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UAE's UN envoy urges US-Israeli war against Iran to be de-escalated
The United Arab Emirates Ambassador to the United Nations at 'Geneva' called for a deescalation in the israeli-U.S. war against 'Iran on Monday and a return to negotiating. Since the beginning of the war on February 28, oil prices have risen as major producers have cut back on supplies. Stock markets have also plummeted. Iran has fired at Gulf states that host U.S. bases, disrupting travel and business. "De-escalation, de-escalation, de-escalation. "This is our position and we will continue to offer it," Jamal Jama al Musharakh, Ambassador in Geneva told reporters. Since the beginning of the war, Iran has targeted six Gulf States with drones and missiles. The ambassador stated that there have been over 1,400 attacks against the UAE in the last few days, which resulted in the deaths of four civilians as well as 114 other injuries. The envoy expressed concern over the targeting of UAE civil infrastructure by Iran, including "desalination facilities and energy facilities". He added, "We're also prepared to protect these important locations." He said that despite the fact that his country was being attacked in an "unwarranted way", UAE bases would not be used to attack Iran. U.S. officials say Washington's main goal is to destroy Iran's nuclear and missile programme. Donald Trump stated on Saturday that he is not interested in negotiations with Tehran. He also suggested that the war will end when Iran's military and leadership are no longer in place. (Reporting and editing by Timothy Heritage, Olivia Le Poidevin)
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Japan: IEA requested emergency oil stocks to be released at G7 Meeting, says
During a 'online meeting' with the Group of Seven Finance Ministers, Satsuki Katayama, Japanese Finance minister told a press briefing that IEA called for a coordinated release?of emergency?oil reserve during a?online meeting on Monday. Katayama stated that the IEA had asked each country to release oil reserves in a coordinated manner. "In response to current conditions... the G7 has agreed to closely monitor developments on the energy?market, and to take the necessary measures to support the global energy supply. This includes releasing oil reserves." Katayama stated that the IEA and the Ministers were joined by executives from the World Bank, the International Monetary Fund and the Organisation for Economic Cooperation and Development. Katayama said that the G7 would hold a meeting of energy ministers to discuss next steps. On Monday, oil prices reached levels not seen since the mid-2022 period as major producers cut their supplies. Fears of a prolonged shipping disruption also gripped the market due to the U.S.-Israeli conflict with Iran. Japan is one of the world's biggest oil reserves, as it depends on Middle East oil for approximately?95%.
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Edison Utility wins shareholder lawsuit against LA wildfires
Southern California Edison's parent company won the dismissal of a lawsuit alleging that it defrauded its shareholders before?the wildfires in January 2025, by claiming to have significantly reduced losses due to such disasters. Edison International was accused by shareholders of being "structurally incapable" to deal with extreme weather and implement the Public Safety Power Shutoff Program, which is a last resort measure?to safely shut down powerlines when fire risks become too high. Shareholders also claimed that Edison falsely stated the program could, along with hardening of power lines and trimming vegetation reduce?wildfire risks by up to 90%. Edison's stock price dropped by around one-third in one month after the wildfires. In a ruling on Friday, U.S. district judge Otis Wright of?Los Angeles ruled that Edison's'statements' about its power shutdown program were too vague for shareholders to rely upon, and Edison had not shown that it promised to reduce the risk of wildfires everywhere it served. Wright wrote: "If anything the PSPS statements - read with a charitable eye for plaintiffs - clearly indicate that PSPS wasn't perfect." It would be unreasonable for a reasonable investor to assume SCE can use PSPS across all 38 transmission lines if there is no claim of 'perfect or complete loss reduction through PSPS. The judge said that shareholders can re-file their claims for risk reduction. The lawyers?for shareholders?didn't immediately respond to comments on Monday. Edison, located in Rosemead California, and its attorneys?didn't immediately respond to similar inquiries. The wildfires of January 2025 'killed 31 and destroyed or damaged over 16,000 structures. The U.S. Government sued Southern California Edison in September for causing the Eaton Fire to start and destroying National Forest System land.
