Two US Navy destroyers transited the Strait of Hormuz Saturday, laying the ground for the start of a mine clearing operation, US Central Command said.
The USS Frank E. Peterson and USS Michael Murphy transited the Strait of Hormuz and operated in the Arabian Gulf, Centcom said in a statement posted to X, adding that more US forces, including underwater drones, will join the clearance effort in the coming days.
“Today, we began the process of establishing a new passage and we will share this safe pathway with the maritime industry soon to encourage the free flow of commerce,” said Centcom commander Admiral Brad Cooper.
Since the start of the war on Feb. 28, Iran has asserted control over the strait through which roughly a fifth of the world’s oil and liquefied natural gas typically flows, effectively halting most commercial traffic. The country has sporadically attacked ships in and around the Persian Gulf and may have laid mines to deter shipowners and crews from attempting to traverse the narrow waterway.
Several US navy ships crossed Hormuz on Saturday in an operation that wasn’t coordinated with Iran, Axios reported earlier, citing a US official it didn’t identify. The ships crossed the strait from east to west to the Gulf before making their way back to the Arabian sea, according to the report.
However, a regional intelligence official said two US Navy Arleigh Burke–class destroyers that attempted to transit the Strait of Hormuz on Saturday were forced to turn back after encountering threats from Iran’s Islamic Revolutionary Guard Corps, which also launched a UAV in the direction of the vessels.
The incident happened around noon Dubai time, as US and Iranian delegations were in Islamabad for negotiations, the official said, requesting anonymity to discuss confidential matters. The Centcom statement didn’t mention any Iranian attempt to turn the vessels back.
Iran’s semi-official Fars news agency also reported earlier the nation’s armed forces monitored a US destroyer seen moving from Fujairah toward the Strait of Hormuz and conveyed this to the US via Pakistani mediators. The US vessel returned from the strait after Tehran warned that it would be targeted, according to Fars.
Pakistan is mediating in peace talks between the US and Iran in Islamabad amid a two-week ceasefire in the hostilities, now in their second month.
https://fortune.com/2026/04/11/us-navy-ships-strait-of-hormuz-crossing-ceasefire-talks-pakistan/
US and Iranian delegations leave Pakistan after talks end without agreement
Vice President JD Vance said negotiations between the United States and Iran ended early Sunday without a deal after the Iranians refused to accept U.S. terms to not develop a nuclear weapon.
The high-stakes talks in Pakistan ended after 21 hours, Vance said, with the vice president in constant communication with President Donald Trump and others in the administration.
“But the simple fact is that we need to see an affirmative commitment that they will not seek a nuclear weapon, and they will not seek the tools that would enable them to quickly achieve a nuclear weapon,” Vance told reporters.
The war that has killed thousands of people and shaken global markets entered its seventh week.
The U.S. delegation led by Vance and the Iranian delegation led by parliament Speaker Mohammad Bagher Qalibaf had discussed how to advance a ceasefire already threatened by deep disagreements and Israel’s continued attacks against the Iranian-backed Hezbollah in Lebanon.
Three VLCCs Flagged by Liberia and China Pass Through the Strait
Three very large crude carriers (VLCCs) exited the Persian Gulf through the Strait of Hormuz on April 11 (local time), marking the first such passage since the United States and Iran declared a ceasefire.
On April 12 (local time), major international media outlets reported this development, citing shipping data from the London Stock Exchange Group (LSEG). The three VLCCs that transited the strait were the Liberia-flagged "Serifos", and the China-flagged "Cosper Lake" and "He Long Hai".
The route taken by these vessels was the "Hormuz Passage Test Anchorage" route designated by Iran, which bypasses Larak Island, where an Iranian military outpost is located.
According to foreign media, the Serifos is carrying crude oil loaded last month from Saudi Arabia and the United Arab Emirates (UAE) and is expected to arrive at Malaysia's Port of Malacca on the 21st.
Both Chinese ships are chartered by Unipec, and are carrying Iraqi and Saudi crude oil, respectively. Unipec is the trading arm of China Petroleum & Chemical Corporation (Sinopec), the country’s largest state-owned petrochemical company.
