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Israeli strikes in Gaza killed two people including a child.
Health officials in Gaza said that Israeli airstrikes on a vehicle Tuesday killed at least two Palestinians including a child and injured seven others. The strikes occurred in Sheikh Radwan, a neighbourhood located north of the Gaza Strip. The Israeli military claimed it had?struck a?militant? in the area without providing any further details. Witnesses said that some of the casualties were caused by a second strike which hit near people who had rushed to assist in the rescue. The video was not immediately verified, but it showed that a missile had exploded near at least five people. Palestinians held funerals for two Palestinians who were killed in Israeli airstrikes a day earlier, Ahmed Al-Batsh Rafat Zummar. According to Hamas and Israeli military sources, Batsh was the local Hamas commander. Medical personnel said that Batsh was killed in an attack against his vehicle in the northern Gaza Strip. In separate statements, the Israeli military claimed that both men were killed and described Zummar as a Hamas leader. Hamas did not immediately comment on Zummar’s affiliation. In Gaza City, Al Shifa Hospital, relatives and friends bid farewell to Batsh’s body. It was draped in a Hamas flag and a white shroud. On top of the corpse, an M16 assault weapon was placed. Khalil al-Batsh said that Israel believed it would eliminate the spirit of jihad and resistance within us. At the funeral, he said: "I tell them this cowardly operation strengthens our people’s determination to keep on going down this path." A U.S.-backed ceasefire in October 2025 halted the large-scale fighting?in Gaza. However, it did not end Israeli strikes, and little progress has been made on the?steps toward permanent peace. Hamas claims that Israel violated the ceasefire, and undermined efforts to implement U.S. president Donald Trump's plan?to resolve the Gaza conflict. This includes the Israeli removal from the Gaza Strip and the disarmament by Hamas. Israel claims that Hamas violated the agreement. According to Gaza's health officials, more than 1,300 Palestinians (mostly civilians) have died since the ceasefire came into effect. The Israeli military, however, claims that four Israeli soldiers were killed. Hamas doesn't usually reveal information about the deaths of its fighters.
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Investors' appetite for IPO tests is tested by Dangote's profits in Europe
Nigeria's Dangote Oil Refinery has emerged as one of the key suppliers of fuels to Europe, following disruptions in Middle East exports. This highlights its growing influence on global fuel markets. It also generated a record profit before its debut at the stock exchange. According to the prospectus of the Lagos refinery, by increasing?fuel?exports during this crisis, the company has been able to achieve a profit of 1.82 billion dollars in the first six months of 2026, on revenues of over $13 billion. This is a significant improvement from the $476 million loss it suffered in 2025 due to conflict-related disruptions that increased the demand for the refinery's exports. Dangote’s refinery, built to end Nigeria’s dependence on imported oil, is influencing global fuel flow at a time when the market is under stress. The trend will continue, as Middle East disruptions persist and refinery capacity is expanded. Janiv Shah, Rystad Energy, said that "Dangote will likely increase its role in the upcoming years". The gasoline industry will have the largest structural impact. "Jet fuel and diesel are also growing in importance". In response to U.S. and Israeli attacks, Iran closed the Strait of Hormuz at the end February. Europe lost a quarter its diesel and jet fuel supply. Fuel inventories at the oil trading hub in Northwest Europe have plummeted to their lowest levels in 12 years as a result of the Middle East's drop in exports. According to Kpler, Europe imported around 80,000 barrels of jet fuel per day from Dangote in the second quarter. This is equivalent to 13% of the supply shortage and makes the refinery Africa's biggest supplier of fuel. The data shows that only the U.S. accounted for more imports from Europe than Nigeria during this time period. "Without Dangote Europe would have still sourced fuel, but at a much higher clearing price. Shah of Rystad said that there could have been deeper stock draws. REFINERY HELPS TO SATISFY TIGHT MARKET Dangote has also increased exports of gasoil and diesel, which are both?part of a group known as middle distillates of fuels. Kpler reports that Dangote's exports of diesel and gasoil have increased by 23%, to 488,000 bpd as of 2026. Sumit Ritolia, Kpler analyst, said that "these barrels have been increasingly supplying West Africa and Europe where they helped ease an otherwise tight middle distillate market". Dangote's influence on the gasoline flow has been significant since Dangote started operating in 2024. Kpler reports that Dangote has produced between 270,000 and 300,000 barrels per day of gasoline since 2026. Nigerian imports have fallen from around 400,000 bpd to 83,000 bpd. Europe has traditionally provided the majority of this volume in a trade worth $17 billion per year. Dangote wants to double its capacity to 1.4m bpd in 2029. This would make the refinery the second-largest in the world, alongside Reliance’s Jamnagar facility. When asked about refinery expansion plans, Chief Executive David Bird said that a?diesel hydratreater will allow Dangote a greater range of diesel specifications to be exported. He said, "We must ensure that we can sell our product anywhere in the globe, any time of the year."
