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Iran cracks down on dissent as Iran's military intensifies its air attacks against the combatants in the Mideast war
As the Iranian government, which is under siege in Tehran, warned that its security forces are ready to "fingers-on-the trigger" and confront any renewed antigovernment protests, the U.S. After an exchange of'some of the most heavy bombardments yet in the region on Tuesday, the combatants re-attacked their targets in Israel and Lebanon, as well as the Gulf, early on Wednesday, the war entering its 12th day. The conflict has effectively closed vital shipping routes through the Strait of Hormuz. This has stopped the flow of fossil fuel energy from the oil-rich Gulf. After a massive surge in crude oil price on Monday, the global energy market has fallen and the stock markets have rebounded. Investors betted that U.S. president Donald Trump would try to end this war as soon as possible. The Wall Street Journal, citing sources familiar with the issue, reported Tuesday that the International Energy Agency had proposed to release the largest amount of oil reserves ever released in order to stabilize crude prices. Could not verify the report immediately. The Islamic Revolutionary Guard Corps of Iran has vowed, however, to stop?oil deliveries from the Gulf until U.S. attacks and Israeli attacks cease. Air strikes between both sides have not abated. The Revolutionary Guards claimed that they fired missiles at the U.S. Al Udeid Base in Qatar and at the Al Harir Base in Iraqi Kurdistan on Tuesday night. They then launched drone attacks against a group of U.S. soldiers at Al Dhafra Air Base in the United Arab Emirates, and Juffair Naval base in Bahrain. The Iranian state media announced early on Wednesday that another attack was launched on the U.S. Bahraini military installations. According to an alert from the State Department and a U.S. government official, a drone hit a U.S. diplomatic building in Iraq Tuesday. No one was injured and all were present. The United Kingdom Maritime Trade Operations reported that it received a report about an 'incident' off the coast of the UAE, where the master of a ship said the vessel had sustained damage due to a suspected projectile. IRANIAN MISSILE BARrage Drives ISRAELIS to shelters The military repeatedly warned that Iran had launched missiles "toward Israel" as millions of Israelis were pushed into bomb shelters. This was a sign of Tehran's ability to strike Israel even after two weeks of hostilities. Air raid sirens and Israelis running to shelters and safe rooms punctuated darkness in the early morning. No immediate information was available on whether the missiles hit the ground. The Iranian attacks roughly coincided with an Israeli bombardment of Beirut, aimed at eliminating the Iran-backed Hezbollah group that has been firing into Israel in support of the Tehran government. Residents of Tehran described the night before as being the most intense bombardment night in war history. It was hell. A resident, who spoke on the condition of anonymity, said that they were bombing in every corner of Tehran. "My children fear to sleep now." It would seem that ending the war quickly precludes toppling Iran’s leadership. On Monday, the country held massive rallies in support of Mojtaba Khmenei, the hardliner who succeeded his father on the first day of the war. Some Iranians openly celebrated the death the elder Khamenei after his security forces had killed thousands of people in order to suppress anti-government protests. TEHRAN WARNS PROTESTANTS There has been no sign of protest in the middle of the war. And Iran is now clamping down on internal dissent, days after Trump exhorted Iranians to "take advantage" and to overthrow their governments. Ahmadreza Radan, Iran's chief of police, warned against a resurgence of anti-government protests. Radan, a state TV host, said that all of our security forces had their finger on the trigger. The Intelligence Ministry announced on Tuesday that Iran had also arrested dozens more people, including an American citizen, who were accused of spying against the country's enemies. On Tuesday, the White House reiterated Trump’s threat to punish Iran for its efforts to halt the flow of energy through the Strait of Hormuz. U.S. Central Command reported that 16 Iranian mine-laying ships had been "eliminated", near the strait, on Tuesday. Amir Saeid Iravani, Iran's U.N. ambassador, said that more than 1,300 civilians had been killed in Iran since U.S. and Israeli airstrikes began on 28 February. Amir Saeid Iravani, Iran's U.N.?ambassador, said that nearly 8,000 houses, 1,600 "commercial and services?centres", and dozens medical, educational, and energy-supply institutions had been destroyed. At least 11 Iranians were killed by Israeli strikes in Israel, and scores of Israelis killed in Lebanon. Iran has not only targeted U.S. diplomatic and military missions in Arab Gulf States, but also hotels and airports. The Pentagon estimated that in addition to the seven U.S. troops killed, about 140 American soldiers have been injured.
