Here's the latest
• Potential deal: The US and Iran reached a tentative agreementThursday to open the Strait of Hormuz and start nuclear talks, according to US officials — though President Donald Trump has not signed off on it yet. Iranian officials have not yet commented on a potential deal.
• Back-and-forth continues: US Vice President JD Vance said “a couple of language points” are still under discussion but the sides are making progress in peace talks. Sources say the tentative deal would begin 60 more days of negotiation on Tehran’s nuclear program.
• Warning shots: Iran’s Islamic Revolutionary Guard Corps navy said it fired warning shots at four vessels near the Strait of Hormuz as they were reportedly trying to pass through the waterway “without prior coordination or authorization,” according to a post on an affiliated Telegram account.
https://edition.cnn.com/2026/05/29/world/live-news/iran-trump-war-news
Shipping data from the London Stock Exchange Group and Kpler showed that two very large crude carriers (VLCCs) and one liquefied natural gas tanker passed through the Strait of Hormuz earlier this week with their transponders switched off, and are currently heading toward India and China.
The vessels join a number of tankers that have departed the Gulf this month, although oil and LNG shipping activity overall remains limited.
The VLCC Eagle Veracruz, carrying two million barrels of crude oil loaded from Saudi Arabia in late February, is heading to the port of Quanzhou in China’s southeastern Fujian province. The tanker is expected to arrive at the port, home to a refinery operated by Sinochem, on June 16.
Neither AET Tankers, the owner and operator of Eagle Veracruz, nor Sinochem responded to requests for comment.
Another VLCC, Nissos Keros, carrying around 1.8 million barrels of the UAE’s Das Blend crude, is expected to arrive at the Indian port of Visakhapatnam on June 3, where a refinery operated by Hindustan Petroleum is located.
Neither Vitol, which chartered the tanker, nor Keladis Maritime, which manages it, responded to requests for comment outside business hours.
Kpler data showed that both VLCCs exited the Strait on Tuesday.
Meanwhile, the Chinese-flagged tanker Hua Lin Wan, operated by COSCO Shipping, passed through the Strait on Wednesday. It is expected to arrive at the port of Huizhou in southern Guangdong province on June 12, carrying naphtha cargoes loaded from Kuwait since March.
Separately, the LNG tanker Umm Al Ashtan was last seen empty off the coast of the UAE on May 1, according to Kpler and LSEG data.
It reappeared in vessel-tracking data on May 27 carrying a cargo from Das Island and is currently sailing eastward off the coast of Oman toward India.
ADNOC, listed as the operator of Umm Al Ashtan, did not respond to a request for comment outside business hours.
Bank and oil marketing company (OMC) shares are expected to remain in focus in Friday's trade after crude oil prices rose following fresh US strikes in Iran.
Brent crude futures climbed about 2 percent on Thursday after the US military carried out strikes in Iran, raising concerns over a prolonged conflict and uncertainty over shipping flows through the Strait of Hormuz.
At around 4 pm IST, global benchmark Brent crude was trading 1.98 percent higher at USD 94.08 a barrel, after declining sharply in the previous session.
Iran has effectively halted nearly all non-Iranian shipping into and out of the Gulf through the Strait of Hormuz since the conflict began on February 28, disrupting nearly a fifth of global oil and liquefied natural gas (LNG) flows.
Shares of oil marketing companies may remain under pressure as higher crude oil prices could impact refining and marketing margins.
In the previous session on Wednesday, shares of Hindustan Petroleum Corporation settled 1.23 percent higher at Rs 402.90 per share on the NSE. Bharat Petroleum Corporation gained 0.84 percent, while Indian Oil Corporation Ltd declined up to 5 percent.
Banking stocks are also likely to remain in focus after the Bank Nifty index settled lower in the previous session.
Higher crude oil prices are seen as negative for the Indian economy as the country imports a significant portion of its crude oil requirement. Rising oil prices can increase inflationary pressures, widen the current account deficit and raise borrowing costs, which may weigh on the banking sector.
Oil prices rose after US officials said Central Command forces shot down four Iranian one-way attack drones near the Strait of Hormuz.
The US military also struck an Iranian ground control station in Bandar Abbas that was preparing to launch a fifth drone. The action followed earlier strikes carried out this week.
