Summary

Companies EU sanctions target Russian crude supply

Sanctions unlikely to affect supplies, analysts say

Iran nuclear talks could affect oil market dynamics

US tariffs on EU imports could influence oil demand

HOUSTON, July 21 (Reuters) – Oil prices settled slightly lower on Monday as the latest European sanctions on Russian oil were expected to have minimal impact on supplies, but losses were curbed by investors weighing a potential drop in diesel supplies.

Brent crude futures settled down 7 cents, or 0.1%, to $69.21 a barrel. U.S. West Texas Intermediate crude settled down 14 cents, or 0.2%, to $67.20.

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The European Union approved on Friday the 18th package of sanctions against Russia over its war in Ukraine , which also targeted India’s Nayara Energy, an exporter of oil products refined from Russian crude.

“The market right now thinks that supply will still make it to market in one way, shape or another. There is not too much concern,” said John Kilduff, a partner at Again Capital in New York.

Kremlin spokesperson Dmitry Peskov said on Friday that Russia had built up a certain immunity to Western sanctions.

The EU sanctions followed U.S. President Donald Trump’s threats last week to impose sanctions on buyers of Russian exports unless Russia agrees to a peace deal within 50 days.

ING analysts said the part of the package likely to have an effect is the EU import ban on refined products processed from Russian oil in third countries, though ING said that could prove difficult to monitor and enforce.

Curbing some of crude’s losses during afternoon trade on Monday were investor concerns around diesel supplies resulting from the sanctions package, analysts said.

“As the day has gone on, the diesel crack spread started to firm quite a bit, suggesting that the market cannot ignore the fact that any disruptions in Russian oil supply could tighten supplies of diesel and that seems to be giving us a bit of support today,” said Phil Flynn, senior analyst with Price Futures Group.

Crude oil storage, a part of the United States’ strategic oil reserve, is pictured in the Permian Basin oil field near Midland, Texas, U.S. February 18, 2025. REUTERS/Eli Hartman/File Photo Purchase Licensing Rights , opens new tab

Low-sulphur gasoil futures’ premium to Brent crude closed on Monday at $26.31, up around 3%, and marking its highest close since February 2024.

“We have a bit of room for error on the crude side, barrels can be shuffled around a bit, but it is harder to shuffle around tight supplies of diesel,” Flynn added.

Iran, another sanctioned oil producer, is due to hold nuclear talks with Britain, France and Germany in Istanbul on Friday, an Iranian Foreign Ministry spokesperson said on Monday. That follows warnings by the three European countries that a failure to resume negotiations would lead to international sanctions being reimposed on Iran.

In the United States, the number of operating oil rigs fell by two to 422 last week, the lowest total since September 2021, Baker Hughes said on Friday.

“Oil-focused drilling is expected to remain at subdued levels through the balance of the year,” StoneX analyst Alex Hodes said in a note on Monday.

“We aren’t anywhere close to prices that merit a significant pullback in investment though,” Hodes added.

U.S. tariffs on EU imports are set to kick in on August 1, though U.S. Commerce Secretary Howard Lutnick said on Sunday he was confident the United States could secure a trade deal with the bloc.

U.S. tariffs are potentially negative for oil demand and economic activity, Again Capital’s Kilduff said.

Some support may come from oil inventory data if it shows tight supply, said IG market analyst Tony Sycamore.

Reporting by Georgina McCartney in Houston, Anna Hirtenstein in London Additional reporting by Ahmad Ghaddar in London, Florence Tan in Singapore and Sam Li in Beijing Editing by Emelia Sithole-Matarise, Marguerita Choy, Nia Williams and Rod Nickel

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Leaders expected to hold talks on bilateral trade days before US tariffs on Philippine goods set to take effect.

Philippine President Ferdinand Marcos Jr will meet United States President Donald Trump this week, hoping Manila’s status as a key Asian ally will secure a more favourable trade deal.

