Iranian officials have reportedly accused Israel of carrying out several drones strikes on energy and civilian sites in the Gulf, calling the attacks a calculated bid to spark regional fury and pull Arab states into the US-Israeli war on Tehran.
A Foreign Ministry official told Middle East Eye that Israel was behind strikes against Saudi Arabia and at least one attack on Oman, asserting: "I can categorically say that some of the attacks were not carried out by us [Iran]."
The claims follow at least five drone and missile strikes on Saudi facilities, including the Ras Tanura oil refinery and the US embassy in Riyadh, alongside two targets at Oman's Duqm Port.
The official declined to specify which attacks Israel was allegedly responsible for.
Saudi Arabia has reported multiple strikes involving drones and missiles, including incidents targeting Prince Sultan Air Base, the Ras Tanura oil refinery and sites in Riyadh.
Oman's Duqm Port, a major logistics hub that has hosted US naval access since 2019, has also been targeted twice.
Iran has acknowledged launching attacks on US military assets across the Middle East since Saturday in retaliation for joint US-Israeli strikes that killed Iranian Supreme Leader Ali Khamenei and senior military officials.
Mossad Operating on Iranian Soil
Two Iranian sources told MEE that Israel's foreign intelligence agency, the Mossad, carried out the attacks using a deep network of agents and logistics already established inside Iran.
They claimed authorities are currently locating warehouses used by Mossad to store drones, with one source stating: "We would not be surprised if there are such warehouses and operational rooms in other countries in the region."
Mossad is widely believed to maintain an extensive network of agents and informants inside Iran and has previously been linked to several covert operations against Iranian targets.
Beijing has imposed an urgent ban on diesel and gasoline exports for its largest state-owned and private oil refineries due to a massive escalation of the military conflict between the US, Israel, and Iran. This was reported by Bloomberg, writes UNN.
Details
By order of the National Development and Reform Commission (NDRC), PetroChina, Sinopec, and CNOOC must immediately cease signing new export agreements and cancel existing arrangements. The restrictions do not apply only to supplies to Hong Kong and Macau, as well as aviation fuel already in customs warehouses. Despite having strategic reserves for 4-5 months, Beijing has switched to a strict resource-saving regime, as hostilities in the Persian Gulf region have already led to a jump in Brent oil prices above $82 per barrel.
Market reaction and changes in global energy flows
Experts note that China's decision could provoke a severe shortage of petroleum products throughout the Asia-Pacific region, where many countries depended on Chinese exports. While global diesel prices are rising faster than crude oil, China is forced to seek alternative supply sources, increasingly relying on Russian energy resources. The war in the Middle East has effectively paralyzed traditional logistics routes, forcing global players to radically revise their energy strategies.
China will take necessary measures to protect its own energy security – emphasized the country's Foreign Ministry, commenting on the situation in the Persian Gulf.
CNBC's Jim Cramer suggested on Wednesday that the recent decline in major energy stocks despite Middle East tensions is a definitive signal that the “geopolitical risk” in crude has peaked, clearing the path for a massive stock market rally.
The Predictive Power Of Crude
Cramer argued that the equity market often possesses foresight that news headlines lack. Despite reports of a widening conflict with Iran, he points to the downward movement of energy giants as a sign that the worst-case scenarios—such as the closure of the Strait of Hormuz—are unlikely to materialize.
“The oil market always seems to know everything,” Cramer stated, drawing a direct parallel to the 1991 Gulf War. He noted that during that era, oil prices plummeted the moment shooting started, contrary to expert predictions. “I'm starting to wonder if something similar could happen right now.”
Energy Giants As A Market Signal
The “Mad Money” host specifically highlighted the price action of industry leaders to prove his point. He noted that if the global energy supply were truly in peril, these stocks would be soaring rather than retreating.
“You don’t get Exxon Mobil Corp. (NYSE:XOM), ConocoPhillips (NYSE:COP), and Halliburton Co. (NYSE:HAL) all down 1 or 2% if the Straits of Hormuz will be really closed for a long period of time,” Cramer explained. “It doesn’t work like that.”
