US signals possible end to Russian oil sanction waivers amid global energy concerns

US signals possible end to Russian oil sanction waivers amid global energy concerns


U.S. Secretary of State Marco Rubio
| Photo Credit:
Julia Demaree Nikhinson

The United States on Tuesday said it would like to end the sanction waivers granted to countries purchasing Russian oil, contending that these measures were time-limited to ease global supplies in the wake of the Iran war.

Testifying before the Senate Foreign Policy Committee, US Secretary of State Marco Rubio said that the ultimate decision regarding the Russian waiver would be made by the Department of Treasury.

“We would like to end it as soon as we possibly can because the underlying policy of this country has been to sanction their oil. These are time-limited waivers for the purpose of opening up more global supply,” Rubio told the Committee.

The US granted a waiver from sanctions on the purchase of Russian oil in March and extended it twice. The last extension was granted on May 17 for one month.

Democrat ranking member Jeanne Shaheen sought to know from Rubio whether he could make a commitment before the panel that the waiver will not be extended further when it expires on June 17.

India is among the countries that have benefited from the waiver from US sanctions on the purchase of Russian oil.

Rubio said the sanctions waiver was an attempt to alleviate the global effect of the rising oil prices.

“The problem we’re facing, too, is there’s a contagion potential, and that is that at some point we can do strategic reserves, we can do some of the other things that we’ve done to alleviate global supply, but at some point you have to ensure — this is not so much for us,” Rubio said.

He said at the end of the day, the US economy is not in need of it, but other economies around the world have benefited from the Russian waiver.

Published on June 3, 2026



Source link

Crude oil futures rise on reports of Iranian strikes in West Asia

Crude oil futures rise on reports of Iranian strikes in West Asia


Crude oil futures traded higher on Wednesday morning following reports of Iranian attacks on Kuwait and Bahrain.

At 10.01 am on Wednesday, August Brent oil futures were at $97.02, up by 1.06 per cent, and July crude oil futures on WTI (West Texas Intermediate) were at $94.91, up by 1.23 per cent.

June crude oil futures were trading at ₹9095 on Multi Commodity Exchange (MCX) during the initial hour of trading on Wednesday against the previous close of ₹8950, up by 1.62 per cent, and July futures were trading at ₹8811 against the previous close of ₹8688, up by 1.42 per cent.

A press release by the US Central Command said the US forces successfully defeated multiple Iranian ballistic missiles and drones, and conducted self-defence strikes on Qeshm Island in response to attempted attacks by Iran across West Asia on June 2.

Iran launched several ballistic missiles toward regional neighbours. However, all failed to hit their intended targets, it said.

Two Iranian missiles fired at Kuwait fell short or broke apart enroute, and three missiles launched at Bahrain were immediately intercepted by US and Bahrain air defence forces.

Moments earlier, US Central Command forces shot down three one-way attack drones launched by Iran toward civilian mariners that were rightfully transiting regional waters. American forces also conducted self-defence strikes on an Iranian military ground control station on Qeshm Island, it said.

US Central Command also said that US forces disabled an unladen oil tanker that was attempting to sail toward an Iranian port on the Arabian Gulf on June 2.

It enforced blockade measures against Botswana-flagged M/T Lexie as it transited international waters toward Kharg Island. The ship’s crew ignored repeated warnings, failing to comply with directions from US forces multiple times over a 24-hour period, Central Command said.

A US aircraft ultimately disabled the vessel by firing a Hellfire missile into the ship’s engine room, preventing the tanker from reaching Iran.

US Central Command began implementing the blockade of all maritime traffic entering and exiting Iranian ports on April 13. US forces have disabled six commercial vessels and redirected 122 as the ceasefire with Iran continues, the Central Command said.

June menthaoil futures were trading at ₹977.50 on MCX during the initial hour of trading on Wednesday against the previous close of ₹970.90, up by 0.68 per cent.

On the National Commodities and Derivatives Exchange (NCDEX), June guarseed contracts were trading at ₹5950 in the initial hour of trading on Wednesday against the previous close of ₹5929, up by 0.35 per cent.

June jeera futures were trading at ₹18865 on NCDEX in the initial hour of trading on Wednesday against the previous close of ₹18920, down by 0.29 per cent.

Published on June 3, 2026



Source link

Ebola reaches new Congo area as contact tracing breaks down

Ebola reaches new Congo area as contact tracing breaks down


Ebola has reached a health zone more than 100 miles from the mining town where Democratic Republic of Congo’s outbreak is believed to have begun, as responders track fewer than 40 per cent of known contacts in the epidemic’s hardest-hit province.

Health officials in Ituri province, which accounts for almost 94 per cent of confirmed infections, were actively monitoring only 39.3 per cent of identified contacts, the country’s National Institute of Public Health said in a report Tuesday.

