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Israel to undermine Iran regime after hospital hit

  • Spanish Market: Crude oil
  • 19/06/25

Israel's defence minister Israel Katz today said the military has been ordered to "undermine the ayatollahs' regime" in Tehran — the first time Israel has openly declared regime destabilisation as a goal since the conflict with Iran began last week.

The shift in public messaging follows an Iranian missile strike early Thursday that appeared to hit a hospital in southern Israel. Social media footage showed damage to Soroka Medical Center in Beersheba, which serves around 1mn people. Iran's Islamic Revolutionary Guard Corps (IRGC) denied the hospital was targeted, saying missiles were aimed at nearby military command centres, according to Iranian state news agency Irna.

Until now, Israel had justified its military campaign as a pre-emptive effort to prevent Iran from acquiring nuclear weapons. Katz's remarks reflect a significant hardening of Israel's public stance, moving beyond claims of self-defence to a declared aim of weakening Iran's leadership.

"The Prime Minister [Benjamin Netanyahu] and I have instructed the [Israel Defense Forces] IDF to increase the intensity of attacks against strategic targets in Iran and against government targets in Tehran in order to remove threats to the State of Israel and undermine the ayatollahs' regime," Katz said in a post on social media platform X.

Ice Brent crude futures rose today, supported by the latest Iranian-Israeli escalation and a sharp drop in US crude stocks. At 09:30 GMT, the front-month August Brent contract was at $77.14/bl, up by 44¢/bl from its settlement on 18 June. Ice Brent has gained nearly 8pc since Israel launched its initial strike on Iran on 13 June.

Several Iranian missiles struck areas inside Israel early Thursday. Videos shared on social media showed damage in multiple locations, including civilian areas. The IRGC said it had "successfully carried out a 14th wave of combined missile attacks targeting strategic sites in Israel".

Iran's attack followed Israeli airstrikes overnight on what Israel said were key sites linked to Tehran's nuclear and missile programmes. The IDF said it struck an "inactive nuclear reactor in Arak", a facility used in plutonium production, and a "nuclear weapons development site near Natanz". Natanz is home to Iran's main uranium enrichment facility, which Israel also targeted during its 13 June strike.

The UN's nuclear watchdog, the IAEA, confirmed the Arak site had been hit. But "it was not operational and contained no nuclear material, so no radiological effects", the agency said. Iran had previously told the IAEA it planned to begin operating the reactor in 2026.

US president Donald Trump has not confirmed whether Washington will join Israeli strikes on Iranian nuclear sites. "I may do it. I may not do it. I mean, nobody knows what I'm going to do," he said on 18 June. Iran's supreme leader Ali Khamenei earlier rejected Trump's call for Iran to surrender.


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11/07/25

Trump threatens 35pc tariff on Canada by 1 August

Trump threatens 35pc tariff on Canada by 1 August

Houston, 10 July (Argus) — The US will impose a 35pc tariff on all imports from Canada effective on 1 August, President Donald Trump said in a letter to Canadian prime minister Mark Carney. The 10 July letter that Trump posted on social media late Thursday noted that Canada previously planned retaliatory tariffs in response to the US' first tariff threats in the spring. He repeated his earliest justification for the tariffs - the illegal smuggling of fentanyl into the US from Canada - and said he would consider "an adjustment" to the tariffs if Canada worked with him to stop that flow. The 35pc tariff would be separate from tariffs set for specific sectors, which include a 50pc tariff on copper imports . It is not clear if any imports currently covered by the US-Mexico- Canada trade agreement (USMCA) would be affected by the new tariff threats. The Trump administration since 5 April has been charging a 10pc extra "Liberation Day" tariff on most imports — energy commodities and critical minerals are exceptions — from nearly every foreign trade partner. Trump on 9 April imposed even higher tariffs on key trading partners, only to delay them the same day until 9 July. On 7 July, Trump signed an executive order further delaying the implementation of higher rates until 12:01am ET (04:01 GMT) on 1 August. Earlier this week he threatened 50pc tariffs against Brazil for its ongoing criminal prosecution of former president Jair Bolsonaro. Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

