Latest News
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Manila: Iran will allow safe passage of Philippine vessels and fuel supplies through Strait of Hormuz
The Philippines' foreign ministry announced on Thursday that Iran has assured them of its willingness to allow Philippine-flagged vessels, fuel, and Filipino seafarers, through the Strait of Hormuz. After Philippine Foreign Minister Ma. Theresa Lazaro and her Iranian counterpart Abbas Araqchi discussed energy security, as well as the safety of Filipino seafarers. The Philippine Foreign Ministry said that the Iranian Foreign minister "assured" the Secretary of the Department of State of the safe, uninterrupted, and expeditious transit of Philippine-flagged ships, energy sources, and all Filipino seafarers through the Strait of Hormuz. Lazaro called the call "productive", stating that they had reached a "positive agreement" in order to guarantee the safety of seafarers as well as the Philippines' energy needs. The Philippine Foreign Ministry said that the assurances would strengthen the energy security of the country. The ministry stated that "given the fact that the Philippines imports most of its energy needs from the Middle East," these assurances will help to ensure the Philippines receives critical oil and fertiliser supplies. Saudi Arabia is the Philippines' largest supplier of crude oil, which makes it susceptible to price fluctuations and disruptions in supply. (Reporting and editing by David Stanway; Mikhail Flores)
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Australian farmers shift to less fertiliser intensive crops as Iran war costs rise
Australian farmers will likely choose less nitrogen-intensive crops like barley and canola over wheat and other grains in the coming season as the rising costs of fuel and fertilisers due to the Iran War weighs on their planting decisions. In Australia, planting of wheat, canola, and other crops will be accelerating this month. Farmers need to have ample crop nutrients available to support the early growth. Analysts said that the price of urea was around A$1,350 per ton in Australia this week. This is up 60% since the start of the U.S. - Israel war against Iran. Australian diesel prices have risen 88% in the same time period. Dennis Voznesenski is an agricultural analyst with Commonwealth Bank of Australia. He said that farmers are trying to reduce fertilizer application and switch planting from nitrogen-hungry crops such as wheat and canola to feed barley. He said that some are also reducing the planted area, but so far this is minimal. An agricultural broker and analyst have said that Australia's wheat plantation could fall by 10 to 12 percent, compared to the 12.4 million hectares planted a year ago. They said that canola cultivation is likely to decrease despite the higher returns. Both refused to be identified. Australia is the second largest canola supplier in the world and fourth-largest exporter of wheat. Canola is the second largest exporter of canola in the world, with importers from Asia, Middle East, and Europe. The company also sells barley, chickpeas, and pulses. The STRAIT of Hormuz is a fertiliser choke-point The Iran War has caused a major disruption in the Strait of Hormuz which is the main route for 30% of the global fertiliser trade. Bank of America warned that the conflict could threaten 65% to 70% global supplies of Urea, a nitrogen fertiliser. Prices have already risen by 30% to 40%. The U.S. Department of Agriculture announced this week that farmers in the United States plan to plant less corn than last year and more soybeans in 2026. China has curbed its fertiliser exports while India is looking for alternative sources of supply to increase supplies for summer-sown crop. Corn, wheat, and canola require a higher urea application than barley or pulses. StoneX analyst Josh Linville said that Australia relies heavily on China to supply?urea. However, export restrictions have reduced shipments. By the time buyers sought out supplies in the Middle East the war was already underway and the Strait of Hormuz closed. Fertiliser is needed at all stages of the crop's development, including during pre-maturity. Plantings in April and may are harvested in December and November. Tobin Gorey of Cornucopia, a commodities consultancy in Sydney, said: "It's a major issue because the cost of agriculture has increased sharply over the past month."
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Sources say that China has asked independent refineries to maintain fuel production amid war disruption.
Sources familiar with the issue said that China's state planner had told independent refiners to not reduce their?run rates? below the average of the past two years. This was done to protect domestic fuel supplies. This move is in line with what smaller refiners were expected to do following a sharp rise?in oil due to U.S. Israel's war against?Iran and a persistently low domestic fuel demand. Sources said that the National Development and Reform Commission (NDRC)?sent the message to independent refiners? this week at a meeting?. The NDRC didn't immediately respond to a faxed comment request. Sources added that if the import quotas are not met, they could be reduced. China regulates oil imports through its independent refiners (known as teapots) under a "quota" system. According to Energy Aspects, the teapots were operating at 55% of their 'capacity' in February and March. China has halted its refined fuel exports since last month to prevent a fuel shortage due to the conflict in the Middle East. The curbs will continue into April. (Reporting from Siyi Liu, Trixie YAP and Florence Tan in Singapore. Additional reporting provided by Beijing newsroom. Editing by Tony Munroe & Jan Harvey.
