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☆ Shipping giant Maersk unveils 'trendsetter' green vessel as it aims to be carbon neutral by 2040
▼ + stars: | 2023-09-14 | by ( Silvia Amaro | ) www.cnbc.com time to read: +3 min

Evergreen and other shipping firms have ordered similar vessels, though they have less ambitious carbon neutrality targets than Maersk. Shipping accounts for around 3% of global carbon emissions, an amount comparable to major polluting countries. Denmark's Minister of Industry Morten Bodskov said this is because it is a global industry. In June, a group of 20 nations supported a plan for a levy on shipping industry emissions. "I'm worried about the rhetoric that energy transition is a downside and not really a great opportunity," he added.

Persons: Moller, Vincent Clerc, Clerc, Morten Bodskov, Bodskov, Maersk's, I'm Organizations: Maersk, DENMARK — Shipping, CNBC, Evergreen, Maersk . Shipping, Organization for Economic Cooperation, Development Locations: Copenhagen, DENMARK, China, Argentina, Brazil

SACRAMENTO, Calif. (AP) — California lawmakers were scheduled to vote Thursday on whether to give Democratic Gov. Five companies paid roughly $750 million last year to lease areas off the California coast to build wind turbines. The bill before lawmakers Thursday would let the state buy the power. Consumers would not pay it until the wind projects are up and running, likely several years from now. The bill lawmakers approved on Wednesday also includes provisions to fast-track new electric transmission projects.

Persons: Gavin Newsom's, Alex Jackson, ”, Sen, Brian Dahle, ” Scott Wetch, Newsom, Henry Stern, Alice Reynolds, ” Reynolds Organizations: Democratic Gov, American Clean Power Association, Republican, of Water Resources, Democratic, California Public Utilities Commission Locations: SACRAMENTO, Calif, California

☆ Tata Motors tests export markets for EVs, to roll out EV-only dealerships in India
▼ + stars: | 2023-09-14 | by ( Aditi Shah | ) www.reuters.com time to read: +4 min

[1/5] Tata Motors' Nexon and Nexon.ev cars are seen parked for display outside a hotel ahead of its launch in New Delhi, India, September 14, 2023. Chandra said it was too early to discuss details of the export markets and there would be more clarity next year. Sales of EVs globally have been growing as tighter emission regulations push carmakers to increase the share of electric cars in their portfolio. Growing sales and the new Nexon EV have become the catalyst for its plan to launch EV-only dealerships, Chandra said. Tata has a country-wide dealership network for its gasoline and diesel cars through which it currently also sells its EVs.

Persons: Anushree, Shailesh Chandra, Chandra, Tata, Tesla, Aditi Shah, Sharon Singleton Organizations: Tata Motors, REUTERS, India EV, Reuters, Tata, China's, Mahindra, Thomson Locations: New Delhi, India, BYD, Mumbai

☆ France targets 16 billion euros in savings next year, trims growth outlook
▼ + stars: | 2023-09-14 | by ( Leigh Thomas | ) www.reuters.com time to read: +2 min

REUTERS/Benoit Tessier/file photo Acquire Licensing RightsPARIS, Sept 14 (Reuters) - The French government aims to squeeze 16 billion euros ($17 billion) in savings from its 2024 budget, finance minister Bruno Le Maire said on Thursday as he trimmed France's growth outlook. Le Maire said 10 billion euros in savings would come from scrapping caps on power and gas prices, put in place to soften the pain for households from Europe's energy price crisis. Le Maire said the inflation shock over the last year would further subside, boosting household consumption - the traditional motor of French economic growth. While the government aims to cut spending, it would nonetheless increase some expenditures, with 4 billion euros more earmarked for the interior ministry and the armed forces. A further 7 billion euros has been set aside for environmentally friendly investments due to be presented later this month and financed by removing some of the tax breaks which some industries get on their on fossil fuel use.

Persons: Digital Security Bruno Le Maire, Benoit Tessier, Bruno Le Maire, Le Maire, Leigh Thomas, David Holmes Organizations: Economy, Finance, Industry, Digital Security, Bercy Finance Ministry, REUTERS, Rights, Thomson Locations: Paris, France

The Chesapeake cowboys rode into St. Michael’s, Md., on a steamy Sunday in August, and the air smelled like crab seasoning and diesel exhaust, with a dash of light beer and lime. A couple thousand spectators had gathered in the Colonial-era tourist town on the Eastern Shore of Maryland, about 80 miles east of Washington, D.C., to watch the cowboys square off in a competition unique to the Chesapeake Bay: boat docking. They stood elbow to elbow on a lighthouse deck. A few brave onlookers balanced, precariously, atop dock pilings without spilling their drinks. played a love song to “long-neck, ice- cold beer.”“It’s redneck like NASCAR, just on the water,” one competitor, Ronnie Reiss, known as “Reissy Cup,” said on his boat, the May Worm.

