By Charles Kennedy - Jul 20, 2026, 11:30 AM CDT
Yemen’s Iran-aligned Houthis declared an immediate naval blockade on Saudi Arabia on Monday, Reuters reported, bringing the U.S.-Iran war officially to the southern entrance of the Red Sea and threatening an export route used by Riyadh to bypass disruptions in the Strait of Hormuz.
The group said the “maritime embargo” was retaliation for what it described as a Saudi siege of Yemen, Reuters reported. Saudi Arabia had not responded to the announcement as of the time of writing.
Iran had previously instructed the Houthis to prepare to close the Bab el-Mandeb Strait if the United States continued attacking Iranian power infrastructure. A full closure could disrupt oil shipments equivalent to about 7% of global supply, according to Reuters, leaving Saudi Arabia exposed at both ends of its export system as tanker traffic through Hormuz remains sharply reduced.
The Houthi declaration followed a ninth consecutive night of U.S. attacks on Iran. Tehran reported strikes in Tabriz, Chabahar, Konarak, Bandar Mahshahr and Bandar Imam Khomeini, while Iran’s Revolutionary Guards said they had attacked U.S. military assets in Jordan, Kuwait and Syria. Kuwait also reported another attack on a desalination plant, causing a fire.
Oil movements through the Gulf are deteriorating again. Satellite imagery reviewed by Reuters showed only one ship-to-ship oil transfer outside Hormuz on July 18, down from three a week earlier. Maritime sources estimated that only two or three transfers had occurred in recent days, and supertanker crossings through Hormuz fell to an average of two per day last week from eight per day in late June and early July.
Brent crude briefly traded above $90 per barrel after the blockade announcement before retreating as traders assessed reports of renewed ceasefire efforts. Iran has received a proposal for a 10-day ceasefire, and both Tehran and Washington have left open the possibility of renewed negotiations. Brent later traded near $88.04 per barrel, while West Texas Intermediate slipped to about $82.29.
European diesel markets are set to further tighten as multiple supply disruptions have combined to drag inventories to multi-year lows, analysts at Morgan Stanley say.
“The picture is genuinely tight,” Morgan Stanley’s wrote in a note on Sunday carried by Bloomberg.
“Our supply/demand modeling points toward European diesel inventories falling to multi-year lows toward year-end,” the U.S. investment bank said in the note.
The diesel markets, and fuel markets in general, have been telling a very different story for weeks from the decline in crude oil prices at the end of June and early July following the now-collapsed U.S.-Iran memorandum of understanding.
Refining margins for gasoline and diesel jumped earlier this month to new record highs after the re-escalation in the Middle East, Russia’s ban on diesel exports, and crumbling global fuel inventories.
The surge in fuel margins and the price spread over crude prices suggest that the global fuel markets remain very tight despite the millions of barrels of crude that managed to exit the Strait of Hormuz before the latest flare-up.
Diesel refining margins in Europe jumped to a record high of over $60 per barrel after Russia announced a ban on diesel exports in a bid to ease its domestic fuel crisis caused by a spate of Ukrainian drone attacks on Russian refineries.
“Unlike crude oil, refined products face far fewer mitigation options. Several Middle Eastern refineries remain affected by the ongoing conflict while Russia's diesel export restrictions continue to constrain global availability,” Ole Hansen, Head of Commodity Strategy at Saxo Bank, said in an analysis last week.
“Refining capacity globally also remains relatively limited, preventing crude supply increases from quickly translating into additional diesel and gasoline production.”
Meanwhile, diesel inventories are well below the five-year seasonal range for PADDs 1 and 3 in the United States, the Amsterdam–Rotterdam–Antwerp (ARA) hub, Fujairah, and Singapore, according to Insights Global data reported by Argus.
