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US House advances Ukraine, Israel aid bills

  • Spanish Market: Crude oil
  • 17/04/24

The Republican-controlled US House of Representatives is preparing to advance a bill to extend military and economic aid to Ukraine, as Kyiv has complained about critical shortages of ammunition on the battlefield and has resorted to aerial attacks against refineries in Russia.

The House is also advancing a separate bill to extend military aid to Israel and to pay for the rising cost of US operations in the Middle East, including the cost of providing maritime protection from the Houthi attacks on commercial shipping in the Red Sea. Yet another bill would extend military aid to Taiwan and other US partners and allies in the Indo-Pacific region.

The US Senate in February approved a bill providing around $60bn in military aid for Ukraine, $14bn for Israel, and $9bn in humanitarian aid to Gaza and other global crisis spots. House speaker Mike Johnson (R-Louisiana) has, in effect, deconstructed the Senate bill into individual components in an effort to facilitate their passage in a chamber where his party has a two seat majority and the Republican lawmakers allied with former president Donald Trump oppose aid to Ukraine.

In an effort to secure the Republican caucus' assent to the three foreign aid bills, Johnson is also planning to advance a separate bill including a hodgepodge of his party's policy priorities, such as a ban on social media network TikTok and sanctions against Iran. Yet another bill would advance draconian restrictions on immigration and strengthen the security of the US-Mexico border. 
None of the bills released today would require President Joe Biden to reconsider his pause on the issuance of new LNG export licenses.

Johnson's legislative proposal has immediately drawn opposition from some members of his party, two of which said they would move to oust him as speaker. Johnson assumed his position after his predecessor Kevin McCarthy was ousted in October following a compromise government funding deal with House Democrats.

"Every true conservative America First patriot in the House should vote against the rule for this borrowed foreign aid bill with no border security!" congressman Bob Good (R-Virginia) said via X social network.

The foreign aid bills will have to have the backing of the Democratic caucus and a sufficient number of Republicans in order to pass.

Biden said he supports the three foreign aid bills proposed by Johnson. "The House must pass the package this week and the Senate should quickly follow," Biden said.

The majority-Democratic Senate leaders likewise have signaled willingness to consider separate aid bills so long as those do not significantly differ from the version passed by the Senate.

The only major differences in the House version of the Ukraine aid bill is a requirement that the US provide no more than 50pc of the total economic assistance extended to Ukraine by western countries, as well as a requirement for Ukraine to repay the $9.5bn in direct economic support under the bill.

Congress since February 2022 has allocated $114bn in aid to Ukraine, including $66bn for military supplies. The EU in the same period has allocated $150bn to Ukraine, mostly in economic support.


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23/06/25

Iran fires missiles at US military base in Qatar

Iran fires missiles at US military base in Qatar

London, 23 June (Argus) — Iran today fired missiles at a US base in Qatar in retaliation for the weekend attack on its nuclear facilities. The Iranian military said the US' Al-Udeid base was its target. The Qatari government said it intercepted the missiles and there were no deaths or injuries. Tensions in the region have been stretched since the US bombed Iranian nuclear facilities at the weekend. US president Donald Trump today again expressed a desire for regime change in Tehran, which in turn said US military interests were now legitimate targets. Earlier, Qatar closed its airspace and the US and UK embassies there issued safety warnings to their citizens, suggesting this Iranian attack was flagged and expected. The price of Ice Brent crude fell by as much as 4.5pc in the wake of the Iranian attack to an intraday low of $72.48/bl, having hit a five-month high of $81.40/bl earlier in the day. The Iranian move echoes its attacks on US military targets in Iraq after the US' killing of senior Iranian military commander Qassem Soleimani in January 2020. Perhaps mindful of this, foreign firms operating in Iraq today started removing some employees from the country. Regional airlines began cancelling and rerouting flights across the Middle East, with flight tracking showing almost no flights in the air above the Mideast Gulf. By Ben Winkley Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

