Gulf Energy Shock Spreads To Global Plastics As War Sparks Force Majeure Wave

Philippines Becomes World's Top Solar Panel Buyer By Charles Kennedy of OilPrice.com People in the Philippines are flocking to install solar power ​on rooftops and escape the burden of soaring electricity prices, making it the world's biggest spender on solar panels since ‌the war in Iran started.  Top Philippines power distributor Meralco has raised prices by 10% since the Middle East conflict began in late February. Now, a median household spends around 12% of monthly income on electricity, assuming it consumes 200 kilowatt-hours, approximately the monthly average for three people.  Amid record-beating electricity...

Futures Rebound, Oil Pares Gain After Iran Declares End To Military Operations US stocks futures rebounded and oil pared much of its overnight gains, following a declaration from Iran that military operations against Israel ended after the biggest military escalation between Iran and Israel overnight. As of 8:00am ET, S&P futures rose 0.7% while those for the Nasdaq 100 climbed 1.4%, with Mag 7 stocks trading mostly higher in premarket trading ahead of Apple's WWDC keynote later today, which may boost the Mag 7 group. Chipmakers that were the hardest hit in Friday’s...

Saudi Arabia is pressing the Trump administration to end its blockade of the Strait of Hormuz and return to negotiations with Iran over fears that the US move could lead to the closure of the Bab el-Mandeb Strait, according to a report from The Wall Street Journal. The Bab el-Mandeb Strait is another vital waterway […]