Iran's Financial Hub, The UAE, May Freeze Billions In Assets Over Retaliatory Strikes

Colombia's Richest Man Turns Venezuelan Oil Contract Into $500 Million GeoPark Stake Colombian billionaire Jaime Gilinski is positioned to take control of GeoPark Ltd., a Latin American energy producer, after converting a Venezuelan oil agreement secured at almost no upfront cost into an equity stake initially valued at more than $500 million, according to Bloomberg. The transaction illustrates the competition for Venezuelan assets following Nicolás Maduro’s removal in January and Washington’s subsequent relaxation of energy sanctions. Investors with government connections are moving quickly into a country whose enormous oil reserves have...

House Defies Trump By Advancing $8BN New Ukraine Aid Package Late Wednesday saw President Trump receive a rare and much belated rebuke from the House of Representatives as it voted to pass a war powers resolution related to Iran. The passed resolution directs the withdrawal of US troops from armed hostilities with Iran, in a closely divided 215–208 vote, aided by four Republicans. But this wasn't the only Trump-defying vote that took place Wednesday, as The Hill reports: "Six Republicans joined Democrats on Wednesday to push through a vote on military aid...

IEA Warns Escalation In US-Iran Hostilities Could Upend Oil Surplus Forecast Despite the tentative recovery of oil flows through the Strait of Hormuz and the first build-up in global stocks since the war began, this week’s re-escalation of the U.S.-Iran hostilities could flip the outlook for an oil market surplus for next year, the International Energy Agency said on Friday.  Oil prices have plunged since the United States and Iran signed the memorandum of understanding (MoU) in the middle of June, with North Sea Dated prices down by $31 per barrel in...