Persons: Ronnie Reiss, ” Organizations: Chesapeake, Washington , D.C, NASCAR Locations: St, Michael’s, Md, Shore of Maryland, Washington ,, Miles

☆ The freight recession is finally letting up as the post-pandemic trucking slump reverses
▼ + stars: | 2023-09-14 | by ( Phil Rosen | ) www.businessinsider.com time to read: +3 min

The freight recession that followed the pandemic demand spike is showing signs of easing. A new report from Motive showed fewer carriers are leaving the trucking market, and freight rates have been relatively consistent for six months. Still, truck drivers saw fewer miles and hours driven in August, and diesel prices are climbing. Another driver of this could be a stabilization of the market, too, as many smaller carriers have already been driven out of the market. At the time that had suggested the freight recession wouldn't be limited to only smaller-name fleets, Motive said.

Persons: Carrier Organizations: Motive, Service, Drivers Locations: Wall, Silicon

CNN —Two Russian warships were damaged after Ukraine launched an extensive assault on a Russian ship repair base in Crimea early Wednesday morning, officials said, in what appears to be Kyiv’s most ambitious strike on the port since the war began. Russia’s Defense Ministry said Ukrainian armed forces attacked the Sergo Ordzhonikidze shipyard in Sevastopol, which Russia uses as a repair base for its Black Sea Fleet, with 10 cruise missiles and three unmanned boats. But Russian officials confirmed that the attack had damaged two Russian warships and left 24 people injured. An ambulance leaves the area next to the shipyard in Sevastopol, Crimea, on September 13, 2023. Stringer/ReutersAnother prominent Russian military blogger said the attack on the Sevastopol shipyard was carried out by the Ukrainian Air Force, which launched 10 Storm Shadow cruise missiles at the facility.

Persons: Vasily Bykov, Mikhail Razvozhaev, Razvozhaev, Don ”, Stringer, Rybar, ” Rybar, Andriy Yermak, ” Yermak, Mykola Oleshchuk, Volodymyr Zelensky, Elon Musk, Walter Isaacson’s Organizations: CNN, Russia’s Defense Ministry, Reuters, Ukrainian Air Force, Su, Storm, Ukrainian, Russian, SpaceX Locations: Ukraine, Russian, Crimea, Ukrainian, Sevastopol, Russia, Rostov, Minsk, ”, United Kingdom, France, Novorossiysk, Kerch, Crimean

☆ iPhone 12 emits too much radiation, France says. It rules Apple must take it off the market.
▼ + stars: | 2023-09-13 | by ( Associated Press | ) www.businessinsider.com time to read: +5 min

The iPhone 12 will not be sold in France after a government agency said it emits too much radiation. The phone passed a separate test of radiation levels for devices kept in a jacket or in a bag, the agency said. AdvertisementAdvertisementUsers of the iPhone 12 should be able to download an update that prevents radiation exposure from surpassing the limit, Sperrin said. Apple said the iPhone 12 has been certified by multiple international bodies and complies with all applicable regulations and standards for radiation around the world. He said the iPhone 12's radiation levels are "slightly higher" than EU standards but "significantly lower than levels where scientific studies consider there may be consequences for users.

Persons: didn't, Malcolm Sperrin, Sperrin, It's, Apple, Noël, haven't, Ian Scivill Organizations: Apple, Service, Union, Frequency Agency, Royal, France, Radio, World Health, Royal Hallamshire Hospital Locations: France, Wall, Silicon, French, Royal Berkshire

Instead, it will explore the technology developed by Dual Fluid Energy Inc. to address the need for cleaner sources of energy. Much of the country's electricity comes from hydropower and diesel plants, according to the Rwanda Energy Group, and only about 68% of people have access to electricity. The CEO of the Rwanda Atomic Energy Board, Fidel Ndahayo, said the deal is part of a strategy of partnerships with startup companies developing small modular nuclear reactor technologies. “The Dual Fluid technology has nuclear safety design features that make it accident-free," Ndahayo asserted in the statement. “Living near a nuclear energy plant is like living near a nuclear bomb which can explode and cause more damages," The New Times reported.

