Saudi Arabia raises $704m through sukuk issuances in March 

SINGAPORE: Oil prices fell on Wednesday after Russia agreed to US President Donald Trump’s proposal that Moscow and Kyiv stop attacking each other’s energy infrastructure temporarily, which could lead to more Russian oil entering global markets.

Brent crude futures fell 19 cents, or 0.3 percent, to $70.37 a barrel by 7:20 a.m. Saudi time. US West Texas Intermediate crude was down 20 cents, or 0.3 percent, to $66.70.

Russian President Vladimir Putin agreed on Tuesday to stop attacking Ukrainian energy facilities but stopped short of endorsing a full 30-day ceasefire that Trump hoped for.

“The agreement marks a positive step toward an eventual resolution, with the halt of attacks on Ukrainian energy facilities reducing further oil supply disruption risks and keeping oil prices under some pressure,” said Yeap Jun Rong, market strategist at IG.

Russia is one of the world’s top oil suppliers, but its output has waned since the beginning of the war, which resulted in sanctions on Russian energy.

A potential ceasefire could lead to an easing of sanctions, which might raise oil supply and ease prices, analysts said.

US tariffs on Canada, Mexico and China have raised recession fears, which also weighed on oil prices as that would have a dampening effect on demand for crude.

Oil markets remain focused on price downside despite rising Middle East tensions, Goldman Sachs analysts said in a note on Wednesday.

“Tariff escalation and high spare capacity skew the medium-term risks to our forecast to the downside,” the analysts said.

Trump vowed to continue his country’s assault on Yemen’s Houthis and said he would hold Iran responsible for any attacks carried out by the group that has disrupted shipping in the Red Sea.

Israeli air strikes in Gaza, meanwhile, killed at least 200 people, Palestinian health authorities said, which ended a week-long ceasefire and elevated risks of oil supply being threatened from the broader region.

US crude oil stocks data, meanwhile, painted a mixed picture, with crude stocks rising while fuel inventories fell.

Crude stocks were up 4.59 million barrels in the week ended March 14, market sources said, citing American Petroleum Institute figures on Tuesday. Gasoline inventories fell by 1.71 million barrels and distillate stocks were down 2.15 million barrels, they said.

Official government data is due on Wednesday.

NEW YORK: Google owner Alphabet will buy cybersecurity firm Wiz for $32 billion — in a deal set to boost the tech giant’s in-house cloud computing amid burgeoning artificial intelligence growth.

If closed, the-cash transaction, announced on Tuesday, will become Google’s most expensive acquisition in the company’s 25-year history. The purchase gives Google new momentum in its efforts to compete in the cloud-computing business by offering more security for its services.

“Wiz and Google Cloud are both fueled by the belief that cloud security needs to be easier, more accessible, more intelligent, and democratized, so more organizations can adopt and use cloud and AI securely,” Wiz CEO Assaf Rappaport said in a blog post.

The company says Wiz will join Google Cloud — and that this deal represents a company investment “to accelerate two large and growing trends in the AI era: improved cloud security and the ability to use multiple clouds.”

Google CEO Sundar Pichai said in a statement, Google Cloud and Wiz “will turbocharge improved cloud security and the ability to use multiple clouds.”

Assaf Rappaport, co-founder and CEO, added that the deal will “bolster our mission to improve security and prevent breaches by providing additional resources and deep AI expertise.”

Wiz, based in New York, was founded in 2020, makes security tools designed to shield the information stored in remote data centers from intruders.

Google has had its eyes on Wiz for some time. The purchase price announced Tuesday surpasses a reported $23 billion buyout proposal that Wiz rejected last July.

The proposed buyout will get a close look from antitrust regulators. While many expect the Trump administration to be more friendly to business deals, it has also shown skepticism of big tech.

Also, the new Federal Trade Commission Chair Andrew Ferguson has vowed to maintain a tough review process for mergers and acquisitions.