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Dolphins release Tua Tagovailoa as QB, and assume record dead cap hit
The Miami Dolphins has said goodbye to quarterback TuaTagovailoa. The Dolphins released the former first round draft pick on Monday, according to reports. They confirmed this with a highlight video of a minute length posted on social media, with the caption "Thanks for the memories, Tua." The team has also released a statement. General manager Jon-Eric Sullivan stated in a statement that he had informed Tua's representation of the fact that the team would be moving in a different direction with the quarterback position. He will release Tua after the start of the new season. "As Tua and I both know, I hold great respect for him as a person and a player. "On behalf of the Miami Dolphins I expressed our thanks for his many contributions both on the field as well as in the community during his six years in Miami." The move is primarily for accounting reasons. He will be released on Wednesday when the new season begins. It will cost the Dolphins. Miami is liable for dead money of $99.2 millions, which is a record in the NFL. The dead money may be split over two seasons. The new Dolphins brain trust -- General Manager Sullivan and Head Coach Jeff Hafley -- must now find a solution to their quarterback dilemma. Tagovailoa was drafted by the Dolphins with the No. The Dolphins drafted Tagovailoa with the No. Joe Burrow was taken by the Cincinnati Bengals with the No. Justin Herbert was selected ahead of him by the Los Angeles Chargers at No. 6. Tagovailoa, who led Miami to a 11-6 record in 2023 and threw for an NFL-best 4,624 yards, was named?to Pro Bowl. It was the only time in his career that he played every game. He had suffered multiple concussions, as well as other injuries including a hip injury. In July 2024 the Dolphins extended his contract for four years and $212,4 million dollars, which was to last until the 2028 season. In the last three games of last season, former head coach Mike McDaniel benched Ewers in favor of Quinn Ewers. Tagovailoa had led the Dolphins through the first 14 matches to a 6-8 mark and had a record of 15 interceptions compared to 20 touchdowns. The Dolphins are still unsure of their next move at quarterback. Spotrac reports that the Dolphins have two other QBs signed up for the 2026 campaign besides Tagovailoa. These are Ewers from Texas (a seventh-round draft pick) and Cam Miller from Las Vegas Raiders in the sixth round of the 2025 draft. Miller, a former quarterback from North Dakota State University, was selected in January by the Dolphins as a member of the Raiders practice squad. Zach Wilson, the former No. Zach Wilson, the former No. The Dolphins have the 11th overall pick in the draft next month. The Dolphins will have the No. Kirk Cousins and Geno Smith will also be released on Wednesday by their respective teams if they want to find an experienced free agent quarterback. In a team statement, Sullivan stated that "as we'move forward' we will focus on infusing a competitive spirit across the roster and establishing a solid foundation for this team in order to build a team that is a sustainable winner." Tagovailoa finished his career with Miami with 18,166 yards of passing, 120 touchdowns and 59 interceptions, as well as a completion rate of 68% in 78 games. As a starter, he had a 44-32-record. He also ran 473 yards for six touchdowns. Field Level Media
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California lithium company goes public with $4.7 billion SPAC transaction
The companies announced on Monday that the lithium developer, 'Controlled Thermal Resources' (CTR), will be listed in america through a $4.7billion merger with a blank-check company called 'Plum Acquisition Corp.?IV. After years of low activity on Wall Street, deals by special-purpose acquisition companies (SPACs) are resurging as companies turn to alternative routes to list. CTR, a lithium and 'geothermal energy developer, said that the deal would allow it to progress 'its flagship Hell's Kitchen Project and begin stage 1 construction. The stage 1 construction is located in California's Imperial Valley and will include a lithium carbonate production facility with a capacity of up to 25 metric tons per year, a 50 megawatt clean energy facility, as well as additional critical mineral production. Hell's Kitchen has received more than $285 Million in private investments to date. CTR CEO Rod Colwell said: "As AI adoption grows and hyperscale data centers expand across the United States the need for reliable, low-carbon power 24/7 is becoming an important infrastructure constraint, and a national security issue." The?record-high demand for power in the United States is due to energy-intensive data centres, which are a vital part of artificial intelligence. SPACs are shell companies that raise money via an IPO in order to merge with a private company and make it public. The deal is expected to close by the end of the second quarter and the combined company will be listed on the Nasdaq with the ticker symbol "CTRH". Hall Chadwick was Plum IV’s advisor, while Cohen & Company Capital Markets advised CTR. (Reporting by Arasu Kannagi Basil in Bengaluru; Editing by Shinjini Ganguli and Sriraj Kalluvila)
