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Oil Edges Lower after Trump Signals Dialogue with Iran over Nuclear Program

A view shows a pressure gauge near oil pump jacks outside Almetyevsk, in the Republic of Tatarstan, Russia July 14, 2025. REUTERS/Stringer
A view shows a pressure gauge near oil pump jacks outside Almetyevsk, in the Republic of Tatarstan, Russia July 14, 2025. REUTERS/Stringer
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Oil Edges Lower after Trump Signals Dialogue with Iran over Nuclear Program

A view shows a pressure gauge near oil pump jacks outside Almetyevsk, in the Republic of Tatarstan, Russia July 14, 2025. REUTERS/Stringer
A view shows a pressure gauge near oil pump jacks outside Almetyevsk, in the Republic of Tatarstan, Russia July 14, 2025. REUTERS/Stringer

Oil prices slipped on Friday on signs that the US may engage in dialogue with Iran over its nuclear program, reducing concern over potential supply disruptions from a US attack.

Brent crude futures were down 21 cents, or 0.3%, at $70.50 a barrel by 1219 GMT. The March contract expires later on Friday. The more active April contract lost 45 cents, or 0.65%, to $69.14.

US West Texas Intermediate crude fell 38 cents, or 0.6%, to $65.04 a barrel, Reuters reported.

"President Trump’s willingness to give diplomacy a chance regarding Iran seemingly makes a US military intervention less likely than yesterday," said PVM Oil Associate analyst Tamas Varga.

Middle East tensions and oil prices had increased this week as the US strengthened its military presence in the region. US President Donald Trump urged Iran on Wednesday to make a deal on nuclear weapons or face an attack but on Thursday said he was planning to speak to the country's leaders.

Despite Friday's declines, benchmark prices remained on track for large monthly gains. Brent crude was set for its biggest monthly jump since January 2022 and WTI was poised for its largest monthly gain since July 2023.

Price pressure also came from a rise in the dollar after it hit a four-year low earlier in the week. Friday's dollar strength followed Trump's announcement that he would pick former Federal Reserve Governor Kevin Warsh to head the US central bank when Jerome Powell's leadership term ends in May.

A stronger dollar can limit demand from oil buyers paying in other currencies.

"Rising US crude oil output after shutdowns and Kazakhstan nearing the resumption of production at the Tengiz oilfield also contribute to the change in sentiment, and given the week’s bullish performance, it is reasonable to expect some profit-taking ahead of the weekend," Varga added.

Meanwhile, peak maintenance periods for Russian primary oil refining this year are expected this month and in September, based on Reuters calculations using estimates from industry sources.

A Reuters poll of 32 analysts found that most expect prices to hold near $60 a barrel this year as the prospect of oversupply offsets potential disruption from geopolitical tensions.

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Business

Saudi Industry Minister Explores Localization Opportunities with Airbus Helicopters

Saudi Minister of Industry and Mineral Resources Bandar Alkhorayef and other officials during the meeting. (SPA)
Saudi Minister of Industry and Mineral Resources Bandar Alkhorayef and other officials during the meeting. (SPA)
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Saudi Industry Minister Explores Localization Opportunities with Airbus Helicopters

Saudi Minister of Industry and Mineral Resources Bandar Alkhorayef and other officials during the meeting. (SPA)
Saudi Minister of Industry and Mineral Resources Bandar Alkhorayef and other officials during the meeting. (SPA)

Saudi Minister of Industry and Mineral Resources Bandar Alkhorayef held talks Airbus Helicopters CEO Bruno Even on the sidelines of the World Defense Show 2026 in Riyadh to discuss joint opportunities for localizing aerospace industries and their supply chains in the Kingdom.

The meeting reviewed ways to strengthen industrial cooperation and expand strategic partnership opportunities in the localization of aircraft and helicopter manufacturing in Saudi Arabia, said a ministry statement on Tuesday.

It addressed ongoing efforts to localize the production of aluminum panels and titanium processing to support the requirements of the aerospace sector.

The talks underscored the importance of developing enabling models that attract Airbus Helicopters’ global suppliers and facilitate the establishment or expansion of their operations in the Kingdom, contributing to the resilience and sustainability of global aviation supply chains.

Separately, Alkhorayef met with leaders of the Technology Equipment Trading Establishment, which specializes in military industries. They discussed opportunities to localize defense industries in the Kingdom, the enablers supporting local content development, and initiatives to boost national capabilities in military manufacturing.