According to Cramer, these declines indicate that “the price of crude has seen its peak” and that the market is already pricing in a “defanged Iran” and a resumption of normal shipping. Meanwhile, during the publication of this article, the WTI Crude oil futures were trading higher in the early New York session by 3.08% to hover around $76.96 per barrel.
A Rotation Into Risk
With the oil sell-off acting as a green light, Cramer observed a classic “snapback rally” where investors are ditching safety to chase high-growth names.
He pointed to the resilience of tech favorites like Nvidia Corp. (NASDAQ:NVDA) and Amazon.com Inc. (NASDAQ:AMZN), as well as a massive recovery in CrowdStrike Holdings Inc. (NASDAQ:CRWD).
“Buyers returned to the tried and true,” Cramer noted, adding that “bullish animal spirits” are being unleashed.
He concluded that the cooling energy sector is the primary catalyst for this shift, allowing the market to move past war fears and back into a sustained bull cycle.
Minister Gwede Mantashe says South Africa can avoid a gas cliff by utilising its resources. File photo. (Gwede Mantashe/X)
Minister of mineral and petroleum resources Gwede Mantashe says South Africa is well-resourced and endowed to avoid the dreaded gas cliff if it just explores and exploits the resources at its disposal.
The minister was speaking at the Africa Gas Forum in Cape Town on Thursday morning. The event is taking place in parallel with the Africa Energy Indaba, where President Cyril Ramaphosa spoke on Wednesday.
Last year electricity and energy minister Kgosientsho Ramokgopa warned that SA faced a gas cliff and that the government was working with institutions, including Sasol and Eskom, to approach Qatar for 180 petajoules of gas per annum.
Mantashe is of the view that South Africa has sufficient gas resources that need to be explored and exploited. He said if these are utilised to their fullest potential, South Africa can avoid the gas cliff altogether.
“We talk of the gas cliff in 2028. And that position assumes that we are not discovering gas. But if we discover gas and exploit it, there is going to be no gas cliff, because we have the gas deposits and they don’t migrate. We must exploit them,” he said.
He said for decades, piped gas from Mozambique’s Pande and Temane fields met approximately 90% of South Africa’s demand, but these fields are now in decline. This is not merely an industry concern; it is a national economic risk, he warned.
“To avert an industrial cliff-edge, we are implementing a two-pronged strategy: immediate imports and accelerated domestic development.
“We acknowledge Sasol’s proposed methane-rich gas bridging solution for the period 2028 to 2030. This intervention provides critical breathing space as we finalise our LNG import infrastructure.”
The world is currently in a time of heightened geopolitical tensions, driven by the global scramble for greater access to and control of natural resources, including oil and gas, he said.
“History reminds us that resource-endowed nations often bear the brunt of such tensions. Africa is no exception.”
Africa accounts for 7% of known global gas reserves and contributes less than 4% of global greenhouse gas emissions, he added. In that context, the strategic utilisation of our three domestic gas resources is not speculative but is foundational to a just and realistic energy transition that recognises the socio-economic realities.
The ERC said in a statement on Thursday that it reviewed the situation and potential impacts from unrest in the Middle East during its meeting on March 4, and agreed to increase spot LNG procurement to ensure sufficient fuel for electricity generation.
After discussions with LNG shippers, the ERC found that some gas sources are located in higher-risk areas and that shipping routes have been affected by regional tensions.
To reassure the public and the business sector that Thailand will have enough LNG for power generation, and to support government policy to seek additional or alternative LNG sources to replace supplies from risk areas, the ERC assigned shippers to secure additional LNG to meet national demand.
The ERC said it will continue to closely monitor global energy developments and LNG procurement, while coordinating with relevant agencies to ensure the national energy system can meet demand, particularly during periods of high electricity consumption.
It will also maintain oversight of LNG procurement processes and energy pricing to ensure compliance with relevant rules and regulations.
Thailand currently imports LNG via two import terminals operated by PTT.
These terminals include the first Map Ta Put LNG terminal (LMPT 1) with a capacity of 11.5 mtpa and the second Map Ta Phut LMPT2 LNG terminal, also known as the Nong Fab LNG terminal, with a capacity of 7.5 mtpa.
