Oil Falls as Iran, Israel Truce Eases Supply Fears
Oil prices fell 6% on Tuesday to settle at a two-week low, on expectations...
Oil prices fell 6% on Tuesday to settle at a two-week low, on expectations the ceasefire between Israel and Iran will reduce the risk of oil supply disruptions in the Middle East.
The ceasefire was on shaky ground with U.S. President Donald Trump accusing both Israel and Iran of violating it just hours after it was announced.
Brent crude futures fell $4.34, or 6.1%, to settle at $67.14 a barrel. U.S. West Texas Intermediate (WTI) crude fell $4.14, or 6.0%, to settle at $64.37.
Settlement was the lowest for Brent since June 10 and WTI since June 5, both before Israel launched a surprise attack on key Iranian military and nuclear facilities on June 13.
"The geopolitical risk premium built up since the first Israeli strike on Iran almost two weeks ago has entirely vanished," said Tamas Varga, a senior analyst at TP ICAP's PVM Oil Associates brokerage and consulting firm.
The Bureau of Land Management is revising estimates of oil and natural...
The Bureau of Land Management is revising estimates of oil and natural gas reserves in the Rock Springs Resource Management Plan area in Wyoming, potentially reducing restrictions on energy development. The US Geological Survey recently reported significant increases in undiscovered, technically recoverable reserves, with 703 million barrels of oil and 5.8 trillion cubic feet of natural gas in southwest Wyoming.
Interior Dept. workforce has declined by nearly 11%
The Interior Department has reduced its workforce by nearly 11% during...
The Interior Department has reduced its workforce by nearly 11% during the Trump administration, with about 7,500 employees taking buyouts or early retirement in the past five months. Significant losses were reported at the National Park Service, Fish and Wildlife Service, US Geological Survey and Bureau of Reclamation. "The goal is to make sure that we're doing a great job at the task that we have, the missions that we have, and so there is no specific headcount number that we're targeting," said Interior Secretary Doug Burgum.
Trump says Iran and Israel have agreed to a ceasefire
President Trump posted to social media yesterday that the two countries...
President Trump posted to social media yesterday that the two countries had agreed to “a Complete and Total CEASEFIRE” that would end their “12-day war” to be phased in over 24 hours. The announcement came hours after Iran launched missiles at an American base in Qatar in retaliation for the US bombing its nuclear sites, while still signaling a willingness to de-escalate the conflict. Iran gave the US advance notice of the strike, which Trump said in an earlier social media post “made it possible for no lives to be lost and nobody to be injured,” as the missiles were intercepted.
NY plans to build the first new US nuclear power plant in 15...
NY plans to build the first new US nuclear power plant in 15 years. New York Gov. Kathy Hochul said yesterday that she directed the state’s public utility to develop and construct an advanced nuclear power plant Upstate that can produce at least 1 gigawatt of energy, which is enough to power ~1 million homes. The announcement comes after President Trump introduced new rules in May aimed at speeding up the development of nuclear power projects by reducing the time it takes to get permits. Only five new commercial nuclear reactors have come online in the US since 1991, per the Wall Street Journal, but interest in nuclear power has grown as a means to produce more power with lower emissions, especially as tech companies seek to fuel massive data centers to undergird their AI tech.
A record-breaking heatwave is set to continue across the US, with temperatures reaching three digits (and that’s before you look at the dreaded “feels like” temp). It’s put millions of people under heat advisories or warnings.
The Supreme Court ruled that the Trump administration may resume deporting some migrants to countries that are not where they are from without giving them advanced notice or a chance to fight it, at least while a legal challenge to the practice plays out in the courts.
A federal judge ordered the release of Kilmar Abrego Garcia—whose mistaken deportation to El Salvador has been a flashpoint in immigration debates—while he awaits trial on human smuggling charges. But the judge noted that ICE was likely to detain him and potentially deport him, and the government has already filed an appeal of the judge’s order.
Federal Reserve Chair Jerome Powell is scheduled to testify before Congress today amid tension with the president over the Fed not lowering interest rates.