By Tsvetana Paraskova for Oilprice.com
Hindustan Petroleum Corp (HPCL) is inviting global suppliers to provide 1 million metric tons of LNG annually under 10 to 15-year agreements. The move aims to utilize the capacity at its Chhara terminal in Gujarat and support India's goal of increasing natural gas usage. Investors may track how these new import costs and long-term price commitments impact the company's future profit margins.
Hindustan Petroleum Corp. Ltd. (HPCL) has started a formal process to source liquefied natural gas (LNG) through both immediate spot purchases and long-term contracts. The state-run refiner is looking to secure up to 1 million metric tons of LNG each year, with contract durations ranging from 10 to 15 years. This procurement drive is a strategic step for the company to manage its energy requirements as domestic demand for cleaner fuels continues to rise.
Chhara Terminal Operations
A central focus of this procurement is the company’s LNG import and regasification terminal at Chhara, Gujarat. With a capacity of 5 million metric tons per annum, the terminal requires consistent feedstock to operate efficiently. By securing long-term supply, HPCL aims to ensure higher utilization levels at this facility, which is essential for maximizing the return on the capital spent to build the plant. The company has already established a long-term supply agreement with Abu Dhabi National Oil Co. (ADNOC) for 500,000 tons annually starting in 2028, and this new tender will further build upon that base.
Strategic Alignment With National Goals
India has set an ambitious target to increase the share of natural gas in its total energy mix from the current level of approximately 6% to 15%. This shift is part of a broader national policy to lower carbon emissions and reduce reliance on more carbon-heavy fuels. As a major energy player, HPCL’s ability to secure reliable and cost-effective LNG is not just a business decision but also aligns with these larger environmental and energy security objectives.
Investor Monitorables
For investors, the key area to track is the impact of these long-term contracts on the company's profit margins. While long-term deals provide security of supply, they also come with price volatility risks and fixed-cost obligations. The final cost of imported LNG and the company’s ability to pass on these costs to industrial or domestic consumers will influence its future earnings. Furthermore, investors should monitor the utilization rate of the Chhara terminal once these supplies commence, as this will determine the economic success of the facility. The company’s overall debt levels and cash flow health are also worth watching as it balances such large-scale procurement and infrastructure management alongside its core refining and marketing operations.
New assay results from Awalé Resources’ (TSXV: ARIC) Newmont- (TSX: NGT; NYSE: NEM) backed gold-copper Odienné project in Côte d’Ivoire show the high-grade core of the BBM target extends under the open-pit resource, suggesting it hosts an underground portion. Shares rose.
Highlight hole BBDD-31 returned 7 metres grading 7.04 grams gold per tonne, 0.16% copper, 0.88 gram silver and 94 parts per million (ppm) molybdenum from 385 metres depth, Awalé reported Monday. That included 36 metres at 1.51 grams gold, 0.47% copper, 2.14 grams silver and 391 ppm molybdenum. Odienné is about 600 km northwest of the country’s financial capital Abidjan.
"The first holes below the open pit hit where we expected and returned the highest gold grade drilled at the deposit to date,” Awalé CEO Andrew Chubb said in a release. “This tells us the high-grade core continues at depth and reinforces our belief that the system has more to give.”
Producer investment tailwind
The results from Awalé, which is fresh off of a $14.2-million (US$10.1-million) investment last week from mid-tier West African producer Predictive Discovery (ASX, TSX: PDI), could help significantly expand the target and raise Odienné’s resource towards the size of its larger peers in Côte d’Ivoire.
Awalé shares gained 8% to 80¢ apiece on Monday morning in Toronto, valuing the company at $93.8 million. The stock has traded in a 12-month range of 48¢ to $1.18.
Another highlight hole at BBM, BBDD-30, cut 46 metres at 1.93 grams gold, 0.39% copper, 1.78 grams silver and 444 ppm molybdenum from 364 metres depth, including 17 metres grading 2.93 grams gold, 0.45% copper, 2.01 grams silver and 791 ppm molybdenum.
That hole also returned 38 metres at 2.24 grams gold, 0.46% copper, 2.09 grams silver and 529 ppm molybdenum, Awalé said.
