SINGAPORE: Brent crude oil prices rose to their highest since November 2014 on Monday ahead of US sanctions against Iran, the third-largest producer in the Organization of the Petroleum Exporting Countries (OPEC), that kick in next month.
Benchmark Brent crude oil futures rose to as much as $83.27 a barrel and were at $83.21 at 0339 GMT, up 48 cents, or 0.6 percent from their last close.
US West Texas Intermediate (WTI) crude futures were up 32 cents, or 0.4 percent, at $73.57 a barrel.
WTI prices were supported by a report on Friday of a stagnant rig count in the United States, which points to a slowdown in US crude production, which now rivals top producers Russia and Saudi Arabia.
Brent was pushed up by looming sanctions against Iran, which will start targeting its oil sector from November 4.
ANZ bank said on Monday that “the market is eyeing oil prices at $100 per barrel.”
In a sign that the financial market is positioning itself for further price rises, hedge funds increased their bullish wagers on US crude in the week to Sept. 25, data from the US Commodity Futures Trading Commission (CFTC) showed on Friday, increasing futures and options positions in New York and London by 3,728 contracts to 346,566 during the period.
In a further sign of the impact that the US sanctions on Iran will have on the market, China’s Sinopec said it is halving loadings of Iranian crude oil this month. China is the biggest buyer of Iranian oil.
“If Chinese refiners do comply with US sanctions more fully than expected, then the market balance is likely to tighten even more aggressively,” Edward Bell, commodity analyst at Emirates NBD bank wrote in a note published on Sunday.
“We’re going to find out very soon as approximately 1.5 million barrels (per day) of Iranian oil is effectively going offline on Nov. 4. If the market senses that Saudi Arabia capacity is tapped out at 10.5 million bpd ... oil prices will rocket higher with the flashy $100 per barrel price tag indeed a reasonable sounding target,” said Stephen Innes, head of trading for Asia-Pacific at futures brokerage Oanda in Singapore..
With oil prices soaring, there are concerns over their inflationary effect on demand growth, especially in Asia’s emerging markets where weakening currencies are further adding to high fuel import costs.
Add the trade disputes between the US and other major powers, especially China, and economic growth into 2019 could be eroded.
Growth in China’s manufacturing sector already sputtered in September as both external and domestic demand weakened, two surveys showed on Sunday.
In Japan, business confidence among big manufacturers declined in the last quarter its lowest in nearly a year, as firms felt the pinch from rising raw material costs and as global trade conditions worsened.
Brent oil rises to 4-year high ahead of Iran sanctions, traders eye more hikes
Brent oil rises to 4-year high ahead of Iran sanctions, traders eye more hikes
- Brent was pushed up by looming sanctions against Iran, which will start targeting its oil sector from November 4
- With oil prices soaring, there are concerns over their inflationary effect on demand growth
Egypt’s Sawiris proposed as adidas chairman after brand posts record 2025 results
JEDDAH: Adidas has nominated Egyptian billionaire and board member Nassef Sawiris as its next chairman, succeeding Thomas Rabe.
The move comes as the German sportswear group reported strong 2025 results, with revenue rising 13 percent to a record €24.8 billion ($29 billion) and net income from continuing operations surging nearly 70 percent under CEO Bjorn Gulden.
Rabe, 60, has chaired adidas’ supervisory board since 2020 after joining in 2019. He is also chairman and CEO of Bertelsmann Management SE and CEO of RTL Group.
Cairo-born Sawiris, 65, is an investor and scion of Egypt’s wealthiest family, with an estimated net worth of $9.6 billion, according to Forbes. He runs OCI, one of the world’s largest nitrogen fertilizer producers, and oversees Orascom Construction.
His holdings include nearly 6 percent of adidas through his investment vehicle NNS.
Sawiris’ appointment is subject to shareholder approval at the May 7 annual general meeting. The supervisory board has also proposed extending Gulden’s contract to the end of 2030, following the turnaround he has led since early 2023.
“Following the Annual General Meeting, the Supervisory Board intends to elect Nassef Sawiris as Chairman of the Supervisory Board. He is to succeed Thomas Rabe as Chairman, whose term of office will end as planned at the close of the upcoming Annual General Meeting,” adidas group said in a statement.
“With Nassef Sawiris, the Supervisory Board will win an experienced entrepreneur and investor as Supervisory Board Chairman. Nassef has already accompanied adidas for many years as a Supervisory Board member and has contributed significantly to the strategic development of the company,” Rabe said.
He added that Sawiris’ significant shareholding in adidas through NNS underscores his strong and long-term commitment to the company and alignment with shareholder interests.
Sawiris, deputy chairman of the Supervisory Board since 2025, expressed his delight at the nomination, emphasizing that with vast opportunities in such an attractive industry, it is especially important for him to actively help shape adidas’s future alongside his colleagues and the executive board.
“I greatly appreciate the achievements of Bjorn and his team so far, and I am looking forward to continuing our close collaboration as we jointly guide adidas into its next chapter,” he said, extending thanks to Rabe for his long-standing leadership, the trustful collaboration, and his achievements for the company.
