Oil prices were trading near multi-weak highs on Tuesday as hopes of a trade deal between the US and China buoyed sentiments. 

Discussions between the US and China regarding trade are ongoing, and negotiations are scheduled for Tuesday as well. 

It seems the US might relax certain technology export restrictions if China agrees to loosen its controls on rare earth mineral exports.

“This is providing some support to the market,” Warren Patterson, head of commodities strategy at ING Group, said. 

At the time of writing, the price of West Texas Intermediate crude oil on the New York Mercantile Exchange was at $65.40 a barrel, up 0.2%. Brent crude oil on the Intercontinental Exchange was up 0.3% at $67.21 per barrel. 

Trade talks

In a significant diplomatic effort to de-escalate mounting tensions, high-ranking officials from the US and China convened in London for a crucial round of trade negotiations, extending discussions into a second day. 

These talks are aimed at addressing a complex web of issues that have increasingly strained the relationship between the two economic superpowers, moving far beyond the initial disputes over tariffs. 

A particularly concerning aspect of the ongoing conflict has been China’s move to restrict exports of rare earth minerals, essential components in numerous high-tech industries. 

These restrictions have raised alarms about the potential for widespread disruptions to global supply chains, which could in turn lead to a slowdown in international economic growth. 

US President Donald Trump stated on Monday that discussions with China are progressing positively, receiving favorable updates from his team in London.

Following improved US jobs data and easing concerns regarding trade between the two countries, commodity prices have rebounded. 

These recovering prices are also influenced by potential North American supply disruptions caused by Canadian wildfires, as noted by Goldman Sachs analysts.

Iran tensions

Iran announced its plans to soon present a counter-proposal for a nuclear agreement to the US, dismissing the existing American offer as “unacceptable”. 

Meanwhile, Trump reiterated that disagreements persist regarding Iran’s entitlement to enrich uranium within its borders.

With Iran ranking as the third-largest producer within the Organization of the Petroleum Exporting Countries, any potential relaxation of US sanctions would enable increased oil exports, consequently putting downward pressure on global crude prices.

“Nuclear talks between Iran and the US don’t appear to be progressing, providing some tailwinds for prices,” Patterson said. 

Iran is not willing to compromise on its right to enrich uranium, something the US won’t accept.

An OPEC oil output survey by Reuters indicated an increase in May, though contained. This was due to Iraq’s below-target production offsetting prior excess, and Saudi Arabia and the UAE’s less than permitted output rises.

OPEC+ is speeding up the reversal of its latest production cuts. This group, comprising OPEC members and allies like Russia, collectively supplies roughly 50% of the global oil output.

Eight members of OPEC+, including Saudi Arabia and Russia have agreed to increase oil output by over 400,000 barrels per day for each of May, June and July so far. 

China imports and gasoil

China’s crude oil imports in May were comparatively low, as indicated by recent trade figures. 

Imports reached approximately 11 million barrels per day, reflecting decreases of 5.7% from April and 0.8% from May of the previous year.

Despite refinery maintenance typically peaking in May and contributing to decreased imports, yearly imports have still increased by 0.3% compared to the previous year.

Meanwhile tightness in the gasoil spot market is still being signaled by the ICE market.

A sharp increase in backwardation has propelled the ICE gasoil spread to nearly $16 per ton from roughly $8 a ton the prior week, according to ING Group.

Moreover, the ICE gasoil crack remains strong. Notably, speculators increased their market purchases during the previous reporting week, coinciding with open interest in ICE gasoil reaching unprecedented levels, Patterson said.

Long open interest from swap dealers remains near record highs, suggesting a potential increase in consumer hedging.

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The United Kingdom has announced a substantial financial commitment of 14.2 billion British pounds, equivalent to approximately $19.25 billion in US dollars, towards the construction of the Sizewell C nuclear power station. 

This project, located in the southeastern region of England, represents a key component of the government’s comprehensive spending review, according to a Reuters report. 

This review, a strategic exercise conducted by the government, is designed to establish and delineate the nation’s budgetary priorities and financial allocations for the forthcoming four-year period. 

The significant investment in the Sizewell C plant underscores the government’s focus on nuclear energy as part of its long-term energy strategy and commitment to infrastructure development. 

This financial decision was officially declared on Tuesday, highlighting the timeliness and urgency of the investment within the broader fiscal framework. 

Focus on energy security

To bolster energy security and achieve climate goals, the UK aims to construct new nuclear facilities, replacing its aging existing plants.

Once constructed, the Sizewell C nuclear power station is projected to deliver a substantial electrical output, sufficient to provide energy to approximately six million households. 

This large-scale project aims to significantly contribute to the national energy grid, bolstering power security and reducing reliance on fossil fuels. 

