Iran Races to Get Its Oil Out Into the World

Iran is rapidly exporting oil, a sign of the unusual logistical steps that Tehran is undertaking as the US mulls joining Israel in bombing the Persian Gulf state. Satellite images of the oil storage sites at Kharg Island show that the reservoirs were only partly full on June 11, but were brimming with crude on June 18. Bloomberg's Alaric Nightingale reports. (Source: Bloomberg)

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Europe to give Iran message that US open to direct talks

By Francois Murphy, John Irish and Parisa Hafezi GENEVA (Reuters) -European foreign ministers will tell their Iranian counterpart on Friday that the U.S. is open to direct talks even as it considers joining Israeli strikes intended to smash Tehran's nuclear capacity, diplomats said before a meeting in Geneva. Foreign Minister Abbas Araqchi will be told that Iran must send a "clear signal," two diplomats told Reuters, with pressure mounting on Tehran to agree tough curbs on its nuclear programme to prevent the potential development of an atomic weapon. U.S. Secretary of State Marco Rubio spoke to several Western counterparts prior to the Geneva meeting, the diplomats said, indicating readiness to engage directly with Tehran. Washington did not confirm that, though broadcaster CNN quoted a U.S. official saying President Donald Trump supported diplomacy from allies that could bring Iran closer to a deal. Tehran, however, has repeatedly said it will not talk to the Trump government until Israeli attacks end. The ministers from Britain, France and Germany, known as the E3, plus the European Union's foreign policy chief, were meeting separately prior to planned face-to-face talks with Araqchi. "The Iranians can't sit down with the Americans whereas we can," said a European diplomat. "We will tell them to come back to the table to discuss the nuclear issue before the worst-case scenario, while raising our concerns over its ballistic missiles, support to Russia and detention of our citizens." The Trump administration is demanding Iran stop uranium enrichment altogether, whereas the E3 have in past talks left it some scope to enrich for civil ends in exchange for extremely strict international inspections of its nuclear activities. On Friday, French President Emmanuel Macron shifted closer to Trump's position, saying that any new deal with Tehran needed to go towards zero enrichment. A senior Iranian official told Reuters Iran is ready to discuss limitations on its uranium enrichment but said the prospect of zero enrichment would undoubtedly be rejected, especially while Israel was attacking Iran. IRAN DEMANDS END TO WAR The talks were due for mid-afternoon in Geneva, where an initial accord between Iran and world powers to curb its nuclear programme in return for sanctions lifting was struck in 2013 before a comprehensive deal in 2015. Separate talks between Iran and the U.S. collapsed when Israel launched what it called Operation Rising Lion against Iran's nuclear facilities and ballistic capabilities on June 12. "There is no room for negotiations with the U.S. until Israeli aggression stops," Araqchi was quoted as saying on Iranian state TV on Friday. French Foreign Minister Jean-Noel Barrot spoke to Rubio on Thursday night, during which Rubio said Washington was ready for direct contact with the Iranians any time, according to a French diplomatic source. The main message Europeans will pass to Araqchi is that the U.S. has signalled readiness for direct talks, but that Iran must give a serious signal, the two European diplomats said, without defining what the signal should be. Trump's special envoy to the Middle East, Steve Witkoff, has spoken to Araqchi several times since last week, sources say. While diplomats did not expect a breakthrough in Geneva, they said it was vital to engage with Iran because once the war stopped the nuclear issue would remain unresolved given that Tehran would still retain the scientific know-how. "Even now, if they have something to say, we will listen," Araqchi said of the Europeans. "We are not ashamed of defending our nation's rights and we are not avoiding anyone." German Foreign Minister Johann Wadephul said European powers had always been ready to talk provided Iran committed to not developing nuclear weapons. "Now it's Iran's move," he said. Trump has said he will decide within two weeks whether to join Israeli strikes.

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19 minutes ago

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Israel slams UN rights council for giving floor to Iran ahead of nuclear talks

By Olivia Le Poidevin GENEVA (Reuters) -Israel's ambassador to the United Nations in Geneva has raised "vehement objection" to Iran addressing the Human Rights Council ahead of talks with European counterparts in Geneva to try to de-escalate the conflict, according to a letter seen by Reuters. "Affording the Iranian foreign minister the floor before this body continues to undermine the council's credibility and constitutes a blatant betrayal of the many victims of this regime worldwide," Daniel Meron said in a letter addressed to council president Jurg Lauber. The council said on Friday said that Iran's Foreign Minister Abbas Araghchi was due to be given the floor. Shortly afterwards, he is due to hold talks with the EU foreign policy chief and his counterparts in Britain, France and Germany in order to de-escalate the conflict. In the letter, Meron accuses Iran of using the council as a international stage to "promote the regime's despotic campaign." On Wednesday, the Iranian Ambassador to the U.N. in Geneva addressed the council and accused Israeli attacks as representing an act of "war against humanity". Israel began attacking Iran last Friday, saying it aimed to prevent its longtime enemy from developing nuclear weapons. Iran retaliated with missile and drone strikes on Israel. It says its nuclear programme is peaceful.

