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Energy Markets

Oil & Gas

Oil & Gas

Australia and Singapore leaders pledge closer energy relations to tackle global supply shortage

The Australian Prime Minister Anthony Albanese met with his counterpart Lawrence Wong in Singapore on Friday. They vowed to work together more closely in order to maintain energy security in the face disruptions brought about by the Middle East conflict. Singapore, the oil trading hub in Asia, is the world's largest petrol supplier and also a major diesel and jet fuel supplier to Australia. In Australia, the shortage of diesel has impacted the mining and farming sectors. The leaders agreed to "maximize efforts" to increase their energy security, including ensuring the flow of diesel and LNG. In a joint press...

Electric Utilities

State news agency reports that attacks have reduced Saudi oil production and East-West pipeline flows.

Saudi state-run news agency SPA reported on Thursday that attacks on Saudi energy plants 'have reduced the kingdom's capacity to produce oil by 600,000 barrels per day, and its East-West pipeline throughput by 700,000 barrels per days, according to an official source at the energy ministry. SPA reported that the attacks, as well as previous strikes against some facilities, disrupted key operations in Riyadh and Yanbu Industrial City. SPA reported that seven Saudi employees, including one Saudi national who was part of the industrial security staff at the Saudi energy company, were injured in the attack. Sources in the ministry...

Oil & Gas

Netanyahu: Israel wants peace talks to begin with Lebanon as soon as possible

Benjamin Netanyahu, the Israeli prime minister, said on Thursday that he had 'instructed Israel to start 'peace -talks' with Lebanon which would include disarming Hezbollah. In a statement, Netanyahu said: "In view of Lebanon's repeated request to begin direct negotiations with Israel as soon as possible." The negotiations will be centered on disarming Hezbollah, and establishing peaceful relations between Israel & Lebanon. The?Lebanese Government did not respond immediately to Netanyahu's comments. Aoun had said, an hour before Netanyahu made his?statement: "The only way to resolve the situation in Lebanon would be to reach a ceasefire, then to have direct negotiations...

Oil & Gas

Trump announces 50% tariffs against nations that supply Iran with weapons

?U.S. Donald Trump announced on Wednesday that all imports of military equipment from Iran will be subject to immediate 50% tariffs. There would be no exceptions. He made the announcement in a post on social media just hours after agreeing to a two-week ceasefire. Trump's Truth Social posting did not specify the legal authority that he would use to impose these tariffs. In February, the Supreme Court struck down Trump's use of the International Emergency Economic Powers Act in order to impose global tariffs. A lower court ordered refunds for $166 billion collected during the course of one year. The...

Oil & Gas

Leaked audio: Hungarian Minister offers to send Russia EU documents

Leaked recordings purportedly showed Hungary's Foreign Minister offering to send his Russian counterpart an?document on Ukraine's European Union membership, as the latest sign of Budapest's warm relationship with Moscow. The audio 'clips' released by a group of investigative news - outlets, including VSquare.org, were the latest of a series leaked conversations purporting to show that Prime Minister Viktor Orban of Hungary has been working to serve Russian interests while undermining EU efforts to help Ukraine. Orban, who has ordered an investigation after Orban's previous statement that wiretapping his calls was "a huge scandal", was unable independently to verify the authenticity....

Oil & Gas

World Bank lowers its Middle East growth projection for 2026 after turmoil in the energy sector

The GCC's growth forecast for 2026 has been reduced to 1.3% due to lower hydrocarbon revenue Kuwait and Qatar's economies are expected to contract in this year The World Bank warns about lingering risks in the region DUBAI, 8 April - In a report released on Wednesday, the World Bank slashed the growth forecast for the Middle East's economies in 2026 as a "consequence" of the conflict between the U.S. and Israel, along with Iran. The report also warned of widespread risks. Donald Trump announced late Tuesday a ceasefire of two weeks in the conflict. The conflict is now in...

Oil & Gas

How investors are dealing with Iran shocks using the new Trump trades

Investors are putting together a "Trump trade' playbook to?navigate market uncertainty. This includes determining whether a U.S. - Iran ceasefire will last and whether oil prices will remain high for longer. As geopolitics continue to dominate the economy, it is difficult to move money based on long-term perspectives. During the Iran War, many?investors have placed shorter-term bets instead on assets which may have been?mispriced?. Here is a list of some new Trump trades. 1/OIL PRICE WILL STAY HIGHER FOR A LONGER TIME Oil prices fell almost 15% to $100 per barrel in the wake of the ceasefire on Wednesday, but...