Going under BBM
The two holes are the first of 12 in a program targeting areas under BBM’s core, which extends down 600 metres. Seven rigs are currently drilling at the project.
Odienné hosts 32.4 million inferred tonnes grading 1.33 grams gold and 0.33% copper holding 1.4 million oz. contained gold and 93,000 tonnes copper across the BBM, Charger and Empire deposits. BBM comprises most of the resource. Under its joint venture with Newmont, Awalé manages exploration activities across the joint venture area, while Newmont provides funding.
Australian diversified miner South32 reported lower fourth-quarter copper production on Monday, missing market estimates, as impacts from inclement weather continued to hamper mining operations at the Sierra Gorda project in Chile.
Processing operations at Sierra Gorda were temporarily suspended in the March quarter after heavy rainfall affected access to a mining area.
South32 flagged that its operating unit costs for fiscal 2027 for the project will be around 10% above the forecast for financial year 2026, owing to the timing of a previously announced one-off workforce payment and higher diesel prices.
The Sierra Gorda mine, located in Chile's mineral-rich Antofagasta region, is owned jointly by Polish State-run copper producer KGHM with a 55% stake while South32 holds the remaining 45% interest.
The joint venture recently approved a fourth grinding line expansion to lift processing capacity by about 25%, with growth capital expenditure expected at around $725-million between 2027 and 2030.
South32 reported payable copper output of 16 000 tons from its stake in the Sierra Gorda project for the three months ended June 30, compared with 17 700 tons posted a year ago and missing the Visible Alpha consensus estimate of 17 500 tons.
Drill-hole TH26-154 returned 472.8m at 0.40% copper equivalent, targeting northern copper-molybdenum mineralisation.
All holes drilled at the Thira Discovery encountered porphyry-related copper-molybdenum mineralisation. Credit: Pi-Lens/Shutterstock.com.
Vizsla Copper has released the final assay results from its phase one 2026 drill programme at the Thira porphyry discovery, part of the company’s Poplar Project in central British Columbia (BC), Canada.
The company reported that drill-hole TH26-154, which tested the northern extent of previously intersected copper-molybdenum mineralisation, returned 472.8m at 0.40% copper equivalent from 13.2m depth.
This included an interval of 304.8m at 0.48% copper equivalent and a higher-grade section of 45m at 0.58% copper equivalent.
All holes drilled at the Thira Discovery encountered porphyry-related copper-molybdenum mineralisation.
The results currently outline a mineralised footprint measuring approximately 800m × 900m.
The follow-up drilling will examine extensions to mineralisation across interpreted fault zones.
In addition to Thira, drilling was conducted at the Camp Lake and Copper Pond targets in the same area.
Seven holes at Camp Lake defined a zone measuring approximately 800m × 400m, while four holes at Copper Pond confirmed a vertically orientated mineralised zone.
At Copper Pond, hole TH26-163 intersected 177.3m at 0.31% copper equivalent.
Vizsla Copper’s phase one exploration activities covered more than 11,200m across 21 holes at the Thira, Camp Lake and Copper Pond targets.
The company is preparing to launch a phase two drill programme in late July, with up to 8,000m of drilling planned using two rigs.
This next stage will focus on possible extensions of mineralisation at Thira, the southern part of Camp Lake and the eastern area of Copper Pond.
Geological mapping and additional geophysical and soil surveys are under way to inform phase two targeting.
Vizsla Copper executive chair and CEO Craig Parry said: “Our second drill programme at the Poplar Project has significantly advanced our understanding of the system at the Thira target, where we are working to define a large-scale copper porphyry system.
“We believe Thira represents only one part of a much larger system, with additional porphyry centres identified across the 8km corridor that warrant further drilling.”
In May this year, the company commenced drilling operations at the Woodjam Project in central BC.
