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Trump claims US forces have cleared the Strait of Hormuz
U.S. President Donald Trump posted on his social media account on Saturday that the U.S. military had'started to clear a strait of Hormuz and that all of Iran’s minelaying vessels have been sunk. Trump said in a post on social media that he was "starting the process of clearing the?Strait of Hormuz". He added that "all 28 of Iran's mine dropper boats" were also at the bottom of sea. Trump has repeatedly claimed that American forces destroyed the?Irani navy and air force, while crippling their ballistic missiles and nuclear programs. Fear of Iranian attacks against shipping in the last few weeks has closed the 'Strait of Hormuz', an important conduit for oil supplies worldwide. The global energy market has been disrupted by the closing of the?strait. The price of gasoline in the United States has risen despite the fact that most oil flowing through the waterway doesn't go to the United States. On?Saturday, representatives from the U.S.A. and Iran began talks in Islamabad hosted by Pakistan amid a fragile truce. (Reporting and editing by Jan Harvey, Sergio Non, and Jason Lange)
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Libya signs its first state budget unified in over a decade
In a Saturday statement, the central bank of Libya said that two rival legislative bodies in Libya had approved 'the first unified budget for the country in more than a decade'. Since a civil war in 2014, which split the oil-producing country into two administrations in west and east, it has been divided. The country's last unified budget was approved in 2013. Abduljalel Shawesh told a reporter by phone, that the two legislative chambers in Tripoli had reached an agreement on the budget of 190 billion Libyan Dinars ($29,5 billion). Central?bank stated that the approval of budgets by both rival legislative chambers would help to strengthen financial stability. This is an important step towards a?ending of years of financial division. The signing ceremony was held at the headquarters of the central bank in Tripoli. The two legislative chambers in Egypt are the House of Representatives in the east (HoR), which was elected in 2014. And the High Council of State in the west (HSC), which was created as part of a political agreement in 2015 and whose members were selected from the 2012 parliament. Essa Aribi - a representative from the Benghazi HoR - and Shawesh – representing HSC – signed the agreement in Tripoli to approve the budget. Osama Hamid, the head of a parallel HoR government in the east, stated in a press release that the agreement was a cornerstone to launch balanced development programmes across the country "ensuring a faire distribution of resources." Shawesh stated that the internationally recognized Government of National Unity in Tripoli would be responsible for salaries, operational expenditures, and subsidies. A committee of all parties will discuss the priorities for the implementation of development project in the budget, under the auspices of central bank. He said that the HoR would be expected to present legislation for budget. He said that there was also an agreement to allocate 12 billion dinars to the state oil company National Oil Corporation. More than 95% the Libyan economy is dependent on oil. Shawesh stated that 40 billion dinars will be allocated to?development projects, 37 billion for subsides, 73 for salaries, 18 billion for family allowances and 10 billions for operational expenditure. Massad Boulos is the U.S. Senior Adviser on Arab and African Affairs. He said in a post on X he congratulated Libya 'on signing this agreement after months of U.S. facilitation as part of a broader road map toward peace and 'national unification. He said that the new budget will support the development of projects across the country and finance the National Oil Corporation to increase its energy production and revenue.
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Pakistani hotel with five-star rating is unlikely to host US-Iran meetings
The five-star Serena Hotel in Pakistan's capital is now the unanticipated venue for peace talks aimed at ending Iran's war. It has also cemented its reputation as Islamabad's fortified building. The city has been under unprecedented security in the lead up to the talks. Shops and offices were closed for two days before the arrival of U.S. vice president JD Vance who is leading an American delegation and senior Iranian officials. The Red Zone, where embassies and government offices are located, is cordoned off by thousands of security personnel, including paramilitary troops and army soldiers. Serena Hotel may seem like an unlikely?location for the high-stakes meetings, especially since Islamabad's most recent militant attack occurred at a Marriott hotel nearby in 2008. However, its beautiful grounds and Moorish-style architecture conceal a security system that is well-oiled. Former police chiefs and others cited its strategic location near the diplomatic zone, and the years it has been maintaining the safety of high profile guests. Tahir Alam, former Islamabad Police Chief said that the security personnel are well-trained because they are mostly retired security officials. The entry and exit points of the compound are located at a distance that is sufficient to enhance security. ?And?the?most significant factor is its easy access from important places such Prime Minister's House and Parliament House." The 15-acre hotel complex, which includes?more that 400 rooms, banquet halls and conference rooms, can accommodate hundreds of guests. This is ideal for the U.S. delegations and the Iranian delegations?who are over 150 in number. Kaleem imam, a former police chief, said: "It has multi-layered and strict security checks... Finally, it has strong coordination between the state's agencies of security."
