Europe

On Sunday, the United States and Iran will begin 'peace talks' in Switzerland. U.S. officials have disputed Iranian claims that the Strait of Hormuz is closed. Iranian state media reported that high-level Iranian officials arrived in Switzerland to hold peace talks with the U.S. The U.S. and Iran had agreed on a 60-day truce while negotiations are taking place. However, the Islamic Revolutionary Guard Corps of Iran declared the Strait of Hormuz closed, despite the U.S. Military stating that commercial vessels have continued to operate in the waterway. These developments could complicate negotiations between the two sides to implement an...

On Sunday, the United States and Iran will begin peace talks in Switzerland. U.S. officials have disputed Iranian claims that the Strait of Hormuz is closed. Iran's state-run media reported that a high-level Iranian delegation had arrived in Switzerland to begin peace talks with the U.S. JD Vance, U.S. vice president, left Washington on Saturday for meetings Pakistan has said will start Sunday. The U.S. and Iran had agreed to a ceasefire for 60 days while negotiations are taking place. However, the Islamic Revolutionary Guard Corps of Iran declared the Strait of Hormuz closed on Saturday, despite the U.S. Military...

Volodymyr Zelenskiy, the Ukrainian president, said that Ukrainian drones struck an oil refinery in Russia's Tyumen Region, located in western Siberia. This was more than 2,000 kilometers (1,200 miles), from Ukraine. He said that Ukraine has also developed long-range drones with a range of more than 3,000 kilometers. In his video message, Zelenskiy thanked the Ukrainian military's special forces for reaching Tyumen Region, Russia, and a?oil refinery. More than 2,000 kilometers from our state boundary. "This is effective work." Ukraine's military is engaged in a long-term campaign of?strikes against Russian targets. The focus has primarily been on the oil industry,...

Axios reported that the personal envoy of U.S. President Donald Trump and Iran's Foreign Minister were heading to Switzerland to hold talks. However, Axios also noted that Israel's deadly strikes in Lebanon on Sunday could be a test for a new ceasefire to end the Iran War. The talks led by Steve 'Witkoff' and Abbas Araqchi are an attempt to transform a 14-point interim pact that was signed this week into a regional agreement to end the war between Israel and the United States, which began on February 28. Lebanese media reported that Israeli drones and air strikes killed at...

Israel and Hezbollah reached a ceasefire agreement in Lebanon on Friday, after an escalation of fighting in Lebanon threatened the chance that an interim deal on ending the Iran war would become a lasting Middle East Peace Deal. U.S. and Iran talks scheduled for Friday in Switzerland were canceled as fighting flared up in Lebanon. This created new uncertainty about the timing of negotiations crucial to reopening the Strait of Hormuz to global shipping. According to a senior U.S. government official, a ceasefire will be in effect at around 4 pm Lebanon time (1300 GMT). The official added that the...

Israel and Hezbollah reached a ceasefire agreement in Lebanon on Friday, after an escalation of fighting in Lebanon threatened the chance that an interim deal to end the war in Iran would become a lasting Middle East Peace Deal. U.S. - Iran talks?in Switzerland scheduled for Friday have been cancelled due to the fighting in?Lebanon. This has created new uncertainty regarding the timing of the negotiations crucial to ensure that the Strait of Hormuz is reopened to global shipping. Just before 4 pm, Lebanon time (1300 GMT), a senior U.S. government official announced that a ceasefire was to be implemented...

The top court of Italy acquitted on Thursday two prosecutors from Milan who were accused of not submitting documents that would have supported the position of energy group Eni in an international corruption case. Eni, Shell and all other defendants were acquitted of the charges in March 2021, in what had been described as the largest corruption case in the oil industry, relating to the $1.3 Billion acquisition of an oilfield in Nigeria more than 10 years ago. The Italian highest court, the Court of Cassation, reversed a lower-court ruling and acquitted Prosecutors?Fabio de Pasquale, and Sergio Spadaro. They said...

Rumen Radev, Bulgaria's Prime Minister, said that the country will veto the latest European Union sanctions package against Russia. This is because they may negatively impact its economy. Also, because their government does not agree with the sanctions against a Russian Bishop. The EU's sanctions list was expanded on Monday by adding a total of?34 people and 47 entities that are linked to Russia’s military and industrial complex. It also includes a shadow fleet?of?oil-and-gas tankers?and others who have been involved in political interference. This includes a Russian Orthodox bishop. Radev said that the operation of Lukoil, the Russian oil company,...