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European stock markets opened higher despite escalating Israel-Iran conflict

Israel's attack on Iranian nuclear and military targets caused the price of oil to surge more than 7% on Friday since Tehran is one of the world's major producers of oil, despite sanctions by Western countries limiting its sales. A wider war could slow the flow of Iranian oil to its customers and keep prices of crude and gasoline higher for everyone worldwide. But early Monday, those concerns appeared to abate slightly. Oil prices were still volatile on the fourth day of the Israeli-Iran crisis, before giving back a bit of their gains. On Monday morning, the US benchmark crude oil was traded at $73.71 per barrel. Brent crude, the international standard, cost $74 per barrel, down from Friday but still 7% higher than the price before the missile fire started. Military strikes between Israel and Iran are fuelling concerns that oil exports from the Middle East could be significantly disrupted. However, there is currently no indication that the oil flow is impacted, and concerns are running high. Meanwhile, major oil companies are being rewarded on the stock market: BP and Shell both gained more than 1% in the Monday morning trade in Europe. Related Oil prices surge, Europe's markets open lower on Israel Iran strikes What's at stake for Europe if the Strait of Hormuz is blocked? 'Gains in oil majors and defence contractors have helped to push the FTSE 100 onto a positive footing in early trade,' said Susannah Streeter, head of money and markets at Hargreaves Lansdown financial services company. Shares in the FTSE 100's top banks were also rising on inflation fears that could result in higher key interest rates. Standard Chartered rose nearly 3%, Barclays and Natwest were up by more than 1% by 11 am CEST. Also strengthening the banking sector's gains in London, Metro Bank shares soared by more than 14% following speculation that investment firm Pollen Street Capital would take over the lender, Sky News first reported over the weekend. Investors in London also gained confidence after data for May showed a 6.1% year-on-year jump in retail sales in China, the world's second biggest economy. However, it was coupled with lower-than-expected growth in industrial output, which still rose 5.8% from the previous year. After 11 am in Europe, Britain's FTSE 100 inched up 0.3% to 8,876.26. Germany's DAX gained 0.2% to 23,572.39 and the CAC 40 in Paris edged 0.6% higher to 7,728.66. The futures for the S&P 500 and the Dow Jones Industrial Average were up 0.5%. During Asian trading, Tokyo's Nikkei 225 added 1.3% to 38,311.33, while the Kospi in Seoul gained 1.8% to 2,946.66. Hong Kong's Hang Seng surged 0.7% to 24,060.99 and the Shanghai Composite Index added 0.4% to 3,388.73. The price of gold has climbed as it remains a safe haven asset. An ounce of gold added 1.4% on Friday, but gave back some of its gains on Monday morning, and was traded at around $3,437 an ounce. Prices for US Treasury bonds are also on the rise when investors are feeling nervous, but Treasury prices fell Friday, which in turn pushed up their yields, in part because of worries that a spike in oil prices could drive inflation higher. Inflation in the US has remained relatively tame recently, and it's near the Federal Reserve's target of 2%. However, concerns remain high that it could accelerate due to President Donald Trump's tariffs. A better-than-expected report Friday on sentiment among US consumers also helped drive yields higher. The preliminary report from the University of Michigan stated that sentiment improved for the first time in six months after Trump put many of his tariffs on pause, while US consumers' expectations for future inflation eased. In currency trading early Monday, the US dollar gained to 144.18 Japanese yen from 144.03 yen. The euro rose to $1.1582 from $1.1533. The Middle East conflict is set to be the focus of the G7 meeting of leaders of wealthy nations in Canada this week. There are also hopes that Trump will sign more trade deals, which keeps trade optimism a bit higher. 'It's a big week in terms of decisions on interest rates and the direction of monetary policy," Streeter said. "The Federal Reserve is expected to keep rates on hold this week but comments from chair Jerome Powell will be closely watched for future direction of policy.' Meanwhile, there is a monetary policy meeting of the Bank of England this week, where 'policymakers are expected to press pause on rate cuts,' Streeter explained, citing the potential impact of higher energy costs. Meanwhile, the UK government's infrastructure plans are going to be revealed in more detail this week. 'The 10-year strategy, worth £725 billion (€850.8 bn), is the backbone of the Starmer administration's plan to kickstart growth,' Streeter said. Sign in to access your portfolio