Thailand’s Gulf and PTT Tank Terminal, a unit of PTT, also expect to launch commercial operations at their LNG terminal in Map Ta Phut, Thailand’s third such facility, in the first quarter of 2029.
The country receives LNG from various sources, including Qatar and the US.
LNG prices and ship charter rates skyrocketed after QatarEnergy stopped producing LNG at its giant Ras Laffan complex on Monday.
QatarEnergy declared force majeure to its affected LNG buyers on Wednesday.
Platts, part of S&P Global Energy, assessed JKM — the benchmark price reflecting LNG delivered to Northeast Asia — on March 3 at $25.39/MMBtu, up from $10.70/MMBtu on February 27.
https://lngprime.com/asia/thailand-to-buy-additional-spot-lng-cargoes/179360/
By Tsvetana Paraskova - Mar 05, 2026, 6:00 PM CST
The U.S. shale patch cannot and will not come to the rescue of a potentially catastrophic loss of crude supply from the Middle East as the war in Iran set fire to the world’s most important oil-producing region.
The escalating war and the de facto closing of the Strait of Hormuz is threatening to hold back more than 15 million barrels per day of oil supply for weeks and forcing Gulf producers to begin shutting down output as storage fills up.
The International Energy Agency, which was created in the 1970s to coordinate actions during the Arab oil embargo, suggested after an emergency meeting on Tuesday that U.S. shale could be the “most significant” near-term offset to any losses from the Middle East. A document by the IEA, circulated after the meeting and cited by the Financial Times, says that the shale patch could add supply from recently drilled wells that have not started production yet. About 240,000 barrels per day (bpd) could be added in May and “an additional 400,000 barrels per day” may come on the market in the second half of the year, according to the IEA.
This is a drop in the ocean compared to the 20 million bpd that pass through the Strait of Hormuz daily—at least they did before the war began.
Should the conflict stretch into May, the devastating loss of so many barrels – 20% of the world’s daily oil consumption – cannot be offset in any way, and 400,000 bpd wouldn’t make a difference.
Strait of Hormuz Crisis
The IEA said that “ahead of the military actions that began on 28 February, global oil supply was also expected to far exceed demand in 2026. However, prolonged supply disruptions could flip the market into a deficit.”
Tanker traffic activity at the Strait of Hormuz crashed from nearly 40 ships per day on average transiting in January to a single tanker making the trip on March 3, according to data from energy flows analytics firm Vortexa.
“While the U.S. has pledged military escorts and a financial safety net to break the "no-go zone," the on-the-water reality remains one of extreme caution and paralysis,” Vortexa’s freight analyst Wanying Zhang wrote in a note on Wednesday.
“Whether these interventions can successfully restore confidence for the mainstream fleet, or if the Strait will remain the exclusive domain of high-risk "dark" operators, will be decided in the critical days ahead.”
Another vessel-tracking and analytics firm, Kpler, noted on Wednesday that its base case assumes the conflict remains contained and relatively short-lived.
U.S. Shale Not Rushing to Boost Production
Most analysts and shale executives do not expect severe disruptions to last beyond three weeks, although investment banks, including Goldman Sachs and JPMorgan, have forecast oil prices at $100 and above in case of prolonged de facto blockade of the Strait of Hormuz.
Volatility, though, will remain high, at least in the first half of the year, regardless of how the conflict and the threats to supply play out.
Against this backdrop, U.S. shale is reluctant to change carefully drafted capital budget plans for 2026, especially considering the lead times necessary to actually boost drilling.
The current price of U.S. benchmark WTI Crude at over $77 per barrel may look tempting on paper, but no one is rushing to boost drilling. Shale executives say the patch would need such prices to remain stable at these elevated levels for a year to warrant efforts to increase production. Most of them also expect prices to pull back sharply, possibly within weeks, before any new drilling rigs could be added.
Instead, the shale patch is now looking at using the surging prices to lock in future production at higher prices and to return more cash to shareholders from the expected windfall to cash flows.
