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Energy Markets

Oil & Gas

Oil & Gas

The UK's slow response to allies in the Iran conflict has raised questions about its military effectiveness

The UK's hesitant response to the Middle East conflict and reluctance to defend its allies have renewed doubts about the military effectiveness of the country, especially when the U.S. demands widespread rearmament. Trump slammed Keir starmer, the British Prime Minister on Tuesday. He said that he had "ruined" their historically close relationship when London refused to allow the U.S. to use British bases for pre-emptive attacks on Iran. Cypriot officials have also criticised London for sending a drone made in Iran to strike one of Britain's bases on the island. This prompted France, Greece, and other countries to offer support....

Oil & Gas

Bloomberg News: US exempts Rosneft Germany indefinitely from Russia sanctions

Bloomberg News reported on Wednesday that the U.S. Government will exempt Rosneft's German unit from sanctions indefinitely. A person familiar with this matter was quoted as saying so. Could not verify immediately the report. The German economy ministry didn't immediately respond to an 'ask for comment'. Germany placed local units of Rosneft, a Russian oil company, under trusteeship by 2022 following Moscow's invasion of Ukraine. This broke Berlin's decades long energy relations with Russia. Assets include a'stake' in the PCK Schwedt refinery, which is a major supplier of fuel for the capital area. Bloomberg News reported that the U.S. Treasury’s...

Power Markets

Italy is ready to reactivate its coal-fired plants in the event that the Gulf Crisis worsens

Italy's Energy Minister?said Wednesday that the country could reactivate some coal-fired?power stations if conflict in?the Middle East leads to an energy shortage. Gilberto Pichetto Fratin, Minister of Energy and Environment in Italy, said that "there are coal-powered stations in Italy that I would not like to reactivate. But they're there in reserve for our country." Israeli and U.S. Forces?struck Iranian targets on Tuesday. This prompted Iranian strikes against energy infrastructure in other Gulf States considered U.S. Allies in a area that accounts for just under a third global oil production. Iran also targeted tankers in the Strait of Hormuz. Through...

Oil & Gas

UAE stock markets slide after reopening following a two-day suspension due to the Iran attacks

Dubai and Abu Dhabi stocks plunged on Wednesday after they reopened following a two-day suspension in response to Iran's unprecedented wave of missiles and drones?attacks against the Gulf nation. The closing of the market froze the trading of billions of dollars worth of listed assets, as investors awaited clarification on the'scale of damage caused by the weekend strikes which 'hit airports and ports in both emirates, along with residential areas. Dubai's main share index fell 4.7% on a broad basis, led by Emaar Properties, a blue-chip developer, who dropped 4.9%. Budget airliner Air Arabia also declined 5%. In Abu Dhabi...

Oil & Gas

Oil prices rise by 1% after Iran crisis disrupts Middle East supplies

?Oil Prices rose 1% on Tuesday as the U.S. and Israeli war against Iran disrupted Middle -East supplies. However, the pace of gains slowed from previous sessions after President Donald 'Trump' raised the possibility of U.S. Navy escorting ships through the Strait of Hormuz. Brent crude oil rose $1.17 or 1.4% to $82.57 per barrel at 0408 GMT after Tuesday's closing price was its highest since Jan 2025. U.S. West Texas Intermediate Crude rose 72 cents or 1% to $75.28 after reaching its highest level since June. Both have risen by 5% or more over the last two sessions. Phillip...

Oil & Gas

ROI-Iran war exposes 60-40 portfolio frailty: McGeever

Investors are uncomfortable with the Middle East conflict and the flaring geopolitical risks around the world. How can they hedge these risks when the traditional equity-bond portfolio no longer works? Investors are under pressure to find a solution, and the answer may not be obvious. However, the recent volatility in the world markets following the U.S./Israeli attack on Iran at the weekend indicates that this pressure will only intensify. On Monday, implied volatility in U.S. Treasuries rose to its highest level since April as bonds fell across the curve. On Tuesday, implied volatility in the U.S. equity markets rose to...