A senior U.S. government official told reporters that both Iran and the U.S. could walk away from the memorandum they were set to sign on Friday. Future 'talks' will likely?focus? on the exact sequencing of the steps outlined in the preliminary agreement, the official said. The official, who spoke under the condition of anonymity read out the 14 point memorandum which is to be signed in Switzerland. The official said that upcoming meetings in Switzerland will be "critical" to ensuring the memorandum can develop into a comprehensive agreement. A senior U.S. government official stated that the meeting in Switzerland would...

Diezani Alison Madueke, the former 'Nigerian Oil Minister' was found not guilty on Wednesday by a London Jury of?six charges of bribery?after a rare?corruption?trial?of an high-profile?former energy official. Alison-Madueke was the minister of petroleum resources under Goodluck Jonathan between 2010 and 2015. She faced five charges of accepting bribes, and an additional charge of conspiring to commit?bribery. Both of these she denied. The prosecution alleged that Alison-Madueke 65 was granted "a luxurious life" in London by oil and gas industry leaders seeking lucrative contracts for?Nigeria which has been plagued with corruption and mismanagement. The former minister who was briefly president...

The French economy is set to grow modestly in '2026, as a spike in oil prices squeezes consumers. This will only be partially offset by a recovery in industrial production, according to the national statistics agency INSEE. INSEE's latest outlook forecast that the euro zone's 2nd-largest economy will grow?0.7% in this year following a 0.9% growth last year. The oil price spike caused by the Iran War would be a 0.2 to 0.3 point drag on the economy. INSEE stated that as companies pass higher costs on to consumers, the households will 'bear the brunt' of the energy crisis due...

Officials from Venezuela's PDVSA state oil company and Spanish energy group Repsol have signed a "crude and gas agreement" to boost production in the northwestern part of Venezuela. Hector Obregon, PDVSA president, said that at an event held at the Government Palace, the deal offers "exploration" opportunities on the eastern shores of Lake 'Maracaibo where the two companies already operate the Petroquiriquire Joint?Venture, which could add 20,000 barrels of light crude per day to the current average production of around 40,000?bpd. In comments broadcast by state television, he said that the additional crude would supply the Paraguana Refining Center, which...

The government announced on Monday that Britain would invest PS50million ($66million) in order to increase 'domestic production' of key minerals. This is part of a move to reduce reliance on centralized global supply chains and strengthen economic resilience. The funding will be used to support projects in extraction, processing, and recycling. These are aimed at securing the materials that go into products such as smartphones, fridges, and electric vehicle batteries. This is in addition to the more than PS200million already committed for this sector. The Industry Minister Chris McDonald will launch the programme at a centre for industrial research located...

A Mozambique executive said that the new law, which requires the state to have a 15% share in all mining ventures, could discourage foreign investment. The'southern African nation' is among the world's leading producers of graphite. This material is used to make batteries for electric cars and energy storage. Mozambique claims it has amended its mining law to "strengthen its management of strategic resource in defence of?national interests", but the Chamber of Mines of the country fears that it may upset?investors. Geert Kok, vice-president of the industry group, said at a mining conference held in Victoria Falls, Zimbabwe, "We regret...

Gold prices remained stable on Thursday, despite a hawkish Federal Reserve policy and a stronger Dollar. The U.S. Iran ceasefire agreement, which reduced inflation fears and sent oil prices lower, also helped to keep gold at a reasonable level. At 10:30 am, spot gold was down by 0.3% to $4,246.55 an ounce. ET (1430 GMT). Last week, prices reached their lowest level since November 2025. U.S. Gold Futures dropped 2.7% to $4.264.30. The Fed's hawkish tilt yesterday was most important. The dollar is at new record highs, and this keeps gold under pressure, according to Peter Grant, senior metals analyst...

A Zimbabwean executive revealed on Thursday that the Mimosa Platinum Mine, owned jointly by Impala and Sibanye Stillwater in Zimbabwe, has revived its $130m North Hill Life-extension Project after a recovery in metal prices. Mimosa, Zimbabwe’s second-largest?platinum manufacturer after Impala’s Zimplats suspended the project in 2020 as prices plummeted amid destocking and weak automotive demand, with expectations of rapid adoption of electric vehicles. The price of platinum group metals, used as autocatalysts, has recovered since then. This is due to a tight supply coming from the top producer in South Africa. Mimosa is looking at an extension of its mine...

