Goldman Sachs Central Govt Inst

Oil prices eased on Thursday after earlier gains as markets assessed the escalating conflict between the U.S. and Iran and its implications for efforts to end the war and fully reopen the Strait of Hormuz. Brent crude futures were down 11 cents, or 0.1%, to $77.91 a barrel, while U.S. West Texas Intermediate crude futures dropped 38 cents, or 0.5%, to $73.14 a barrel. Both benchmarks had hit their highest levels since June 22 on Wednesday after the U.S. launched strikes on Iran, which responded with attacks on Kuwait and Bahrain. Iranian forces targeted U.S. military infrastructure in neighbouring Gulf states on Thursday, further straining a three-week-old ceasefire agreement, and some war underwriters have advised shipping companies to pause voyages through the Strait of Hormuz. Goldman Sachs said risks to Gulf oil flows remain two-sided, expecting flows to normalise by the end of July if negotiations continue, but warning that failed talks and escalating tanker attacks could further disrupt flows.

Citigroup has become a clearing member of London Precious Metals Clearing Limited, enabling the bank to provide Loco London settlement services for gold, silver, platinum and palladium. The membership integrates clearing and settlement with its existing commodities franchise, improving execution efficiency for institutional clients and deepening client relationships. While not expected to materially impact near-term earnings, the move supports Citigroup's strategy of expanding capital-light, fee-generating businesses and strengthens its competitive position against peers like JPMorgan and Goldman Sachs.