“We have started discussions on the so-called 'Power of Siberia 2,' although its working name is likely to be different: a gas pipeline for transporting up to 35 billion cubic meters of gas that would pass through Kazakhstan to reach China,” Akkenzhenov said.
Kazakhstan and Russia are discussing the possibility of building a gas pipeline to China through Kazakh territory, Kazakhstan's Energy Minister told reporters. Yerlan Akkenzhenov“We have started discussions on the so-called 'Power of Siberia 2,' although its working name will likely be different: a gas pipeline for transporting up to 35 billion cubic meters of gas that would pass through Kazakhstan to reach China,” Akkenzhenov said.
The minister emphasized that Astana welcomes the transit of the infrastructure through its territory and is ready to provide "all necessary conditions and guarantees," as well as ensure further domestic gas consumption in the Republic of Kazakhstan. According to Akkenzhenov, the project would be of particular importance for the country because it would enable the supply of natural gas to the northern and eastern regions of Kazakhstan.
A sign displays the price of unleaded gasoline at an Exxon gas station in Washington, DC, on Thursday, May 21, 2026. - Alex Wroblewski/Bloomberg/Getty Images
High gas prices pushed up inflation again last month while adding to Americans’ financial strain: Households are saving at the lowest rate in nearly four years, a new report showed Thursday.
The Iran war’s oil price shock lifted the Federal Reserve’s preferred inflation gauge to 3.8% in April from 3.5% the month before, according to Commerce Department data.
The Personal Consumption Expenditures price index rose 0.4% on a monthly basis, slowing from a 0.7% increase in March.
Consumer spending, which powers about two-thirds of the economy, rose 0.5% in April – a seemingly resilient but slower pace than the 1% jump in March.
When taking inflation into account, however, spending rose just 0.1%.
Americans’ wallets – many fatter from bigger tax refunds – have been able to absorb the fuel price shock; however, economists have warned that they eventually wouldn’t be able to keep up with climbing costs.
Thursday’s data exposed some of that underlying fragility.
“Households are feeling the pinch from higher inflation now,” Kathy Bostjancic, chief economist at Nationwide Mutual, told CNN in an interview.
Consumers’ incomes were flat for the month; disposable (after-tax) income fell by 0.1%; and inflation-adjusted disposable income dropped by 0.5%.
Americans continued to tap their piggy banks: Their personal saving rate (saving as a percentage of after-tax income) dropped to 2.6% in April, marking the lowest rate since June 2022, when inflation hit a four-decade high. At the start of the year, the savings rate was 4.3%.
“Americans are being squeezed financially. Inflation is at a three-year high and personal savings has cratered to one of the lowest levels in the past 20 years,” Heather Long, chief economist at Navy Federal Credit Union, wrote in a note Thursday. “Many Americans are spending more than the income they have coming in. This is not sustainable, especially for lower-income and middle-class households.”
Inflation moving in the wrong direction
Economists were expecting that inflation would rise 0.5% on a monthly basis and 3.9% from the year before and that spending would slow to 0.3%, according to FactSet.
Much of last month’s spending increase was on gas and other essentials: Fuel, energy, utilities, housing and food accounted for roughly half of the spending gains. However, consumers didn’t pull back on most discretionary purchases and increased their spending on recreation and restaurants, Thursday’s report showed.
The US-Israeli war with Iran has sent shockwaves through the global economy. Shipping traffic in the Persian Gulf and the Strait of Hormuz has slowed to a trickle, choking off a vital waterway for the trade of oil, natural gas, fertilizer and other critical materials.
https://nz.finance.yahoo.com/news/war-driven-price-shock-sent-123539115.html
By City A.M - May 28, 2026, 9:00 AM CDT
BP’s ousted chair has hit back at the group’s decision to fire him over governance issues, launching a robust defence of his short-lived tenure on the supermajor’s board and rejecting the “false narrative” surrounding his sudden departure.
In a move poised to plunge the London-listed energy giant into a full-blown governance crisis, Albert Manifold defended his record as chair, and said he drove “genuine change at BP – cutting costs, challenging excess and holding the organisation to higher standards”.
“The board’s statement this morning acknowledged the focus and pace I brought,” he added. “I dispute entirely the characterisation of my conduct and I will not allow a false narrative to go unchallenged.”
Manifold was ousted suddenly by BP directors on Tuesday, having served just eight months in post, after “serious concerns” about his conduct were reported to the group’s board. Dame Amanda Blanc said the board had discovered a wave of instances of serious misconduct, with reports of “volcanic” behaviour and bullying claims emerging after BP’s initial statement.