Riccardo Orcel - a former senior banker of the Russian state-backed VTB Group, and brother to UniCredit's CEO Andrea Orcel – helped broker a deal for UniCredit to sell its Russia business. His involvement, which was previously unknown, provides insight into the way Italy's second largest bank negotiated a deal with Russia. He drew on the expertise of the former VTB executive - who was one of the most well-known Western bankers working in Moscow. Riccardo orcel left VTB in the past, and it is now subject to Western sanctions. In a press release, the bank stated that "UniCredit?confirmed" that...

Gold prices rose on Thursday, as a lower oil price following the?U.S. Iran ceasefire agreement countered pressures from a stronger US dollar and hawkish Federal Reserve language. Gold spot was up 0.2% to $4,264.67 an ounce by 0913 GMT following a 1.7% drop on Wednesday. U.S. Gold Futures dropped 2.2% to $4285.00. Oil prices dropped after the U.S. signed an interim deal with Iran that would 'end their conflict,' reopen Strait of Hormuz, and lift U.S. sanctions against Tehran oil. This boosted the outlook for oil supplies. Han Tan, Bybit's chief market analyst, says that gold is on the rise,...

Gold prices rose on Thursday, as lower oil costs following the 'U.S.-Iran truce deal' helped bullion recover losses from the previous session caused by Federal Reserve rhetoric that was hawkish. As of 0830 GMT on Thursday, spot gold rose 0.6% to $4,284.67 an ounce after falling 1.7% Wednesday. U.S. Gold Futures dropped 1.8% to $4304.30. Oil prices dropped after the U.S. and Iran signed a temporary agreement to end the Iran War, reopen?Strait of Hormuz and lift U.S. sanctions against Tehran's oil. Han Tan, Chief Market Analyst at Bybit, said that gold is rebounding today after markets quickly moved past...

The gold price?reversed its course and dropped more than 1%?on Wednesday, after the U.S. Federal Reserve kept its benchmark interest rates steady but warned of a rise in borrowing costs this year. This sent the dollar higher. By 2:40 pm EDT (1840 GMT), spot gold had fallen 0.7% to $4,299.89 an ounce. U.S. Gold Futures closed 0.6% higher at 4,381.40. Nine out of 19 policymakers at the U.S. Central Bank believe that they will have to increase the policy rate for this year. This is according to the projections made on Wednesday, after the Fed announced their decision to keep...

Kenya is nearing a deal to process its own minerals in the U.S., said its president on the'sidelines of the G7 Summit on Thursday. He called for a wider reset between Africa and the 'West. In recent years, countries across Africa have been pushing to process more minerals produced domestically. This is a move towards keeping more value in Africa. William Ruto, who represented one of the several partner countries at the summit held on the shores Lake Geneva, told an interviewer that the agreement covering rare earths, other strategic minerals and the like was already being worked on and...

The G7 leaders agreed 'on Wednesday' to increase coordination -on the critical mineral supply?chains. They also outlined plans to coordinate stockpiling, and a new platform for cooperation with IEA. Western powers are racing against time to diversify the?sources? of metals that are critical for defence, technology and renewable energy?and to reduce their over-reliance upon Chinese products. China shocked?the global economic system last year, when it imposed export restrictions on permanent magnets. This exposed the world's dependence upon a single supplier. In a joint statement, the leaders stated that they were "committed to working toward harmonized and interoperable mechanisms". This would...

Investors awaited the U.S. Central Bank's first policy announcement under new Chairman Kevin Warsh as well as further details on the U.S. Iran peace agreement to provide further direction. By 8:20 am EDT (1220 GMT), spot gold had not changed much at $4,325.59 an ounce. U.S. Gold Futures fell 0.2% to $4,345.00. Federal Reserve rate?decisions, policy statements and updated policymaker forecasts will be announced at 2 pm EDT (1800 GMT). Warsh will give a presser half an hour later. He replaced former Fed Chief Jerome Powell in the last month. Kevin Warsh will be the focus of attention, not U.S....

Four sources familiar with the matter have confirmed that C hina's leading copper producers are looking to expand the membership of their smelter team in order to improve their negotiating position with the miners regarding?raw materials supply. A group of 16 large producers who traditionally set the 'floor price' for copper concentrate processing contracts, called The China Smelters Purchase Team invited several potential 'new members to its quarterly meeting in Yantai, Shandong Province on Wednesday. Chinese smelters have begun negotiating with Antofagasta, a Chilean miner, about?concentrate supply deals. Smelters charge treatment and refining fees (TC/RCs), which are paid by miners...