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US Oil Update: Futures Retreat as US-Iran Weigh Talks Amid Hormuz Blockade

Crude futures tumbled in midday trading on Tuesday on reports that the US and Iran are weighing negotiations to extend a two-week ceasefire, as the US Central Command has begun enforcing the blockade of Iranian ports and a partial closure of the Strait of Hormuz.Front-month West Texas Intermediate crude futures dropped by 6.69% to $92.51 per barrel, while Brent futures were down 4.12% to $89.99/bbl."Oil slipped back below $100 after Monday's rebound faded, amid tentative signs that Washington and Tehran may seek to revive previously stalled peace talks," Saxo Bank strategists said in a note Tuesday, noting that the blockade of the Hormuz has begun, with limited immediate impact.The second round of US-Iran peace talks is reportedly under discussion, though nothing has been officially scheduled yet. Iran is considering a short-term pause in its shipments via the Hormuz to avoid testing a US blockade and ruining a fresh round of peace talks, according to media reports.On Tuesday, Trump reportedly signaled that another round of US-Iran negotiations could happen in Islamabad, Pakistan, soon.On the product side, the International Energy Agency said on Tuesday that the Middle East conflict is set to wipe out oil demand growth in 2026, resulting in the first annual decline since the Covid-19 pandemic.The IEA expects global oil demand to contract by 80,000 barrels per day this year, 730,000 b/d less than the agency's previous projection that consumption would grow by 640,000 b/d.On Monday, OPEC said that crude production in the Arabian Gulf plunged in March due to the ongoing Middle East conflict. Iraq saw production dropping from 4.2 million b/d in February to 1.6 million b/d in March, followed by Kuwait and the UAE, which registered declines of 1.4 million b/d and 1.5 million b/d, respectively, over the month.The latest data from OPEC showed that Saudi Arabia's production dropped by 2.3 million b/d, from 10.1 million b/d to 7.8 million b/d.Meanwhile, the US Central Command said on Tuesday that no ships had made it past its blockade of Hormuz, a day after it commenced the blockade, which extends east to the Gulf of Oman and the Arabian Sea.ING strategists said that, despite the blockade, two fuel tankers attempted to exit the Arabian Gulf via routes near Iran's coastline.The US Navy said that over 10,000 army personnel, along with over a dozen warships and dozens of aircraft, are enforcing the blockade.Erik Meyersson, chief EM Strategist at SEB Research, said Monday that without progress on the diplomatic front, Hormuz will remain effectively closed, which would push oil prices higher.

Wire92d ago

Rezolve AI Responds to Commerce.com Stockholder Rights Plan

Rezolve AI (RZLV) on Tuesday responded to Commerce.com's (CMRC) adoption of a stockholder rights plan, saying it believes the measure could hinder shareholders from considering a higher-value acquisition proposal.Commerce.com's claim that its proposal implies a 47% discount is based on a single day's closing price and does not reflect the company's analyst consensus target price of $11, contracted 2026 revenue of $232 million, or full-year guidance of $360 million, Rezolve said.The company said valuing the proposal based on a historical spot price is misleading and does not reflect the potential value of a combined platform. Rezolve AI said it is assessing whether the rights plan complies with applicable law and fiduciary duties.Price: $2.59, Change: $+0.05, Percent Change: +1.97%

$CMRC$RZLV

Wire92d ago

Update: IonQ Shares Rise After Contract Award for DARPA's Heterogeneous Architectures for Quantum Program

(Updates with the latest stock move in the headline and in the first paragraph.)IonQ (IONQ) shares were up 15% in Tuesday trading after the company said it has been awarded a contract in the Defense Advanced Research Projects Agency's Heterogeneous Architectures for Quantum program.The quantum technology company said its contract will focus on quantum memories that will support the program's speed and fidelity targets. IonQ said its quantum memories serve as core chips for its quantum interconnect systems.Financial details of the contract were not disclosed.Price: $34.32, Change: $+4.56, Percent Change: +15.31%

$IONQ

Research92d ago

Canaccord Genuity Upgrades Gran Tierra Energy to Buy From Hold, $10.15 Price Target

$GTE

Wire92d ago

Update: Credo Technology Shares Rise After DustPhotonics Deal

(Updates with the latest stock price movement in the headline and the first paragraph.)Credo Technology (CRDO) shares rose 19% on Tuesday, a day after it entered an agreement to acquire DustPhotonics, a developer of silicon photonics photonic integrated circuit technology for optical transceivers.Credo said it will pay $750 million in cash and about 0.92 million shares of its common stock upfront, with the potential for additional contingent consideration of up to about 3.21 million shares tied to certain financial milestones.The deal is expected to be accretive to non-GAAP earnings per share in its fiscal 2027, the company said, adding that it expects the transaction to close in Q2, subject to customary closing conditions and regulatory approvals.Price: $160.18, Change: $+25.82, Percent Change: +19.22%

