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Officials say that a Russian drone attack on a Ukrainian port damaged a Panama-flagged vessel
Russian drones attacked Ukraine’s Izmail port in southern Odesa overnight, damaging a civilian Panama flagged?vessel. Ukrainian?officials? said? on Tuesday. Oleksiy Kulba, Ukraine's Vice Prime Minister, said that several strikes had been recorded in the port area. He added that different infrastructure elements and equipment have also been damaged. Kuleba, a Telegram user, said that the enemy was "once again" deliberately targeting critical infrastructure and logistical facilities in the Odesa region. He said that one of the strikes caused a fire which was quickly put out. Ukrainian Sea Ports Authority stated that the port continues to operate. Oleh 'Kiper, Regional Governor of the region, said that the strikes had caused damage to a berth at the port and a barge. A building housing an atelier was also destroyed. He added that two passenger buses and seven vehicles were also damaged. Six private buildings were also attacked, and their roofs were damaged. Kiper added that an ambulance had also been?damaged. Ukraine's Air Force said that Russia launched four missiles, and 129 drones?at the country?since Monday evening. It added that the air defence units neutralised or downed one missile and 114 drones. Russia has repeatedly targeted Ukraine's maritime routes during the four-year war, striking vital ports for foreign trade and wartime economic. (Reporting and editing by Jamie Freed; Anna Pruchnicka)
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Maguire: How China is filling the energy gaps left by the US-Iran conflict.
Since the U.S.-Israel war against Iran began over a year ago, the world's biggest energy importer and consumer has changed its supplier mix to respond to the turbulence in the Middle East oil, gas and fuel flows. Kpler, a commodities intelligence company, shows that China will import roughly half its total crude oil, refined fuels and liquefied gas (LNG) as well as liquefied petrol gas (LPG), from the Middle East by 2025. The onset of the?U.S. The war between Israel and the United States against Iran has slowed down tanker shipping from the Middle East into other regions. This has forced China and other major importers of energy to'search for alternative sources'. This article will show you how China has historically relied on Middle East energy products and which countries are increasing their shipments to China now that the war against Iran has stopped all shipping through the Strait of Hormuz. CRUDE OIL AND REFINED PRODUCTS Kpler data indicates that China will import 642 million tons of crude and refined fuels in 2025. Of these, 317 million tons, or 49.4%, are from Middle Eastern suppliers. The Middle East is the only region that comes close to meeting China's energy import needs. South America ranks second with a share of 12%, while East Asia and West Africa each have a share of about 8.5%. The Middle East will supply around 52% (or 1.9 billion barrels) of China's total crude oil imports by 2025. The Middle East's share in China's total imports of oil has plummeted due to the reduction of outbound oil shipments since the beginning of the war at the end February. It fell to a record low of 31% only in May. The total crude oil exports to China from the Middle East were 581 millions barrels between January and May. This represents a 28% drop from the same period in 2025. China is increasing imports from South America, Eastern Europe and Russia to make up for the shortfalls in Iran and Saudi Arabia. Brazil and Russia have both seen a strong increase year-over-year so far this 2026. China's total crude oil imports through the first five month of 2026 are roughly 10% lower than the same period in 2025. This shows China's ongoing difficulties replacing Middle Eastern supply. China's fuel imports have decreased by 11% from January to May, compared with the same period in 2025. They now total around 51 million barrels. Kpler reports that Middle Eastern suppliers will account for 41% of China’s total imported refined products in 2025. However, they supplied less than 1% of the product in May due to the closure of shipping routes. China's fuel exports to the Middle East have dropped by 20% from January to May to 19.2 million barrels. Imports from other regions are also down around 4% compared to last year, to 31.6 million barrels. Algeria and Egypt have both seen a steep increase in fuel exports from China in 2026. LNG & LPG In 2025, China imported about 40% of its LPG and LNG supplies from Middle Eastern countries. The closure of outbound traffic has affected China's gas market. China's total LNG and LPG imports from the Middle East fell by 43% between January and May to just over 9 million metric tonnes from 15 million tons in the same period last year. The total gas shipments of all other regions also decreased this year but only by 12%. This shows that the Middle East has seen a much greater drop in volumes than other suppliers. Total LNG exports to China from the Middle East during January-May are estimated at around 6 million tonnes, or about 2.5 million tonnes, or approximately 30% less than in the same months of 2025. Australasia, another major LNG exporting region, has also seen a year-over-year decline in LNG sales to China. This is primarily due to the continued weakness in China's key industrial sectors so far in 2026. China's total LNG exports are still down only 15% this year. This means that the Middle East has seen a drop in imports twice as large as China's total LNG exports. China's total LPG imports - used mostly by petrochemical companies and rural areas to heat and cook - are down by about 25% compared with a year earlier. The war against Iran has not had a material impact on China's imports of LPG from the Middle East. The country's chemical sector is still struggling, and this means that the overall demand for LPG has remained muted in comparison to last year. Meanwhile, demand for household heating will have peaked in early January, at the height of winter. The Middle East conflict could have a greater impact on China's LPG export volumes if the Middle East conflict continues for several months longer and impacts restocking patterns ahead of winter next year. These are the opinions of a columnist who writes for. You like this column? Check out Open Interest, your new essential source for global financial commentary. Follow ROI on LinkedIn, X and X. Listen to the Morning Bid podcast daily on Apple, Spotify or the app. Subscribe to the Morning Bid podcast and hear journalists discussing the latest news in finance and markets 7 days a weeks.
