Centrist Sen. Susan Collins (R-Maine) on Thursday broke ranks with Republican leaders and most GOP colleagues by voting for a war powers resolution sponsored by Sen. Adam Schiff (D-Calif.) to halt military actions against Iran, the first Republican senator to change her position on curtailing President Trump’s military authority.
Collins joined Sen. Rand Paul (R-Ky.) in voting to advance a resolution to withdraw U.S. military forces from the conflict with Iran unless Congress votes to authorize the use of force.
She and Paul voted with most Democrats for a motion to discharge the resolution from the Senate Foreign Relations Committee, but it still failed by a vote of 47 to 50.
It marked the sixth time that Senate Republicans have defeated a resolution under the 1973 War Powers Act to halt further military operations against Iran.
Sen. John Fetterman (Pa.) was the only Democrat to vote against discharging the resolution from committee.
Collins said before the vote that she planned to vote against authorizing the strikes against Iran beyond the 60-day window set by the War Powers Act.
“The 60-day trigger is a very important one. At that point, Congress has to authorize the military action to continue. There’s a 30-day period where you could wind it down. And I will not support extending the hostilities beyond that 60 days except for wind-down activities,” she told The Hill this week.
The Maine Republican said it’s “up to” leaders whether to bring to the floor a resolution to authorize the war or a measure to block Trump’s war authority, something that the president could veto.
Defense Secretary Pete Hegseth argued before the Senate Armed Services Committee on Thursday that the 60-day clock on the Iran war was paused when Trump announced a ceasefire earlier this month.
“We are in a ceasefire right now, which our understanding means the 60-day clock pauses or stops in a ceasefire,” Hegseth told Sen. Tim Kaine (D-Va.) during the hearing.
“I do not believe the statute would support that,” Kaine pushed back. “I think the 60 days runs maybe tomorrow, and it’s going to pose a really important legal question for the administration there.”
Collins said after the vote that she would not support continued strikes against Iran until the Trump administration lays out “achievable goals” and a “defined strategy” for ending the conflict.
“Our military has performed magnificently and with great courage and sacrifice in diminishing the threat that Iran poses to our country, our allies, the broader Middle East, and the world,” she said in a statement.
“Further military action against Iran must have a clear mission, achievable goals, and a defined strategy for bringing the conflict to a close. I voted to end the continuation of these military hostilities at this time until such a case is made,” she said.
The 60-day period set by the War Powers Act limiting the president’s power to conduct military actions without congressional authorization expires Friday.
The clock started on March 2 when Trump notified Congress pursuant to the law of the use of the armed forces against Iran.
Trump ordered the initial strikes against Iran to begin on Feb. 28, an operation that U.S. forces carried out jointly with Israel.
https://thehill.com/homenews/senate/5857975-collins-breaks-gop-iran-war-powers/
In recent hours, we’ve seen significant volatility in crude oil prices, with Brent falling from extreme highs of $126 to about $111 today, April 30. These movements are mainly attributed to three factors: reduced demand due to excessively high prices, the release of strategic reserves, and the market’s assessment that the supply shock—although still substantial—may not develop into the worst-case scenario.
The initial oil rally was triggered by fears of a prolonged blockade of the Strait of Hormuz and a potential new military escalation between the U.S. and Iran. This was reinforced by a report from Axios that Washington is considering deploying the hypersonic missile system “Dark Eagle” to the Middle East for possible use against Iran. Brent surged above $126 as markets feared a major disruption to global oil supply.
However, in the past few hours, the market has started to correct. According to Reuters, premiums in the physical oil market began to ease from extreme panic levels, as refineries in Asia cut production due to high prices, while major companies such as Sinopec and PetroChina released reserves and supplied additional cargoes to the market.
The same report notes that buyers from Asia and India turned to cheaper barrels from Russia, Canada, and Brazil, easing some of the pressure on Middle Eastern supply.
A key factor was also the so-called “demand destruction.” Morgan Stanley estimated that the price surge has already removed about 4.3 million barrels per day from demand, as industries, transport, and refineries cut fuel consumption.
At the same time, markets grew concerned that a prolonged price shock could lead to a slowdown or even a recession in the global economy. This, in turn, puts downward pressure on oil prices, as it reduces expectations for future energy demand.
The UAE had been thinking of leaving the Organisation of Petroleum Exporting Countries (OPEC) cartel for the last five years as the oil quota allotted to the country by the Saudi Arabia-dominated group was not considered sufficient, according to Navdeep Singh Suri, India’s former Ambassador to the United Arab Emirates and Egypt.