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Germany's Merz promises relief plan 'soon' as pump prices hit record
The embattled German Chancellor Friedrich Merz, who is under pressure to respond to citizens' concerns ahead of an upcoming state election, promised that he would be bringing "very soon" proposals to protect consumers from record fuel prices. Merz's Christian Democrats (CDU), which are largely rural, face the prospect of their worst ever state election results in Mecklenburg/Western Pomerania. Merz said at a business conference that the price of a litre E10 gasoline in the United States had reached a record of EUR2.286 per gallon. Prices have increased since the conflict in the Middle East began late February. Merz did not give details on how an intervention would work, but he said that he was consulting the 16 federal states in Berlin and his coalition partners. Lars Klingbeil of the Finance Ministry, who will be 'pressing for a windfall-tax on European energy companies at an informal meeting of EU finance ministers said that he didn't know Merz’s proposals, but it was important to make a decision quickly. The CDU-led Economy Ministry has resisted the idea of a price ceiling, which is supported by Klingbeil’s Social Democrats. They claim it would be hard to implement. In May and June of this year, the government reduced energy taxes by 17 cents a litre. STATE PREMIER CALLS FOR A PRICE CAP Merz has promised to better connect with voters following his party's?trouncement in a state election held this month, which handed an historic victory to the far-right Alternative for Germany. According to a source within the party, the chancellor has said repeatedly that he intends to serve his entire four-year term. His conservatives will meet on Sunday in order to rally around him. Manuela Schwesig is the SPD state premier for Mecklenburg/Western Pomerania, hoping to win a second term. She has accused Merz of standing aside while fuel prices rise, and she wants a national fuel price cap, based on Luxembourg's model. ($1 = 0.8665 euros)
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ADNOC Trading sources claim that it buys millions barrels of Iraqi crude.
Three people with knowledge of the matter said that Abu Dhabi National Oil Co. (ADNOC), a trading company, has purchased millions of barrels at a discount from Iraq's?state?oil firm. This is an expansion of its role in the market amid the disruptions caused by the Iran War. Two Iraqi energy sources reported that the state-owned company of the United Arab Emirates, through its trading division, was the largest lifter of Iraqi oil in August and in September. This helped boost Iraqi exports, which had been severely curtailed during the early months of the conflict. ADNOC has agreed to purchase 32 million Iraqi barges in August, at discounts of $24.90 to 27% per barrel. A further 40 million barrels will be purchased in September. This includes 10 million?barrels for $18 a barrel and 30 million barrels with a discount of $25, according to one Iraqi source. According to the second Iraqi source, while Iraq's state oil marketing organisation SOMO allocated ADNOC 32 millions barrels in august, the UAE giant lifted only 20 million barrels because of export restrictions and Basra Oil Company’s inability to secure enough crude. ADNOC has so far lifted 14 millions Iraqi barrels in September, a person told me. A third source claimed that ADNOC bought 20 million barrels from the state-owned SOMO of?Iraq in tenders for a discount between $25 and $27 per barrel. Other companies also buy Iraqi crude. Trade sources said that SOMO had offered August-loading shipments at steep discounts. This attracted other buyers, including Chinese state giants PetroChina and Zhenhua oil, TotalEnergies and Vitol as well as Trafigura Mercuria, and Cathay Petroleum. Iran's official news agency IRNA said that Iran had granted permission to a number of oil tankers transporting Iraqi crude oil through the Strait of Hormuz last month after Baghdad repeatedly requested it through different channels. Iraq's exports were severely curtailed during the early months of the war, in part due to its location on the top of Gulf and the absence of its own shipping fleet. ADNOC, the state-owned oil company, has become more agile since the start of the war. It uses an expanding fleet of tankers as well as a pipe to Fujairah in order to move oil out of the Gulf of Aden and across the Strait of Hormuz. Put the past behind them Despite the attacks on ADNOC tanks, 'Iranian president Masoud Pezeshkian met with UAE crown prince Sheikh Khaled Bin Mohamed bin Zayed Al Nahyan at the BRICS Summit in New Delhi on Sunday, stating that the two sides agreed to 'put the past behind them. According to Kpler, Iraq exported about 2 million barrels per day in this month. This is down from the 2.354 millions bpd of August but higher than the 1.374million bpd of July. According to Kpler, UAE crude exports rose to 3.236 millions bpd last month. This is up from 2.886million bpd during August and 2.871million bpd during July. One of three sources stated that ADNOC intends to process the majority of crude oil purchased from other Gulf producers and sell it more on the international market.
