Crude oil loading suspended at all Iraqi terminals after drone incident – Reuters

Citing four Iraqi oil and security sources, Reuters reported on Thursday that a drone crashed into an oil tanker in Iraq's Basra terminal, although no damage or fire was caused.

However, crude oil flows were suspended in all of Iraq's oil loading terminals after the incident, the sources said.

Jul 16, 2026

British Pound: Fiscal reassurance supports gains – MUFG

Lee Hardman at MUFG highlights that the British Pound (GBP) has strengthened sharply, helped by reports that Shabana Mahmood is set to become the next UK chancellor, reinforcing expectations of “sound public finances” under Prime Minister in-waiting Andy Burnham.

Australian Dollar consolidates gains as dwindling Fed hiking hopes hurt the US Dollar

The Australian Dollar (AUD) trades practically flat against a weaker US Dollar (USD) on Thursday as investors pare back bets of immediate Fed tightening, following unexpectedly soft US inflation figures earlier in the week.