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Oil prices rise as a result of the US-Iran standoff
The oil prices increased on Tuesday as the United States and Iran negotiations over a deal to end the conflict and reopen the Strait of Hormuz reached a stalemate. Meanwhile, uncertainty about the outlook for global inflation dampened global stock markets. U.S. president Donald Trump responded on Monday with his own 'demands' to Tehran’s conditions for a deal. He called for Iran to compensate those who died in wars and attacks, as well as protests. This could complicate efforts to reopen this crucial waterway. Brent crude futures rose 5% over the past two days and last traded at $88 per barrel. This was their highest price since July 31, and almost 25% higher than early July's near four-month lows. Tony Sycamore is a market analyst for IG. He said, "This will be almost a war of attrition." "You can probably see the (oil market) sitting around $75 to $95 while we wait to find out who blinks first." The U.S. consumer price report for July will not include the latest rise in energy prices, but it can still be used to set expectations for September's Federal Reserve Meeting, where money markets indicate a 50% chance of an increase. Jonas Goltermann is the chief markets economist of Capital Economics. He said: "We believe that risks are skewed in favor of a hot print. This would likely drive a recovery in rate expectations, and potentially, new worries about stagflation." U.S. treasury yields increased in Europe in tandem with a modest decline in global bond prices. The yields on 2-year Treasury bonds were up by 1 basis point to 4.253%. Meanwhile, 10-year Treasury bond yields rose 2 bps to 4.72%. The latest news, which has seen yields and commodities prices move higher, has changed the mood from last week, when the doves seemed to be in control. Europe's STOXX 600 index drifted during early trading but was not far from last week's records highs. MSCI's All-World Index edged down by 0.1%. Nasdaq Futures rose by 0.1% while S&P500 futures were flat. On Monday, the benchmark indexes declined. Nvidia announced overnight that it has teamed up six major financial institutions, including BlackRock and Apollo, to create a?set of funding measures for AI infrastructure worth more than 500 billion dollars. The company did not provide much detail in terms of financial terms, commitments to invest, or how $500 billion would fit into current funding arrangements. Sycamore continued, "A small piece of me wondered if this was how I felt when subprime mortgages became mainstream - an innovation that ultimately helped to trigger the GFC." Another sell-off of Nvidia bonds highlighted some of the investor concerns. The 2% bond maturing 2032, which was the last to yield 4.887% on Tradegate's platform, is up almost 7 basis points from Monday. Intel has raised $20 billion in a share offering, its first since 1971 when the chipmaker was listed. Intel shares in Europe increased by around 1%. The yen, among currencies, was once again in the spotlight. It weakened past 159 and was well off its high of last week of 155.20, after several suspected rounds, including a move by Japan and United States. The holiday season in Japan led to a thinner trading volume than usual. This is often seen as an indication of possible intervention, since smaller trades have a greater impact on prices. The Australian dollar fell 0.07%, or $0.7049, after the Reserve Bank of Australia held its cash rate at 4.35%, for a second consecutive meeting. However, it said that if necessary, they might raise their rate again to control inflation. Gold, which is up 8% this month so far, fell 0.6% on the day to $4,365 per ounce.
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Gas shortage forces Norsk Hydro to reduce alumina production by 50% at Alunorte.