Oil & Gas

Trump announces that the US will discuss sanctions with Iran and work closely together

U.S. president Donald Trump announced on Wednesday that the United States and Iran are working closely together and discussing relief from tariffs and sanctions. This follows the announcement of the two-week ceasefire. Trump backed away from a full-on attack on Iran, which he had threatened to launch 'on Tuesday night. Two hours before the deadline that he set for Tehran in order to open up the Strait of Hormuz. He stated on social media that he had agreed to many of the 15 points in his plan for Iran, but did no elaborate. In a post on social media, Trump...

Oil & Gas

Russell: The ceasefire in Iran is a sign of hope, but the physical oil market will remain stressed.

The physical oil market is still in a state of turmoil despite a planned two-week stopfire between Iran and the United States. Brent crude oil contracts plunged as much as 16% in the early Asian trade on Wednesday, after finishing at $109.27 on Monday. The sharp drop in prices reflects relief that President Donald Trump's alarming threats against Iran civilisation to be wiped out have been postponed. This also reflects the optimism that crude, refined products and liquefied gas (LNG), may be able to resume and continue through the Strait of Hormuz if negotiations are successful. There is a rule...

Oil & Gas

Sources say that China's teapots are looking for Iranian oil as prices have fallen.

Three trade sources reported that independent Chinese refiners, with new import quotas issued by Beijing, began'seeking immediate cargoes of Iranian oil after the oil price slumped on Wednesday. Brent crude futures fell below $100 per barrel on Wednesday, the lowest since March 11 after a?U.S. President Donald Trump announced that he agreed to a ceasefire of two weeks with Iran, subject to an immediate and safe opening of the Strait of Hormuz. Since the U.S. - Iran conflict erupted in late February, the Chinese refiners - known as teapots - have largely stayed out of the fray. This has caused...

Oil & Gas

World Bank predicts Nigerian economic growth in 2026, but Iran war raises inflation

The World Bank stated that Nigeria's economy will grow despite the Iran war in the first half of 2026. Fiseha Haile, World Bank Nigeria's lead economist during a presentation held in Abuja said that business activity is still in expansion mode. The conflict between the U.S./Israel/Iran has so far raised prices while leaving the output mostly intact. The impact on growth is relatively limited, as the overall business activity has increased in the last few months. Haile stated that the shock was still felt by higher inflation. Bola Tinubu is now in his third year as president. He has implemented...

Oil & Gas

World Bank predicts Nigerian economic growth in 2026, but Iran war raises inflation

The World Bank stated on Tuesday that Nigeria's economy will grow in the first half of 2026, despite the Iran War. However, rising fuel prices and persistently high inflation could squeeze incomes, slowing poverty reduction. Fiseha Haile, World Bank Nigeria's lead economist during a presentation held in Abuja said that business activity remains in growth territory. The conflict between the U.S./Israel and Iran has so far lifted prices while leaving output mostly intact. The impact of the growth shock has been contained, as the overall business activity has increased over the last few months. "But the shock is still felt...

Fossil Fuels

Fossil Fuels

Japan has ruled out the major risks of private credit to domestic consumers for now

Satsuki Katayama, Japanese Finance Minister, said that private credit is not a major problem in Japan at the moment. However, he noted that risks related to this $2 trillion industry may be discussed next week at the G7 finance summit. "Japan’s exposure to private credit is not very large." "It's not like there are no investments, but at this stage we don't view this as an important issue in Japan," she said at a press conference. Her comments coincide with the 'Financial Services Agency of Japan' checking private credit exposure in major financial institutions amid growing concerns about emerging strains...

Fossil Fuels

Hong Kong provides diesel subsidies and toll waivers in order to reduce fuel costs

Hong Kong has taken'steps to help the transport sector - with rising fuel prices - on Thursday. A HK$3 per litre'subsidy is being offered on 'diesel used by commercial vehicles and vessels, and a 50% discount on tolls for commercial traffic that uses government tunnels. Hong Kong, which imports almost all of its energy, relies on fossil fuels for ?power generation and has some of the world's highest gasoline prices, ?according to globalpetrolprices.com. The government announced that the measures would support diesel-powered?public and commercial vehicles?, vessels?and related industries for a period of two months. They will cost approximately HK$1.8 billion...