“The board has been surprised and disappointed to learn of governance oversight and conduct issues it deems unacceptable and has taken decisive action,” Blanc said.
BP’s remuneration chair Ian Tyler was appointed to head up the board on an interim basis while the hydrocarbons giant hunts for a permanent replacement to Manifold.
But the episode extends a period of serial leadership upheaval at the energy major, which has had three chairs in the past year and four chief executives since 2020. Several of those personnel changes have taken place suddenly due to governance or performance issues. As well as Manifold, Bernard Looney, the boss between 2020 and 2023, resigned amid allegations over “personal relationships with colleagues”. Tony Hayward – who ran the company between 2007 and 2010 – stepped down abruptly after BP’s mismanagement of the Deepwater Horizon disaster.
BP recovery threatened by more leadership upheaval
Maurizio Carulli, global energy analyst at Quilter Cheviot, said Manifold’s departure was “certainly a surprise”.
“Whilst the news is obviously a short-term negative, it is important to remember that BP has made significant operational improvements and strategic refocusing over the past year, and this is the result of the successful efforts of the entire organisation and its management, not just of one person,” he added.
This latest governance spat also risks derailing the nascent stages of a recovery in BP’s financial performance after years in which it has lagged behind rivals. The petrochemicals giant’s shares have outperformed those of Shell, Exxonmobil and Chevron this year on hopes its return to a more simplified structure focused on oil and gas.
The group has been further aided by the boost to hydrocarbon prices brought about by the closure of the Strait of Hormuz, which carried Brent crude more than 80 per cent above its pre-crisis level.
BP declined to comment beyond its initial statement issued on Tuesday.
POSCO Future M has begun construction of a dedicated plant for lithium iron phosphate (LFP) cathode materials as it moves to target the mass-market battery materials segment. On the 28th, the company said it had broken ground on the plant in Yeongilman 4 General Industrial Complex in Pohang, North Gyeongsang Province, through its joint venture CNP Advanced Material Technology with Pino and C&G Al. A safety prayer ceremony was held at the site that day.
The new plant is scheduled to begin mass production in 2027. POSCO Future M plans to gradually expand production capacity in line with future market demand, eventually raising annual output to as much as 50,000 tons.
December last year, POSCO Future M approved the plant construction project at a board meeting and signed investment agreements with its joint venture partners later that month, laying the groundwork for the project.
LFP batteries are less powerful than ternary batteries such as nickel cobalt manganese (NCM) and nickel cobalt aluminum (NCA), but they are valued for their cost competitiveness and long lifespan. Demand for LFP batteries used in energy storage systems (ESS) is rising rapidly as renewable energy expands and power demand grows alongside the increase in AI data centers. With this dedicated plant now under construction, POSCO Future M plans to broaden its product lineup to include LFP cathode materials in addition to its existing core ternary cathode materials such as NCM and NCA.
[Choo Dong-hoon]
Ann Arbor (Informed Comment) – The Ember energy think tank reports the numbers for China’s green energy exports this spring and they are mind-blowing.
The Hormuz energy crisis is having predictable effects. In March, China exported 68 gigawatts of solar panels, twice what it did in February and an all-time high. By a lot. That’s one month of exports, and it equals all the solar panel capacity ever installed in Spain — which is no slouch when it comes to solar energy.
Of that, 10 gigawatts went to Africa and 39 GW to Asia, which is, again, a record in both instances. Percentage-wise, Nigeria, Kenya, Ethiopia and Malaysia saw some of the biggest increases in PV imports from China in March compared to April; in Nigeria it was an astonishing 519%. In absolute numbers, India led with 6.6 gigawatts of PV brought in from China.
In all, 50 countries saw an all-time record in the solar panel imports from China in March.
Since solar plus battery has increasingly proven an effective combination for providing 24-hour electricity, China’s exports of batteries also surged in March.
The energy crisis has been severe for many countries around the world. Kenya has been wracked by fuel price protests for the past week that on Monday left 4 dead and 30 injured, with hundreds arrested. Over the weekend public transport workers went on strike, leaving people stranded, but they have temporarily gone back to work.
There has also been unrest in Mozambique and the Comoros islands.