Following the U.S.-Israel strikes on Iran on Saturday, shale producers were ready as soon as Sunday to execute major hedging transactions when markets open on Monday, Matt Marshall, president of Aegis Hedging, told Reuters this week.
“Even though it was a Sunday, I would estimate about a quarter of our oil-producing customers were watching at the open and had coordinated with us and counterparties to be able to hedge,” said the executive at Aegis Hedging, which handles hedging for about 25-30% of U.S. production, per internal estimates.
For example, Formentera Partners on Tuesday hedged 80% of its production through early 2027 at $70 per barrel, managing partner Bryan Sheffield told the Wall Street Journal.
Moreover, Sheffield says that contracting a new rig could take six weeks, by which time oil may have dropped even lower than before the conflict.
“Do you really want to sign a contract at $75 plus oil, or let’s just say $90, and by the time you sign the rig contract, get the rig out there 90 days later, oil is straight back to $50?” Sheffield told the Journal.
Kirk Edwards, president of Permian-focused independent producer Latigo Petroleum, told FT, “What Permian producers need in my opinion is a stable $75 price . . . over the next 12 months.”
By Tsvetana Paraskova for Oilprice.com
https://oilprice.com/Energy/Crude-Oil/US-Shale-Wont-Replace-Lost-Middle-East-Oil.html
The US has cleared the way for India to temporarily increase its purchases of Russian oil. The measure expires on April 4 at 12.01am local time.
Published Mar 06, 2026, 04:28 PM
WASHINGTON – The US has cleared the way for India to temporarily increase its purchases of Russian oil, reversing months of pressure on the world’s third-largest crude importer as an escalating conflict in the Persian Gulf upends energy flows.
A licence issued late on March 5 covers transactions related to Russian crude oil and petroleum products loaded onto vessels before the same day, so long as they are delivered to India and purchased by an Indian firm. The measure expires on April 4 at 12.01am local time (April 4, 2.01am Singapore time).
“To enable oil to keep flowing into the global market, the Treasury Department is issuing a temporary 30-day waiver to allow Indian refiners to purchase Russian oil,” US Treasury Secretary Scott Bessent said in a post on X.
“This deliberately short-term measure will not provide significant financial benefit to the Russian government as it only authorises transactions involving oil already stranded at sea.”
The move – intended to ease pressure on oil supplies – provides immediate relief for at least one of the economies most directly impacted by disruptions in the Middle East. With plenty of Russian oil on the water, sanctioned and non-sanctioned, refineries could quickly ramp up purchases and stabilise operations.
The decision also marks a significant turnaround by the US, which had been putting intense pressure on New Delhi over its purchases of Russian oil. India has not traditionally been a major consumer of Russian crude, but it cranked up its purchases to take advantage of discounted cargoes after the invasion of Ukraine in 2022.
US President Donald Trump – seeking to pressure the Kremlin into a peace deal – has for months sought to cut off that trade, slapping punitive tariffs of 50 per cent on Indian goods and sanctioning Russia’s two largest producers. Its levies on India were eased under a trade deal agreed in February, and India had kept Russian purchases to a minimum since then.
“While the waiver is temporary and primarily aimed at clearing stranded cargoes, it provides a critical short-term buffer for India’s refining sector while potentially reshaping Russian crude pricing dynamics and trade flows over the coming weeks,” said Mr Sumit Ritolia, lead research analyst, refining and modelling, at analytics firm Kpler. Russian oil discounts will likely narrow and could turn to premiums as competition for supply rises, he added.
Over 22 million barrels of Russian crude are unsold or in idle tankers in Asia, with over 80 per cent of the ships near India’s waters and in the Singapore Strait, according to ship-tracking data compiled by Bloomberg. Yet more tankers are on the move, suggesting the total tally could be even higher.
Out of the roughly 5 million barrels a day that India imports, just a fifth came from Russia in February, according to Kpler. However, other major suppliers include Iraq, Saudi Arabia and the United Arab Emirates – and have much of their production now stranded by the effectiveclosure of the Strait of Hormuz.