ASX-listed Critical Minerals Group has completed a prefeasibility study (PFS) on the Lindfield vanadium project, which contemplates an integrated openpit vanadium mine near Julia Creek in north-western Queensland, and a vanadium electrolyte manufacturing facility at the Parkes Special Activation Precinct, in New South Wales.
Critical Minerals Group finds the integrated project can produce an average 10 577 t/y of vanadium pentoxide in years one to 16, for lifetime production of 236 351 t - or 73-million litres a year of vanadium electrolyte and 1.57-billion litres over 16 years.
The total mine life, however, has been estimated at 31 years.
The project has an after-tax net present value of A$458-million, an internal rate of return of 18% and a paypack period of seven years. It will require a total A$981-million of capital investment to develop both the mine and manufacturing facility.
Critical Minerals Group says the strong return on investment for the combined Lindfield vanadium pentoxide and vanadium electrolyte production strategy justifies advancing to a definitive feasibility study (DFS) and project approvals towards a final investment decision during 2027.
FURTHER DETAILS
The PFS evaluates three production scenarios: one-million tonnes a year, three-million tonnes a year and four-million tonnes a year in run-of-mine economically mineable mineralised material. Vanadium pentoxide will be produced through downstream manufacturing of vanadium electrolyte for use in vanadium flow batteries.
The three-million tonnes run rate has been identified as the preferred development pathway delivering the highest returns and value.
The project is structured as a staged development, with a vanadium electrolyte facility commissioned ahead of the Lindfield mine using third-party feedstock, which will bring forward first revenue to 2028 and reduce peak funding exposure relative to a conventional single stage build.
Critical Minerals Group will progress three priority workstreams as part of the DFS work, including a metallurgical pilot plant to confirm and improve vanadium recoveries - which is currently 92% from a beneficiation point of view and 74.5% from a process plant recovery perspective - as stated in the PFS.
The company will also seek to secure long-term, competitively-priced supply agreements for sulphuric acid and sodium hydroxide, which together represent a significant proportion of processing operating costs.
Moreover, Critical Minerals Group plans to advance government concessional finance applications alongside binding offtake negotiations to establish pricing certainty and support project financing.
Ex-China steel plate export prices have moved sideways over the past week.
Specifically, mainstream ex-China steel plate offer prices from big mills have been heard at $515-530/mt FOB as of today, Monday, July 20, moving sideways on average compared to July 13. Besides, the reference deal prices have been heard at $510-520/mt FOB to South America, Africa and the Middle East, remaining stable week on week.
During the given week, steel plate prices in the Chinese domestic market have seen rises as some producers have continued to implement maintenance works, reducing outputs and easing the pressure from the supply side. Inventories have indicated slight rises. Downstream users have been cautious as regards concluding purchases of steel plate. Due to the high temperatures and sporadic heavy downpours, demand for steel plate is unlikely to improve in the short term. It is expected that steel plate prices in the Chinese domestic market will come under downward pressure in the coming week.
Average 20 mm Q235 20 steel plate spot prices in China have gained RMB 10/mt ($1.5/mt) compared to July 13, standing at RMB 3,477/mt ($512/mt) ex-warehouse, according to SteelOrbis’ information.
As of July 20, HRC futures at Shanghai Futures Exchange are standing at RMB 3,298/mt ($486/mt), increasing by RMB 26/mt ($3.8/mt) or 0.8 percent since July 13, while down 0.84 percent compared to the previous trading day, July 17.
$1 = RMB 6.7948
LONDON, July 20, 2026, 10:04 BST
Rio Tinto plc LON:RIO fell 1.0% to 6,658 pence by 09:55 BST. The London market was open.
The latest operations beat looked solid. Pilbara sales reached 85.3 million tonnes, 7% above last year. They also topped the 83.6 million-tonne Visible Alpha consensus estimate.
Yet first-half sales were 157.7 million tonnes. Full-year guidance stayed at 323 million to 338 million tonnes. The midpoint therefore needs 172.8 million tonnes during the second half.
Calculations use Rio’s reported first-half sales and unchanged 2026 guidance.