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Iron ore prices rise on the back of a recovery in output and supply constraints
Iron ore futures climbed on Wednesday as the anticipated recovery of hot metal production sparked demand for feedstocks. Lower shipments by top suppliers also provided support. As of 0317 GMT, the?most-traded?contract for May iron ore?on China's Dalian Commodity Exchange was up 0.96% to 788 yuan (114.76 dollars) per metric ton. The benchmark April Iron Ore traded at the Singapore Exchange was up 0.49% to $104.25 per ton. After production restrictions during the annual Parliament holiday, hot metal output is expected to recover. This will spur demand for feedstock. According to a Shanghai Metals Market note, the prices of iron ore in the Chinese iron ore hub Tangshan "remained firm due to tight supply" and that the recent rally for iron ore futures had boosted the market's sentiment. Prices were also supported by lower shipments of?iron ore from China's main?iron-ore suppliers, Australia, Brazil and South Africa. Iron ore stocks at port are record highs Gains are likely to be limited. BMI's report of March 11 stated that China's crude output will fall by 4% due to the authorities reducing excess capacity. The report said that lower export volumes of Chinese?steel are likely to increase global steel prices marginally in 2026. However, global prices will still be?projected? to remain on a downward trend. Coke and coking coal were both up and down on the DCE. The Shanghai Futures Exchange steel benchmarks mostly rose. Hot-rolled coils and rebar grew by 0.18% each. Wire rod was little changed, while stainless steel fell 0.81%. BMI's report said that curbing excess production of hot-rolled coils and rebars supported prices. Reporting by Ruth Chai, Editing by Sherry Jacobi-Phillips. $1 = 6.8663 Yuan
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Iran cracks down on dissent as Iran's military intensifies its air attacks against the combatants in the Mideast war
Iran warned that its state security forces are ready to "finger on the trigger" in the event of any renewed anti-government protests. After a series of heavy bombardments on Tuesday in the region, the combatants continued their assaults on targets?in Israel and Lebanon, as well as the Gulf, early Wednesday morning, as the war entered its '12th day. The war has blocked the Strait of Hormuz and halted the flow of fossil fuels from the oil-rich Gulf. After a surge in crude prices on Monday the stock markets recovered and global energy prices fell as investors betted that U.S. president Trump would try to end this war soon. The Wall Street Journal, citing sources familiar with the issue, reported Tuesday that the International Energy Agency had proposed the largest release in history of oil reserves to stabilize crude prices. The report could not be verified immediately. The Iranian Islamic Revolutionary Guard Corps has vowed, however, to stop oil shipments from the Gulf until U.S. or Israeli attacks cease. Air strikes between both sides have not abated. The Revolutionary Guards claimed to have fired missiles at the U.S. Al Udeid military base in Qatar and at?the Al Harir in Iraqi Kurdistan on Tuesday night. This was followed by drone strikes on U.S. troops gathered at Al Dhafra Air Base in United Arab Emirates, and Juffair Naval Base in Bahrain. Iranian state media reported early on Wednesday that another round of 'attacks' was launched on U.S. Military installations in Bahrain. According to an alert from the State Department and a U.S. government official, a drone hit a U.S. diplomatic building in Iraq on Tuesday. There were no injuries or deaths. IRANIAN MISSILE BARrage Drives ISRAELIS to shelter The military repeatedly drove millions of Israelis into bomb shelters overnight and Wednesday morning as it warned Iran had fired missiles at Israel. This was a sign that Tehran still has the capability to strike Israel even after two weeks of hostilities. Air raid sirens and Israelis running to shelters and safe rooms punctuated pre-dawn darkness with the sound of rockets being intercepted by air defenses. No immediate information was available on whether the missiles hit the ground. The Iranian