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Oil prices declined on Friday, after settling around 1.6% lower in the previous session, as the market’s risk premium faded after Israel and Hamas agreed to the first phase of a plan to end the war in Gaza. Brent crude futures were down 66 cents, or 1%, at $64.56 a barrel at 1016 GMT. U.S. West Texas Intermediate crude was down 61 cents, or 1%, to $60.90. “Finally having some kind of peace process in the Middle East is lowering the shoulders a little bit,” said Bjarne Schieldrop, chief commodities analyst at SEB. This could ease fears about crude carriers passing through the Suez Canal and the Red Sea, he said. BOTH BENCHMARKS ON TRACK FOR WEEKLY GAINS Israel and the Palestinian militant group Hamas signed a ceasefire agreement on Thursday in the first phase of U.S. President Donald Trump’s initiative to end the war in Gaza. Under the deal, which Israel’s government ratified on Friday, fighting will cease, Israel will partially withdraw from Gaza, and Hamas will free all remaining hostages it captured in the attack that precipitated the war, in exchange for hundreds of prisoners held by Israel. Numerous vessels have been attacked by the Iran-aligned Houthis in Yemen since 2023, targeting ships they deem linked to Israel in what they described as solidarity with Palestinians over the war in Gaza. On a weekly basis, Brent was up around 1% and WTI was relatively flat, so far. Both benchmarks fell steeply last week. Prices climbed about 1% on Wednesday to a one-week high because of stalled progress on a Ukraine peace deal, a sign that sanctions against Russia, the world’s second-largest oil exporter, could continue. The Gaza ceasefire deal means the focus can move back to the impending oil surplus, as OPEC proceeds with the unwinding of production cuts, said Daniel Hynes, an analyst at ANZ. A smaller-than-expected November hike in output agreed by the Organization of the Petroleum Exporting Countries and allies (OPEC+) on Sunday eased some of those oversupply concerns. “Markets expectations for a sharp ramp up in crude supply have not manifested themselves in substantially lower prices,” BMI analysts said in a note on Friday. “The most recent rise in production is lower than previously feared, contributing to a slight rise in prices for the week,” they said. Investors are also worried that a prolonged U.S. government shutdown could dampen the American economy and hurt oil demand in the world’s largest crude consumer. Additional reporting by Sudarshan Varadhan Anna Hirtenstein, Reuters
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E-Commerce
America’s defense technology sector is rapidly expanding. Top talent, ambitious founders, and serious capital are flooding into a mission that matters, delivering products and solutions that will send us to the moon, deploy unimaginably capable unmanned aerial devices, and redefine what’s possible in modern warfare. It’s an exciting momentone full of possibility and potential. But here’s the problem: while everyone is focused on the moonshots, we’re overlooking the foundation. The unsexy stuff. The quiet, mission-critical gaps that don’t make headlines but could leave us dangerously vulnerable. We’re building skyscrapers without checking if the ground beneath us is solid. I’ve spent decades navigating this ecosystemfrom antitrust law to Capitol Hill and building critical technology at Palantir for Defense, Intelligence, and Public Health. And I can tell you: America’s national security demands the big bets. But if we want true resilience, we need to get serious about filling the gaps. Here’s where we’re falling shortand how we can fix it. The barrier to entry? It’s not paperworkit’s people Government go-to-market is notoriously hard. Requests for Proposals (RFPs), Federal Acquisition Regulation (FAR), Defense Federal Acquisition Regulation Supplement (DFARS), Federal Risk and Authorization Management Program (FedRAMP)these acronyms form their own labyrinth, sidelining products and burning through runway. But the real barrier isn’t the bureaucratic maze. It’s the human one. Success in this space requires identifying, cultivating, and maintaining relationships with every critical stakeholder group throughout a program’s lifecycle. There’s no shortcut. And the complexity multiplies because every agency and department operates differently. They have distinct cultures, decision-making processes, and procurement rhythms. Then there’s the churn. People rotate roles. Administrations change every four years. Priorities shift. Which means yes, you do have to rebuild relationships constantly. This reality demands a level of operational maturity, business development sophistication, and long-term investment