Marcos will be the first Southeast Asian leader to meet Trump during the US leader’s second term.

Trump has already struck trade deals with two of Manila’s regional partners, Vietnam and Indonesia, driving tough bargains in negotiations even with close allies that Washington wants to keep onside in its strategic rivalry with China.

“I expect our discussions to focus on security and defence, of course, but also on trade,” Marcos said in a speech before leaving Manila and arriving in Washington on Sunday, with hopes to reach a deal before August 1, when Trump says he will impose 20 percent tariffs on goods from the Philippines.

“We will see how much progress we can make when it comes to the negotiations with the United States concerning the changes that we would like to institute to alleviate the effects of a very severe tariff schedule on the Philippines,” Marcos said.

The US had a deficit of nearly $5bn with the Philippines last year on bilateral goods trade of $23.5bn.

Trump this month raised the threatened “reciprocal” tariffs on imports from the Philippines to 20 percent from 17 percent threatened in April.

Although US allies in Asia such as Japan and South Korea have yet to strike trade deals with Trump, Gregory Poling, a Southeast Asia expert at Washington’s Center for Strategic and International Studies, said Marcos might be able to do better than Vietnam, with its agreement of a 20 percent baseline tariff on its goods, and Indonesia at 19 percent.

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“I wouldn’t be surprised to see an announcement of a deal with the Philippines at a lower rate than those two,” Poling told the Reuters news agency.

Marcos visited the Pentagon on Monday morning for talks with Defense Secretary Pete Hegseth and will see Secretary of State Marco Rubio later in the day, before meeting Trump at the White House on Tuesday.

He will also meet US business leaders investing in the Philippines.

Philippine officials say Marcos’s focus will be on economic cooperation and Manila’s concerns about Trump’s tariffs.

They say he will stress that Manila must become economically stronger if it is to serve as a truly robust US partner in the Asia Pacific.

Philippine Assistant Foreign Secretary Raquel Solano said last week that trade officials have been working with US counterparts seeking to seal a “mutually acceptable and mutually beneficial” deal for both countries.

China tensions

Trump and Marcos will also discuss defence and security, and Solano said the Philippine president would be looking to further strengthen the longstanding defence alliance.

Philippine media quoted Manila’s ambassador to Washington, Jose Manuel Romualdez, as saying on Sunday that the visit would see a reaffirmation of the seven-decade-old mutual defence treaty and “discussions on how we can continue to cooperate with the United States, our major ally”.

With the Philippines facing intense pressure from China in the contested South China Sea, Marcos has pivoted closer to the US, expanding access to Philippine military bases amid China’s threats towards Taiwan, the democratically governed island claimed by Beijing.

The US and the Philippines hold dozens of annual exercises, which have included training with the US Typhon missile system, and more recently, with the NMESIS antiship missile system, angering China.

Manila and the US have closely aligned their views on China, Poling said, and it was notable that Rubio and Hegseth made sure their Philippine counterparts were the first Southeast Asian officials they met.

Poling said Trump also seemed to have a certain warmth towards Marcos, based on their phone call after Trump’s re-election.

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US Defence Secretary Pete Hegseth meeting with Philippine President Ferdinand Marcos Jr at the Pentagon, in Washington, on July 21.

– Philippine President Ferdinand Marcos Jr heralded deeper ties with the US after meeting top officials in Washington.

The test of whether that is true will come on July 22 when President Donald Trump welcomes him to the White House.

That Oval Office encounter will take place after visits by several foreign leaders eager to make deals before the US-imposed Aug 1 tariff deadline.

On July 21, Mr Marcos went to both the Pentagon and State Department as his government tries to slash pending 20 per cent tariffs and bolster the bilateral security and investment relationship between the two allies.

“Our storied alliance has never been stronger or more essential than it is today, and together we remain committed to the Mutual Defence Treaty,” Defence Secretary Pete Hegseth said in remarks alongside Mr Marcos.

