Iraq Approves Framework Agreement to Install Basra-Aqaba Oil Pipeline

A worker walks at the Rumaila oil field in Basra, Iraq (Reuters file photo)
A worker walks at the Rumaila oil field in Basra, Iraq (Reuters file photo)
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Iraq Approves Framework Agreement to Install Basra-Aqaba Oil Pipeline

A worker walks at the Rumaila oil field in Basra, Iraq (Reuters file photo)
A worker walks at the Rumaila oil field in Basra, Iraq (Reuters file photo)

The Iraqi cabinet approved the framework agreement for the project to install a pipeline to transfer Iraqi crude oil from Basra to Jordan’s Aqaba port on the Red Sea.

Jordanian Minister of Energy and Mineral Resources Saleh Kharabsheh said his Iraqi counterpart Ihsan Abdul Jabbar informed him of the cabinet’s decision in a phone call and commissioned him to complete the procedures to sign the agreement, al-Mamlaka TV reported.

Kharabsheh and Abdul Jabbar agreed to direct the technical and legal teams to proceed with the necessary steps to sign the agreement.

They further agreed on the importance of building on the outcomes of the fourth trilateral Jordanian-Iraqi-Egyptian summit, which was held in June in Baghdad with the participation of King Abdullah, Iraqi Prime Minister Mustafa al-Kadhimi and Sisi.

The project is in line with efforts to bolster bilateral ties and expand cooperation to serve mutual interests by opening a new hub for exporting Iraqi oil.

Under the agreement, Jordan can buy up to 150,000 oil barrels daily to be refined at the Jordan Petroleum Refinery Company in Zarqa city.

The total cost of the project ranges between seven and nine billion dollars, according to Iraqi estimations.



Gold Rises on Softer Oil; Markets Parse Fed Signals

A salesman presents gold bars at a jewelry shop inside the Gold Market at the Old Souk in Dubai (EPA)
A salesman presents gold bars at a jewelry shop inside the Gold Market at the Old Souk in Dubai (EPA)
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Gold Rises on Softer Oil; Markets Parse Fed Signals

A salesman presents gold bars at a jewelry shop inside the Gold Market at the Old Souk in Dubai (EPA)
A salesman presents gold bars at a jewelry shop inside the Gold Market at the Old Souk in Dubai (EPA)

Gold prices bounced on Monday, after a selloff in the previous session, as weaker oil prices tempered inflation concerns, while investors assessed comments from the Federal Reserve for clues on the path of US interest rates.

Spot gold rose 0.8% to $3,903.90 per ounce by 0757 GMT, after hitting a one-year low in the previous session. US gold futures for December delivery gained 0.4% to $3,913.20.

Bullion ‌slumped 3.5% ‌to its lowest since October 2025 on Friday, ‌falling ⁠below its key $4,000 ⁠per ounce level amid a selloff in technology stocks that led to margin calls, and the forced sale of safe-haven assets such as gold.

"We're just getting a bounce after the selloff, along with oil prices coming off to start the week, which is providing a little bit of a relief for ⁠precious metals generally," said Kyle Rodda, senior financial market ‌analyst at Capital.com.

Oil prices fell ‌more than 3% after Reuters reported that Iranian negotiators were in ‌Doha on Sunday for a third consecutive day of talks ‌with Qatari mediators aimed at pushing for a deal to end the US-Israeli war on Iran.

Elevated energy prices often raise the expectation that the Fed will keep interest rates higher for longer, increasing the opportunity ‌cost of holding non-yielding bullion.

Investors are now focusing on the November 3 US midterm elections ⁠and their ⁠potential impact on fiscal policy and broader market sentiment.

Meanwhile, a trio of Fed officials made the case on Friday for more interest rate increases to combat high levels of inflation, in the first round of commentary made by central bankers after last week's monetary policy meeting at which policymakers left short-term borrowing costs steady.

"Gold faces a difficult near-term environment in which technical selling and liquidity concerns are overshadowing its longer-term investment appeal," said Ole Hansen, head of commodity strategy at Saxo Bank, in a note.

Spot silver climbed 2.5% to $50.33 per ounce, platinum steadied at $1,431.50 and palladium gained 0.9% to $986.00.


Trump Floats ‘Concept’ of US-Canada Deal That Includes Pipeline Talking to Carney

President Donald Trump greets Canada's Prime Minister Mark Carney during a summit to support ending the more than two-year Israel-Hamas war in Gaza after a breakthrough ceasefire deal, Oct. 13, 2025, in Sharm El Sheikh, Egypt. (AP)
President Donald Trump greets Canada's Prime Minister Mark Carney during a summit to support ending the more than two-year Israel-Hamas war in Gaza after a breakthrough ceasefire deal, Oct. 13, 2025, in Sharm El Sheikh, Egypt. (AP)
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Trump Floats ‘Concept’ of US-Canada Deal That Includes Pipeline Talking to Carney

President Donald Trump greets Canada's Prime Minister Mark Carney during a summit to support ending the more than two-year Israel-Hamas war in Gaza after a breakthrough ceasefire deal, Oct. 13, 2025, in Sharm El Sheikh, Egypt. (AP)
President Donald Trump greets Canada's Prime Minister Mark Carney during a summit to support ending the more than two-year Israel-Hamas war in Gaza after a breakthrough ceasefire deal, Oct. 13, 2025, in Sharm El Sheikh, Egypt. (AP)

US President Donald Trump said on Sunday that his administration has the "concept" of a new trade deal with Canada while Prime Minister Mark Carney said the two leaders had a good conversation on the future of trade between their countries.