$CRDO

Wire92d ago

Viking Shares Rise After Rothschild & Co Redburn Upgrade

Viking (VIK) shares were up 4.2% in Tuesday trading after Rothschild & Co Redburn upgraded the company's stock to buy from neutral, with a $72 price target.Trading volume stood at more than 1.6 million shares, compared with a daily average of about 2.7 million shares.Price: $81.57, Change: $+3.36, Percent Change: +4.30%

$VIK

Commodities92d ago

Canada Halts Fuel Excise Tax Until September to Ease Price Surge

Canada Prime Minister Mark Carney said Tuesday the government will suspend fuel excise taxes from Apr. 20 to Sep. 7, cutting gasoline prices by CA$0.10 ($0.073) per liter.Carney made the remarks at a press conference in Ottawa.The tax suspension will run from Apr. 20 until Labor Day and will cut gasoline prices by about 10 Canadian cents per liter and diesel by 4 Canadian cents, Carney said.He added provinces levy separate fuel excise taxes averaging about 13 Canadian cents per liter.Carney added that the measure also applies to aviation fuel for domestic flights.The policy will cost about CA$2.4 billion, Carney added, calling it a significant fiscal step to balance consumer relief with the uncertainty around energy prices.Carney said the temporary measure aims to ease pressure on households and businesses, adding, "So we're balancing support for Canadians with the measure today..."He added the policy supports "responsible fiscal management and reinforcing the plan to build Canada strong on housing, on community infrastructure, energy infrastructure, new ports, etc."Fuel costs surged by about 45% in 2026, largely driven by geopolitical tensions, including the Iran conflict.Carney's announcement follows his Liberal Party's sweep in three special elections, securing a parliamentary majority that allows his government to pass legislation without opposition support and reduces near-term election risks.Canadian consumers currently pay 27% more at the pump compared with pre-conflict levels, according to a Bloomberg analysis citing Natural Resources Canada data.

Wire92d ago

Cintas Keeps Quarterly Dividend at $0.45 a Share, Payable June 15 to Shareholders of Record as of May 15

$CTAS

Mining & Metals92d ago

PTX Metals Upsizes a Private Placement Offering to $5.5 Million

PTX Metals (PTX.V) on Tuesday said it upsized a non-brokered private placements to $5.5 million from $3 million.The company is offering $3.5 million worth of flow-through shares priced at $0.125 each and $2 million of common-share units priced at $0.11 each and made up of a share and one half of a three-year warrant to buy a share for $0.18.Proceeds will be used for general corporate expenses and working capital purposes and to use the gross proceeds from the sale of the FT shares to incur eligible "Canadian exploration expenses" that qualify as "flow-through critical mineral mining expenditures".Shares of the company were last seen unchanged at $0.115 on the TSX Venture Exchange.

$PTX.V

Sectors92d ago

Update: Gold Moves Higher as the Dollar Weakens as U.S. Wholesale Price Inflation Rose Less Than Expected

(Updates prices.)Gold traded higher midafternoon on Tuesday as the dollar fell after the United States reported U.S. wholesale price inflation rose less than expected last month.Gold for May delivery was last seen up US$82,90 to US$4,850.30 per ounce.The U.S. Bureau of Labor Statistics reported the seasonally adjusted March Producer Price Index (PPI) rose by 0.5%, unchanged from the prior month and well below the consensus estimate for a rise of 1.1% according to Marketwatch. Core PPI, excluding volatile food and energy, rose by 0.2%, down from 0.5% in February and under expectations for 0.4% rise."More than half of the March increase in the index for processed goods for intermediate demand can be attributed to a 42.0-percent jump in prices for diesel fuel. The indexes for gasoline, jet fuel, primary basic organic chemicals, steel mill products, and residual fuels also rose," the agency said.The dollar was lower following the data, with the ICE dollar index last seen down 0.29 points to 98.08, the lowest since Feb.27. Treasury yields were lower, with the yield on the U.S. two-year note was down 2.1 basis points to 3.762%, while the yield on the 10-year note was down 3.2 points to 4.261%.

