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Trump: 'Many countries' are sending warships to the Strait of Hormuz.
Donald Trump, the U.S. president, said on Saturday that a number of countries would send warships in order to maintain the Strait of Hormuz as a shipping route. He did not specify which countries would be doing this. Trump posted a message on Truth Social saying that "Many Countries will be sending War Ships in conjunction with United States of America to keep the Strait safe and open." Trump said that he hopes China, France Japan South Korea and Britain will send ships to the region. He wrote: "The United States will continue to bomb the hell out of the shoreline and shoot Iranian Boats and Ships into the water." The White House did not respond immediately to a question about whether countries had agreed to ship ships. Western nations have boosted their military presence in eastern Mediterranean as the conflict in Iran continues. They are focusing on the safety of Cyprus after an Iranian drone struck a British base on the island in March. John Healey, the British defence minister, said that Britain was also looking at additional options to deploy in the Gulf following an increase in Iranian attacks against vessels. A spokesperson for the Ministry of Defence said that on Saturday, the British government was in discussions with allies and partners to discuss "a range of possible options" to ensure "the security of shipping within the region". As part of its defensive support for allies, the French Navy has deployed about a dozen vessels, including 'its aircraft carrier strike groups, to the Mediterranean Sea, Red Sea, and possibly 'the Strait of Hormuz. French officials have been in consultation with European, Asian, and Gulf 'Arab countries over the last week to develop a plan to eventually have warships escort oil tankers through this strait. Trump stated on Thursday that the U.S. is?willing' to escort vessels through the Strait?of Hormuz in order to protect them against Iranian attack. His administration is looking for ways to reduce high oil prices caused by the U.S. and Israeli war on Iran. (Reporting from Bhargav Asharya in Toronto, and Milana Vinn, in New York. Editing by Toby Chopra. Sergio Non. Rod Nickel.)
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Argentina: US Justice Dept. backs bid to halt YPF discovery
The U.S. Justice Department filed a'memorandum' supporting Argentina's request to suspend a 'discovery' process in a New York Court case?related to the 'nationalization' of YPF state 'oil 'company in 2012, Argentina's Treasury Attorney's Office announced on Saturday. The filing was submitted to the Southern District Court of New York. It argues that the current discovery is too intrusive, and violates international principles of courtesy and reciprocity. The?U.S. The?U.S. Argentina wants to halt the discovery and withdraw a contempt complaint filed by plaintiffs Petersen Energia 'Inversora and Eton Park Capital Management who were awarded damages of $16.1 'billion. The litigation is funded in part by UK-based Burford Capital. Burford Capital would get a large share of any payout, and they had requested information about Argentina's gold reserves. Argentina asserts that the case is outside U.S. jurisdiction and should be governed Argentine 'law. It also claims that President Javier Milei, who has been in office since December 20, 2023, fully cooperated with 'legal requests. The government deems that the demands for discovery are disproportionate. Under Milei and Donald Trump's libertarian government, the United States -and Argentina- have strengthened their economic ties. Washington has become a major supporter of Argentina's plans to'seek out international investment'. YPF, Argentina's biggest oil and gas firm, aims to become a global energy company by developing the Vaca Muerta shale. This formation has the second largest shale-gas reserves in the world and the fourth largest shale-oil reserves. (Reporting by Lucila Sigal, Editing by Alexander Villegas & Emelia Sithole Matarise)
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Hamas urges Iran to refrain from targeting its neighbors, but asserts the right to self defense
Hamas, a militant Palestinian group that is aligned with Iran, has 'called on Iran not to target neighbouring lands while still reaffirming Tehran’s right to retaliate?to U.S. and Israeli?attacks. The group is making its first public comments on Iranian policy. The group has shown solidarity with Iran in the war, but so far it does not appear to have threatened any retaliatory action. The group said that while it affirms Iran's rights to respond to the aggression using all?available methods in accordance with international laws and norms, it urges?our brothers in Iran to not target neighboring nations. The statement also called on all countries and international organizations to stop the war immediately. Israel and Hamas reached an agreement on a Gaza ceasefire that was implemented in October. However, there have been frequent outbreaks of violence ever since. Israeli attacks against Gaza decreased at the beginning of the Iran war, but have now increased. Hezbollah in Lebanon, which is allied with Iran, opened fire on Israel March 2, to avenge the killing of Iran's Supreme Leader at the beginning of the war. Israel has since then pounded Lebanon, and targeted the group. Houthis from Yemen, who are allied with Iran, launched a military offensive against ships that they believed were affiliated?with Israel during the Gaza war. They have also shown strong support for Tehran. They haven't yet threatened to resume their attacks. (Reporting and editing by Jaidaa Taka; Toby Chopra).
