Oil prices hit their highest in four months after two attacks on Saudi Arabian facilities on Saturday knocked out more than 5% of global supply. At the start of trading, Brent crude jumped 19% to $71.95 a barrel, while the other major benchmark, West Texas Intermediate, rose 15% to $63.34. Prices eased back slightly after US President Donald Trump authorised the release of US reserves. It could take weeks before the Saudi facilities are fully back on line.
The disturbance in the southeastern Bahamas has not developed a closed circulation yet, but the cloud pattern is gradually becoming better organized. An Air Force plane is currently approaching the disturbance, and will give NHC more details on the structure of the system. Advisories are being initiated on this system as a Potential Tropical Cyclone to allow for the issuance of a tropical storm warning for a portion of the northwest Bahamas after consultation with the meteorological service of that country. read more
China has released a list of 16 US imports that will be exempted from tariffs in the ongoing trade war between the world's two largest economies. They include anti-cancer drugs and animal feed. But with more than 5,000 products on it, the list of goods that are still subject to extra taxes is much longer. Nevertheless, some analysts view the move as a friendly signal by China ahead of talks with the US. On Tuesday, US President Donald Trump praised the decision, saying the "gesture" could help upcoming trade talks. read more
MPs have again rejected Prime Minister Boris Johnson's calls for a snap election, as the five-week suspension of Parliament begins. In all, 293 MPs voted for the prime minister's motion for an early poll, far short of the number needed.
US President Donald Trump says he has called off peace negotiations with the Taliban that sought to end America's 18-year war in Afghanistan. read more