Previously, after being hit by a surprise attack by the United States and Israel on March 28, Iran effectively blockaded the Strait of Hormuz. This strategic chokepoint, through which about 20% of the world’s oil and liquefied natural gas (LNG) cargoes pass, was closed, destabilizing the global energy supply chain and causing oil prices to soar. Twenty-six Korean vessels remain stranded in the Strait of Hormuz.
99% of data transmission, accounting for £1.15 trillion, relies on just 60 undersea cables
Following Defence Secretary
@JohnHealey_MP ’s announcement of month-long tracking of surveillance of undersea cables, this map from our #GeopoliticalAtlas visualises this critical infrastructure.
UK exposes covert Russian submarine operation in and around UK waters
The British military has exposed a covert Russian submarine operation in and around UK waters, forcing the vessels to retreat back to Russia.
From:Ministry of Defence, The Rt Hon Sir Keir Starmer KCB KC MP and The Rt Hon John Healey MP
HMS St Albans Type 23 Frigate on operations.
British aircraft and warships identified a Russian attack submarine entering international waters in the High North several weeks ago, and tracked its activity around the clock.
Service personnel quickly established that the submarine was deployed as a distraction and the UK worked closely with allies – including Norway – to identify and monitor other Russian undersea naval units from the Main Directorate of Deep Sea Research (known as GUGI) conducting nefarious activity over critical undersea infrastructure elsewhere.
Please see below a declassified image of surface and sub-surface GUGI-associated vessels based at Olenya Guba in Russia.
Declassified image of Olenya Guba Russian base.
The UK and its allies began a campaign of overt action to ensure the Russian units knew that they were being monitored and were no longer covert as Putin had planned.
Both the GUGI units and the Akula class submarine have subsequently retreated home, having failed to complete their operation in secrecy.
Prime Minister Keir Starmer said:
I am determined to protect the British people from paying the price for Putin’s aggression in their household bills.
That is why we will not shy away from taking action and exposing Russia’s destabilising activity that seeks to test our resolve.
Our Armed Forces are among the best in the world, and the British public should be in no doubt that this government will do whatever it takes to defend our national and economic security, wherever in the world that is needed.
Defence Secretary John Healey MP said:
I want to pay tribute to the UK personnel who spent many days tracking these Russian submarines in extremely challenging and treacherous conditions. While the eyes of many – understandably – were on the Middle East, our British Armed Forces were simultaneously responding to rising Russian threats north of the UK.
As we act to defend our interests and Allies in the Middle East, we are tackling increasing threats to NATO in the High North, maintaining strong support for Ukraine and protecting our UK homeland.
To Putin, I say this: we see you, we see your activity over our underwater infrastructure. You should know that any attempt to damage it will not be tolerated and would have serious consequences.
Subsea fibre optic cables are essential for all digital communications, with over 99% of international data traffic, including voice calls and internet data, travelling through subsea cables. This underpins global banking, trade, and communications.
Conducted under the cover of events in the Middle East, the Russian attack submarine and multiple vessels from the Main Directorate of Deep Sea Research (known as GUGI) entered international waters in the High North.
The Royal Navy deployed a Type 23 frigate HMS St Albans, RFA Tidespring and Merlin helicopters to track the attack submarine as it operated near British territorial waters.
Working alongside RAF P8 aircraft, the submarine was tracked 24/7 in an operation carried out with allies.
As part of the operation, which saw British ships cover thousands of miles, the RAF and Navy deployed sonobuoys to track the Russian vessels.
While the Russian attack submarine has now headed back towards Russia, the UK has kept both naval vessels and aircraft ready to respond should Russian vessels return.
GUGI is Russia’s long-running military programme to develop capabilities to be deployed from specialist surface vessels and submarines, that are intended to survey underwater infrastructure during peacetime, but then damage or destroy infrastructure during a conflict.
British defences were previously tested by GUGI when the Russian spy ship Yantar sailed near UK waters last year. The ship was tracked by a Royal Navy frigate and RAF P8s, with lasers being directed at British pilots.
The Yantar is one the key vessels used by Russia to threaten the UK and our allies. Over the last two years, the UK has seen a 30% increase in Russian vessels threatening UK waters.
This comes as the Royal Navy completes ten days of intensive monitoring operations of Russian warships and a submarine which entered UK waters in the English Channel and North Sea. HMS Somerset and HMS Mersey, supported by tanker RFA Tideforce and Wildcat helicopters, tracked the movements of a Russian destroyer, frigate, landing ship, and Kilo-class submarine. The Royal Navy ships used their powerful array of radars and sensors to track the Russian vessels.