In an exclusive interview with IANS, Suri said: "There were indications as early as July 2021 that they were not happy with the quota that was allocated to them, about 2.7 million barrels per day. And they had said that if the quota is not raised, they might consider leaving."
"Eventually, the quota was raised to 3.4 million. But now, the UAE has invested quite a lot over the last few years in its production capacity. I think by next year, they will hit the ability to produce about 5 million barrels a day. And obviously, they want to be able to do that without being under the tight restrictions imposed by Saudi Arabia and by the other OPEC members," he contended.
Asked what impact the UAE’s exit from the OPEC cartel would have on global oil markets, Suri replied: "Right now, of course, Strait of Hormuz is blocked, and we are all living in an energy scarcity scenario. And today, oil prices have crossed $125 per barrel. So, whatever I'm saying in terms of looking forward is predicated on the reopening of the Strait of Hormuz and normal flows of oil and gas being restored."
"Once that happens, I think the additional output from countries like the UAE should help in moderating the oil prices, and that is something that will benefit India. But also, I think the second consequence could be that OPEC, to an extent, over the years has managed to balance demand and supply of oil and tried at least to some extent to control volatility in oil prices. I think a weaker OPEC and more countries operating on their own might increase volatility in oil prices. That's something that we might see going forward," he observed.
Asked to comment on the Iran-US war from India’s standpoint, the former Ambassador said: "We are obviously very concerned about the developments. We are seeing that they have a direct impact on the Indian economy."
"Iran's attack on its neighbours as a retaliatory step was illegal. Iran's blockage of the Strait of Hormuz is illegal, and the US blockage is illegal too," he remarked.
Russian military officers and cadets gather to rehearse for the Red Square Military Parade on April 29, 2026 in Moscow, Russia. Illustrative photo. (Source: Getty Images)
A senior Russian lawmaker has called on energy companies and other key enterprises to take responsibility for defending their facilities against Ukrainian drone strikes, including by forming their own armed units.
Sergey Mironov, head of the “A Just Russia” faction in the State Duma, said that recent legislative changes now allow private security organizations to acquire firearms to protect critical infrastructure.
“At the end of March, a long-awaited law came into force allowing private security organizations to obtain small arms to defend critically important facilities from drones. Now companies in the fuel and energy sector have all the capabilities to repel attacks by the Kyiv regime together with units of the Ministry of Defense,” Mironov said in comments to Gazeta.ru, according to The Moscow Times on April 30.
He argued that such measures would help reduce economic and environmental damage from drone strikes and urged the government to issue direct instructions requiring companies to take defensive action.
Russian firms began investing heavily in counter-drone systems during the first year of the full-scale war in Ukraine. Major oil companies, including Rosneft, Lukoil, Bashneft, Slavneft, and Transneft, reportedly spent around $11 million in 2023 on such equipment.
However, portable counter-drone systems and anti-drone rifles have not fully protected facilities, as Ukrainian strikes on energy and industrial infrastructure continue.
The call to strengthen protection of critical infrastructure comes as Ukrainian forces continue to demonstrate the reach of their long-range strike capabilities.
On April 30, Ukraine’s Security Service (SBU) reported another drone strike on Russia’s oil sector, targeting the Lukoil-Permnefteorgsintez refinery in the city of Perm for a second consecutive day. The facility lies more than 1,500 kilometers (about 930 miles) from Ukraine.
According to the SBU, drones operated by a special operations unit struck key components of the refinery, including the AVT-4 primary oil processing unit. The attack reportedly ignited both vacuum and atmospheric distillation columns, damage that could significantly disrupt operations.
The refinery is one of Russia’s largest, with an annual processing capacity of nearly 13 million tons, supplying fuel for both civilian use and the military.
April 30, 2026 [Reuters]- BP will develop Venezuela’s Cocuina-Manakin gas field, on the maritime border with Trinidad and Tobago, as well as explore joint opportunities in the offshore Loran gas field, the company and government said on Wednesday after signing a memorandum of understanding.
Venezuela has recently signed exploration and other deals with several international producers, including Italy’s Eni and Spain’s Repsol , as it opens its oil industry to foreign investment following the ouster of President Nicolas Maduro by U.S. forces in January.
“The return of BP is a clear sign of the future we want to chart for Venezuela and for international energy relations — relationships based on respect, cooperation grounded in a win-win approach, and shared benefits that contribute to the development of the Venezuelan people,” Venezuela’s interim President Delcy Rodriguez told attendees at a brief signing ceremony broadcast on state television.
William Lin, BP’s executive vice president for gas and low carbon energy, said the company was pleased to be partners with Venezuela on the exploration of the Loran area, as well as on other projects, including the commercialization of gas. Shell has also expressed interest in Loran.