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Wall Street Journal, April 14,
These are the most popular?stories from the Wall Street Journal. These stories have not been?verified? and we cannot vouch for their accuracy. After peace talks with Iran broke down over the weekend, the U.S. placed a blockade in the Strait of Hormuz. This could cause another shock to an economy already battered by weeks of war. Saudi Arabia has urged the United States to drop its blockade of the Strait of Hormuz and?return to the negotiating table. Saudi Arabia is pressing the United States to end its blockade of Strait of Hormuz, and return to the negotiation table. They fear that President Donald Trump's decision to close the Strait of Hormuz could cause Iran to escalate the situation and disrupt other vital shipping routes. The Wall Street Journal publisher Dow Jones was dismissed by a federal judge Monday. Los 'Angeles schools are scrambling at the last minute to reach a deal with a major union in order to avoid a possible strike on Tuesday that could shut down the country's second largest school district. Qantas Airways, Australia's largest airline, said that its near-term jet-fuel bill would be 32% higher than originally anticipated due to the Iran conflict.
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FT reports that Virgin Atlantic's boss has warned of high jet fuel prices.
Virgin Atlantic's Chief Executive Corneel Kster has warned that jet fuel prices will remain high and that prolonged conflict in the Middle East may dampen travel demand worldwide, according to the Financial Times. Koster, in an interview with The FT, said that the British airline would struggle to return profitability this year, even after adding fuel charges to fares to offset rising costs. He said that, despite the "positive news," of a ceasefire agreement between the U.S.A. and Iran "all-in?jet fuel" prices remain more than twice their pre-war level. In a separate interview with Bloomberg News?Koster stated that Virgin 'Atlantic' has six weeks worth of jet fuel supplies before the outlook becomes?difficult. He said that the airline was in talks with governments, and at its base at London's Heathrow Airport, to ensure fuel availability. (Reporting and editing by Sumanth Nandy in Bengaluru)
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Qantas raises fuel price forecasts as Middle East conflict shakes up oil markets
Qantas Airways, Australia's national airline, said on Tuesday that it had raised its fuel cost outlook and hadn't started its planned stock buyback. It cited a soaring and volatile price of jet fuel after the Middle East war cut off oil supplies. The airline's fuel estimate for the second half fiscal 2026 has increased from A$2.2 billion to A$3.1 billion (2.20 billion to 2.34 billion dollars). This surge in jet fuel prices shows how geopolitical events are quickly affecting airline costs. Refineries have had to cut production due to a lack of Middle East crude oil. Qantas said that while it has hedged much of its crude oil exposure, the company remains exposed to the increase in jet fuel spreads. Qantas has raised fares to offset the rising cost of its flights and shifted them towards stronger routes, such as Europe where demand is still strong. It also reduced domestic capacity in the second quarter by approximately 5 percentage points. The airline stated that revenue per available seat-kilometre (RASK), which is a key measure of pricing power, will grow between 4% to 6% in international operations, and around 5% in domestic operations, in the six months to June. This growth will be due to higher fares. However, the airline also said that about half the 'fourth quarter sales' were already locked in prior to the crisis. Qantas is still seeing a high demand for travel to Europe, as customers are looking for alternative routes. The Group responded by redeploying capacity from the U.S. to its domestic network in order to increase flights to Paris, Rome and other destinations. The management has decided to delay a previously announced A$150m buyback due to the'scale and speed of the fuel shock.