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Sources say that ADNOC, the UAE's oil company, buys millions barrels of Iraqi crude.
Abu Dhabi National Oil Co. (ADNOC), a trading company, has purchased millions of barrels at a discount from Iraq's oil company, according to three people who are familiar with the situation. This is a result of the Iran War, which has caused supply disruptions. Two Iraqi energy sources reported that the state company's trading arm was the largest lifter of Iraqi oil in August and in September. This helped boost Iraqi exports, which had been severely curtailed during the early months of the conflict. ADNOC has agreed to purchase 32 million Iraqi barges in August, at discounts of $24.90 to 27% per barrel. A further 40 million barrels will be purchased in September. This includes?10,000,000 barrels for $18 a barrel and 30,000,000 barrels for $25, according to one Iraqi source. According to the second Iraqi source, 'while Iraq's State Oil Marketing Organisation SOMO allocated ADNOC 32 millions barrels in August due to export restrictions and Basra Oil Company's inability secure enough crude', the UAE giant lifted only 20 million barrels. ADNOC has so far lifted 14 millions Iraqi barrels in September, a person told me. A third source stated that ADNOC purchased about 20 million barrels?crude' from Iraqi state-owned SOMO through tenders, at a discount between $25 and $27 per barrel for the lifting of September to October. Other companies are also buying Iraqi oil. SOMO offered August loading?cargoes for steep discounts to attract other buyers, including Chinese state-majors PetroChina and Zhenhua oil, TotalEnergies and Vitol as well as Trafigura Mercuria and Cathay Petroleum. Iran's official news agency IRNA said that Iran had granted permission to a number of oil tankers transporting Iraqi crude to pass through Strait of Hormuz last month after Baghdad repeatedly requested it through different channels. Iraq's exports were severely restricted in the early months of the war, in part due to its location on the Gulf and its lack of a shipping fleet. ADNOC, the state-owned oil company, has become more agile since the start of the war. It uses an expanding fleet of tankers as well as a pipe to Fujairah in order to transport?oil across the Strait of Hormuz and out of the Gulf. Put the past behind them Despite the attacks on ADNOC 'tankers', Iranian President Masoud Pezeshkian on Sunday met with UAE crown prince Sheikh Khaled Bin Mohamed bin Zayed Al Nahyan at the BRICS Summit in New Delhi. He said that the two sides agreed to?put the past behind them. According to Kpler, Iraq exported about 2 million barrels per day in this month. This is down from the 2.354 millions bpd of August but higher than the 1.374million bpd of July. According to Kpler, UAE crude exports rose to 3.236 millions bpd this month from 2.886million bpd last August and 2.871million bpd during July. One of three sources stated that ADNOC intends to process the majority of crude oil purchased from other Gulf producers and sell it more on the international market.
