Key Takeaways
- U.S. crude oil futures closed significantly higher, settling at $66.71 per barrel, an increase of $1.55 or 2.38%.
- Discussions between Kurdistan and Baghdad have yet to yield a timeline for resuming northern oil exports, despite Kurdistan's oil production currently standing at 120,000 barrels per day (bpd) and projected to rise to 280,000 bpd by mid-August.
- Ukrainian President Volodymyr Zelenskiy praised U.S. President Donald Trump's "clear stance and strong determination" regarding Russia and Putin, noting that Trump's comments are timely for achieving "real peace" through strength.
- The Swiss Franc experienced a notable depreciation, falling approximately 1% against the U.S. Dollar to reach a session low of around 0.8034.
- U.S.-China trade negotiations in Stockholm have concluded for the day.
- A U.S. watchdog has initiated an investigation into the Federal Aviation Administration's (FAA) 2024 decision to relocate Newark air traffic control to Philadelphia, following concerns over safety due to recent outages.
U.S. crude oil futures saw a notable increase, closing at $66.71 per barrel, marking a 2.38% rise for the day. This upward movement in oil prices comes amidst ongoing developments in global energy markets.
In the Middle East, the resumption of northern oil exports from Kurdistan remains uncertain, as officials have not yet agreed on a timeline with Baghdad. Despite this, Kurdish officials indicate that Iraqi Kurdistan's oil output is currently around 120,000 bpd and is expected to increase to 280,000 bpd by mid-August. The lack of a clear agreement between the Kurdistan Regional Government (KRG) and the Iraqi federal government continues to impact the flow of oil, with previous reports highlighting disputes over revenue sharing and export mechanisms.
On the geopolitical front, Ukrainian President Volodymyr Zelenskiy expressed appreciation for U.S. President Donald Trump's recent remarks on Russia and Putin. Zelenskiy stated that Trump showed "a clear stance and strong determination," and that his comments are "timely at a point when things can change 'thanks to strength used for the sake of genuine peace'." This follows previous interactions where Zelenskiy has emphasized the need for "strong leadership" to achieve lasting peace.
Currency markets saw the Swiss Franc weaken significantly, falling approximately 1% against the U.S. Dollar and hitting a session low of about 0.8034. This movement reflects broader shifts in global currency valuations.
Meanwhile, U.S.-China trade negotiations in Stockholm have wrapped up for the day. These high-level talks are part of ongoing efforts to address trade disputes and are expected to include discussions on extending a tariff truce.
Domestically, a U.S. watchdog is investigating the FAA's 2024 decision to relocate Newark air traffic control operations to Philadelphia. The investigation follows multiple communication outages in April and May that raised significant safety concerns. The original relocation was intended to address staffing shortages and air traffic congestion in the New York City area.
Ed Liston is a senior contributing editor at TheStockMarketWatch.com. An active market watcher and investor, Ed guides an independent team of experienced analysts and writes for multiple stock trader publications.