Oil Market Could Lose 100 Million Barrels Every -2-

0750 GMT - Saudi Aramco's strong set of results were supported by higher crude prices and strong refining margins, RBC Capital Markets analyst Biraj Borkhataria writes. The oil major's adjusted net income of $33.6 billion was above the $31.2 billion that was expected for the quarter and came as its effective tax rate fell to 45% from 56% in the last quarter, he writes. Shares rise 0.6% to 27.58 Saudi riyals. ([e-mail])

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Gold Falls 1% as U.S.-Iran Deadlock Fuels Oil-Driven Inflation Fears -- Market Talk

0702 GMT - Gold futures fall 1% as a lack of progress in U.S.-Iran peace talks pushes oil prices higher, fuelling concerns over prolonged disruptions and higher inflation. "Markets are increasingly expecting higher interest rates to combat inflation risks tied to elevated energy prices, which is negative for non-yielding gold," says Soojin Kim from MUFG. Meanwhile, "strong U.S. labour market data continues to support expectations that the Fed will keep rates elevated for longer." In early European trading, New York gold futures are down 1% to $4,684.80 a troy ounce.([e-mail])

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Oil Climbs as Trump Rejects Iran's Response to U.S. Peace Proposal

0648 GMT - Oil prices climb after President Trump said Iran's response to a U.S. proposal to end the war was "totally unacceptable." In early European trading, Brent crude rises 3.7% to $105.07 a barrel, while WTI futures gain 4.30% to $99.52 a barrel. "One would expect the market to become increasingly fatigued by the deluge of headlines and the back-and-forth," analysts at ING say. "However, oil prices remain highly sensitive to noise around Iran, highlighting the significance of the ongoing supply disruptions in the Persian Gulf." Markets are now focused on Trump's meeting with China's Xi Jinping later this week, amid lingering hopes that talks could produce progress on Iran. Xi also wants the conflict to end, as instability in the Middle East threatens China's oil supplies and weakens demand for Chinese exports. ([e-mail])

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Iron Ore Rises on Hopes for Stronger Steel Demand -- Market Talk

0303 GMT - Iron ore is higher in early Asian trading due to expectations for stronger steel demand. The ferrous sector has seen significant capital inflows recently, Nanhua Futures analysts say in a note. "We are seeing a notable recovery in steel mill margins, which signals that the market is pricing in a more optimistic outlook for downstream demand," they say.The most-traded iron-ore contract on the Dalian Commodity Exchange is 1.2% higher at 826.0 yuan a ton. ([e-mail])

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Palm Oil Rises on Stronger Crude Oil -- Market Talk

0243 GMT - Palm oil prices rise in Asian trading, supported by a technical rebound given stronger crude oil prices, AmInvestment Bank says in a note. Technical analysis suggests CPO futures' short-term trend appears bearish, with the market in a consolidation phase ahead of the Malaysian Palm Oil Board data release this afternoon, it adds. AmInvestment Bank pegs resistance at 4,591 ringgit a ton and support at 4,477 ringgit a ton. The Bursa Malaysia Derivatives contract for July delivery is 46 ringgit higher at 4,551 ringgit a ton. ([e-mail])

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(END) Dow Jones Newswires

05-11-26 1028ET