Fossil Fuels

China believes'relevant parties can grasp the chance of peace in Iran war

China's Foreign Ministry said that it hoped "relevant parties" would seize this opportunity to bring the Middle East back to stability. This came after Iran and the U.S. agreed on a ceasefire following the Middle East conflict. In a press briefing, the spokesperson for China's foreign ministry Mao Ning stated that China has "actively tried to promote reconciliation and avoid further fighting." Both the U.S.A. and Iran agreed late on Tuesday to a ceasefire of two weeks?to the conflict which has shaken?global markets? and caused?geopolitical turmoil? Mao, the Chinese leader, said that Beijing hoped the relevant parties would take advantage...

Refined Products

Mineral Resources

Mining

As US rate-cut betting rises, gold is set to gain for a third consecutive week but will edge lower.

The gold?prices dipped, but remained on a?track to a third consecutive?weekly - gain, as the markets reassessed if there would be a U.S. rate cut if the fragile U.S. - Iran ceasefire held. By 1113 GMT, spot gold was down 0.2% at $4755.45 an ounce. This week, it has risen by 1.7%. U.S. Gold Futures for June Delivery fell by 1.1% on Friday to $4,767.30. Dollars were set to drop by 1.4% per week, which made bullion in that currency more affordable for holders of currencies other than the dollar. The UBS analyst Giovanni Staunovo said that the announcement of...

Mineral Resources

Kemcore is planning to build mining chemical plants on the continent of Africa in an effort to reduce imports

Kemcore, an African mining chemicals importer, is planning to build its processing plants in?Botswana?and Angola?to reduce the geopolitical risks associated with imports from China?and the Middle East?. Africa is an important supplier of minerals that are critical to the energy transition. It's also a battlefield for the United States, as Washington tries to curb Beijing's dominance by securing the supply chains. Zambia and the Democratic Republic of Congo are the two countries that dominate Africa's production of copper, while Congo is the world leader in cobalt. This puts the central African copperbelt right at the center of the minerals competition...

Mineral Resources

As US rate-cut betting rises, gold prices fall but are set to gain for a third consecutive week.

Gold prices?edged down, but remained on track for a third consecutive weekly?gain? as the market reassessed whether the U.S. rate cut is likely if the fragile U.S. - Iran ceasefire remains in place. By 0906 GMT, spot gold was down 0.4% at $4.745.43 an ounce. This week, it has gained 1.5%. U.S. Gold Futures for June Delivery fell by 1.1% on Friday to $4,767.30. Dollar was expected to drop by?1.4% this week, which would make bullion in other currencies cheaper. The UBS analyst Giovanni Staunovo said that the announcement of the ceasefire caused the market to sell oil, and inflation...

Mineral Resources

Bloomberg News reports that the EU and US are close to a critical mineral deal with China.

Bloomberg News reported Friday that the European Union and Washington were close to a?agreement coordinating?on producing?and securing?critical minerals. Reports citing a "action plan" said that the potential deal could include incentives, such as price guarantees, which would favor non-Chinese vendors. Report: The EU and U.S. will also work together on standardization, joint projects, and investments, as well as a greater coordination of any disruptions in supply by countries such as China. The European Commission refused to comment on the report. The U.S. Trade Representative's office did not immediately respond to requests for comments. Maros Sefcovic, EU trade commissioner, said that...

Mining

Gold gains for the third consecutive week as US dollar strength offsets US rate outlook

Gold prices fell on Friday due to a stronger dollar and uncertainty over the U.S. Iran ceasefire, but they remained on course for a third weekly 'climb' as investors priced in more aggressive and earlier U.S. interest rate cuts. This supported non-yielding gold. By 0316 GMT, spot gold had fallen 0.1% to $4,759.54 an ounce. Metal has, however, gained 1.8% this week. U.S. Gold Futures for June Delivery fell by 0.7% to $4.782.70. Dollar index increased, causing greenback bullion to be more expensive for holders other currencies. Kyle Rodda is a senior financial analyst at Capital.com. He said, "There's not...

