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OPEC+ set to agree third oil output quota hike since Hormuz closure, sources say

OPEC+ set to agree third oil output quota hike since Hormuz closure, sources say

By Alex Lawler, Olesya Astakhova and Ahmad Ghaddar LONDON, May 3 (Reuters) - OPEC+ is set to agree on Sunday a modest oil output hike, sources said, but the increase will remain largely on paper as long as the U.S.-Iran war continues to disrupt Gulf oil supplies.

Kashkari says Iran war limits Fed's ability to provide rate guidance

Kashkari says Iran war limits Fed's ability to provide rate guidance

Wall Street retreats, oil prices jump on conflicting reports of a strike on US Navy vessel near Iran

Wall Street retreats, oil prices jump on conflicting reports of a strike on US Navy vessel near Iran

Wall Street crept toward losses and oil prices jumped on reports that Iran struck a U.S. Navy vessel outside of the Strait of Hormuz, which the U.S. military has since denied

Iran war has put foreign workers in the Gulf at greater risk while raising the cost of going home

Iran war has put foreign workers in the Gulf at greater risk while raising the cost of going home

For millions of foreign workers in the Mideast, the Iran war has made life even more precarious

US restaurant sales drop as Iran war pushes gasoline prices higher

US restaurant sales drop as Iran war pushes gasoline prices higher

By Waylon Cunningham May 4 (Reuters) - Several U.S. restaurant chains including Wingstop and Domino's reported weaker-than-expected sales growth in the latest quarter, saying that soaring gasoline prices caused by the U.S.-Israeli war on Iran have forced their customers to cut back on other spending

US State Department Fast-Tracks $8.6 Billion Arms Sales to Middle East Allies Amid Iran Conflict

US State Department Fast-Tracks $8.6 Billion Arms Sales to Middle East Allies Amid Iran Conflict

The United States has approved $8.6 billion in arms sales to Middle East allies, citing emergency circumstances due to ongoing conflicts involving Iran. The sales, which bypassed the usual congressional review process, include advanced weapon systems for Israel, Kuwait, Qatar, and the United Arab Emirates. The decision was made to replenish the allies' depleted stockpiles following missile and drone attacks from Iran. The US State Department justified the expedited sales as necessary for national security interests. The arms package includes precision kill weapon systems and Patriot air defense systems, which are crucial for intercepting incoming projectiles.

Berkshire shareholders like Greg Abel, but following Warren Buffett is tough

Berkshire shareholders like Greg Abel, but following Warren Buffett is tough

By Jonathan Stempel OMAHA, Nebraska, May 3 (Reuters) - Greg Abel earns wide praise from shareholders for his leadership and management abilities at Berkshire Hathaway, but the aura created by his predecessor and mentor Warren Buffett has begun to fade.

OPEC+ countries agree modest rise in production as Iran retains chokehold on key Strait of Hormuz

OPEC+ countries agree modest rise in production as Iran retains chokehold on key Strait of Hormuz

Seven countries in the OPEC+ grouping of oil-producing countries — including Saudi Arabia and Russia — say they’ve decided to a modest increase in production starting in June as part of a commitment to “market stability.”

For foreign workers in the Mideast, risk from the Iran war collides with economic strain at home

For foreign workers in the Mideast, risk from the Iran war collides with economic strain at home

For millions of foreign workers in the Mideast, the Iran war has made life even more precarious

Ukraine Secures Long-Term Defense Agreements Amid Middle East Tensions

Ukraine Secures Long-Term Defense Agreements Amid Middle East Tensions

Ukraine is capitalizing on the geopolitical shifts resulting from the Iran conflict by securing long-term defense agreements with Middle Eastern nations. President Volodymyr Zelenskyy's recent diplomatic efforts have led to significant deals with the UAE, Saudi Arabia, and Qatar, involving exchanges of military expertise for energy supplies, financial aid, and missile interceptors. These agreements are part of Ukraine's strategy to strengthen its military and economic ties with resource-rich nations, which could support its ongoing conflict with Russia and postwar reconstruction. Despite the U.S. lifting some sanctions on Russian oil, Ukraine's strategic partnerships and continued military operations against Russian energy infrastructure are positioning it as a key player in the region.

OPEC+ agrees in principle on small oil output quota hike without UAE, sources say

OPEC+ agrees in principle on small oil output quota hike without UAE, sources say

By Olesya Astakhova and Alex Lawler LONDON, May 2 (Reuters) - Seven OPEC+ countries have an agreement in principle to raise oil output targets by about 188,000 barrels per day in June, pressing on with plans despite the departure of the UAE, two sources familiar with OPEC+ thinking said ahead of a

Berkshire CEO Abel says 'we're back to first base' in wildfire litigation

Berkshire CEO Abel says 'we're back to first base' in wildfire litigation

By Jonathan Stempel OMAHA, Nebraska, May 2 (Reuters) - Berkshire Hathaway CEO Greg Abel on Saturday welcomed a recent court decision that could limit liabilities at its PacifiCorp utility business as it defends against lawsuits over wildfires in Oregon and northern California.