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Trump: Empty oil tankers headed to U.S. for oil and gas loading
U.S. president Donald 'Trump' said on Saturday that a large number of completely emptied?oil tanks?were headed to the United States for refueling with oil and natural gas. "The best and sweetest oil and gas in the World are being loaded into the United States by a large number of oil tankers that are completely empty. Trump stated in a Truth Social posting that "we have more oil and better quality than the next two largest oil economies combined." The post was made as senior U.S. officials and Iranian officials met on Saturday in Islamabad, Pakistan with Pakistani mediators as Tehran laid out its red lines that it said Washington had to accept before "face-to face talks" could take place. Trump said earlier?this Week that Iran should not?charge a fee to tankers passing through the blocked Strait?of Hormuz which has caused?the biggest disruption?to energy supplies worldwide in history. (Reporting and editing by Alexander Smith, Gareth Jones and Anusha in Bengaluru)
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Fuel prices are rising as the Iran War drives up fuel costs.
Pat Ouedraogo, a Boston resident, has reduced his long-distance travels. Skyler Burke is a law student who drives extra miles in order to avoid the more expensive gasoline stations closer to her home. David Wright, an auto broker in Houston, has converted his gas-guzzling racing car into a purely electric?vehicle. Many motorists in the United States are experiencing similar struggles as the Iran War is driving fuel prices to record levels. Experts in the energy market have referred to the six-week war as the worst disruption of oil supply ever, as major production plants have been damaged and a vital shipping route has been effectively closed. Ouedraogo, who was filling up his Nissan SUV with gasoline at a Shell gas station charging $4.99 per gallon, said: "You feel powerless in this situation." GasBuddy data showed that the average U.S. gasoline price was $4.16 per gallon, and diesel at $5.67. This is the highest amount consumers have paid for fuel ahead of summer peak travel since the Russian invasion of Ukraine in February 2022 roiled the global energy markets. GasBuddy's Patrick De Haan stated that these prices translated into a $10.4 billion increase in U.S. gas and diesel expenditures this year when compared to the same period March 1-April 10, last year. Eddie Esquivel is a Houston-based trucker. The surge in diesel prices has translated to a near-doubling his weekly expenses from $800-$900 prior to the war. These prices are really high. Diesel was $2.50 a gallon. Esquivel told a group of people at a QuikTrip station in South Houston that the price could reach $6. Esquivel stated, "You have truck payments to make,?you need to buy tires and do oil changes. You also have a family." This is killing us. PUMP PRICES ARE NOW A PART OF POLITICAL DISTURBANCES Across the globe, consumers pay a high price for fuel, due to the blockade of Iran's Strait of Hormuz, which has "starved" Asian and European markets of Middle Eastern Oil. Pump prices are of particular importance to American politics because the United States is by far the largest consumer of fuel in the world. In November 2024, the economic hardships experienced by'motorists because of Russia's continued war in Ukraine?had played a significant role in their decision to vote for Donald Trump. Just months before the midterm elections in the U.S. in November, Americans have sunk to new lows in their approval of Trump. They are unable to reconcile his campaign promises to lower energy costs with the sharpest rise in consumer prices since nearly four years, which occurred in March, due to the record increase in fuel prices. Kari DyLong, who was filling her pickup truck in a service station near Denver, said: "I will not vote for the Republican party or anyone associated with this president at all." According to the U.S. Government, even if Trump decides to end U.S. involvement in?Iran and the gasoline prices remain high, they will likely continue to be so. The United States and Iran will hold talks on Saturday in Pakistan to reach a permanent ceasefire agreement after the fragile two-week truce that was announced earlier this week. Analysts said this week that even if a ceasefire agreement is reached, fuel and oil prices will not return to pre-war levels in a short time. They said that U.S. customers will continue to pay for the most expensive fuel prices or flights in recent years, whether they fill up their cars or fly during the summer. Wei Ren Gagan, an analyst with Rystad, said: "We expect that a persistent?geopolitical-risk premium will remain on the market." Prices are unlikely to return to their pre-war level immediately, but will likely soften over time and remain higher than the pre-war benchmarks. According to Macquarie analysts, the war has caused damage to Middle Eastern refinery capacity that is equivalent to 2 million barrels of oil per day. DEMAND DESTRUCTION The U.S. government's data has begun to show signs of demand destruction caused by high gas prices. In the week leading up to Easter, gasoline demand in the United States was just 8,6 million barrels per day. This is 9% less than last year. Tim 'Jugmans is the financial chief of EZCORP, a pawn lender. He said that pawn loans have increased by 9% since gas prices surpassed $4 per gallon. DyLong is a Denver resident who has cut back on her personal weekend excursions due to the decline in demand. She has a 40 minute commute to work as a craft brewer's sales manager. She said, "I do things more at home now and don't venture out as I have to spend more of my pay on gas to get to work."