The MOU signed on Wednesday also “formalized the launch of gas development at the Cocuina-Manakin field,” a gas field that crosses the border between Trinidad and Tobago and Venezuela, Rodriguez’s office said in a statement.
Cocuina, which on the Venezuelan side is part of the inactive Deltana Platform project, extends into Trinidad, where a BP subsidiary operates it as Block 5b.
Rodriguez’s office said the agreement “represents a milestone for the national energy industry by reactivating the multinational’s presence in key areas of the Deltana Platform.”
BP said in February it was seeking a license from the U.S. government to develop the Manakin-Cocuina gas field.
The company wants to develop the field to bring more than 1 trillion cubic feet of gas to Trinidad to convert into liquefied natural gas for export.
https://tankterminals.com/news/bp-signs-agreement-with-venezuela-to-develop-offshore-gas-fields/
Ocean Winds, the offshore wind joint venture between EDPR and ENGIE, has completed the installation of the final turbine at its Îles d’Yeu and Noirmoutier (EMYN) offshore wind farm, marking the project’s entry into full operation.
Located off the coast of Vendée, the wind farm is now fully operational after less than three years of offshore construction. The project has been generating electricity since June 2025, with its 61 turbines now supplying renewable energy equivalent to the annual consumption of nearly 800,000 people.
“The transition of EMYN from construction into full operation demonstrates Ocean Winds’ capability to deliver offshore wind projects at scale,” said Craig Windram, CEO of Ocean Winds. He added that the milestone reflects the company’s industrial model and its role in supporting energy security.
During construction, the project generated around 2,400 direct and indirect jobs and contributed to the development of the French offshore wind supply chain. This included the establishment of a blade and nacelle assembly facility by Siemens Gamesa in Le Havre, as well as the construction of the offshore substation by Chantiers de l’Atlantique in Saint-Nazaire.
Ocean Winds stated that the project was developed in coordination with local stakeholders, including the fishing sector, to ensure compatibility with existing maritime activities.
“The completion of EMYN shows that offshore wind can be developed in France with local industrial integration and coexistence with sea users,” said Marc Hirt, Country Manager for France at Ocean Winds. He also noted progress in other projects, including Dieppe–Le Tréport, where foundation installation is more than halfway complete.
The wind farm will now enter its operation and maintenance phase, creating around 80 long-term direct jobs, including 66 positions on the island of Yeu. Ocean Winds will focus on ensuring the plant’s performance while continuing to supply renewable electricity to the French grid.
The milestone comes as France advances its offshore wind targets, following a recent tender announcement by government officials including Roland Lescure and Maud Brégeon.
By Haley Zaremba - Apr 30, 2026, 4:00 PM CDT
Major innovation is needed to diversify the global battery sector. Lithium-ion batteries are taking over the world – you probably have a few within reach at this very moment in your rechargeable devices. And since China controls the world's lithium supply chains and dominates global lithium-ion battery manufacturing, the global tech sector has become dangerously consolidated. Breaking this dependency on China will require breaking our dependency on lithium, creating a dire need for the development of viable alternative battery technologies.
The lithium-ion battery sector has gone gangbusters in recent years, skyrocketing by 20 percent between 2024 and 2025 to reach a global market of USD 150 billion. But as the strength of the lithium-ion market has increased, so too have the considerable supply chain risks and geopolitical insecurities associated with the sector. China alone produced over 80 percent of all the world's lithium-ion batteries in 2025.
"For over a decade, China has meticulously orchestrated a strategic ascent in the global electric vehicle (EV) batteries market, culminating in a dominance that now presents a formidable challenge to Western manufacturers," the EE Times reported last year. China also dominates batterymaking for the energy storage sector, which is currently 90 percent dependent on lithium-ion batteries. This consolidation acts as "almost a moat" protecting the Chinese battery sector from international competition.
In addition to its geopolitical risks, lithium also has other logistical and strategic pitfalls. Its extraction is highly environmentally unfriendly and can pose risks to public health, for one thing. And while lithium is energy-dense and performs well in a wide range of conditions, it's not optimal for energy storage – a massively expanding market. Lithium-ion batteries can only hold onto charge for about four hours at a time, whereas energy storage needs to offer long-term solutions for energy security as more and more variable energies like wind and solar power connect to the grid.
There is therefore a critical opening for alternative battery models that can hold charge for longer, and which avoid lithium supply chains. And, perhaps unsurprisingly, China is leading the charge for the development of these alternative battery models as well. Just this week, Interesting Engineering reported that a Chinese team has made a major breakthrough in advancing "all iron" flow batteries which could provide an affordable option for long-term energy storage. "It provides a budget-friendly, high-endurance answer for the world's massive energy storage needs," says Interesting Engineering.