$GCK6$GLD

Wire92d ago

Market Chatter: Microsoft to Rent Norway Data-Center Capacity Initially Set for OpenAI

Microsoft (MSFT) will rent data center capacity from Nscale at a campus in Narvik, Norway, first intended for OpenAI, Bloomberg reported Tuesday, citing Nscale and people familiar with the initial discussions.Microsoft will rent 30,000 additional Nvidia (NVDA) Vera Rubin chips at the site, building on a prior $6.2 billion commitment, after OpenAI failed to reach an agreement with Nscale to run its workloads at the campus under its Stargate initiative, the report said.Microsoft and OpenAI did not immediately respond to requests for comment from.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)Price: $394.25, Change: $+9.88, Percent Change: +2.57%

$MSFT$NVDA

Wire92d ago

BP Reportedly Plans to Simplify Structure Under New CEO

BP (BP) plans to simplify its business into two main divisions focused on oil and gas production and downstream operations, marking a shift away from its earlier energy transition strategy, multiple media sources reported Tuesday.Chief Executive Meg O'Neill told staff on Tuesday that the company would reorganize into one unit centered on upstream production and another covering refining, distribution and retail, though she did not provide a timeline or name new leadership, the Financial Times reported.Reuters said BP operates through three core divisions, a gas and low-carbon unit, an oil production and operations branch, including refineries and US onshore assets, and a customers and products arm for retail and lubricants.BP did not immediately reply to a request for comment from.Price: $45.82, Change: $-0.62, Percent Change: -1.34%

$BP

Sectors92d ago

Sector Update: Energy Stocks Fall Tuesday Afternoon

Energy stocks were lower Tuesday afternoon, with the NYSE Energy Sector Index falling 2.5% and the State Street Energy Select Sector SPDR ETF (XLE) dropping 2.4%.The Philadelphia Oil Service Sector Index was shedding 2.3%, and the Dow Jones US Utilities Index was decreasing 0.2%.In sector news, optimism over the resumption of Iran peace talks sent crude oil futures sharply lower. President Donald Trump remains open to resuming in-person negotiations soon if he believes Iran is ready to submit to his demands, CNN reported, citing people familiar with the matter. He said that "something could be happening" over the next two days in Pakistan, where previous talks faltered.Separately, the International Energy Agency on Tuesday forecast global oil demand to turn negative this year due to the Middle East conflict, penciling in the sharpest consumption decline in Q2 since the COVID-19 pandemic.Front-month West Texas Intermediate crude oil was slumping 6.5% to $92.69 a barrel, and the global benchmark Brent crude contract was dropping 4.2% to $95.21 a barrel. Henry Hub natural gas futures fell 2.1% to $2.57 per 1 million BTU.In corporate news, Shell (SHEL) is in late-stage talks to sell its South African retail fuel network to Abu Dhabi National Oil, Bloomberg reported. The prospective $1 billion deal includes 600 fueling locations and would secure a 10% regional market share for the buyer, the report said. Shell shares were down 1.8%.BP (BP) said Tuesday its Q1 upstream production is expected to be "broadly flat" from the previous quarter, while cautioning that energy market volatility may pressure results and widen price fluctuations. BP shares fell 1.3%.Bloom Energy (BE) shares jumped 21% after it said late Monday it will provide up to 2.8 gigawatts of its fuel cell systems to Oracle (ORCL) under an expanded partnership to support the software giant's AI infrastructure buildout.

$BE$BP$SHEL

Mining & Metals92d ago

Taseko Mines up 5% as It Provides a Q1 Update For Florence Copper and the Gibraltar Mine

Taseko Mines (TKO.TO), up 5.3% on last look, on Tuesday provided first-quarter operational and production update results for Florence Copper and the Gibraltar Mine.The Florence Copper plant in Tucson, Arizona, began operations in mid-February and first copper cathodes were harvested at the end of February. For the first quarter, 1.5-million pounds of copper cathode were produced. Solutions have been flowing in the wellfield since late 2025 and initial copper leaching and production is in line with expectations, a statement said.The Gibraltar mine in British Columbia produced 30.0-million pounds of copper and 717,000 pounds of molybdenum in the first quarter, a 50% and 113% increase respectively over the same period in 2025. Copper sales in the first quarter were 27-million pounds, below production due to shipment timing."Despite recent global events, copper markets have remained very strong and the average LME copper price in the first quarter was 16% higher than the previous quarter. Diesel prices have also increased and, at current levels, would increase Gibraltar operating costs by approximately US$0.10 to US$0.15 per pound this year. At Florence Copper, we have a fixed price contract in place for all sulphuric acid requirements in 2026, so do not expect any impact from recent inflationary pressure and global supply chain issues. Overall, we continue to anticipate strong financial performance from steady Gibraltar production and growing production from Florence Copper," said chief executive Stuart McDonald.Taseko Mines shares were last seen up $0.54 to $10.78 on the Toronto Stock Exchange.Price: $10.73, Change: $+0.49, Percent Change: +4.79%

