Saudi Arabia’s key east-west pipeline carrying oil to the Red Sea was attacked on Wednesday, as energy sites on both sides of the Middle East conflict continue to be targeted despite the start of a two-week ceasefire. A pumping station, one of several along the 1,200km pipeline that has become an economic lifeline for the kingdom since the near closure of shipping through the Strait of Hormuz, was hit at about 1pm local time on Wednesday, according to three people familiar with the matter. One of the people said it had been attacked by a drone, while another said an initial assessment was that one pumping station was hit. They said they were hopeful operations on the line would not be affected because there are back-up pumping stations, but a final assessment is still being carried out. Saudi Aramco, the state-owned oil company that owns and operates the pipeline, declined to comment. The Saudi defence ministry said on Wednesday afternoon that its air defence systems had intercepted nine drones over the past few hours, without giving details on the locations or targets. Iran and the US agreed a two-week ceasefire deal on Tuesday evening US time, which President Donald Trump said was contingent on the reopening of the Strait of Hormuz and strikes on Gulf states coming to a halt.
But a series of attacks on vital infrastructure in both the Gulf states and Iran on Wednesday illustrate the potential fragility of the ceasefire deal, while Tehran has also demanded vessels transiting the strait must pay a toll. Kuwait’s army said on Wednesday it was dealing with an “intense wave” of Iranian attacks that had targeted energy infrastructure and power stations since 8am local time, causing “significant damages” to oil facilities and desalination plants. The United Arab Emirates said its air defences had dealt with 17 ballistic missiles and 35 drones since the start of the ceasefire, numbers consistent with the level of attacks in recent days. Iran said its Lavan Oil Refinery had also been attacked, in what the National Iranian Oil Refining and Distribution Company described as an act of aggression by hostile forces. Qatar and Bahrain reported Iranian missile and drone attacks had been intercepted. NASA satellites picked up several unusual fires on Wednesday morning. The infra-red satellites, which measure blaze intensity, identified a 233 megawatt blaze on Lavan Island. They also measured a 125MW fire at Abqaiq, the major oil processing facility at the eastern end of Saudi Arabia’s east-west pipeline. The ceasefire agreement and potential for Hormuz to reopen triggered a sharp slide in oil prices on Wednesday, with the price of Brent crude falling 16 per cent to $92.10 a barrel. But as yet no oil tankers have attempted to pass through the Strait of Hormuz, with the exception of those with links to Iran, while the strikes on energy infrastructure in the region could trigger a renewed escalation. Saudi Arabia has been rerouting exports to the Red Sea via the east-west line since shortly after Iran largely shut down transit through the Strait of Hormuz at the start of the war, causing oil and fuel prices to surge.
The pipeline was built in the 1980s following concerns that the strait would be closed during the Iran-Iraq “tanker war”. In recent weeks shipments have gradually increased, allowing the kingdom to restore about 4.9mn barrels a day of crude oil exports via the Red Sea port of Yanbu. While exports are far lower than the roughly 7mn b/d the kingdom usually ships, without the east-west pipeline it would have been left with none. The pipeline previously came under attack in 2019 when Yemen’s Houthis struck pumping stations along the line with drones, temporarily halting cross-country flows. Normally the line carries a small fraction of its capacity to supply Saudi Aramco oil refineries on the country’s Red Sea coast.
https://www.ft.com/content/115eb832-9a62-424f-a893-57156ce8abf7?syn-25a6b1a6=1
U.S. President Donald Trump said on Wednesday the United States will help with the buildup of shipping traffic in the Strait of Hormuz. Trump on Tuesday agreed to a two-week ceasefire with Iran less than two hours before his deadline for Tehran to reopen the strait or face attacks on its civilian infrastructure.
Trump said the last-minute deal was subject to Iran’s agreement to pause its blockade of oil and gas supplies through the strait, which typically handles about one-fifth of global oil shipments.
“We’ll be loading up with supplies of all kinds, and just ‘hangin’ around’ in order to make sure that everything goes well,” Trump said.29dk2902l
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“There will be lots of positive action! Big money will be made. Iran can start the reconstruction process,” he also said. Trump told Agence France-Presse the United States had won a “total and complete victory” after agreeing to a two-week ceasefire deal with Iran.