"I spoke to him again yesterday, and we have the concept of a deal that's going to be great for our farmers, great for our country, and we'll be fine for that," Trump told reporters in Dubuque, Iowa.

Carney earlier on Sunday posted on social media that their exchange "builds on recent constructive ‌discussions on the outlines ‌of a mutually beneficial trade deal" that would create jobs, improve ‌affordability, ⁠and fully respect ⁠Canada’s languages, culture, and sovereignty.

"Our teams will now be working in the coming weeks to deliver that outcome," Carney wrote on X.

Canada and the United States have slapped billions of dollars in tariffs on each other in recent months. The imposition of tariffs on Canada has emerged as an issue in some northern US border states like Michigan and Maine before US midterm elections on Tuesday.

Trump said last week that a trade deal with Canada was coming soon, but Ottawa had previously reported limited ⁠progress in trade talks, despite efforts to ease tariffs on steel ‌and autos.

Trump said the scope of an agreement would include ‌the Keystone XL pipeline project that he supports, though it was not immediately clear how the project would ‌be revived. Former President Joe Biden in 2021 revoked a key permit for the project, which ‌was a private sector initiative.

"They're going to build the Keystone Pipeline," Trump said on Sunday. "They're going to pay for it. ... We're going to give them the route, and it's largely been determined."

A spokesperson for Dominic LeBlanc, Canada's minister responsible for trade with the US, had no further comment on Sunday evening beyond Carney's ‌remarks.

Trump said in August that the pipeline "may be awoken from the grave." The proposed pipeline would have carried 830,000 barrels per day of ⁠oil from the ⁠oil sands of northern Alberta to the major US storage hub at Cushing, Oklahoma, and then on to Gulf Coast refineries.

Canada, the world's fourth-largest oil exporter, sends more than 90% of its crude oil production to the US.

The company behind Keystone XL, Canada's TC Energy, lost billions when the pipeline was canceled. It later spun off its crude pipelines business into a new entity, South Bow, which has proposed a new pipeline project called Prairie Connector, in partnership with US company Bridger Pipeline.

The 550,000-barrel-per-day project would run from Alberta to Wyoming and would use some of the Keystone XL pipe that had been installed on the Canadian side of the border before that project was canceled. South Bow has said it will decide whether or not to go ahead with Prairie Connector in 2027.

South Bow was not immediately available for comment. A spokesperson for Canadian Energy Minister Tim Hodgson declined comment.


London Copper Climbs as Tight Supply, Falling Oil Offer Support

TOPSHOT - Artisanal miners pass bags of copper ore to one another in a human chain inside the 110-meter-deep mine shaft in Kolwezi on September 27, 2026. (Photo by MARIE RUWET / AFP)
TOPSHOT - Artisanal miners pass bags of copper ore to one another in a human chain inside the 110-meter-deep mine shaft in Kolwezi on September 27, 2026. (Photo by MARIE RUWET / AFP)
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London Copper Climbs as Tight Supply, Falling Oil Offer Support

TOPSHOT - Artisanal miners pass bags of copper ore to one another in a human chain inside the 110-meter-deep mine shaft in Kolwezi on September 27, 2026. (Photo by MARIE RUWET / AFP)
TOPSHOT - Artisanal miners pass bags of copper ore to one another in a human chain inside the 110-meter-deep mine shaft in Kolwezi on September 27, 2026. (Photo by MARIE RUWET / AFP)

London copper recouped some of the previous week's losses on Monday, supported by supply concerns and lower oil prices, as talks to end the US-Israeli war on Iran continued.

Benchmark three-month copper on the London Metal Exchange was up 0.73% at $14,258.5 a metric ton by 0700 GMT. The most-traded copper contract on the Shanghai Futures Exchange edged 0.27% lower to 108,720 yuan ($16,354.53) a ton, reported Reuters.

An inflow of stocks into US warehouses ‌ahead of ‌a potential tariff on imports of refined ‌copper ⁠has created regional bottlenecks ⁠and generated supply fears.

Chile's copper commission Cochilco on Friday sharply lowered its 2026 output forecast from the world's largest copper producer.

In China, the world's biggest consumer, tight supply had the closely watched Yangshan premium <SMM-CUYP-CN> end last week at $200 a ton, near its highest level in ⁠over a decade.

The premium shows good demand ‌for imported copper into China, ‌with inventories in SHFE-monitored warehouses <CU-STX-SGH> down more than 75% in ‌the last six months.

"Underlying fundamentals remain supportive, with ‌signs of tightness still evident across the physical market," analysts from ING said in a note.

Oil prices fell as Iranian and Qatari officials, who are acting as mediators, held a third straight ‌day of talks to end the Iran war.

Lower oil prices could ease the pressure ⁠on economic activity ⁠and on demand for growth-sensitive industrial metals such as copper. Concerns around high oil prices helped make October the first month since June that copper prices fell.

The US dollar index fell ahead of the US midterms, supporting greenback-denominated commodities by making them cheaper for buyers using other currencies.

Among LME metals, aluminium dipped 0.15%, zinc ticked 0.14% higher, lead fell 0.21%, nickel rose 1.5% and tin gained 0.68%.

On the SHFE, aluminium lost 0.93%, zinc fell 1.01%, lead dropped 0.59%, nickel lost 0.5% and tin lost 1.4%.