Norsk Hydro said on Tuesday that its Alunorte refinery in Brazil had reduced output to 50% due to a decreased supply of natural gases, which helped send aluminium prices up to a 7-week high. Alunorte, located in Para state, is capable of producing?6.3 millions metric tons of aluminum per year. Around two tons of alumina (a refined substance from bauxite) are required to make one tonne of aluminium. After being informed by CELBA of the disruptions in gas availability, the?Norwegian firm said that it had taken contingency steps to reduce?the impact? on Alunorte's operations. The Norwegian company said that it had taken measures to mitigate the impact on Alunorte operations, including purchasing spot gas volumes and requesting direct access the Barcarena Liquefied Natural Gas receiving and regasification Terminal. It also temporarily reduced alumina production by 50%. Hydro stated that the financial impact of the third-quarter production reduction and the?purchase of gas at a price above the contract rate?could be between $75 million and $100 million. Alunorte's production will ramp up as soon as gas availability returns to normal, it said. The benchmark three-month aluminum?prices at the London Metal Exchange rose by as much as 2% on Tuesday to $3,382.50 per ton, the highest price since June 22. This was due to the dwindling inventory and disruption in?supply coming from war-torn?Middle East. (Reporting and editing by Elviira luoma, Keith Weir, and Tom Daly)
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Romania may shut down its nuclear reactor Thursday due to the fall in Danube levels
Nuclearelectrica, the state-owned producer of?nuclear energy?in Romania, could close its last reactor working on August 13, as the levels on the Danube continue to drop, the company said on Tuesday. This is despite attempts to divert cooling waters to the plant. Nuclearelectrica was forced to shut down a reactor due to the record-low river levels in late July. Two reactors are located in Cernavoda, on the Danube. They account for about a fifth of the power produced by the country. Romania has taken unprecedented steps to keep its only working reactor operating. These include detonating an obstruction of rocks out of the water and dredging riverbeds. They have also lowered barges filled with rock into the Danube in order to redirect the flow around the power station. Nuclearelectrica stated that the possibility of a controlled shut down (of the second reactor) depends on monitoring the weather forecasts and operational parameters for the next period. A director of the state water management agency stated that the levels on the Danube had dropped to a record low of 1,370 cubic meters of water per sec at its Romanian entrance point on Tuesday. The shutdown was "unavoidable", he added. Romania declared an energy emergency in August, and has asked households and businesses to reduce their consumption during evening peak hours. The government has prepared a system to cut off power in stages for industrial users with advance notice, if necessary. After a rise in the Danube's water level, Hungary began?to turn back on a nuclear turbine at Paks?on Monday. The water management agency stated that rains upstream will not affect Romania as it is the last country where the Danube enters the Black Sea. This summer, Europe was ravaged with record-breaking heat, and wildfires that caused havoc to the power, shipping, and health systems. (Reporting and editing by Emelia Sithole Matarise; Luiza Ilie)
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Sources say that Coal India is considering buying Canada's Wealth Minerals division for Chile's lithium assets.
Two sources with knowledge of the matter have confirmed that Coal India is considering the acquisition of a unit?of Canada's Wealth Minerals, which has lithium mining assets?in Chile. This move will be one of India's biggest efforts to secure lithium resources overseas, which is a vital mineral used in the production of electric vehicle batteries and storage systems. India has only had limited success in acquiring vital mineral assets overseas. It has only secured one lithium exploration and mining agreement overseas, which covers five blocks in Argentina by 2024. One source said that as a first step Coal India, and Kuska Minerals (the Chilean subsidiary of Wealth Minerals), had jointly applied to the Chilean Government for a licence to extract lithium. Alternatives to Joint Ventures The acquisition will be decided once the mining license is obtained. "Once we have the mining licence, we'll decide what to do next," said the source, refusing to be identified as the discussions were confidential. According to its website, Wealth Minerals also has two lithium projects in?Chile. Sources said that Coal India might?alternatively create a joint venture, but the structure, ownership split, and investment commitments are yet to be determined. Coal India and Wealth Minerals did not immediately respond to requests for comments. In April, it was reported that Coal India and Wealth Minerals were in discussions about a possible joint venture. For the first time, discussions about acquiring its Chilean-focused lithium unit have been reported. Source: Coal India and Wealth Minerals had applied for the licence to mine in October 2025. However, due to the change in government in Chile, the process took time. The second source stated that Coal India is in the final stages after months of talks to purchase the?unit, but that the deal cannot proceed until a mining license has been granted. According to the U.S. Geological Survey, Chile has the third largest lithium resources in the world, estimated at 13 millions metric tons. This is behind Argentina and Bolivia. Geological Survey. India encourages state-owned companies in the country to purchase overseas mineral assets, as New Delhi aims to reduce its reliance on supply chains dominated by China. The?government signed agreements for critical minerals with Argentina, Australia, and Japan and is currently discussing broader arrangements including critical mineral partnerships, with Peru, Chile, and other countries. In this year, India signed agreements with countries such as Germany, Brazil, and Canada to improve access to technology, expertise, and mineral partnerships. Reporting by Sethuraman NR & Neha Arora. Mayank Bhardwaj, Mark Potter and Mayank Bhardwaj edited the story.