A temporary halt in fighting and the reopening of Hormuz would allow Middle Eastern exporters to ship significant volumes of oil that have been trapped inside the Gulf since hostilities began.
Around 130 million barrels of crude oil and 46 million barrels of refined fuels are currently floating on roughly 200 tankers in the region, according to data from analytics firm Kpler.
https://energynow.ca/2026/04/trump-says-us-will-help-with-traffic-buildup-in-strait-of-hormuz/
Vladimir Putin smiles at Iran’s Supreme Leader, November 1, 2017
EA-Ukraine VideoCast: Kyiv’s Squeeze on Russia’s Oil Exports
EA-Times Radio VideoCast: Trump Camp’s Lack of Intelligence From Iran to Ukraine
Tuesday’s Coverage: Kyiv’s Attacks Tighten Grip on Russia’s Oil Exports
UPDATE 1040 GMT:
Sources have confirmed the suspension of crude oil exports from Sheskharis terminal in the Black Sea port of Novorossiysk in southwest Russia, following a Ukrainian drone attack and large fire.
The port handles around 35% of Russia’s maritime oil exports, loading 700,000 barrels a day of crude oil.
The Ukrainian military said it struck the oil terminal in the Baltic Sea port of Ust-Luga in northwest Russia on Tuesday, the fifth attack in two weeks.
Ukraine’s General Staff said it has preliminary confirmation of damage to three storage tanks belonging to the Transneft-Baltika company.
Ust-Luga and the fellow Baltic port of Primorsk had already halted their handling of oil exports amid the Ukrainian attacks. The two ports move around 40% of Russian maritime oil exports.
Ukraine’s intelligence services say Russian satellites have helped Tehran target American bases and troops in the Middle East during the US-Israel War on Iran.
An intelligence assessment summarized detailed imagery of military facilities and critical sites that Russia provided to the Iranians.
At least 24 surveys of areas in 11 Middle Eastern countries, from March 21 to 31, covered 46 objects including the military bases of the US and its allies, airports, and oilfields. Within days of the surveys,, military bases and headquarters were targeted by Iranian ballistic missiles and drones.
Russian satellites are also surveying the Strait of Hormuz, say the Ukrainians, a “western military source”, and a “regional security official”.
The regional official confirmed that the Russians obtained satellite imagery of the Prince Sultan airbase in Saudi Arabia, days before Iran struck the facility on March 27. The attack destroyed an E-3 Sentry airborne warning and control system aircraft and injured at least 12 troops.
The next day a Russian satellite assess the damage.
https://eaworldview.com/2026/04/ukraine-war-how-russia-helped-iran-target-us-forces/
By RFE/RL staff - Apr 08, 2026, 8:40 AM CDT
Key European Union oil and gas groups will hold meetings this week as countries around the bloc scramble to deal with the impact of the US-Israel-led war with Iran on energy prices and supplies.
European Commission spokeswoman Anna-Kaisa Itkonen told a news briefing on April 7 the oil coordination group will meet on April 8, while the gas group will convene the following day.
The EU is facing energy-saving measures such as reduced air travel, highway speed limits, and work-from-home directives as the war has resulted in the blockage of the Strait of Hormuz, the transit corridor for about 20 percent of the world's oil and gas.
Last month the bloc's energy ministers held an emergency meeting, and while no concrete measures were agreed upon the European commissioner for energy, Dan Jorgensen, promised that Brussels would soon be announcing a package of EU-level measures.
According to EU officials familiar with the file who spoke to RFE/RL on the condition of anonymity, these measures might include more flexible state aid rules for energy companies as well as a push for more renewables and nuclear energy.
They also could potentially include more drastic emergency moves -- similar to when Russia launched its full-scale attack on Ukraine in early 2022 -- such as an EU-wide cap on gas prices and taxation of energy companies' windfall profits.
The 27-nation bloc is already bracing for a big economic hit if the war drags on. German Chancellor Friedrich Merz told reporters last week that the burden on the EU's economy might be as heavy as it was during the Covid-19 pandemic or first few months of the Ukraine war.
Ahead of the meeting of energy ministers, Jorgensen wrote a letter to member states, seen by RFE/RL, in which he stated that "while the direct exposure of the EU to supply from the region prior to the conflict is limited, we are depending on global markets for our fossil fuels supply in direct competition with other consumers."