He called the Asia-Pacific “our priority theatre” and said the US was “proud to support our mutual economic vitality, including your efforts to modernise your armed forces and collective defence”.

Mr Hegseth also lauded “remarkable strides” in the relationship since his March visit to the region, pointing to expanded joint military exercises in and around the South China Sea as well as deploying cutting-edge missiles and unmanned systems, and revitalising defense industrial bases on both sides.

Mr Marcos spoke of how “you cannot limit Philippine-American relationship to one dimension” and said Mr Hegseth’s March visit “sent a very clear message about our continuing partnership and our continuing understanding of the mutual defense treaty”.

‘Friends, partners’

Later on July 21, Mr Marcos and Secretary of State Marco Rubio celebrated a relationship as “friends, partners, and allies” committed to regular high-level engagement, according to State spokeswoman Tammy Bruce.

The two officials discussed a range of security issues and also addressed investment, including building on the Luzon Economic Corridor – an initiative started under then President Joe Biden.

Above all the minister-level diplomacy, however, looms the always-present possibility that Mr Trump could torpedo the script when the two presidents sit in the Oval Office.

Mr Marcos has described the higher 20 per cent tariff rate as “very severe”, and said he would push for a trade deal with the US to lower the duty.

He is the latest global leader to face a Trump administration ready to economically punish security allies, injecting stress into long and venerable relationships.

Japan and South Korea, for instance, have strong ties to the US, but that did not stop Mr Trump from threatening higher duties.

“With security deeply intertwined with economics, punitive measures from the United States will not inspire confidence in US allies and will perpetuate doubt at the United States’ willingness to help Asian economies buffer against Chinese economic coercion,” said Mr Japhet Quitzon, associate fellow at the Washington-based Centre for Strategic and International Studies.

There is pressure on Mr Marcos to secure a deal, as Mr Trump has announced agreements with South-east Asian neighbours Vietnam and Indonesia.

While the Philippines is less trade-dependent than its regional peers, having a higher tariff rate would make it less attractive to investors.

Mr Marcos also needs an economic accomplishment after a midterm election setback that showed the strength of his ally-turned-rival, Vice-President Sara Duterte, that risks undermining his authority in the latter half of his six-year term.

His government is aiming to grow the economy by at least 5.5 per cent in 2025 – lower than earlier forecasts as Mr Trump’s tariffs loom.

The office of the US Trade Representative and the Commerce Department did not respond to requests for comment on July 21.

Earlier, White House Press Secretary Karoline Leavitt said of the US-Philippines trade agenda, “Perhaps this will be a topic of discussion – you will all see for yourselves in the Oval Office, as you always do. But the Aug 1 deadline is just the – really, the start date for when the United States of America will begin collecting this revenue from all of the countries around the world who the President has sent these letters to.”

The Philippine leader has already restored security relations with the US that were strained under his predecessor, Mr Rodrigo Duterte, Sara’s father.

In just three years of his presidency, Mr Marcos expanded US access to military bases, hosted thousands of American soldiers for drills, and allowed the deployment of a US missile system.

Fostering the alliance with Manila will be equally crucial for Mr Trump, as his administration seeks to counter China’s growing assertiveness in the Asia-Pacific.

The Philippines sits at a strategically important location near two regional flashpoints: Taiwan and the South China Sea.

Confronting China

US officials have repeatedly assured an “ironclad” commitment to the Philippines – its oldest military ally in Asia – as Manila increasingly confronts Beijing in disputed waters.

To show that the security alliance could extend to economic relations, the US earlier pledged to support Philippine infrastructure projects, and bring in US$1 billion (S$1.66 billion) worth of investments.

“Making concessions on defense is one good way of securing a trade deal, given that pushing allies to do more is one of Trump’s priorities,” Mr Darren Tay, head of Asia country risk at Fitch Solutions research unit BMI, said on a webinar last week.