$TKO.TO

Commodities92d ago

US Natural Gas Update: Futures Slide on Weak Demand, Storage Build Projected

US natural gas futures moved lower in midday Tuesday trade as subdued demand and still-ample supply fueled expectations for another sizeable storage build.Both the front-month Henry Hub natural gas contract and the continuous contract fell 1.87% to $2.58 per million British thermal units.Early estimates for this week's storage report from the US Energy Information Administration, due on Thursday, point to an injection of 50 billion cubic feet to 62 Bcf, according to Liquidity Energy. That compares with a 22 Bcf build in the same week last year and a five-year average increase of 38 Bcf.It said inventories have risen sharply in recent weeks, pushing the surplus versus the five-year average above 100 Bcf. It cited one market observer who expects the overhang to exceed 150 Bcf by the end of April. As of Apr. 3, the surplus stood at 87 Bcf.Milder weather has weighed on consumption, with heating demand running about 15% below normal. Lower 48 gas demand for power generation declined 4% last week, according to Liquidity Energy, citing Natural Gas Intelligence.NRG said its data showed total US consumption fell from about 115 Bcf per day last Tuesday to about 95 Bcf/d, a year-over-year decline of 3.1 Bcf/d. Aegis noted that residential and commercial demand slipped by 0.7 Bcf/d, though stronger power burn, up 1.4 Bcf/d to 34.8 Bcf/d, offset the decline.On the supply side, output has eased but remains elevated. Aegis Hedging said US production was down roughly 2 Bcf/d as of Tuesday morning, with Texas volumes falling by about 1 Bcf/d, reversing gains from late last week and dropping to a two-week low.NRG Energy said total US gas output has averaged 107.2 Bcf/d in recent days, below earlier highs but still 1.7 Bcf/d above year-ago levels.Flows to liquefied natural gas export terminals remained steady. Liquidity Energy said feedgas deliveries to the nine largest US LNG facilities averaged 18.9 Bcf/d in April, near capacity and slightly higher than March levels.

Wire92d ago

Market Chatter: Meta Faces Class Action in Italy After Court Accepts Consumer-Group Lawsuit Over Data Scraping

Meta Platforms (META) is facing a class action in Italy after a Milan court accepted a consumer-group lawsuit over the theft of personal data from Facebook Italy, Reuters reported Tuesday, citing a court order.The CTCU consumer association is seeking redress on behalf of social media users in Italy who lost control over their personal data, in violation of the EU's General Data Protection Regulation, according to the report.The data scraping incident occurred between January 2018 and September 2019 and was disclosed by Meta in 2021, impacting about 533 million Facebook users globally, Reuters cited the court order as saying.Meta did not immediately reply to a request for comment from.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)Price: $663.36, Change: $+28.83, Percent Change: +4.54%

$META

Sectors92d ago

Sector Update: Consumer Stocks Mixed in Afternoon Trading

Consumer stocks were mixed Tuesday afternoon, with the State Street Consumer Staples Select Sector SPDR ETF (XLP) decreasing 0.3% and the State Street Consumer Discretionary Select Sector SPDR ETF (XLY) rising 2.5%.In sector news, Redbook US same-store sales rose by 7% from a year earlier in the week ended April 11 after a 7.6% year-over-year increase in the previous week. "Many stores closed on Easter Sunday so that employees could spend time with their families, which meant Easter week sales were based on six days instead of seven compared to last year," Redbook said, adding that sales during the week were driven by seasonal items.In corporate news, FedEx (FDX) said its finance chief will step down in early June as the parcel delivery giant completes the spinoff of its freight business into a new publicly listed company. FedEx shares were down 0.4%.United Airlines (UAL) Chief Executive Scott Kirby proposed a potential combination with American Airlines (AAL) during a late February meeting with President Donald Trump, Reuters reported Monday, citing two unnamed sources familiar with the matter. A consolidated carrier would be more competitive globally, aligning with the administration's focus on international trade deficits, the news outlet quoted Kirby as saying. United shares rose 2.4%, and American jumped 8%.Lucid (LCID) said Tuesday that it has priced an underwritten public stock offering to generate $300 million in gross proceeds. Uber (UBER) has expanded a previous purchasing agreement to buy at least 35,000 vehicles for a future autonomous taxi network, while contributing an additional $200 million to reach a $500 million total investments in the company, Lucid said. Public Investment Fund affiliate Ayar Third Investment has also committed $550 million to buy convertible preferred stock. Lucid shares were down 4.3%, and Uber rose 1.2%.