attacks roughly coincided with an Israeli bombardment of Beirut, aimed at eliminating the Iran-backed Hezbollah group that has been firing into Israel in support of the Tehran government. Residents of Tehran described the night before as being the most intense bombardment night in war history. It was hell. A resident, who spoke on the condition of anonymity to protect his security, said that they were bombing all over Tehran. "My children now fear to sleep." "My children are afraid to sleep now." Some Iranians openly celebrated the death the elder Khamenei after his security forces had killed thousands to suppress anti-government protests. TEHRAN WARNS PROTESTANTS There has been little protest in the war. Iran is now clamping down on internal dissension after Trump exhorted Iranians to take advantage of U.S. and Israeli attacks, to overthrow their governments. Ahmadreza Radan, Iran's chief of police, warned against a resurgence of anti-government protests. "Anyone who takes to the streets at enemy's requests will be treated as an enemy and not a protestor." Radan, a state television host, said that all of our security forces had their finger on the trigger. The Intelligence Ministry announced on Tuesday that Iran had also arrested dozens more people, including a foreigner, who were accused of spying against the country's enemies. The White House reiterated Trump’s threat on Tuesday to punish Iran for its efforts to halt the flow of energy through the Strait of Hormuz. The U.S. Central Command announced that 16 Iranian mine-laying ships had been "eliminated", near the Strait of Hormuz, on Tuesday. Amir Saeid Iravani, Iran's U.N. Ambassador, said that more than 1,300 civilians had been killed in Iran since U.S. airstrikes and Israeli airstrikes began February 28. Amir Saeid?Iravani, Iran's U.N. ambassador, said that nearly 8,000 houses, 1,600 "commercial centers and service centers", and dozens of medical, education, and energy-supply institutions have been destroyed. At least 11 Iranians were killed by Israeli strikes in Israel, and scores of Israelis killed in Lebanon. Iran has also targeted hotels, airports and oil infrastructure. The Pentagon estimated that in addition to the seven U.S. troops killed, about 140 American soldiers were wounded.
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Aluminium prices rise as focus shifts to the Middle East
After a short sell-off caused by the 'U.S.,' aluminium prices recovered on Wednesday as attention shifted to the loss of supply in the Middle East due to conflict. Donald Trump's comments on the Iran War. As of 0213 GMT, the most-traded aluminum contract on Shanghai Futures Exchange increased 2.31%, to 25,275 Yuan ($3,680.81) a metric ton. The contract fell 1.41% Tuesday, as Trump's remarks suggesting an end to the Iran war in the near future temporarily cooled supply concerns. The benchmark three-month aluminum?on London Metal Exchange rose 0.5% to $3,423 a ton. On Monday, it reached a high of $3,544. The Middle East war, which accounts for?around 9% of the global supply of aluminium, has caused shockwaves on the global market, by?effectively stopping shipments through the Strait of Hormuz. In response, the Qatari smelter Qatalum halted production, and Aluminium Bahrain declared force majeure for shipments. Jing Xiao is a senior analyst at SDIC Futures and said that the structure of backwardation reflects the tightness in supply near-term. Backwardation is the market structure in which immediate deliveries command a higher price than later deliveries. SDIC's Xiao said that once the production had been shut down it would take a minimum of a half-year to restart operations. This indicates a long absence of supply from?the Middle East. Investors are also awaiting the release of a number of economic indicators, including the consumer price index this week, to determine the direction the Federal Reserve will take. Copper, among other SHFE metals rose 0.36%. Nickel fell by 0.95%. Lead dipped by 0.27%. Tin lost 0.7%. Zinc was flat. Other LME metals saw a slight decline in copper, while nickel, lead, and tin all fell. Zinc was also little changed. Reporting by Amy Lv, Lewis Jackson and Ronojoy Mazumdar; editing by Ronojoy Mazumdar.