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Copper falls to a 3-week low as inventories increase, with a focus on oil
The copper price fell to its lowest level in over three weeks on Tuesday as the London Metal Exchange increased their inventories, and oil prices rose. The benchmark copper price on the London Metal Exchange was 0.5% higher, at $14.075 per metric ton of official rings. This is the lowest level since August 20, and it's been trading there for a year. Copper recovered thanks to bargain hunters, traders said. Due to higher premiums on nearby contracts against longer-dated forwards, copper stocks in LME warehouses rose nearly 20% to 242,900 tonnes since the middle of August. The traders expect that more copper sold previously at high prices will be delivered to LME warehouses in the coming days. The premiums that were paid last week have now been reduced, and deliveries will likely dry up pretty quickly. After a report by?U.S. sources, copper prices for all maturities began to drop last week. The President Donald Trump has not made a final decision about whether or not to impose tariffs against copper imports. Comex copper prices rose above LME copper prices due to the possibility of tariffs on U.S. imports. Since 18 months traders have been shipping copper to the United States. Comex stocks are at record highs. Tom Price, Panmure Liberum's analyst, said: "There is no benefit to confusing the markets with government policy." "I have a gut feeling that he'll impose this at some point, otherwise we will see the largest trade reversal ever in copper history." Analysts believe that concerns over oil prices and supplies - at around $107 per barrel compared to $87 at the end of August - will impact growth, manufacturing and metal demand. The dollar's strength has made commodities priced in dollars more expensive to holders of other currencies. Lead was unchanged at $1,874 and tin at $51,900. Nickel was down 0.6% at $16,230.
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Sources say that ADNOC, the UAE's oil company, buys millions barrels of Iraqi crude.
Three people with knowledge of the matter said that Abu Dhabi National Oil Co (ADNOC), a trading firm in the face of supply disruptions caused by the Iran War, has purchased millions of barrels of discounted crude oil from Iraq's State Oil Firm. Two Iraqi energy sources reported that the state company through its trading arm was the largest lifter of Iraqi oil in August and September, helping to boost Iraqi exports, which had been severely cut in the early months of the war. One of the Iraqi sources said that ADNOC had agreed to purchase 32 million Iraqi barrels for $24.90-$27 per barrel in August, and another 40 million barrels for $27 in September. This included 10 million barrels with a $18 discount, and 30 million barrels with a $25 discount. According to the second Iraqi source, despite Iraq's state oil marketing organization SOMO having allocated ADNOC a total of 32 million barrels for August, ADNOC lifted 20 millions barrels because of export restrictions and Basra Oil Company not being able to secure enough?crude. ADNOC has so far lifted 14 millions Iraqi barrels in September, a person told me. Third source claimed that ADNOC had purchased about 20 million barrels from Iraqi?state owned SOMO? in tenders for a discount between $25 and $27 per barrel. Other companies are also buying Iraqi crude. SOMO offered August loading cargoes?at steep discount, attracting other buyers, including Chinese state-majors PetroChina and Zhenhua Oil as well as TotalEnergies and?Vitol. Trafigura Mercuria, and Cathay?Petroleum.
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Kremlin accepts Trump's idea for energy truce in Ukraine and calls for sanctions to be removed
The Kremlin welcomed on Tuesday a U.S. suggestion for a 'Russia-Ukraine moratorium against attacking each other’s energy infrastructure. Donald Trump, the U.S. president, said on Monday that Ukraine had agreed with Russia not to meet each other's targets in terms of energy production. However, neither side confirmed this agreement. On Tuesday, Russia struck petrol stations in Kyiv and Ukraine claimed it had hit a Russian oil refinery. Dmitry Peskov, Kremlin spokesperson, told reporters Trump's idea was "very good", but that it would take more to lower global fuel prices. "It's important to guarantee safe navigation and commercial shipping here, including for oil tankers." Peskov stated that the Kyiv regime had not shown any interest in ensuring such security. "The second thing to do is, of course lift the sanctions (against Russia), and these illegal restrictions on energy supply. Only then will the world be adequately supplied with petroleum products. Global markets will stabilize and prices will fall. Peskov stated that Russia will stay in contact with the Americans regarding Trump's proposal. Volodymyr Zelenskiy, the Ukrainian president, said that Kyiv would only support a ceasefire in the energy sector if Washington could guarantee that Moscow was truly ready to end its conflict with Ukraine. The Ukrainian strikes on energy plants have led to fuel shortages this summer in Russia. This has caused the country to restrict its exports. This has led to a shortage of jet fuel, gasoline and diesel on the energy markets. Ukraine, which is regularly attacked by Russia on its own energy infrastructure, claims that refineries are legitimate military targets. Trump asked Zelenskiy to stop attacking Russian diesel infrastructure on Sunday, saying that the attacks are causing a shortage of diesel which is "hurting?the world". The Kremlin stated on Monday that global market turmoil was primarily?due to conflict in the Gulf. Trump launched military attacks on Iran in Febrary and Tehran responded by closing the 'Strait of Hormuz', which had been used to transport about a fifth of global oil and gas supplies. Russia and Ukraine also hit each other's ships in the Black Sea and Azov Sea. This escalation in violence has pushed up the price for grain, which both countries are major exporters.