The UK is stepping up on its commitment to protect our critical underwater infrastructure. This includes an additional £100 million to support our vital P8 submarine hunting aircraft.
Delivering on the recommendations in the Strategic Defence Review, the Atlantic Bastion programme is transforming the Royal Navy’s submarine hunting capabilities – combining autonomous systems and advanced sensors with the Royal Navy’s fleet of warships. The project has already received millions in investment to develop and test innovative technology.
This comes as the government is overseeing the biggest uplift in defence spending since the Cold War, reaching of 2.6% of GDP from 2027, and with £270 billion investment in defence across this Parliament.
The UK continues to closely monitor the situation and is working closely with allies to track and deter any activity that threatens British interests
Saudi Arabia has restored the full pumping capacity of its East-West pipeline to 7 million barrels a day, rehabilitating a vital link for oil exports via the Red Sea.
A strike last week — hours after a ceasefire was declared in the Iran war — damaged one of 11 pumping stations along the 746-mile (1,200-kilometer) conduit, reducing throughput by 700,000 barrels a day. Saudi Arabia has quadrupled crude shipments from its Red Sea terminals since the end of February to work around the near total shutdown of the Strait of Hormuz.
Output from Saudi Aramco’s offshore Manifa oil production facility was also restored, the energy ministry said Sunday, though work continues at the Khurais onshore complex. Attacks on Manifa and Khurais had cut production capacity by about 300,000 barrels a day each, the state-run Saudi Press Agency said last week.
“This quick recovery reflects the high operational resilience and crisis management efficiency of Saudi Aramco and the kingdom’s energy ecosystem as a whole, thereby enhancing the reliability and continuity of supplies to local and global markets,” the energy ministry said.
Khurais produces the type of light crude that Aramco had been pumping through the East-West pipeline, while Manifa and Aramco’s other offshore deposits generally pump thicker and heavier barrels.
https://fortune.com/2026/04/12/saudi-arabia-east-west-pipeline-full-capacity-iran-war-attack/
Europe’s Jet Fuel Shortage Arriving in Weeks
By Julianne Geiger - Apr 10, 2026, 12:30 PM CDT
Europe could face a jet fuel shortage within three weeks if flows through the Strait of Hormuz remain restricted, according to the region’s airport industry group.
ACI Europe warned that a continued disruption would leave airports and airlines short on supply during the start of the peak summer travel season. In a letter to EU officials, the group said a shortage would quickly ripple through the aviation system and hit economic activity across the bloc.
“If the passage through the Strait of Hormuz does not resume in any significant and stable way within the next 3 weeks, systemic jet fuel shortage is set to become a reality for the EU,” the group told Bloomberg News.
Roughly 30% of Europe’s jet fuel imports typically come from the Gulf area, and pressure is already showing up on the ground. Seven airports in Italy have restricted access to jet fuel in recent days as supply tightens.
Jet fuel is moving in the same direction as crude. Oil prices pushed above $100 per barrel after the disruption in Hormuz, raising costs for airlines already dealing with rerouted flights and closed airspace. Brent has since retrated, but was still near $96 as of Friday. Carriers have started passing those costs onto customers through fuel surcharges and added fees.
Europe’s supply position leaves little room to absorb a shock. The region relies heavily on imported fuel and has limited refining capacity dedicated to jet fuel production. ACI Europe said the current situation has exposed that dependency.
Airlines are preparing to ramp up for summer demand, when fuel consumption typically peaks. ACI Europe has asked the European Commission to monitor supply and production levels over the next six months as the situation develops.
By Julianne Geiger for Oilprice.com
https://oilprice.com/Latest-Energy-News/World-News/Europes-Jet-Fuel-Shortage-Arriving-in-Weeks.html
The Government of India has significantly increased export duties on diesel and aviation turbine fuel (ATF) in a move aimed at curbing windfall gains by private refiners and ensuring adequate domestic supply.
According to an official notification issued by the Ministry of Finance, export duties on diesel have been raised from ₹21.50 per litre to ₹55.50 per litre. Similarly, duties on ATF have increased from ₹29.50 per litre to ₹42 per litre. The revised rates have come into effect immediately.