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JP Morgan warns that oil shock will worsen if US-Israel seize Iran’s Kharg Island
LONDON, 9 March - If the U.S. and Israel seize Iran's port on Kharg Island, oil exports will halt, and production will halve, JP Morgan said in a report. This would lead to further attacks by Tehran on regional oil infrastructure. Axios reported on March 7,?that the U.S. government had discussed seizing this island. It is located 30 km off the coast of Iran in the Gulf, and it processes 90% its crude exports. JP Morgan stated that a direct strike on Iran would likely trigger severe retaliation against the Strait of Hormuz or regional energy infrastructure. Iran is the third-largest oil producer in the Organization of Petroleum Exporting countries. It produces about 4.5% of the global oil supply, and its output is about 3.3 million barrels of crude per day, plus about 1.3 millions barrels of condensate, among other liquids. Jimmy Carter, the U.S. president during the Iran hostage crisis of 1979, imposed sanctions against Iran but did not order strikes on the island. Ronald Reagan, his?successor during the Iran-Iraq Tanker War in 1980s, prioritized protecting shipping, targeting Iranian vessels, and missile batteries while leaving Kharg unaffected. JP Morgan stated that "despite Iraqi forces striking some terminals and tanks during the eight-year conflict, Kharg was largely operational, and damage is usually repaired quickly. This shows that to disable it would take sustained, large scale attacks." The island receives oil by pipeline from Iran’s biggest producing fields including Ahvaz Marun and Gachsaran. According to JP Morgan, in the days before the U.S. and Israeli attack, Iran increased its exports to nearly'record levels. It loaded?over three million bpd between February 15-20, almost triple the normal export rate of 1.3 to 1.6 mbpd. Kharg's storage capacity is estimated at 30 million barrels. According to Kpler approximately 18 million barrels are stored on the island. This would be enough to export crude for 10-12 days under normal circumstances. On Monday, oil prices jumped up to $119 a barrel as production cuts spread across the Middle East, affecting Iraq, Kuwait Saudi Arabia, and the United Arab Emirates.
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Congo State Gold Trader Targets Volumes of 15 Tons of Artisanal Bullion in 2026
The state-owned gold trading house of the Democratic Republic of Congo plans to increase the amount of metal it sells from the artisanal mining industry of the country this year. The central bank could be a major buyer. Congo, which is the top gold producer in the world and has vast reserves of untapped gold, established DRC Gold Trading as a joint venture between the United Arab Emirates and Congo on December 20, 2022. It has only bought 10 tons of gold in the last three years. In 2024, the government will take full responsibility for converting artisanal gold into official export routes. This is in line with other clean-up campaigns across Africa. DRC Gold Trading has signed an agreement in February with the?central bank of Congo giving it priority access for all gold collected to be used in?building national reserves. As a hedge against uncertainly, central banks around the world are stocking up more and more on gold. Push to shore up domestic reserves DRC Gold Trading CEO Joseph Kazibaziba said that the pricing of gold for the central bank will follow international benchmarks as well as national regulations. Delivery volumes will depend on central?bank requests under the February agreements. Kazibaziba stated that more than 45 foreign buyers had requested gold from DRC Gold Trading. However, domestic reserve accumulation remained the priority. He said that the company is expanding its operations in eight provinces to meet the soaring demand. The company bought a mere?25 kilograms artisanal gold per year until 2023. He said: "The amount?to?be delivered will depend (on the central bank's demand)." "We are doing everything to meet our obligations," he said. The central bank is yet to comment on its gold reserves targets. The soaring bullion price?has driven a boom of informal?gold mines across Africa. Weak oversight allows for much of the production to be smuggled rather than enter official markets. Reporting by Congo Newsroom; Maxwell Akalaare Adombila, Writing by Robbie Corey Boulet and Jan Harvey.