Mineral Resources

Fortescue, Australia's Fortescue, will accelerate diesel elimination plans in Pilbara

Fortescue, an Australian mining company, announced on Friday that it was accelerating the rollout of its 'off-grid green energy system' to 'eliminate fossil fuels from Pilbara mines, especially diesel. The world's largest mining companies rely on diesel as their primary energy source, but it is expensive, volatile and carbon-intensive. Therefore, they are increasingly looking to replace this with renewable power. By the end of 2028 it is expected that the world's fourth largest iron ore mining company will have completed its Pilbara Green Grid, including a 1.2 gigawatt solar power, more than 600 megawatts of wind energy and 4-5 GW...

Mining

USA Rare Earth is considering building a French magnet plant

USA 'Rare Earth' is looking at building a magnet plant? in France, said its CEO?on Thursday? after agreeing to pay a 40 million euro ($47 million) stake in French rare-earth processing firm Carester. The United States, Europe, and other countries are working to secure domestic supplies of rare Earths. These are essential for green energy, electronics, and defence sectors, as well as reducing their dependency on China, the world's largest producer. USA Rare Earth, in its quest to create an integrated rare-earths operation that includes mining, processing and magnet manufacturing, will purchase a 12.5% stake from Carester. Carester is currently...

Mineral Resources

USA Rare Earth is considering building a French magnet plant

USA Rare Earth is considering building a permanent magnetic?plant? in France, according to its CEO, who announced the decision on Thursday after paying 40 million euros ($47m) for a stake of French rare earth processing company Carester. The United States, Europe, and other countries are working to secure domestic supplies of rare Earths. These are essential for green energy, electronics, and defence, and they want to reduce their dependence on China, the world's largest producer. The company announced that as part of its efforts to create an integrated rare-earths operation,?which includes mining, processing, and magnet manufacturing, USA Rare Earth would...

Mineral Resources

Gold prices rise as the dollar falls and Middle East tensions continue

As the U.S. Dollar weakened on Thursday,?investors assessed a fragile ceasefire between the?U.S. As fighting continues in the Middle East, investors are looking forward to important U.S. Inflation data amid rising prices. As of 1121 GMT spot gold was 0.6% higher, at $4,743.50 an ounce. It had reached its highest level since March 19, on Wednesday. U.S. Gold Futures for June Delivery fell 0.2% to $ 4,767.80. The weaker dollar is giving gold a boost at the moment, but the fast news that comes out of the Middle East makes markets untradable from a financial perspective," said Ross Norman, an...

Mining

Gold prices steady as investors look to US-Iran ceasefire; brace for inflation data

The gold?price was steady on Thursday, as investors remained cautious over the 'fragile' U.S.-Iran truce. A key U.S. Inflation Report due later that day will also be a focus for any interest rate clues. As of 0716 GMT, spot gold was unchanged at $4,715.45 an ounce. U.S. Gold Futures for June Delivery fell 0.8% to $ 4,739.40. "It does not seem that gold is looking for much?at the moment. Brian Lan, Managing Director of GoldSilver Central, said that there is still much speculation about what will happen after the ceasefire. Lan predicted that gold would consolidate between $4 607 and...

Mineral Resources

Iron ore falls to a one-month low due to rising supply and China's demand concerns

Iron ore prices fell?on Thursday, to their lowest level in over a month. This was due to a combination of rising supply and a lack of confidence in the prospects for demand in China's top consumer. The most traded?iron ore on China's Dalian Commodity Exchange closed the daytime trade at 750 Yuan ($109.78), its lowest level since March 4. Now, the September contract is the most traded instead of May. The benchmark May ore price on the 'Singapore Exchange' fell by 2.86% at 0700 GMT to $102.75 per ton, after hitting its lowest level since?March 10, when it was $102.1....

Mineral Resources

Gold prices steady as investors look to US-Iran ceasefire; brace for inflation data

Gold prices remained relatively?stable on Thursday, as investors remained?cautious? about the fragile U.S.Iran ceasefire. A key U.S. Inflation Report due later that day will also be a focus for any interest rate indications. As of 0523 GMT, spot gold increased by 0.1% to $4,721.51 an ounce. U.S. Gold Futures for June Delivery fell by 0.7% to $4744.90. It doesn't seem like gold is doing much right now. Brian Lan, Managing Director of GoldSilver Central, said that there is still "a lot" of speculation about what will happen after the ceasefire. Lan predicted that gold would consolidate in the short term...