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Oil prices surge as Trump rejects Iran peace plan
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Oil prices climbed sharply after Donald Trump rejected Iran's peace plan, sending ripples through global markets. The rupee hit a record low and equities slumped in India amid the developments. This follows last week's US-Iran exchange of fire that shattered a fragile ceasefire.
Ring Energy, Inc. conducted its first quarter 2026 earnings conference call on May 7. The virtual event featured company executives providing an overview of operations and financial results.
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U.S. military forces struck two Iranian oil tankers Friday in the Strait of Hormuz after exchanging fire with Iranian forces overnight. The attacks came amid efforts to enforce a blockade and followed reported Iranian missile and drone strikes on the United Arab Emirates.
Ecopetrol will report on its operations, revenues, and EBITDA for the first quarter of 2026 on May 12 and 13. Interim president Juan Carlos Hurtado will present the figures instead of Ricardo Roa, who requested vacation and unpaid leave. The company projects declines in revenues and net profit compared to last year.
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Following TotalEnergies CEO Patrick Pouyanné's stark warning of impending energy shortages, other French business leaders like LVMH's Bernard Arnault and Saint-Gobain's Benoit Bazin express growing alarm over the economic fallout from two months of US-Iran conflict and the Strait of Hormuz blockade. President Macron seeks to reassure, but concerns mount.
Crude oil prices have surpassed $100 per barrel amid stalled peace talks between the United States and Iran. Trade through the Strait of Hormuz remains restricted, with Iran seizing two ships and the US maintaining a naval blockade. Analysts warn of further price increases due to ongoing disruptions.
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The US dollar closed higher against the Colombian peso at $3,576.10, up $2.80 from the TRM of $3,573.30. The rise followed a new government repurchase of global bonds, the third in the past year. Meanwhile, crude oil prices fell amid expectations of US-Iran peace talks.
French companies flag price rises from ongoing Middle East war
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