The newly affected health zone of Mambasa lies southwest of the town of Mongbwalu, considered the outbreak’s point of origin, bringing the total number of affected health zones nationwide to 24.

The outbreak — caused by the rare Bundibugyo virus — has become one of the most complex Ebola epidemics in recent years, spreading through a conflict-affected region where insecurity, population movements and distrust of authorities are undermining efforts to identify contacts and isolate cases. At the same time, health officials are trying to make sense of rapidly changing surveillance data.

More than 4,000 contacts are now under follow-up across the three affected provinces, though fewer than half were reached by surveillance teams, according to the report. 

Neighboring Uganda also confirmed six new cases Tuesday, bringing its total to 15 infections, including one death.

Responders in Congo cleared a laboratory backlog that had built up in recent days, analyzing all 76 samples collected on Monday. Almost a third tested positive for Ebola.

Congo has now recorded 344 confirmed infections and 60 confirmed Ebola deaths, according to the report. The death toll rose from 48 reported Monday after officials updated figures in North Kivu province, where delays in treatment, community deaths and patients fleeing care have contributed to unusually high mortality. 

Twenty-three new confirmed cases were reported on June 1 alone, including 11 in Mongbwalu and six in Bunia, Ituri’s capital.

“The escape of four confirmed cases — one in Ituri and three in North Kivu — constitutes a major risk of community transmission and ongoing spread of the epidemic,” the report said. 

Burial Attacks

Community resistance remains a major obstacle to containment. Red Cross teams carrying out safe burials were attacked and beaten at a cemetery, the report said, while authorities continued to encounter resistance to contact tracing in Bunia and Nizi, a mining town about 15 miles north of the city.

Health officials also documented persistent rumors that traditional healers possess plant-based cures for Ebola and warned that some communities fear other vaccination campaigns could be mistaken for efforts to spread the virus.

While officials said preliminary data suggest community transmission may be declining, they cautioned that the figures remain incomplete. 

Separately, licensed Ebola vaccines may generate partial immune responses against the Bundibugyo strain, according to a preprint released last week. 

Detectable cross-reactive antibodies against Bundibugyo Ebola were found in samples from a large West African vaccine trial, though at substantially lower levels than against the Zaire strain targeted by the shots, researchers at the Vaccine Research Institute in Paris reported. The findings haven’t yet been peer reviewed.

More stories like this are available on bloomberg.com

Published on June 3, 2026



Source link

Blackstone ties up with Nippon Life on private credit investment

Blackstone ties up with Nippon Life on private credit investment


Blackstone Inc. has entered an agreement to provide Nippon Life Insurance Co. with investment services, adding to an increasing number of tie-ups between private investment firms and Japanese insurers. 

As part of a memorandum of understanding, Japan’s largest life insurer will invest as much as ¥1.5 trillion ($9.4 billion) over five years in private credit and credit products through Blackstone, according to a statement Wednesday. Additionally, Blackstone could help manage up to a dozen of Nippon Life’s large urban properties through its real estate arm. 

Global investment giants have been honing in on the Japanese insurance market, one of the largest in the world, to expand assets. Some firms including Apollo Global Management Inc.’s Athene Holding Ltd. have entered into reinsurance contracts with life insurers, while others like Blackstone have pursued third-party asset management agreements. 

Japanese insurers are under pressure to diversify investments and boost returns as the return of inflation reshapes the investment landscape. Last July, KKR & Co.’s insurer Global Atlantic Financial Group raised $2 billion from Japan Post Insurance Co. to invest in its businesses. 

 

More stories like this are available on bloomberg.com

©2026 Bloomberg L.P.

Published on June 3, 2026



Source link

India’s oil demand growth set for pandemic low on war crunch

India’s oil demand growth set for pandemic low on war crunch


India’s oil demand growth this year could tumble to its lowest level since the pandemic as the fallout from the Middle East conflict saps fuel consumption in the world’s third-biggest crude importer.

Oil demand growth is forecast at 78,000 barrels a day, according to Kpler Ltd., which has slashed its pre-war estimate by almost 40 per cent. Beyond the Covid-19-hit 2020, that would be the lowest in a decade. Another consultant, Rystad Energy, projects diesel demand growth will plummet to a trickle.

India is heavily reliant on imported crude and fuels, and the Iran war has led to surging energy prices that are squeezing state-run refiners and weighing on the broader economy. A weaker currency is compounding the pressure, and Prime Minister Narendra Modi has urged people to save fuel by working from home, using public transport, and avoiding non-essential overseas travel.