Countries including Italy, Austria, Hungary, the Czech Republic, Croatia, and France have already adopted various measures to mitigate the impact of the sharp jump in prices and choking of supplies resulting from the Iran war.
While Europe has diversified in recent years with most imports instead coming from Algeria, Azerbaijan, Norway and the United States, the increased global demand from dwindling supplies have meant prices at the pump have surged in the EU, as well.
But the EU is also more dependent on so-called refined petroleum products, meaning materials derived from crude oil through processing, such as diesel, asphalt, and especially kerosene, which is essential for modern jet engines with 40 percent of supplies coming from the Persian Gulf.
Jorgensen's letter says a shortage of these products is of "particular concern in the short term" and suggests "member states are invited to consider the promotion of demand saving measures, in accordance with their contingency plans, with particular attention to the transport sector."
Some airlines have already signaled they may reduce the number of flights on certain routes. The last kerosene shipments that passed through the Strait of Hormuz before its closure are due to arrive in Europe next week.
The letter references the International Energy Agency's (IEA) recent 10-point recommendation, which include energy reduction costs such as working from home, reduced air travel, carsharing, alternate private car access to roads, lowering the speed limit by 10 kilometers per hour, and discouraging the use of liquified petroleum gas (LPG) when cooking.
Additionally, the letter also urges member states to defer any non-emergency refinery maintenance and to increase the uptake of biofuels to replace fossil fuels.
If there’s one lesson from the war with Iran, it’s that it doesn’t take much to shut down oil tankers that have to transit something like the Strait of Hormuz. The mere threat of an attack is enough to shut things down and I’m sure this lesson isn’t lost on the poor people of Ukraine who are now battling Russian invaders for the fifth year in a row. Roughly half of Russia’s seaborne oil exits ports in the Baltic and has to transit the Danish Straits, which are much narrower than the Strait of Hormuz and therefore far easier to shut. At the end of the day, it was up to the EU to do this and the political willingness to take this step - admittedly a scary one - is lacking. The softening up of the maritime services ban in the 20th sanctions package - for which we’re still waiting - is just the latest illustration that the EU lacks the will to act. At the root of all this is a governance crisis, which prevents the EU from becoming a geopolitical force.
So Ukraine is taking matters into its own hands. Recent drone attacks on Russia’s two oil hubs in the Baltic - Primorsk and Ust-Luga - look like they’re weighing on export volumes. So far, Ukraine is still holding back, because it’s mostly targeted storage and not (yet) pipes and valves needed to fill up berthed tankers. These attacks are a clear demonstration that Ukraine could impose a blockade of its own, taking Russia’s Baltic ports offline. That gives Ukraine leverage in whatever comes next.
The charts above give an update to joint work with Ben Harris at Brookings and show monthly data on oil tanker volumes out of Russia’s ports in the Black Sea (top left), the Baltic (top right), the Pacific (bottom left) and the Artic (bottom right). For the Black Sea, I exclude the Caspian Pipeline Consortium (CPC) terminal near Novorossiysk as this handles mostly Kazakh oil. Underlying data are daily tanker departures from the AHOY function in Bloomberg. I aggregate things up to create monthly totals. The last data point is for April 6, so the April observation is grossed up by a factor of five (30/6) to create a monthly total.
US sanctions on Rosneft and Lukoil - announced in Oct. 2025 - caused a fear factor in global markets, making Indian buyers in particular reluctant to keep buying Russian oil. You can see this play out in all four charts, with volumes ratcheting down after Oct. 2025. My grossed up April number takes another step down, in contrast to Black Sea and Pacific exports, which are up and flat, respectively. This contrast suggests something idiosyncratic is going on in the Baltic and the obvious candidate is recent Ukrainian drone attacks. As I note above, these attacks spared critical infrastructure, sparing pipes and valves needed to fill berthed ships. But the signal is clear. Ukraine has signaled it’s able and willing to shut down Russia’s Baltic oil exports, something the EU should have done four years ago.
https://robinjbrooks.substack.com/p/the-baltic-chokepoint-for-global
Food, flight and fuel prices could take months to return to normal, experts claim
Sky high prices are hitting the public with massive hikes in food, flight and fuel prices. But despite oil prices plummeting after a pause in Operation Epic Fury experts fear the cost could be felt for months to come.
