Trump warns Iran will be hit ‘more violently' in the future, if they don’t get the deal signed
Shweta Sharma, Maira Butt & James C. Reynolds
Friday 08 May 2026 11:00 BST
A fragile ceasefire is on the brink after Iran launched new missile and drone attacks on the United Arab Emirates, a key US ally.
The country’s defence ministry said on Friday that it was “dealing with missile and drone attacks originating from Iran” and that its systems were intercepting “ballistic missiles, cruise missiles, and drones”. No injuries have so far been reported.
However, president Donald Trump has insisted that the agreement with Iran was still holding after three US destroyers came under attack from missiles, drones and small boats in the Strait of Hormuz.
Though none of the vessels were hit, Washington launched retaliatory strikes on what it described as Iranian military sites, including launch positions and command centres.
Trump called Iranian leadership “lunatic”, warning Tehran that Washington will “knock them out a lot harder, and a lot more violently, in the future, if they don’t get their Deal signed, FAST!”
Iran, however, said the clashes were an “exchange of fire” after the US allegedly targeted vessels near the strait and claimed its forces had inflicted “significant damage” on American ships.
Thursday’s attacks happened as Iran was reviewing a US plan to reopen the Strait of Hormuz and end hostilities, according to multiple reports.
Reports of blasts, missile launches and ship attacks trigger fresh security concerns
Last updated: May 08, 2026 | 14:34
In this picture obtained from Iran's ISNA news agency on May 4, 2026, the Iran-flagged tugboat Basim sails near a ship anchored in the Strait of Hormuz off Bandar Abbas in southern Iran.
Fresh explosions near Qeshm Island and Bandar Abbas, reported drone strikes in the Strait of Hormuz, and renewed US-Iran accusations of ceasefire violations have pushed tensions in West Asia to a dangerous new level. Meanwhile, the UAE has activated its air defences against incoming threats.
Overview
Fuel prices across major Indian cities remained unchanged on May 7, defying global crude oil market volatility. This sustained stability, observed after state elections concluded, indicates oil marketing companies are maintaining current retail rates despite geopolitical tensions and shipping route disruptions. Delhi petrol is priced at ₹94.77 and diesel at ₹87.67 per litre.
Fuel Prices Hold Firm Despite Global Volatility
Fuel rates for petrol and diesel held firm on May 7, presenting a stable picture for consumers and businesses across India. This steady pricing occurs even as international crude oil markets grapple with significant volatility, fueled by escalating tensions in West Asia and disruptions impacting key global shipping arteries.
Oil Firms Stick to Current Rates
India's three major oil marketing companies (OMCs) – Indian Oil Corporation (IOC), Bharat Petroleum Corporation Limited (BPCL), and Hindustan Petroleum Corporation Limited (HPCL) – continue to keep retail prices unchanged. This decision follows the conclusion of significant state elections and reflects a period of consistent pricing that began after excise duties and state taxes were adjusted in May 2022.
Rates in Key Cities
In the nation's capital, petrol remains at ₹94.77 per litre, with diesel priced at ₹87.67 per litre. Mumbai continues to see higher rates, with petrol retailing at ₹103.49 per litre and diesel at approximately ₹90.03 per litre. Most major metro cities like Bengaluru, Hyderabad, and Kolkata also report petrol prices exceeding the ₹100 mark, while diesel stays below this threshold.
What Drives Fuel Costs
Domestic fuel prices depend on global crude oil benchmarks, the rupee-dollar exchange rate, central and state tax structures, transportation costs, and underlying demand-supply dynamics. As India relies heavily on crude oil imports, fluctuations in international markets or currency movements typically translate to domestic price adjustments. However, OMCs have managed to absorb these pressures, which could affect their profit margins in recent sessions.
By SCMP
China is strengthening gas storage capacity in Hainan as part of an expanding energy security strategy aimed at reducing exposure to external supply shocks, including disruptions through the Strait of Hormuz during the US-Israeli war in Iran.
Against this backdrop, the second phase of a major liquefied natural gas (LNG) terminal in the southern island province has reached a crucial milestone, with construction nearly 50 per cent complete and full completion expected by 2027, state broadcaster CCTV reported on Tuesday.
The current phase comprises three 220,000-cubic-meter (7.7 million cubic feet) LNG storage tanks. Engineers recently oversaw the lifting of an 821-ton roof onto one of the structures at a height of 43 meters (141 feet), according to the report. Aerial footage showed it was the first of three tanks in the second phase to have its roof installed.
The terminal's first phase, which involved installing two 160,000-cubic-meter (5.65 million cubic feet) tanks, is already operational.