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Russia claims it struck military warehouses and steelworks in the overnight Ukraine strike
The Russian Defence Ministry announced on Tuesday that it had carried out overnight strikes on military-related transport and logistics centres located in Kyiv, the Ukrainian capital. It also said its forces struck a major steel and iron works in Zaporizhzhia which was aiding Ukraine's efforts in Zaporizhzhia. The Ukrainian government said that the 'attacks' had caused the deaths of six people in Zaporizhzhia, in the south-east and 20 injuries in Kyiv. ?Both sides deny deliberately targeting civilians. The Russian Defence Ministry announced that it had struck a sorting facility in Kyiv, which, according to the ministry, was responsible for storing and distributing dual-use items, such as components used in the production of drones with long and medium ranges, robotic systems, and electronic warfare gear. It also said that it had struck the Kyiv-3 logistics and transport centre, which it described as an enormous warehouse complex where it claimed to have stored attack 'drones', ground control stations, and their components. It said that its strikes in the 'city of Zaporizhzhia had targeted the Zaporizhstal metalurgical plant. This is part of the 'Metinvest group. They described it as a leading producer of flat-rolled.steel, which they said was used for protective.structures, fortification module, armour for military vehicles, and plates for body armor. The ministry also said that it intercepted or killed 396 Ukrainian drones in 15 different regions over the course of one night. Andrew Osborn, Reporting and Editing.
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As global warming transforms Mediterranean, invasive species flourish.
Pepis the skipper of the small fishing boat catches two lionfish in experimental?traps near the coast of Cyprus. He cuts off their spines and guts them before tossing them into a bucket. Around him, he sees the Mediterranean as a 'pane of glass. Its calm surface gives a 'little hint of dramatic underwater transformation. Pepis' routine is part of a larger effort by scientists in order to track and control invasive species like lionfish. The Suez Canal and warming sea temperatures have led to a change in the way life is lived here. According to a recent study by the Cyprus Academy of Sciences, Letters and Arts, scientists from 11 countries conducted research to estimate that a new species enters the Mediterranean every 2 weeks. The report stated that there were more than 1,000 non native species in the Mediterranean. This is up from the 800 or so counted by another study conducted by the European Environment Agency between 2012 and 2017. Experts said that tropical species from the Red Sea, and elsewhere, are dislodging native species and changing food chains. They also threaten fisheries. This is another example of climate change's impact on Europe this summer, which caused record heatwaves, fires and drought. It's also a major concern for environmentalists. Despite only accounting for 0.8% of global ocean area the Mediterranean is home to a large number of marine species, some estimate as high as 18%. "Changes are drastic, particularly since 2000,"?said Periklis Kleito, a marine biologist at the Cyprus Marine and Environmental Research Lab (MER), which is researching ways to reduce invasive species' impact. "We are seeing more and more non-indigenous species dominating the marine environment, but fewer native species." NEW ARRIVALS TAKE OVER The lionfish is a punk-like creature with a mohican spiky on top of a permanent frown. Scientists say that it has no known predators in the Mediterranean, and has an appetite for local fish and crustaceans. Around Cyprus, MER tests selective traps that attract lionfishes and blue crabs but allow other species to escape. In Greece, alien species are becoming more common and disrupting the marine ecosystems. Paraskevi Karachale, director of research at the Hellenic Centre for Marine Research, says that more than 230 species have invaded Greek waters over the past decades. The newcomers affect the ecosystem in different ways. Karachle said that rabbitfish, which graze on algae to create barren areas under the sea, compete with native Mediterranean herbivorous species. Lagocephalus, or silver-cheeked pufferfish is a carnivore with toxins that can be deadly to humans. It attacks other fish, and has been linked to reports of decreased octopus catch. It looks like an aggressive bruiser, with bulging eyeballs and buck teeth. The Greek and Cypriot governments have given out bountys to fishermen who catch pufferfish. "Invasive species have taken over our seas and this affects local biodiversity?as?well as the economy," said Christina Kakoulli a marine scientist at MER. Looking for ways to adapt Scientists