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Truckers in the west protest as nearly a fifth (25%) of French gas stations face supply problems
The government reported that around 18% of French petrol pumps are currently facing fuel shortages. Meanwhile, rising prices at the pump have prompted some drivers in the west of France to block the road in an expression of their growing discontent. The U.S. and Israel-led war against Iran is now in its sixth week. A supply crunch has caused a spike in fuel and crude oil prices around the globe. Maud Bregeon, a junior energy minister in France, said that the shortages were not due to the fallout of the war but rather to internal logistical issues. She claimed that a decision made by French oil major TotalEnergies in order to keep fuel prices below their competitors', led to drivers rushing to fill up at Total stations and straining the supply. Total announced on Tuesday that it would maintain a maximum of 1,99 euros/litre in April for unleaded fuel, but increase the cap on Diesel to 2,25 euros/litre. This will bring its diesel prices closer to other retailers. It said that its diesel price cap will be lower for retail electricity and natural gas customers. France has chosen to support the most vulnerable sectors with measures that will help ease the impact of the rising oil prices. These include 80.91 million euros in fuel subsidies for the agriculture, fishing and transport industries, as well as additional benefits for low-income households that will help them pay their energy bills. The 2018-19 Yellow Vests movement was a national protest that turned into a public revolt against President Macron's leadership. Some truckers and motorists set up a traffic block in Nantes, west France, on February 2 to express their concerns. "If the situation doesn't change, I am afraid -- we are all afraid -- I worry about a wave?of layoffs in the next few months. Charlotte Lucas, a construction project entrepreneur, said that it's getting very hard for some businesses. "We've already had terrible weather to start the year. We now have to deal with the problem of rising diesel and nonroad diesel prices. This is affecting our cash flow which, at the moment, isn't very abundant.
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IRGC claims that Iran has attacked Saudi Arabia’s Jubail petrochemical compound
Iran attacked Saudi Arabia’s Jubail petrochemical complex on Tuesday, the heartland of the downstream sector in the kingdom, according to a statement from the Islamic Revolutionary Guard Corps. However, it wasn't immediately clear exactly what was struck. Jubail is a sprawling city that houses multi-billion dollar joint ventures between Saudi Aramco, the state-backed oil company, and SABIC, its petrochemicals subsidiary. The IRGC stated that the attacks were "in retaliation to enemy crimes?in the attack against (Iran's Asaluyeh petrochemical factories." The exact location of the incident was not immediately known. Video footage confirmed by showed smoke and fires rising in the direction of Jubail. The IRGC claimed that it had "effectively" targeted the Sadara Complex, a $20 Billion joint venture between Aramco, Dow, and ExxonMobil, which was closed last week. It also said it had "targeted other facilities in Jubail, including one belonging ExxonMobil." The IRGC said that it also hit a petrochemical plant in nearby Juaymah. The IRGC said the facility was owned and operated by Chevron Phillips, although it did not mention that Chevron Phillips had any facilities in Jubail. Saudi Arabia's Defence Ministry said earlier that air defences had intercepted and destroyed "seven" ballistic missiles that were launched at the eastern region of the kingdom. It added that debris from these intercepted missiles was found near energy facilities. Aramco refused to comment on the reported attacks in Jubail and Juaymah. SABIC and the Saudi government's communications office did not respond immediately to requests for comment.
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MORNING BID AMERICAS - Final countdown?
What's important in U.S. markets and the global market today by Anna Szymanski Editor-in Charge,?Open interest The markets are again in suspense, as traders wait for President Donald 'Trump's new deadline to force Iran to reopen Strait of Hormuz. Global stocks and oil prices remain mixed. Tehran has, for its part, refused to accept a ceasefire agreement and reopen this 'vital' waterway, despite threats from the U.S. president that Iran could be 'taken out' in one night. Investors are bracing for the possibility of Trump's latest warning turning into action, or another deadline. Below, I'll go into more detail. Listen to the Morning Bid podcast. Subscribe to the Morning Bid daily podcast and hear journalists discussing the latest news in finance and markets seven days a weeks. Final Countdown? Investors appeared to be waiting and watching as Trump's latest Iran deadline - 8 pm EDT tonight -- approached. Brent crude initially rose to $111 a barrel, before reversing its gains. U.S. WTI is now hovering at $113/bbl, after briefly reaching $116. Equities started cautiously, too, with the major Asian indexes mostly?flat despite an early boost in mood after Samsung Electronics' record-breaking quarter profit forecast. European shares increased after the opening. The major U.S. indices