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AI stocks lift Japanese shares, as oil supply concerns ease
Investors bought down stocks and worries about oil supplies due to the Middle East conflict were eased. The Nikkei rose 2.3% as of 0220 GMT to 55,512.21, while the Topix increased 1.8% to 3,513.66. Naoki Fukuwara, Shinkin Asset Management's senior fund manager, said that investors were buying at lower prices, especially in areas that had been heavily sold off and where there are signs of a rebound. Price action has also been strong. Artificial intelligence-related shares, which suffered a heavy loss on Monday due to pessimism about the U.S. and Israeli war against Iran, were the top performers of the Nikkei benchmark index. Resonac, a chemical and advanced-materials company, saw its shares soar by 11.3%, making it the biggest gainer in the index. SoftBank Group, a tech investment conglomerate, also saw shares rise 7.8% after a 9.2% surge. Fujikura, a cable and optical fibre manufacturer, also saw a 6.4% increase. The Nikkei Index saw 195 advancing stocks and 30 declining ones. Investors are also looking for direction on the oil market after recent sharp swings. The Wall Street Journal reported that the International Energy Agency had proposed to release the largest amount of oil reserves ever released in order to lower 'crude prices. The energy ministers of the Group of Seven countries reaffirmed their readiness to take steps necessary to ensure global energy supply on Tuesday. Early Wednesday trading saw oil prices fluctuate. Brent?futures LCOc1 were up 23 cents or 0.26% at $88.03 per barrel by 0156 GMT. Fujiwara said that if crude settles at current levels then stocks are "probably" a good opportunity to buy. He said that if oil rises above $100 again, the stock market would be under pressure and it will need to look for a bottom. (Reporting and editing by Rashmi aich; reporting by Satoshi sugiyama)
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WSJ reports IEA is preparing for the biggest release of oil ever
The Wall Street Journal reported that the International Energy Agency had proposed to release the largest amount of oil'reserves ever released in order to counter supply disruptions caused by the war against Iran. Brent futures were trading?up?11 cents or 0.13% at $87.91 per barrel at 0129 GMT. U.S. West Texas Intermediate traded 7 cents higher, and was last up 0.08 percent at $83.52 per barrel. Both contracts fell immediately after the WSJ article, reversing gains made in WTI. The WSJ reported that the IEA proposed drawdown would be greater than the 182,000,000 barrels of crude oil that IEA members countries released in two releases, in 2022, when Russia began its full-scale invasion in Ukraine. The IEA - and the White House - did not respond immediately to a request for comment. According to the Pentagon and Iranians, the U.S.-Israeli airstrikes on Iran Tuesday were the most intense of the war. U.S. Central Command reported that the U.S. Military also "eliminated 16 Iranian mine-laying ships near the Strait of Hormuz, on Tuesday. U.S. President Donald Trump had warned that any mines placed in the Strait of Hormuz by Iran should be immediately removed. Trump has said that the U.S. will escort oil tankers through the Strait of Hormuz if necessary. Sources say that the U.S. Navy is refusing requests for military escorts from the shipping industry because the risks of attack are too high. Tony Sycamore of IG Sydney said that they expect crude oil to remain volatile and driven by headlines, trading in a range between $75ish-$105ish for the next few sessions. The two contracts fell more than 11%, the biggest percentage drop since the year 2022. This was a day after Trump declared a rapid end to the conflict and after they had risen to their highest session high of $119 per barrel on Monday, which was the highest since June 20, 2022. Since then, G7 officials have gathered online to discuss the potential release of emergency stockpiles of oil to help soften the blow to markets. On Wednesday, French?President Emmanuel Macron is hosting a video conference with other G7 leaders to discuss the impact the conflict in the Middle East has on energy and the measures that can be taken to deal with the situation. A source said that the Abu Dhabi state oil company ADNOC shut down its Ruwais Refinery after a drone struck a facility in the complex. This is the latest 'energy infrastructure disruption caused by the U.S. and Israeli