are searching for ways to adapt. One way to adapt is to make consumers accustomed to eating different types of fish. Once the spines have been removed, lionfish can be eaten. Pepis, the skipper, suggests that you dust it with flour prior to frying. "At first people were scared, but now they know it's a delicious, high-quality fish," said Petros Yanangou, a Chef who works with MER in Life Prometheus. The project is funded by the European Union and looks for ways to reduce the accidental capture of rays and sharks while encouraging harvesting invasive species. Markets are opening up in?Lebanon, Turkey and Tunisia. Atlantic blue crabs also have customers there. Karachle, a Greek marine researcher, said that Greek researchers tested methods to remove toxins from pufferfish so they could be used as fishmeal in the production of farmed seabass. Researchers have also explored the use of alien species for cosmetics, food supplements and leather products. It may be easier to find uses for these newcomers than to pinpoint a single trigger for their impact and spread. Scientists believe that the situation requires long-term, sustained monitoring. Kleitou stated that the sea was very complex. It has so many variables that are all interacting simultaneously. (Written by Michele Kambas, edited by Edward McAllister & Keith Weir).
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German far-right influential seeks US funding for new media networks
The Handelsblatt newspaper in Germany reported that a 'German far-right influential whose online postings have been 'amplified by Elon Musk?has applied to the U.S. State Department for funding to launch a network of media for political content. Naomi Seibt is a self-professed Libertarian who supports the far-right Alternative for Germany. She told Handelsblatt she had applied for a U.S. State Department program that supports European organizations focused on free speech, national sovereignty and the impact of immigration. Seibt, a reporter for the outlet, said that a decision is still pending on the application. Seibt didn't respond to a request for comments sent by. State Department did not have any immediate comments. The 25-year old plans to launch "Freedom Alliance of the West", a network that will include a social media channel and collaboration with lawyers who are involved in cases of free speech, alternative media outlets and voting institutes. Seibt became famous as a skeptic of climate change and then became 'one of the German commentators Musk engaged with most often on his social media 'platform X. According to the report, Seibt requested political asylum in the United States during the past year. (Writing and editing by Miranda Murray, Friederike Heine)
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Aluminum reaches seven-week peak on declining stocks
Aluminum prices climbed?for the seventh time in seven sessions on Tuesday as concerns about a tight supply?and an ongoing shortage?boosted light metal. Benchmark 'three-month' aluminum on the London Metal Exchange rose 1.01% to $3,351 per metric ton at 0700 GMT. This was the highest price for aluminum since June 23. The most traded aluminium contract at the Shanghai Futures Exchange increased by 0.89%, to 24,250 yuan (about $3,595.15) per ton. This is its highest level since June 15. Rupankar RM is the head of AL Circle's market research and data analytics. "Aluminium’s rise reflects the continued tightness on the physical market. LME inventories are extremely low, and the supply from Bahrain and UAE has yet to fully recover," Rupankar RM said. The U.S. - Iran war has caused a disruption in aluminium shipments originating from Middle East producers, who account for 9%?of?global capacity. The hopes of a 'deal' between the two nations faded Tuesday when U.S. president Donald Trump demanded Iranian compensation. A rising dollar has dampened copper's support due to supply concerns. A more expensive dollar makes greenback-denominated commodities more expensive for those using other currencies. The price of copper on the LME fell 0.16% while the price on the SHFE rose 0.31%. Cash-to-three month spread on the LME The price of a ton dropped sharply from $145.5 to $145.5, indicating a tight physical availability. LME stocks of red metal As traders consider a possible U.S. import tariff on refined copper, prices have dropped sharply. Market participants are closely monitoring macroeconomic data to determine inflation and what it could mean for interest rate changes. Daniel Hynes, senior commodity strategist at ANZ, said that higher rates are likely to affect industrial metals because they will weigh on economic growth. Zinc fell?0.08% on the LME, while lead remained stable, nickel remained?steady, and tin dropped 0.53%. Zinc gained 0.41% among SHFE metals. Lead gained 1.02%. Nickel lost 0.38%. Tin lost 1.04%.