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Bloomberg News: United Airlines CEO pitches possible merger with rival American
Bloomberg News reported that a person familiar with the talks said that 'United Airlines CEO Scott Kirby has floated a potential merger?with rival American Airlines Group. Bloomberg said that Kirby had pitched the idea to government officials. However, it is unclear if there have been any further overtures or if a process has begun to "explore" a possible deal. United Airlines declined comment. The White House and American Airlines did not respond to comments immediately. The merger of four U.S. airlines, American Airlines, United Airlines, Delta Air Lines and Southwest Airlines, would consolidate the U.S. domestic market. After the bell, American Airlines shares rose more than 5% while United Airlines was flat. Kirby was previously the president of American Airlines between 2013 and 2016. According to LSEG, United Airlines' market capitalization is?nearly 31 billion dollars, while American Airlines is valued at $7.42 billion dollars. (Reporting by Natalia Bueno Rebolledo in Mexico City; Editing by Maju Samuel)
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The commodities supercycle has arrived. How can investors get involved? : Taosha Wang
Commodities supercycles have the power to reshape market trends for many years, even decades. We appear to be back in one, as the Iran War has amplified a number of long-term bullish tendencies. Many investors are now asking how to engage in the supercycle, rather than whether they should. Oil recorded its biggest monthly gain ever following the U.S. and Israeli strike on Iran in February. Add to that the substantial gains in copper and gold since mid-2025, and the race to find energy, metals, and minerals to fuel the artificial-intelligence arms race. A commodities supercycle is underway. Commodities supercycles are long, powerful waves that are driven by major structural changes. Think of the oil booms of 1970s or the urbanisation boom of China in the early 2000s. How can investors participate? Commodities tend to be treated as one asset class. However, a bullish market does not always occur in the same way across all of them. Leadership tends to change. Rotation within an asset class is as important as the overall direction. As an example, while a geopolitical event may immediately lift the oil price, copper and gold prices may fall or even lag as investors reduce their crowded positions, or reassess risks to growth. In 2022, energy prices spiked following Russia's invasion in Ukraine. Meanwhile, some industrial metals fell as concerns about recession grew. We're seeing such divergence again today. After the Iran War began, oil prices soared by 64% as energy supplies were squeezed. This acted as a hedge for portfolios against volatility in equity markets. Gold fell by 12% in March, its worst month since 2008. This was largely due to the fact that it had been inflated for months by heavy speculative purchases and was among the few liquid assets that investors could sell when margin calls were made. What are the most important things that investors need to keep in mind when they're considering riding the latest commodity waves? Small Pool, Big Waves Investors should first remember that even small changes in the allocation of commodities can have a "massive" impact on prices. Commodities play a huge role in the real economy but are not as important for investors as stocks and bonds. Energy and materials account for less than 6% of S&P 500 compared to more than 30% in the case of the "Magnificent 7" tech giants. The price is determined by the margin. Even if a small amount of capital is moved from broad equities and bonds to commodities, whether via physical exposure or listed options, the price impact could be significant. A small market will only absorb so much new capital before prices adjust. Another key issue is interconnectedness: the movement of one commodity can change the outlook for other commodities. Many commodities are interconnected through the potential substitution of demand or as raw materials. High natural gas prices, for example, can increase oil consumption. Increasing energy costs affect the price of food, fuel and fertiliser. In some industrial applications, copper and aluminium are interchangeable. Inventories are another factor to consider. While firms may value cost-efficiency in a situation where supply is not constrained, geopolitical events can lead to a shift towards higher inventories. Iran is a good example. The ability of Tehran to block the Strait of Hormuz, which is a choke point for energy and other goods, has highlighted how vulnerable these products are. In the future, both governments and businesses will likely place a higher priority on the security of supply for many goods. This will lead to a greater stock of strategic materials. This could lead to a structural premium for the entire complex. STOCKS OR BARRELS? Next, you will need to decide whether or not you want to own the commodities themselves or related