rose Monday partly due to traders being 'encouraged' by reports that continued talks about a possible ceasefire were ongoing. Pakistan's mediation is continuing, despite the fact that this optimism has faded since Tehran rejected a temporary truce. Before?the bell, U.S. stocks futures were essentially flat. The dollar index is hovering around 100 after reaching its highest level in May 2025. The yen continues to hover around the 160-per dollar level. Recent macro-signals from the U.S. add a layer to complexity, as traders consider the wider impact of the Iran energy crisis. According to the Institute for Supply Management's latest survey, published on Monday, the U.S. service sector growth slowed down in March, while the prices businesses paid for inputs increased by the most in over 13 years. This is an early indication of increasing inflation pressures during the war. We'll need to wait until the U.S. CPI figures for March are released this Friday for more information on this front. The global economic outlook is deteriorating regardless of what the March CPI inflation figures show. According to Kristalina Georgeeva, IMF's head, "all roads lead to higher prices" and slower growth. The big question is, once again, whether Trump's new deadline will lead to a escalation or decrease in the conflict. All we can do is wait and watch. Chart of the 'day' The world’s largest memory-chipmaker announced today an estimated operating loss of 57.2 trillion dollars ($37.92 billion), compared to an LSEG SmartEstimate estimate of 40.66 trillion dollars. This is a jump of more than eight times from the 6.69 trillion dollars earned a year ago. Watch today's events * U.S. durable goods for February (8:30 am EDT) * U.S. ?3-year note auction (1:00 p.m. EDT) * Fed's Philip Jefferson and Chicago Fed's Austan?Goolsbee speak Want to receive Morning Bid every morning in your email? Subscribe to the newsletter by clicking here. Follow us on LinkedIn, X and ROI. The opinions expressed here are the author's. These opinions do not represent the views of News. News is committed to the Trust Principles and a commitment to independence, integrity, and neutrality.
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Gunfight outside Israeli consulate kills at least two people
According to reports and videos, at least two assailants were killed in an extended gun battle that took place between police and the attackers outside the Israeli Consulate in Istanbul. Video shows 'police officers taking cover and pulling guns out as shots rang for at least 10 mins. One person was covered with blood. Another video obtained by showed a?apparent attacker? moving between parked white 'police and security?buses, and firing for several minutes using an automatic rifle and a handgun. Two bodies were found on nearby grassy and street areas. The media reported that two policemen were injured. This incident occurred outside the tower of the Israeli consulate in Istanbul's financial area. Since the?Hamas-Israel 'war? began in 2023, there has been a heavy armed police presence in the vicinity of?the Israeli Consulate. According to a source familiar with the situation, there are no Israeli diplomats currently stationed in Turkey.
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Gold prices rise as oil and dollar weaken; Middle East investors focus on gold
Gold prices rose on Tuesday as the dollar softened, and oil prices dropped. Investors remained focused, however, on signs that the U.S./Israeli war against Iran is coming to an end. Spot gold rose 0.6% to $4,674.19 an ounce at 1017 GMT after rising by 1% earlier. U.S. futures gold for June delivery were up 0.3% to $4700.40. Gold priced in greenbacks is now slightly cheaper than it was before the U.S. Dollar's 0.2% decline. Gold is supported by the geopolitical uncertainty and economic instability caused by war. However, the upside is capped by a strong dollar, and rising bond yields that penalize gold. "Gold bulls" will remain on the sidelines unless there are significant progresses?in this case and a realistic possibility of de-escalation," said he. The Iranian ambassador in Pakistan said that "positive and productive efforts" made by Islamabad for a peaceful end to the conflict were "approaching an important, sensitive stage." The statement was released as Iran and Israel exchanged attacks, as Tehran refused to accept a ceasefire agreement and reopening the Strait of Hormuz on the eve of the deadline set by U.S. president Donald Trump for Tehran to comply with his demands or be "taken out." The oil price dropped but remained at $108 per barrel. As oil prices rise, global inflation fears are escalating. Gold is typically a good inflation hedge, but higher interest rates reduce its appeal as an 'non-yielding' asset. According to CME's FedWatch, investors are largely predicting that there will be no rate reduction in the United States this year. The current macroeconomic backdrop marks a change from the previous disinflation narrative and presents near-term challenges to bullion. China's central banks has remained on course with gold purchases for the 17th consecutive month. Its reserves reached 74.38 fine troy-ounces at the end of the month, up from 74.22 millions the month before. Spot silver rose 0.1%, to $72.69 an ounce. Platinum fell 0.4%, to $1,971.19, and palladium remained steady at $1485.48.