Trump escalates pressure to keep oil prices down


23/06/25
23/06/25

Trump escalates pressure to keep oil prices down

Washington, 23 June (Argus) — President Donald Trump is pressing domestic oil producers to increase drilling as he works to contain the energy market fallout from a potential escalation in hostilities following US airstrikes on nuclear sites in Iran. Trump said today he was monitoring how the oil industry is responding to the conflict, which depending on Iran's response could disrupt 17mn b/d of crude and refined products that are shipped through the strait of Hormuz. The US carried out air strikes on Iran's Fordow, Natanz and Isfahan nuclear sites early on 22 June local time. Brent crude futures hit a five-month high above $80/bl earlier Monday but had fallen to $73.81/bl as of 1:18 pm ET, after Iran said it had launched an attack on a US military base in Qatar. "EVERYONE, KEEP OIL PRICES DOWN. I'M WATCHING! YOU'RE PLAYING RIGHT INTO THE HANDS OF THE ENEMY. DON'T DO IT!" Trump wrote Monday morning in a post on his social media website Truth Social. Trump followed up by directing the US Department of Energy (DOE) to "DRILL, BABY, DRILL!! And I mean NOW!!!" US energy secretary Chris Wright, in a social media post responding to Trump's instructions, said "we're on it" but did not say what actions he would take. DOE does not have a formal oversight or regulatory role related to oil and natural gas production, although it does manage the US Strategic Petroleum Reserve (SPR). The White House, asked for comment, said Trump was urging his administration to support drilling to keep energy prices low. Since Trump's first day in office, he has "championed domestic energy production to strengthen American economic security", the White House said. DOE did not immediately respond to a request for comment. Trump has sought to increase US oil production by easing regulations, expediting environmental reviews and expanding leasing, but it could take years for those actions to translate into higher production. In the near-term, Trump's most potent tool to reduce prices would be ordering a release of oil from the SPR, which holds 402.5mn bl of crude in four storage sites in Louisiana and Texas. Trump and many other Republican lawmakers were critical of former president Joe Biden for ordering the emergency release of 180mn bl of crude from the SPR in 2022 in the wake of Russia's invasion of Ukraine. Trump has said he wants to refill the SPR to its full capacity of 714mn bl. The White House said Monday it is not yet seeing interruptions to oil flows, but that the "many tools" available to the president and his "commitment to peace through strength" should "all be reassuring to the market". By Chris Knight Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

Foreign oil staff exit Iraq over regional tensions


23/06/25
23/06/25

Foreign oil staff exit Iraq over regional tensions

Dubai, 23 June (Argus) — International oil companies operating in southern Iraq have reduced their foreign staff in response to growing concerns over regional instability, Iraq's state-owned Basrah Oil Company said today. The staff reductions reflect heightened fears that the conflict between Israel and Iran could spill over into the wider region. Tensions escalated after US airstrikes on Iranian nuclear sites early on 22 June local time, following nearly two weeks of missile and drone exchanges between Israel and Iran. Basrah Oil said several companies operating under licensing agreements in its fields have temporarily evacuated foreign staff. "Most notably, the British company BP, which operates the Rumaila field, has withdrawn some personnel," the company said in a statement. Crude output at Rumaila, Iraq's largest oil field with capacity of around 1.45mn b/d, has recovered to about 1.2mn b/d, Argus understands, after a 24 January fire disrupted around 300,000 b/d of production. Basrah Oil said the staff reductions have not affected output. "Iraqi personnel continue to carry out operations and monitoring, in full co-ordination with remote operators," it said. Italian firm Eni has also scaled back its presence at the 480,000 b/d Zubair field. "Eni has gradually reduced its staff from 260 employees to 98, who are currently working normally in the field alongside Iraqi teams to manage petroleum operations," Basrah Oil said. Sources at Eni told Argus that the company made the cut as a precaution and is monitoring the situation in co-ordination with Italian and local authorities. TotalEnergies, which is redeveloping the Ratawi field to raise capacity by 85,000 b/d to 210,000 b/d, has also reduced staffing. Basrah Oil said 60pc of TotalEnergies' personnel have been withdrawn, but operations have not been affected. Chinese firms operating the West Qurna 1, Siba, and Faihaa fields have not evacuated staff, and operations are continuing smoothly, according to Basrah Oil. Russian firm Lukoil, operator of the West Qurna 2 project, has also maintained normal staffing levels and reported no disruption. By Bachar Halabi and Jon Mainwaring Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