Although these disturbances focused on gasoline and diesel prices, natural gas prices are also high because of the Gulf crisis and in some countries restaurants have closed for lack of cooking fuel.
Photo by ダモ リ on Unsplash
Solar panels plus electric vehicles can solve this problem, which isn’t going away, since the Gulf oil and gas region has been permanently destabilized by Netanyahu and Trump.
Inside China, solar installations have slowed from their earlier breakneck pace, as government subsidies are phased out and the government worries about the stability of the grid. Still, there was so much new solar in the pipeline that China’s solar capacity in Jan-April surged 26.6 percent year over year to reach 1.25 terawatts.
China Daily reports that even China’s Big Oil giants such as Sinopec are rapidly diversifying into hydrogen, solar and wind.
China Daily quotes Lin Boqiang, head of the China Institute for Studies in Energy Policy at Xiamen University, as saying, “The severe supply disruptions and soaring oil prices triggered by global crises are undeniably accelerating the pace of the global energy transition.”
Panama plans to publish the final audit of First Quantum Minerals’ (TSX: FM) shuttered copper mine on Friday as anti-mining protests re-emerge and expectations grow over the government’s next move on the suspended copper operation.
Environment minister Juan Carlos Navarro said the third-party report on Cobre Panama mine would be released publicly “with full transparency” once finalized, according to local newspaper La Estrella de Panamá.
The audit entered its final stage of technical analysis and verification lats week after six preliminary reports were issued. Commerce and industries minister Julio Moltó said President José Raúl Mulino would decide the mine’s future once the government reviews the findings.
“The report will be extensive and will require thorough analysis,” Navarro said. “This report will be public so that everyone can study it.”
The audit could shape the future of one of the world’s largest copper mines after Panama’s Supreme Court ruled First Quantum’s concession unconstitutional in late 2023, triggering an indefinite shutdown.
The Mulino administration has since signalled openness to restarting mining activity because of the sector’s economic importance, while environmental groups and civil society organizations continue to oppose any reopening.
Protests come back
Dozens of demonstrators marched in Panama City last Friday against a potential restart of mining operations, according to Prensa Latina. The protests were organized by Sal de las Redes and Movimiento Independiente Voluntad.
Participants criticized the government’s handling of the issue and rejected any attempt to reopen the mine. They urged Mulino to respond to public opposition.
The demonstrations revive tensions seen during the mass protests of October and November 2023, when nationwide unrest culminated in the closure of Cobre Panama. Before the shutdown, the mine ranked among the world’s largest copper operations, producing 350,000 tonnes in 2022 and contributing about 5% of Panama’s gross domestic product.
First Quantum has said the suspension of its Cobre Panamá copper mine has cost Panama an estimated $3.5 billion in lost economic contribution over the past two years, underscoring the mounting financial toll of the operation’s prolonged shutdown.
Moltó said the government had already approved a safe management plan to preserve the site environmentally and remove hazardous materials in coordination with the environment ministry.
Meanwhile, an unverified social media post claiming to cite a preliminary audit report has circulated online, alleging irreversible environmental damage and disproportionate economic benefits for the mining company.
The government has rejected speculation surrounding unofficial findings and maintains that only the final report will determine the project’s environmental compliance and future.
KUALA LUMPUR (May 28): Press Metal Aluminium Holdings Bhd’s (KL:PMETAL) record-breaking strike continued in the first quarter ended March 31, 2026 (1QFY2026).
The aluminium smelter, whose share price has rockets 79% year-to-date, announced that its net profit jumped by 35.2% to RM624.5 million for 1QFY2026 versus RM461.77 million a year ago. This is the third consecutive quarter of record profit.
Press Metal attributed the strong profit growth to higher aluminium prices, coupled with an increase in sales volumes and lower input costs, according to its bourse filing with Bursa Malaysia on Thursday.
Quarterly revenue grew by 5.2% to RM4.1 billion, with support from improved delivery volumes and firmer realised aluminium prices.
The group declared a first interim dividend of 2.5 sen per share, payable on June 30, representing a payout ratio of 33%.
On a quarterly basis, its profit before tax increased by 9.6%, supported by firmer metal prices despite the ringgit strengthening against the US dollar and lower profit contributions from its associated companies.
Press Metal said it expects satisfactory performance for the full financial year, with firmer aluminium prices and moderated alumina input costs.