Persons: Götz Ruprecht, ”, Juan Matthews, Matthews, Fidel Ndahayo, Ndahayo, ” Ndahayo, Frank Habineza, ___ Anna Organizations: Dual Fluid Energy Inc, Rwanda Energy Group, Fluid Energy, Organization for Economic Cooperation, Development's Nuclear Energy Agency, International Atomic Energy Agency, IAEA, Energy, Dalton Nuclear, University of Manchester, New Times, Africa Climate Summit, Rwanda Atomic Energy Board Locations: KIGALI, Rwanda, Canada, Africa, Russia, Nairobi, Kenya

A diesel fuel nozzle is seen attached to a car at a Shell petrol station in Berlin, Germany October 22, 2018. REUTERS/Fabrizio Bensch/ Acquire Licensing RightsLONDON, Sept 13 (Reuters) - Global distillate fuel oil inventories remain much lower than normal for the time of year which is putting strong upward pressure on fuel prices. Initially, the upward pressure on distillate refining margins was masked by downward pressure on the underlying prices for crude oil. Since July, however, both crude prices and distillate refining margins have been rising, causing the total price of fuel to surge. Related columns:- U.S. diesel prices surge anticipating a soft landing (August 11, 2023)- Depleted U.S. diesel stocks attract hedge funds (July 20, 2023)- Global distillate stocks low despite industrial slowdown (June 13, 2023)John Kemp is a Reuters market analyst.

Persons: Fabrizio Bensch, John Kemp, Alexander Smith Organizations: Shell, REUTERS, OPEC ⁺, U.S, Thomson, Reuters Locations: Berlin, Germany, Singapore, New York, Saudi Arabia, Europe, North America, Russia, Ukraine, U.S, China

Crude oil storage tanks are seen in an aerial photograph at the Cushing oil hub in Cushing, Oklahoma, U.S. April 21, 2020. Crude inventories (USOILC=ECI) rose by 4 million barrels in the week to Sept. 8 to 420.6 million barrels, more than double analysts' expectations in a Reuters poll for a 1.9 million-barrel drop. Crude production rose 100,000 bpd to 12.9 million bpd, a peak not seen since March 2020 before the COVID-19 pandemic crushed demand and production. ET (1449 GMT), while U.S. crude rose 41 cents, or 0.5%, to $89.26. Gasoline stocks (USOILG=ECI) rose 5.6 million barrels - the most since July 2022 - to 220.3 million barrels, the EIA said, far exceeding expectations for a 200,000-barrel build.Distillate stockpiles (USOILD=ECI), which include diesel and heating oil, rose by 3.9 million barrels to 122.5 million barrels, triple the forecast for a 1.3 million-barrel build.

Persons: Matt Smith, Smith, Arathy Somasekhar, Marguerita Choy Organizations: REUTERS, Drone, Rights, Energy Information Administration, Cushing, Net, Brent, EIA, Thomson Locations: Cushing , Oklahoma, U.S, Oklahoma, Houston

The Pentagon has provided Patriot air defense systems and cajoled allies to provide S-300 air defense ammunition, both of which have proven effective. It has also provided other air defenses like the Avenger system and the Hawk air defense system. But Ukraine does not have enough air defense systems to cover the entire country, and must pick the sites it defends. Today, Russian officials have remade their economy to focus on defense production. As a result, military production has not only recovered but surged.

Persons: Russia’s Organizations: Pentagon Locations: Moscow, Russia, Kyiv, Ukraine, United States, Washington

☆ North Korea's new missile sub looks kind of shoddy, but the US and its allies can't afford to ignore it
▼ + stars: | 2023-09-13 | by ( Chris Panella | ) www.businessinsider.com time to read: +7 min

On Friday, North Korea's state media announced the launch of its new "Korean-style" ballistic missile submarine. It's possibly the same Romeo sub that was being reworked when Kim visited the shipyard in July 2019. North Korea acquired some of them from China but also built some of its own. It also shows that North Korea is actively prioritizing new nuclear capabilities for its Navy. Although work would go slowly, it'll give North Korea another way to add to its nuclear strike power.

