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Oil Holds on to Last Week’s Gains Buoyed by Mideast Tensions

FILE - Pump jacks extract oil from beneath the ground in North Dakota, May 19, 2021. (AP Photo/Matthew Brown, File)
FILE - Pump jacks extract oil from beneath the ground in North Dakota, May 19, 2021. (AP Photo/Matthew Brown, File)
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Oil Holds on to Last Week’s Gains Buoyed by Mideast Tensions

FILE - Pump jacks extract oil from beneath the ground in North Dakota, May 19, 2021. (AP Photo/Matthew Brown, File)
FILE - Pump jacks extract oil from beneath the ground in North Dakota, May 19, 2021. (AP Photo/Matthew Brown, File)

Oil prices were little changed in early Asian trading on Monday, holding on to most of last week's more than 3% gains, supported by geopolitical tensions and better economic data.

Brent crude futures fell 7 cents, or 0.09%, to $79.59 a barrel by 0021 GMT, while US West Texas Intermediate crude futures rose 2 cents, or 0.03%, to $76.86.

"Traders remain mindful of simmering tensions in the Middle East," ANZ analysts said in a note, Reuters reported. .

The risk of an escalation in the Israeli-Palestinian conflict continued to support prices after Iran and Hezbollah vowed to retaliate for the assassinations of Hamas leader Ismail Haniyeh and Hezbollah military commander Fuad Shukr.

The Israeli incursion into Gaza intensified on Saturday with an airstrike on a school compound that killed at least 90 people, according to the Gaza Civil Emergency Service, though Israel said the death toll was inflated. Hamas cast doubt on its participation in new ceasefire talks on Sunday.

Brent ended last week up more than 3.5% on the week, while WTI gained more than 4%, on supportive economic data and increased hopes of a US interest rate cut.

Three US central bankers said last week that inflation appeared to be cooling enough for the Federal Reserve to cut interest rates as soon as next month.

China's consumer prices rose faster than expected in July, and US weekly jobless claims fell more than expected last week.

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Saudi Arabia Updates Investment Law to Attract Foreigners

 Qiddiya project in Saudi Arabia (Vision 2030 website)
 Qiddiya project in Saudi Arabia (Vision 2030 website)
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Saudi Arabia Updates Investment Law to Attract Foreigners

 Qiddiya project in Saudi Arabia (Vision 2030 website)
 Qiddiya project in Saudi Arabia (Vision 2030 website)

Saudi Arabia announced the approval of an updated investment law, which is expected to enter into force in early 2025, with the aim of attracting foreign investors, developing the competitiveness of its investment environment, contributing to supporting economic diversification, and creating job opportunities in line with Vision 2030 and the objectives of the national strategy.
The updated investment system, which was approved by the Council of Ministers, is one of the pillars of the National Investment Strategy, which seeks to diversify the local economy and to attract more than $100 billion in foreign direct investment annually by 2030.
The new system includes many advantages, most notably: enhancing investors’ rights through fair treatment, protecting intellectual property and freedom to manage investments and transfer funds smoothly, promoting transparency and clarity in procedures in line with leading practices, and contributing to creating a reliable investment environment.
Under the new law, foreign investor licenses will also be replaced with a simplified registration process, and new service centers will be introduced to expedite government transactions and investment procedures.
The updated law also seeks to give investors greater protection and confidence, and promote a dynamic and stimulating environment for investment. It also provides fair treatment without discrimination between local and foreign investors, while working to resolve disputes efficiently in cooperation with the Saudi Center for Commercial Arbitration and other parties.
Saudi Investment Minister Khalid Al-Falih said that the law reaffirms Saudi Arabia’s commitment to creating a welcoming and secure environment for investors, driving economic growth, and enhancing the Kingdom’s position as a premier global investment destination.
He added that the policy direction outlined in Vision 2030 allows investors to invest with certainty and to grow with confidence at a time when many other markets are experiencing considerable volatility.
Al-Falih underlined that the updated investment law builds on an extensive diversification agenda from an enhanced quality of life offering to investment specific measures such as the establishment of special economic zones.
For his part, Saudi Finance Minister Mohammed Al-Jadaan wrote on X that the revised law is a significant “update to the investment regulatory framework that contributes to private sector investment growth opportunities and a more competitive economy under the Saudi Vision 2030.”
Minister of Municipalities and Housing Majid Al-Hogail stressed that the updated investment system enhances the creation of a competitive investment environment that consolidates Saudi Arabia’s position as a leading global destination, in fulfillment of the Kingdom’s vision.
In remarks to Asharq Al-Awsat, member of the Energy Economics Association and the Saudi Economic Society, Advisor Dr. Abdullah Al-Jassar, stressed that the updated investment law represents an important step towards achieving the desired economic transformation of Vision 2030.
He expected that this system would contribute to achieving sustainable economic growth, creating job opportunities, diversifying sources of income, and enhancing the Kingdom’s position as an attractive investment destination in the region.