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Oil prices crash as Iran blinks

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NEW YORK, June 24, (AP): If oil prices are any measure, Iran just flinched. The price of oil tumbled Monday afternoon in an historical move as traders bet that Iran’s decision to bomb a U.S. base in Qatar signaled it was not planning to do the one thing that could really hurt America: Shut down the flow of oil by attacking crude shipments. “When the response comes and it is muted, oil drops,” said Tom Kloza, chief market strategist at consultancy Turner Mason & Co, calling the limited Iran response far short of what many traders feared.

“This rivals some of the historic selloffs.” There’s still plenty Iran could do to push prices back up, and the markets could be getting it all wrong, But oil analysts say there are plenty of reasons fear has receded. Adding to the odds that prices will settle, President Donald Trump announced that Israel and Iran had agreed to a complete ceasefire, though the situation remained unclear. The price of West Texas Intermediate, the U.S. benchmark, fell 7.2% to $68.51 per barrel in regular trading on Monday after Iran announced a missile attack on Al Udeid Air Base in Qatar, which the U.S. military uses. Traders were relieved because Iran said it had matched the number of bombs dropped by the U.S. on Iranian nuclear sites this weekend, a possible sign of a desire to de-escalate the conflict. The price of oil fell further after Trump announced a “complete and total ceasefire” to be phased in over 24 hours. Oil fell almost 4% to $65.84 a barrel early Tuesday, and is now below where it was before fighting between Iran and Israel began over a week ago, when a barrel of U.S. crude was just above $68. Markets were initially nervous Sunday as oil futures opened for trading.

The price of Brent crude, the international standard, had jumped 4% as traders anxiously watched the Strait of Hormuz, a waterway on Iran’s southern border that legislators in Tehran were demanding be closed in retaliation. That would have walloped the global economy because much of world’s crude and liquified gas passes through it. Brent crude was trading at $68.06 per barrel, down 3.5%, early Tuesday. That’s good news for Trump, who wants the Federal Reserve to stop worrying about inflation and start cutting interest rates. It’s also good for motorists this summer if the trend holds. Drivers were already paying higher prices at the pump before the U.S. attack. The average price nationwide is $3.18 per gallon, according to GasBuddy surveys, about 10 cents more than two weeks ago. Some traders doubted Iran would try to close the Strait of Hormuz even before its limited attack Monday. Much of country’s own crude passes through the waterway – 1.5 million barrels a day – and oil is a big revenue generator for the country that they would be loath to disrupt. “It’s a silly notion that the Iranians would look to do that,” said Kloza. “I’ve been covering oil for 50 years and we’ve never seen the Strait of Hormuz compromised.” Asked about the prospect of a shutdown on NBC’s “Meet the Press” Sunday, Vice President J.D. Vance put it more simply: “I think that would be suicidal.” At current oil prices, Tehran receives roughly $40 billion in revenue annually from oil transiting the same waters. That is a tenth of what the entire of country produces in goods and services.

Andy Lipow, an Houston based oil analyst, says history suggests Iran won’t disrupt its own flow of oil, but that countries, like people, don’t always act in their economic interests. “The question for the oil markets is, ‘Is his time different?’,” he said. “You might have an emotional decision.” He notes also that Iran has other ways to push oil higher without completely closing off the waterway. Iran could jam navigational devices, slowing transit, or drop mines in the water, forcing the U.S. Navy to do more escorts. Or it could bomb a tanker, he said, sending the premiums that shippers need to pay insurers sky high. If traders are wrong and oil shoots back up, the impact could be widely felt. A surge in oil prices would come at a bad time. Trump insists that the inflation scare is largely over, but many economists think higher prices are still coming because the full impact of his tariffs are only now beginning to show up on everyday goods. Trump is clearly aware things could change fast. “To The Department of Energy: DRILL, BABY, DRILL!!! And I mean NOW!!!” he wrote on Truth Social Monday, adding. “EVERYONE, KEEP OIL PRICES DOWN. I’M WATCHING!”

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Second phase of merging Kuwait oil companies underway

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KUWAIT CITY, June 30: In preparation for the second phase of merging the subsidiaries of the Kuwait Petroleum Corporation (KPC), informed sources revealed that the executive phase of merging Gulf Oil Company with Kuwait Oil Company (KOC) has begun through the transfer of the corporation’s shares in the capital of the Gulf Oil Company to KOC. They highlighted a meeting held recently between the two companies’ CEOs to start making administrative decisions regarding this matter. The sources explained that the second phase, following the initial merger of KIPIC with the Kuwait National Petroleum Company, is part of KPC’s strategy to restructure the oil sector. This phase commenced with a meeting between KOC’s CEO Ahmed Al-Eidan, acting CEO of Gulf Oil Company Bader Al-Munaifi, and representatives from the oil sector’s leadership and workforce. The meeting also discussed the implications of Decision No. 60/2024, issued on May 5, 2024, concerning the transfer of KPC’s ownership of shares. ‘

Al-Eidan affirmed the importance of job stability and preserving all benefits of Gulf Oil employees. It was decided that the legal and administrative status of Gulf Oil Company will remain unchanged at this stage, including the company’s name, logo, and operational sites at its headquarters and joint operations in Khafji and Al-Wafra. The sources clarified that Al-Eidan indicated the change is limited solely to the transfer of share ownership, with KOC becoming the owning entity instead of KPC. Consequently, the highest authority will be the Board of Directors of KOC, without affecting daily operations or the current institutional structure.