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India's demand for sugar and edible oils drops as commercial gas shortages affect restaurants
India's largest market is experiencing a decline in sugar and edible oil consumption as restaurants are forced to reduce their operations during the summer holidays due to a shortage of commercial gas cylinders. Reduced consumption of edible oils could reduce?India's?imports, including palm and sunflower oils from Argentina, Brazil and Russia, as well as soyoil from Indonesia and Malaysia. Gas cylinder shortages are affecting roadside restaurants and eateries, causing them to reduce their consumption of edible oil, according to B.V. Mehta. He is the executive director of SEA, the Solvent Extractors' Association of India. The restaurants offer popular deep-fried dishes like samosas and chole bhature. Manoj Yadav runs a roadside restaurant that serves chole bhature. He said he couldn't operate last week because he ran out of cooking gas. This week, he will resume business after securing one cylinder, which is likely to last no more than 10 days. Gas cylinders have not been delivered even three weeks after booking. Yadav stated that he was unsure if a new gas cylinder would be delivered or when. India, which is the second largest importer of liquefied petrol gas (LPG), is experiencing its worst gas shortage in decades. The government has cut supplies to industries, hoping to protect households from shortages. Imports accounted for about 60% of the country's demand last year. Around 90% of these imports were from the Middle East. According to a senior official at the National Federation of Cooperative Sugar Factories Ltd. (NFCSF), the gas shortage also affected sugar demand. This usually increases during the summer months. The official stated that the wedding season has begun and many roadside sweet shops, tea stalls, etc. have temporarily closed or reduced their operations. The official asked for anonymity because they weren't authorized to speak with the media.
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China's central banks continues to buy gold for the 17th consecutive month
Data from the 'People's Bank of China (PBOC),' showed on 'Tuesday that China's central banks stayed on 'course' on gold purchases for a 17th month in a row. Gold holdings in the country rose from 74.22 to 74.38 millions fine troy-ounces at the end of the month. PBOC data showed that the value of gold reserves fell to $342.76billion at the end last month. This is down from $387.59billion a month before. The value of China's gold reserves fell for the first time since May 2025. This was due to the steepest monthly decline in gold prices since 2008. Spot gold dropped 11.52%. Inflation and growth concerns, as well as higher interest rates expectations, have all contributed to the decline in gold, a traditional safe-haven investment during times of geopolitical unrest. Analysts at ING Economics noted that the steady purchases by central?banks around the world helped to limit gold's downside during periods of volatility. The PBOC, after a 18-month gold?buying spree ended in May 2024?returned to purchases six months subsequently.
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Japan's economy is slowing down, and there are early signs that war will cause pain
The 'index of the health of Japan’s economy' fell in February, according to a report released by the government on Tuesday. This reveals a weak spot - even before the Iran War. Recent private surveys also revealed an increase in bankruptcy in the house-painting sector. Small, mom-and pop operators, already struggling with severe competition and chronic labor shortages, have been affected by rising fuel costs and supply restrictions caused by the conflict. Data showed that the coincident index, which measures the state of the economy at the moment, fell 1.6 points in February, month-on-month, to 116.3. This was the first decline in two months. The decline was largely due to declining shipments of?semiconductor chips and chipmaking equipment as well as a decrease in?auto production, casting doubt on the Bank of Japan's belief that robust global demand would support exports. As hopes of a quick end to the conflict fade, countries like Japan are faced with increasing challenges. Analysts say that a shortage of naphtha will affect?factory production, causing the economy to suffer more damage in the current quarter. Tokyo Shoko Research, a private think tank, said that the number of bankruptcy filings by painting companies rose to the highest level since 23 years in the fiscal year ending in March. Tokyo Shoko Research reported that due to disruptions in naphtha supply, major paint manufacturers have increased thinner prices from March by up to 80%. This has been a serious blow to the small painting businesses, according to their report. It may be difficult for small operators, due to fierce competition, to pass on cost increases. It said that bankruptcy cases could increase in fiscal 2026.
Seven people are killed in Russian attacks in Ukraine's southeast
Officials say that Russian strikes on two cities in Ukraine's south-east on Tuesday resulted in the deaths of seven people and more than twenty others. Kyiv accused Moscow of intensifying its attacks instead of agreeing on an Easter ceasefire.
Oleksandr Ganzha (the governor of the eastern Dnipropetrovsk Region) said that a small FPV Russian drone smashed a bus as it approached a bus stop near the city centre of Nikopol.
Volodymyr Zelenskiy, the president, said that four people had been killed and 16 others injured.
He said: "When such a?terrorist attack on people and lives is occurring daily, trying to weaken the existing sanctions and trading with Russia look all bizarre."
Images he shared from the site showed a bus that was on fire with windows smashed. Rescuers were treating the injured as three bodies lay nearby.
Three elderly people were killed and seven others injured in a Russian half-hour non-stop attack on a residential neighborhood, located less than five kilometres from the frontline. Regional Governor Oleksandr Prokudin announced this on Telegram.
Ukrainian officials and human rights organisations have accused the Russian troops of systematic and deliberate FPV drone strikes on civilians in particular at?Kherson.
Zelenskiy commented on the attack of Tuesday by saying that civilians in Kherson are subjected to a constant "safari" with daily casualties.
Russia denies that it has targeted civilians, but it is true that hundreds of thousands have died and been injured in the strikes launched by Moscow against its neighbor in early 2022. (Reporting and editing by Sharon Singleton, Janane Venkatraman and Olena Hartmash)
(source: Reuters)