Iran has attacked Saudi Arabia's Jubail petrochemical complex, the heart of the kingdom's downstream energy sector and home to multi-billion-dollar joint ventures, Iran's Islamic Revolutionary Guard Corps (IRGC) said on Tuesday.
Jubail, a sprawling industrial city, houses massive joint ventures between state-backed oil giant Saudi Aramco and its petrochemical subsidiary SABIC, and Western energy majors.
The IRGC said the attacks were "in response to the enemy's crimes in the aggression against (Iran's) Asaluyeh petrochemical plants," which had reportedly been hit by several explosions overnight.
It was not immediately clear which facility or facilities were hit in Saudi Arabia. Video footage verified by Reuters showed smoke and flames rising from the direction of Jubail.
The IRGC said in a statement it had "effectively targeted with medium-range missiles and several suicide drones" the Sadara complex, a $20 billion joint venture between Aramco and Dow that was shut last week, and other facilities in Jubail, including one belonging to ExxonMobil.
Members of the Islamic Revolutionary Guard Corps (IRGC) attend an exercise in southern Iran, in this handout image obtained on February 16, 2026; illustrative. (credit: IRGC/WANA (West Asia News Agency)/Handout via REUTERS)
The IRGC also said it hit a petrochemical facility in nearby Juaymah. However, it indicated the facility was owned by Chevron Phillips, and the company does not appear to have any facilities there, but rather in Jubail.
Strike follows earlier attacks
Saudi Arabia's defense ministry earlier said that air defenses intercepted and destroyed seven ballistic missiles launched towards the kingdom's eastern region, adding that debris from the intercepted missiles fell near energy facilities.
Aramco declined to comment on reported attacks in Jubail and Juaymah. The Saudi government communications office and SABIC did not immediately respond to Reuters' requests for comment.
US President Donald Trump's ultimatum to Iran to open the Strait of Hormuz oil chokepoint by the end of Tuesday or face bombing of civilian infrastructure would be the biggest escalation yet of the war.
HMS Dragon docks for maintenance
The British destroyer the HMS Dragon, which had arrived in Cyprus at the end of March, has stopped at a port in the region for maintenance works and resupply, the British defence ministry said on Tuesday.
“HMS Dragon is undertaking a routine logistics stop and a short maintenance period in the eastern Mediterranean, allowing the ship to take onboard provisions, optimise systems, and conduct maintenance,” the BBC quotes a spokesperson of the British defence ministry.
According to the BBC, the ship has docked at a port for a “routine logistics stop” and due to “minor technical issues” with its onboard water system but will “remain at a high level of readiness during this period.”
The type 45 destroyer vessel had arrived in Cyprus on March 23 to begin what British Defence Secretary John Healy said described as its “operational integration into Cyprus’ defence.”
Meanwhile, two additional Merlin Crowsnest helicopters arrived the British bases in Cyprus on Tuesday, further strengthening the UK’s surveillance presence in the region.
The aircrafts provide airborne surveillance and long-range tracking across maritime land and air domains.
https://cyprus-mail.com/2026/04/07/hms-dragon-docks-for-maintenance
The current energy crisis surpasses in severity the shocks of 1973, 1979 and 2022 combined, said the International Energy Agency’s Executive Director Fatih Birol. The shortfall of oil and refined products will double this month, he warned and called it “black April.”
Fatih Birol appealed to governments around the world to work in coordination to mitigate the impact of the war in the Persian Gulf. The world is facing a triple shock – in oil, gas, and food – the executive director of the International Energy Agency (IEA) told Le Figaro.
He pointed out that the only real solution is the reopening of the Strait of Hormuz.
Energy system’s architecture to change fast
Nevertheless, it will take time for the countries of the region to restore their production and regain their key role in the energy landscape, in Birol’s view. But strategic solutions do exist and there are reasons to be optimistic as “the architecture of the energy system will change,” he stressed – the crisis should accelerate the development of renewables, nuclear power, and electric vehicles.
It will take years, but solar and wind power can be installed very quickly, Birol noted. He estimated that a shift toward renewables is a matter of months. The crisis should also “reinvigorate the momentum for nuclear energy, including small modular reactors,” he underscored. In the short term though, countries must turn to the most prudent use of energy, saving and improving efficiency, he asserted.
