Trade

Duties for products made by certain larger companies will take effect in 120 days, while items from smaller manufacturers won't be hit for another 180 days, according to a White House statement.

Oil markets remain under pressure due to reduced flows from the Gulf, particularly through the Strait of Hormuz, a key transit route for global energy supplies.

In a televised address from the White House, Trump said US operations are close to achieving their objectives, even as he set a two- to three-week window for either a deal or further attacks.

Donald Trump Speech Live: He said Iran's navy is gone, its air force is in ruins, most of its leaders are dead, and its ability to launch missiles has been curtailed.

Oil prices fell below $102 after reports that President Trump may end the Iran conflict even if the Strait of Hormuz remains closed, following recent tanker attacks.

Stocks rose and oil prices fell after reports that President Trump is open to ending the US military campaign against Iran despite the Strait of Hormuz remaining closed.

Located at the southern tip of the Red Sea, this narrow passage connects the Red Sea to the Gulf of Aden and the Indian Ocean, making it a vital artery for global trade.

The contract, based on the S&P Global Energy (Platts) Dated Brent assessment, will be traded under the symbol BRCRUDEOIL

Analysts said the investigation would give China a legal framework to retaliate against any new US tariffs, after the Supreme Court struck down most of the duties imposed during US President Donald Trump's previous term.

Crude exports via Yanbu have now reached about 5 million barrels a day and the kingdom is also exporting 700,000 to 900,000 barrels a day of refined products

New Delhi has sought safe passage of energy and fertilizer supplies via ships and tankers from the Gulf via the narrow strait that has been virtually blocked by Iran in retaliation to US and Israeli aggression.

The majority of producers on the Gulf Coast are running their plants at near capacity, and much of their supply is already under long-term contract.

Deputy Foreign Minister Carlos Fernandez de Cossio declined to specify the military preparations. His comments are in line with Cuba's defiant stance as Trump and Secretary of State Marco Rubio ratchet up rhetoric against the communist-run leadership.

Indo-Tibet trade through Shipki La pass in Himachal Pradesh will resume in June after suspension since 2020 due to the Covid pandemic, says Tribal Development Minister Jagat Singh Negi.

Prices for next-day delivery at the Waha gas trading hub in the Permian Basin — home to roughly a quarter of US gas production — are trading well below zero.

Middle East conflict and crude oil price trends will drive investor sentiment this holiday-shortened week, alongside global market trends and rupee-dollar movements.

Brent neared $120 twice in the last two weeks, a level not seen since 2022, putting pressure on Washington to calm the market.

Exporters say freight rates to Gulf markets have doubled in recent weeks, driven by higher war risk premiums, vessel re-routing, and container shortages.

If elevated oil prices persist, the brokerage warns of a potential 3040% earnings correction, in line with past periods of prolonged demand slowdown and cost pressures.

The US is the world's largest exporter of LNG and looks to expand further with several facilities either planned or currently being built.