equities. Commodity-related stocks are affected by many factors. These include the hedging policies of each company, their capital allocation decisions and pipelines of projects, as well as their position within the commodity value chain. Take the energy industry. Consider the energy industry. Not all producers upstream benefit in the same way, of course. The U.S. has not suffered any direct damage during the current conflict. Due to their different geological profiles and production techniques, these producers have greater flexibility in adjusting the rate of production. Many U.S. companies were also well-adapted to the price regime that existed before the Iran war, which was roughly $70 a barrel. This allowed them to generate a healthy cash flow. The windfall at current prices could be significant. Energy companies, no matter where in the world they are located, also have their own unique?risks relating to management, debt, long-term strategy concerns, and other issues. These issues do not need to be considered when investing directly in commodities. Positive Convexity Investors should also not overlook the positive convexity of commodity return profiles. The price upside is usually much greater than the downside. The physical nature of commodities and their direct link to the productive activities necessary to keep an economy humming are at the root of this. Investors can short sell or delay the purchase of financial assets when they rise in price. It is rare that the same logic applies to tangible commodities where it's difficult to delay or reduce consumption quickly. Prices may increase and eventually cause demand destruction, but not quickly enough to avoid a sudden squeeze. This asymmetry can be one of the reasons commodity cycles can become more powerful than investors expected once they have taken hold. Understanding this can make the difference between being in a good position for a commodity cycle or being run over by one. The views expressed are the author's. Taosha is the portfolio manager at Fidelity and creator of "Thematically thinking" newsletter. This column is a favorite of yours? Open Interest (ROI) is your new essential source of global financial commentary. Follow ROI on LinkedIn and X. Listen to the Morning Bid podcast daily on Apple, Spotify or the app. Subscribe to the Morning Bid podcast and hear journalists discussing the latest news in finance and markets seven days a weeks.
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Sources: Petrobras is in the initial stages of talks with Mubadala to purchase back Brazil refinery.
Two sources familiar with the matter said on Monday that the Brazilian'state-run oil company Petrobras has begun direct negotiations with Abu Dhabi’s sovereign wealth fund?Mubadala to repurchase Brazil's Mataripe refinery. Luiz inacio Lula da silva said last month Petrobras will repurchase the refinery that was sold under the previous administration of Jair Bolsonaro. Petrobras announced that it would 'analyze a possible deal' after Lula made his remarks. Sources said that a deal could be signed by the end of this year. Mataripe is Brazil's second-largest refinery but only operates at 60% capacity. Petrobras plants are running at maximum capacity to boost local production. Petrobras plans to increase its refining capacity 'have become more urgent after the U.S./Israel conflict with Iran caused global prices of diesel to soar, 'impacting Brazilian consumers because the country is dependent on foreign 'diesel. Brazil imports approximately a quarter its total diesel requirements. Lula is 'concerned about the rise in fuel prices ahead of an October presidential election, in which he will seek to win a fourth term. Petrobras declined to comment immediately. Mubadala refused to comment. Reporting by Rodrigo Viga Gaier, Writing by Andre Romani & Fabio Teixeira ; Editing by Natalia Siniawski & Inigo Alexander
Data shows that US-sanctioned tanks pass through the Strait of Hormuz in spite of US blockade
A Chinese tanker sanctioned?by?the United States?passed through the 'Strait of Hormuz?on?Tuesday, despite a??U.S. Shipping data revealed a blockade at the chokepoint.
Data from LSEG MarineTraffic, and Kpler showed that the Rich Starry was the first vessel to pass through the strait, and exit the Gulf, since the blockade started.
The United States sanctioned the tanker and its owner, Shanghai Xuanrun Ship?Co Ltd for their dealings with Iran. The company was not immediately available for comment.
According to data, Rich Starry is a medium-range vessel that carries about 250,000 barrels methanol. The data indicated that the ship loaded its cargo at the last port it visited, Hamriyah in the United Arab Emirates.
Data showed that the Chinese-owned tanker had Chinese crew on board.
LSEG data revealed that another U.S. sanctioned tanker Murlikishan also headed into the strait Tuesday. Kpler data indicated that the empty handysize tanker is expected to be loaded with fuel oil in Iraq on 16 April. The vessel - formerly known as MKA - has transported Russian and Iranian oil.
(source: Reuters)