Oil prices up more than $1 on potential hitch in Iran talks

Oil prices up more than $1 on potential hitch in Iran talks
Oil prices fell last week after Iran’s president, Hassan Rouhani, said the United States was ready to lift sanctions on his country’s oil, banking and shipping sectors. (File/Shutterstock)
Short Url
Updated 24 May 2021

Oil prices up more than $1 on potential hitch in Iran talks

Oil prices up more than $1 on potential hitch in Iran talks
  • Former President Donald Trump withdrew the United States from the deal in 2018 and re-imposed sanctions

LONDON: Oil prices rose on Monday as a potential snag emerged in reviving the 2015 Iran nuclear deal that could add more oil supply, while Goldman Sachs said the case for higher prices remains intact even with increased Iran exports.
Brent crude oil futures for July were $1.13, or 1.7 percent, higher at $67.57 a barrel by 1055 GMT, while US West Texas Intermediate for July was at $64.66 a barrel, up $1.08, or 1.7 percent.
Oil prices fell almost 3 percent last week after Iran’s President Hassan Rouhani said the United States was ready to lift sanctions on his country’s oil, banking and shipping sectors.
However, the speaker of Iran’s parliament said on Sunday a three-month monitoring deal between Iran and the UN nuclear watchdog had expired and that its access to images from inside some Iranian nuclear sites would cease.
European diplomats said last week that failure to agree an extension of the monitoring deal would plunge wider, indirect talks between Washington and Tehran on reviving the 2015 Iran nuclear deal, due to resume in Vienna this week, into crisis.
Former President Donald Trump withdrew the United States from the deal in 2018 and re-imposed sanctions.
“All in all, it seems to be only a matter of time before the sides involved put pen to paper on a new nuclear accord,” said Stephen Brennock of oil broker PVM.
“Investors are bracing for a fresh wave of what will surely be heavily discounted Iranian crude ... yet for all this alarmism, an aggressive ramp-up in Iranian production and exports is unlikely to stall the drawdown in global oil stocks.”
Even with a potential restart of Iran exports, the case for higher oil prices remains intact due to a vaccine-driven increase in global demand, Goldman Sachs analysts said.
“Even aggressively assuming a restart in July, we estimate that Brent prices would still reach $80 per barrel in fourth quarter 2021,” the bank said in a note.
Its new base case for an October restart still supports an $80 per barrel forecast for this summer, it added.


Former UK TSB Bank chief driving force behind new money-sharing app 

Former UK TSB Bank chief driving force behind new money-sharing app 
Updated 17 sec ago

Former UK TSB Bank chief driving force behind new money-sharing app 

Former UK TSB Bank chief driving force behind new money-sharing app 

RIYADH: The former chief executive of Britain’s TSB Bank is launching a UK-based social networking app that allows friends to share money. 

Paul Pester has collaborated with Metro Bank and Atom Bank founder Anthony Thomson to set up Loop, Sky News reported. 

Loop has raised a seed funding round and is currently preparing for a larger Series A fundraising exercise to be held in early 2022. 

Informal money sharing has seen an increasing trend, valued at more than £12.5 billion ($16.6 billion) annually in the UK, Sky News reported, citing Pester and his co-investors. 

The trend has grown during the pandemic amidst the greater uncertainty in job markets. 


Egypt organizes trip to introduce tourist sites to Russian travel operators

Egypt organizes trip to introduce tourist sites to Russian travel operators
Updated 3 min 26 sec ago

Egypt organizes trip to introduce tourist sites to Russian travel operators

Egypt organizes trip to introduce tourist sites to Russian travel operators

RIYADH: The Egyptian Tourism Authority has arranged a trip for Russian travel and tour operators to introduce them to the opportunities available in the Egyptian tourism sector.

The trip called “Experience Egypt” will continue until Dec. 8 during which the Russian delegates will visit different tourist destinations in Hurghada, Luxor and Cairo.

A total of 130 Russian companies are part of the expedition, according to local media reports.

Amr El-Kady, CEO of the authority, told the local media that Egypt was ready to welcome tourists from all over the world.

During a meeting with the Russian tour operators, he also highlighted incentives Egyptian authorities offered in the sector to promote tourism, which was badly hit due to the COVID-19 pandemic.

El-Kady also highlighted the strong ties between Egypt and Russia in different fields particularly tourism.


Jordan-based Tamatem Games closes $11m funding round

Jordan-based Tamatem Games closes $11m funding round
Updated 31 min 6 sec ago

Jordan-based Tamatem Games closes $11m funding round

Jordan-based Tamatem Games closes $11m funding round

RIYADH: Jordan-based Arab mobile game publisher Tamatem Games has successfully raised $11 million in a Series B funding round.

The investment will be used to fuel its expansion strategy across the region with initial focus on Saudi Arabia where it will hire local talent, Wamda reported.

The round was led by KRAFTON, makers of the popular battle royale game PUBG. 

Venture Souq, Endeavor Catalyst and existing investors also participated in the round.

Tamatem is seeking to expand its offices in Saudi Arabia to hire local Saudi talent and gain a stronger foothold in the country that harbors 70 percent of its users.

It also plans to offer a wider selection of games in the Arab markets.

Tamatem is also aiming to expand into more countries in the region and launch a gaming academy to train and raise the level of employment in the industry.

"We are committed to the MENA region and willing to take more bets in the overall Media and Entertainment Sector, and this investment is aligned with our efforts to strengthen our commitment to the startup ecosystem," CEO and founder Hussam Hammo said.

 


Dubai-based Arcab raises seed round, eyes regional expansion

Dubai-based Arcab raises seed round, eyes regional expansion
Updated 06 December 2021

Dubai-based Arcab raises seed round, eyes regional expansion

Dubai-based Arcab raises seed round, eyes regional expansion

RIYADH: Dubai-based technology-enabled bus aggregator has raised an undisclosed amount in its seed round led by We Founder Circle, Wamda reported. 

The financing will be used to build, maintain and scale technology infrastructure that facilitates a multi-sided marketplace to fuel expansion in the region. 

“The next 18 months are going to be very exciting and crucial for us to move quickly, ramp up our operations and scale our footprint in the region,” Arcab CEO Bilal Shabandri said. 

The startup’s tech-enablement allows fleet owners to increase utilization of their vehicles by reducing downtime and avoiding manual control, hence increasing profits. 

Arcab works with over 40 operators including Europcar, Avis and Dubai Taxi corporation, and more than 3,000 buses. 


Voyager Portal raises $8.4m in Series A round led by Oman’s Phaze Ventures

Voyager Portal raises $8.4m in Series A round led by Oman’s Phaze Ventures
Updated 06 December 2021

Voyager Portal raises $8.4m in Series A round led by Oman’s Phaze Ventures

Voyager Portal raises $8.4m in Series A round led by Oman’s Phaze Ventures

RIYADH: US-based marine supply chain platform Voyager Portal has raised $8.4 million in a funding round led by Oman’s venture capital firm Phaze Ventures.

The startup will use the newly acquired funds to speed up its product roadmap, whilst maintaining an international client base, Wamda reported. 

The new funding comes amidst the Voyager Portal’s unprecedented growth. 

Revenues have seen a thirteen-fold increase from the third quarter of 2020 to the third quarter of 2021.

The voyage management platform, founded in 2018, is a software as a service startup that aims to reduce risk, cost and complexity across companies’ marine supply chain.