Oil & Gas

Qatar curtailment exacerbates Iran war aluminium fears

QatarEnergy announced on Tuesday that it would halt production of aluminium due to the U.S. and Israeli attacks on Iran. Natural gas prices have soared since Monday, when the state-owned company halted production of liquefied gas following Iranian drone attacks against its Ras Laffan facility. QatarEnergy holds 51% of the shares in Qatar Aluminum Manufacturing Co, one of the shareholders in the 648,000-metric-ton per year Qatalum smelter alongside Norway's Norsk Hydro. QatarEnergy holds 51% in Qatar Aluminum ?Manufacturing Co, one of the shareholders in the 648,000-metric-ton-per-year Qatalum smelter alongside Norway's Norsk Hydro. IMPLICATIONS FOR ALUMINIUM PRODUCTION ?ARE UNCLEAR Hydro confirmed...

Oil & Gas

Shell's Brazil oil 'enormous opportunities' amid Middle East conflict

Shell's CEO for Brazil told reporters that the conflict between Israel and the United States with Iran presents "enormous opportunities" to attract investment to develop Brazil's oil assets. Cristiano Pinto Da Costa, who is a Brazilian politician, said that Brazil's geopolitical stabilty and its track record as a reliable oil-producer give it a definite 'advantage' over other countries, even though he acknowledged the country had limited capacity to increase production in the short term. Brazil will likely benefit "over the medium to long term", he said, touting the record investments made by the London listed oil major of $12.5 billion...

Oil & Gas

Middle East worries drag Gulf markets down; Egypt drops for third consecutive day

The majority of Gulf'stock markets fell Tuesday. Qatar's benchmark continued to fall after the country stopped liquefied natural gas production amid a escalating air war in the area, and Egypt also?fell? for a third consecutive day. Israel expanded its campaign by launching new strikes against Iran and Hezbollah. Meanwhile, Iran launched missiles and drones towards Israel, several Gulf States and a British base in Cyprus. QatarEnergy's, a state-owned company in Qatar, whose 82% clients reside in Asia, had planned to declare force majeure for its LNG shipments following Iranian drone attacks against facilities at the sprawling Ras Laffan Complex. Qatar...

Oil & Gas

Middle East worries drag Gulf markets, but energy shares rise in Saudi

The majority of Gulf stock markets fell on Tuesday. The benchmark Qatar index continued to decline after the country stopped?liquefied gas production amid an escalating air conflict in the region. Israel has 'extended' its campaign by launching new attacks on Iran and Hezbollah. Meanwhile, Iran launched missiles and drones at Israel, several Gulf States, and a British base in Cyprus. QatarEnergy's, a state-owned company in Qatar, whose 82% clients reside in Asia, had planned to declare force majeure for its LNG shipments following Iranian drone attacks against facilities at the sprawling Ras Laffan Complex. Qatar's benchmark stock index fell 0.9%,...

Oil & Gas

Trump is 'disappointed' to see that the US-UK relationship has changed.

Donald Trump, the U.S. president, said that it was "sad" to see the relationship between the United States and Britain "not what it used to be" after Keir Starmer held back on initially committing military support for the strikes against Iran. Trump said that France was more supportive than he expected and that he never anticipated to see these relationships, which were once the "most solid" of all. It's sad to see the relationship has changed from what it was, Trump said in an interview with the Sun on Tuesday. This is his second interview with a British newspaper within...

Oil Refineries

US gasoline crosses the $3-per-gallon mark as a test of Trump's Iran War

Analysts say that the average U.S. gasoline price surpassed $3 per gallon on Monday for the first time since November as the conflict in the Middle East intensified. This is a major test of public support for President Donald Trump's decision against?Iran. Tehran's response to U.S.-Israeli strikes on oil production in neighboring nations and ships in Strait of Hormuz has disrupted the global supply of oil. Brent crude has risen by more than 5%, to almost $77 a barrel. Fuel prices are also rising in line with feedstock costs. As Trump and the Republicans prepare for the November midterm elections,...

Fossil Fuels

Fossil Fuels

Venezuela will ensure the security of mining companies and exceed oil production targets-Burgum

The United States Interior Secretary Doug Burgum struck an optimistic tone as he prepared to leave Venezuela after a two day visit. He told journalists that a new mining bill will create opportunities for businesses, and licenses to allow them to operate are on the horizon. Burgum, the U.S. National Energy Dominance Council's head, has praised the efforts of interim president Delcy Rodrguez to open up the South American nation to foreign investment for oil and minerals. This praise is similar to that given by U.S. Donald Trump. Burgum is the 2nd cabinet secretary to travel to Venezuela since the...