Persons: Kim Kun, Kim Jong, Kim, Bryan Clark, Tom Shugart, submariner, it's, it'll, Clark Organizations: Service, North, Sinpho, Shipyard, US Navy, Hudson Institute, Reuters, Korean, Navy Locations: Korea, North Korea, Wall, Silicon, South Korea, Japan, Koreans, Soviet Union, China, Korean

☆ China is bitter medicine for Europe’s EV pivot
▼ + stars: | 2023-09-12 | by ( Neil Unmack | ) www.reuters.com time to read: +7 min

LONDON, Sept 12 (Reuters Breakingviews) - China can offer a bitter medicine for Europe’s bold electric vehicle pivot. That has prompted carmakers to develop premium e-cars for richer punters, rather than mass market vehicles. More competition from Chinese carmakers should help bring down prices of electric vehicles in Europe. It will force Western players to keep cutting costs to avoid losing too much market share, boosting overall e-car adoption. Sales of EVs picked up in August, with Jefferies analysts estimating a total market share across Europe of 23%.

Persons: Oliver Zipse, Olaf Scholz, carmakers, Morgan Stanley, Encouragingly, BYD, ”, EVs, Lisa Jucca, Oliver Taslic, Thomas Shum Organizations: Reuters, Volkswagen, European Automobile Manufacturers ’ Association, HK, Norway, BMW, Reuters Graphics, Jato Dynamics, Benchmark Mineral Intelligence, BYD, Renault, UBS reckons, Financial, Electric, European Union, Jefferies, Thomson Locations: China, Europe, Italy, Europe’s, Germany, Norway, Latvia, Bulgaria, Britain, Polo . China, Western, EU

A general view of a crude oil importing port in Qingdao, Shandong province, November 9, 2008. Many of the newer, complex refineries in Asia prefer medium sour crude as it offers a higher yield of middle distillates such as diesel and jet fuel. ALTERED FLOWSThe higher prices for medium crude grades is impacting the ways in which crude is flowing around the world. China's imports from Brazil are expected to reach 29.07 million barrels in September, which would be the highest in three years, according to Kpler. While Saudi Arabia may have been successful in boosting oil prices, it is also disrupting the markets and altering physical crude flows.

Persons: Brent, China doesn't, Simon Cameron, Moore Organizations: United Arab Emirates, Moscow, Kpler, Reuters, Thomson Locations: Qingdao, Shandong province, LAUNCESTON, Australia, Asia, Saudi Arabia, OPEC, Russia, East, Kuwait, Brent, Dubai, Ukraine, India, Iraq, China, Iran, Islamic Republic, United States, Brazil

Petrol vehicles have been the top sellers in recent years - increasing their market share to around 68.4% in January-July 2023 from 42.5% in 2014, according to data from automotive market intelligence provider JATO Dynamics. Cost-conscious Indians are preferring to buy petrol cars as they are cheaper than diesel, even though diesel cars offer better fuel efficiency. DIESEL VEHICLES:Tuesday's warning from minister Nitin Gadkari targeted diesel carmakers, whose market share has seen a steady decline to nearly 18% of passenger vehicles in January-July this year from 47.9% in 2014. But when it comes to luxury cars, diesel variants remain in vogue, with their market share rising to 33% so far this year from 31% in 2021. Among automakers, Mahindra and Mahindra (MAHM.NS) has the highest diesel car market share with 47% of unit sales so far this year, up from 28% in 2021.

Persons: Maruti Suzuki, Nitin, Tesla, Aditi Shah, Aditya Kalra, Mark Potter Organizations: Maruti, Tata Motors, Volkswagen, Society of Indian Automobile Manufacturers, JATO Dynamics, Mercedes, BMW, Audi, Mahindra, Hyundai, Kia, Thomson Locations: MUMBAI, China, United States, India

☆ Oil prices hit 10-month high after Libya flood catastrophe
▼ + stars: | 2023-09-12 | by ( Matt Egan | ) edition.cnn.com time to read: +2 min

US oil prices popped 2.3% to as much as $89.29 a barrel, also the highest level since November. The latest rally for oil prices will continue to push up prices at the pump for consumers and add to inflation across the US economy. Gasoline prices, which lag oil prices, have edged higher this week as a result of that announcement. The EIA also raised its forecast for diesel and oil prices for the fourth quarter of this year and first quarter of next year. If these forecasts hold true, energy prices will continue to complicate central bankers’ efforts to tame inflation.