That midpoint is 15.1 million tonnes above first-half sales. It demands a 9.6% half-on-half increase. Q2 was already Rio’s strongest shipment quarter since 2020.
Chief Executive Simon Trott said, “We are delivering growth as we drive performance across the group.” Copper-equivalent production rose 3% during the first half.
Pilbara production reached 162.3 million tonnes, up 6%. Rio called it the best first-half result since 2018. Q2 sales rose 18% from the cyclone-hit first quarter.
Mining shares fell broadly on Monday. Glencore plc LON:GLEN lost 1.2%. Anglo American plc LON:AAL fell 0.8%. Antofagasta plc LON:ANTO dropped 0.6%.
Commodity signals were mixed. Iron ore slipped 0.5%, while copper edged higher in early trade. That split offered Rio’s shares little support.
Fuel costs pose the clearer near-term pressure. Brent touched above $90, its highest level since June 11. The benchmark had surged 15.9% last week.
Rio said higher fuel costs were already raising expenses. It retained Pilbara cash-cost guidance of $23.50 to $25.00 per tonne. Diesel had added about 80 cents per tonne.
Copper offers some margin support. Q2 output fell 7% to 213,000 tonnes, narrowly missing consensus. Rio still cut copper cost guidance to 30–50 cents per pound. The previous range was 65–75 cents.
Rio reports half-year results on July 29. Those figures should show whether shipment gains are offsetting fuel and outage costs.
Risks remain two-sided. Faster Pilbara execution could lift sales toward the upper range. Longer Hormuz disruption could raise diesel and freight costs. Weak Chinese steel use or Kennecott outages would add pressure.
https://ts2.tech/en/rio-tinto-shares-slip-as-iron-ore-beat-masks-15-million-tonne-second-half-test/
Fenix Resources has received regulatory and environmental approvals to develop its Beebyn-W10 iron ore mine, located adjacent to its existing Beebyn-W11 operation within the Weld Range Project in Western Australia (WA).
The company announced that development can proceed following approval of its Mining Development and Closure Proposal and receipt of a Native Vegetation Clearing Permit from the state's Department of Energy, Mines, Industry Regulation and Safety.
In addition, the Department of Water and Environmental Protection has granted Fenix a Prescribed Premises Works Licence, supporting capacity of up to six million tonnes per annum (mtpa) at the Beebyn Hub.
The Beebyn-W10 site sits within the Wajarri Yamaji People Native Title Claim area.
Fenix has signed a letter of consent with the Wajarri Yamaji People to begin mining at Beebyn-W10 under terms defined by a Cultural Heritage Agreement.
Further negotiations are ongoing to formalise a similar agreement covering Beebyn-W10.
Ore production at Beebyn-W10 is expected to commence this quarter, with first shipping of ore anticipated in the December 2026 quarter.
The combined operations at Beebyn-W10 and Beebyn-W11, known as the Beebyn Hub, are designed to reach a production rate of up to 6mtpa, forming the core of Fenix's three-year plan through the 2028 financial year.
The expansion at the hub includes increasing Beebyn-W11's output from 1.5mtpa to 3mtpa and ramping up the site's crushing capacity.
A December 2025 scoping study detailed plans to expand the project's production to approximately 10mtpa by 2031 and extend operations to 2042.
The company secured a 30-year exclusive right to mine and export from the Weld Range Project in September 2025.
A definitive feasibility study for the project is in progress and is expected to be completed by the end of 2026.
Fenix executive chairman John Welborn said: "Securing the key approvals to commence mining at Beebyn-W10 is an important milestone for Fenix.
"The establishment of the Beebyn Hub is critical for the continued ramp-up of our Weld Range Iron Ore Project. The transformation promised in our 3-Year Production Plan is now well under way."
"Fenix Resources gets approval for Beebyn-W10 iron ore mine in WA" was originally created and published by Mining Technology, a GlobalData owned brand.
