Oil higher as Rafah invasion looms and Saudis boost Europe and Asia pricing
Oil futures rose early Monday, lifted as cease-fire talks between Israel...
Oil futures rose early Monday, lifted as cease-fire talks between Israel and Hamas appeared to bear no fruit and after Saudi Arabia's state-controlled petroleum company raised June crude prices for customers in Asia and Europe.
Both West Texas Intermediate crude and Brent, the global benchmark, were higher after falling by 6% or more last week as optimism over cease-fire negotiations saw a risk premium tied to fears of a wider war shrink. Those talks appeared to bear no fruit, with Israel signaling that an invasion of Rafah in Gaza was imminent.
Meanwhile, Saudi Aramco over the weekend lifted the premium it will charge for its flagship Arab Light crude and other grades shipped to Northwest Europe, Asia and the Mediterranean -- a sign of strong demand.
The Biden administration put on hold a shipment of US-made ammunition to Israel, the first time it’s paused a weapons shipment to the country since Oct. 7, per Axios. Hamas’s armed wing claimed responsibility for a rocket attack on the Kerem Shalom border crossing between Gaza and Israel, which is now closed to humanitarian aid. Two days of ceasefire talks ended in Cairo, with the Hamas delegation headed to Qatar to discuss the proposal. If Hamas does not accept the terms, Israel threatened to push into the city of Rafah “in the very near future.”
Warren Buffett contemplated his own mortality at Berkshire’s meeting
Succession was the ...
Succession was the topic du jour at the Berkshire Hathaway shareholder meeting in Omaha. After his longtime business partner Charlie Munger died last year at 99, CEO Warren Buffett—who turns 94 in August—revealed his heir apparent, Greg Abel, will have the final say on investment decisions in his absence. Buffett ended his Q&A portion with the quip, “I not only hope you come next year. I hope I come next year.” Adding to the ominous vibes, Buffett said AI is a genie that “scares the hell out of me.
The Chinese president arrived in Europe yesterday for the ...
The Chinese president arrived in Europe yesterday for the first time in five years, making stops in France, Serbia, and Hungary to strengthen diplomatic and economic ties. He’ll need to be charming, because trade tensions between the EU and China are rising over cheap Chinese exports of green tech products that have undercut European manufacturers.
Apple will finally release new iPads. Apple will refresh...
Apple will finally release new iPads. Apple will refresh its calcified iPad lineup for the first time in more than 18 months with an event on Tuesday morning. What to expect? Major upgrades to the iPad Pro and the iPad Air, and updated versions of accessories, according to Bloomberg. Apple’s tablets need a jolt of…something: Sales plummeted 17% last quarter.
The Fall Guy made a disappointing $28.5 million in its debut at the North American box office, marking the worst start to Hollywood’s summer season since 1995.
Scammers are stealing money from people who rely on food stamps and cash assistance, the NYT reports.
Hawaii Gov. Josh Green signed a bill that empowers Hawaiian counties to regulate short-term rentals, including Airbnbs.