Multiple crisis of unprecedented magnitude
Birol warned of “a black April,” reiterating that it would be much worse than the previous month. He expressed the opinion that the shortfall in the crude oil and derivatives supply would double if the critical maritime passageway remains blocked.
“The war is blocking one of the arteries of the global economy. Not just oil and gas, but also fertilizers, petrochemicals, helium, and many other things. The world has never experienced a disruption to energy supplies of such magnitude,” the IEA’s head said. The crisis is “more serious than those of 1973, 1979, and 2022 combined,” he added.
The official underscored that 75 energy facilities have been damaged already, of which more than a third severely or very severely.
Developing countries are at a bigger risk of a surge in prices of oil and gas and food and an overall acceleration of inflation, Birol said.
Earlier he estimated the losses in supply at 12 million barrels of oil per day since the United States and Israel attacked Iran. It is equivalent to 11% of oil production before the closure of the Hormuz. The drops in 1973 and 1979 amounted to as much as five million barrels per day or some 7% of output. This time, however, the shortage of natural gas, transported as liquefied natural gas (LNG), is another major factor.
https://balkangreenenergynews.com/ieas-birol-warns-of-black-april-in-global-energy-crisis/
The U.S. reportedly carried out dozens of strikes on military targets on Iran’s Kharg Island late Monday into Tuesday, according to Reuters, citing Axios and Fox News reporting from senior U.S. officials, as President Trump’s deadline for Iran to reopen the Strait of Hormuz approached.
Kharg Island is the departure point for roughly 90% of Iran’s crude exports.
Reported U.S. targets included bunkers, a radar station, and ammunition storage sites.
President Trump set an 8 p.m. ET deadline for Iran to reopen the Strait of Hormuz or face further strikes.
Iran rejected ceasefire terms, seeking sanctions relief, guarantees against renewed attacks, and compensation.
Brent crude traded above $110 per barrel while global equity markets declined amid supply disruption concerns.
Relevant Companies
Exxon Mobil — higher oil prices can impact upstream revenues and trading activity.
Chevron — exposure to global crude markets makes it sensitive to supply shocks.
Shell — global energy operations are directly tied to oil price volatility.
Kazakhstan's energy ministry said on Tuesday that oil shipments via the Caspian Pipeline Consortium were stable after Russia's military accused Ukraine of damaging loading facilities belonging to the group in the Black Sea.
Russia's Defence Ministry said on Monday that Ukraine had attacked facilities at the maritime transhipment complex in the port of Novorossiysk overnight, damaging a mooring point for the CPC and igniting fires at four oil product reservoirs.
"The work of our oil sector is stable and CPC exports continue to be stable," Sungat Yesimkhanov, Kazakhstan's deputy energy minister, told reporters.
The CPC terminal, located to the south-west of Novorossiysk, handles 80% of Kazakhstan's crude exports. Supply volumes via the Tengiz-Novorosiysk pipeline rose last year to 70.5 million metric tons - or 1.53 million barrels per day - from 63 million tons in 2024.
CPC shareholders include U.S. majors Chevron and Exxon Mobil.
Ukraine has not responded to a Reuters request for comment on the attack to CPC facilities. Its military said separately on Monday that its drones had attacked oil loading infrastructure at Sheskharis, about 15 km (9 miles) from the CPC terminal.
The CPC had to temporarily halt it operations for a few days last year after Ukraine attacked its facilities at the end of November, effectively destroying one of three floating moorings.
(Reuters - Reporting by Tamara Vaal; Writing by Anastasia Teterevleva and Vladimir Soldatkin; Editing by Guy Faulconbridge, Andrew Osborn, Bernadette Baum and Edwina Gibbs)
https://www.marinelink.com/news/cpc-oil-exports-via-black-sea-stable-537737
The Dangote refinery, Africa's biggest, received 10 Nigerian crude cargoes in March, double from February, as Nigeria aims to secure enough fuel supply amid the global crude and refined product crunch as a result of the war in the Middle East.
Dangote, the biggest refinery in Africa which began operations in 2024, has started exporting fuel to regions other than West Africa. The refinery started up in January 2024 with the launch of diesel and naphtha production and began producing gasoline in September 2024.
Dangote's CEO David Bird told local outlet Arise TV last month that the refinery receives only five local cargoes out of the 13-15 crude cargoes previously agreed.