Nigeria eyes 2mn b/d Opec+ quota for 2027


10/07/25
10/07/25

Nigeria eyes 2mn b/d Opec+ quota for 2027

Vienna, 10 July (Argus) — Nigeria is hoping to win an increase of its Opec+ crude production target to 2mn b/d from 2027 in upcoming talks over updated country capacities, the chief executive of state-owned NNPC, Bashir Ojulari, said today. Nigeria's current crude quota is 1.5mn b/d, but Ojulari said current production today is slightly below that at around 1.4mn b/d. Including around 250,000 b/d of liquids, that takes current oil output to around 1.65mn b/d, just shy of the country's current oil production capacity. Argus estimated Nigeria's crude output at just shy of 1.6mn b/d in May, the latest month for which estimates are available, although that figure includes production of Nigerian light sweet Agbami, which Nigeria itself classes as condensate. By 2027, NNPC is targeting capacity of around 2.4mn b/d, and production of 2mn b/d, Ojulari said. Of this production, around 1.7mn b/d will be crude and the 300,000 b/d balance, condensate. And within three years, the company is aiming for production of 3mn b/d, comprising crude output of 2.5mn b/d and condensate production of 500,000 b/d. Capacity will be around 3.5mn b/d. Nigeria's plans come as the Opec+ group embarks on a new campaign to update and refresh each member country's maximum sustainable production capacity, which would then be used to determine new production baselines, or quotas, for members from which output targets for 2027 will be calculated. The Opec secretariat was in late May instructed by the alliance to start developing a framework to present to the ministers at the next full Opec+ ministerial conference on 30 November. Nigeria has on several occasions in recent years attempted to request an upward revision to its Opec+ production baseline, the level from which production quotas are calculated, but with no success. This was primarily due to the country largely failing to meet even existing targets because of infrastructure and operational problems. But with those issues now largely behind it, Nigeria is looking to make a renewed attempt to argue its case to be allowed to produce more, particularly in light of the significant additional oil refining capacity that the country has added, and will add, over the coming 12-18 months. "We believe that with the increased demand being created in-country, we are now in a better position to also seek from Opec to increase our production quota," Ojulari said. Nigeria recently commissioned the 600,000 b/d Dangote refinery while 500,000 b/d of modular refining capacity that are at "different stages of progress", Ojulari said. "So you can imagine, over the next two years, we will be talking of [additional] refining capacity of around 1mn b/d of just Nigerian local consumption." At present, Nigeria is having to adhere to an Opec+ crude quota of 1.5mn b/d which, barring any change in policy over the coming months, is due to hold until the end of 2026. Ojulari said he will be lobbying for a 25pc increase in the production quota by 2027, and remains hopeful that this time Nigeria's request will be granted. "What I want to have by 2027 is 2mn b/d; that is what we will be asking," he said. "What the outcome of that conversation will be will depend on how successful we are in our discussions and interactions. But that is what we are gunning for." By Nader Itayim, Aydin Calik and Bachar Halabi Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

Nigeria's NNPC reviewing refinery rehabilitation plans


10/07/25
10/07/25

Nigeria's NNPC reviewing refinery rehabilitation plans

Vienna, 10 July (Argus) — Nigeria's state-owned oil firm NNPC is reassessing the viability of rehabilitating its Port Harcourt, Warri and Kaduna refineries, chief executive Bashir Ojulari said today. Speaking on the sidelines of the Opec seminar in Vienna, Ojulari said efforts to restart the refineries have not progressed as planned and are now under review. "A lot of effort has been put in place to see if they could be rejuvenated. Those efforts have not been fully concluded in the way that we want them to be concluded," he said. NNPC has engineering contracts in place for the rehabilitation of its 210,000 b/d Port Harcourt, 125,000 b/d Warri and 110,000 b/d Kaduna refineries. The company restarted 60,000 b/d of capacity at Port Harcourt late last year but shut it down again in May. It also restarted Warri in December and ramped crude runs to 78,000 b/d before shutting the plant in January. Ojulari said the company is conducting a "deep dive, life-cycle review" of the projects, which is expected to be completed by the end of the year. "Our ambition is to make sure that we utilise whatever is useful in the structures, but also be free to bring in any new additional elements that can make things work," he said. He added that NNPC must review the projects without falling victim to "sunk cost syndrome". Ojulari also said NNPC remains committed to increasing its stake in Nigeria's 650,000 b/d Dangote refinery, where it currently holds a 7.2pc interest. The company had previously planned to raise its stake to 20pc. Ojulari, a former Shell executive, became NNPC chief executive in April, succeeding Mele Kyari. By Aydin Calik, Bachar Halabi and Nader Itayim Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

