Daily Newsroom
Follow market-moving stories, policy signals, and company developments curated by the editorial desk.
Lead story
Serbian President Aleksandar Vucic expressed skepticism about a rapid expansion of the European Union, stating that aspiring members should not expect to join the bloc in the near future. The remarks were made at a conference of EU candidate countries, where Ukraine's representative advocated for an accelerated accession process.
Cotton futures for December delivery experienced a significant surge on Tuesday, rising 3 cents to reach the maximum daily price movement allowed by the exchange. The contract closed at 81.3 cents per pound.
Crude oil prices surged on Tuesday following reports of attacks on three commercial oil tankers in and around the Strait of Hormuz. In response, the United States has revoked a license authorizing the sale of Iranian oil and has reportedly blamed Iran for the incidents.
Coffee industry representatives are warning that a proposed 25% U.S. tariff on Brazilian instant coffee could disrupt supply chains and lead to higher prices for American consumers and businesses.
Exxon Mobil has indicated its second-quarter earnings could rise by approximately $5 billion over the previous quarter, driven by a surge in oil prices and improved refining margins. The gains come as global energy markets were impacted by geopolitical conflict in the Middle East.
Gold prices declined more than 1% on Tuesday as investors moved to the U.S. dollar for safety following an escalation of tensions in the Middle East. The events also caused a significant spike in oil prices, while traders awaited cues on U.S. monetary policy.
The United States military has conducted a series of strikes against targets in Iran, according to U.S. Central Command. The action was described as a response to alleged Iranian attacks on commercial vessels transiting the Strait of Hormuz.
The United States has launched new military strikes against targets in Iran and reinstated oil sanctions, citing recent attacks on commercial tankers in the Strait of Hormuz. The escalation threatens a fragile ceasefire agreement between the two nations.
Oil prices rose by over 3% on Tuesday after the United States revoked a license for Iranian oil sales. The move followed reported Iranian attacks on commercial vessels in the Strait of Hormuz and retaliatory U.S. military strikes.