Petrol prices could take months to fall despite news of a pause in Operation Epic Fury(Image: ISA HARSIN/SIPA/Shutterstock)
Rocketing food, flight and fuel prices may take months to return to normal despite the two-week ceasefire in Iran, experts say. President Trump announced a pause in Operation Epic Fury prompting the price of crude oil to fall. Tehran agreed to halt its blockade of oil and shipments through the Strait of Hormuz, which had become one of the main focuses of the war.
But according to the BBC, analysts believe even if the fragile ceasefire holds it could take months to restart production and get supplies back to normal.
The RAC’s head of policy Simon Williams says there is still huge uncertainty for drivers but they are hoping to see prices at least stop rising in the coming days. But he says some smaller independent forecourts - which buy oil as it costs on the day rather than in advance at a set price - may be quicker to pass on reductions.
US President Trump has declared a two week ceasefire in "Operaton Epic Fury"(Image: US ARMY/AFP via Getty Images)
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"Much will depend on the stability of the ceasefire, whether oil shipments can move freely through the Strait of Hormuz, and the longer‑term impact on oil production across the Gulf," he says.
He says a sustained lower price over several weeks is needed to meaningfully lower wholesale fuel costs.
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According to the RAC, the nationwide average for unleaded now stands at 157.71p a litre, and 190.62p for diesel. Before the war began, unleaded was 132.83p and diesel 142.38p. Both fuels are now at their most expensive since late 2022.
Rachel Winter, from the wealth management company Killik & Co, said t is difficult to predict how quickly costs at the pump might fall.
"I would expect it to take at least a few weeks, if not a few months," she told BBC Radio 4's Today Programme.
Antonia Medlicott, founder and MD at Investing Insiders said day-to-day costs remained high, said: "...Drivers would be wise not to assume that a ceasefire will result in immediate relief at the pumps, and the bigger issue for households is how exposed they are to these repeated shocks. While spikes can be temporary in isolation, the cumulative effect on day-to-day costs can be significant and enduring."
Stock markets have reacted positively to the ceasefire declared in the Iran war but experts warn this does not mean petrol prices will fall any time soon(Image: ANDY RAIN/EPA/Shutterstock)
Meanwhile, jet fuel is roughly double its pre-war levels with flights being cancelled following a surge in jet fuel prices due to the Iran war. Willie Walsh, the boss of the International Air Transport Association (IATA), told the BBC even if traffic through the waterway resumes now, it will take months for supplies to reach the level they need to be at.
Passengers should expect higher ticket prices in the meantime, he says. Some airlines have already hiked fares, while some have cut routes.
Even if jet fuel were able to flow through the strait, it still needs refining - and some facilities have been damaged, Mr Winter adds.
The Food and Drink Federation, which represents thousands of UK manufacturers, says the ceasefire hasn't ended the "long‑term uncertainty".
Their chief economist Dr Liliana Danila said recovery to supply chains and energy infrastructure in the Gulf is expected to take between six months and a year.
"This means manufacturers will continue to feel the impact of supply chain disruptions for oil, gas, fertiliser, packaging materials and essential cleaning chemicals, keeping costs under strain for months to come."
Even if the conflict ends within the next two weeks, it expects UK food inflation to reach at least 9% before the end of the year.
So far, households under Ofgem's energy price cap have been shielded from the spike in wholesale energy prices but the cap resets for three months in July which could see a big jump.
The government has promised to support low income households but this may not come until the Autumn.
https://www.mirror.co.uk/news/world-news/food-flight-fuel-prices-iran-36986305
Hormuz closure threatens the global food supply
Price hikes at the grocery store are coming
By AYA S. CHACAR
PUBLISHED APRIL 8, 2026 6:00AM (EDT)
This article was originally published on The Conversation.
The global energy crisis caused by the closure of the Strait of Hormuz is only the beginning of the economic cost of the war with Iran.
I study how institutions affect businesses and supply chains, and I expect food prices to rise next, with high prices lasting even after whatever point hostilities end.
Along with about 20% of the world’s crude oil trade and a similar share of the world’s liquefied natural gas shipments, shipping traffic through the strait also carries roughly a third of internationally traded fertilizer, which is key to bountiful crops around the world.
Modern agriculture depends on precise timing of delivering nutrients to plants. When fertilizer arrives late or becomes too expensive to buy in sufficient quantities, farmers are left to either reduce the amount they use, plant fewer crops or switch to crops that need less fertilizer. Each option reduces overall productivity, cutting supplies of basic foods, feed for livestock and key ingredients used in a wide range of food products.