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Brazilian researchers re-mix coffee varieties to combat climate change
Oliveiro Guerreiro Filho, an agronomist at the Campinas Agronomy Institute, wanders among a mess of coffee plants. Unlike the uniform rows on most Brazilian coffee farms each cluster is a little different. Researchers hope that the genes from these 15 non-commercial and uncommon breeds, such as racemosa and liberica, could help to ensure future supplies of Arabica coffee. Scientists warn of the impact climate change will have on arabica, the most common bean in coffee production. Brazil is expected to be among those countries that see a decline in output. Rabobank released a report this week that said climate change could render 20% of the arabica-growing areas in the world unsuitable to grow coffee by 2050. Scientists at the Sao Paulo research institute hope to develop more resistant arabica types by introducing genetic material of more rustic species of coffee into new hybrids. Farmers in Indonesia and Malaysia have praised liberica for its hardiness against hotter, drier climates. They planted small plots to test how they would fare in drought. Jason Liew is the founder of My Liberica in Malaysia's Johor State. The plantation produces a variety of coffee that can tolerate high temperatures and heat. It also has a disease-resistant trait. Brazilian researchers are able to bring these traits into more popular and productive arabica plants. Guerreiro?Filho stated that they have been working for years at the Institute to transfer drought-tolerance genes from racemosa to arabica. "We are trying to create drought-tolerant Arabica varieties." This can take years of research. Scientists have to produce cross-bred seedlings, and then expose these hybrid varieties to harsh environments in order to evaluate them and identify the most robust plants. This can take up to 30 years. Hybrids are also evaluated for their?increased ability to resist pests and disease, as well as better quality. Arabica crossed with liberica, for example, has shown to be more resistant to coffee-rust, which is a fungus. Rodolfo?Olivera, the head of the Brazilian state?agency Embrapa’s coffee unit, explained that research such as the ones underway at the Institute is key to the future success of coffee. Oliveira stated that working with other species of coffee is important because arabica's genetic base is so narrow, it makes it vulnerable to pests and diseases. Climate change also poses a threat. Reporting by Oliver Griffin, Additional reporting by Ashley Tang and Dewi Kurianiawati from Kuala Lumpur; Editing and proofreading by Brad Haynes and Rosalba o'Brien
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Data shows that Burkina Faso and Mali troops kill more civilians compared to jihadists
Human Rights Watch published a report on Thursday that reveals the government and its allies have killed twice as many civilians in Burkina Faso since 2023 than jihadist militants. This pattern is consistent with the data provided by Armed Conflict Location & Event Data, a conflict monitoring organization. It also applies to Mali. ACLED data shows that in that country, like Burkina Faso, a military-led regime has been ruling since a coup. According to ACLED, the government and its partners are responsible for a three to four time increase of civilian deaths compared to jihadists during the past two years. Since 2021, violence involving jihadists in Burkina Faso and Mali has increased, making the Sahel a global hotspot for terrorism. Analysts said that the deaths of many civilians by government forces would bolster militant groups' political legitimacy and encourage recruitment. Analysts said that they could complicate efforts by the United States in order to improve relations with Sahel government, who expelled French forces and other Western troops after their respective coups. Ilaria Allegrozzi is a senior Sahel researcher for Human Rights Watch. She said that the Burkinabe security forces and allied armed militias "appears to be more violent and brutal" than militant groups such as Jama'at Nusrat al-Islam wal-Muslimin, a local al Qaeda affiliate. She said that the Burkinabe forces behave in a way that is consistent with regional patterns, which raises concerns about military discipline and its effects on counterinsurgency. The Mali and Burkina Faso government spokespeople did not respond immediately to requests for comments. HRW's requests for comment to the Burkina Faso Government and JNIM’s Sharia committee in Burkina Faso were not responded to. Mali and Burkina Faso denied extrajudicial killings in the past, claiming that their forces killed "terrorists". "THEY EXTERMINATED EVERYTHING" The HRW report covers the period from January 2023 to August 2025 and documents 57 incidents where at least 1,837 civilians were killed. The report details 33 incidents in which government forces and allies were responsible for the deaths of 1,255 civilians. ACLED data indicates that between 2025 