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Market news: Russian missiles struck Kyiv, Ukraine.October 22 – According to the New York Times, citing US officials and others briefed on the discussions, the US and Israeli militaries have developed concrete plans to launch another strike against Iran after the US midterm elections. As planning for a brief but high-intensity military operation progresses, the US and Israeli militaries have intensified exercises, sending fighter jets over Iraqi airspace to practice strike maneuvers. US officials stated that US Defense Secretary Hergsays met with Prime Minister Netanyahu in Israel this week to discuss a new round of strikes. Potential targets could include Iranian energy infrastructure, nuclear facilities, and missile and drone arsenals. Some officials believe that another large-scale attack could push the Iranian economy to the brink of collapse, forcing Iran to make concessions in diplomatic negotiations after nearly eight months of conflict.AWS: Amazons threat intelligence team discovered an exploit of the PHP2Shell vulnerability in MadPot, predating its public disclosure.October 22 (Yonhap News Agency) – A survey of economic experts conducted by Yonhap News Agency showed that all six experts surveyed expect the Bank of Korea to temporarily maintain its interest rate unchanged today (October 22), following two consecutive rate hikes in July and August. Experts believe the Bank of Korea will continue its tight monetary policy stance, but compared to a rare third consecutive rate hike, it is more likely to adjust the pace of policy by pausing rate increases and assess the timing of further rate hikes. Experts pointed out that strong semiconductor exports driving economic growth, along with upward inflationary pressures from both supply-side and demand-side factors, mean the rate hike cycle may continue in the short term. From January to August this year, South Koreas cumulative current account surplus reached $279.2 billion, nearly four times the $69.67 billion in the same period last year.Nasdaq futures extended their losses to 0.5%, Tesla (TSLA.O) fell 2.3%, and Micron Technology (MU.O), SanDisk (SNDK.O), and SK Hynix (SKHY.O) all dropped by about 1%. Tesla revealed it will lower its annual capital expenditure target from over $25 billion to $20 billion.

Oil costs increase as supply restrictions trump economic worries

Charlie Brooks

Jul 05, 2022 11:12


Oil prices climbed on Monday as supply worries spurred by a decrease in OPEC production, unrest in Libya, and sanctions against Russia trumped fears of a worldwide recession that would diminish demand.


In June, Euro zone inflation hit an all-time high, boosting the case for rapid rate rises by the European Central Bank, while consumer sentiment in the United States reached an all-time low.


Brent oil rose $2.26, or 2%, to $113.89 a barrel as of 12:47 p.m. ET (1648 GMT), after shedding more than $1 in early trading. The price of U.S. West Texas Intermediate (WTI) crude rose $2.20, or 2%, to $110.63 despite the lack of trading activity over the Fourth of July holiday.


According to a Reuters survey, the Organization of the Petroleum Exporting Countries (OPEC) failed to meet its June goal of increasing production.


Thursday, authorities in OPEC member Libya declared force majeure at the Es Sidr and Ras Lanuf ports and the El Feel oilfield, claiming a reduction of 865,000 barrels per day in oil output (bpd).


Meanwhile, more than two weeks of unrest have caused Ecuador to lose almost 2 million barrels of production, according to Petroecuador, the country's state-owned oil company.


This week, a strike in Norway may restrict supply from the biggest oil producer in Western Europe and reduce overall petroleum production by 8 percent.


"This background of rising supply interruptions clashes with a probable shortage of spare production capacity among Middle Eastern oil producers," said Stephen Brennock of oil trader PVM, referring to the producers' limited ability to pump more oil.


And prices will climb if new oil production does not reach the market shortly.


On Monday, British Prime Minister Boris Johnson asked OPEC+ to raise oil output to tackle the growing cost of living.


As a consequence of Russia's invasion of Ukraine, supply concerns have sent Brent oil prices close to 2008's record high of $147 a barrel.


As a consequence of restrictions on Russian oil and limited gas supplies, surging energy prices have driven inflation in certain countries to multi-decade highs and stoked fears of a recession.


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