The breakthrough comes thanks to a new electrolyte which allows for thousands of recharge cycles at a much lower cost than lithium-ion batteries. "The development solves the long-standing issues of material degradation and leakage (crossover) by re-engineering the iron complex at the molecular level," the report goes on to say. This could majorly upset battery markets if the model proves scalable, as iron is about 80 times cheaper than lithium in today's market.
By tweaking the iron at a molecular level, the Chinese research team has managed to solve several critical challenges for the energy storage sector. Typically, these kinds of batteries degrade quickly. But this new approach grants the battery a record-breaking lifespan. Testing showed that the battery could withstand the equivalent of 16 years of operation with zero degradation.
"After multiple rounds of screening, the AIFB adopting the [Fe(HPF)BHS]?4− anolyte exhibits a record-breaking ultra-long cycling stability over 6000 cycles at 80 mA cm−2," detailed the study, published earlier this month in the scientific journal Advanced Energy Materials.
This breakthrough is just one of many alternative battery models being developed within and outside of China. The range of approaches is massive and diverse, with models as futuristic as quantum batteries and as low-brow as dirt batteries. While many of these prototypes are being piloted far from Beijing, the Chinese sector is majorly out-spending the rest of the world on clean energy development, making Chinese developers and manufacturers hard to compete with.
https://oilprice.com/Energy/Energy-General/New-Chinese-Iron-Battery-Lasts-16-Years.html
Grains
OMAHA (DTN) -- Posted 10:29 -- July corn is down 5 1/2 cents per bushel, July soybeans are down 1 cent, July KC wheat is down 14 3/4 cents, July Chicago wheat is down 17 cents and MIAX July Minneapolis wheat is down 0.1100 cents. The Dow Jones Industrial Average is up 631.10 points. The U.S. Dollar Index is down 0.780 and June crude oil is down $2.75 per barrel. June gold is up $73.70 per ounce. At midmorning, soybean oil has reversed early weakness to trade higher and soybeans are inching toward unchanged. Corn and wheat remain under heavy selling pressure as those markets had reached overbought conditions. No new developments have been put forth on the Iran conflict situation.
Livestock
Posted 08:41 -- June live cattle are down $0.45 at $254.8, August feeder cattle are up $0.43 at $372.95, June lean hogs are down $0.03 at $103.725, July corn is down 3 1/2 cents per bushel and July soybean meal is down $4.50. The Dow Jones Industrial Average is up 329.31 points and the NASDAQ is up 48.63 points. No new bids are on the table in the cash cattle market, and it could be that the bulk of this week's business is done with. Southern live cattle have traded at mostly $255 to $256 which is $9.00 to $10.00 higher than last week's weighted average and Northern dressed cattle have traded at mostly $400 which is $14.00 higher.
https://www.dtnpf.com/agriculture/web/ag/news/article/2026/04/30/periodic-updates-grains-livestock-2
Industry data shows gold investment demand plunging in the first quarter of 2026 as the war in Iran sparked a sell-off of mining stocks and gold jewellery.
The World Gold Council’s first-quarter demand trends report recorded a 73% plunge in demand for gold ETFs as huge outflows in March reversed much of the buying at the start of the year.
Demand for gold jewellery, meanwhile, fell 23% year on year to its lowest level since 2020 in the three months to end-March, due to large drops in Indian and Chinese demand.
Gold ETFs, publicly traded stocks that track the price of gold by holding physical bullion, had been steadily rising over the past two years as investors sought exposure to the metal’s steadily rising price. In the wake of the Iran war, however, fears of continued disruption to oil supplies have seen the metal’s price fall by more than 13%.
The JSE’s biggest gold miners, AngloGold Ashanti and Gold Fields, each lost about 18% of their value in March. The share price of Harmony Gold, the country’s biggest producer by volume, plunged 28%.
The sell-off stems from a concern that higher inflation will force central banks to hike interest rates, making gold less attractive than interest-bearing assets such as bonds.
Central banks, a driver of gold’s rallying price in recent years, also increased their gold selling in the first quarter of 2026 in a bid for liquidity.
In anticipation of short-term fiscal stress, due to the looming threat of inflation, several countries increased their sales, including Turkey, Russia and Azerbaijan’s state oil fund.
“During the quarter, central banks had to contend with heightened uncertainty on multiple fronts. The conflict involving Iran, the US and Israel added to an already fraught geoeconomic environment, driving greater volatility across markets, including gold,” said the council.