Located in Danzhou, a northwestern coastal city in Hainan, the facility holds the distinction of being China's first bonded LNG terminal. Once finished, it is expected to "significantly enhance natural gas emergency peak-shaving capacity and supply security for the entire Hainan island and the coastal regions of South China," the report said.
Wang Ning, a local LNG project manager at the state-owned China Oil and Gas Pipeline Network Corporation, also known as PipeChina, said the project was strategically important for both Hainan and the wider region.
"The success of lifting this roof not only accelerates subsequent tank construction but also lays the foundation for the Hainan Free Trade Port to become an Asean [Association of Southeast Asian Nations] regional LNG supply centre and an Asia-Pacific storage and transshipment hub in the future," Wang said.
The project comes as China accelerates the development of oil and gas infrastructure nationwide. Since the start of the year, Beijing has fast-tracked interprovincial pipelines, storage facilities, peak-shaving hubs and strategic energy corridors, according to CCTV.
These efforts are aimed at strengthening a "national integrated network" for oil and gas distribution, the report added.
The infrastructure drive also serves to buffer China against volatility in the Middle East. As a major energy importer, Beijing is increasingly focused on securing domestic channels to mitigate risks from disruptions in the Persian Gulf.
PipeChina currently has nearly 40 national oil and gas pipeline projects under construction, spanning more than 9,000km (5,592 miles) in total, according to CCTV. Once completed, the nationwide energy transport network is expected to become more integrated and resilient.
Established in late 2019, PipeChina was tasked with consolidating fragmented pipelines and creating a "nationwide unified network", according to the company's website.
https://www.koreatimes.co.kr/amp/world/20260507/chinas-energy-security-strategy-expands-south
Ukraine’s long-range drone campaign is increasingly targeting the foundations of Russia’s energy economy, with strikes hitting refineries, export terminals and fuel infrastructure far from the battlefield.
Money.pl reported that Ukrainian attacks on Russia’s oil network have already contributed to an estimated $7 billion in losses this year, as Kyiv intensifies efforts to disrupt Moscow’s export revenues.
Energy targets hit
According to Money.pl, Ukrainian operations have focused on transmission systems, oil ports, pumping stations and refineries linked to Russia’s fuel exports.
Energy security expert Dr. Przemysław Zaleski told the outlet: “This is Ukraine’s main goal: to cut off Russia from oil re-exports and fuel sales.”
He added: “It hurts Russia the most.”
Money.pl reported that Ukraine’s strategy has increasingly shifted toward crippling logistics and export infrastructure rather than solely targeting military facilities.
Deep inside Russia
Former Russian Defence Minister Sergei Shoigu recently warned that “No region of Russia is safe from Ukrainian attacks anymore,” according to the report.
Ukraine has since carried out strikes deep inside Russian territory, including attacks on the Transneft pipeline network in Perm and the Permnefteorgsintez refinery owned by Lukoil.
Major Robert Browdi, commander of Ukraine’s Unmanned Systems Forces, told the BBC: “1,500-2,000 km deep into Russian territory is no longer a quiet rear.”
Ports under pressure
Money.pl reported that Ukrainian drones targeted at least 14 Russian fuel-sector facilities in April alone, including refineries and oil terminals tied to export operations.
The report highlighted repeated strikes on the key port of Tuapse on the black Sea, where Rosneft operates one of Russia’s largest refineries.
Ukraine’s General Staff claimed attacks carried out in April and early May caused more than $300 million in damage to infrastructure around Tuapse.
Oil prices cushion losses
Despite the attacks, Russia has continued benefiting from rising global oil prices, which analysts say have helped soften the economic blow.
Dr. Zaleski told Money.pl that the easing of restrictions on Russian oil exports had allowed Moscow to recover part of its losses.
The report said Russian Urals crude rose sharply in price this year, with estimates suggesting oil revenues are still contributing billions of dollars each month to the Kremlin’s budget.
At the same time, economists cited by Money.pl warned that inflation, slowing growth and a widening budget deficit continue to expose deeper weaknesses in Russia’s economy.