"We try and maintain some stability within a commercially acceptable range… but all our cost inputs—from crude to freight and insurance—are impacted," Bird told Arise.
At a press briefing on Monday, Aliko Dangote, Africa's richest person and owner of the refinery, said the processing plant received 10 cargoes of Nigerian crude in March, up from five in the previous months.
"Last month, they gave us six cargoes for naira and four cargoes for dollars," Dangote told reporters, as carried by Bloomberg.
Dangote, which has the capacity to process 650,000 barrels per day (bpd) of crude into fuels, needs 19 cargoes to operate at full capacity.
The refinery has been sourcing U.S. and other African crude to top up its crude supply.
However, the cost of crude for the refinery has escalated along with the surge in international crude oil prices, as Dangote relies on crude imports, too.
"The high crude cost is compounded by the fact that Nigeria upstream producers have failed to supply crude oil to the refinery as required under the PIA, forcing us to source a substantial portion through international traders who charge an additional premium," Dangote's management said on March 5, days after the war in the Middle East started.
By Tsvetana Paraskova for Oilprice.com
More Top Reads From Oilprice.com
By Bloomberg News
Apr 7, 2026 (Bloomberg) –Russian crude prices rose to the highest in more than 13 years as Moscow benefited from the Iran-linked global oil rally.
The country’s flagship Urals crude reached $116.05 a barrel on April 2 in Russia’s port of Primorsk, the biggest oil-export facility on the nation’s Baltic coast, according to data from Argus Media.
The price, which doesn’t include shipping costs, is almost twice as high as the average $59 a barrel assumed in Russia’s budget for this year. Windfall oil revenues are easing pressure on the Kremlin’s finances as it continues its war in Ukraine.
The Middle East conflict has effectively choked off about a fifth of world’s oil supplies going through the Strait of Hormuz. US President Donald Trump has demanded that Tehran open the critical waterway or face the destruction of key infrastructure, setting a deadline of 8 p.m. Eastern Time on Tuesday.
In Russia’s Black Sea port of Novorossiysk, Urals reached $114.45 a barrel on Thursday, according to Argus Media. The average discount of Urals from Russia’s western ports to the global benchmark Dated Brent narrowed to below $27.75 a barrel, the lowest since mid-December.
By the time Urals reaches India, it trades at a premium to Brent, which widened to $6.1 a barrel compared with $3.9 two weeks ago, the data show. It’s unclear whether the delivery spread — the gap between export and delivered prices — ultimately accrues to Russia.
Read More: Commodity Windfalls Are Rolling Into Russia From War in Iran
To be sure, Moscow’s ability to benefit from a global crude rally is undermined by Ukrainian attacks on oil-export infrastructure and refineries. Kyiv has stepped up strikes on sea ports — in particular on the Baltic coast, from where about 40% of Russia’s seaborne crude is shipped — leading to loading disruptions and curbing Moscow’s revenues from commodity exports.
© 2026 Bloomberg L.P.
This article contains reporting from Bloomberg, published under license.
https://gcaptain.com/war-in-iran-drives-russian-oil-prices-to-a-13-year-high/
Guinea’s state-owned Nimba Mining Company (NMC) has signed a Memorandum of Understanding (MoU) with Africa-focused gold producer Resolute Mining to co-develop gold projects across the country. The agreement marks NMC’s first partnership with an international listed gold miner since its establishment in 2025 and signals a strategic push to industrialize Guinea’s gold sector while advancing broader mining diversification.
The MoU aligns with Guinea’s Simandou 2040 development plan, which aims to mobilize $200 billion in investment over the next 15 years, with roughly 40% expected from private sector partners. Resolute Mining – having produced over nine million ounces of gold from ten mines – brings the technical and financial capacity needed to help unlock Guinea’s underdeveloped gold potential.
Under the agreement, NMC and Resolute will jointly conduct mineral assessments, geological studies and define frameworks for large-scale production, with preliminary evaluations expected within 90 days.
“This partnership with Resolute will allow NMC to launch its gold projects in accordance with the State’s guidelines indicated in the Simandou 2040 Program and the vision of the Ministry of Mines and Geology as NMC’s technical supervisor,” stated NMC’s Chief Executive Officer, Patrice L’Huillier.