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Reeves: UK considers targeted support for householders as energy costs rise.
In an interview published Saturday, Finance Minister Rachel Reeves stated that the British government was looking to offer "targeted support" to poorer households in order to reduce the impact of the rising energy costs caused by the conflict in the Middle East. Reeves, a Times reporter, said that the government is looking into options to help those affected by sharp increases in energy prices, particularly those who rely on heating oil. However, he ruled out a universal aid for all households because it would not be affordable. Labour, which is trailing Reform UK in the polls, has been under pressure by opponents to cap the regulated household tariffs, due to be reviewed in late May, and to cancel a planned increase in vehicle fuel duties in September. "I've?found money and we have worked out with MPs and others how to help people who aren't protected by the energy price cap. She said that the plan would help households who depend on heating oil. In Britain, more than one million households use oil as a heating fuel. This is especially true in rural areas without access to the gas grid. In Northern Ireland, almost half the households use oil as their sole source of heat. SHOCKS: HEATING OIL USERS WILL PAY MORE? The government's energy price cap does not cover heating oil, so consumers are more vulnerable to fluctuations in global oil prices. Reeves said to the Times that Treasury is modeling different scenarios depending on the length of the Iran conflict, including "more focused options" for support. She said, "I'm concerned about how high our debts are, given the debt we inherited. I want to see what other options there would be." The Competition and Markets Authority of Britain wrote to Reeves, on Saturday, saying that it would be contacting several firms involved in the distribution of heating oil as a "matter of urgency", to determine whether their practices were of concern. The letter by the CMA chief executive Sarah Cardell stated that "the CMA is at the initial stages of its review and it shouldn't be assumed that businesses have broken consumer protection laws, but we will not hesitate to enforce if any potential breaches are found." The CMA stated that it was also monitoring the vehicle fuel prices in order to determine if this situation was being abused. The Times reported that Reeves was planning to use his speech on Tuesday to not only address energy issues but also call for a more close alignment with the European Union's single?market in order to boost growth. She told the newspaper that Brexit was not good for her country, growth or prices at the shop. "It has been almost 10 years since the Leave vote. The ship may have sailed, but we still have a lot to do to improve our trade relations. We should align ourselves where it is in our national interests. (Reporting and editing by Toby Chopra, Louise Heavens, and Michael Holden)
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Sources say that some oil loading operations have been suspended following a fire in Fujairah.
After a fire broke on Saturday, some?oil-loading operations were suspended in the?Fujairah, an emirate of the United Arab Emirates, which is a major bunkering center. According to the media office of the emirate, debris fell from a drone during its 'interception.' However, no injuries have been reported. The civil defence forces are tackling the incident to contain it, according to the statement. The authorities did not give any information about the reported suspension of operations. Bloomberg News reported earlier that certain oil-loading activities in the port of Fujairah outside the Strait of Hormuz had been suspended following a drone attack. ADNOC (the state-owned oil company of Abu Dhabi) did not respond immediately to a comment request. ADNOC shut down its Ruwais refinery on Tuesday in response to an incident that occurred at a facility in the complex after a drone strike. This was done to prevent further disruption to energy infrastructure due to the U.S. and Israeli war against Iran. Source: (Reporting and editing by Sarah El-Safty and Jaidaa Verma, and Gareth Jones and Toby Chopra)
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Reeves: UK considers targeted support for householders as energy costs rise.