Ultimately, with corn prices rising, summer barbecues may taste a bit different or cost more. Corn on the cob may not be cheap, nor will corn-fed beef. In addition, many store-bought condiments, soft drinks and other food products are made with high-fructose corn syrup and will also cost more.
3 main crops, 3 nutrients needed
Three staple crops – corn, wheat and rice – supply more than half of the world’s dietary calories.
To maximize production, those crops need three main nutrients: nitrogen, phosphate and potassium. Nitrogen helps plants grow. Phosphorus helps transport energy within plant cells and is critical for early root growth and the formation of seeds and fruit. Potassium helps plants conserve water and boosts protein content.
The closure of the Strait of Hormuz has reduced the supply and increased the cost of all three.
Natural gas, which determines 70% to 90% of the cost of producing nitrogen fertilizer, has seen a 20% drop in production due to the war and price increases up to 70%. To preserve its own supplies, Russia has suspended exports of ammonium nitrate, another nitrogen source for fertilizer.
In a similar effort, China, the world’s largest phosphate producer, has blocked phosphate exports, removing 25% of the global supply.
Potash, the potassium-rich component of fertilizers, has also been in short supply in recent years, in part because of economic sanctions on Belarus and Russia, which are major potash producers.
As a consequence, fertilizer prices have risen globally. In the U.S., some fertilizers rose more than 40% in just one month after the war’s start in late February 2026.
Affecting farmers first
Cereal plants absorb the vast majority of their nitrogen needs during their early growth. Applying fertilizer later in the growth cycle is less effective.
Reducing nitrogen application by 10% to 15%, or delaying application by two to four weeks, can reduce corn yields by 10% to 25%.
Producing less corn and wheat reduces not only food available for humans but also food for livestock. Increased fertilizer costs and reduced grain supplies increase the price of raising livestock, making meat and animal products more expensive.
When feed costs become unsustainable, farmers may be forced to kill or sell off the breeding cows and sows that represent the future of the food supply. In the U.S., a combination of persistent drought and high costs in 2022 forced producers to kill 13.3% of the national beef cow herd, the highest proportion ever. As a result, the U.S. beef cattle inventory shrank to its lowest level since 1962, a problem that restricts beef supplies for years.
Ultimately, the costs are passed to consumers. In 2012, when a historic Midwest drought slashed corn yields by 13%, it triggered a surge in feed prices, and U.S. poultry prices rose 20%.
Hunger is rising — by Republican design
More money can’t fix this problem
In mid-March 2026, the U.S. fertilizer supply was around 75% of normal levels. That’s right at the beginning of the time when Corn Belt farmers typically prepare their soil for planting, including the first applications of fertilizer. Subsequent fertilizer applicationstypically come from mid-April to early May and between late May and mid-June.
Farmers who fear not being able to optimize their corn yields may decide to plant less corn or switch crops and plant soybeans, which need less fertilizer. Either would reduce the corn supply.
Government loan guarantees and aid packages may help farmers cover higher costs, but they cannot address timing if enough fertilizer simply isn’t available when it is needed.
Hitting home
American consumers aren’t facing the gas and food shortages or power outages other countries are seeing from the war, but they will be hit in the pocketbook. U.S. prices for gas and jet fuel are already climbing. The effects on the food supply take longer to appear, but they are coming.
Even when crops are bountiful in the U.S., consumers are not immune to global economic forces. A smaller 2026 crop, with rising demand for livestock feed in some of the most populous countries, including China and India, will put pressure on global corn prices, affecting everyone regardless of their nationality.
In March 2026, the U.S. Department of Agriculture used data from before the Iran war to project a 3.1% average increase for all food prices.
The question for consumers is how much of the rise in corn prices will be passed to the consumer, and how fast.
USDA research shows that the speed and extent of changes in food prices vary widely by food category and the level of processing involved in making the food. Other factors also play a role, such as inventory levels, perishability and market competition. When farm prices change, wholesale prices usually adjust within the first month, but retail prices often take longer – sometimes two to four months.