Philippine ambassador to the US Jose Manuel Romualdez has been optimistic about the White House meeting, as well as the prospect of the two countries reaching a free trade agreement down the line, citing Mr Trump’s gesture to invite Mr Marcos to stay at Blair House in Washington.

The two leaders also share a personal connection, with Mr Marcos’ mother, former Philippine first lady Imelda Marcos, an acquaintance of Mr Trump.

“That means something, that you are obviously given importance by your host,” the ambassador said. BLOOMBERG

Summary Warner drowned while vacationing in Costa Rica with his family

Actor was nominated for an Emmy, won a Grammy

Warner played the only son on “The Cosby Show”

LOS ANGELES/SAN JOSE, July 21 (Reuters) – American actor Malcolm-Jamal Warner, who played Bill Cosby’s son Theo on the 1980s groundbreaking television hit “The Cosby Show,” died at age 54 on Monday by drowning, a law enforcement source confirmed to Reuters.

Warner was vacationing in Costa Rica with his family, media reported. The Central American nation’s judicial investigation department (OIJ) confirmed that a U.S. citizen with the last name Warner had drowned after being pulled out to sea by a rip current.

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He was declared lifeless at the scene by Red Cross lifeguards, the department said.

Representatives for Warner did not immediately respond to requests for comment.

The NAACP posted a photo of the late actor on Instagram along with a caption.

“#RestinPower, to NAACP Image Award winning actor, Malcolm-Jamal Warner. Your talent and spirit touched many lives, and your legacy will continue to inspire,” the caption said.

Warner won the outstanding actor in a comedy series award from the NAACP for the series “Reed Between the Lines” in 2012.

Fox Entertainment also issued a statement on Monday about Warner’s passing.

Item 1 of 2 Actor and recording artist Malcolm-Jamal Warner poses at the BAFTA Los Angeles TV Tea in Los Angeles, California September 19, 2015. REUTERS/Danny Moloshok/File Photo [1/2] Actor and recording artist Malcolm-Jamal Warner poses at the BAFTA Los Angeles TV Tea in Los Angeles, California September 19, 2015. REUTERS/Danny Moloshok/File Photo Purchase Licensing Rights , opens new tab

“Everyone at FOX is heartbroken by the tragic loss of our friend and colleague, the extraordinary Malcolm-Jamal Warner. While his iconic roles – from comedic to dramatic – are unforgettable and timeless,” the statement said. Warner played Dr. AJ Austin on the Fox medical drama series “The Resident.”

“The Cosby Show,” which aired from 1984 to 1992, was one of the earliest portrayals of a successful, stable and wholesome Black American family on television, which challenged negative stereotypes. Cosby portrayed a doctor, and Warner played his only son.

Warner, who was born on August 18, 1970, grew up in Jersey City, New Jersey , with his mother, Pamela, who eventually became his acting manager. He was named after civil rights leader Malcolm X and jazz musician Ahmad Jamal.

At an early age, Warner found he was interested in acting, which launched his career as a child performer and set him on the path to attend The Professional Children’s School in New York.

While he had some small television roles early in his career, playing Theo Huxtable on “The Cosby Show” served as Warner’s breakout role.

The actor received an Emmy nomination in 1986 for outstanding supporting actor in a comedy series for his role on the NBC series. Warner won a Grammy award in 2015 for best traditional R&B performance for the song “Jesus Children.”

The 54-year-old actor also had roles in “The Cosby Show” spin-off series “A Different World,” “Jeremiah,” “Sons of Anarchy,” “Suits” and hosted “Saturday Night Live” in 1986.

He has a wife and daughter but never publicly disclosed their names.