The deal reflects Guinea’s broader strategy to reduce reliance on its dominant bauxite sector. It builds on momentum from the $20 billion Simandou iron ore project – one of the world’s largest untapped deposits – which shipped its first ore in December 2025.
At the same time, Guinea’s gold sector offers significant upside. Artisanal mining alone is valued at approximately $300 million, while industrial output is expanding. AngloGold Ashanti’s Siguiri mine produced 289,000 ounces in 2025, and Robex Resources reached commercial production at its Kiniero mine in February 2026, with a capacity of 154,000 ounces per year.
“This partnership reflects our commitment to invest in Guinea – a jurisdiction that we believe has the potential for Resolute to develop a fourth mine – and to share value with all stakeholders for sustainable projects,” said Chris Eger, CEO, Resolute Mining.
https://energycapitalpower.com/guinea-resolute-strike-gold-partnership-to-fast-track-new-projects/
(Kitco News) - Gold prices have jumped higher early in the overnight session as investors digest news of a potential two-week ceasefire and, hopefully, a lasting peace deal in the Middle East.
In a social media post, U.S. President Donald Trump said that he has agreed to a two-week ceasefire as his administration reviews a peace plan proposed by Iran.
“We received a 10-point proposal from Iran, and believe it is a workable basis on which to negotiate. Almost all of the various points of past contention have been agreed to between the United States and Iran, but a two-week period will allow the Agreement to be finalized and consummated,” Trump said in the social media post.
Analysts note that, as expected, the announcement is pushing both gold and equities higher, while crude oil prices are moving lower. In overnight activity, S&P 500 futures are up more than 2% on the session. At the same time, West Texas Intermediate (WTI) crude oil futures are down 18%.
Shifting sentiment in the gold market has pushed prices through key resistance. Spot gold last traded at $4,809.20 an ounce, up more than 2% on the session.
Analysts have said that gold needs to break initial resistance at $4,800 an ounce to attract new bullish attention; however, the key line in the sand remains at $5,000 an ounce.
Silver prices have also jumped higher, pushing through $76 an ounce, up more than 4% on the session.
Analysts have said that gold will benefit from an end to the conflict, as it could allow the Federal Reserve to consider cutting rates by the end of the year.
Despite heightened geopolitical risks due to the war with Iran, gold prices have struggled to attract a safe-haven bid. Last month, gold prices dropped more than 11%, marking their worst monthly loss since the early 1980s. Analysts said gold prices declined as investors and central banks were forced to sell the precious metal to meet liquidity needs.
In a double hit, rising inflation fears have driven interest rate expectations higher, increasing gold’s opportunity cost as a non-yielding asset.
Rising oil prices, due to the ongoing chaos in the Middle East, have created significant global supply-chain issues, driving oil prices above $100 an ounce. Rising energy prices have threatened to push inflation higher, forcing many central banks to halt their current easing cycles.
Although the two-week ceasefire is expected to ease supply-chain issues, some analysts have said that it is still too early to determine how much damage has been done to the global economy and what impact higher oil prices will have on inflation.
“Focus will also now fall heavily on the economic damage that the conflict, as well as the surge in energy prices, has wrought on the global economy, not only from an inflationary perspective, but also growth headwinds which will stem from the subsequent negative demand shock. Providing that energy prices do indeed now begin to normalise, central banks are likely to ‘look through’ the upcoming rise in headline inflation as being temporary in nature, significantly reducing the chances of any policy tightening in the near-term – which, I’d always said was a sign of markets getting ahead of themselves,” said Michael Brown, Senior Market Analyst at Pepperstone. “Of course, the significant risk here is that the ceasefire doesn’t hold, that we then see a re-escalation in the conflict, and are essentially back to ‘square one’ all over again. Were that to happen, which we of course hope doesn’t come to pass, we at least know the playbook only too well from the last few weeks – higher crude, the dollar as the only safe haven that ‘works’, and everything else from stocks to bonds to metals coming under considerable pressure.”
Aluminium prices rose on Tuesday and the key aluminium spread on the London Metal Exchange jumped with the market pricing in confirmation of prolonged repairs which a smelter in the UAE is facing after an Iranian attack late last month.
The three-month aluminium contract on the London Metal Exchange (LME) gained 1.1% to $3,507 a metric ton in official open-outcry trading.