The council, which represents many of the world’s largest listed gold miners, said it expects demand for gold stocks to remain positive in 2026, with inflows exceeding outflows, but at a lower level than last year.
As central banks grapple with supply shocks amid Middle East tensions and uncertainty continues to cloud their rate decisions, government bond yields are expected to stay elevated, putting pressure on gold.
https://www.businessday.co.za/markets/2026-04-30-middle-east-war-dampens-demand-for-gold-stocks/
Ahead of the special session for the price discovery of the demerged Vedanta Limited, the metal and mining major's CEO told investors in an earnings call that the four spun-off businesses could list in the Indian stock market by June.
According to a PTI report, Vedanta Resources CEO Deshnee Naidoo said that its India arm will file with stock exchanges next week for listing approval of its demerged entities.
"In the next week, we will be filing with the exchanges for listing approval. The shares of the resulting companies are expected to list and commence trading by mid-June," she was quoted as saying by the news agency.
Vedanta, earlier this month, set May 1 as the effective and record date for the creation of five independent companies, allowing each company to chart out its own growth trajectory and attract investors. With Friday, May 1, being a stock market holiday, April 29 was the last day to purchase the shares to participate in the demerger process.
Vedanta is demerging into four entities. Anyone holding Vedanta shares will receive four additional shares of the resulting companies.
Vedanta CFO Ajay Goel said, "We are targeting listing and commencement of trading of these shares by the first quarter of FY'27."
Vedanta to trade ex-demerger tomorrow
Vedanta will have a price discovery session from 9:15 to 9:45 am tomorrow, April 30, and normal trading will start from 10:00 AM at the ex-demerged price.
"The Special Pre-Open Session on April 30 is the moment Vedanta's three-year-old demerger story finally meets the market's price-discovery machinery," said Harshal Dasani, Business Head at INVasset PMS.
According to analysts, the demerged price for Vedanta shares could be around ₹300 apiece. The residual Vedanta Ltd is likely to open in the ₹300-325 band, anchored largely by its 63.4% stake in Hindustan Zinc, copper, ferro chrome and the emerging displays venture, estimates Dasani.
As part of its demerger plan, Vedanta intends to list four separate entities: Vedanta Aluminium Metal Limited (VAML), Talwandi Sabo Power Ltd (TSPL), Malco Energy Ltd (MEL), and Vedanta Iron and Steel Limited (VISL).
According to the company's exchange filing, the composite scheme of arrangement will grant Vedanta shareholders one equity share in each of these four businesses for every share they currently hold, maintaining a 1:1 ratio.
(With inputs from PTI)
The company's net profit for the same period fell by 8.6% y/y
China’s largest steelmaker, Baoshan Iron & Steel Co (Baosteel), produced 13.2 million metric tons of steel and 12.2 million metric tons of pig iron in the first quarter. The company’s steel exports rose 6.8% year-on-year – to 6.5 million metric tons, according to Reuters.
During this period, the company received nearly 2 million tons of overseas orders for steel products, compared to 1.55 million tons during the same period in 2025. In total, Baosteel plans to produce 51.5 million tons of steel and 48.5 million tons of pig iron in 2026.
Baosteel’s net profit for the first quarter of 2026 fell by 8.6% year-on-year – to $326.3 million. The main factors contributing to this decline were geopolitical instability in the Middle East and the continued weakness of China’s real estate sector.
As Reuters notes, the outbreak of active hostilities in Iran caused a sharp spike in oil and natural gas prices, which directly impacted the cost of steel production. Additionally, disruptions to shipping routes in the region led to delays in raw material deliveries and rising freight costs.
“We are facing an unprecedented combination of high input costs and low prices for finished products. The war in Iran has sent shockwaves through the energy market, which we are feeling directly on the shop floor,” said a Baosteel representative.
The situation is further complicated by conditions in China’s domestic market. Despite government support measures, the construction sector—the main consumer of steel—shows no signs of recovery. This is forcing Chinese manufacturers to increase exports, leading to trade disputes and the imposition of anti-dumping duties by other countries.
As a reminder, in mid-April, Baosteel raised prices for May sales of certain key flat steel products, including hot-rolled coil (HRC), by 100 yuan per ton ($15/t) for the domestic market.
As reported by GMK Center, steel production in China totaled 960.8 million tons in 2025, down 4.4% compared to 2024. The decline was a result of the protracted crisis in the real estate market, which significantly curtailed domestic demand for steel products.
https://gmk.center/en/news/baosteel-produced-13-2-million-tons-of-steel-in-q1/
