Articles by Rebecca Torres
Drone Strike at Fujairah Sends Oil Above $103, Deepening Hormuz Supply Crisis
Oil prices climbed as a drone attack disrupted operations at the UAE's Fujairah port, intensifying fears over Strait of Hormuz supply routes. Brent crude settled at $103.14 a barrel.
Gold Dips as Dollar Gains, Banks Hold Firm on $6,200 Outlook
Gold declined 0.5% to $5,052.15 an ounce, pressured by a robust dollar and persistent inflation. Despite the weekly loss, major financial institutions reaffirmed bullish long-term forecasts, with several targeting prices above $6,200.
Santos Shares Climb on $100 Oil and Moomba Cost-Cutting Initiative
Santos Ltd shares advanced as oil prices broke above $100 a barrel, with the company also announcing a major cost-optimization project at Moomba. The energy producer plans workforce reductions following a profit decline.
Cleveland-Cliffs Leads Steel Sector Lower Amid Auto Demand Woes
Cleveland-Cliffs shares dropped over 5% on Friday, the steepest decline among major U.S. steel producers, as the sector faced pressure from weak automotive demand and a broader market selloff.
Panama Canal Sees Traffic Rise as Middle East Tensions Reroute Shipping
The Panama Canal is experiencing increased vessel traffic as geopolitical tensions near the Strait of Hormuz and rising fuel prices make the shorter route more economical. Tanker crossings surged 11.2% in the first four months of the fiscal year.
Vale Shares Slip on RBC Downgrade Despite Record Iron Ore Output
Vale's stock declined as RBC downgraded the shares, arguing the recent rally has made them fairly valued. The move overshadowed strong operational results, including record annual iron ore output and a major milestone in recovering ore from waste material.
Oil Surges Past $102 as Hormuz Closure Sparks Historic Supply Shock
Oil prices surged Friday with Brent crude exceeding $102 a barrel after the prolonged closure of the Strait of Hormuz created the largest supply shock ever recorded. Major producers like Saudi Arabia are cutting output significantly.
U.S. Natural Gas Dips on Record Supply Outlook, Diverging from Global LNG Surge
U.S. natural gas futures declined Friday, pressured by a record domestic production forecast, while global LNG prices soared above $20 amid supply diversions and geopolitical tensions.
Gold Retreats as Dollar Strength Weighs, Eyes Second Weekly Decline
Gold declined 0.6% to $5,046.69 an ounce, heading for a second weekly drop as a robust dollar and persistent inflation concerns offset safe-haven demand. Oil price surges and logistical disruptions added to market pressures.
Silver Retreats to $81, Pressuring Miners as Dollar Strength Weighs
Silver prices declined sharply on Friday, dropping over 3% toward $81 per ounce, which pressured shares of silver mining companies. The move was driven by a resilient U.S. dollar and recalibrated expectations for Federal Reserve interest rate cuts.
Occidental Petroleum Shares Dip Despite $100 Oil and Analyst Upgrades
Occidental Petroleum shares declined 1% to $57.83 by midday Friday, even as Brent crude surged past $101 per barrel. The stock received upgrades from Piper Sandler and Wells Fargo, with both firms highlighting improved capital efficiency and the company's ongoing debt reduction efforts.