war against Iran. Shipping data shows that Saudi Arabia, which is the world's biggest oil exporter has increased its supplies through the Red Sea. However, they are still well below the levels required to compensate for the fall in flows out of the Strait of Hormuz. The Kingdom is counting on the port of Yanbu, located in the Red Sea to boost its exports and avoid steep production cuts. Iraq, Kuwait, and the United Arab Emirates all reduced their output due to the U.S./Israeli war against?Iran. Wood Mackenzie, an energy consultancy, said that the war could cause crude oil prices to rise to $150 per barrel if it cuts the supply of Gulf oil by 15 million barrels a day. Morgan Stanley stated in a report that "even a quick solution probably implies weeks of disruptions for the energy markets." Market sources cited American Petroleum Institute data on Tuesday to confirm that U.S. crude oil, gasoline, and distillate stockpiles fell due to higher demand last week.
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WSJ reports that IEA is proposing the largest oil release ever from strategic reserves.
The Wall Street Journal, citing sources familiar with the issue, reported that the 'International Energy Agency' has proposed the 'largest release in oil reserves history to lower a soaring crude price? due to the U.S./Israel war against Iran. WSJ reported that the release of oil would be greater than the 182,000,000 barrels?of crude oil that IEA members countries released in two releases in 2022, when Russia began its full-scale 'invasion' of Ukraine. The Wall Street Journal reported that the IEA will convene an extraordinary meeting with its member states 'on Tuesday. They are expected to 'decide on the proposal - Wednesday. The newspaper reported that the proposal would be approved if no one objected, but even a single country's protest could delay it. U.S. and Brent crude futures fell after the report. The IEA or the White House didn't immediately respond to a request for comment. On Monday, benchmark oil prices rose to almost four-year highs but fell on Tuesday as U.S. president Donald Trump predicted that 'the war in the Middle East could end soon. The G7 energy minsters did not agree on a'release of strategic reserves' Tuesday, but instead asked the IEA for an assessment of the situation. (Reporting and editing by Himani Sarkar in Mexico City, and Tom Hogue.)
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Australian shares continue to recover as metal prices rise, boosting the rally of miners
Investors 'purchased' mining stocks on Wednesday, after a recent sale 'linked to the Middle East War, and stronger iron ore prices and gold prices boosted?the sector. As of 2339 GMT, the S&P/ASX 200 index was up by 0.2% at?8,713.10. The benchmark closed 1.1% higher on Monday. After a recent sell-off sparked by inflation fears linked to volatile energy costs, stocks are now on the road to recovery. The Middle East conflict has nearly erased gains from earlier this year. This leaves the benchmark index flat year-to date. U.S. president Donald Trump predicted that the conflict would end soon, even as Israel and the United States intensified their airstrikes against?Iran. This pushed oil prices up amid fears of supply disruptions. BHP Group shares rose by 1.1%, while Rio Tinto gained 0.7%. Lynas?Rare Earths rose as much as 14.8%, its highest level since October 21, after extending the agreement for rare earths supplies with Japan Australia Rare Earths until 2038. Gold stocks increased 1.6%, supporting mining sub-index. Gold prices rose nearly 2% over night on a lower U.S. Dollar and eased inflation concerns. The stock of Northern Star Resources gained 2.5% while Evolution Mining gained 0.5%. Financial stocks rose 0.5%. Among "big four" Australian banks, ANZ Group was the leader with a 1% gain, followed by Commonwealth Bank of Australia which grew 0.8% and?National Australia Bank, which grew 0.7%. Insurance companies also boosted the sub-index, QBE Insurance gaining 1.4% and Insurance Australia Group gaining 1%. Oil prices rose, while supplies from the Gulf were constrained. Energy stocks increased 0.5%. Woodside Energy, the oil and gas producer, and Santos have added 0.3% each. The technology stocks dropped 1.3% in line with Wall Street overnight decline as investors fretted about the prospect of war-induced economic stagnation. WiseTech Global fell 2.8%, while Xero dropped 1.6%. The benchmark S&P/NZX50 index in New Zealand rose by 0.8% to 13,194.21.