Persons: Brent, ”, Matt Smith, “, Smith Organizations: New, New York CNN, “, Americas, AAA, Government, US Energy Information Administration, Energy Department, EIA Locations: New York, Libya, “ Libya, Kpler, Russia, Saudi Arabia

☆ India minister to propose higher diesel vehicle tax, warns automakers
▼ + stars: | 2023-09-12 | by ( Aditi Shah | ) www.reuters.com time to read: +2 min

A worker switches on a fuel pump before filling a car with diesel at a fuel station in New Delhi September 13, 2012. REUTERS/Mansi Thapliyal/File photo Acquire Licensing RightsNEW DELHI, Sept 12 (Reuters) - India's road transport minister, Nitin Gadkari, on Tuesday said he will propose an additional 10% tax on diesel vehicles and warned automakers of even higher levies to cripple their ability to sell such high-polluting vehicles. Gadkari said he will later in the day ask the finance minister for an "additional 10%" goods and services tax on diesel vehicles to tackle problems related to pollution. The Indian government currently imposes a 28% tax on diesel cars and an additional so-called "cess" is levied depending on the vehicles' engine capacity. Shares in Indian automakers Tata Motors, Mahindra and Mahindra, Ashok Leyland (ASOK.NS), and Eicher Motors (EICH.NS) fell between 1.5% and 4.5%.

Persons: Mansi, Nitin Gadkari, Gadkari, Maruti Suzuki, Ashok Leyland, Aditi Shah, Tanvi Mehta, Christian Schmollinger, Tom Hogue Organizations: REUTERS, New, Tata Motors, Mahindra, Maruti, Volkswagen, automakers Tata Motors, Eicher Motors, Thomson Locations: New Delhi, DELHI, India

Hedge funds and other money managers purchased the equivalent of 98 million barrels of futures and options based on crude over the seven days ending on Sept. 5. Short positions in NYMEX WTI had been reduced to just 30 million barrels on Sept. 5 from 136 million barrels on June 27. In the last 10 shorting cycles, shorts have fallen to an average of 24 million barrels. Following their repeated extension, the cuts are set to remove a total of 245 million barrels by the end of December if implemented in full. Related columns:- Hedge funds buy U.S. crude as stocks fall (September 4, 2023)- Depleting U.S. crude inventories lift oil prices (August 31, 2023)- Prospect of strong El Niño weighs on U.S. gas prices (August 30, 2023)John Kemp is a Reuters market analyst.

Persons: Bing Guan, Brent, NYMEX WTI, Cushing, bullishness, John Kemp, Susan Fenton Organizations: Angeles Refinery, California Air Resources Board, OPEC ⁺, ICE, bearishness, Henry, Thomson, Reuters Locations: Angeles, California, Carson , California, U.S, Saudi Arabia, Brent, WTI, NYMEX, Chartbook, Russia, Saudi, Cushing, Oklahoma

☆ Formula 1 Singapore Grand Prix pledges to halve energy emissions by 2028
▼ + stars: | 2023-09-11 | by ( Charmaine Jacob | ) www.cnbc.com time to read: +1 min

Race winner Sergio Perez of Mexico passes his team celebrating during the F1 Grand Prix of Singapore at Marina Bay Street Circuit on October 02, 2022 in SingaporeOrganizers said they will halve energy emissions from the Formula One Singapore Grand Prix by 2028. Singapore GP said last year's event generated 2,372 tonnes of carbon dioxide equivalent, including set up and tear down. Energy use made up 96.1% of total emissions, while the remaining 3.9% came from transport, waste and water. SGP said it aims to use this substitute in half of the circuit park's generators by 2025 and all by 2028. It estimated the switch would reduce carbon dioxide emissions by up to 52%, once fully implemented.

Persons: Sergio Perez, Mexico, Sasha Rafi Organizations: of Singapore, Marina, Circuit, Singapore Organizers, Formula, Prix, Singapore GP Locations: Singapore

While domestic travel has rebounded, thereby lifting demand for gasoline and jet fuel, there are other factors at work driving China's crude imports. The question then becomes why did crude imports drop in July even though refinery processing rates remained robust? This means that China's crude imports in September may be robust, but arrivals from October onwards would have been bought at higher prices. The strength in coal imports is being driven by factors largely unrelated to the state of the economy. With crude oil, coal and iron ore all having dynamics separate to the overall state of China's economy, the commodity that appears most correlated with the outlook is copper.

