#OOTT | Energy Executives Have Warned The White House Of Dwindling Oil Reserves, Sources Say – @CNN US ENERGY EXECUTIVES WARNED THE WHITE HOUSE THAT OIL RESERVES BEING USED TO HELP CONTAIN THE IMPACT OF THE IRAN CONFLICT ON ENERGY PRICES ARE RUNNING DANGEROUSLY LOW, ACCORDING TO CNN. INDUSTRY STOCKPILES COULD FALL TO CRITICAL LEVELS WITHIN WEEKS, INCREASING PRESSURE ON THE ADMINISTRATION TO FIND A PATH TOWARD EASING THE CONFLICT AND STABILIZING GLOBAL OIL MARKETS. - CNN

IRAN HAS REPORTEDLY SUBMITTED A DRAFT AGREEMENT TO THE UNITED STATES THROUGH QATARI MEDIATORS, WITH SOURCES SAYING THE TEXT WAS FINALIZED AND SENT TO WASHINGTON FOR REVIEW. - NY POST A U.S. SOURCE CONFIRMED RECEIPT OF THE DRAFT, THOUGH DETAILS WERE NOT DISCLOSED. IF APPROVED, THE AGREEMENT COULD PAVE THE WAY FOR REOPENING THE STRAIT OF HORMUZ AND RESUMING NUCLEAR NEGOTIATIONS. - NY POST

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A major squeeze is emerging across industrial metals markets as the ongoing US-Israeli war against Iran compounds structural supply shortfalls, said the Financial Times on Thursday. This could keep prices elevated for years, the newspaper added, citing analysts. Copper is trading near its all-time closing high while aluminium has reached a four-year peak, ...

More than a year since “Liberation Day,” the US trade deficit looks much the same—despite a historic increase in tariffs that were ostensibly intended to reduce it. As we’ve previously discussed, most economists think that the trade deficit—especially the deficit for just goods—isn’t necessarily a problem for the United States and, being driven by big ...

U.S. producer prices climbed last month at the fastest pace since November 2022, fueled by a surge in energy prices after the start of the Iran war. The Labor Department reported Thursday that its producer price index — which captures inflation before it reaches consumers — jumped 6.5% from May 2025. It rose 1.1% from April, as it did the previous month. ...

US Treasury Secretary Bessent announced on X Thursday morning that Washington is moving forward on a plan to compensate America's Gulf regional allies for damage sustained during Iranian counterattacks on their energy and civic infrastructure. He made clear that any damage to Gulf allies would be paid for with frozen Iranian funds, which Tehran leadership ...

UAE AND IRAN REPORTEDLY HELD IN-PERSON TALKS TO REDUCE TENSIONS.

The U.S. military will attack Iran “VERY HARD TONIGHT,” and will soon take over the country’s “oil infrastructure points,” including taking Kharg Island, President Donald Trump said Thursday morning. An operation to “assume total control” of Iran’s oil and gas markets and infrastructure will occur “at some point in the not too distant future,” Trump vowed ...

LAGARDE: TODAY'S DECISION NOT A FORCEFUL" ONE ECB'S LAGARDE: 25 BPS HIKE IS A SIGNAL AND IS NECESSARY ECB's Lagarde: We have not discussed the neutral rate ECB's Lagarde: We Are Beginning To See Broadening Of Inflation. We Will Be Extremely Attentive ECB President Lagarde (Q&A) states the main risk today would be to not take this sort of decision

LAGARDE: DECISION WAS UNANIMOUS ECB's President Lagarde: There will be no pre-set rate path ECB's Lagarde: Discussion was not at all about insurance hike ECB's President Lagarde: Indirect cost of Iran war also showing up. ECB's Lagarde: If we were not taking this very obvious monetary policy decision, we'd be north of our target at the end of the projection horizon

Good afternoon, the Vice-President and I welcome you to our press conference. The Governing Council is committed to setting monetary policy to ensure that inflation stabilises at our two per cent target in the medium term. In line with this commitment, we today decided to raise the three key ECB interest rates by 25 basis points. The war in the Middle East is generating inflation pressures, and the decision to raise rates is robust across a range of scenarios mapping out how the shock might evolve and affect the medium-term outlook for the euro area. In the baseline of the new Eurosystem staff projections, headline inflation is expected to average 3.0 per cent in 2026, 2.3 per cent in 2027 and 2.0 per cent in 2028. For inflation excluding energy and food, the baseline foresees an average of 2.5 per cent in 2026 and 2027 and 2.2 per cent in 2028. Compared with March, staff have revised up their baseline projection for inflation in 2026 and 2027 owing to a higher path for energy prices, which, to some extent, is expected to feed into food, goods and services inflation. The baseline sees economic growth at an average of 0.8 per cent in 2026, 1.2 per cent in 2027 and 1.5 per cent in 2028. This is a downward revision for 2026 and 2027, reflecting a more pronounced impact of the war on commodity markets, real incomes and confidence. The outlook remains unce ECB's President Lagarde: Risks to inflation outlook are to the upside. LAGARDE: FINANCIAL CONDITIONS TIGHTER THAN BEFORE WAR ECB's Pres Lagarde: Wage Trackers Continue to indicate easing labour costs In 2026 - Some Indicators Of Underlying Inflation Have Already Been Driven Higher By Energy Shock - Most Measures Of Longer-Term Expectations Stand At Around 2%