Fossil Fuels

Citgo's profit for 2025 grew by 48%, to $452 millions, on higher margins

Citgo Petroleum, a U.S. refiner, reported an increase of 48% in its net profit last year to $452 millions. This was due to improved refining margins as well as a record-breaking crude processing rate of 760,000 barrels / day. If the U.S. Treasury Department approves the transaction, the seventh largest U.S. refining company, owned by Venezuelan, will be 'taken over by an Elliott Investment Management affiliate following a court ordered auction last year to pay creditors. Citgo's annual total throughput increased from 811,000 to 833,000 barrels per day (bpd) with a crude usage rate of 92% in 2018. This is...

Fossil Fuels

Venezuelan gov't, Shell sign oil deals, state television says

State television reported on Thursday that Venezuela's acting president Delcy Rod has signed oil deals with Shell, without providing any details. Rodriguez is hosting U.S. The state-run channel VTV showed images of Interior Secretary Doug Burgum, who was in South America. Burgum and other attendees were dressed in suits. Shell didn't immediately respond to our request for a comment. In a post on Telegram, TV FANB, an independent state TV?channel focusing on the armed services, said that "Acting President Delcy Rod led the'signing of agreements with Shell, the international oil company," This strategic alliance reaffirms Venezuela's status as a reliable...

Crude Oil

Mining

Mining

Flacks Group is'ready' to bid for Thyssenkrupp's steel business, if current sales talks fail

Michael Flacks, the CEO of Flacks Group, said that if current attempts to sell Thyssenkrupp's steel division fail, they would be "ready" to bid for it. Thyssenkrupp and Jindal Steel International have been in discussions since the autumn about a possible sale for Thyssenkrupp Steel Europe. However, these discussions are yet to produce a formal bid. Flacks Group was selected by Italy in 'December' to conduct exclusive negotiations on the sale Acciaierie d'Italia, a bailed out steel company. Flacks stated that "our main interest in Italy is now, but we're interested in major companies and, if talks about an acquisition...

Mining

Codelco and Microsoft sign AI agreement for mining operations

The miner, Codelco, a state-owned company in Chile and the world's largest copper producer, signed a Memorandum of Understanding with Microsoft to evaluate joint initiatives?in artificial intelligence, advanced analytics, automation, and digital security. Key Context * The agreement is initially for 18 months with a joint governance of?strategic tracking and operational monitoring. * These include the use of intensive data, AI to make decisions, autonomous operations and automation of critical processes. Both companies will be involved in the early testing of new products and solutions, as well as sharing international experiences. KEY QUOTES Working with Microsoft, a technological leader of...

Mineral Resources

USA Rare Earth acquires remaining stake in Texas Round Top Deposit for $73 Million

USA 'Rare Earth' announced on Thursday that it will acquire the remaining minority interest in an Texas rare earth deposit through a?all-stock transaction worth $73million, as part of?its?efforts to boost domestic production. The company will purchase all outstanding shares of Texas Mineral Resources in exchange for approximately 3.8 million common shares of USA Rare Earth. Following the news, shares of USA Rare Earth rose by 1% in premarket trading. The company said last year that it would 'bring forward commercial production of its rare earths in Texas project to late 2028 from 2030. It cited faster-than expected progress at its...

Mineral Resources

Documents say that China and the US pressurize Ghana to stop gold royalty increases

According to three sources who are familiar with the issue and a letter by an industry group, China, the U.S., and other Western governments have launched an unusually coordinated effort to convince Ghana to stop a gold royalty hike that they claim could hurt some of the world's largest miners. Africa's biggest gold producer is looking to replace its fixed royalty of 5% with a sliding rate between 5% and 12 % linked to gold prices. This is part of a bid to increase revenue as gold reaches successive historical highs. The upper bands in the new regime could come...

Mining

McGeever: Risk of dollar liquidity shock highlighted by Mideast crisis

This week, investors have been rushing to buy dollars amid the turmoil in the Middle East. It is a reminder of the difficult transition from a dollar-centric worldview towards a multi-polar, fractured financial system. Investors are seeking relative safety in the most liquid asset of the world, the dollar. Equity indices, which were the best performers in the first half of the year, are now in a slump: South Korea's KOSPI has fallen by nearly 20% in just two days. The dollar has risen by as much as 2 percent in just two days and Treasury yields have also soared....