that most startups simply can’t sustain. Innovation gets hampered before it even starts. We’re funding moonshotsand ignoring everything else These sky-high barriers create a funding environment that rewards only the most ambitious ideas: building America’s missile defense shield, designing next-generation autonomous drones, launching satellites into low-Earth orbit. These projects are critically important. They must get done. But what about everything else? For every loud leap forward, there are thousands of quiet, mission-critical problems leaving us exposed. Not because they’re unsolvable, but because they fall outside traditional models of scale, funding, and attention. What good is a billion-dollar drone without a reliable charging system? Why are life-saving field surgeries still being conducted with techniques from Vietnam? Why is mission-critical data being stored on local hard drives? Yes, we need hydrogen-powered autonomous jets. But we also need better military construction techniques. Better gimbals. Better field logistics. The unglamorous stuff that keeps the glamorous stuff running. Platforms need productsand we don’t have enough Despite an abundance of platforms, we’re facing a shortage of components. Companies like Anduril and Palantir are building some of the most ambitious, technically sophisticated defense platforms ever created. But here’s the catch: They’re not incentivized to populate those ecosystems with specialized applicationsnor should they be. Their business models reward scale and horizontal integration, not the painstaking work of solving narrow, specific mission problems. The result? Platforms without components are like operating systems without apps: powerful in theory, underutilized in practice. Real value emerges when platforms are filled with verticalized, specialized tools tuned to specific mission sets, environments, and workflows. What’s missing is an ecosystem that supports a new generation of builderssmall, agile companies creating plugins, widgets, and mission-focused modules that integrate seamlessly into existing infrastructure. This requires new funding models that reward precision problem-solving, not just scale. Speed isn’t optional anymoreit’s survival In an age of exponential technological change, speed is strategy. For five decades, we’ve overvalued perfection: building exquisite, bespoke systems engineered to the exact specifications of a single mission. We’ve undervalued iterationespecially in the field where conditions change rapidly. That approach won’t cut it anymore. We need to identify what’s needed today and ship it to the frontlines as fast as possible, anticipating and removing blockers before they become catastrophic delays. It’s time for a “build fast, fix faster” mindset. That means embracing edge manufacturing, hardening supply chains with domestic production, and structuring R&D teams for maximum autonomy. Yes, some projects require decade-long timelines. Some problems demand ambitious, wide-reaching platforms. But we also have urgent gaps in our resilience that demand urgency to fix. Build with your users, not for them Iteration and urgency only work with partnership. I’ve seen too many well-intentioned solutions developed at breakneck speed that completely miss the mark. Why? Because they were built in a vacuum. Teams delivered what they thought was needed instead of what was actually necessary. Usually, it’s because they lacked the prerequisites for success: direct access to end users, their leadership, and a deep understanding of program requirements. Every product lifecycle should begin with a concrete demand signal. What’s the urgent problem blocking mission success today? Not what you assume it iswhat the people on the frontlines are actually experiencing. Warfighters. Field operators. Career civil servants. Then build alongside them. Attend field exercises. Sit in the mud. Watch systems fail in real conditions. Learn from the people whose lives depend on your technology working. Surface these solutions to leadership. Invest in problems and solutions that have buy-in from every level. Because defense technology is ultimately public serviceand a team sport. Like any team sport, listening matters more than speaking. Everyone has a role to play to win. The path forward We’re not short on vision, talent, or commitment. What we need now is alignment: between technologists and operators, platforms and products, and urgency and execution. The opportunity in front of us is extraordinary. If we can bridge the gap between innovation and implementation, we won’t just build better systems. We’ll build a stronger, safer, more resilient futureone that can handle both the moonshots and the fundamentals that keep them flying.
