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Oil Eases as Aid Convoys Arrive in Embattled Gaza Strip

FILE PHOTO: Oil tankers pass through the Strait of Hormuz, December 21, 2018. REUTERS/Hamad I Mohammed/File Photo
FILE PHOTO: Oil tankers pass through the Strait of Hormuz, December 21, 2018. REUTERS/Hamad I Mohammed/File Photo
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Oil Eases as Aid Convoys Arrive in Embattled Gaza Strip

FILE PHOTO: Oil tankers pass through the Strait of Hormuz, December 21, 2018. REUTERS/Hamad I Mohammed/File Photo
FILE PHOTO: Oil tankers pass through the Strait of Hormuz, December 21, 2018. REUTERS/Hamad I Mohammed/File Photo

Oil prices slid more than $1 on Monday as diplomatic efforts grew over the weekend to contain the conflict between Israel and the Palestinian group Hamas, although Gaza continued to be bombarded.
Brent crude futures fell 79 cents to $91.37 a barrel, as of 0410 GMT, having lost $1.02 to $91.14 a barrel earlier in the session. US West Texas Intermediate crude futures were down 91 cents at $87.17 a barrel, after sliding $1.72 to $87.03 a barrel earlier on Monday, said Reuters.
The contracts had risen more than 1% last week for a second consecutive weekly jump on fear of potential supply disruption if the Israel-Hamas war grows into a wider confrontation in the Middle East, the world's biggest oil-supplying region.
Aid convoys started to arrive in the Gaza Strip from Egypt over the weekend, as Arab leaders and foreign ministers gathered for a summit in Cairo which was unable to yield a joint statement.
"There is some relief in the oil market that Israel is holding off on a planned ground incursion of northern Gaza to negotiate a release of hostages, which opens up a window for diplomacy," said Vandana Hari, founder of oil market analysis provider Vanda Insights.
"A ground siege is seen as a potential trigger for widening the Israel-Hamas conflict into the Middle East region, the factor behind crude's risk premium over the past fortnight," Hari said.
Analysts at ANZ Research echoed the sentiment, adding in a client note this provided hope that the Israel-Hamas war would not spread across the Middle East and disrupt supplies.
But, in the latest developments, Israel bombarded Gaza and its aircraft struck Lebanon. Asian shares drifted lower on Monday.
To ease oil supply pressure - already tight due to output cuts by the Organization of the Petroleum Exporting Countries (OPEC) and affiliates including Russia - the US suspended sanctions on OPEC member Venezuela after a Venezuelan government deal with the opposition.
US President Joe Biden, who visited Israel last week, had calls on Sunday with the leaders of Canada, France, Britain, Germany and Italy, after speaking with Israeli Prime Minister Benjamin Netanyahu and Pope Francis.
Leaders of France and the Netherlands will visit Israel this week in search of a solution for the conflict which ignited on Oct. 7 after a Hamas attack.

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Business

Iraq, Türkiye Discuss Protocol to Keep Oil Exports Flowingy

Workers walk across pipelines at the Rumaila oil field in Basra, Iraq (Reuters)
Workers walk across pipelines at the Rumaila oil field in Basra, Iraq (Reuters)
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Iraq, Türkiye Discuss Protocol to Keep Oil Exports Flowingy

Workers walk across pipelines at the Rumaila oil field in Basra, Iraq (Reuters)
Workers walk across pipelines at the Rumaila oil field in Basra, Iraq (Reuters)

An Iraqi delegation visited Ankara to discuss the future of the Iraq-Türkiye pipeline agreement and energy cooperation, Iraq's foreign ministry said on Friday, adding that the two sides agreed to continue technical and legal talks on oil exports.

Iraq and Türkiye are expected to sign an executive protocol to ensure the continuation of Iraqi oil exports, including crude from Iraq's Kurdistan region, the ministry said.

The protocol would serve as a transitional step paving the way for a new agreement within one year of the expiry of the current deal, it added.

Business

EU Trade with US Hits Record High Despite Tariff Tensions, Study Shows

Transshipment containers stacked at the Westhafen container terminal in Berlin, Germany, 01 July 2026. (EPA)
Transshipment containers stacked at the Westhafen container terminal in Berlin, Germany, 01 July 2026. (EPA)
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EU Trade with US Hits Record High Despite Tariff Tensions, Study Shows

Transshipment containers stacked at the Westhafen container terminal in Berlin, Germany, 01 July 2026. (EPA)
Transshipment containers stacked at the Westhafen container terminal in Berlin, Germany, 01 July 2026. (EPA)

Trade in goods between the European Union and the US reached a record €875 billion ($1.00 trillion) last year despite tariffs, but the figures mask significant economic damage, notably to Germany's auto sector, a study published on Friday found.

