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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.
Vietnam's coal usage and emissions set new records: Maguire
Coal use, imports and coalfired emissions have all reached tape-record highs in Vietnam this year despite ongoing efforts to present clean generation capability throughout the nation.
The continuing growth in coal reliance in Vietnam highlights the problem of removing coal from the power systems of fast-growing nations that count on cheap and plentiful energy sources to create financial competitiveness.
GROWING INFLUENCE
Vietnam has been a significant beneficiary of the re-routing of supply chains away from China over the last few years, and has actually seen fast development in its manufacturing base and national exports as business establish and expand production in the country.
In reaction, Vietnam's gdp (GDP) is projected to grow by two times the worldwide average through 2029, according to the International Monetary Fund (IMF).
However in order to guarantee adequate inexpensive energy for this fast-growing production sector, Vietnam's power manufacturers have needed to focus on the expansion of fossil fuel-powered generation over power sector decarbonization efforts, which stay part of longer-term plans for the nation.
The quick swell in coal use has actually seen Vietnam overtake South Korea in coal-fired emissions this year, and has actually put it on track to end up 2024 as the fourth-largest coal emitter in Asia behind China, India and Japan.
COAL CRUTCH
Coal produced a record 64.6% share of Vietnam's electricity generation in April, according to energy think tank Ash, which is up greatly from a typical generation share of 46% for 2023.
Over the first four months of 2024, total coal-fired electrical energy generation was 57 terawatt hours (TWh), which was 42.5% more than during the very same months in 2023.
Resulting emissions were up 34% to 53.6 million metric tons of co2 (CO2), Cinder information shows.
An essential chauffeur behind this year's surge in coal usage has been an unusually high decline in electrical energy generation from hydro dams, which represented approximately around 15% of electrical power output so far this year compared to 25% throughout the very same period in 2023.
Vietnam's power companies have likewise cut output from natural gas through April by about 15% from the very same months in 2023.
The decreased output from hydro and gas plants has assisted cement coal's status as the leading power source in Vietnam, particularly during the recent heat wave across Asia that increased need for air conditioning throughout the area.
IMPORT HIKES
To keep pace with the accelerated coal burn in power stations, Vietnam enhanced thermal coal imports by 71% over the initially five months of 2024 from the same period in 2023, information from Kpler programs.
The 17.8 million metric tons of thermal coal shipped in by Vietnam through May marks a more than 7 million lot increase from the same duration a year ago, and indicates the country has imported more than 55% of 2023's full-year total in just 5 months.
Vietnam's coal import surge contrasted with contractions in coal purchases up until now this year in Japan, South Korea, Taiwan and Thailand, and guaranteed that Vietnam increased its share of international thermal imports to around 4.3% so far this year from an average of 3.1% in 2023.
If the current spell of above-normal temperature levels persists through the coming months, extra imports are likely, and suggest that Vietnam's previous annual record tally of 33.1 million loads set in 2020 might be eclipsed this year.
As Vietnam is currently on track to set brand-new yearly records in coal-fired generation and emissions, setting a new coal import record would round out the nation's status as a major and growing player in global coal markets despite ongoing efforts to cut coal usage in other places. << The opinions revealed here are those of the author, a. columnist .>
(source: Reuters)