INSIGHT-Britain's creaking power grid leaves green energy transformation adrift
British ferry operator Wightlink wants to purchase a $60 million, stateoftheart electrical ferry to make its crossings cleaner and greener. However it can't commission the vessel until it gets a. power upgrade.
The company carries 4 million islanders, holidaymakers and. festival goers every year on a 5 nautical mile crossing. in between England's attractive southern coast and the Island of. Wight. The strait, known as the Solent, is popular with private yachts. and leisure craft, while much of the shoreline is secured.
Wightlink has funding in location for a electric-powered vehicle. ferry that would decrease emissions both at sea and in port,. following in the course of leader Norway, which introduced the. world's first in 2015.
The federal government has said decarbonising maritime transport. is necessary to accomplishing Britain's net absolutely no target by 2050. Domestic maritime vessels represented around 5% of Britain's. greenhouse gas emissions from transportation in 2020, more than rail. and buses integrated, the federal government said in a 2022 report.
And the long typical life-span of vessels suggests that greener. ships need to begin being released by next year to attain a green. fleet by the 2050 due date.
But interviews with 22 individuals - consisting of financiers, power. company staff members, government authorities, Wightlink staff and. countryside campaigners - exposed that long waits for grid. connections combined with preparing challenges are putting. millions of pounds of green transport financial investment at danger.
We want to go electric. We think it's the ideal thing,. Wightlink Chief Executive Keith Greenfield told onboard. a hybrid ferry, which uses diesel to charge electrical batteries,. conserving around 20% in emissions. We're kept back by a lack of. coast power.
Wightlink needs to order its next ship within 12-18 months. to change an ageing vessel, but can not dedicate to go entirely. electric without a legally binding power contract, Greenfield. stated.
Regional network operator Scottish & & Southern Electricity. Networks (SSEN) told Wightlink 2 years ago that a brand-new. connection at its Portsmouth terminal would require. infrastructure upgrades, consisting of at a nearby substation on the. national high-voltage network, according to a file evaluated. and ferry business executives.
The substation improvements by National Grid were not. arranged to be completed till 2037.
After spoke with Wightlink executives, SSEN said. this month enough power might be offered without the National. Grid work, and it would hold new talks with the ferry business.
If Wightlink accepts a new quote from SSEN, it will be able. to guarantee the capacity and confirm its location in the. connections queue.
We eagerly anticipate meeting them early next month to. progress proposals, a SSEN spokesperson informed , adding. that there might be more network capacity offered than. formerly anticipated so the company had prospective to advance. with Wightlink's request.
Britain will hold a general election on July 4 with. surveys predicting a triumph for the opposition Labour party after. 14 years of Conservative rule.
Wightlink's problem underscores the challenge Britain's next. federal government will face in providing the renewable resource and grid. infrastructure required to power a shift to electric ferries, cars. and domestic heating in Europe's second-largest economy.
Britain was the very first significant economy to produce a lawfully. binding 2050 net absolutely no target. It's a leader in offshore wind and. it has actually cut in half emissions since 1990 after closing coal power. plants.
Central to the net no target is a strategy to decarbonise the. electrical power system by 2035. But the state advisor, the Climate. Change Committee, said in a progress report in June 2023 that. the government did not have a complete strategy to arrive.
