Oil prices fall slightly after Israel fends off large-scale aerial attack by Iran

Published

1 year ago

April 14, 2024

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An anti-missile system operates after Iran launched drones and missiles towards Israel, as seen from Ashkelon, Israel April 14, 2024.

Amir Cohen | Reuters

U.S. crude oil futures were slightly lower Sunday as traders breathed a sigh of relief after Israel fended off a large-scale air assault by Iran and the U.S. emphasized it wants to avoid a wider war in the Middle East.

The West Texas Intermediate contract for May lost 34 cents to $85.32 a barrel as trading began Sunday evening. June Brent futures eased slightly to $90.18 a barrel. U.S. crude closed at $85.66 a barrel Friday, while the global benchmark settled at $90.45. WTI futures began the year around $71 a barrel.

Iran launched more than 300 drones and missiles against military targets in Israel on Saturday in an attack that President Joe Biden described as “unprecedented.” The U.S. intervened to directly help Israel shoot down nearly all of the incoming munitions, Biden said in a statement Saturday.

Though significant in scale, the Iranian attack caused little actual damage in Israel. The Nevatim Air Force Base in southern Israel suffered slight damage and a 10-year-old girl suffered severe injuries, according Israel Defense Forces spokesman Daniel Hagari.

“The volley of aerial armaments was so easily plucked out of the sky that the whole thing appears well-planned to make a statement without engendering further conflict with Israel,” said John Kilduff, energy expert and founding partner at Again Capital.

The crude oil market is now bracing for the Netanyahu government’s response to the attack and whether this marks the start of a direct war between Israel and Iran, according to Jorge Leon, senior vice president at Rystad Energy.

“In a worst-case scenario, a forceful retaliation by Israel could trigger a spiral of escalation, potentially leading to an unprecedented regional conflict,” Leon said Sunday in a note. “Under such circumstances, geopolitical premiums would increase significantly.”

The air assault was the first time Iran has directly attacked Israeli territory, senior U.S. military officials told reporters in a call Sunday. The attack was launched from locations in Iran, Iraq, Syria and Yemen, the officials said. More than 100 ballistic missiles were fired at Israel as well as land attack cruise missiles and drones, a senior administration official said.

The attack was retaliation for an Israeli strike against the Islamic Republic’s diplomatic facilities in Damascus, Syria earlier this month that killed seven Iranian military officials including a senior commander.

Oil Prices, Energy News and Analysis

The U.S. and Iran both seemed determined to avoid further escalation. Biden told Prime Minister Benjamin Netanyahu that his commitment to Israel’s security is ironclad but the U.S. will not participate in offensive operations against Iran, a senior administration official told NBC News.

U.S. National Security spokesperson John Kirby told NBC News’ “Meet the Press” Sunday that Biden does not want a wider with Iran. “The coming hours and days will tell us a lot,” Kirby said.

Iran has described the attack as a limited operation in which the Islamic Republic exercised its legitimate right to self defense after the missile strike on its diplomatic facility.

“The matter can be deemed concluded,” Iran’s mission to the United Nations said on X. “However, should the Israeli regime make another mistake, Iran’s response will be considerably more severe.”

Iran’s U.N. mission warned the U.S. against intervening in the same message: “It is a conflict between Iran and the rogue Israeli regime, from which the U.S. MUST STAY AWAY!”

Israel Foreign Ministry spokesman Lior Haiat said Sunday that “Iran must pay a price for its aggression.” The Islamic Revolutionary Guards should be immediately declared a terrorist organization, Haiat said.

“Against Iran’s massive attack, Israel, like every country, has the right to self-defense, and Israel has defended and will continue to defend itself against Iranian aggression,” Haiat said on the social media platform “X.”

— CNBC’s Pippa Stevens contributed to this report.

Environment

Linfox adds 30 fully electric semi trucks to Australian logistics fleet

Published

4 hours ago

May 18, 2025

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Linfox adds 30 fully electric semi trucks to Australian logistics fleet

Volvo receives order for 30 electric trucks in Australia and announces production start of electric trucks

Australian logistics company Linfox is making big moves to electrify its heavy-duty semi fleet with the addition of thirty new Volvo FH and FM Electric semi trucks as the Swedish brand works to begin production at its Brisbane facility.

Volvo Trucks is expecting to begin full scale production of its FH and FM Electric semi trucks at the Brisbane factory in early 2026, just in time to fill the Linfox order – which happens to be the company’s largest in Australia. So far.

“We are very proud to continue our close partnership with Linfox. The order for 30 Volvo electric trucks is proof of their trust in our company and in zero-emissions transport as a viable solution here and now,” said Roger Alm, President Volvo Trucks. “Our commitment to start building electric trucks in Australia demonstrates our confidence in this technology, and means we can offer an industry-leading range of purpose-built electric trucks all around the world.”

With the production kickoff of electric trucks in Australia, it means Volvo Trucks is building its big HDEVs and prime movers in five countries on three continents. Which, as the company’s electric fleet approaches the 100 millionth mile logged mark, probably means they’re pulling well ahead of some of the other guys.

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“Linfox is excited to partner with Volvo in driving the future and leading sustainable logistics in Australia,” explains Peter Fox AM (Member of the Order of Australia), Executive Chairman of Linfox. “Further electrifying our fleet sets the standard for us and our customers and the entire industry.”

Linfox’ latest order includes 29 Volvo FH Electric and one FM Electric semi. The company currently has four electric Volvo trucks in its fleet of 195 semis, with plans to continue to electrify as ICE-powered assets reach retirement.

Electrek’s Take

Linfox Volvo semi fleet; via Volvo Trucks.

