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The UK's competition watchdog has warned that many fuel retailers are not passing on wholesale price falls quickly enough, with over 1,000 warning letters sent over registration failures. The CMA's latest update also highlights high profit margins and plans for a detailed autumn review.
Jared Kushner met with Hamas political leader Khalil al-Hayya in Egypt and later with Israeli PM Netanyahu, signaling a new normal in US-Hamas direct talks. The meetings come amid a fragile Gaza ceasefire, a lapsed US-Iran memorandum, and ongoing settler tensions in the West Bank.
A cargo vessel was hit by an unknown projectile in the Strait of Hormuz, damaging its engine room and causing a crew casualty, according to UKMTO. Brent crude rose above $91 and WTI topped $85 amid renewed fighting in Lebanon and hopes for a US-Iran deal fading. Meanwhile, oil producers have adopted 'dark' transits and ship-to-ship transfers to keep exports flowing despite the conflict.
The rupee rose 7 paise to 95.64 against the US dollar in early trade on Monday, supported by a softer dollar, but later pared gains to settle 3 paise lower at 95.74 amid rising Brent crude, importer demand, and cautious sentiment over impending US sanctions on Iran. The Reserve Bank of India likely intervened to support the currency, while its decision to shorten the foreign-currency deposit swap window surprised bankers and added to the rupee's vulnerabilities.
Indian stocks closed largely unchanged on Friday, capping a second straight weekly decline, as geopolitical tensions and rising crude prices kept investors cautious. GIFT Nifty pointed to a positive opening on Monday, with attention on US sanctions on Iran and Federal Reserve signals.
Iran's rial dropped to a record low against the dollar as Washington readied what it called an 'economic D-Day' of new sanctions. The currency's fall underscores the toll of nearly six months of war, with inflation soaring, oil exports halted, and pressure mounting on Tehran despite its control of the Strait of Hormuz.
US President Donald Trump's envoy Jared Kushner has reiterated that Iran cannot be allowed to acquire a nuclear weapon, outlining core conditions for any deal, as the 60-day framework from June lapses unresolved. The collapse of that memorandum has left tensions over the Strait of Hormuz and uranium enrichment unresolved, with Tehran not yet deciding on direct talks.
Oil prices steadied above $91 per barrel on Thursday as investors weighed the outlook for the US-Iran conflict and shipping security in the Strait of Hormuz. Brent and WTI benchmarks have risen for four straight sessions, supported by geopolitical tensions and supply concerns.
Iran's foreign minister said Tehran pushed the war with the US to force a ceasefire on its own terms, claiming victory in both war and diplomacy. Meanwhile, Egypt seeks to revive US-Iran talks, France and Saudi Arabia plan alternative trade routes, and the US warns of unprecedented economic pressure.
Brent crude rose above $90 a barrel after a two-month negotiating window expired without a deal, while a US blockade has sharply reduced Iranian oil flows to China. Treasury Secretary Scott Bessent is set to detail new sanctions aimed at isolating Iran. Iranian officials have warned of a more aggressive military stance in the Strait of Hormuz.
As conflicts disrupt key Middle East waterways, China has launched a regular container service via the Arctic's Northern Sea Route, aiming to cut transit times and reduce reliance on chokepoints like Hormuz and Malacca. Experts see the route as a seasonal supplement with geopolitical and environmental caveats.
Ship crossings through the Strait of Hormuz remain drastically below normal levels, with fewer than 20 vessels transiting over the weekend and traffic about 90% below pre-conflict baselines, according to Kpler and UKMTO data. The decline comes amid renewed threats between Washington and Tehran, while Asia's refined fuel imports have fallen sharply and refining margins stay elevated.
Ship crossings through the Strait of Hormuz rose slightly on Monday but remained in single digits, according to Kpler shiptracking data. The uptick follows a weekend slowdown attributed to strikes on UAE vessels, as US-Iran peace talks remain stalled.
South Korea's KOSPI pared early gains late Tuesday morning as investors locked in profits amid fading hopes for a U.S.-Iran agreement. Tech stocks like Samsung Electronics and SK hynix led gains, while oil price concerns and global market cues weighed on sentiment.
The US diesel crack spread hit a record high above $100 a barrel this week as Middle East hostilities and Ukrainian drone strikes on Russian refineries tighten global fuel supplies. Analysts warn that even a quick peace may not ease the squeeze, with diesel prices driving up consumer costs worldwide.
Iranian President Masoud Pezeshkian called for an end to the war with the US, saying Iran was negotiating from a position of strength, even as the partial truce agreed in June expired without renewal. His remarks come amid a reported push by Iranian moderates to revive the economy, while hardliners reportedly favor prolonging the conflict.
During a White House event honoring 16-year-old lifeguard Ryder Williams, President Trump cut off CNN's Kristen Holmes and asked 10-year-old Nathaniel Rai, the boy Williams rescued, if he found her disrespectful. Trump called Holmes 'fake news' and 'a fake reporter' after she identified herself as being with CNN. The incident adds to a documented pattern of Trump publicly admonishing female reporters.
Oil prices fell more than 1% on Monday as investors booked profits ahead of a US announcement on new sanctions against Iran. Treasury Secretary Scott Bessent is set to unveil what he calls an 'economic D-Day,' while analysts debate the effectiveness of the measures and the risk of Iranian retaliation.
The USS Benfold lost power in the South China Sea in July, leaving hundreds of sailors without water, toilets, or air conditioning for four days before being towed to port. The incident has amplified concerns about extended deployments and crew morale, as the George Washington strike group heads to relieve the USS Abraham Lincoln.
Talks between Israeli Prime Minister Benjamin Netanyahu and US envoy Jared Kushner on the Gaza ceasefire deal ended without progress, with Netanyahu insisting on Hamas's disarmament first. Hamas, meanwhile, demands an Israeli withdrawal from the 60% of Gaza it occupies.