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E-Commerce
Venezuelan opposition leader María Corina Machado won the Nobel Peace Prize on Friday for her struggle to achieve a democratic transition in the South American nation, winning recognition as a woman “who keeps the flame of democracy burning amid a growing darkness.”The former opposition presidential candidate is a “key, unifying figure” in the once deeply divided opposition to President Nicolás Maduro’s government, said Jrgen Watne Frydnes, chair of the Norwegian Nobel committee.“In the past year, Ms. Machado has been forced to live in hiding,” Watne Frydnes said. “Despite serious threats against her life, she has remained in the country, a choice that has inspired millions. When authoritarians seize power, it is crucial to recognize courageous defenders of freedom who rise and resist.” Machado says she’s humbled and grateful Machado’s ally, Edmundo González, who lives in exile in Spain, celebrated the Nobel award as a “very well-deserved recognition” of her fight and that of Venezuelans for freedom and democracy. He posted a short video on X of himself speaking by phone with Machado.“I am in shock,” she said, adding, “I cannot believe it.”“This is something that the Venezuelan people deserve,” Machado said in a call with the Norwegian Nobel Institute. “I am just part of a huge movement. I’m humbled, I’m grateful and I’m honored not only by this recognition, but I’m honored to be part of what’s going on in Venezuela today.”“I believe that we are very close to achieving, finally, freedom for our country and peace for the region,” she said, adding that “even though we face the most brutal violence, our society has resisted” and insisted on struggling by peaceful means. “I believe that the world will now understand how urgent it is to finally, you know, succeed.” Crackdown on dissent Maduro’s government has routinely targeted its real or perceived opponents.Machado, who turned 58 this week, was set to run against Maduro in last year’s presidential election, but the government disqualified her. González, who had never run for office before, took her place. The lead-up to the election saw widespread repression, including disqualifications, arrests and human rights violations.The crackdown on dissent only increased after the country’s National Electoral Council, which is stacked with Maduro loyalists, declared him the winner despite credible evidence to the contrary.The election results announced by the Electoral Council sparked protests across the country to which the government responded with force that ended with more than 20 people dead. They also prompted an end to diplomatic relations between Venezuela and various foreign countries, including Argentina.Machado went into hiding and has not been seen in public since January. A Venezuelan court issued an arrest warrant for González over the publication of election results. He went into exile in Spain and was granted asylum.More than 800 people are in prison in Venezuela for political reasons, according to the human rights advocacy group Foro Penal. Among them is González’s son-in-law, Rafael Tudares, who was detained in January.Dozens of those prisoners actively participated in Machado’s efforts last year. Some of her closest collaborators, including her campaign manager, avoided prison by sheltering for more than a year at a diplomatic compound in Caracas. They remained there until May, when they fled to the U.S. Early Friday in Caracas, some people heading to work expressed disbelief at the news of Machado’s win.“I don’t know what can be done to improve the situation, but she deserves it,” said Sandra Martínez, 32, as she waited at a bus stop. “She’s a great woman.”There was no immediate reaction from Maduro’s government.Support for Machado and the opposition in general has decreased since the July 2024 election particularly since January, when Maduro was sworn in for a third six-year term and disappointment set in.Machado was included in Time magazine’s list of 100 most influential people in April. U.S. Secretary of State Marco Rubio wrote her entry, in which he described her as “the Venezuelan Iron Lady” and “the personification of resilience, tenacity, and patriotism.”Machado becomes the 20th woman to win the Nobel Peace Prize, of the 112 individuals who have been honored. Speculation about Trump’s Nobel chances There had been persistent speculation ahead of the announcement about the possibility of the prize going to U.S. President Donald Trump, fueled in part by the president himself and amplified by this week’s approval of his plan for a ceasefire in the Gaza Strip.Asked about lobbying for and by Trump, Watne Frydnes said: “I think this committee has seen any type of campaign, media attention. We receive thousands and thousands of letters every year of people wanting to say what for them leads to peace.“This committee sits in a room filled with the portraits of all laureates, and that room is filled with both courage and integrity. So we base only our decision on the work and the will of Alfred Nobel.”White House spokesperson Steven Cheung said in a post on X Friday morning that “President Trump will continue making peace deals around the world, ending wars, and saving lives.” He added that “the Nobel Committee proved they place politics over peace.”The peace prize is the only one of the annual Nobel prizes to be awarded in Oslo, Norway.Four of the other prizes have already been awarded in the Swedish capital, Stockholm this week in medicine on Monday, physics on Tuesday, chemistry on Wednesday and literature on Thursday. The winner of the prize in economics will be announced on Monday. Garcia Cano reported from Mexico City and Moulson from Berlin. Jorge Rueda contributed from Caracas, Venezuela, and Mike Corder from The Hague, Netherlands. AP coverage of Nobel Prizes: https://apnews.com/hub/nobel-prizes Kostya Manenkov, Regina Garcia Cano and Geir Moulson, Associated Press
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