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New Zealand prepares for Cyclone Vaianu and North Island evacuations are ordered
On Saturday, a number of New Zealanders were ordered to leave their homes as the North Island prepared for Cyclone Vaianu. Authorities warned that it could cause coastal flooding or landslides. The weather forecaster in the country said that Vaianu was forecast to bring heavy rainfall and winds up to 130 kmh. (80 mph) on Sunday, before passing west of the remote Chatham Islands by Monday. On Saturday, several regions were declared to be in an emergency situation. Authorities ordered evacuations of some areas of Whakatane (population 37,150), located 430 km north of the national capital Wellington. Whakatane District Council published a message on Facebook saying that residents should prepare to be away from home for two days. The storm is expected to cause coastal flooding and landslides in coastal areas. On Friday, Prime Minister Christopher Luxon stated that the cyclone could be devastating and warned those in its path to prepare. Luxon, on X, said: "Check drains for obstructions, keep an eye on your neighbours and prepare yourself for possible power outages." Vaianu conjures up the 'painful memories' of 2023's Cyclone Gabrielle which killed 11 and displaced thousands. It was one of New Zealand’s worst natural disasters of this century.
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Bloomberg News reports that bidders are interested in Rio Tinto’s California boron assets.
Bloomberg News, citing sources, reported that Rio Tinto’s U.S. assets, which?produce boron, the critical mineral, have attracted interest from more than 12 potential bidders. The assets could be valued as high as $2 billion. According to the report, WE Soda and Magris Resources are interested in purchasing Rio Tinto's boron assets in California. They are expected to make Rio Tinto binding offers by June. The report could not be verified immediately. Rio and the involved companies did not immediately respond to our request for comment. Mineral boron is used as an additive to oil and gas drilling, nuclear energy, windmills, ceramics and specialty glass. The U.S. Geological Survey, the Interior Department and the U.S. Geological Survey added Boron to the U.S. Critical Minerals List last year. This was due to a concern over the supply risks and limited substitutes, as well as the heavy 'concentration' of production outside the U.S. Simon Trott's, the Anglo Australian miner's CEO, announced a plan to generate $5 to $10 billion in revenue by 2025 through divestments, productivity growth and a reduction of its structure. Carlos Mendez, Mexico City, and Anil D'Silva edited this report.
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US team has low expectations for Iran talks in Pakistan
On Friday, a U.S. delegation led by Vice President JDVance departed for Islamabad for weekend talks with Iran. Both sides have accused the other of violating agreements made to achieve a temporary ceasefire. White House officials expressed skepticism that the talks would immediately reopen Strait of Hormuz. Iran's leading negotiators cast doubt on the talks by saying they couldn't even begin until they made commitments about Lebanon and sanctions. Abbas Araqchi, Foreign Minister of Iran and Speaker of the Iranian Parliament,?Mohammad?Baqer Qalibaf said that Israel's attack on Hezbollah must be included in a ceasefire and that Iranian assets that have been blocked by sanctions should be released. The Saturday talks were not expected to be impacted by these demands, as it would have been the first high-level meeting of the U.S. with Iran since the Islamic Revolution in 1979 that started nearly half a century of antagonistic relations. Vance, President Donald Trump’s special envoy Steve Witkoff, and Jared Kushner's son-in law were on their way to Islamabad when the Pakistani capital, Islamabad was in an unprecedented lockdown. Thousands of paramilitary and army personnel were deployed throughout the city. Pakistan wants to establish itself as a mediator and also project stability. Iran is still capable of striking its neighbors, despite Trump’s declarations of success. It can also disrupt shipping in the Strait of Hormuz. The war caused the largest?oil shock in history, damaging Gulf energy output and leading to inflation worries, warnings about food security and the risk a global economic recession. Trump is under pressure to find a way out of the conflict ahead of the midterm elections in November. He announced the ceasefire just hours before an arbitrary deadline, after which he threatened to destroy Iran’s civilization. WHITE HOUSE - 'SKEPTICAL OVER TALKS' Iran is wary about Witkoff, Kushner and earlier talks mediated through Oman, just days before U.S. & Israel launched