and 2025, the Burkinabe army and the pro-government Homeland Defence Volunteers militia, as well as JNIM, and Islamic State Sahel Province, another militant group, each killed 523 civilians. According to ACLED, in Mali the military and Russian paramilitary groups Wagner, Africa Corps and ISSP, along with the Russian military, killed 918 civilians between 2025 and 2025. JNIM, ISSP and JNIM killed 232 civilians. JNIM was not available for a comment. The Russian defence ministry that runs Wagner and Africa Corps did not respond immediately to a comment request. ACLED gathers its data through social media, reports in the press, and statements by governments, armed forces, and non-governmental organizations. The report claims to provide conservative estimates for fatalities. HRW's report was based on 450 interviews, verified social media images and satellite imagery. The report also states that the incidents documented by HRW are not all-inclusive. Allegrozzi stated that because JNIM controls vast swathes, security forces may be called upon to escort convoys, including humanitarian and supply convoys, in rural areas. However, they often kill civilians along the way. A resident of eastern Burkina Faso who requested anonymity for fear of reprisals said he was traveling in a convoy of civilians under military escort during July 2024. Many of the villages that they passed were abandoned. They then reached Sakoani village, located 30 km (19 miles) from the town of Kantchari. He said: "When the soldiers arrived and saw that the village was populated, the encircled the whole village and exterminated every living thing." "People fled, but they shot at them if you ran." He estimated that he had seen at least 100 dead bodies. ACLED: Increasing use of drones in Mali. According to ACLED, drone strikes have resulted in many civilian deaths. Since the government started purchasing Turkish drones in 2022, there has been a surge in drone warfare. The ACLED data show that Mali's military increased the number of drone or airstrikes against civilians from four in 2012 to 66 in 2025. This resulted in 155 fatalities. ACLED reports that in July 2024 government drone attacks killed at least fifty civilians at Inatiyara?artisanal gold mine site in northern Mali. Three eyewitnesses have described the attacks. "We were shocked by the strikes. We were so afraid," said a Niger gold panner of 30 years old who worked at Inatiyara. He asked to remain anonymous. It was pure panic... "I'm still reeling from the shock." HRW and ACLED documented grave abuses by JNIM. These included the murder of at least 19 civilians, as well as 133 civilians, in Diallassagou in Mali in May 2024. Analysts have said that the group was able to portray itself as a protector of marginalised groups like the Fulani - a pastoralist group widely dispersed whose members often are accused of being associated with JNIM. Heni Nsaibia is ACLED's senior analyst in West Africa. She said: "As states increasingly rely upon retaliation, collective punishment and coercion, more civilians are trapped in areas controlled by jihadists, where JNIM consolidates its influence through strategic engagement and coercion of local populations." (Reporting and editing by Robbie Corey Boulet and Daniel Wallis; Portia Crowe)
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Iron ore falls to a three-week low due to shrinking steel margins and slow demand
Iron ore prices fell to their lowest level in three weeks on Thursday due to a combination of shrinking steel margins and a faltering market following the completion of pre-holiday stocking in China, the top consumer. Iron ore, the most traded commodity on China's Dalian Commodity Exchange(DCE), fell 1.29% in price to 805 Yuan ($116.88), after hitting its lowest level since March 12 (793.5 yuan) earlier in the session. As of 0703 GMT, the benchmark May iron ore traded on Singapore Exchange was down?0.71% at $105.55 per ton. It had hit its lowest price since March 16 when it was $104.50. The mood on global metal markets soured when U.S. president Donald?Trump did not provide clarity about the end date of the Middle East conflict. Oil prices have risen above $100 again, reigniting fears of inflation, rate hikes, and a possible recession. Analyst Xinli Cho of broker China Futures said that some domestic steelmakers in China have finished restocking feedstock for the Qingming Festival over the April 4-6 period, and the resulting decrease in'spot liquidity' is pressuring the prices. A Singapore-based trader, who spoke on condition of anonymity because he was not authorised to address the media, also said that the need to rebalance capital at the beginning of the month could lead to a'saleoff' of ore. Coke and coking coal, the other ingredients used in steelmaking, both declined by 0.4% and 0.35 percent, respectively. The Shanghai Futures Exchange steel benchmarks have mostly continued to decline. Rebar fell 0.67%. Hot-rolled coils slipped 0.55%. Stainless steel lost 0.81%. Meanwhile, wire rod rose 1.9%.
