Western Europe

Data from Kpler & LSEG revealed that Europe was experiencing record-breaking inflows of Jet Fuel from the United States. The region is trying to replenish fuel supplies as a result of the Middle East's disruption. Due to the U.S. and Israeli war against?Iran, the Strait of Hormuz has effectively been closed. This has prevented the Middle East from supplying Europe with nearly 75% of their?jet fuel, or about 375,000 barrels a day. According to a document viewed by, this has caused European airlines to call on the European Union (EU)?to take emergency measures including widespread airspace closings. Based on vessels...

Russian news agencies reported that Sergei Lavrov, the Foreign Minister of Russia, said on Wednesday in Beijing at a press conference that Russia was'ready to increase its energy supply to China before an expected visit by President Vladimir 'Putin. Vedomosti cited sources who said that it would be during the week of May 18th. President Xi Jinping and Lavrov met on 'Wednesday', assuring Moscow that China is a friend of Russia and saying that China and 'Russia' must work together, trust each other and protect each other's interest. Lavrov said at the press conference that Russia is ready to provide...

Austria ordered an official review to determine if the 'partially-state-owned oil and natural gas company OMV' is complying with new rules on lowering fuel prices. The company, however, denied that it had broken them on Tuesday. The 'U.S. and Israeli?war on Iran has caused the biggest oil supply disruptions in history, sending oil prices soaring. European governments are scrambling to protect their consumers. Austrian government introduced the so-called "petrol-price brake", under which the value-added tax increase?from increased petrol prices are passed on to the consumers in the form a reduction?in tax, initially set at 6 U.S.-cents per litre. The national...

Shell's notice of the meeting states that it will allow its shareholders to vote on a resolution presented by climate activist investor groups Follow This and recommend a negative vote. This'stands in stark contrast to BP whose board decided 'not to include the Follow This Resolution on its agenda. This prompted some of its shareholders, and influential proxy advisor groups, to recommend a vote against the board. Follow This Resolution calls on Shell to reveal how its strategy will perform in scenarios of declining oil and gas demand. BP said that the resolution is invalid and will be 'ineffective' if...

The British government announced that British Finance Minister Rachel Reeves would tell her international counterparts traveling to Washington this week about the "securonomics", or approach, she uses in dealing with an uncertain world. Reeves will, while in the United States to attend an International Monetary Fund summit, once again promote Britain as "a rare safe haven for Investors" that provides stability amid rising energy prices. After weekend talks to end the war failed, Tehran has threatened to attack the ports of its Gulf neighbours. Britain's dependence on imported gas and stubbornly high inflation has led to a sharper selloff of...

After a review by the Australian corporate regulator, Viva Energy has revised its testing of the value of its retail fuel and convenience sites for impairment. This will result in an additional A$25m ($17.55m) in impairment charges on 2025 accounts. The Australian Securities and Investments Commission questioned the fuel retailer’s previous approach to?grouping certain sites into a larger Shell Card cash-generating units, arguing that?individual outlets? should be assessed individually so their recoverable value could?be determined. The regulator said that Viva had adopted the revised method in its financial statements for its year-end?December 2025 and increased the total impairment charges on...

Italy has placed new restrictions on Sinochem in an effort to stop a slap on Pirelli's governance, according to people familiar with the matter. Pirelli's largest shareholders Sinochem, a Chinese state-owned company, with 34% of the shares, and Camfin (the investment vehicle of Marco Tronchetti Provera as Executive Vice President), with 26% of the shares, have been involved in a long-running dispute. Tensions grew ahead of the new U.S. regulations that would restrict the use of "Chinese" technologies in the automobile sector. Both Pirelli & Camfin called for "curbs" on Sinochem's ownership, stating that this would complicate Pirelli expansion plans...

Holders of bonds issued by Ukraine's Naftogaz, the state energy giant, have hired lawyers to prepare for what appears to be a second debt restructuring since Russia's invasion in 2022. Source familiar with the matter confirmed that the funds hired Cleary Gottlieb Steen & Hamilton - the same firm which represented VR Capital and bondholders when Naftogaz wrote off its debt in?2023. In the face of ongoing Russian attacks, the Ukrainian state energy company, which has recently hired Rothschild to be its debt advisor, is struggling with how to pay a repayment of nearly 700 million euros ($821million) due in...