Trump says a new refinery is planned near the US border.
Donald Trump, the U.S. president, announced plans on Tuesday for a new oil refinery in Brownsville. He thanked Reliance Industries, an Indian energy company, for its contribution to the project. Trump announced the project as U.S. motorists are reacting to the spike in gas prices after the U.S. - Israel war with?Iran. He also made the announcement while Republicans and Democrats prepare for the midterm elections, which could determine the party that controls Congress during the final two years of Trump’s presidency.
America First Refining stated in a press release that, once operational, a 168,000 barrel per day (bpd), refinery, to be built in Brownsville, along the U.S.Mexico border would offset $300 billion of the U.S. Trade Deficit.
John V. Calce is the chairman and founder America First Refining. He said that this project represented a historical step forward in American energy production. "For the first half-century, the United States will build a refinery specifically designed for American shale oils."
Because they were designed in the past 40 years for heavy, sour, lower-cost crude oil, which is denser and contains more sulfur, many U.S. Gulf Coast refining plants are unable process light, sweet crude from fracking fields.
Calce praised Trump's administration for its energy policy, which emphasizes the production of U.S. crude by domestic refineries.
Reliance is India's largest company in the private sector. It was only identified as a global supermajor in Trump's America First statement, but Trump named it in a Truth Social post, stating that he had made a 9-figure investment at a 10-figure valuation.
Reliance has also signed a "binding 20-year term sheet" (offtake agreement) with America First, meaning that the company will purchase products produced by the refinery.
America First said it plans to begin construction 'in the second quarter this year.
Need Industry Experts Question
Analysts questioned the need for another refinery along the U.S. Gulf Coast. Eight of the ten largest refineries in the United States are already located there. Five of the biggest refineries in America are located in Texas. John Auers of Refined Fuels Analytics said that initial announcements by the Trump Administration are full of hyperbole.
In a Truth Social post about the project, Trump stated that the America First refinery will "fuel U.S. market, strengthen our nation security, boost American production of energy, deliver billions in economic impact and be the cleanest refining plant in the world."
Tom Kloza of Kloza Advisors LLC, principal analyst, stated that Gulf Coast refineries are more competitive than plants located in other parts the United States.
Kloza: "If Brownsville was indeed the site for the construction, I would presume that they were looking at an export refining facility." There is not much demand in the local area and no pipelines to transport Brownsville products elsewhere.
Kloza stated that U.S. refineries were the largest supplier of heating oil and motor fuels to South America. They also have lower prices for natural gas and crude oil.
Auers emphasized Reliance's history of refinery. The largest oil refinery on earth, Jamnagar in India, is operated by the company.
He said, "Let's wait and see." "Reliance has been a very successful business."
According to the company's website, Reliance has interests in oil refinery and petrochemicals as well as retail, new energies, digital services, and media and entertainment.
Two California refineries with a combined production capacity of 284,000 barrels per day (bpd) will permanently cease operations in 2025. They cite the strict regulations California has imposed on fossil fuel industries.
In the last decade, the 'cost of construction or additions to refineries of new refineries has averaged around $40,000 per barrel of capacity or $6.7 billion for about 168,000 barrels. According to the U.S. Energy Information Administration's report, the U.S. refinery capacity was 18.4 millions bpd by the end of 2024. This is expected to increase through a gradual increase in capacity until the 2030s.
(source: Reuters)