The operational lifespan of Sizewell C is anticipated to span several decades, during which it will play a vital role in supplying consistent, low-carbon electricity, thereby supporting long-term sustainability targets and infrastructural demands. 

The plant’s strategic location and robust engineering design are key factors in ensuring its reliable performance.

Britain’s energy minister Ed Miliband said in a statement:

We need new nuclear to deliver a golden age of clean energy abundance, because that is the only way to protect family finances, take back control of our energy, and tackle the climate crisis.

Details on whether the announced funding incorporates the previously committed 6.4 billion pounds were absent from the release. Furthermore, the timing of a final investment decision was not specified.

Neither the projected total cost of the project nor its completion date were provided as well.

Operations and stakes

The proposed new nuclear power plant would mark only the second such facility constructed in Britain in over twenty years, following EDF’s Hinkley Point C. 

The latter, also developed by the French state-owned entity, has encountered numerous delays and exceeded budget projections. 

Current estimates suggest Hinkley Point C will commence operations in 2029, with costs ranging between 31 and 34 billion pounds at 2015 values.

While initially an EDF project, Sizewell C is now predominantly owned by the British government, with EDF holding a minority stake.

Financial results published by EDF in February revealed that at the end of December, the UK government held 83.8% of the stake while EDF held 16.2%. However, following Tuesday’s announcement, EDF’s stake is projected to decrease.

Efforts have been made by Britain to attract additional investors to the project. However, the announcement made on Tuesday failed to acknowledge any other participating entities.

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Rolls-Royce has been selected as the preferred bidder to build the UK’s first fleet of mini nuclear power stations, in a significant step aimed at securing Britain’s energy future and reviving domestic nuclear capabilities.

The announcement, made on Tuesday by the government’s publicly owned Great British Energy, follows a lengthy selection process and positions the FTSE 100-listed engineering firm ahead of American rivals GE-Hitachi and Holtec International.

Rolls Royce share price jumped by more than 2% in early trading on Tuesday.

The company will now lead the small modular reactor (SMR) programme, with £2.5 billion pledged through 2029 and further billions expected as construction advances.

This move comes as part of a broader £14.2 billion government initiative that includes the construction of Sizewell C, a large nuclear station in Suffolk, which will produce 3.2 gigawatts (GW) of electricity—enough to power six million homes.

SMRs offer a smaller, faster alternative to traditional nuclear plants

Unlike large-scale plants such as Sizewell C and Hinkley Point C, which require complex on-site construction, SMRs are designed to be manufactured on a production line and assembled on site.

Each unit is expected to produce around 470 megawatts, with at least three reactors planned in the initial phase to collectively deliver 1.5GW of electricity.

This factory-build approach aims to reduce both costs and the construction delays that have long plagued conventional nuclear projects in the UK.

While SMRs remain commercially unproven, Rolls-Royce believes its technology—based on well-established pressurised water reactors—can begin producing electricity as early as 2032.

Datacentres and technology companies are being targeted as early customers for the power produced by these smaller reactors.

Ministers promise jobs, growth and a “golden age of nuclear”

Announcing the programme, Energy Secretary Ed Miliband called it the beginning of a “golden age of nuclear,” pledging that the effort will support energy independence while creating thousands of skilled jobs.

Chancellor Rachel Reeves echoed that sentiment, saying the initiative would help “put more money in people’s pockets” by revitalising British industry and delivering long-term savings through stable energy supply.

Rolls-Royce SMR chief executive Chris Cholerton called the announcement “a milestone achievement,” noting that the company is already progressing on multiple international projects, including one in the Czech Republic and another in contention in Sweden.

“Deploying three of our units will drive domestic growth by creating thousands of highly skilled, well-paid jobs and supply chain opportunities,” he said.

Great British Nuclear to be absorbed into new state energy company

The announcement also confirmed a reshuffle of the government’s nuclear oversight bodies.

Great British Nuclear, the quango originally tasked with managing the SMR programme, will now be folded into Great British Energy, the newly formed public energy company under Ed Miliband’s department.

However, despite the optimistic tone, the government’s SMR ambitions have been scaled back.

Earlier proposals suggested that two or even three SMR designs might be taken forward to ensure competition and reduce the risk of relying on a single supplier.

With the Treasury under pressure to manage spending across healthcare and policing, the government has now opted for a more streamlined approach, selecting Rolls-Royce as the sole winner.

Industry analysts say this could limit innovation but acknowledge the decision brings clarity and momentum to the UK’s nuclear revival.

Tom Greatrex, chief executive of the Nuclear Industry Association, called it “a hugely significant moment” and highlighted the potential for exports.

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As cryptocurrencies continue to mature as an asset class, more investors are exploring ways to integrate them into long-term financial planning—particularly through retirement accounts.