Why the Government Increased Export Duties
The decision comes amid rising global oil prices, which have made exports more profitable than domestic sales. As a result, several private refiners shifted focus towards international markets, limiting domestic supply.
The government aims to address this imbalance and prioritise fuel availability within India. By increasing export duties, authorities intend to discourage excessive exports and ensure that domestic demand is adequately met.
Impact on Domestic Fuel Supply
Public sector oil marketing companies, including Indian Oil Corporation (IOC), Bharat Petroleum Corporation Limited (BPCL), and Hindustan Petroleum Corporation Limited (HPCL), dominate nearly 90% of India’s fuel retail market.
These companies have been facing significant losses due to frozen retail fuel prices, even as international crude prices surged. Reports indicate under-recoveries of over ₹100 per litre on diesel, making domestic sales less viable.
In contrast, private refiners capitalised on higher global prices by increasing exports, creating supply imbalances in the domestic market.
Steps Taken by Private Retailers
To manage losses, some private fuel retailers adopted measures such as:
Slightly increasing fuel prices at retail outlets
Limiting fuel sales per customer
Prioritising exports over domestic distribution
These practices contributed to reduced fuel availability in certain regions.
ATF Price Surge and Airline Impact
Aviation turbine fuel prices also witnessed sharp fluctuations. Initially, oil companies raised ATF prices by over 100% for domestic and international airlines. However, prices were later moderated to prevent a steep rise in airfares.
The revised export duty on ATF is expected to stabilise supply and reduce volatility in aviation fuel pricing.
Government’s Objective
The policy aims to strike a balance between profitability and public interest by:
Ensuring sufficient domestic fuel supply
Reducing excessive export-driven gains
Protecting consumers from price shocks
Officials emphasised that the decision was necessary given current global market conditions and evolving energy dynamics.
Got story updates? Submit your updates here. ›
Venezuela's oil industry stands at a crossroads, as the country's political future hangs in the balance. Houston Today
In a pivotal moment, Venezuela's opposition leader María Corina Machado, a Nobel Peace Prize laureate, took the stage at the S&P Global's CERAWeek conference in Houston to pitch her vision for the country's oil industry and democratic transition. Machado's presence at the event, attended by major oil executives, underscores the deep connection between Venezuela's political and economic future.
Why it matters
Venezuela's vast oil reserves have long been a point of contention, with political instability deterring investment from major energy companies. Machado's address represents a critical juncture, as she seeks to convince industry leaders that political reforms and market-based policies can provide the stability needed to unlock the country's economic potential.
The details
Despite pressure from the Trump administration, major oil companies like ConocoPhillips and Exxon Mobil have remained cautious about investing in Venezuela, citing the need for political reforms and protection of private investments. Machado's speech aims to address these concerns and outline her plan for a transition to a more democratic, market-oriented economy.
Machado's address took place at the S&P Global's CERAWeek conference in Houston on April 12, 2026.
The conference comes just months after the capture of former President Nicolás Maduro, a pivotal moment in Venezuela's political landscape.
The players María Corina Machado Venezuela's opposition leader and Nobel Peace Prize laureate, who is advocating for political and economic reforms in the country. Ryan Lance CEO of ConocoPhillips, who highlighted the need for policy durability and long-term planning to attract investment in Venezuela's oil industry. Got photos? Submit your photos here. ›
What they’re saying
“We demand political reforms and protection for private investments, a reminder that economic decisions are deeply intertwined with political stability.” — Ryan Lance, CEO, ConocoPhillips
What’s next
The success of Machado's pitch to oil industry leaders will be a key factor in determining Venezuela's ability to attract the necessary investment to revive its oil sector and transition to a more stable, market-based economy.
A photo taken early on October 25, 2025, shows the decommissioned nuclear power plant Gundremmingen in Gundremmingen, southern Germany, prior to the controlled demolition of the plant’s cooling towers. The demolition of the cooling towers was part of the scheduled dismantling of the nuclear power plant as a result of the nuclear phase-out. It was one of the largest nuclear sites in Germany.
German right-wing populist Alternative für Deutschland (AfD) wants to see the Nord Stream gas pipeline back online and also proposes reactivating nuclear power.
That is the content of a position paper presented by the party’s parliamentary group, according to Welt. The proposal, seen by AFP, states:
We will further diversify the supply of gas and oil in Germany’s interest, avoid new import dependencies, and enable the commissioning of existing supply routes such as the Nord Stream pipeline.