“It may take some pressure off the market in the immediate term, but at the end of the day with as much as 20 million barrels per day of Persian Gulf supply being lost, this is not a game changer for the market,” said Mr Warren Patterson, head of commodities strategy for ING Groep NV in Singapore.
“The only way to see more permanent pressure taken off prices is to get oil flowing through the Strait of Hormuz once again.”
Inflation risks
The waiver would bring some comfort to policymakers as it reduces the impact on inflation and eases pressure on the rupee. Inflation remains well below the central bank’s 4 per cent target, although the currency has plunged to a record low since the Iran tensions and the Reserve Bank of India has been intervening in the currency markets to prevent a rapid depreciation.
Pressure on India’s current account deficit may persist as well, as the oil would have to be bought at a premium over Brent, said economist Gaura Sengupta from IDFC First Bank.
The deficit widens by about half a percentage point on an annual basis if crude prices increaseby US$10 (S$12.80) per barrel, Ms Madhavi Arora, an economist at Emkay Global Financial Services Ltd, said in an interview on Bloomberg Television on March 6.
“We have to be prepared for that pain” from a widening current account deficit, which “will eventually spill over to the currency and other Reserve Bank dilemmas”, she said.
The waiver, along with other promises from the US to consider all options to contain spiking oil and gasoline prices, helped cool benchmark prices in the March 6 morning trade in Asia – but the ultimate impact on India and on the wider market may well prove limited in time and scope.
Additional crude will also not resolve a squeeze on liquefied natural gas and cooking fuel supplies for India.
“Much of this is reactive action, instead of a pre-set game plan that thought through all the risks,” said Ms Rebecca Babin, a senior equity trader at CIBC Private Wealth Group.
“The headlines should provide some panic relief, but we will need concrete details to start really see risk premium erode.”
Indian refiners and government officials have been considering a range of contingency measures this week to manage the disruption to supply – including the option of turning to Russian cargoes. The oil ministry had pushed for diplomats to seek some room for manoeuvre from Washington, where Treasury officials also had discussions on easing pressure.
India has also held talks with the US to seek clarity on a proposed mechanism to provide insurance for tankers transiting the Strait of Hormuz.
The Asian nation’s refiners have been feeling the impact of curtailed supplies. Mangalore Refinery and Petrochemicals Ltd has told customers it will suspend oil product exports, and has shut one of its three crude processing units due to low stockpiles, people familiar with the matter said.
Grains
OMAHA (DTN) -- Posted 10:30 -- May corn is up 5 3/4 cents per bushel, May soybeans are up 5 cents, May KC wheat is up 15 1/4 cents, May Chicago wheat is up 10 3/4 cents and MIAX May Minneapolis wheat is up 10 1/2 cents. The Dow Jones Industrial Average is down 831.11 points. The U.S. Dollar Index is up 0.630 and April crude oil is up $4.78 per barrel. April gold is down $60.30 per ounce. At midmorning, grain and soy markets, with the exception of soymeal have extended grains, led by soybean oil -- headed for a ninth consecutive higher finish. Soaring crude oil has supported bean oil. The U.S. dollar is sharply higher and equities are down hard.
Posted 08:30 -- May corn is up 2 1/4 cents per bushel, May soybeans are up 1/4 cent, May KC wheat is up 7 cents, May Chicago wheat is up 4 3/4 cents and MIAX May Minneapolis wheat is up 3 1/2 cents. The Dow Jones Industrial Average is down 373.00 points. The U.S. Dollar Index is up 0.300 and April crude oil is up $3.07 per barrel. April gold is down $11.90 per ounce. With the exception of soymeal, grain and soy markets are mostly higher early Thursday. Crude oil is rising and equities falling again as Iran has threatened to retaliate after Wednesday it was reported that they wanted to talk to end the conflict.