Many investors are turning to crypto IRAs as a way to combine the tax benefits of retirement accounts with the growth potential and diversification offered by digital assets.

However, the approach isn’t without risk.

Cryptocurrency’s inherent volatility can significantly affect portfolio values, which is especially concerning for those nearing retirement, who may not have time to recover from sharp market downturns.

To understand how this evolving landscape is shaping investor behaviour, Invezz spoke with Jonathan Rose, CEO of BlockTrust IRA, a platform that helps investors build diversified, crypto-inclusive retirement portfolios through AI-powered managed accounts and self-directed IRAs.

The platform has onboarded nearly $50 million in managed IRAs since the launch of its Managed Crypto IRA 3 months ago, apart from the user base of investors who wish to self-manage on the BlockTrust platform due to our industry low trading fees, Rose shared, adding that the average IRA transfer or 401k rollover is around $50,000. 

Rose is confident BlockTrust will reach its $100 million AUM target by year-end, citing strong demand, a streamlined onboarding process, and increasing referrals.

He also drew a clear distinction between crypto IRAs and spot Bitcoin ETFs.

Rose adds:

ETFs are passive, one-size-fits-all products. We offer an actively managed, tax-advantaged way to capture the upside of a digital asset boom and mitigate downside risk.

Excerpts from an emailed interaction:

A ‘major shift’ in retirement thinking

Invezz: What trends are you seeing in investor demand for crypto in retirement accounts today?

We’re seeing a major shift in how Americans think about retirement investing.

More investors are realizing that traditional portfolios aren’t enough to keep pace with inflation, global instability, or tech disruption.

Crypto is no longer just a speculative play; it’s becoming a strategic asset.

At BlockTrust, we’ve seen significant growth in IRA rollovers from people who want exposure to digital assets but also want a managed, secure, and tax-advantaged way to do it.

Volatility: a feature, not a bug

Invezz: You’ve stated that BlockTrust embraces crypto market volatility to generate returns. How does your quantitative trading strategy mitigate the inherent risks of cryptocurrencies like Bitcoin and Ethereum?

Volatility is often seen as a downside in crypto. For us, it’s an opportunity.

Our AI-driven trading algorithm is designed to thrive in dynamic markets by identifying trends and capitalizing on momentum shifts across Bitcoin and Ethereum.

We don’t just hold Bitcoin and hope it goes up.  We use data and cutting-edge technology to actively manage positions, hedge against downside, and protect capital.

Risk isn’t eliminated; however we help our clients navigate that risk in a strategic way.

A political tailwind from Washington

Invezz: Recent developments, such as the passage of the Carey Bill in April, are gradually solidifying the promise of a crypto-friendly regulatory environment under President Donald Trump. How do you see such policies shaping the adoption of crypto IRAs in the coming years?

The Carey Bill is a major milestone, signalling that Washington is finally getting serious about integrating digital assets into the mainstream financial system.

This shift should lower the perceived risk, encourage adoption, and empower everyday Americans to diversify with confidence.

We expect this policy momentum to further accelerate the growth of self-directed crypto retirement accounts.

By the numbers: on pace for $100 million

Invezz: Can you share any numbers on BlockTrust IRA’s growth—AUM, user demographics, or average portfolio size? Are you confident of hitting $100M in assets by the end of this year as projected?

Since the launch of our Managed Crypto IRA just 3 months ago, we have onboarded nearly $50 million in the managed IRAs alone, not to mention users who wish to self-manage on the BlockTrust platform due to our industry low trading fees.

The average IRA transfer or 401k rollover is around $50,000. 

Our average client is at or approaching retirement age and, for many, this is their first venture into the Cryptocurrency space.

That being said, we have clients of all ages, including international clients who use our services for non-IRA investments. 

Based on our current momentum, we are on track to hit our $100 million AUM target by the end of the year.

Demand is strong, the onboarding process is simple, and we’re scaling quickly thanks to both client referrals and favourable market conditions.

Beyond the Bitcoin ETF: the case for active management

Invezz: How do you view the growing popularity of spot Bitcoin ETFs? Do they complement or compete with BlockTrust’s crypto IRA offerings?

Generally speaking, we view spot Bitcoin ETFs as complementary.

They help legitimize the asset class, bring in institutional flows, and raise awareness, therefore benefitting everyone in the space.

However from a client’s perspective it is critical to understand the fundamental differences between ETFs and what we offer at BlockTrust.

ETFs are passive, one-size-fits-all products. We offer an actively managed, tax-advantaged way to capture the upside of a digital asset boom and mitigate downside risk.

Our clients want more than just exposure to Bitcoin. They want a legitimate strategy.

That being said, ultimately any developments that offer increased exposure to cryptocurrencies should be beneficial to our continued growth

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