In an interview with?Saturday, Finance Minister Rachel Reeves stated that the British government was looking at providing "targeted support" for the poorer households in order to offset the impact of the rising energy costs caused by the conflict?in the Middle East. Reeves, a Times reporter, said that the government is looking into?options? to help those affected by sharp increases in energy prices. This includes those households who rely on heating oil. However, he ruled out a universal program for all homes, stating it would not be affordable. Labour, which is trailing the populist Reform UK Party in the polls, has been under pressure by opponents to cap the regulated household energy tariffs, due to be reviewed in late May, and to cancel a planned increase in vehicle fuel duty in September. "I've found the money, and we have worked with MPs and others to develop a response for those who aren't protected by the cap on energy prices. "We're providing greater support for those who are in need," she said of the plan to assist households that rely on heating oils. In Britain, more than a million households use?oil as a heating fuel. This is especially true in rural areas without access to gas grids. In Northern Ireland, almost half the households use only oil as a fuel. HEATING OIL USERS WILL SUFFER A LARGER PRICE SHOCKWAVE The government's energy price cap does not cover heating oil, so consumers are more vulnerable to fluctuations in oil prices. Reeves said to the Times that Treasury is modeling different scenarios depending on the length of the Iran conflict, including "more focused options" for support. She said: "I'm?concerned about how high our debts are, given the debt we inherited. And?so, I want to?look at the different options that would be available." The Times reported that Reeves will use his speech on Tuesday to?not only address energy issues but also call for a?closer alignment to the European Union's single market in order to boost growth. She told the paper that Brexit was bad for her country's growth and for prices at the shops. "It has been almost 10 years since the Leave vote. The ship may have sailed, but we still have a lot to do to improve our trade relations. We should align ourselves where it is in our national interests. (Reporting and editing by Toby Chopra, Louise Heavens, and Michael Holden)
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JERA's exec claims that there is no immediate shortage of LNG in Japan, but they are currently in negotiations for additional supply.
JERA, Japan’s largest power generator, is not facing a shortage of liquefied gas, despite the U.S. and Israel’s war against?Iran. However, JERA is in talks with long-term suppliers about possible additional supplies, according to a senior executive on Saturday. Global CEO Yukio KANI said that Japan's biggest LNG buyer, Global, handles around 35 million metric tonnes of super-chilled gas annually. Around 27 million tons of this fuel are used in Japan, with about 5% passing through the Strait of Hormuz. Iran has disrupted the shipping in the'strait', which is a conduit for 80% of the world's fossil fuel?supplies. Kani, speaking to reporters at the Indo-Pacific Energy?and Business Forum, said that there is no immediate LNG shortage. However, the team of the company is exploring the possibility of additional purchases with global suppliers, with whom JERA has long-term contracts. He warned that the 'Iran Crisis' may not end soon. If the crisis worsens, and the Strait of Hormuz is closed, it may be necessary to consider working with the Japanese government on measures like asking consumers to conserve energy or restarting coal-fired power plants. (Reporting and editing by William Mallard; Yuka Obayashi)
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Kharg Island, which was struck by the US, is a key hub for Iran's oil exports
Kharg Island is the center for 90% of Iran’s oil exports. It has been viewed as a key vulnerability by Tehran and would prompt a severe response if attacked. Donald Trump stated on social media that the U.S. had "totally destroyed every MILITARY Target" on Kharg. He also threatened to target oil infrastructure if Iran continued to interfere with shipping through the Strait of Hormuz. Iran has increased its oil production in preparation for the launch of Israel's and the U.S.'s war on February 28, and continues to ship between 1.1 and 1.5 million barrels of oil per day according to data from TankerTracker.com. The markets were watching for any signs that Kharg's complex network of terminals, pipelines and storage tanks had been damaged by the strikes. Even minor disruptions can further restrict global supply and add?pressure to a volatile market. Dan Pickering is chief investment officer at Pickering Energy Partners. He said: "If you remove Kharg infrastructure from the market, 2 million bpd will be permanently removed. Iranian media reported that Iran's armed force said on Saturday that any attack against Iran's oil or energy infrastructure would lead to attacks against energy infrastructure owned by oil companies cooperating in the region with the U.S. "I am very worried that it raises the temperature, and Iran has less to lose. It seems to escalate. When Iran is pushed into a corner, it will act with greater confidence. This was the opinion of Patrick De Haan an analyst at U.S. fuel prices tracker GasBuddy. Iran has almost completely shut down shipping through the Strait of Hormuz. Through this channel, 20% of world oil is transported, mainly to Asia. Key Supply Source for China Kharg is located 16 miles (26km) off the coast of Iran, approximately 300 miles (483km) northwest of Strait of Hormuz. The waters are deep enough for tankers to dock that would otherwise be too large to enter the shallow coastal waters of the mainland. China is the largest crude importer in the world and has taken measures to protect its supply amid the Middle East disruptions. According to tanker tracking company Kpler's data, Iranian oil accounts for 11.6% (or a total of 16,000) of China's seaborne imported goods so far this season. Most are bought by independent refiners who were attracted to the deeply discounted prices because of U.S. Sanctions on Tehran. Kpler data indicates that Iran exported 1.7m bpd of crude oil so far this season, with 1.55m bpd being shipped via the?Kharg. Kpler data revealed that Iran's exports had risen to 2.17 million barrels per day in February, before the war. The data revealed that it shipped a record 3,79 million bpd during the week ending February 16. Kharg's storage capacity is approximately 30 million barrels. It held about 18 million barrels as early March according to Kpler data cited in a JP Morgan Report. According to TankerTrackers.com, satellite images reviewed on Wednesday showed that multiple very large crude oil tanks were loading in Kharg. Iran is the third largest OPEC oil producer, producing about 4.5% global oil supply. Iran produces about 3.3 millions bpd crude oil, plus 1.3million bpd condensate.