The Nord Stream explosions on September 26th, 2022, ruptured three of the four pipelines built to carry Russian natural gas to Germany. The sabotage, described by both Moscow and the West as a deliberate act, cut off a critical supply route as Europe was already facing an energy crisis triggered by Russia’s invasion of Ukraine. The blasts damaged the Nord Stream 1 pipeline, which Moscow had stopped supplying just weeks earlier, and the Nord Stream 2 pipeline, which had never entered service after Berlin suspended its certification on the eve of the war.
The pipelines are not currently capable of transporting gas. However, Russia’s Gazprom last year obtained permission to do preservation work on the Nord Stream 2 pipeline to reduce environmental and safety risks. There are no plans for putting the pipelines back online, primarily because of the EU’s sanction on Russia over the Ukraine war and the bloc’s efforts to reduce dependency on Russia.
The AfD also proposes reactivating nuclear power after Germany decommissioned its last nuclear power plant in 2023—a decision EU Commissioner Ursula von der Leyen, who supported the decision at the time, now says was a “strategic mistake.”
Chancellor Friedrich Merz (CDU) has criticized the country’s decision to exit nuclear energy, saying it has deprived Germany of cheap and reliable electricity. Rather than reopening conventional nuclear power plants, he has proposed investing in new technologies, including small modular reactors and nuclear fusion.
AfD’s parliamentary group also rejects phasing out fossil fuels and wants to continue using coal and gas. In addition, the party wants to end subsidies for wind and solar and repeal a number of ‘green transition’ laws.
By Florence Tan
SINGAPORE, April 11 (Reuters) – Three supertankers passed through the Strait of Hormuz on Saturday, shipping data showed, marking what appeared to be the first vessels to exit the Gulf since the U.S.-Iran ceasefire deal and as peace talks got under way in Pakistan.
Tehran’s blockade of the strait, a chokepoint for about 20% of global oil and liquefied natural gas shipments, since the start of the Iran war at the end of February has disrupted global energy supplies and sent oil prices soaring.
The Liberia-flagged Very Large Crude Carrier (VLCC) Serifos and China-flagged VLCCs Cospearl Lake and He Rong Hai, entered and exited the “Hormuz Passage trial anchorage” that bypasses Iran’s Larak Island on Saturday, LSEG data showed.
Each vessel is capable of carrying 2 million barrels of oil.
Serifos, carrying crude loaded from Saudi Arabia and the United Arab Emirates in early March, is expected to arrive at Malaysia’s Malacca port on April 21, data from LSEG and analytics firm Kpler showed.
Cospearl Lake is laden with Iraqi oil and He Rong Hai is carrying Saudi crude, the same data showed.
Both VLCCs are chartered by Unipec, the trading arm of Chinese energy giant Sinopec 600028.SS, the data showed.
Sinopec did not immediately respond to a request for comment outside office hours.
(Reporting by Florence Tan; Editing by Jan Harvey and Alexander Smith)
(c) Copyright Thomson Reuters 2026.
This article contains reporting from Reuters, published under license.
https://gcaptain.com/tankers-exit-gulf-via-strait-of-hormuz-as-us-iran-talks-begin/
European companies with extensive experience in offshore wind power are leaving Korea or downsizing their operations here, fueling uncertainty over the government's plan to shift from fossil fuels to renewable sources.
Corio Generation, a British offshore wind power firm owned by Macquarie, disbanded its Korean unit last month following its withdrawal from joint offshore wind projects in Busan and Ulsan.
Earlier this year, Germany’s RWE quit offshore wind projects in Taean County, South Chungcheong Province, and Sinan County, South Jeolla Province.
Denmark’s Vestas announced last year an indefinite postponement of its offshore wind turbine factory construction in Mokpo, South Jeolla Province, while Norway’s Equinor began reducing its workforce at the Korean office amid uncertainty over its offshore wind power project in Ulsan.
In 2024, London-based Shell exited the Korean offshore wind market after selling its 80 percent stake in a joint project in Ulsan to its Swedish partner Hexicon.
These European companies largely attributed their withdrawals and downsizing to worsening profitability in the global offshore wind market, partly due to recent moves by the U.S. government that have weakened the sector.