Reporting by Lisa Richwine and Alvaro Murillo; Editing by Mark Porter

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U.S. Secretary of State Marco Rubio shakes hands with Philippine President Ferdinand Marcos Jr, in the Treaty Room at the U.S. Department of State in Washington, D.C., U.S., July 21, 2025. REUTERS/Umit Bektas Purchase Licensing Rights , opens new tab

Item 1 of 5 U.S. Secretary of State Marco Rubio shakes hands with Philippine President Ferdinand Marcos Jr, in the Treaty Room at the U.S. Department of State in Washington, D.C., U.S., July 21, 2025. REUTERS/Umit Bektas

Summary Marcos hopes alliance helps get favorable trade deal from Trump

Analyst thinks Philippines may fare better than Vietnam, Indonesia

Philippines aims to strengthen economic, defense ties with US

Marcos is first Southeast Asian leader to visit US in Trump’s second term

Threatened tariffs on Philippines ‘very severe,’ Marcos says

WASHINGTON/MANILA, July 21 (Reuters) – Philippine President Ferdinand Marcos Jr. will meet U.S. President Donald Trump this week, hoping Manila’s status as a key Asian ally will secure a more favorable trade deal before an August 1 deadline.

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“I expect our discussions to focus on security and defense, of course, but also on trade,” Marcos said before leaving Manila. “We will see how much progress we can make when it comes to the negotiations with the United States concerning the changes that we would like to institute to alleviate the effects of a very severe tariff schedule on the Philippines.”

The United States had a deficit of nearly $5 billion with the Philippines last year on bilateral goods trade of $23.5 billion. Trump this month raised the threatened “reciprocal” tariffs on Philippine imports to 20% from 17% threatened in April.

Although U.S. allies in Asia such as Japan and South Korea have yet to strike trade deals with Trump, Gregory Poling, a Southeast Asia expert at Washington’s Center for Strategic and International Studies, said Marcos might be able to do better than Vietnam, with its agreement of a 20% baseline tariff on its goods, and Indonesia at 19%.

“I wouldn’t be surprised to see an announcement of a deal with the Philippines at a lower rate than those two,” he said, noting it is a treaty ally closely aligned with the U.S. on China.

Marcos, who arrived in Washington on Sunday, went to the Pentagon on Monday for talks with Defense Secretary Pete Hegseth and later met with Secretary of State Marco Rubio. During his trip, he will also meet U.S. business leaders investing in the Philippines.

‘MUTUALLY BENEFICIAL’ DEAL

Philippine officials say Marcos will stress that Manila must become economically stronger if it is to serve as a truly robust U.S. partner in the Indo-Pacific.

Philippine Assistant Foreign Secretary Raquel Solano said last week trade officials have been working with U.S. counterparts seeking to seal a “mutually acceptable and mutually beneficial” deal.

Solano said the Philippine president would be looking to further strengthen their seven-decade-old defense alliance.

At the Pentagon, Marcos called the mutual defense treaty between the countries the “cornerstone” of the bilateral relationship and said the alliance was helping preserve stability in the South China Sea.

“I thank yourself and the United States government and President Trump for the continuing support that we feel – and that we need – in the face of the threats that we, our country, is facing,” Marcos said.

Hegseth noted deepening military cooperation with Manila, including the deployment of missiles and unmanned systems.

“Together, we must forge a strong shield of real deterrence for peace,” said Hegseth, who visited Manila in March.

With the Philippines facing intense pressure from China in the contested South China Sea, Marcos has pivoted closer to the U.S., expanding access to Philippine military bases amid China’s threats towards Taiwan, the democratically governed island claimed by Beijing.

The United States and the Philippines hold dozens of annual exercises, which have included training with the U.S. Typhon missile system, and more recently with the NMESIS anti-ship missile system, angering China.

Poling said it was notable that Rubio and Hegseth made sure their Philippine counterparts were the first Southeast Asian officials they met.

He said Trump also seemed to have a certain warmth towards Marcos, based on their phone call after Trump’s reelection.

Reporting by David Brunnstrom in Washington and Karen Lema in Manila; additional reporting by Phil Stewart; Editing by William Mallard, Rod Nickel

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