$AAL$FDX$LCID$UAL$UBER

Sectors92d ago

Sector Update: Financial Stocks Advance Tuesday Afternoon

Financial stocks were higher in Tuesday afternoon trading with the NYSE Financial Index rising 0.4% and the State Street Financial Select Sector SPDR ETF (XLF) increasing 0.2%.The Philadelphia Housing Index rose 0.4%, and the State Street Real Estate Select Sector SPDR ETF (XLRE) climbed 0.5%.Bitcoin (BTC-USD) increased 0.4% to $74,730, and the yield for 10-year US Treasuries fell 2.3 basis points to 4.27%.In economic news, the US Producer Price Index rose by 0.5% in March, the same as in February and below the 1.1% gain expected in a Bloomberg-compiled survey. Energy prices jumped by 8.5% in the month after a 2.1% gain in the previous month due to a 15.7% surge in gasoline prices. Excluding food and energy, core PPI edged up 0.1%, below the 0.4% gain forecast and slower than the 0.3% gain reported in February.The International Monetary Fund now expects 2.3% US economic growth in 2026, a downward adjustment from its 2.4% estimate set out in January and compared with the 2.1% growth reported in 2025. The IMF also revised down its 2026 global growth outlook in its World Economic Outlook update released Tuesday.In corporate news, Citigroup's (C) Q1 results came in stronger than Wall Street's expectations amid double-digit gains in fixed income and investment banking revenue. The stock rose 3.5%.Wells Fargo's (WFC) Q1 revenue missed market expectations as Chief Executive Charlie Scharf said there will likely be a lag in the pass-through of higher oil prices. Its shares dropped 4.3%.JPMorgan Chase (JPM) reported better-than-expected Q1 results on Tuesday, while Chief Executive Jamie Dimon said the US economy remained resilient but warned of an "increasingly complex set of risks," including wars and energy price volatility. JPMorgan shares decreased 0.5%.

$C$JPM$WFC

US Markets92d ago

March Producer Price Growth Holds Steady as Energy Costs Jump

US producer prices growth steadied in March as wholesale costs of energy surged amid volatility stemming from the Iran war.The producer price index increased 0.5% on a seasonally adjusted basis, unchanged from February's tally, the Bureau of Labor Statistics reported Tuesday. A survey compiled by Bloomberg pointed to a gain of 1.1%.The March increase is attributable to a 1.6% goods advance, which was driven by an 8.5% jump in energy prices, the BLS said.Energy prices have soared in the aftermath of the US-Israel war with Iran amid supply disruptions. Washington and Tehran, which agreed to a temporary ceasefire last week, failed to reach a deal during negotiations in Pakistan over the weekend.The US and Iran could resume talks later this week, possibly in Pakistan, media outlets reported Tuesday, citing US President Donald Trump."A sizable increase in the PPI underscores the material effects of higher energy prices and the broader inflationary impact of a global price shock on the domestic economy," Stifel Chief Economist Lindsey Piegza wrote in a note. "Such pressures are furthermore likely to intensify in the coming months as upstream costs work their way down the production pipeline."Prices for final demand services remained flat month over month, after a 0.3% advance in February, BLS data showed.Annually, wholesale cost growth accelerated to 4% in March, the largest gain in 12 months, from February's 3.4% rise. The consensus was for a 4.6% increase.The PPI report follows official data released last week that showed consumer inflation accelerated to its highest monthly reading in nearly four years in March.

Sectors92d ago

Sector Update: Tech Stocks Higher Tuesday Afternoon

Tech stocks rose Tuesday afternoon, with the State Street Technology Select Sector SPDR ETF (XLK) advancing 1% and the State Street SPDR S&P Semiconductor ETF (XSD) gaining 1.2%.The Philadelphia Semiconductor index added 1%.In corporate news, Amazon (AMZN) agreed to buy mobile satellite services operator Globalstar (GSAT) as it aims to add direct-to-device services to its Leo satellite network. Amazon shares rose 4.2%, and Globalstar jumped nearly 10%.Nvidia (NVDA) shares rose 2.9% after the company said Tuesday it is launching a family of quantum AI models, Ising, designed to allow companies to build quantum processors that will be able to run useful applications.Bloom Energy (BE) said it will provide up to 2.8 gigawatts of its fuel cell systems to Oracle (ORCL) under an expanded partnership to support the software giant's AI infrastructure buildout. Oracle shares gained 5.7%.High Roller Technologies (ROLR) shares surged 60% after it said Tuesday it has signed an agreement with Crypto.com Derivatives North America to launch an event-based prediction markets offering, initially in the US.

$AMZN$GSAT$NVDA$ORCL$ROLR

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Oil & Energy92d ago