Oil Falls

FINANCIAL TIMES -The price of Brent crude oil has fallen below its pre-Iran war levels, decreasing by 1.8% to $72.40 per barrel, as an influx of oil begins to flow from the Gulf, leading traders to overlook potential future risks.

This marks the first time since the conflict began that prices dropped below the February closing figure of $72.48.

According to Francis Osborne from Argus Media, traders are optimistic about a return to normalcy but are underestimating future risks.

The falling prices have prompted caution, discouraging any long positions amid the sales pressure.

Additionally, a significant increase in tanker departures from the Gulf, nearly 50% on Wednesday with 31 tankers, indicates heightened oil movement, while Iranian naval forces have mandated coordination for vessel transit in the Strait of Hormuz.

The ongoing conflict has led to more than a billion barrels of oil being trapped in the Gulf, forcing producers to cease production and prompting countries to rely on their reserves. -In the Sany truck plant in central China, automation is replacing human labor as robots increasingly handle tasks like pressing and spraying vehicle panels.

Sany Truck Manufacturing's deputy general manager, Huang Tie, emphasizes the necessity of this shift due to China's shrinking working-age population, which could drop from 1 billion to just 300 million by 2100, presenting a significant economic challenge.

To counter this demographic change, China is investing heavily in AI-enabled robots, having installed more industrial robots last year than the entire world combined.

The consensus among leaders and business owners is that integrating 'embodied artificial intelligence' into various sectors is crucial, mirroring a transformation unseen since the industrial revolution.

Automation is being explored not only in industrial settings but also in high-skills areas, such as the culinary field.

President Xi Jinping has been a staunch supporter of this robot revolution, advocating for market capture and innovation in robotics since 2014. -Rome's airports plan to suspend the EU's controversial biometric border system to manage surging summer tourist numbers, according to Marco Troncone, head of the airports company.

He stated that allowing passengers to bypass the new entry-exit system (EES) is essential to prevent a "disaster" in the peak travel weeks.

Non-EU citizens are required to provide fingerprints and photos under this new scheme, which has faced delays, technical issues, and long queues.

Troncone expressed high concern, rating it an "eight or nine" out of ten, and indicated that the system is not compatible with the expected passenger volumes, necessitating a temporary "open valve" approach rather than full implementation of the EES. -Chip manufacturer Micron Technologies reported a remarkable increase in quarterly profits, with net income soaring to $28.2B for the fiscal quarter ending May 28, up from $1.9B year-over-year, surpassing Wall Street expectations by approximately $4B.

This robust performance led to a nearly 16% rise in Micron's shares during after-hours trading, raising its market value to around $1.3T and recovering losses from a prior sell-off.

The positive results contributed to a 1.7% increase in Nasdaq 100 futures and significant gains in Asian markets, notably a 4% rise in Japan's Nikkei 225 and an 11% jump in South Korea's SK Hynix shares.

Micron's quarterly revenue also surged nearly 350% to $41.5B, with projections for upcoming sales reaching $50B, considerably higher than analysts' estimates.

The results reflect heightened demand and soaring prices for memory chips crucial for AI models, amidst the volatile landscape of the semiconductor industry in recent weeks. -Two significant earthquakes struck Venezuela's capital region on Wednesday evening, resulting in severe casualties, destruction, and communication disruptions, particularly affecting the nation's key international airport.

Acting president Delcy Rodríguez reported an initial death toll of 32 and around 700 injuries, prompting the declaration of a state of emergency.

The first earthquake, measuring 7.2 in magnitude, occurred near Morón, approximately 168 km west of Caracas, at 6:04 PM, followed swiftly by a larger 7.5 magnitude quake just 16 km away.

The US Geological Survey warned of probable high casualties and extensive damage.

Rodríguez indicated that international rescue teams would be on the way and expressed gratitude for the support from the Trump administration. -Donald Trump emphasized the need for “loyalty” from NATO allies during a recent discussion at the White House, criticizing the alliance for its slow support in the U.S.-Israeli conflict with Iran.

He mentioned that he would have considered skipping the upcoming NATO summit in Ankara unless urged by Turkish President Recep Tayyip Erdoğan.

Trump expressed disappointment with Italy, France, Germany, and the UK, noting the resignation of British Prime Minister Sir Keir Starmer and commenting on the potential successor Andy Burnham’s liberal stance.

He reiterated his call for the UK to increase oil and gas drilling in the North Sea, stating that the country was at a disadvantage by importing oil from Norway.

His statements precede a NATO summit where his administration will push for allies to contribute more to conventional defense, with NATO Secretary-General Mark Rutte presenting data on defense spending increases and their benefits to U.S. jobs. -With Ukraine gaining an advantage in the drone conflict against Russia, its leadership is focusing on resolving a persistent issue: chronic manpower shortages and soldier fatigue.

President Volodymyr Zelenskyy emphasized the need for clear contracts to reduce defections among soldiers.

Mykhailo Fedorov, Ukraine's defense minister, introduced the first phase of a comprehensive military reform, targeting frontline troops.

Key aspects include recruiting foreign infantry, simplifying brigade transfers, and e