Russia condemns US strikes, offers Iran support


23/06/25
23/06/25

Russia condemns US strikes, offers Iran support

London, 23 June (Argus) — Russia has condemned US airstrikes on Iranian nuclear facilities but said they will not affect Moscow's dialogue with Washington. "This is an absolutely unprovoked aggression against Iran. It has no basis or justification," state news agency Tass quoted President Vladimir Putin as saying during a meeting in Moscow with Iranian foreign minister Abbas Araqchi. Earlier today, Kremlin spokesperson Dmitry Peskov also criticised the strikes and expressed "deep regret" over the escalating conflict in the Middle East. "There has been an increase in the number of participants in this conflict, a new round of escalation of tensions in the region. And of course, we condemn this and express deep regret in this regard," Peskov said, according to Tass. Despite the tensions, Peskov said the US strikes would not affect Russia's bilateral dialogue with Washington, describing the two processes as "independent". He also raised concerns about potential radiation risks from the attacks. "We need to find out what happened to these nuclear facilities and whether there is a radiation hazard," he said, while noting that the UN nuclear watchdog, the IAEA, had reported no signs of contamination so far. Peskov said Russia is ready to support Iran, depending on Tehran's needs. "We have offered our mediation efforts. This is specific," he said. "Everything depends on what Iran needs." Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

Iran vows payback after US strike on nuclear facilities


23/06/25
23/06/25

Iran vows payback after US strike on nuclear facilities

Dubai, 23 June (Argus) — Iran said today that US airstrikes on its nuclear facilities have expanded the range of legitimate military targets for its armed forces, intensifying concerns over supply disruptions in a region that underpins global oil trade. Powerful and targeted operations with "serious consequences" await the US in response to its direct involvement in strikes on Iranian soil, according to Ebrahim Zolfaqari, spokesperson for Iran's Khatam al-Anbiya central military headquarters. "Mr. Trump, the gambler, you may start this war, but we will be the ones to end it," Zolfaqari said. The US strikes on three heavily fortified nuclear facilities in Iran early on 22 June local time marked a clear shift, with Washington now openly joining Israel's military campaign against Tehran's nuclear programme, which Israel views as an existential threat. Israel and Iran have been trading airstrikes and missiles since 13 June. The US has thousands of troops stationed across the Middle East, including in Bahrain, Qatar, the UAE, Kuwait, Saudi Arabia and Iraq. While Iran has threatened retaliation, it has so far held back from steps often floated by its leadership, such as striking US bases in the region or closing the strait of Hormuz — a vital waterway through which about a quarter of global seaborne oil trade flows. The US bombing and Iran's threats of retaliation caused crude futures to rise sharply in early trading on 23 June , with front-month Ice Brent climbing above $80/bl for the first time in five months, as the US bombing raised fears of wider escalation. But markets later pared gains. The August Ice Brent contract was trading at $76.56/bl as of 08:25 GMT, down by 45¢/bl from its 20 June settlement. Trump warned Iran against retaliating for the strikes and signalled he is open to regime change in Tehran. "If the current Iranian Regime is unable to MAKE IRAN GREAT AGAIN, why wouldn't there be a Regime change??? MIGA!!!" he said on Sunday, as Tehran continued to show defiance. He followed up by claiming the strikes had caused "monumental" damage to Iran's nuclear sites, adding that the "biggest damage took place far below ground level. Bullseye!!!" The full extent of the damage remains unverified. But "even if nuclear sites are destroyed, game isn't over, enriched materials, indigenous knowledge, political will remain", said top Iranian military and nuclear adviser, Ali Shamkhani. The UN's nuclear watchdog, the IAEA, said on 22 June that no increases in off-site radiation levels had been reported following the US strikes. Director general Rafael Grossi, in an address to the UN Security Council, confirmed that Fordow — Iran's main facility for enriching uranium to 60pc — was hit. He also said the Esfahan nuclear site and the Natanz enrichment facility were struck again. By Bachar Halabi Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

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