a bombing campaign that killed senior officials including the Supreme Leader Ayatollah Khamenei. Vance is a foreign policy novice with limited experience. He has also been skeptical of U.S. intervention overseas. Vance stated that before leaving Washington on Friday morning, the U.S. "would extend the open hand," but would have to determine if the Iranians were willing to negotiate. Two White House officials who spoke under condition of anonymity about administration deliberations said that the mood in the White House before the talks began was sceptical. Officials said that Trump was now accepting the fact that it would be difficult to reopen the Strait of Hormuz, even if there were some success in the talks. They said that the U.S. President was also uncertain if the Iranian delegation had the authority necessary to negotiate meaningfully, and that he believed Iranians view Araqchi's diplomacy as weak. Iran insists on a ceasefire that includes Lebanon where Israel is fighting Hezbollah (an Iranian ally). Iran and Pakistan, the mediators, have both said that they understand that Israel's war in Lebanon will also be included in this temporary pause. Israel refused to stop its attack at first, but on Wednesday it launched a series of attacks that killed more than 250 people. In a Thursday phone call, Trump told Israeli PM Benjamin Netanyahu to ease up on the attacks against Hezbollah. A source familiar with this matter confirmed that. Netanyahu agreed to the talks that will be held next week in Washington. MAJOR GAPS Trump said that an Iranian proposal was the basis of the talks in Islamabad. However, a 10-point plan presented by?Tehran has little overlap with the 15-point 'plan Washington had previously proposed, indicating there will be significant gaps to bridge. Iran's proposals include demands for new concessions. These include the lifting of sanctions which have crippled the Iranian economy for many years. It also includes the recognition of the authority of Iran over the Strait of Hormuz where it wants to collect transit fees and control access. This would be a major shift in regional power. Washington wants Tehran's stockpiles enriched uranium to be disposed of, renounce further?enrichment and give up missiles, as well as ending support for regional allies. A person familiar with this matter said that the U.S. delegation is likely to demand the release of U.S. nationals detained in Iran. At least six Americans, including journalist Reza Vaizadeh and jeweler Kamran Hekmati, are being held in Iran. Barbara Leaf, former career diplomat who served as Assistant Secretary of State overseeing the Middle East under the administration of the?former president Joe Biden, stated that there is a "very large risk" of an escalation between the U.S. She said that the Trump administration will be very aware of pressures from disruptions in energy supplies and rising gas prices in the United States. Leaf said that "time is not on administration's side." "That is what gives (the Iranian government) the high level of confidence it displays." It's certainly not a false confidence. It's not entirely a false swagger."
TSX futures plunge as global stock rout intensifies amid Middle East conflict
Futures for Canada’s main stock index fell on Tuesday as a global stocks slump deepened amid an?intensifying conflict in the Middle East. Meanwhile, prices of precious metals dropped on a stronger U.S. dollar.
As of 5:36 a.m., March?futures for the S&P/TSX Composite Index were down 1.93%. ET.
Investors became more concerned about inflation as a result of the increase in energy prices due to conflict in the Middle East.
U.S.?S&P500 e-minis futures were down by 1.8% and Nasdaq100 E-minis dropped 2.3%.
U.S. President Donald Trump sought Monday to justify an open-ended, broad war against?Iran while indicating that the goals and timeline have changed since the war began.
Oil prices continued to rise as traders assessed the supply risks posed by threats to shipping via the Strait of Hormuz. This route carries about one-fifth (or more) of all oil consumed worldwide. Brent crude futures, and U.S. West Texas Intermediate oil were both up over 6%.
Spot gold dropped 0.9%, and silver more than 6% as a stronger U.S. Dollar?put pressure? on precious metals prices, offsetting the continued demand for safe havens triggered by escalating U.S. - Israel war against 'Iran.
Mark Carney, the Canadian Prime Minister, visited Australia on Tuesday as part of a multi-leg tour across the Asia-Pacific region, which also included Japan and India.
Capstone Copper's?after-market earnings report on Monday showed a quarterly profit that was below expectations. The shares of the copper producer listed in Australia?closed 8% lower on Tuesday.
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(source: Reuters)