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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.
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Westinghouse: US and Japan agree on roles in nuclear power project
Dan Lipman, the president of global business initiatives for 'Westinghouse', said that Japan and the United States have reached an agreement on their respective responsibilities in a possible?joint project between Westinghouse and Japanese manufacturers of nuclear power equipment. On Saturday, Dan Lipman, president of?global business initiatives at?Westinghouse's told? Sources told us this month that Japan and the U.S. were working together to include a nuclear project as part of a second tranche of deals in Japan's $550 billion investment package. The deal will involve Westinghouse. As nations seek to increase their domestic energy resources, the momentum for building nuclear facilities is increasing. Lipman, who spoke on the sidelines of a forum on Indo-Pacific Energy Security Ministerial and Business in Tokyo, said that the U.S. and Japan government reached an agreement?on the roles they would play, as well as the supply chain inside Japan. These are extremely?strategic and critical projects for Westinghouse as well as our Japanese partners. "We'll continue to work on the transaction until projects are identified, ready for deployment," said he. He added that more details have yet to be finalised. Westinghouse is owned by Cameco and Brookfield. It plans to build small modular reactors, as well as pressurised-water reactors, for up to $100 billion. This was revealed in a factsheet released following the October meeting between U.S. president Donald Trump and Japanese prime minister Sanae Takaichi. According to the sheet, Japanese companies such as Mitsubishi Heavy Industries (MHI), Toshiba, and IHI may be involved in the project. Lipman, without giving any details, said that they were "critical partners" for Lipman and would play a significant role. Separately, on 'Saturday, U.S. based power equipment?maker GE Vernova announced a 'joint statement that they had agreed to explore the possibility of working on projects in Southeast Asia using their BWRX 300 small modular reactors. (Reporting and editing by Tom Hogue; Katya Golubkova)
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Barclays increases 2026 Brent forecast by $85 per barrel due to disruption in the Strait of Hormuz
Barclays raised its forecast for '2026 Brent crude to $85 per barrel on Friday, citing supply disruptions that are 'linked to the Iran -war and have'sharply reduced oil flow through the Strait of Hormuz. The bank stated that oil flow through the Strait of Hormuz has slowed to a 'trickle' and production shutdowns in Gulf nations?have increased to more than 10,000,000?barrels a day. Barclays stated in a research report that the revised forecast assumes that the situation on the Strait of Hormuz will normalize within two to three weeks. The bank said that if the market internalizes the fact that this could take up to four or six weeks, 2026 Brent prices may rise to $100/b. The International Energy Agency has been trying to release strategic reserves, but oil prices are still rising. This is because the markets continue to be supported by uncertainty about the length of the conflict. Brent?futures settled on Friday at $103.14 per barrel, an increase of $2.68 or 2.67%. Barclays stated that the path of least resistance is to keep oil prices higher until there is an inflection in the conflict. (Reporting by Anushree Mukherjee in Bengaluru Editing by Rod Nickel)
Trump prepares reciprocal tariffs amid trade war fears
Donald Trump's advisers on trade were finalising plans for the reciprocal duties that the U.S. President has promised to impose against every country which charges duties on U.S. imported goods, raising fears of an expanding global trade war.
Separately the trade ministers from the 27 countries of the European Union are due to meet by video conference to decide their response to the European Commission President Ursula von der Leyen's statement that tariffs against the EU "will not be ignored".
Trump shocked the markets on Monday with his decision to impose tariffs starting March 12 on all imports of steel and aluminum. Mexico, Canada, and the European Union condemned the plans, while Japan, Australia, and other countries said they wanted exemptions.
Industries that depend on imports of steel and aluminum scrambled to reduce the expected cost increase.
Trump announced last week that he would impose an additional 10% tariff for Chinese goods starting February 4. Chinese countermeasures will be implemented this week.
He delayed the 25% tariff on goods coming from Mexico and Canada by a month, until March 4, to allow for negotiations about steps to secure U.S. border security and stop the flow of fentanyl.
Many U.S. workers have welcomed the metal tariffs imposed on Monday, but manufacturing-heavy companies are deeply concerned about the next steps. They warn that the tariff increase will reverberate throughout supply chains and affect all businesses who rely upon the materials.
Ahold Delhaize, a supermarket chain, and Siemens Energy have warned that tariffs will lead to higher prices because they want to pass on additional costs from imports.
Steelmakers in Europe are also concerned that U.S. Tariffs could lead to an influx of cheap steel into Europe. French steelmaker Aperam
If that happens, Brussels will intervene and curb imports. Austria's specialty steelmaker voestalpine
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On the EU to immediately take countermeasures
Australia's Industry Minister meanwhile stated that the U.S. Tariffs will not derail Australia's plan to increase "green" aluminum exports.
Ed Husic: "The world is in high demand for aluminium. We need it to transition to net zero."
Reporters at the National Press Club, Canberra. "Our American friends, do you want to pay more money for this product you have a high demand for?"
MONUMENTAL UNDERTAKING
White House officials are being tight-lipped regarding the timing or structure of the next tariffs. One source has said that the announcement could come later this week.
Trump announced on Monday that he will announce reciprocal tariffs within the next two business days for all countries who impose duties on U.S. products. He also said he is looking into separate tariffs for cars, semiconductors, and pharmaceuticals.
Experts in trade say that structuring the reciprocal duties Trump wants presents big challenges to his team. This may explain why the latest tariffs were not announced Tuesday.
William Reinsch said Trump officials can choose between a simple 10% or 20% flat tariff rate or a messier option that requires separate tariff schedules that match U.S. rates to those of other countries.
A source who tracks the work on tariffs reported that details are still being worked out as late as Tuesday.
Damon Pike is a principal and trade specialist with BDO International's U.S. division. He said that the reciprocal tariffs Trump envisaged would be a massive undertaking given that the 186 member countries of the World Customs Organization have different duty rates.
"At an international level, you'll find 5,000 different product subheadings at the 6-digit level. That's 5,000 times 186 countries. "It's like an artificial intelligence project," said he.
Trump could also use the International Emergency Economic Powers Act to justify tariffs on China, and those pending against Canada and Mexico.
Pike added that, without IEEPA's help, it would take some sort of agency action before trade remedies could be imposed. "But everything seems to move quickly," he said.
Reinsch stated that imposing reciprocal tariffs also ceded the control of U.S. tariff rates to other countries.
"For instance, if Colombia had a high coffee tariff to protect their industry, we'd put a similar high tariff on Colombian Coffee, even though we do not grow coffee. "The only ones who would suffer are the U.S. consumer," he said.
(source: Reuters)