Livestock
Posted 11:36 -- April live cattle are up $0.25 at $238.6, April feeder cattle are down $1.63 at $359.125, April lean hogs are down $1.43 at $95.65, May corn is up 7 cents per bushel and May soybean meal is down $0.50. The Dow Jones Industrial Average is down 973.68 points and the NASDAQ is down 229.91 points. Thursday's export report shared that beef net sales of 11,200 MT for 2026 were down 14% from the previous week and 29% from the prior 4-week average. The three largest buyers were Japan (3,300 mt), South Korea (2,300 mt) and Mexico (1,700 mt). Pork net sales of 36,100 mt for 2026 were down 15% from the previous week but up 8% from the prior 4-week average. The three largest buyers were Mexico (22,400 mt), Japan (3,800 mt) and South Korea (2,500 mt).
Posted 08:35 -- April live cattle are up $0.18 at $238.525, April feeder cattle are down $0.83 at $359.925, April lean hogs are down $0.18 at $96.9, May corn is up 3 cents per bushel and May soybean meal is down $0.70. The Dow Jones Industrial Average is down 320.74 points and NASDAQ is down 94.36 points. Following Wednesday's advancement, the cattle contracts are off to a skeptical, lower start as the market's 40-day moving average is ensuing some resistance pressure. Asking prices are noted in the South at $244, but are still not established in the North.
https://www.dtnpf.com/agriculture/web/ag/news/article/2026/03/05/periodic-updates-grains-livestock
Kalamazoo Resources’ recently-appointed CEO Andrew McDougall. Credit: File
Kalamazoo Resources has named mining executive Andrew McDougall to lead the company through its next phase, appointing the former Westgold Resources chief technical officer as chief executive officer effective 4 May 2026.
Management says McDougall brings more than 25 years of operational and technical leadership across gold and diversified mining, having also held senior roles at Anglo American, AngloGold Ashanti and Rio Tinto.
Kalamazoo said his delivery experience spans asset strategy, mine planning and studies, capital allocation and project execution. Those key attributes are directly aligned with the company’s plan to rapidly move its 1.44-million-ounce Ashburton gold project in WA through pre-feasibility and towards bankable feasibility.
"Andrew’s capability, depth of technical knowledge, global project experience and disciplined approach to feasibility and asset strategy, significantly strengthen the Company." - Kalamazoo Resources executive chairman Luke Reinehr
The company says the seasoned mining veteran will also strengthen technical oversight across its wider portfolio, including its Victorian gold and gold-antimony projects at Castlemaine, Tarnagulla, Myrtle, Mt Piper and South Muckleford.
Kalamazoo’s Western Australian gold portfolio also includes the Mallina West project in the Pilbara and Snake Well North in the Murchison.
McDougall says he is enthusiastic about leading the business forward, describing Ashburton as an opportunity to generate revenue through safe, sustainable project execution and operational discipline.
He added the company’s Victorian gold-antimony portfolio provides a strong basis for future growth as Kalamazoo builds a pipeline of gold and critical minerals opportunities.
With a new chief executive set to step in and feasibility work at Ashburton gathering pace, Kalamazoo appears keen to pair near-term development momentum with longer-dated exploration upside across its broader portfolio.
Interior Secretary Doug Burgum and Venezuela's interim president, Delcy Rodriguez, shake hands after their meeting at the Miraflores Presidential Palace in Caracas on Wednesday.
Venezuela's state-owned mining company on Monday inked a multimillion-dollar deal to sell as many as 1,000 kilograms of gold destined for U.S. markets, two sources familiar with the deal tell Axios.
Why it matters: The arrangement shows the tightening commercial bounds between Venezuela and the U.S. after President Trump ousted that nation's indicted socialist dictator and exerted de facto control over its oil-rich petroleum company.
Zoom in: The gold deal requires state-owned company Minerven to furnish 650 to 1,000 kilos of Gold Dore bars to the commodities trader Trafigura, according to one of the sources.
Today, a kilogram of pure gold costs about $166,000.
Zoom out: This contract is the third extraction deal made under the Trump administration's supervision as the U.S. has taken control of Venezuela's most crucial and abundant resource, oil.
https://www.axios.com/2026/03/05/trump-us-venezuela-gold-deal
Robert Friedland, executive chairman, Ivanhoe Mines
IVANHOE Mines CEO Robert Friedland has warned that copper production across Africa faces serious disruption if the conflict in Iran continues beyond three weeks, owing to the continent’s heavy reliance on Middle Eastern sulphur supplies.