Brazil eyes retaliatory tariffs on US


10/07/25
10/07/25

Brazil eyes retaliatory tariffs on US

Rio de Janeiro, 10 July (Argus) — Brazil will consider reciprocal tariffs if US president Donald Trump goes ahead with his threat of a 50pc charge on imports from Brazil, president Luiz Inacio Lula da Silva said. "Any unilateral tariff increases will be addressed in accordance with Brazil's economic reciprocity law," Lula posted on social media late on Wednesday. He defended Brazil's sovereignty and said the country "will not accept any form of tutelage". He rebutted Trump's claim that the US has a "very unfair trade relationship with Brazil", pointing to its long-running trade surplus. Brazil has run a trade deficit for goods and services with the US adding up to over $400bn over the last 15 years, finance minister Fernando Haddad said in a televised interview. "This is an eminently political decision, because there is no economic rationale in this measure," he said. The US is Brazil's second-largest trading partner behind China, receiving $40.3bn worth of exports in 2024, according to the Brazilian secretary of foreign trade. It is the main market for Brazilian manufactured goods. The national confederation of industries (CNI), a lobby group, called for negotiations with the Trump government "to preserve the countries' historical trade relationship". A group representing the powerful agribusiness lobby in congress, FPA, also called for diplomatic negotiations. The tariffs can "severely hamper production, investments and supply chains between the two countries," US-Brazilian chamber of commerce Amcham said. The tariffs bring uncertainty to the country's oil and gas sector, Brazil's oil chamber IBP said. Crude is Brazil's main export to the US, accounting for $5.8bn last year. "We are cautiously assessing the true impacts on investments and competitiveness on our industry," IBP said. The Brazilian real slumped against the US dollar in the wake of Trump's announcement, dropping to R5.6/$1 on Thursday morning before rallying slightly. A weaker real increases production costs for Brazilian companies who rely on imports. A letter that Trump sent on Wednesday to Lula is one of the 22 that the US leader has sent to his foreign counterparts since 7 July, announcing new tariff rates that the US will charge on imports from those countries. "I don't think that this situation will continue," Haddad said of the "unsustainable" 50pc levy, highlighting Brazil's diplomatic tradition. By Constance Malleret Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

Brazil eyes retaliatory tariffs on US


10/07/25
10/07/25

Brazil eyes retaliatory tariffs on US

Rio de Janeiro, 10 July (Argus) — Brazil will consider reciprocal tariffs if US president Donald Trump goes ahead with his threat of a 50pc charge on imports from Brazil, its president Luiz Inacio Lula da Silva said. "Any unilateral tariff increases will be addressed in accordance with Brazil's economic reciprocity law," Lula posted on social media late on Wednesday. He defended Brazil's sovereignty and said the country "will not accept any form of tutelage". He rebutted Trump's claim that the US has a "very unfair trade relationship with Brazil", pointing to its long-running trade surplus. The US is Brazil's second-largest trading partner behind China, receiving $40.3bn worth of exports in 2024, according to the Brazilian secretary of foreign trade. It is the main market for Brazilian manufactured goods. The national confederation of industries (CNI), a lobby group, called for negotiations with the Trump government "to preserve the countries' historical trade relationship". A group representing the powerful agribusiness lobby in congress, FPA, also called for diplomatic negotiations. A letter that Trump sent on Wednesday to Lula is one of the 22 that the US leader has sent to his foreign counterparts since 7 July, announcing new tariff rates that the US will charge on imports from those countries. By Constance Malleret Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

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