Sources: Money.pl, BBC.
https://www.dagens.com/news/deep-strikes-expose-weakness-in-putins-oil-network
Source: seekingalpha
Analyst Views on BTG
Wall Street analysts forecast BTG stock price to rise
About BTG
B2Gold Corp. is an international gold producer. The Company is operating gold mines in Mali, Namibia and the Philippines, the Goose Project under construction in northern Canada, and numerous development and exploration projects in various countries, including Mali, Colombia, and Finland. The Fekola Mine is located in southwest Mali, on the border between Mali and Senegal, approximately 500 kilometers due west of the capital city, Bamako. The Masbate Mine is located approximately 360 kilometers southeast of Manila. The Otjikoto Mine is located in the north-central part of Namibia, approximately 300 kilometers north of Windhoek and is a gold producer. The Company also owns the Gramalote Project in Colombia. It also has an interest in the Back River Gold District, which is located in Nunavut, Canada. The Back River Gold District consists of approximately five mineral claims blocks along an 80-kilometer belt. It is engaged in operating Goose Project, which is located in Nunavut, Canada.
https://intellectia.ai/news/stock/b2gold-q1-earnings-exceed-expectations
Rio Tinto reported a 1% year-on-year increase in aluminium production for the first quarter of 2026, reaching 835,000 tonnes.
While alumina production rose by 6%, bauxite output fell by 11% due to weather disruptions at Weipa and Gove (Australia), including the impact of Cyclone Narelle.
Despite these impacts, production guidance remains unchanged.
Regarding market conditions, Rio Tinto said the Middle East conflict has removed considerable ex-China aluminium supply.
With smelter curtailments in the region, which accounts for 23% of ex-China production, there are expectations of an enhanced global deficit in 2026.
Logistics and bauxite supply disruptions, specifically involving the Strait of Hormuz and war risk insurance, lifted seaborne freight costs and China bauxite CIF prices toward the end of the quarter.
Consequently, LME aluminium prices reached nearly four-year highs in March, while the US Midwest duty-paid premium hit a record $2,523/t.
Australian FOB alumina price remained subdued due to weaker Middle East alumina demand and higher output in Indonesia and China.
In operational developments, Rio Tinto reported strong performance in alumina as Queensland Alumina Limited (QAL) is now 100% owned.
In the aluminium sector, the Kitimat smelter in Canada continued its ramp-up following improved power supply, and New Zealand's Aluminium Smelter (NZAS) maintained high production rates.
Operational transitions at the Arvida smelter in Québec, Canada, progressed in March with the closure of one potline as part of a planned phase-out.
At the same time, the new AP60 expansion achieved first hot metal and began commissioning.
The investment includes up to $113 million of financial support from the Quebec government.
While the project is expected to be fully ramped up by year-end, gross costs have risen from approximately $1.3 billion to $1.5 billion, due to challenges in construction productivity.
Additionally, Rio Tinto secured a A$2 billion joint funding package from the Australian and Queensland Governments to extend operations at Boyne Smelters (BSL) until at least 2040.
Furthermore, the company is progressing with its Arctial project to study a low-carbon greenfield opportunity in Finland, using its AP60 technology.
https://aluminiumtoday.com/news/rio-tinto-releases-q1-2026-production-results
https://aegis-hedging.com/insights/metals/daily-first-look/2026-05-07
Trafigura will serve as a minority equity investor, debt provider, and long-term offtake and feedstock supply partner.
The new smelter aims to provide an essential source of primary aluminium. Credit: galitsin/Shutterstock.com.
Trafigura has signed a term sheet with the Egyptian Aluminium Company (Egyptalum) and Metallurgical Industries Holding (MIH) to establish a new primary aluminium smelter.
The initiative includes the establishment of a company to oversee the development and operation of the smelter, which will have a capacity of 300,000 tonnes per annum (tpa), and an adjoining 150,000tpa anode plant at Egyptalum’s Nag Hammadi site.
These facilities are expected to nearly double the location’s current annual production capacity.
Egyptalum CEO Mahmoud Abdelaleem Agour said: “This term sheet marks a defining moment for Egypt Aluminium. By partnering with a global commodity leader of Trafigura’s calibre – as both a strategic investor and long-term offtake partner – we are laying the foundation for Egyptalum to emerge as a leading primary aluminium producer not only in Egypt but across the wider region.
“The expansion at Nag Hammadi will nearly double our production capacity, generate significant export revenues and create lasting value for our shareholders, our workforce and the communities we serve. We look forward to progressing this partnership towards financial close.”
Trafigura will serve as a minority equity investor, debt provider, and long-term offtake and feedstock supply partner.
The project’s total investment is estimated to range from $750m to $900m.
In the past decade, aluminium inventories outside China have decreased by six million tonnes, resulting in low stock levels.
The new smelter aims to provide an essential source of primary aluminium, enhancing global supply chain diversification and resilience, and highlighting the significance of downstream processing.
This initiative builds on Trafigura’s more than 20-year presence in Egypt, where it is a major supplier of metals including alumina as well as liquefied natural gas.
