Egypt, UK to Boost Bilateral Security, Intelligence Cooperation

Egyptian President Abdul Fattah al-Sisi receives Chief of the British Secret Intelligence Service (MI6) Richard Moore. (Egyptian Presidency)
Egyptian President Abdul Fattah al-Sisi receives Chief of the British Secret Intelligence Service (MI6) Richard Moore. (Egyptian Presidency)
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Egypt, UK to Boost Bilateral Security, Intelligence Cooperation

Egyptian President Abdul Fattah al-Sisi receives Chief of the British Secret Intelligence Service (MI6) Richard Moore. (Egyptian Presidency)
Egyptian President Abdul Fattah al-Sisi receives Chief of the British Secret Intelligence Service (MI6) Richard Moore. (Egyptian Presidency)

Egypt's President received on Monday Chief of the British Secret Intelligence Service (MI6) Richard Moore during which Abdul Fattah al-Sisi stressed the importance of boosting bilateral cooperation with the UK in various fields, primarily security and intelligence.

The meeting was also attended by Head of the Egyptian General Intelligence Services Abbas Kamel and the British Ambassador in Cairo.

Egyptian presidential spokesman Bassam Radi said that the meeting discussed ways to enhance bilateral security and intelligence cooperation on various related issues. Radi added that after welcoming Moore, Sisi asked him to convey greetings to Prime Minister Boris Johnson and stressed that Egypt has placed great importance on bilateral cooperation in various fields.

As extremism continues to spread regionally and globally, Sisi stressed that it is imperative that all countries unite to confront it. He recommended implementing a comprehensive approach that includes isolating extremist ideological mindset.

The president added that values such as moderation and dialogue must be upheld in parallel with strengthening and supporting development efforts and restoring the institutions in those countries suffering from crises in the region.

Both Sisi and Moore exchanged views on updates related to several regional issues of common interest. The meeting addressed tensions in the Eastern Mediterranean region, as well as the crisis in Libya.

Sisi briefed the UK official on Egypt’s vision regarding the Libyan crisis, stressing support to political solutions, respect for sovereignty and territorial integrity, and the need to abide by the ceasefire.

Moore conveyed to Sisi greetings from the British PM, saying his country is proud of its strong ties with Cairo.

He further praised Sisi’s efforts to consolidate regional security and stability, which has assured Egypt’s role as a center of stability within the region as a whole, especially in combating terrorism and illegal immigration.



Oil Extends Climb on Supply Fears, Trade War Concerns Cap Gains

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 Extends Climb on Supply Fears, Trade War Concerns Cap Gains

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 inched higher on Tuesday after threats by US President Donald Trump to impose secondary tariffs on Russian crude and attack Iran, though worries about the impact of a trade war on global growth capped gains.

Brent futures rose 21 cents, or 0.3%, to $74.98 a barrel at 0645 GMT, while US West Texas Intermediate crude futures climbed 22 cents, or 0.3%, to $71.70.

The contracts settled at five-week highs a day earlier.

"Near-term risks are skewed to the upside, with US threats of secondary tariffs on Russian and Iranian oil leading market participants to price for the risks of tighter oil supplies," said Yeap Jun Rong, market strategist at IG, Reuters reported.

However, broader themes still revolve around concerns of upcoming tariffs weighing on global demand, along with prospects of increased supply from OPEC+ and the US, said Yeap.

A Reuters poll of 49 economists and analysts in March projected that oil prices would remain under pressure this year from US tariffs and economic slowdowns in India and China, while OPEC+ increases supply.

Slower global growth would dent fuel demand, which might offset any reduction in supply due to Trump's threats.

After news of Trump's threats initially boosted prices on Monday, traders told Reuters they viewed the president's warnings to Russia, at least, as a bluff.

Trump, on Sunday, told NBC News that he was very angry with Russian President Vladimir Putin and would impose secondary tariffs of 25% to 50% on Russian oil buyers if Moscow tries to block efforts to end the war in Ukraine.

Tariffs on buyers of oil from Russia, the world's second largest oil exporter, would disrupt global supply and hurt Moscow's biggest customers, China and India.

Trump also threatened Iran with similar tariffs and bombings if Tehran did not reach an agreement with the White House over its nuclear program.

"For now, it appears to be just a threat to Russia and Iran. However, if it becomes a reality, it creates plenty of upside risk to the market given the significant oil export volumes from both countries," said ING commodities strategists on Tuesday.

The market will be watching for weekly inventory data from US industry group the American Petroleum Institute later on Tuesday, ahead of official statistics from the Energy Information Administration on Wednesday.

Five analysts surveyed by Reuters estimated on average that US crude inventories fell by about 2.1 million barrels in the week to March 28.