Corn tortillas and other relatively lightly processed corn foods are more likely to show price responses within a few months after corn prices increase. Adjustments to cereals or poultry prices will take a little longer. Changes in the cost of livestock products such as beef will take longer, because there are more steps between the purchase of feed corn and the sale of the meat to consumers.
Other indirect costs, related to the cost of fuel and packaging, tend to hit later. Producers often absorb the price increases in the short term, but some increases are already in the works. For instance, transport companies are adding fuel surcharges on freight shipments.
Food price hikes hit low-income households harder than high-income households, because people with lower incomes spend larger shares of their money on food and housing. For these households, even relatively affordable proteins, such as chicken, may become harder to purchase regularly.
A global food emergency
The cost and availability of fertilizer will affect the whole world. More than 300 million people worldwide already do not have enough food. The U.N. World Food Program predicts an additional 45 million could join them by the end of 2026 if the conflict in the Middle East continues into the middle of the year.
Crop yields in India and Brazil in 2026 are expected to be lower than normal. East African farmers
struggled to afford fertilizer even before the crisis and will likely have to make do with even less.
These problems may seem removed for most Americans, but food prices are global in nature, and people in the U.S. will soon face these additional costs of the war.
Aya S. Chacar, Professor of International Business, Florida International University
Gold Jumps To Three-Week High As U.S. And Iran Agree To Ceasefire
Gold’s price is up 3% and trading at a three-week high as oil prices retreat and the U.S. dollar falls sharply on news that the U.S. and Iran have agreed to a two-week ceasefire.
Spot gold (TVC: $GOLD) is trading at $4,820.00 U.S. per ounce early on April 8, which is its highest level since March 19.
Gold’s price had fallen 10% in March and languished as crude oil prices topped $115 U.S. per barrel and the U.S. dollar strengthened as fighting accelerated between America and Iran.
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But now, gold is rebounding after the U.S. and Israel agreed to pause the war with Iran and engage in talks aimed at finding a permanent resolution to the conflict.
Analysts have been quick to say that gold’s sharp move higher is largely coming at the expense of the U.S. dollar, which is weakening again on news of the Iran ceasefire.
Lower oil prices are also positive for the inflation outlook and future direction of interest rates, which benefits gold.
As a non-yielding asset, gold’s price tends to perform better when interest rates are low.
Futures markets are now pricing in a 43% chance of at least one interest rate cut in the U.S. by year-end compared to 14% a day earlier.
Swiss bank UBS (NYSE: $UBS) reiterated its year-end price target for gold of $5,900 U.S. per ounce.
https://finance.yahoo.com/markets/commodities/articles/gold-jumps-three-week-high-152200467.html
(Editor: Latest chart provided)
The US Dollar Index (DX-Y.NYB) is cratering as it loses the war premium that had built up during the Iran conflict. It's on track for its third-biggest decline of the year, wiping out all of its gains since March 3, while the Bloomberg Dollar Spot Index has erased its entire 2026 advance.
That reversal is lighting a fire under risk assets, especially foreign markets that were hit hard when the dollar surged off its January lows. The iShares MSCI Emerging Markets ETF (EEM) is on track for its biggest jump since the post-"Liberation Day" surge on April 9, 2025.
More from Yahoo Scout What's driving the US Dollar Index's sharp decline? How are emerging markets responding to dollar weakness? Why are foreign ETFs surging amid dollar decline? Which commodities are benefiting from the dollar drop?
The move is broad. South Korea (EWY) leads the world in country exchange-traded funds with a gain of more than 10%. Chile (ECH) is up 7%, while Taiwan (EWT), Turkey (TUR), the UAE (UAE), Mexico (EWW), Japan (EWJ), and India (INDA) are all up more than 5%.
Gold (GC=F) and copper (HG=F) futures are gaining 3%, while silver (SI=F) and platinum (PL=F) are surging 7%.
In other words, the dollar is no longer acting like a wrecking ball for global risk assets — at least for now.
Jared Blikre is the global markets and data editor for Yahoo Finance. Follow him on X at @SPYJared or email him at jaredblikre@yahooinc.com.
Altius Minerals (TSX: ALS) has taken up a 9.9% stake in TNR Gold (TSXV: TNR) to further expand its investment holdings in companies with royalty-generating assets.
In a statement on Monday, TNR said Altius will purchase 23.5 million of its common shares at C$0.1775 each -- representing the volume-weighted average share price 30 days prior to the agreement.