Business

Bessent Says US, China Could Have Very Productive Relationship

US Secretary of the Treasury Scott Bessent, left, shakes hands with Chinese Vice Premier He Lifeng, right, during a bilateral meeting between the United States and China, in Geneva, Switzerland, on Saturday, May 10, 2025. (KEYSTONE/EDA/Martial Trezzini) /Handout via Reuters
US Secretary of the Treasury Scott Bessent, left, shakes hands with Chinese Vice Premier He Lifeng, right, during a bilateral meeting between the United States and China, in Geneva, Switzerland, on Saturday, May 10, 2025. (KEYSTONE/EDA/Martial Trezzini) /Handout via Reuters
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Bessent Says US, China Could Have Very Productive Relationship

US Secretary of the Treasury Scott Bessent, left, shakes hands with Chinese Vice Premier He Lifeng, right, during a bilateral meeting between the United States and China, in Geneva, Switzerland, on Saturday, May 10, 2025. (KEYSTONE/EDA/Martial Trezzini) /Handout via Reuters
US Secretary of the Treasury Scott Bessent, left, shakes hands with Chinese Vice Premier He Lifeng, right, during a bilateral meeting between the United States and China, in Geneva, Switzerland, on Saturday, May 10, 2025. (KEYSTONE/EDA/Martial Trezzini) /Handout via Reuters

US Treasury Secretary Scott Bessent said on Tuesday that the US relationship with China could be very productive and welcomed Beijing as a rival.

"The US-China relationship now is in a very comfortable place. We are going to be rivals, but we want the rivalry to be fair," Bessent said during an appearance at the ‌BTG Pactual ‌CEO Conference, held in Sao Paolo, Brazil. "We ‌do ⁠not want ‌to decouple from China, but we do need to de-risk."

Bessent is preparing to meet with Chinese Vice Premier He Lifeng in coming weeks ahead of a planned visit to China by US President Donald Trump in April.

The Treasury has not given details about the timing or venue for Bessent's meeting with He.

Bessent told the conference ⁠that the US was working on "retaking sovereignty" from China in strategic industries including ‌critical minerals, semiconductors and medicines.

"We're always ‍going to be competitors," he ‍said. "And I'm of the view that competition makes you better, ‍keeps you from stagnating."

In the long run, he said China would have to rebalance its economy, adding, "The world cannot have a situation where China persistently runs a $1 trillion trade surplus. That's just not possible."

Bessent and US Trade Representative Jamieson Greer spoke with He by phone in December, and both sides agreed to promote the ⁠stable development of bilateral trade and economic ties, China's official Xinhua news agency reported at the time.

Bessent last met with He in Malaysia in October, when both sides discussed a framework agreement under which Beijing agreed to defer export controls on rare earth supplies and Washington dropped a 100% US tariff on Chinese goods.

The US Treasury Secretary has said in recent weeks that China is on track to meet its commitments under a US-China trade agreement, including the purchase of 12 million metric tons ‌of US soybeans, by the end of February.

Business

AlUla Conference for Emerging Market Economies Highlights Policies to Strengthen Resilience, Support Growth

The second AlUla Conference for Emerging Market Economies was held in AlUla on February 8–9 - SPA
The second AlUla Conference for Emerging Market Economies was held in AlUla on February 8–9 - SPA
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AlUla Conference for Emerging Market Economies Highlights Policies to Strengthen Resilience, Support Growth

The second AlUla Conference for Emerging Market Economies was held in AlUla on February 8–9 - SPA
The second AlUla Conference for Emerging Market Economies was held in AlUla on February 8–9 - SPA

At the conclusion of the second AlUla Conference for Emerging Market Economies, held in AlUla on February 8–9 and co-organized by the Saudi Ministry of Finance and the International Monetary Fund, Minister of Finance Mohammed Aljadaan and Managing Director of the International Monetary Fund Kristalina Georgieva issued a joint statement.

The statement expressed appreciation to emerging-market policymakers, leading global academics, and heads of regional and international financial institutions for convening once again in AlUla to discuss the key challenges facing emerging-market economies and the policies needed to strengthen resilience and support growth, SPA reported.

It noted that the second conference reaffirmed the value of a dedicated global forum focused on the shared challenges, opportunities, and aspirations of emerging market economies.

Over the two days, discussions centered on how emerging markets can navigate a global environment characterized by persistent uncertainty, geopolitical shifts, evolving trade patterns, and rapid technological change.

These developments, the statement said, underscore the urgency of strengthening policy frameworks and institutions to bolster resilience and seize opportunities ahead.

Several key messages emerged. First, sound macroeconomic and financial policies—underpinned by strong institutions and effective governance—remain the cornerstone of resilience in an increasingly shock-prone world. Experiences across many emerging markets demonstrate that credible policy frameworks and institutional upgrades have helped deliver better inflation outcomes, maintain financial stability, and preserve market access, even amid heightened uncertainty.

Second, having achieved greater stability, emerging markets now face the challenge of advancing to a new phase of reforms that deliver higher, more sustainable, and more job-rich growth. Unlocking private-sector potential will be central to this effort, including by deepening financial markets, reducing barriers to entrepreneurship and investment, and harnessing artificial intelligence through investments in digital infrastructure and skills development to help young people thrive in a changing global labor market.

Third, amid shifting trade and investment patterns, deeper intra-regional and inter-regional integration presents significant opportunities. Strengthening trade and regional cooperation remains critical as emerging markets adapt to the evolving global economic landscape.

According to SPA, the statement concluded by welcoming the commitment shown by emerging market economies to work together, learn from one another, and act decisively to address global challenges, and by expressing anticipation of continuing these discussions and building on the momentum at future editions of the AlUla Conference for Emerging Market Economies.