively closed for an extended period. WTI crude futures for June delivery jumped 3.6 percent to $101.55.

Supply concerns returned to the fore after U.S. President Donald Trump said the fragile ceasefire between Washinton and Tehran was on "massive life support."

Reports indicate that the Trump administration may consider military action against Iran due to growing frustration over deadlocked negotiations.

Trump told Fox News earlier on Monday that he's looking at reviving a plan to escort ships through the Strait of Hormuz.

Saudi Aramco officials have warned that even if the Strait of Hormuz blockade ended immediately, global oil markets may not fully stabilize until 2027.

Elsewhere, Israel has launched new air strikes targeting Tehran and expanded its military campaign in include attacks on Iran-backed Hezbollah militants in Lebanon.

According to a Wall Street Journal report, the United Arab Emirates secretly entered the Middle East war and carried out attacks on Iran last month.

read more
Swiss Market Ends Modestly Higher

Swiss Market Ends Modestly Higher

The Switzerland stock market closed modestly higher on Friday, in line with markets across Europe, as a sharp drop in oil prices helped lift sentiment.
RTTNews | 18 minutes ago
European Markets Rise As Oil Prices Fall On IEA Demand Cut

European Markets Rise As Oil Prices Fall On IEA Demand Cut

European markets gained ground Friday after the International Energy Agency cut its global oil demand forecast, sending Brent crude futures down 3.5% to $103.50. The IEA now projects world oil demand will drop 2.5 million barrels per day this year versus its prior estimate of 1.6 million bpd.
RTTNews | 41 minutes ago
U.S. Consumer Sentiment Deteriorates Much More Than Expected In September

U.S. Consumer Sentiment Deteriorates Much More Than Expected In September

A report released by the University of Michigan on Friday showed consumer sentiment in the U.S. has deteriorated by much more than anticipated in the month of September. The University of Michigan said its consumer sentiment index slumped to 47.8 in September after tumbling to 51.7 in August. Economists had expected the index to edge down to 51.0.
RTTNews | 4h 2min ago
CPSC Recalls: 2.3 Mln Candy Bottles, Motorcycles, Dressers, Dual Fuel Ranges, Fire Spray Canisters

CPSC Recalls: 2.3 Mln Candy Bottles, Motorcycles, Dressers, Dual Fuel Ranges, Fire Spray Canisters

The U.S. Consumer Product safety Commission or CPSC has announced various recalls including more than 2.3 million sour crush candy bottles, motorcycles, six-drawer dressers, dual fuel ranges, hair dryer brushes, and fire spray canisters, among others. In most of the recalls, consumers are urged to immediately stop using the recalled product, and contact the respective firm for either a free repair
RTTNews | 4h 11min ago
U.S. Consumer Price Growth Matches Estimates, Core Prices Rise Slightly More Than Expected

U.S. Consumer Price Growth Matches Estimates, Core Prices Rise Slightly More Than Expected

A closely watched report released by the Labor Department on Friday showed consumer prices in the U.S. increased in line with economist estimates in the month of August, although core prices rose by slightly more than expected. The Labor Department said its consumer price index climbed by 0.4 percent in August after inching up by 0.1 percent in July.
RTTNews | 4h 51min ago
IEA Cuts Oil Demand Forecast; Canadian Markets Eye Recovery

IEA Cuts Oil Demand Forecast; Canadian Markets Eye Recovery

Canadian stocks may open with positive bias Friday as oil prices decline following the International Energy Agency's downward revision of global oil demand. Investors seek bargains after six consecutive days of losses. U.S. consumer price data could impact sentiment.
RTTNews | 6h 1min ago
Canadian Dollar Falls As Oil Prices Edge Lower

Canadian Dollar Falls As Oil Prices Edge Lower

The Canadian dollar weakened against other major currencies in the European session on Friday, as the crude oil prices traded lower amid escalating U.S.-Iran tensions and concerns over prolonged disruption to global energy supplies.
RTTNews | 6h 16min ago