CHANGING DATES
How to attain net no, and at what cost, has become a. battlefield both nationally and locally.
Britons support the policy of net absolutely no however they frequently baulk. at the expenses and infrastructure that might be needed to get. there, surveys show. Prime Minister Rishi Sunak ditched some. targets in 2015, stating he needed to keep public assistance in. the face of unacceptable costs.
Labour has actually promised to decarbonise the electrical power grid by. 2030, five years ahead of the Conservatives' target of 2035. Reforming grid connections is one part of its enthusiastic strategy.
To strike net absolutely no, Britain requires to broaden the high-voltage. network in England and Wales carried overhead on big pylons,. which then link to local circulation networks.
The grid, owned and operated by London-listed National Grid. Plc, was constructed to transfer power generated from. coalfields in areas like Yorkshire and Nottinghamshire across. the nation.
Today more electricity is originating from wind farms in. Scotland and off Britain's east coast, and brand-new infrastructure is. needed to transfer it to London and the south.
Presently wind farms are being paid to switch off in strong. winds, when the grid can not absorb all the generated power, data. from the nation's electricity system operator shows.
The government has stated supports needed to increase. capacity, consisting of new substations, power lines or supergrid. transformers, could use up to 13 years to finish, in part due. to regulatory and preparation approval.
It wants to halve that time, and is working with the. regulator, Ofgem, network operators and the market to. speed up connections.
National Grid said in May it would spend more than 30. billion pounds ($ 38 billion) on the grid over the next 5. years.
We're driving forward the biggest reforms to our. electricity grid since the 1950s, the Department for Energy. Security & & Internet Zero told .
It set a target in November to cut the average hold-up dealt with. by practical net zero-aligned jobs like Wightlink for. connections from around 5 years to six months, saying a. much faster system needed to be in place by 2025.
INFRASTRUCTURE V PRESERVATION
One issue that stands in the method of developing the grid and. the renewable energy jobs needed to power it are Britain's. preparing laws.
Approval times have ballooned in recent years, as regional. councils struggle to process applications and rural neighborhoods. bring legal obstacles to oppose major works.
The time it takes to protect approval for massive jobs. like wind farms has increased by 65% considering that 2012, stretching to. 4.2 years, according to a government-requested report by the. National Infrastructure Commission in 2023.
The rate of plans based on lengthy judicial evaluations has. jumped to 58%, from a long-lasting average of 10%, it said.
That rises job costs, threatening investment.
Fiera Infrastructure, the Canadian co-owner of Wightlink,. warned that investors can always invest their capital somewhere else.
Global investors are not yet at the point of turning their. backs on UK infrastructure, however bad moves around policy have. eroded financier confidence, President Alina Osorio informed. .
The belief was echoed by other facilities investors,. consisting of among the greatest in Britain, which has backed a. company building electric vehicle battery chargers at freeways.
The fund supervisor, who asked not to be called, stated an absence of. brand-new power had forced the company to adapt a few of its tasks.
Minal Patel, a partner at Schroders Greencoat, a. renewable investment manager, stated strong financier need for. renewable assets revealed Britain remained attractive, but sluggish. grid connections were a challenge.
CONNECTION
For Wightlink, the hunt for a connection has been stuffed.
In 2022, SSEN priced estimate Wightlink 4.6 million pounds for 12MW. connections to power the battery chargers it requires to install in. Portsmouth and Fishbourne, according to documents seen by. . The units should charge the electric ferry in the 20. minutes it has in between sailings.
Work could be finished in around 12 months in Fishbourne -. one of Wightlink's terminals on the Isle of Wight - however there. was no timeline provided for the Portsmouth connection.
Under the rules, a job like Wightlink's must accept a. quote from the distribution network company to protect a location. in the connections queue.
But Wightlink's Greenfield stated it could not buy a 50. million pound ferry without a warranty of power.
In the last week, SSEN said there might be enough capacity. to deliver more than the power Wightlink initially desired.
Wightlink's Head of Engineering & & Estates Charlie Field is. hoping that an agreement can finally be concurred.
A few weeks back, all offers were off as far as we were. concerned. We needed to wait till 2037, said. Now that might. not be the case..
(source: Reuters)