Friedland, whose company operates copper mines across Africa, was quoted in a report by the Financial Times that the central African mining belt imports around two million tons of sulphur a year, approximately 90% of which originates from the Middle East. Sulphuric acid, derived from sulphur, is essential for leaching copper from oxide ores, said the newspaper.
“I have heard that traders are already struggling to source any,” Friedland said. “Sulphuric acid prices will therefore significantly increase across Africa.”
The US-Israeli campaign against Iran entered its sixth day on Thursday with no sign of abating, said Bloomberg News.
Iran’s Islamic Revolutionary Guards Corps vowed to intensify retaliatory strikes in the coming days, even as President Donald Trump said the US was “doing very well on the war front”. The White House also said it was close to achieving full control of Iranian airspace.
Arab states and Israel continued to intercept Iranian missiles and drones overnight, with Qatar urging residents to remain indoors. Tehran said it struck an oil tanker in the Persian Gulf, highlighting the threat to regional shipping. Israel has been conducting waves of airstrikes on Tehran targeting military and intelligence infrastructure. At least 1,200 people have died in Iran since the campaign began on 28 February, with dozens more killed elsewhere in the region, said Bloomberg News.
About a dozen nations have been drawn into the conflict. Azerbaijan became the latest on Thursday, threatening retaliation after two Iranian drones landed on its territory.
Brent crude climbed towards $82 a barrel, having surged around 13% over the first three days of the week. Gold extended gains, Treasury yields rose for a fourth consecutive session, and more than 23,000 flights to Middle Eastern hubs have been cancelled since hostilities began.
https://www.miningmx.com/trending/64498-friedland-warns-africa-copper-at-risk-from-iran-war/
Gasgoo Munich- Mining giant Rio Tinto and Chinese battery leader CATL recently signed a memorandum of understanding to establish a strategic partnership aimed at accelerating electrification and advancing low-carbon industrial solutions, according to a post CATL issued on March 4 via its WeChat account.
Image source: CATL
The agreement outlines collaboration in three primary areas: electrification strategy and innovation, circular supply chains, and new commercial cooperation mechanisms tied to the global energy transition.
Under the agreement, the two companies plan to explore large-scale electrification in mining operations, a sector traditionally reliant on diesel-powered heavy equipment. The partners will also examine commercial models for recycling battery materials and promoting the circular use of critical minerals. Through its expertise in battery technology, system integration, and energy storage solutions, CATL is expected to support Rio Tinto's efforts to improve operational efficiency while reducing carbon emissions across its mining activities.
Founded more than 150 years ago, Rio Tinto ranks among the world's largest mining and metals producers, with operations spanning iron ore, copper, aluminum, and lithium extraction and processing. By combining Rio Tinto's resource expertise with CATL's leadership in battery and energy technologies, the two companies aim to develop scalable zero-carbon mining solutions that could serve as a global reference model as industries move toward a more sustainable energy system.
Aluminium Bahrain, which runs one of the world’s biggest smelters, warned customers on Wednesday it had halted shipments due to the widening Middle East conflict, exacerbating supply concerns after a Qatari smelter shutdown a day earlier.
Aluminum prices on the London Metal Exchange jumped as much as 5.1% to $3,418 a ton after the news, their strongest since April 2022, and analysts said prices could go still higher since about 8% of world supply is produced in the region.
Goldman Sachs said on Monday prices could hit $3,600 a ton if production in the region was lost for a month.
Shipping halted
Alba declared force majeure on Wednesday and informed affected customers of delays, a spokesperson told Reuters.
Shipping through the Strait between Iran and Oman, which carries around one-fifth of oil consumed globally, has ground to a near halt after vessels in the area were hit as Iran retaliated against US and Israeli strikes.
“It’s because what’s happening in the Strait of Hormuz, we are not able to ship. So we’re producing, but the metal is here in Alba,” the spokesperson said.
“The force majeure… is not due to any disruption or damage to the smelter facility,” the spokesperson added. “The team is working intensively on identifying alternative shipping solutions to minimize the impact.”