By Najeh Bilal
Al-Seyassah/Arab Times Staff 

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Kuwait enhances laws to combat money laundering and terror funding

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Kuwait enhances laws to combat money laundering and terror funding

The Kuwait government approves tougher measures to tackle financial crimes.

KUWAIT CITY, June 30: Kuwait is intensifying efforts to combat money laundering and terrorist financing by enhancing its legislative framework, announced Minister of Finance and Minister of State for Economic Affairs and Investment Noura Al-Fassam on Monday.

The minister spoke in a statement issued by the Ministry of Finance following the publication of Decree Law No. (76) of 2025 in the official gazette, Kuwait Today. This decree introduces important amendments to Law No. (106) of 2013, reflecting Kuwait’s integrated government efforts to strengthen measures against financial crimes.

During the Cabinet meeting on June 17, the draft of the amended decree law was approved, underlining Kuwait’s commitment to raising the effectiveness of the national response to money laundering and terrorism financing. The amendments align with the requirements of the Financial Action Task Force (FATF) and relevant international standards.

The new decree law includes two significant amendments:

  • Article One replaces Article (25) of Law No. (106) of 2013, empowering the Council of Ministers, upon the recommendation of the Minister of Foreign Affairs, to issue necessary decisions to implement United Nations Security Council resolutions related to terrorism, terrorism financing, and the proliferation of weapons of mass destruction under Chapter VII of the UN Charter. These decisions will take effect immediately upon issuance, consistent with Security Council Resolution No. 1373 of 2001. The executive regulations will define the rules for publishing these decisions, appealing them, authorizing the release of frozen funds for essential living expenses, and managing such assets.n
  • Article Two adds a new Article (33 bis) to Law No. (106) of 2013, stating that any violation of decisions issued under Article (25) will result in fines ranging from 10,000 to 500,000 Kuwaiti dinars per violation. This penalty complements any additional sanctions imposed by regulatory authorities on financial institutions or designated non-financial businesses.n

The Ministry emphasized that these amendments support the National Committee for Combating Money Laundering and Terrorism Financing by broadening its powers to apply targeted financial sanctions in compliance with FATF standards. This includes the mandatory freezing of assets belonging to individuals and entities listed locally as terrorists, effective immediately upon decision issuance.

Furthermore, the amendments enable the Committee to impose fines on violators and require publishing the national list of designated terrorists on the Committee’s official website, enhancing transparency and meeting international obligations.

Minister Al-Fassam concluded that the updated legislative measures reaffirm Kuwait’s strong commitment to fighting financial crimes, safeguarding national security and stability, and fulfilling its global responsibilities.

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Kuwait updates regulations for public properties and service fees

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Kuwait updates regulations for public properties and service fees

Updated regulations aim to boost fair use and revenue from state properties.

KUWAIT CITY, June 30: The Ministry of Finance announced on Sunday the issuance of a new ministerial decision amending the regulations governing the use of state-owned real estate and service fees, in a move aimed at achieving a fair balance between public interest and the needs of individuals and institutions.

In a press statement, the Ministry said the decision comes as part of its broader efforts to regulate the use of government-owned properties and protect national resources. Ministerial Resolution No. 54 of 2025 introduces amendments to the regulations first outlined in Resolution No. 40 of 2016.

Minister of Finance and Minister of State for Economic Affairs and Investment, Eng. Noura Al-Fassam, stated that the amendments are intended to ensure fairness, clarify procedures, and improve transparency in the utilization of state assets.

“These changes aim to establish a fair balance in how state-owned properties are used by citizens and entities, while safeguarding public interests,” Al-Fassam said.

She added that the updated regulations were the result of a comprehensive pricing study comparing Gulf and international markets. The amended prices remain below average rates in Gulf Cooperation Council (GCC) countries, and were developed with Kuwait’s economic and social conditions in mind. The goal, Al-Fassam noted, is to promote equal opportunities and secure sustainable revenue streams for the state.

The amendments cover a wide range of activities involving the use of state-owned property, including chalets, rest houses, commercial complexes, cooperative societies, banks, and warehouses. They also apply to educational institutions, sports clubs, and hospitals.

In support of national food security and the promotion of local production, the Ministry also announced the stabilization of agricultural coupon prices under the new regulations.

The revised framework reflects Kuwait’s continued efforts to modernize its public asset management policies while maintaining a strong emphasis on economic fairness, efficiency, and sustainability.

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