Oil prices rose again on Friday, causing a loss for long-term British government bonds. This wiped out the gains made earlier in this week by the gilt market following a ceasefire agreement between Iran and 'the United States. The performance of gilts was below that of similar U.S. debt, German debt and French bonds. This reflects Britain's vulnerability due to the fallout caused by rising energy costs. Britain is heavily reliant on natural gas, and its public finances are stretched, making it difficult to provide state support. Long-dated gilts have been increasingly affected by fiscal worries. The yield on 20-year...

The Italian Treasury confirmed an earlier report that Lorenzo Mariani would be the new Chief Executive Officer of Leonardo Defence Group, replacing Roberto Cingolani. Rome, as expected, also proposed the reappointment of Claudio Descalzi at Eni's helm and Flavio Cataneo, Enel's, to their respective energy groups. Cingolani did not win a second term, despite a rise in sales and orders at the state-controlled group since he became its leader in 2023. He also secured a number partnerships with European competitors. Leonardo's shares, which had more than quadrupled in value under Cingolani, dropped this week amid reports of his possible removal,...

Investors are putting together a "Trump trade' playbook to?navigate market uncertainty. This includes determining whether a U.S. - Iran ceasefire will last and whether oil prices will remain high for longer. As geopolitics continue to dominate the economy, it is difficult to move money based on long-term perspectives. During the Iran War, many?investors have placed shorter-term bets instead on assets which may have been?mispriced?. Here is a list of some new Trump trades. 1/OIL PRICE WILL STAY HIGHER FOR A LONGER TIME Oil prices fell almost 15% to $100 per barrel in the wake of the ceasefire on Wednesday, but...

Analysts at A95 Consulting Group reported late Monday that Ukraine's imports of diesel jumped 27% in March over February to a five-year-high of 577,000 tons, despite the difficulties associated with the war? in the Persian Gulf. After Russian missile attacks virtually destroyed Ukraine's refining capability, the country became?entirely reliant on imported fuel. It sourced supplies elsewhere in Europe. The consultancy stated in a report that "Importers operations in March were hindered by the effects of the war in the Middle East which made it extremely difficult to secure supplies." The report also stated that ORLEN, Poland's largest supplier, had suspended...

Aluminum prices reached a four-year-high?on Friday as traders assessed?the extent of damage to the global supply caused by the U.S./Israeli war with Iran. Meanwhile, hopes for a possible peace agreement boosted other base metals. The benchmark three-month aluminum on the London Metal Exchange increased 0.4% to $3.636 per metric ton during official open-outcry trade after reaching $3.672, its highest since March 24, 2020. The record high was $4,073.5 on March 7, 2022 when the markets were dealing with 'the immediate aftermath of Russia's invasion in Ukraine. Global aluminium is experiencing a'supply shortage this year as a result of the Iran...

A court on Wednesday ruled that Hancock Prospecting owned by Australia's wealthiest person Gina Rinehart and Rio Tinto had to pay "what could be hundreds of millions" of dollars in royalties to the former business partners of her father. Since 15 years, Hancock Prospecting has been involved in a legal dispute with Peter Wright's family over the Hope Downs Mine Complex in the iron-ore rich Pilbara Region of the state. The court ruled that Rio Tinto, the world's largest iron ore mining company, is a joint venture operator and jointly responsible for the payments. In the 1950s, Rinehart's dad, Lang...

Appian Capital?Advisory, a mining-focused private equity company, has named former Eramet CEO Paulo Castellari as the head of its critical minerals unit. The?firm announced this on Wednesday, while stepping up?investment into energy transition commodities. The appointment comes at a time when competition is intensifying for battery metals and rare Earths required for electric vehicles and renewable energy, as well as digital infrastructure. Castellari joined?after a sudden exit from French mining company Eramet, only a few months after his appointment, citing disagreements over "operating methods". He held senior positions at Anglo American, Emirates Global Aluminium and Emirates Global Aluminium. Appian said...

LKAB plans to open an iron ore mine and rare earths project near the Kiruna mine in Sweden's far 'north' could be a violation of rights for the Sami reindeer herders, according to a Stockholm Environment Institute report published on Wednesday. Per Geijer is located near LKAB’s?existing Kiruna Mine and is one of the?European Union’s flagship projects as part of its strategy to reduce reliance upon China for rare Earths needed for clean energy, defense, and electric vehicle production. The Sami reindeer herders, however, say that it will end their traditional lifestyle and have promised to take the mine to...