Persons: Aly, Refiners, refiners, Brent, China's, Russia's, Christian Schmollinger Organizations: REUTERS, Rights, Administration of Customs, Imports, Reuters, Thomson Locations: Zhuhai, China, Rights LAUNCESTON, Australia, COVID, Saudi Arabia, OPEC, Russia, Ukraine, Beijing

☆ SoCal Edison Responds on Electric Trucks
▼ + stars: | 2023-09-10 | by ( ) www.wsj.com time to read: 1 min

Trucks drive through the Port of Oakland, Calif., March 31. Photo: Justin Sullivan/Getty ImagesYour editorial “California’s Assault on Trucks” (Sept. 1) refers to a remark of mine that some trucking fleets use diesel generators to power chargers, so that their electric trucks don’t go unused. This comment needs clarification. Diesel generators are being used only sporadically as a temporary bridge until the infrastructure is built to deliver clean energy to electric trucks. It went unmentioned that Southern California Edison is working to eliminate this temporary and undesirable occurrence.

Persons: Justin Sullivan Organizations: Port, California Edison Locations: Port of Oakland, Calif, California

☆ Dollar has 8th straight week of gains; U.S. stocks edge up
▼ + stars: | 2023-09-08 | by ( Caroline Valetkevitch | ) www.reuters.com time to read: +3 min

[1/3] Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., July 24, 2023. The dollar index's weekly winning streak was its longest since 2014, bolstered by recent data suggesting the U.S. economy is still resilient. Investors are waiting for the U.S. Consumer Price Index reading for August, due Wednesday, especially with oil prices rising. Dollar gains have also prompted a step up in rhetoric from Japanese policymakers growing uncomfortable with the yen's slide. In energy, oil prices rose to a nine-month high as U.S. diesel futures rose and as investors worried about tight oil supplies.

Persons: Brendan McDermid, Quincy Krosby, Wall, Masato Kanda, Hirokazu Matsuno, Huw Jones, Heekyong Yang, Shri Navaratnam, Tomasz Janowski, David Evans, Richard Chang Organizations: New York Stock Exchange, REUTERS, Apple, U.S, Strong U.S, Federal Reserve, Investors, U.S . Consumer, Financial, Dow Jones, Nasdaq, Treasury, Thomson Locations: New York City, U.S, Strong, Charlotte , North Carolina, China, Japan, Brent, London, Seoul

REUTERS/Nick Oxford/File Photo Acquire Licensing RightsNEW YORK, Sept 8 (Reuters) - Oil prices gained almost 1% to a nine-month high on Friday on rising U.S. diesel futures and worries about tight oil supplies after Saudi Arabia and Russia extended supply cuts this week. "Crude prices continue to trade on supply-side drivers. This week, OPEC member Saudi Arabia and Russia extended their voluntary supply cuts of a combined 1.3 million barrels per day to the end of the year. Rising U.S. diesel prices also supported crude prices with heating oil futures up about 3%. Interest rate hikes can slow economic growth and reduce oil demand.

Persons: Nick Oxford, Brent, Edward Moya, Baker Hughes, Nicolas Maduro, John Evans, Natalie Grover, Robert Harvey, Yuka Obayashi, Xu, Ros Russell, Jason Neely, Susan Fenton, David Gregorio, Leslie Adler Organizations: Midland , Texas U.S, REUTERS, U.S, West Texas, of, Petroleum, Energy, Thomson Locations: Midland , Texas, Saudi Arabia, Russia, OPEC, U.S, China, Venezuela, CHINA, Hong Kong, Germany, Europe, Riyadh, London, Tokyo, Singapore

Brent futures rose 76 cents, or 0.9%, to $90.68 a barrel by 12:08 p.m. EDT (1608 GMT). U.S. West Texas Intermediate (WTI) crude rose 67 cents, or 0.8%, to $87.54. Rising U.S. diesel also lent support to crude futures with heating oil prices up about 3% and on track for their highest close since January. Separately, the U.S. confirmed that it disrupted in April a multimillion-dollar shipment of crude oil by Iran's Islamic Revolutionary Guard Corps, seizing more than 980,000 barrels of contraband crude oil that violated U.S. sanctions. Rate hikes can slow economic growth and reduce oil demand.

Persons: Nick Oxford, Brent, WTI, John Evans, Natalie Grover, Robert Harvey, Yuka Obayashi, Xu, Ros Russell, Jason Neely, Susan Fenton, David Gregorio Our Organizations: Midland , Texas U.S, REUTERS, U.S, . West Texas, U.S ., Islamic Revolutionary Guard Corps, Thomson Locations: Midland , Texas, Saudi Arabia, Russia, CHINA, China, Hong Kong, Chevron's, Australia, Germany, U.S, Europe, Riyadh, London, Tokyo, Singapore

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