Emirates Global Aluminium said on Friday that fully restoring production at its Al Taweelah smelter, which produced 1.6 million tons of cast metal in 2025, could take up to a year as it entered an emergency shutdown after the March 28 attacks.
It is "a rather significant amount of time to be out," Marex analyst Ed Meir said in a note, adding that a significant outage in the Gulf region will likely tip the market into a sizable deficit this year.
The premium for LME cash aluminium contract over the three-month contract was last at $77 a ton, its highest since 2007, on Tuesday, up from $61 in late March, signalling tightening availability for immediate supply.
In the wider markets, investors were in wait-and-see mode as the looming deadline imposed by U.S. President Donald Trump for a deal with Iran threatened escalation in the conflict.
LME copper was down 0.1% at $12,344 a ton in official activity under pressure from rising stocks in the LME system.
Goldman Sachs on Monday raised its forecast of a surplus in the global copper market this year to 490,000 tons from the previously expected 380,000 tons after its economists estimated that higher energy prices could shave 0.4 percentage points off global GDP growth.
Copper stocks in the LME-registered warehouses rose to 378,775 tons, their eight-year high, after 16,125 tons of inflows in Asia, Europe and the U.S. on April 2, daily LME data showed.
Elsewhere on the LME, zinc gained 1.8% to $3,322.5 while lead was steady at $1,933. Both hit the highest since March 11 earlier in the session. Tin lost 0.6% to $46,000and nickel was down 0.5% at $17,000.
(Reporting by Polina Devitt; Editing by Tasim Zahid)
Hyundai Steel and Fives Group have signed a contract for the design and supply of advanced coil finishing lines dedicated to automotive steel applications.
The agreement supports the construction of a new flat steel mill in the US by Hyundai-POSCO Louisiana Steel, with a projected annual production capacity of 2.7Mt.
Frédéric Sanchez, Chairman & Chief Executive Officer of Fives Group, said: “We are proud to support Hyundai Steel and POSCO in this landmark investment, which will play a key role in advancing automotive steel production in the United States.
“We are confident the cooperation between our companies will further grow and strengthen through this new project in the United States.”
The new facility will produce 650kt of hot-rolled coil and 2.05Mt of cold-rolled coil annually.
Utilising a direct reduction plant-electric arc furnace (EAF) process, the mill will deliver high-quality, low-carbon steel products.
About 70% of the total output, roughly 1.8Mt per year, will be dedicated to automotive steel applications.
As the world’s first fully EAF integrated steel mill dedicated to automotive steel production, this facility will manufacture products that generate approximately 70% less CO₂ emissions compared to those produced via traditional blast furnace routes.
https://www.steeltimesint.com/news/fives-and-hyundai-steel-sign-coil-finishing-lines-contract
Exports of these products, in particular, were slowed by the decline in steel production in China
In the 2025/2026 fiscal year (ending March 31), India reduced its exports of iron ore and pellets by 15% year-over-year, to 25.78 million tons, according to data from BigMint.
Exports of fine and lump ore for the period totaled nearly 22.31 million tons (-3% year-on-year), while overseas sales of pellets are estimated at 3.47 million tons (-53% year-on-year).
In the 2025/2026 fiscal year, India sold iron ore primarily to China—this country accounted for over 90% of exports of this product during the period. However, the volume of these shipments fell to 24.21 million tons compared to 27.8 million tons in the previous fiscal year.
Iron ore exports from India were slowed by the decline in steel production in China in 2025, the drop in global iron ore prices last year, and the increase in discounts on lower-grade fine ore in the seaborne market. Additionally, exports were constrained by rising domestic demand. Steel production in the country in the 2025/2026 fiscal year rose by 11% year-on-year – to 168 million tons, while consumption of steel products increased by 7% year-on-year – to 162 million tons. This led to higher domestic absorption of iron ore. According to sources, domestic sales prices for iron ore also rose.
The decline in steel production in China and weak global prospects are likely to continue putting pressure on iron ore exports from India.
As a reminder, iron ore imports to India were projected to rise to a seven-year high in the 2025/2026 fiscal year due to a domestic shortage of high-quality raw materials and demand from JSW Steel. As noted by analysts and industry executives, total imports for the period are likely to reach 12–14 million tons, more than double the figure for the previous fiscal year.