Alba, whose smelter is the largest outside of top producer China, produced 1.62 million metric tons of aluminum in 2025, according to its website.
At Wednesday’s peak, the price of the lightweight metal used in construction, transport and packaging has rallied 9% this week after the attack by the US and Israel on Iran over the weekend.
Qatari smelter to shut
Investors were already on edge after news on Tuesday that Qatari smelter Qatalum began to shut down and shareholder Norsk Hydro issued a force majeure to customers.
Hydro said the shutdown of the 648,000 metric-ton-per-year smelter was expected to be completed by the end of March and that a full restart could take six-to-12 months.
More than 5 million metric tons of metal are shipped through the Hormuz Strait each year by smelters in Bahrain, Qatar, Saudi Arabia and the United Arab Emirates. Huge amounts of bauxite and alumina travel the other way to feed the smelters.
European aluminum premiums, paid on top of LME prices for physical metal, have risen to $436 a ton for April, the highest levels in 3-1/2 years, while US premiums have jumped to a record high of $1.075 per lb.
(By Eric Onstad; Editing by Tomasz Janowski and Louise Heavens)
https://www.mining.com/web/aluminium-bahrain-declares-force-majeure-on-contracts/
The company cites rising raw material costs
Metallurgical company Tata Steel UK has raised prices for hot-rolled coil (HRC) by £125/t to £620/t per tonne and for hot-dip galvanized coil by £140-150/t in the second quarter. This was reported by Argus Media, citing sources.
According to the agency, some service centers have received such offers for hot-rolled coil, which is higher than the previous level, which was closer to £540-550/t (ddp West Midlands).
According to some buyers, Tata is implementing a phased price increase, adding another £40/t in May and June. Other customers have not received HRC allocations for April 2026 and phased pricing in the following months.
The company cites rising raw material costs, particularly for slabs and zinc, as well as the price discrepancy between the UK and Europe.
Slabs, Argus notes, are becoming increasingly scarce as the escalation of the conflict in the Middle East has halted Iranian exports. At the same time, European mills consider it more cost-effective to import semi-finished products than to increase production and purchase more carbon allowances.
Future quota changes, risks, and increased delivery costs from Asia are expected to prompt buyers to choose European alternative suppliers in the near term.
It should be noted that in February 2026, the global hot-rolled coil market continued the upward trend that began in January. Offers in Europe have increased by €25–45/t since the beginning of the year, and in the US by $50/t. China lagged behind the trend, showing an increase of only $2/t.
https://gmk.center/en/news/tata-steel-uk-raises-hot-rolled-coil-prices-by-125-t/
The state buyer urged traders to refrain from purchasing new cargoes
China Mineral Resources Group, a Chinese state-owned buyer, has called on traders to refrain from purchasing new shipments from BHP Group, according to Bloomberg.
The call was made after it was discovered that traders were violating restrictions on these purchases.
CMRG and BHP have been unable to make progress in negotiations on long-term contracts for several months, which the former is conducting on behalf of Chinese factories.
In September 2025, the state buyer ordered steelmakers to stop purchasing BHP’s Jimblebar fine-grade blend and subsequently restricted purchases of all new dollar-denominated products from the company. This was followed by a ban on another grade, Jinbao.
According to Reuters, citing two sources, China Mineral Resources Group told several traders this week to buy less of BHP’s flagship products: Mac fines, Newman fines, and Newman lumps.
In February, two iron ore traders told the agency that CMRG had instructed them to obtain permission before purchasing any BHP sea cargoes. They submitted their applications and have not received a response since.
Jimblebar stocks at some major Chinese ports rose to a record 9.8 million tonnes by February 26, up 457% from the end of September, two separate trading sources said.
CMRG was established in 2022 to centralize iron ore procurement and obtain better terms from major mining companies.
Earlier, it was reported that BHP was looking for alternative buyers for ore amid a contract dispute with China. The company shipped Jimblebar ore to Malaysia and Vietnam in January 2026 and December last year.
https://gmk.center/en/news/china-expands-restrictions-on-iron-ore-imports-from-bhp/