However, it flagged supply disruptions stemming from the Middle Eastern conflict as a factor reshaping regional metal trade flows and pushing prices and premiums higher, while cautioning that logistics cost pressures and broader macroeconomic uncertainty remain headwinds to demand.
“We will continue to closely monitor developments in the global market while remaining focused on operational resilience, disciplined execution and capturing growth opportunities as they arise,” said group chief executive officer Tan Sri Paul Koon Poh Keong in a press statement.
Press Metal's shares closed flat at RM9 on Thursday, giving the group a market capitalisation of RM74.2 billion. Year to date, the counter is up by 79% after hitting a new peak of RM9.10 on May 22.
Iron ore rose 0.5% to $105.85 a ton at 11:33 a.m. in Singapore.
By Katharine Gemmell, Bloomberg · 29 May 2026, 08:30
Iron ore headed for a monthly loss as a short-lived rally triggered by a fatal steelmaking-coal mine accident in China’s Shanxi province faded, leaving investors focused on mill margins and mounting shipments.
Singapore iron ore futures were down 1.2% in May, putting prices on track for the first monthly drop since February. The market is still assessing the impact on steel margins from a rise in coking coal prices after the mine explosion cut off some raw material supply.
“The surge in coking coal prices following the fatal mining accident in Shanxi late last week is adding pressure to steel mill margins, reinforcing the view that iron ore prices should remain capped in the $105-$110 a ton range,” said Robert Rennie, head of commodity and carbon research at Westpac Banking Corp.
Still, demand for higher-grade raw materials has offered some support. Mills have been increasing purchases of premium lump ore to reduce coke consumption and offset rising input costs, Rennie said.
Weekly data from consultancy Mysteel showed blast furnace operating rates were unchanged from a week earlier, while China’s steel mill profitability slipped to 62.3%. Separate Mysteel data showed shipment volumes from Australia and Brazil were close to a two-year high, adding to concerns about ample seaborne supply.
Domestic coking coal futures surged earlier this week, hitting the daily trading limit Monday, on concerns accident-related safety checks could tighten supply. Prices were at 1,292 yuan ($191) a ton nearing month-end, up 0.2% from April, extending the previous month’s 12% gain.
Bulk shipping markets also strengthened. The Baltic Exchange’s main dry bulk index climbed 3.3% to 3,226 points on Thursday in London, the highest level this year, and is up more than 20% in May as vessel demand — including those used to carry iron ore — remained strong across all major segments.
Iron ore rose 0.5% to $105.85 a ton at 11:33 a.m. in Singapore. Iron ore futures in Dalian and Shanghai steel contracts also advanced.
The fatal gas explosion at the Liushenyu Coal Mine in China’s Shanxi province last week could see improved demand for Australian and Canadian metallurgical coal, potentially benefiting BHP and Glencore, said Goldman Sachs in a recent report.
At least 82 people were killed and more than 120 injured after an explosion on May 22 at the mine which is situated at the heart of China’s mining industry.
The cause of the disaster is still under investigation, but initial findings indicate that Tongzhou Group, the company operating the privately-owned coal mine, had committed “serious illegal violations”, according to a report by BBC.
Given this background, a prolonged shutdown could affect up to 8% of clean domestic metallurgical coal output on an annualised basis, said the bank’s analyst Matt Greene. This might be offset by the fact shutdowns for safety checks imposed on other mines would most likely be voluntary.
In terms of market balances, monsoon season in India could also lessen demand “which may temper near-term expectations of a deficit emerging in the seaborne market,” said Goldman Sachs.
However, there could be a net benefit for BHP and Glencore. “Across our coverage, Glencore and BHP are positioned favourably if seaborne prices recover as both offer metallurgical coal exposure,” it said. In addition, the majority of Glencore’s production is from its Canadian mines which are not subject to the same royalties as output from Australia, historically a major supplier of the mineral to China.
China has sought to lessen its dependence on Australian supply by importing coals from Mongolia and Russia. In the absence of domestic coal, however, China might have to lean increasingly on Western supply in order to get the optimal blend.
“While the timeline and scope of the safety-related disruptions are unclear, the loss of supply from Shanxi could disrupt the ability for steel mills to blend coal to meet specifications, forcing mills to turn to the seaborne market to secure premium tons, which could benefit Australian and Canadian producers,” said Greene.
https://www.miningmx.com/top-story/65469-glencore-bhp-may-benefit-as-china-turns-to-western-coal/
