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Oil falls as Iran proposes talks but prices still set for weekly gains

LONDON, May 1 (Reuters) – Oil prices dropped on Friday after Iran was reported to have ‌sent a fresh proposal for U.S. negotiations, but prices remained on track for weekly gains, with Tehran still blocking the Strait of Hormuz and the U.S. Navy blocking exports of Iranian crude. Brent crude futures for ​July were down 26 cents, or 0.2%, at $110.14 a barrel by 1316 GMT. ​West Texas Intermediate futures lost $1.83, or 1.7%, to $103.24. Iran sent its latest proposal ⁠for negotiations with the United States to Pakistani mediators on Thursday, state news agency ​IRNA reported on Friday. Still,

‘Election Bill’: Rahul Gandhi slams govt on commercial LPG price hike

New Delhi, May 1 (PTI) The Congress on Friday attacked the Modi government over the hike in price of commercial LPG cylinder, with Rahul Gandhi saying this is an “election bill” and the next “strike” will be on petrol and diesel. The Leader of Opposition in the Lok Sabha said he had warned that the heat of inflation would strike after the elections. “Today, commercial gas cylinders have become Rs 993 more expensive. This marks the single largest hike in a single day. This is an election bill,” Gandhi said in his post in Hindi on X. कह दिया था

Fed should drop rate-cut lean because of oil price shock, policymakers say

WASHINGTON, May 1 (Reuters) – Federal Reserve officials who dissented against this week’s policy statement said the developing oil price shock from the U.S.-backed war with Iran means the U.S. central bank should be clear it can no longer lean towards interest rate ​cuts, given rising uncertainty about the path of inflation and the economy. In its most divided vote since 1992, the Fed this week kept its benchmark overnight interest rate steady in the 3.50%-3.75% range ‌but retained language indicating its likely next move would be a cut, consistent with a process begun about 18 months ago of lowering

Iran sends proposal for negotiations with US to mediator Pakistan

WASHINGTON/DUBAI, May 1 (Reuters) – Tehran has sent its latest proposal for negotiations with the United States to Pakistani mediators, Iranian state ​news agency IRNA said on Friday, a move that could improve prospects for breaking an impasse in efforts to end the Iran war. IRNA gave no details but global oil ‌prices, which have risen sharply since Iran started a blockade of the Strait of Hormuz, dropped after its report. The blockade of the vital sea channel has choked off 20% of the world’s oil and gas supplies, and the U.S. Navy is blocking exports of Iranian crude oil.

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