State-owned oil refiners have made modest fuel-price increases to cushion the blow, but they pale in comparison to the surge in international crude since the war started at the end of February. Processors have been losing 6 billion rupees ($63 million) a day selling diesel, gasoline and liquefied petroleum gas below market rates, according to oil ministry estimates.

The state refiners are logging higher sales because their prices are lower than those offered by private operators, but a key industry group representing truck operators says elevated fuel costs have idled a big portion of the fleet.

“The cost of transportation has increased and customers aren’t willing to pay for that,” said Rajendra Kapoor, the president of All India Motor and Goods Transport Association, which represents trucking and logistics firms that move agriculture, industrial raw materials, and retail products. He estimated that there’s been a “15 per cent-20 per cent reduction in fleet movement.”

Kpler has reduced its gasoline demand growth estimate by 40 per cent to 38,000 barrels and lowered its forecast for diesel by a third to 42,000 barrels a day. Rystad Energy sees an even bigger hit to the industrial fuel, slashing its forecast to 4,000 to 5,000 barrels a day from 50,000 to 60,000 barrels. 

Overall, Rystad sees oil product demand at 4.1 million barrels a day compared with its pre-war estimate of 4.2 million barrels, according to Pankaj Srivastava, senior vice president of commodity markets. The consultant halved its estimate for jet fuel growth and reduced its projection for gasoline by more than 40 per cent. 

The immediate outlook for fossil fuel use is bleak, but the broad consensus is the slowdown is temporary rather than structural. Unlike China, which is undergoing a rapid electrification of its transport sector, India is expected to rely heavily on gasoline and diesel for a much longer period.

“We would characterize the impact as a temporary drag on growth rather than permanent demand destruction,” said Stuti Jhunjhunwala, a India-based oil market analyst at Energy Aspects. 

The consultant has lowered its oil product demand growth forecast by around 140,000 barrels a day compared with its pre-war outlook, primarily on the huge disruptions to LPG. Energy Aspects expects limited impact on diesel and gasoline demand, marginally trimming its forecast because retail price increases have been “relatively well controlled versus the move in global markets.”

More stories like this are available on bloomberg.com

Published on June 3, 2026



Source link

Asia naphtha prices hit March low as ADNOC resumes exports through Oman

Asia naphtha prices hit March low as ADNOC resumes exports through Oman


Benchmark naphtha prices for second-half July delivery have dropped to around $788 per tonne from a record $1,300 per tonne reached in March
| Photo Credit:
Amr Alfiky

Asia’s naphtha prices
tumbled to ‌their lowest since early March as the Abu Dhabi
National ​Oil Co (ADNOC) resumed exports in May via the ⁠Omani
port of Sohar, traders said, establishing an alternative route
that could ease the supply crunch caused by the U.S.-Israeli war
on Iran.

ADNOC halted exports of about ‌1 million metric tons per
month of the petrochemical feedstock from its Ruwais refinery in
April after the war ‌curbed shipping via the Strait of Hormuz.

The United Arab ‌Emirates ⁠producer resumed exports last month
by deploying tankers to bring ⁠cargoes from the refinery inside
the Gulf before transferring them to other tankers at Sohar port
for export to Asia, a process known as ship-to-ship transfers.

ADNOC’s workaround ​provides an alternative supply route ‌for
buyers reluctant to risk ships passing through the strait,
allowing more of the oil product to reach Asia.

Two such tankers, Minerva Pisces and Torm Gwyneth, loaded
naphtha from ADNOC-controlled vessels around May ‌30 from Sohar
and are heading to Asia, shipping data ​from traders showed.

Traders said more tankers may have loaded ADNOC naphtha via
Sohar, but shipping data does not ⁠show all vessel movements.

“We do not comment on the position, movements or routing of
our vessels as a matter of policy,” an ‌ADNOC spokesperson said.

NAPHTHA PRICES TUMBLE

Naphtha prices in Asia surged to a record
$1,300 a metric ton and the refining margin
climbed to a record $467 a ton over Brent crude in March after
the war choked supplies from the Gulf, a region that accounts
for more than half of Asian imports.

On Tuesday, Asia’s benchmark naphtha price ‌for delivery in
the second half of July fell to $788 a ton while the ​margin
eased to about $84 a ton.

Naphtha prices are also under pressure from demand
destruction as insufficient feedstock supply leads ⁠to widespread
run cuts and force majeures across petrochemical complexes in
Asia.

The International ⁠Energy Agency expects global naphtha
demand to fall by 80,000 barrels per day to 7.136 million bpd
this year.

One India-based ‌trader said naphtha prices are unlikely to
return to peak March levels because demand is already weak and
the market does not ​expect further supply cuts from the Gulf.

Published on June 3, 2026



Source link

YouTube
Instagram
WhatsApp