Now counting miles in operation in the tens of millions and rolling out its third generation of electric semi trucks, Volvo (and, by extension, Mack and Renault) continue to build a huge lead in the commercial trucking space. The competition, meanwhile, seems content to post pictures of its first factory while trucks that have been on order for years still haven’t reached customers.

I can’t see how they (Tesla) catch up from here.

SOURCE | IMAGES: Volvo Trucks.

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Environment

BYD Ride electrifies Oakland Int’l Airport shuttle bus fleet

Published

5 hours ago

May 18, 2025

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BYD Ride electrifies Oakland Int'l Airport shuttle bus fleet

Oakland Airport Electrifies Its Fleet with RIDE Battery-Electric Buses

Oakland International Airport (OAK) in Alameda, California is helping stressed-out air passengers breathe a little bit easier with the introduction of five new battery-electric K9MD shuttle buses to its ground equipment fleet.

Global EV leaders BYD aren’t coming to America – the Chinese brand is already here. The company has been building EVs in its $250 million, 106,000 square foot production facility in Lancaster, California since 2014, delivering hundreds of battery-electric buses to fleets across the world. With this order of five new K9MD buses, OAK becomes the latest airport to turn to BYD Ride to help electrify its ground operations.

“We applaud Oakland Airport and their commitment to electrifying its fleet,” said Jason Yan, Vice President of Sales, West Region and National Account at Ride. “[BYD] Ride is thrilled to partner with OAK to offer sustainable transportation solutions that benefit both the environment and the community.”

The K9MD buses seat up to 42 passengers and have a 208 mile operating range from a 352 kWh lithium iron phosphate battery. That battery is backed by a 12-year warranty to help keep fiscally conservative fleet buyers at ease, while the smooth, quiet, and electric drive keeps the fleet’s operators happy, too.

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Oakland International Airport is operated by the Port of Oakland, and is scheduled to electrify its entire ground operations fleet by 2030.

Electrek’s Take

The people live and work near airports are exposed to more emissions than most – and that includes kids, the elderly … even their pets. Electrifying the assets that operate in those spaces pays huge and immediate dividends in terms of the public health of some of the most vulnerable populations.

It’s as good a place as any to start. Let’s go.

SOURCE | IMAGES: BYD.

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Environment

Trump meme coin dinner likely to include mostly non-Americans based on top $TRUMP holders

Published

6 hours ago

May 18, 2025

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Trump meme coin dinner likely to include mostly non-Americans based on top $TRUMP holders

Jonathan Raa | Nurphoto | Getty Images

With President Donald Trump’s private dinner for top meme coin holders less than a week away, the leaderboard is awash with crypto wallets that are effectively anonymous.

On May 22, the top 220 $TRUMP holders are invited to a dinner with the president at his Virginia golf club outside of Washington, D.C. The event was announced last month, and the tally closed Monday night.

The nature of the pseudonymous wallets raises questions about the true identities and motivations of the token’s largest holders, who have bought a seat at the table with a U.S. president.

Documents from blockchain analytics firm Inca Digital that were reviewed by CNBC show where the top 275 $TRUMP token holders send and receive the token. Many are heavily tied to international exchanges like Binance that don’t service U.S. customers, an indication that they’re likely not U.S. citizens.

An analysis by Bloomberg revealed that 19 of the top 25 wallets are almost certainly owned by individuals operating outside the U.S.

Justin Sun, who openly shared that he bought $75 million worth of the Trump family’s World Liberty Financial token — a digital coin where 75% of proceeds go to Trump-related entities — is believed to be at the top of the $TRUMP meme token leaderboard.

Sun, who was born in China, is the crypto entrepreneur behind the Tron blockchain and is in talks with the SEC to resolve civil fraud charges.

A wallet called Sun currently holds more than $18 million worth of $TRUMP, with $4.5 million bought after the dinner contest announcement, according to Bloomberg.

Multiple reports point to the wallet being tied to the Tron founder. A representative for Sun didn’t respond to CNBC’s request for comment or confirm whether Sun is the wallet owner.

MemeCore, a Singapore-based crypto network that was vocal in its quest to secure a spot at the Trump dinner, landed in second place with an investment of $18 million. An Australian crypto entrepreneur also reportedly made the cut.

The leaderboard points to the token’s extreme volatility.

Inca Digital told CNBC that while 560,376 wallets have made a combined $5.2 billion in realized gains on the $TRUMP token, an even larger number — 592,962 wallets — have collectively lost $3.9 billion.

The figures underscore the massive wealth transfer within Trump’s crypto ecosystem, where early buyers have seen windfalls while the majority have suffered losses.

Chainalysis and Elliptic, two leading blockchain analytics firms, initially tracked $TRUMP token movements and trading fees. But days after CNBC published a story on the number of crypto wallets that had lost money on the meme coin, the firms said they were too busy with existing clients to continue blockchain analysis of the president’s self-branded meme token.

Eric Trump on taking American Bitcoin public and the family’s growing crypto empire

Sen. Richard Blumenthal, D-Conn., the ranking member of the Senate Subcommittee on Investigations, warned that the Trump family’s growing crypto holdings may serve as a backdoor for foreign and corporate interests seeking access to the president.

Freight Technologies, a Houston-based logistics firm that trades on the Nasdaq and has a market cap of just over $2.3 million, bought $2 million worth of the $TRUMP tokens to influence U.S.-Mexico trade policy, according to a release. CEO Javier Selgas described the move as a strategic push to “champion fair and free trade” across the U.S.-Mexico border.

Freight Technologies finished in 250th place, missing the cut for the dinner.