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According to Brazilian media outlet Folha, Brazils antitrust regulator CADE has launched an investigation into Apples (AAPL.O) contactless payment functionality on its iOS system.On March 19, local time, Iran launched the 63rd round of Operation True Commitment-4 in the early hours of the morning. The Iranian Islamic Revolutionary Guard Corps issued an emergency statement announcing a large-scale missile attack on US-related oil and energy facilities in the region. This operation was a direct and reciprocal retaliation for the earlier attacks on Iranian energy infrastructure on March 18. The statement indicated that the retaliatory action aimed to target energy facilities "with US interests and US ownership." The statement emphasized that Iran originally did not want the war to escalate to the energy sector, nor did it wish to affect the economies of neighboring countries, but the enemys provocations have led the war into a "new phase." The statement confirmed that the Iranian armed forces have carried out multiple rounds of strikes to ensure that the damage suffered by the enemy is on par with the damage to Iranian infrastructure. The statement also warned that if the attacks continue, Iran will expand the scope of its strikes to all energy infrastructure of US and Israeli allies, until it is "completely destroyed."PetroReconcavo, Brazils oil company, estimates its proven oil reserves at 80.1 million barrels by the end of 2025.Security sources say Iraqi air defense forces intercepted and shot down a drone that was approaching Baghdad airport.According to The Information, a spokesperson for Meta Platforms (META.O) confirmed the security incident, stating that no user data was improperly handled. The incident was classified as a Sev 1 security incident, with data exposed over a period of nearly two hours.

Oil costs increase as supply restrictions trump economic worries

Charlie Brooks

Jul 05, 2022 11:12


Oil prices climbed on Monday as supply worries spurred by a decrease in OPEC production, unrest in Libya, and sanctions against Russia trumped fears of a worldwide recession that would diminish demand.


In June, Euro zone inflation hit an all-time high, boosting the case for rapid rate rises by the European Central Bank, while consumer sentiment in the United States reached an all-time low.


Brent oil rose $2.26, or 2%, to $113.89 a barrel as of 12:47 p.m. ET (1648 GMT), after shedding more than $1 in early trading. The price of U.S. West Texas Intermediate (WTI) crude rose $2.20, or 2%, to $110.63 despite the lack of trading activity over the Fourth of July holiday.


According to a Reuters survey, the Organization of the Petroleum Exporting Countries (OPEC) failed to meet its June goal of increasing production.


Thursday, authorities in OPEC member Libya declared force majeure at the Es Sidr and Ras Lanuf ports and the El Feel oilfield, claiming a reduction of 865,000 barrels per day in oil output (bpd).


Meanwhile, more than two weeks of unrest have caused Ecuador to lose almost 2 million barrels of production, according to Petroecuador, the country's state-owned oil company.


This week, a strike in Norway may restrict supply from the biggest oil producer in Western Europe and reduce overall petroleum production by 8 percent.


"This background of rising supply interruptions clashes with a probable shortage of spare production capacity among Middle Eastern oil producers," said Stephen Brennock of oil trader PVM, referring to the producers' limited ability to pump more oil.


And prices will climb if new oil production does not reach the market shortly.


On Monday, British Prime Minister Boris Johnson asked OPEC+ to raise oil output to tackle the growing cost of living.


As a consequence of Russia's invasion of Ukraine, supply concerns have sent Brent oil prices close to 2008's record high of $147 a barrel.


As a consequence of restrictions on Russian oil and limited gas supplies, surging energy prices have driven inflation in certain countries to multi-decade highs and stoked fears of a recession.


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