Corio’s liquidation was part of Macquarie’s global restructuring of its offshore wind business. After failing to sell Corio in 2025, Macquarie decided to shut down the company.
“As of April 1, Corio Generation is no longer operating as a standalone business. Macquarie Group will continue to manage a number of Corio’s former projects,” the Australian asset manager wrote on the British firm’s website.
Shell’s withdrawal from Korea was also part of the British company’s global strategy to step away from offshore wind projects. When it decided to sell its stake in the Ulsan project, Shell also exited wind projects in Ireland and France.
Foreign offshore wind power companies claim they face difficulties convincing the Korean military and residents before launching projects.
Complaints also persist about government policies viewed as favoring Korean companies and public institutions, given the offshore wind competitive bidding roadmap prioritizes domestic supply chain contributions and participation by local public institutions.
As policies exclude foreign companies with more experience than domestic firms, concerns are growing over whether the government can achieve its goal of generating 3 gigawatts of electricity annually from offshore wind farms by 2030.
Brazil Potash Corp Presentation-Please register to attend
**Due to limited seating, please make sure each individual registers accordingly. You will not be permitted to attend the event without proper registration.
Brazil Potash Corp (NYSE: GRO; B3: GROP31)
Wednesday, April 22, 2026
Jack Dusty at The Ritz Carlton
1111 Ritz Carlton Drive
Sarasota, FL 34236
Promptly at 6:00 PM
Join Brazil Potash Corp for this exclusive corporate presentation, followed by a Q & A session moderated by Bear Creek Capital, featuring questions taken from the audience.
We hope you can join our presentation
About Brazil Potash Corp
Brazil Potash (NYSE-American: GRO) (www.brazilpotash.com) is developing the Autazes Project to supply sustainable fertilizers to one of the world’s largest agricultural exporters. Brazil is critical for global food security as the country has amongst the highest amounts of fresh water, arable land, and an ideal climate for year-round crop growth, but it is vulnerable as it imported over 95% of its potash fertilizer in 2021, despite having what is anticipated to be one of the world’s largest undeveloped potash basins in its own backyard. The potash produced will be transported primarily using low-cost river barges on an inland river system in partnership with Amaggi (www.amaggi.com.br), one of Brazil’s largest farmers and logistical operators of agricultural products. With an initial planned annual potash production of up to 2.4 million tons per year, Brazil Potash’s management believes it could potentially supply approximately 20% of the current potash demand in Brazil. Management anticipates 100% of Brazil Potash’s production will be sold domestically to reduce Brazil’s reliance on potash imports while concurrently mitigating approximately 1.4 million tons per year of GHG emissions.
In The News
Brazil Potash Reports Significant Site Progress Including Federal Water Rights Approval, Indigenous Community Partnership Advancement, and Construction Financing Initiatives
Brazil Potash Achieved Major 2025 Milestones, Positions for Construction Advancement in 2026
Brazil Potash Initiates Artificial Intelligence Powered X-Ray Ore Sorting Trial as Technology Shows High Potential to Substantially Reduce Costs
Brazil Potash Appoints Sergio Leite as President of Potássio do Brasil
Brazil Potash Mandates BTIG to Lead Project-Level Equity Financing for Construction, with a Goal to Minimize Dilution to Shareholders
6:00 p.m. – 7:30 p.m. - Presentation and Dinner
Contact:
Raymond Oliver
CEO, Bear Creek Capital
321-439-2120
bearcreekcapital06@gmail.com
https://www.eventbrite.com/e/brazil-potash-corp-sarasota-dinner-4222026-tickets-1987245290158
Wheat rises nearly 2% as US prepares to blockade Strait of Hormuz
Reuters 13 Apr, 2026
CANBERRA: Chicago wheat futures rose on Monday, supported by higher oil prices after US-Iran talks collapsed and fears of a potential US blockade of the Strait of Hormuz, which heightened concerns over global fuel and fertiliser supplies.
Corn and soybean futures also climbed.
Yihui Xie and Preeti Soni
Mon, April 13, 2026 at 10:08 AM GMT+1 3 min read
(Bloomberg) -- Gold edged down amid mounting inflation concerns, after US-Iran peace talks ended without resolution and Washington’s plan to blockade the Strait of Hormuz deepened a global energy-supply shock.