Mining

US Interior Secretary meets Rodriguez and mining companies in Venezuela

U.S. Interior Secretary Doug Burgum and Venezuelan acting president Delcy Rod met on Wednesday after arriving in the South American nation earlier that day. The encounter was briefly filmed by a number of media outlets. In Caracas, the Miraflores Presidential palace, two representatives of the United States met with Laura Dogu, U.S. Representative in Venezuela. Burgum had earlier met with executives of foreign mining companies. Two sources confirmed this, while the interim Venezuelan Government is weighing changes to mineral regulations. The U.S. is trying to open Venezuela up to American investment in the oil, gas, and minerals sectors, particularly, after...

Mining

Pentagon seeks fresh supply of 13 essential minerals a day before Iran attack

A document reviewed by? showed that the U.S. Military asked mining companies to boost supplies of 13 critical minerals, which are used in semiconductors, weapons, and other products. This request was made the day before the U.S., Israel and other countries launched their attacks on Iran. It is the latest in a series of recent requests by Washington for greater access to materials widely used in warfare. The Pentagon has asked the Defense Industrial Base Consortium, a grouping of companies, universities, and other suppliers to the military, for proposals by the 20th of March on projects that would mine, process,...

Mining

Aluminum supply problems intensify after Bahrain stops shipments and Qatar shuts down its smelter

Aluminium Bahrain, one of the largest smelters in the world, informed customers that it had halted all shipments because of the "widening" Middle East conflict. This exacerbated supply concerns following a Qatari melter shutdown the day before. After the news, the London Metal Exchange saw an increase of up to 5.1% in aluminium prices to $3,418 per ton, the highest since April 2022. Analysts said that prices could rise even further, since about 8% world supply is made in the region. Goldman Sachs stated on Monday that prices could reach $3,600 per ton if the production in this region is...

Mineral Resources

SSR Mining, a Canadian company, will sell its Copler mine stake to Turkey for $1.5 billion.

SSR Mining, a Canadian company, announced on Wednesday that it had signed a binding agreement to sell its 80% stake in Turkey’s Copler Mine to Cengiz Holding A.S. in exchange for $1.5 billion. This boosted its stock by more than 12%. The gold miner also said that it was'reviewing its remaining platform in Turkey including a 20% interest in the Hod maden development project. The deal, which is expected to be completed in the third quarter of this year, will cover all SSR's mining licenses and assets located in eastern Anatolia. This includes Copler and nearby satellite deposits. Cengiz Holding...

Mining

TSX futures are rising as Middle East crises boost oil and gold prices

Futures tracking Canada’s main stock index rose Wednesday as rising tensions in the Middle East drove up oil prices for a fourth consecutive day while demand for safe-haven gold boosted the price of the futures. As of 5:20 a.m., March futures for the?S&P/TSX 'composite index? were up 0.36%. ET. As the conflict enters its fifth day, it has shocked investors around the world. Goldman Sachs CEO David Solomon stated that it would take two weeks for the markets to digest the effects of the war in Iran. Oil prices rose?but a little slower than previous sessions, as traders considered the...

Mining

Mike Dolan, CEO of ROI-Gold, fumbles his lines in the Middle East:

In an alarming week dominated by a?Middle East conflict, the gold market made a bizarre move. Investors did not rush to buy gold but instead rushed for dollars, selling anything that had a speculative edge before the attacks last weekend. After the attacks on Iran Saturday, the initial demand for precious metals waned rapidly. On Tuesday there was a dramatic reversal with silver and gold both dropping by as much as 10 percent. One of the main reasons for the gold price's decline was the return of the dollar’s "safety" bid, which had seen the greenback rise this week despite...

Mining

Canada promotes buyers' alliance in order to combat critical minerals supply concentration

Canada's Energy and Mining Minister Tim Hodgson said on Tuesday that a production partnership or buyers club is the best way to?address the issue of a concentrated supply of critical mineral?rather than just a floor price. "We think that the critical mineral production alliance that we proposed in the G7 in Kananaskis and the group that emerged from that, the buying critical minerals?group is the best multilateral way to deal with this on a global basis for all countries interested," said Hodgson. He spoke while attending the annual Prospectors and Developers Association of Canada Conference in Toronto. Last month, U.S....