The Elusive Giffen Good, Once Again

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...

Iranian officials are in negotiations with members of the Gulf Cooperation Council (GCC) about creating a system to charge fees for ships transiting the Strait of Hormuz.  According to the Wall Street Journal, Iran is seeking to impose a toll on vessels entering and exiting the Persian Gulf similar to how Turkey taxes ships transiting […]

Russia's Oil Windfall Vanishes As Urals Crashes To $42 A Barrel By Charles Kennedy of OilPrice.com Russian crude oil prices have fallen back to where they were before the Middle East war, with its flagship Urals averaging just $41.66 a barrel during the first three days of July. The drop wipes out the revenue boost Moscow received from the conflict and pressures a federal budget that assumes oil prices of about $59 a barrel.  Urals had averaged more than $59 a barrel every month since March and climbed to $60.92 in June after...