Bullion fell as much as 2.2% to trade below $4,650 an ounce, before paring much of the loss. The US military said it will begin the blockade at 10 a.m. Eastern Time, after weekend negotiations with Iran failed to secure a deal to turn a fragile ceasefire into a lasting peace after six weeks of war in the Middle East.
The jump in energy prices since the conflict began has raised inflationary risks, making it more likely that central banks will delay cutting interest rates or even hike them. This is a negative for non-yielding bullion, which benefits from lower borrowing costs. Stocks fell and a gauge of the dollar rose 0.3% on Monday, also a headwind for gold that’s priced in the US currency.
Oil and natural gas prices rallied, with President Donald Trump also saying the US will interdict any vessel that has paid a toll to Iran for safe passage through Hormuz, the maritime chokepoint that links the Persian Gulf to global markets. Before the war, a fifth of the world’s crude and liquefied natural gas passed through the strait.
“Events over the weekend clearly put the fragile ceasefire at risk and likely prolong the conflict,” said Paras Gupta, head of discretionary portfolio management in Asia at Union Bancaire Privée. But he added that price movements in gold were “less exaggerated” than earlier in the war.
The Swiss private bank is gradually adding bullion to discretionary client portfolios after cutting exposure to 3% from around 10%.
In an early reading of the war’s impact on the US economy, March inflation climbed by the most in nearly four years, with a record increase in gasoline prices responsible for nearly three-quarters of the monthly advance, according to data from the Bureau of Labor Statistics released Friday.
“Elevated inflation expectations continue to complicate the outlook for Federal Reserve policy, reinforcing a higher-for-longer rate environment,” Manav Modi, an analyst at Motilal Oswal Financial Services Ltd., said in a note. “Gold remains caught between geopolitical support and macroeconomic headwinds,” he said.
Bullion has fallen about 10% since the conflict began at the end of February, with a liquidity squeeze in the early weeks pushing investors to offload the metal to cover losses elsewhere. More recently, gold has clawed back some losses as a growing focus on slowing economic growth countered the risk of higher interest rates.
This shift should continue to provide some support for bullion despite the decline on Monday, said Daniel Hynes, senior commodity strategist at ANZ Banking Group Ltd. “I suspect gold could threaten last week’s low of $4,650, but ultimately hold at these levels,” he said.
Spot gold fell 0.5% to $4,725.28 an ounce by 10:02 a.m. in London. Silver slid 1.9% to $74.47 an ounce. Platinum was little changed, while palladium rose.
https://finance.yahoo.com/markets/commodities/articles/gold-falls-us-plan-blockade-063329710.html
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NEW DELHI: Steel manufacturers are planning to raise prices of hot-rolled coils marginally in the range of Rs 300-500 per tonne in the next two months.After increase in prices in October and November, the steel producers are planning a fresh round of marginal hike.According to Jitender Mehra, resident director, Essar group, growth in demand has prompted steel companies to plan yet another, though marginal, increase in prices.Hot-rolled coil now costs around Rs 15,500 per tonne, a steep hike from the low levels of Rs 11,000 per tonne last year. According to steel producers, softening of prices is not expected in the near future as the measures taken by OECD to reduce capacity by about 120 million tonnes has reduced oversupply and improved the global industry position.According to Naveen Jindal, managing director of Jindal Steel & Power Ltd (JSPL), steel industry is looking up and plants are doing well. At this price level, steel companies are comfortable and efficient companies have also turned profitable. With demand going up, steel prices are expected to either grow or sustain present levels.The price hikes since April have led to an improvement in bottomlines of all steel companies. For instance, Tata Steel posted a 651% rise in net in the second quarter of the fiscal and JSPL too posted a huge rise in net profits.With export demand firm, smaller producers are exporting upto 75% of their value-added product output. It is learnt that steel mills in EU are pitching for another price hike in the fourth quarter of the fiscal.Analysts said that in the US, previously shuttered steel capacity is also coming on-stream over next few months and will be key determinant of prices there.The Indian steel-makers had provided 2-3% discounts in August-September due to seasonal demand weakness. They had rolled back the Rs 300-500 per metric tonne price hike of August, raising concerns on the sustainability of prices.
https://m.economictimes.com/steel-firms-plan-another-hike-in-hr-coil-prices/articleshow/29604307.cms
