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On August 23, Rezaei, Secretary of Irans Supreme National Security Council, warned Gulf states against joining the US-imposed economic sanctions against Iran, stating that Tehran would retaliate against these countries interests. "If Irans neighbors join the US economic war, the Persian Gulf and the Strait of Hormuz will be completely depleted of oil, and we will also target other oil export routes in the Persian Gulf," he said. Rezaei also claimed that Trump launched the economic war against Iran at the urging of Israeli Prime Minister Netanyahu. He said Trump was initially skeptical of the idea, but Netanyahu persuaded him to test it for two to three months before assessing whether to continue for another six months. "What the enemy hopes for is division and discord," he reiterated, emphasizing Irans unity.According to Al Jazeera, sources familiar with the matter said that Pakistan’s first Chief of Defence Forces, Asim Munir, is expected to return to Tehran in the coming days.A 5.9-magnitude earthquake struck southern Ibaraki Prefecture, Japan, early on the 23rd. No abnormalities have been detected at several nuclear facilities near the epicenter. NHK, citing power company sources, reported that no abnormalities have been detected at the Fukushima Daiichi, Tokai, and Tokai Daini nuclear power plants, all located near the epicenter, and radiation monitoring readings around the plants have not shown significant changes.On August 23, it was reported that price competition for large-scale AI models has intensified recently, with several US AI companies lowering prices for their models. OpenAI, the US-based Open AI Research Center, announced on the 21st that it would reduce the base price of its cutting-edge GPT-5.6 Sol model for developers by over 20%, effective immediately. This discounted price will be valid for three months. At the end of last month, OpenAI also lowered the prices of other models, with mid-range models reduced by 20% and low-cost models by 80%. Furthermore, Google, a subsidiary of Alphabet, recently released Gemini 3.7 Flash and simultaneously lowered its price, making it approximately half the price of the previous version. Some US media analysts believe that the increasingly fierce price competition for large-scale AI models, particularly the open-source and pricing strategies of some Chinese AI companies, has put pressure on US companies.The statement indicates that Canadian Prime Minister Mark Carney held a video conference with provincial and territorial leaders to discuss suspending trade negotiations with the United States. Carney outlined next steps to protect Canadian interests, including retaliatory tariffs that will take effect on Tuesday after Labour Day.

Despite Economic Uncertainty, Oil Prices Are Poised For A Robust Week

Despite Economic Uncertainty, Oil Prices

Feb 10, 2023 11:18

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On Friday, oil prices stayed stable despite mounting concerns about a U.S. economic slowdown and a sluggish rebound in China, but they were poised for substantial weekly gains as near-term supply remained curtailed as a result of outages in Turkey.


The world's top oil importer may take longer than anticipated to return to pre-pandemic levels of growth, based on Chinese inflation data that was less than anticipated.


An inversion in the yield curve, a typical indication of a slowdown, hit its deepest level since the 1980s, exerting additional pressure on the oil markets.


The likelihood of a slower-than-anticipated recovery in China, along with the possibility of a U.S. recession this year, could indicate a decline in oil consumption this year.


By 21:01 ET, Brent oil prices were unchanged at $84.25 per barrel, while West Texas Intermediate crude futures increased 0.2% to $77.84 per barrel (02:01 GMT). Both contracts were expected to gain approximately 5.5% and 6.3% per week, respectively.


Crude prices recovered strongly from recent lows this week after a disastrous earthquake in Turkey disrupted oil flows from Iraq and also suspended exports from the Ceyhan terminal, forecasting tighter supply in portions of Europe, Asia and North America.


It is unknown when shipments from the Ceyhan terminal will restart, as several operators in the region have declared force majeure.


Saudi Arabia increased its official crude sales price to Asia, indicating that the world's top oil producer anticipates a revival in Chinese demand, which boosted oil markets.


Additionally, crude markets profited from the dollar's depreciation in the context of rising uncertainty on the future course of U.S. interest rates. While a number of Federal Reserve officials said that interest rates are likely to rise in the coming months, higher-than-anticipated weekly unemployment claims data bolstered optimism that a weakening labor market could prevent the Fed from raising rates.


Next week's U.S. inflation figures for January will provide additional information on the possible direction of U.S. monetary policy. While it is anticipated that inflation will have decreased from the previous month, it is still anticipated to be substantially above the Fed's yearly objective.


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