According to inspection records obtained through public record requests, Codelco, a state-owned copper miner in Chile, was fined by the labor authorities for last year's fatal collapse of its El Teniente Mine. Three contractors, whose employees were killed or injured, were also sanctioned. Six contract workers were killed and others injured in the aftermath of the underground?seismic occurrence that occurred on July 31, triggering a rock explosion at El Teniente - the largest underground copper mine in the world. The files were obtained by requesting open records from the Chilean labor ministry. These fines in Chile are communicated directly to...

Greenland's Prime Minister said Tuesday that he appointed his predecessor Mute Egede to the position of?foreign ministry, giving him the task of steering the relations with the United States amidst pressure from U.S. president Donald Trump to control the island. Premier?Minister Jens Frederik Nielsen stated that Egede’s portfolio would also include those of minerals resources and business policy. Trump has repeatedly claimed that the United States is in need of Greenland, which is a part if the Kingdom of Denmark. This claim has caused a rift between European NATO allies, who have rejected it. Greenland and Denmark, as well as...

The World Steel Association cut its forecast on global 'crude steel demand' for this year. This was partly because of the Iran War, which has slashed Middle East consumption. The industry group reduced its forecast of growth in 2026 steel demand to 0.3%, or 1.72 billion tons. This is down from an earlier forecast in October that was 1.3%. "We expect that the conflict in the Middle East will result in a sharp decline in the region's demand for steel in 2026. This was a strong area for growth," said Alfonso Hidalgo Calcerrada. "We're now transitioning to a modest growth...

Sika, a Swiss chemical group that manufactures products for construction in China, reported a decline?in sales?for its first quarter on Tuesday. The drop was attributed to a?stronger Swiss Franc and weakness?in the construction industry. The sales for the quarter fell by 7%, to 2,49 billion Swiss Francs ($3,18 billion). The company reiterated the forecast it made in February. It projected a 1% to 4% increase in annual sales in local currency and an EBITDA margin between 19.5% and 20% by 2026. The 'company' said that a?long-term slump in China’s construction sector continued weighing on the results even as Europe showed...

Ivan Arriagada, the Chief Executive of Antofagasta Minerals, said that rising fuel costs and sulfuric acids are their biggest concerns in the near future, despite the fact that its 'operations' and project pipeline continues to progress steadily. Arriagada, in an interview with Reuters on Monday, said that the company is most concerned about the rising cost of fuel and oil. He said that "we have seen an increase in the price of certain inputs, such as sulfuric acid, explosives and, to a certain extent, energy." "That's happening in a context where, while the copper price has fallen, it has remained...

Benchmark Mineral Intelligence revealed on Tuesday that high petrol prices in Europe drove car buyers to EVs, leading to the first global EV growth month this year. Fuel prices have been capped by governments around the world to protect motorists from rising costs. The war in Iran that erupted Feb. 28 disrupted an important shipping route which carried about 20% of the global oil supply. BMI reported that registrations of new battery-electric cars and plug-in hybrids rose by 3% on an annual basis globally, to more than 1.7 million vehicles. In Europe, the number of EVs sold reached a record...

According to public records requests, Codelco, a state-owned copper miner in Chile, was fined after a deadly mine collapse last year at El Teniente. Three contractors, whose employees were killed or hurt, were also sanctioned more severely. Six contract workers were killed and others injured in the aftermath of the underground earthquake that occurred on July 31, triggering a rockburst at El Teniente - the world's biggest underground copper mine. The files were obtained from the Chilean labor ministry by means of open-records request. In Chile, fines of this nature are communicated directly to the employers. They can be challenged...

Two sources familiar with the matter said that HSBC is hiring Mark Augustynak to head its global metals business. Augustynak was a metals 'trader' at iCB Standard Bank. HSBC is a market-maker and clearer, alongside ICBC Standard Bank and JPMorgan, in London. This is the world's biggest over-the counter gold trading hub. Market?players are able to trade directly between each other, rather than through an exchange. One source said that Augustynak is expected to join HSBC by mid-2026. He has 20 years' experience in linear precious metal trading. HSBC didn't immediately respond to a comment request sent outside of normal?business...