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Google (GOOG.O): Gemini Spark is rolling out to Google AI Pro users outside the United States.August 1st - According to CBS News, citing multiple sources, the United States and Israel are planning "one of the most intense bombing campaigns to date" against Iranian energy infrastructure, potentially targeting power plants and oil refineries, with the operation possibly lasting throughout the weekend. Sources say Israel has been notified and is coordinating with the US, but Trump has not yet issued final approval. The report notes that the plan was proposed at Trumps cabinet meeting at Camp David on Friday, and some White House political aides strongly opposed it, fearing the operation could impact the US and global economy. Trump stated, "Were going to hit them very hard." The US has also discussed cutting off Tehrans power supply, but no decision has been made. Previously, Trump stated that for every attack on ships in the Strait of Hormuz, the US would bomb an Iranian bridge or power plant. If this operation is carried out, it would mean Israel has resumed military operations that were previously suspended due to a US-mediated ceasefire.August 1st - According to Irans Tasnim News Agency, the Houthi rebels in Yemen stated that, in order to implement their strategy of "blockade against blockade," eight Saudi oil tankers have been forced to change course and circle the Cape of Good Hope after maritime restrictions were imposed on them. The Houthis stated that the blockade against Saudi Arabia will continue and warned that they will take action against relevant vessels within their capabilities. The Houthis also stated that they will continue to push for the lifting of the blockade on Yemen and to protect their own interests.The U.S. military stated that as of July 31, Central Command had altered the routes of 30 merchant ships, rendered two ships inoperable, and boarded and inspected two more.August 1st - According to the New York Times, Federal Reserve Chairman Warsh is reportedly considering reducing the number of the Feds regular interest rate decision meetings. This move could cause a major upheaval and mark the most significant change in the Feds operations in recent years. Currently, the Feds 12-member Federal Open Market Committee (FOMC) meets eight times a year to vote on whether to raise, lower, or maintain borrowing costs. According to four sources familiar with the matter, Warsh proposed adjusting the meeting frequency at this weeks Fed meeting. These sources also revealed that at this weeks meeting, Warsh discussed the legal basis for the minimum number of meetings the Fed must hold annually, and the timeline for such adjustments. Reportedly, Warsh requested that officials provide feedback to him, rather than having a comprehensive discussion of the meeting schedule at this weeks meeting.

Oil Prices Soar on Word That Germany Relaxes Objection to Russian Oil Embargo

Aria Thomas

Apr 29, 2022 09:28

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Traders were reacting to media reports that Germany's Economy Minister Robert Habeck stated Tuesday that the EU's largest economy could survive an EU embargo on Russian oil imports and that Germany hoped to find alternative sources of supplies.


By 1:38 p.m. EDT, Brent crude futures had risen $1.89 to $107.21 a barrel (1838 GMT). West Texas Intermediate crude in the United States increased $2.61, or 2.6 percent, to $104.63.


Germany is significantly reliant on Russian energy supplies and had previously resisted a complete embargo.


Prior to the Ukraine war, Russia supplied nearly a third of Germany's oil. Habeck announced a month ago that the government had reduced its reliance on Russian oil to 25% of imports.


"As a result, oil from the free world will become more expensive, while oil from the Iron Curtain will lose even more value and become more heavily discounted," said John Kilduff, a partner at Again Capital LLC in New York.


Moscow has begun to use energy exports as a stick in reaction to the US and its allies' response to Russia's invasion of Ukraine.


Russia has cut off gas supplies to Poland and Bulgaria and is attempting to convince the EU to adopt its new gas payment system, which entails creating accounts with Gazprombank and converting payments in euros or dollars to roubles.


Russian oil production could decrease by as much as 17% in 2022, according to a document seen by Reuters from the economy ministry, as the country deals with Western sanctions.


Despite this anticipated shortage, sources told Reuters that the OPEC+ group of producers, which includes the Organization of the Petroleum Exporting Countries and allies led by Russia, is set to maintain its modest pace of output growth when it meets on May 5.


The US dollar climbed to its highest level in two decades on Thursday, aided by weakening in the currency's biggest rivals, including the yen and euro. A higher dollar is typically detrimental to oil prices that are denominated in the greenback, as it increases the cost of the commodity to holders of other currencies.


Beijing shuttered certain public venues and increased COVID-19 checks in others as the majority of the city's 22 million citizens conducted additional mass testing in an attempt to avert a Shanghai-style shutdown. The latest shutdown has caused disruptions to industry and supply systems, heightening concerns about the country's economic progress.


Sinopec (NYSE:SHI) Corp, Asia's largest oil refiner, expects demand for refined oil products to recover in the second quarter as COVID-19 outbreaks are gradually brought under control.


Global economy slowing as a result of increasing commodity prices and an escalation in the Russia-Ukraine war might exacerbate fears about oil demand.

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