It also represents a discount to the stock's current trading price of $0.20 per share, which gives TNR a market capitalization of approximately C$42.5 million. Altius, in comparison, trades at a market capitalization of $2.9 billion, despite falling 0.7% on the announcement.
Altius' investment, totalling $4.2 million, will be used to fund potential corporate development initiatives and for general corporate and working capital requirements, TNR said.
Exposure to 'high-potential' projects
For Altius, the move positions the company to benefit from indirect exposure to royalty assets that it deems to have upside.
Altius currently holds interests in 13 producing assets, including six potash mines in Canada as well as Voisey's Bay nickel-copper-cobalt mine operated by Vale (NYSE: VALE). In Brazil, it has a 3.7% stream interest on Lundin Mining's (TSX: LUN) Chapada copper mine and a royalty on Sigma Lithium's (TSXV: SGML) Grota do Cirilo project.
Additionally, Altius has ownerships in several other royalty firms, including significant stakes in Labrador Iron Ore Royalty Company, Altius Renewable Royalties, as well as micro/nano-cap players based in Canada. Last month, it also completed a deal to buy Lithium Royalty (TSX: LIRC).
On its latest investment, Altius said the transaction is "consistent with our well-established strategy of patiently acquiring minority equity positions in companies that hold royalties relating to high-potential mineral resource projects."
As Altius noted, the TNR royalty portfolio includes exposure to major copper and lithium deposits in Argentina, namely a 0.4% NSR (net smelter return) royalty on McEwen's (TSX: MUX) Los Azules project, a 7% NPR (net profit interest) on the Batidero I and II properties of the Josemaria project that is being developed by the Lundin-BHP joint venture, and a 1.5% NSR on the Mariana lithium project by Ganfeng.
In addition to these royalty interests, TNR also provides exposure to gold through its 90% holding in the Shotgun project in Alaska, which has an estimated inferred resource of 705,960 oz.
"This investment enables TNR Gold to advance the execution of its strategic plan and reflects strong market recognition of the quality of our assets and their potential," commented Kirill Klip, executive chairman of TNR Gold, in the press release.
https://www.canadianminingjournal.com/news/altius-acquires-9-9-of-tnr-gold/
Copper could see further downside risk if the war in the Middle East drags on and continues to disrupt the global supply chains by blocking the Strait of Hormuz, Goldman Sachs has warned.
"We see the near-term risks as skewed to the downside if strait flows remain disrupted for longer than our base case, which would keep energy prices higher for longer and likely slow global economic growth,” analysts including Aurelia Waltham wrote in a note this week.
Copper has come under pressure in recent weeks as rising energy prices from the war posed a threat on global economic growth, taming the demand prospects for a metal that is used in a wide array of industrial applications.
Despite a hot start to 2026 with a record surge past $14,500 a ton, copper has now erased all of its gains for the year and is down 2.5%. The war on Iran alone resulted in a decline of about 7%, taking copper prices to around the $12,000 level.
Earlier, analysts at Bloomberg Intelligence had projected that a drawn-out war disrupting flows through the Strait of Hormuz may cap demand for copper at about 0.5%–1% and send its prices down below the $10,000 level.
Price target trimmed
While the Goldman analysts aren't expecting such a drastic drop, further downward moves can't be ruled out as long as the Middle East conflict remains unresolved and the slowing demand narrative persists.
As such, the bank has trimmed its base-case price target for 2026 to $12,650 a ton, down from $12,850 previously.
That scenario, as Waltham and co. have noted, assumes that the strait would begin re-opening from mid-April. A “severely adverse” scenario has even further downside risk.
“The copper price is not being supported at the current level by fundamentals, making it vulnerable to another move lower should the economic outlook deteriorate and investors de-risk,” the Goldman analysts wrote.
Coincidentally, copper has averaged at about $12,850 a ton, which Goldman said was already "well above its estimated fair value of about $11,100 a ton."
A RAILWAY linking Zambia’s copper belt to the Angolan port of Lobito will cost between $3bn and $5bn including rolling stock, said Bloomberg News in an article on Wednesday.
Citing an environmental and social impact report, the newswire said construction on the rail is due to begin this year with completion targeted for 2030. The Zambia Environmental Management Agency compiled the report, said Bloomberg News.