The signing of the term sheet follows Trafigura’s investment in a smelter project in Indonesia, aligning with its strategy to secure long-term metal supplies globally.
In March 2026, Trafigura signed a binding take-or-pay offtake agreement with Smackover Lithium to secure battery-grade lithium carbonate from the South West Arkansas project in the US.
https://www.mining-technology.com/news/trafigura-to-build-aluminium-smelter-egypt/
Jakarta (ANTARA) - PT Amman Mineral Nusa Tenggara, a unit of PT Amman Mineral Internasional Tbk, has joined the International Copper Association (ICA), becoming its first Southeast Asian member, the company said on Thursday.
Director Naveen Chandralal said the move marks a strategic step following the company’s transformation across the copper value chain.
“As the first ICA member from Southeast Asia, we aim to contribute Indonesia’s perspective to global discussions on copper’s future,” he said.
The ICA promotes copper’s value, protects markets and strengthens demand as a key material for a sustainable future.
The association has 39 members across six continents, representing more than 50 percent of global copper production.
The membership reflects Amman’s commitment to responsible production and supporting copper’s role in electrification and the global energy transition.
Indonesia, Southeast Asia’s largest economy, is playing an increasingly important role in regional and global supply chains.
ICA Chair Steven Rowland and CEO Juan Ignacio Diaz welcomed Amman’s membership.
“We are pleased to welcome Amman, whose focus on mining technology strengthens copper’s role in a rapidly evolving world,” Rowland said.
The membership coincides with Amman’s transition into a fully integrated mining-to-refining company following the start of operations at its new smelter and precious metals refinery.
Over the past nine years, the company has transformed its operations through digital innovation and adopted global standards in governance, safety, diversity and sustainability.
Grasberg mine - Photo by Reuters
8th May 2026 | By: Bloomberg
PT Freeport Indonesia pushed back the full restart of its giant Grasberg copper mine by a year, worsening supply constraints that are already impacting the global market for the metal.
The complex in Central Papua province is now targeting a return to full production by early 2028, Freeport Indonesia President Director Tony Wenassaid in a statement dated Thursday.
Grasberg was the world’s second biggest producer of copper until operations were hampered by a mudflow at the mine last year. Only last month, Wenas said the mine would reach full production by early 2027, following the restart of areas unaffected by the incident.
The news is another blow to global copper supply, which has already endured a series of disruptions at key mines.
Prices for copper surged to a record in January on a wave of speculative buying, before consolidating at historically high levels. Traders are now honing in on the possibility of further supply constraints due to a shortage of sulfuric acid, a key agent needed to process the metal.
Grasberg, a joint venture between US miner Freeport-McMoRan and the Indonesia government, is currently only producing at around 40% to 50% of capacity, the statement said. In its earnings report last month, Freeport flagged that a slower ramp up of the mine would weigh on sales.
In March this year, Turkey’s hot rolled coil (HRC) exports amounted to 288,043 metric tons, up by 53.9 percent compared to February and down by 13.1 percent year on year, according to the preliminary data provided by the Turkish Statistical Institute (TUIK). Meanwhile, the revenue generated by these exports totaled $160.90 million, increasing by 51.9 percent compared to the previous month and down by 14.5 percent year on year.
In the first three months of this year, Turkey's HRC exports amounted to 606,440 mt, down 15.2 percent, while the value of these exports decreased by 16.0 percent to $340.57 million, both year on year.
Turkey’s hot rolled coil exports - last 12 months
In the given period, Turkey’s largest HRC export destination was Italy with 152,197 mt, down 28.6 percent year on year. Italy was followed by Greece with 62,625 mt, up 26.5 percent, and Spain with 56,274 mt, down 42.1 percent year on year.
In the same period last year, Turkey’s largest hot rolled coil export markets mainly consisted of Italy, Spain, Portugal, Egypt and Greece, while a notable change was observed in this ranking in the January-March period of 2026. Italy maintained its top position despite the decline, while Greece moved up to second place, and Spain remained among the top three despite the decrease in tonnage. Meanwhile, the sharp declines in exports to Portugal and Egypt, which stood out among the leading markets last year, were notable, while strong increases in shipments to markets such as Bulgaria, Romania, Belgium, North Macedonia, Serbia and Iraq changed this year’s export distribution. This picture shows that the losses in Turkey’s traditional major hot rolled coil export markets were partially offset by a shift toward new and growing regional markets.
Turkey’s top 10 HRC export destinations in the January-March period:
Shares in Turkey's HRC exports Jan-March 2026
