Oil prices jump 3% as Iran suspends cooperation with UN nuclear watchdog
(Reuters) - Oil prices rose 3% on Wednesday as Iran...
(Reuters) - Oil prices rose 3% on Wednesday as Iran suspended cooperation with the U.N. nuclear watchdog and the U.S. and Vietnam reached a trade deal, but a surprise build in U.S. crude supplies limited price gains somewhat.
Brent crude settled $2.00 higher, or 3%, to $69.11 a barrel, while U.S. West Texas Intermediate crude gained $2.00, or 3.1%, to $67.45 a barrel.
Brent has traded between a high of $69.21 a barrel and low of $66.34 since June 25, as concerns of supply disruptions in the Middle East have ebbed following a ceasefire between Iran and Israel.
Iran enacted a law stipulating any future inspection of its nuclear sites by the International Atomic Energy Agency will need approval by Tehran's Supreme National Security Council. The country has accused the agency of siding with Western countries and providing a justification for Israel's air strikes.
"The market is pricing in some geopolitical risk premium from Iran's move on the IAEA," said Giovanni Staunovo, a commodity analyst at UBS. "But this is about sentiment; there are no disruptions to oil."
Dow ends lower, S&P books another record after Trump touts Vietnam trade deal
U.S. stocks finished mostly higher on Wednesday, with...
U.S. stocks finished mostly higher on Wednesday, with the S&P 500 and Nasdaq Composite climbing to record closes, following President Donald Trump's announced trade deal with Vietnam.
Gains may have been limited to some extent, however, by ADP's private-sector hiring report, which reflected an unexpected loss of 33,000 jobs in June. ADP's reports are not always considered to be accurate predictors of the government's official jobs report, however. The next official jobs report is scheduled for release on Thursday morning.
Separately, 2- and 10-year Treasury yields jumped to almost 3.79% and 4.29%, respectively — their highest levels in about a week.
The Dow Jones Industrial Average fell 10.52 points to end nearly flat at 44,484.42, based on preliminary data.
The S&P 500 advanced 29.41 points, or 0.5%, to close at 6,227.42 for its sixth record close of the year.
The Nasdaq Composite rose 190.24 points, or 0.9%, to end at 20,393.13 for its third record closing high of 2025.
High European jet fuel prices amid fears of Middle...
High European jet fuel prices amid fears of Middle East supply disruptions prompted oil traders to ship in June the highest volumes in a year of jet fuel from South Korea and China to Europe.
These flows from Northeast Asia to Europe were estimated at a total of about 3 million barrels last month, according to trade sources and vessel-tracking firms who shared their data and insights with Reuters.
For most of last month, amid elevated concerns about supply flows due to the 12-day Israel-Iran war, the price of physical jet fuel in Northwest Europe was $60 to $80 per ton higher than the Asian prices for the fuel, per data from LSEG cited by Reuters.
The US Senate narrowly passed President Donald Trump’s tax and domestic policy bill yesterday. The final tally was 51-50, with Vice President JD Vance casting the tie-breaking vote. The revised, 940-page document heads to the House for consideration.
In June, factory activity in the US shrank for the fourth straight month, according to the Institute for Supply Management’s manufacturing index. Experts say the contraction is due to a perfect storm of declining demand and employment with rising prices—likely a reaction to tariffs. One company told Bloomberg Economics that its customers don’t want to make manufacturing commitments in the wake of so much economic uncertainty. “Everyone is on pause,” said another.
