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Trump announces U.S.-Iran peace deal set for June 19 signing
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President Donald Trump said the United States and Iran reached a peace deal over the weekend that will be signed on June 19. The agreement calls for the reopening of the Strait of Hormuz and the removal of the U.S. naval blockade.
Oil prices are dropping significantly as tankers resume passage through the Strait of Hormuz following a preliminary peace accord between the US, Israel, and Iran. This easing of supply concerns has pushed prices towards pre-war levels.
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Petrobras board approved a US$1.2 billion investment on Friday to produce renewable fuels at the Cubatão refinery in São Paulo state.
Asian stock markets advanced amid optimism over a potential Middle East peace agreement. Oil prices dropped to two-month lows, easing concerns about inflation. Investor attention also turned to the anticipated SpaceX initial public offering.
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Sanae Takaichi stated that Japan's July oil imports will return to pre-Iran war levels. Japan has significantly diversified its supply chain away from the Middle East.
Renewed oil extraction activities have sparked sharp political differences among leaders in Turkana East and South over job distribution and revenue sharing.
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Oil companies in the Philippines began implementing steep fuel price cuts on Tuesday, June 2, with diesel falling by P9.26 per liter. The Department of Energy set the reductions for the week of June 2 to 8.
Kenya holds talks with India on Turkana oil drilling
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