Africa Finance Corp. is lead developer and sponsor of the 830km line, which would be the largest new rail build in Zambia since the 1970s when China financed and constructed the Tazara railway eastward to a Tanzanian port. Tazara has since fallen into disrepair and is currently being revitalised by a group of Chinese companies at a cost of around $1.2bn, said Bloomberg.
The new line will be developed through special-purpose vehicles in Zambia and Angola respectively, with both governments holding stakes alongside AFC, mining companies and railway operators.
The US has committed $553m to upgrade the existing Lobito corridor in Angola, from the port to the DRC border — a project involving commodities trader Trafigura and Portuguese construction firm Mota-Engil.
Whether the Trump administration will extend funding to the Zambian extension remains unclear, said Bloomberg.
The report makes no mention of US involvement in that portion. However, the European Union has expressed strategic interest in backing it. The African Development Bank has also committed financing.
Freight volumes on the line are projected to reach two million tons per year by 2031, rising to nearly 2.7 million tons by the early 2040s. The Zambia Environmental Management Agency described these cost estimates as relatively modest for a dedicated freight railway.
The Lobito corridor is widely regarded as a priority infrastructure project for securing Western access to central African critical minerals, said Bloomberg News.
https://www.miningmx.com/trending/64975-zambia-copper-rail-link-to-cost-up-to-5bn/
The project is expected to create 2,500 jobs
Kazakhstan and China are planning to build a $1.2 billion steel mill, according to Vlast.kz.
During a recent visit to China’s Fujian Province, Kazakhstan’s Minister of Trade and Integration Arman Shakkaliyev discussed the localization of production and the launch of new enterprises with Chinese investment.
According to the country’s Ministry of Industry and Construction, a key agreement involved the development of a major investment project with China’s Fujian Hengwang Investment—the construction of a steel mill in Kazakhstan with a capacity of up to 3 million tons of steel per year.
The ministry also noted that the project is expected to create about 2,500 jobs and will be oriented toward both the domestic market and exports.
This project was already discussed by the parties in February 2025—at that time, the plan was to complete the first phase of the project in 2027 with an initial production capacity of 1 million tons. The steel mill will use Kazakhstani raw materials, including natural gas and iron ore. It was planned that the plant would produce wire, rebar, steel for pipe production, as well as angle and section steel.
As a reminder, in December of last year, Asia United Steel began construction of a steel plant in Kazakhstan. The facility in the “Kazybek Bek” industrial zone will produce up to 1.2 million tons of steel and create approximately 600 jobs. The project is being implemented in three phases.
https://gmk.center/en/news/kazakhstan-and-china-plan-to-build-a-1-2-billion-steel-mill/
Compared to the same period in 2025, shipments decreased by 4%
In March 2026, Australia increased its exports of iron ore and pellets by 14% month-over-month, reaching 73 million tons. This is evidenced by vessel manifest data compiled by BigMint.
Compared to March 2025, these shipment volumes decreased by 4%.
The main importer of Australian iron ore during the period was China (60.4 million tons), followed by South Korea (4.6 million tons) and Japan (4.5 million tons).
As for the companies, BHP exported 24.2 million tons of iron ore in March, Rio Tinto – 24.3 million tons, and FMG – 17.3 million tons.
The March increase in Australian iron ore shipments was largely driven by a seasonal rebound following disruptions caused by weather conditions. Following an unstable February, which was affected by cyclones and port closures in the Pilbara region, major mining companies increased shipments, in particular to meet their targets by the end of the quarter.
At the same time, BigMint notes that Chinese buyers prioritized higher-quality Australian ore amid stricter environmental standards.
Overall, iron ore exports from key supplier countries in March 2026 increased compared to the previous month, with the exception of India. Brazil exported 26.23 million tons during the period (+3% m/m, -15.7% y/y). South Africa’s iron ore exports last month totaled 5.41 million tons (+25% m/m, +5.4% y/y).
At the same time, India reduced its exports of iron ore and pellets by 30.5% compared to February and by 46% year-on-year, down to 1.69 million tons.
As a reminder, in February it was reported that Australia is closely monitoring negotiations between major iron ore producers and the Chinese state-owned buyer China Minerals Resources Group (CMRG) due to the potential impact of lower prices for this raw material on the federal budget.
https://gmk.center/en/news/australia-increased-its-exports-of-iron-ore-by-14-mm-in-march/