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Fuel prices increase as Swiss inflation reaches an all-time high
Swiss inflation reached its highest level since a year, according to government data released on Thursday. However, the increase was less than expected as the country had to absorb higher fuel costs due to the conflict in the Middle East. Last month, consumer prices increased by 0.3% compared to March 2025. This is the highest rate for 12 months. The 0.5% forecast in a recent poll by economists was still below the actual 0.5%. The Swiss price index increased 0.2% from month to month, which is also lower than the expected 0.5%. Prices for petroleum products were 5.3% higher than a year ago. The Federal Statistical Office (FSO), which compiles these data, also reported that air travel and package holidays prices have increased. The Swiss National Bank, which targets an 'inflation of between 0 and 2 percent, refused to comment. Analysts say that Swiss inflation is well below the expected 2.5% rate for the Eurozone, which means that the SNB will not immediately raise interest rates in order to combat price increases. The markets currently predict that the central bank will raise borrowing costs to 1% from 0% in its next meeting, scheduled for June. Alessandro Bee, economist at UBS, said: "The increase in 'inflation' is modest and won't make the SNB think about a possible?rate rise. GianLuigiMandruzzato, economist at EFG Bank said the moderate increase showed Switzerland was relatively "isolated" from the energy shock. He said that the SNB would be alert to any signs of "second-round" effects. However, for the moment there was little need to react due to the uncertainty of how the crisis would unfold. (Reporting and editing by FriederikeHeine and Tomaszjanowski, with John Revill)
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Swiss inflation rises to highest rate since last year due to fuel price increases
Swiss inflation reached its highest level since a year in March, according to government data released 'on Thursday. The?country was able to absorb higher fuel costs due the conflict in the Middle East. The consumer price index rose 0.3% in March compared to March 2025. This is the highest rate since March 2025 but lower than the 0.5% expected by economists. The reading for March 2026 was a rise from the 0.1% increase in Swiss prices during February. This was primarily due to higher prices of petroleum products which were 5.3% cheaper than a year ago. The Federal Statistical Office (FSO), which compiles these data, also reported that the prices of air travel and package holidays increased. The Swiss National Bank refused to comment on these data. The SNB is unlikely to raise interest rates to combat price increases, as Swiss inflation is well below the expected rate of?2.5% in the Eurozone. The markets currently predict that the central bank will increase borrowing costs from the current 0% to 21% at its next June meeting. (Reporting and Editing by Friederike H. Heine).
China's aluminum exports are set to increase as the Iran war affects global supply
The Iranian war has tightened global supply, boosting margins and some forecasts of flat shipments have been revised higher.
Before the war, the Gulf supplied roughly 9% of all global supplies. However, the Strait of Hormuz has closed most of this supply. Iran's recent attack on two of the largest aluminium smelters in the region has increased the risk of a shortage even if waterway is reopened.
It's going to be difficult for damaged aluminium production lines to recover quickly, which will lead to some orders flowing to China. Kiki Xi is an analyst with Aize China and said that she was optimistic about the exports for this year.
The war is responsible for a spike in the price of aluminium on the London Metal Exchange. The prices are up by 12% since the end of February, compared to a rise in Shanghai Futures Exchange of only 4%.
The Japanese aluminium premium in the second quarter reached an 11-year-high, and the European aluminium duty-paid premium for delivery in April also hit a four-year-high.
INTERESSES JUMP, FORECASTS CHANGED
Analysts and traders said that inquiries from abroad have risen for China's aluminium exporters, the largest in the world.
Profits are already on the rise.
According to two Chinese traders who spoke under condition of anonymity, the export profit for aluminium sheets, which are used in everything from food cans and aerospace to aircraft, increased by?43% on a monthly basis to $590 per ton as recently as March 26.
Fastmarkets projects a volume increase of 12%-18% for Chinese aluminum exports, compared to the previous outlook that was flat or slightly negative.
Broker Wuchan Zhongda?Futures raised its forecast for aluminum exports from 5% to 10%.
Aladdiny, the consultancy, now forecasts that exports of aluminium products fabricated will increase by 5%-10% between?2026 and its previous forecast of flat growth prior to World War II.
DEMAND WEAKEN AT HOME
The industry will benefit from higher prices abroad, as the domestic demand has been low, especially in the real estate sector. Beijing's removal of the export tax rebate by the end of 2024 also has hurt.
Inventory in Shanghai is free to export due to a lack of domestic demand
(source: Reuters)