Oil Prices Set for Biggest Weekly Drop in a Month Despite Strait of Hormuz Attack
Brent oil fell below $73 a barrel, while West Texas Intermediate (WTI) traded near $70 on Friday.
Volkswagen considers cutting up to 100,000 jobs and closing plants
The owner of the Porsche and Audi brands currently employs about 657,000 people.
Iraq Denies Government Proposals to Leave OPEC
Iraq’s Ministry of Oil denied government proposals to leave OPEC, emphasizing commitment to production quotas.
Dollar on track for largest monthly gain in a year amid Fed rate hike expectations
inflation data that could confirm growing investor confidence that the Federal Reserve will raise rates at least once this year.
US inflation hits three-year high as consumer spending rises
US consumer spending accelerated in May as prices rose at the fastest pace in over three years.
EU countries push for oil exploration to be considered green investment
This means that oil and gas sector giants investing billions in new oil wells and gas fields could be included in sustainable investment funds.
Mexico invests $40 billion in state plan to develop renewable energy
Mexico plans to invest $40 billion in renewable energy by 2030, aiming for 32,000 MW of new capacity.
Schnabel from ECB: Further rate hikes needed to achieve 2% inflation target
However, since then, progress in peace negotiations has significantly reduced oil prices.
French Nuclear Reactors Cut Production Due to Extreme Heat and Environmental Regulations
In France, a number of nuclear reactors are forced to operate at reduced capacity due to extreme heat.
Germany Prepares to Raise Retirement Age: Merz Supports Reform
Federal Chancellor Friedrich Merz defended pension reform proposals in the Bundestag, calling them a big step towards a new pension system.