Spain prepares to eclipse in the shadow of wildfire risks
Spain is launching a massive public safety campaign and police operation ahead of a rare solar eclipse that will occur on August 12th, which coincides with the highest risk period for wildfires in the country.
The regional governments in Spain along the path of the eclipse, which offers the best view of the solar event on mainland Europe, are trying to attract 6 million visitors by establishing 660 official viewing areas along with camping and parking facilities.
Virginia Barcones is the secretary-general of Civil Protection and Emergencies in Spain's Interior Ministry. She said that more than 35,000 officers would be deployed to minimize risks, such as fires from dropped cigarettes, associated with large gatherings held in natural areas.
"We had a very tough summer in Spain with another series of major forest fires. Barcones stated that we should limit any activity which could cause a spark.
Temperatures to reach 40 degrees Celsius
The control room in Madrid is where the authorities will coordinate a surveillance operation with regional governments.
The total solar eclipse visible only in Spain and Iceland at early evening on Wednesday is a good example of the way climate change will affect major public events.
Aemet, the Spanish weather agency, has issued an alert for several Spanish regions on the day of eclipse. This is due to temperatures of up to 40° Celsius (104° Fahrenheit), and a high or very high wildfire risk.
Spain, France, and Greece have all battled severe wildfires and heatwaves in an increasingly tinder dry Europe this summer.
Three major wildfires had been burning in the provinces Huelva and Segovia by Monday evening. According to the Environment Ministry, so far this year fires have scorched 200,000 hectares, six times as much as they would by 2025.
"This is the worst time of the year" Raul de La Calle, Secretary-General of the Association of Forest Technical Engineers said that statistically this is the week in which the most fires happen in Spain.
FEAR OF RURAL CROWDS
Residents of small towns are launching their own campaigns to encourage visitors to avoid sensitive natural sites.
Monte en Pie, a local group that aims to keep forests alive, staged a demonstration in Buitrago, a small town north of Madrid.
Tres Cantos, a nearby town, cancelled all events for the eclipse day due to wildfire risk. However, around 3,000 people including Madrid's regional leaders are still expected to attend an observation site near Buitrago.
Monte en Pie argues, that although the eclipse may only last?a few moments, the damage done?by a wildfire of a significant size could last for decades.
"We live in an area with a high risk of wildfires." The countryside is very dry, so it's not allowed to barbecue or use machinery. Ana Hernandez, group leader, said that the more people present, the greater danger.
Around 1.5 million people are expected to be driving in rural Spain, northwestern Spain and central Spain during the day.
Local and national authorities have launched campaigns to raise public awareness. They warn in social media, local media, and online visitor forums against littering, parking in unauthorised areas and using barbecues.
However, fire risks don't seem to deter astro-tourists. Booking.com, a travel platform, reported that foreign searches in cities like Burgos and Soria had more than tripled. Amadeus data revealed that bookings for Asturias' northern region were up by 292% compared to a year ago.
According to the industry association ASEICAR, 70% of Spain's motorhomes, caravans and campervans are already booked for eclipse-related travel. This is around 500,000 vehicles. Corina Pons, Aislinn laing and David Holmes edited the article.
(source: Reuters)