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Two sources claim that Saudi Aramco has reduced output at two oilfields.
Two sources reported on Monday that Saudi oil 'giant 'Aramco had begun cutting production at two of its fields, following the U.S. and Israeli war against Iran, which was followed by attacks on the Strait of Hormuz. The fields where production is being cut and how much was not immediately known. Aramco declined to comment on the rerouting of some crude cargoes from its Red Sea port to Yanbu. The world's largest oil exporter has reduced its production to highlight the?severe logistics bottlenecks? in the region. Since the U.S. began attacking Iran, on February 28, and Tehran responded by launching hundreds missiles and drones including against Gulf countries that host?U.S. Military facilities. Saudi Arabia's neighbours also reduced production, as the shipping chokepoint in the oil transit area, which carries a fifth or more of global oil and LNG flows, came to a near-halt. Kuwait Petroleum Corporation reduced its oil production and declared force majeure for shipments. Qatar also halted LNG production at the massive Ras Laffan hub after drone attacks and declared force majeure. As storage limits have been reached, oil production in Iraq's southern main fields has fallen by about 70%. The United Arab Emirates ADNOC also reduced 'offshore output' and Bahrain's Bapco Energies declared force majeure. Brent crude futures have reached their highest level since mid-2022, at about $120 per barrel. Analysts have said that while Saudi Arabia has increased crude oil shipments via the East-West Pipeline to Yanbu from the Red Sea, these volumes are not enough to compensate for the millions of barrels displaced by the Gulf shutdown. Even if the hostilities end quickly, fuel prices could remain high for months as suppliers struggle with damaged infrastructure and paralysed logistical systems.
Aluminium reaches four-year highs due to Middle East shipping disruptions
Aluminum prices reached four-year-highs on Monday, as concerns over a'supply of metal' were fueled by fears of a prolonged disruption of shipping in the Middle East because of the U.S./Israel war against Iran.
Benchmark 'aluminum' traded 1.8% lower, at $3,385 per metric ton. This is the highest price since March 2022, when the metal was used for transport, construction, and packaging, reaching a record of $4,073.50.
The conflict in the Middle East has virtually closed the Strait of Hormuz, through which aluminum produced in that region is shipped to the U.S.
Ed Meir, Marex analyst, said that the Europeans were particularly worried as the Gulf Aluminum stoppage coincided with Mozal's going off-line this month.
Some producers are looking to reduce their stock levels outside of the region to meet their obligations, but this will be difficult due to the high concentration of Russian metals on the exchanges (currently sanctions) and the low inventory elsewhere.
In December, South32 said its 560,000-metric-ton-per-year capacity Mozal smelter would be placed on care and maintenance from mid-March, after talks with utilities and ?Mozambique's government failed to yield a new power deal.
Concerns about supply have turned the contango or discount for the cash aluminum?contract in the three-month ahead into a premium. It climbed to $47.34 per ton, the highest level since February 2022. The previous high was $32.
The prices of aluminium on the maturity curve up to 2036 have been backwardated.
The surge in oil prices has also led to a slowdown of global growth, and a weakening demand for industrial metals.
Copper fell 0.5% at $12,800 per ton. Zinc rose 1.5% to $3 347. Lead was down by 0.9% at $1 936. Tin dropped 3.3% to $ 48 400. Nickel was unchanged, ceded at $17 465. Reporting by Pratima Dasai. Mark Potter edited the article.
(source: Reuters)