The research by the German Economic Institute, or IW, found a 7.7% rise in EU exports to the US to €580 billion, while US imports into the ‌EU climbed 2.2% ‌to €295 billion, pushing the EU's trade surplus to nearly €285 ‌billion.

The ⁠report attributed some ⁠of the increase to front-loading of exports ahead of tariffs that took effect in April and said European manufacturing had suffered.

"This first impression is misleading," said IW economist Samina Sultan.

EU car and parts exports to the US fell 20.4% in 2025, with Germany, which accounts for nearly two-thirds of EU auto exports to the United States, posting an 18.9% drop.

Ireland bucked ⁠the trend with a 52.7% surge in exports, driven by ‌tariff-exempt pharmaceutical and chemical products.

Most EU ‌member states recorded a decline in their goods exports to the US Apart ‌from Ireland only the Czech Republic (+5.1%), Italy (+7.2%), Denmark (+10.6%) and Finland (+10.8%) reported growth.

TRANSATLANTIC ‌SERVICES ALSO HIT A RECORD

Transatlantic services trade also hit a record €865 billion, though the EU ran a €178 billion deficit in that category.

"The transatlantic trade relationship is therefore much more balanced, when considering both goods and service trade," the study ‌said, contrasting the EU deficit in services and the surplus in goods.

Intellectual property fees - covering software licenses, patents and ⁠trademarks - accounted ⁠for more than 40% of EU service imports from the US, rising 13.7%.

Although the services sector has so far avoided the impact of US tariffs, the trade conflict has had a negative effect.

EU imports of travel services from the US fell by around 8%. "This decline is likely attributable to the reduced number of European tourists in the US last year," said co-author Galina Kolev-Schaefer.

The study said the Turnberry trade deal between the EU and the US asymmetrically benefited the US, but still it was a workable solution that should be honored by both sides.

"New tariff threats would cause new uncertainty that only hampers business activities on both sides of the Atlantic," the IW said.

Business

Oil Prices Little Changed ahead of Long US Weekend as Peace Efforts Hold

FILE PHOTO: A pumpjack, used to help lift oil from a well, in the Permian basin near Midland, Texas, US, October 8, 2025. REUTERS/Arathy Somasekhar/File Photo
FILE PHOTO: A pumpjack, used to help lift oil from a well, in the Permian basin near Midland, Texas, US, October 8, 2025. REUTERS/Arathy Somasekhar/File Photo
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Oil Prices Little Changed ahead of Long US Weekend as Peace Efforts Hold

FILE PHOTO: A pumpjack, used to help lift oil from a well, in the Permian basin near Midland, Texas, US, October 8, 2025. REUTERS/Arathy Somasekhar/File Photo
FILE PHOTO: A pumpjack, used to help lift oil from a well, in the Permian basin near Midland, Texas, US, October 8, 2025. REUTERS/Arathy Somasekhar/File Photo

Oil prices were little changed on Friday before a long holiday weekend in the US, as traders held on to hopes that attempts to secure peace in the Middle East between the United States and Iran would succeed.

Brent futures climbed 7 cents, or 0.1%, to $71.87 a barrel as of 0737 GMT. West Texas Intermediate was down 6 cents, or 0.09%, to $68.63 a barrel.

US markets will be closed on Friday ahead of the US Independence Day holiday on Saturday. During the prior session the two benchmarks hit their lowest levels since before ‌the US-Israeli ‌war on Iran began in late February. Brent for ‌the ⁠week was down ⁠0.16% and WTI down 0.87%, the smallest weekly movements for both in months.

“It's a case of guarded optimism, with the market wanting to believe the peace efforts will hold, but it’s still hedging its bets until it sees real evidence on the water,” said Tim Waterer, chief market analyst at KCM Trade.

SOME SHIPPING RESUMES THROUGH THE STRAIT

Some shipping ⁠has resumed through the Strait of Hormuz, as called ‌for under the initial deal between ‌Iran and the United States, but levels of uncertainty are high after the ‌two countries exchanged strikes last weekend following an Iranian attack on a ‌cargo ship.

As the availability of supplies grows, the market structure has turned from backwardation to contango, reflecting decreasing expectation of future shortages.

The spread between front-month Brent and one-month forward <LCOc1-LCOc2> turned negative on June 24, while the six-month spread <LCOc1-LCOc7> turned negative on Thursday.

"The return of this supply coincides with continued SPR releases," ING analysts said in a note on Friday, referring to the US Strategic Petroleum Reserve. The cheaper near-term supplies could encourage buyers, they added, which could support prices.