Maguire: New five-year plan to cut subsidies will focus on China's EV exports.
China's car industry has been a major disruptor of the global automaker industry for the last decade. Its electric vehicle producers have replaced combustion engine cars at home, and have also flooded the global market with record exports.
The country may have to reverse its electric vehicle exports and output following a major policy shift that will reduce EV subsidies in the upcoming five-year plans.
China's top industrial policymakers have omitted electric cars from the list of strategic industries in their 2026-2030 Development Agenda, China's main industrial strategy blueprint.
Industry analysts interpret the omission as Beijing's willingness to let the market shape the EV industry after years of state-sponsored support.
The subsidy reductions are expected to lead to a much-needed downsizing and rationalisation of the overcrowded sector that includes more than 150 different car manufacturers.
The global auto market is expected to be affected by these changes. Many markets have been overloaded with cheap Chinese exports, which were shipped overseas when domestic markets were saturated.
In the future, rival automakers may see growth opportunities in foreign markets that were previously clogged.
The following is a list of the top destinations in the world for Chinese EVs sales over the past few years. This will give you an idea of where other automakers can find growth as Chinese companies start to retreat.
MASSIVE REACH
According to data from the energy think tank Ember (which includes Ember's own research), China exported EVs to more than 200 countries in 2025, bringing in a total of nearly $48 billion.
Belgium was the top destination overall from January to September of this year, with sales worth approximately $5 billion.
Brazil, Australia, and United Arab Emirates were also among the top 10 Chinese EV destinations in 2018. They purchased another $6.5 Billion of Chinese electric vehicles between them. This shows the broad range of markets that Chinese vendors have tapped.
Europe is the largest market for Chinese EVs. Since the beginning of 2018, the continent has accounted for half of the total Chinese EVs exported. Europe has already imported about $20 billion worth of Chinese electric vehicles in 2025.
Since 2018, exports to other Asian countries accounted for approximately 20% of the total and $12.5 billion in 2018.
Latin America and Middle East are next biggest markets with sales of approximately $6 billion and $4 billion respectively in 2025.
RAPID GROWTH
EV exporters have expanded their sales to other regions, so that now every major auto market in the world has at least a sample of Chinese EV offerings.
Africa has seen the biggest year-over-year increase in the imports of Chinese electric vehicles in 2025. The continent recorded a 184% jump in Chinese EV purchases from January to September in comparison to the same period in 2024.
Ember data show that Africa has imported about $1 billion worth of Chinese electric vehicles so far this calendar year. This is a small amount compared to Europe, which imports around $20 billion. However, it is more than twice the amount Africa will receive in 2024.
Middle East saw the second largest increase in Chinese EV imports in 2025. The jump was 71% from the same period in 2024, to $4.5 billion.
Oceania, primarily Australia and New Zealand, has seen a 45% increase in sales this year. Asia (+43%) Europe (+10%), and Latin America (+17%) have also experienced steep increases in Chinese EV imports year-over year.
In fact, North America is the only region that has seen a decline in Chinese EV exports. This has occurred primarily due to the ongoing U.S./China trade dispute.
SURGE SALES
EVs are a significant part of the export revenue that Chinese companies have received.
Fourteen countries have already spent more than a billion dollars on Chinese EV imports in 2025. Another 12 have spent between $500 and $999 millions.
The most impressive part is that 31 nations, from Ecuador to Armenia, Tajikistan and Myanmar to Myanmar have spent between $100 and $499 millions on Chinese EV imports this year.
In the future, a large number of rapidly growing markets could be a lucrative hunting ground for other automakers. This is especially true if China's EV production drops sharply once the consolidation of the sector begins.
These are the opinions of a columnist who writes for.
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(source: Reuters)