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Mexico intensifies investigations into the fuel smuggling of drug cartels
Mexico has expanded its investigation into fuel smuggling in seaports, which was highlighted?in an investigation 2025 into cartel-linked crimes. According to the February document, the anti-corruption minister is in charge of internal investigations at the ports of Guaymas and Tampico as well as Ensenada. It also oversees the Navy and Customs Agency. The government had previously acknowledged investigations into suspected fuel smuggling in the Port of Tampico, and 14 people were arrested last year for allegedly being involved. These included customs agents and Navy officers. The government's comments on fuel smuggling were in response to questions posed by the National Action Party (PAN), an opposition party, about the alleged?corruption in state agencies which allowed fuel smuggling in Mexico to flourish. The fuel smuggling part was part of a 217-page answer to senators' questions about the administration’s performance in achieving its policy goals. Local media first reported on the section of this document that is available on the Senate's website. Mexico's Attorney General, Navy, or Customs Agency did not respond to requests for comment. Neither did the port administrations in Guaymas and Tampico, nor Ensenada. Fuel smuggling is a Mexican crime that involves falsifying customs and shipping paperwork, mainly on fuel imported from the United States. Smugglers avoid a high Mexican tax on gasoline and diesel by declaring that it is a different type of petroleum product exempt from duty. Savings can be as high as half the value of a shipment. According to the U.S. Treasury Department, illicit fuel and stolen crude oil are now Mexico's cartels' second largest source of revenue behind narcotics. Smugglers are now using oil tankers instead of trucks and rails, which is a sign that cartels may be working with corrupt port insiders. In its investigation of 2025, the government tracked down a'vessel' that discharged imported diesel at the ports Ensenada, and Guaymas, which was declared by?Mexico as a?tax-free fuel, costing $7 million to the government in lost duties. According to three Mexican security officials, and a document of undated government security that was viewed by us, the importer is suspected to be an unofficial front for the Jalisco New Generation Cartel. PAN asked the federal government in its questions to explain the steps it was taking to investigate, dismantle, and punish those involved in the fuel-smuggling networks, including any high-ranking officials. The?U.S. has put intense pressure on the Mexican President Claudia Sheinbaum. President Donald Trump is under pressure to crackdown on drug cartels. PAN and its president's office have not responded to our requests for comment. (Reporting from Stefanie Eschenbacher, Mexico City; Additional reporting by Diego Ore, Mexico City; Shariq Khan, Bangalore; Editing by Marla Dickerson and Stephen Eisenhammer.
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Maguire: ROI-Charting of the impact of the Iran Crisis on Energy Markets.
Since the start of the U.S. - Iran war, the repercussions are felt around the globe. U.S. gasoline prices, European gas prices and Asian 'tanker freight' rates have all risen sharply. The interconnectedness of global energy markets is illustrated by the transmission of market jitters via?the fuel, power and shipping sectors, despite recent efforts to increase energy security and domestic energy production. Here is a list of the key markets that have been affected since the conflict began over the weekend. SHIPPING OUT After the bombings last weekend and the closure of the Strait of Hormuz, the global tanker fleet was one of the hardest-hit sectors. A fifth of the world's oil, fuel, and LNG passes through this well-known maritime chokepoint. As a result, virtually all energy liquid carriers have been affected by the traffic disruptions, and the scramble that followed to reroute the shipments. The cost of chartering an extremely large crude carrier (VLCC), which was around $120,000 per day last week, has risen to over $450,000 per day since the fighting began. China is the world's biggest oil importer. Domestic crude oil prices are also surging this week. They have risen by 31% from last Friday, compared with 12% for Brent and U.S. Crude Oil Futures during the same time period. The supply chain chaos has not only affected China. The fuel tanker prices from Singapore to Japan, and the U.S. and Europe also increased this week due to the tightening of energy supplies globally and the panicked mindset of all oil and fuel purchasers. GAS & FUELS The price of natural gas in Europe has also risen sharply this week. This is because several European countries are still heavily dependent on gas to power their industries and for electricity, but have drained local gas stocks to levels not seen for many years. The benchmark European gas prices surged after the news broke that Qatar had halted the loading of liquefied gas, following the attack on its main gas liquefaction plants by Iranian drones at the weekend. Prices for European gas futures have increased by almost 70% since Friday. Even prices for December 2026 are up around 40% on the expectation of a continued tightening in global gas supply while Qatar remains off-line. Brent crude oil futures have also surged higher in the past week. Prices for May futures, which are close by, rose by around 12% since Friday. Year-end prices were up by about 3%. The fear that shipping routes from the Middle East may remain blocked for a long time has boosted sentiment on all major oil markets. This is especially true as storage tanks in the Middle East fill up quickly and producers are forced to cut production if they cannot resume exports within a short period of time. U.S. futures gasoline prices have also followed the same trend, despite the fact that America is a major producer and exporter of crude oil. Fuel distributors are responding to tighter oil supplies in the world and higher logistics costs by increasing prices. U.S. president Trump announced steps to restore "ship traffic" in the Middle East to lower energy costs for U.S. customers. This included a proposal that the U.S. Navy would escort oil tankers through Strait of Hormuz. Energy prices will likely continue to rise in the near future, despite the fact that the U.S. and Israel are still increasing their bombing campaigns and causing more damage to the energy and logistic channels throughout the Middle East. This means that even more steep increases in the price of power, fuel, and freight could be seen in the weeks to come on all major energy markets. These are the opinions of the columnist, an author for. You like this column? Open Interest (ROI) is your new essential source of 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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Investors weigh war risks and earnings as they continue to rally Europe's STOXX 600
The European share market rose on Thursday as the rebound from the previous session gained?steam. Meanwhile, the Middle East conflict remained a cloud over the markets and investors sifted through earnings. By 0949 GMT, the pan-European STOXX 600 was 0.3% higher. The STOXX 600 recovered from some early losses, and built upon Wednesday's gains, the biggest in over three months. It was trying to recover from sharp losses earlier in the week. The banks, which were the epicenter of the recent selloffs, gained about 0.5%. Airlines, on the other hand, had mixed results, with only Air France gaining nearly 1%. Luxury names with a high export component lagged behind, but utilities, which are often used as bond substitutes, rose 1%. The day's tentative positivity?was unfolding in a grim geopolitical background. The U.S. and Israel war against Iran is now in its sixth day, with no immediate resolution in sight. Tehran launched?a new wave of attacks at Israel and the U.S. Senate voted against a motion to stop the U.S. campaign. The price action we are seeing?right now, is very jittery. Ipek Ozkardeskaya is a senior analyst at Swissquote. It's best to take a step back. We will see the volatility continue into the coming weeks if we don't bring an abrupt and clear end to this conflict. Europe is heavily dependent on oil and LNG imports, and tighter conditions in the supply due to war could drive energy and transportation costs up. This pressure comes at a difficult time for policymakers. Growth is already tepid and the renewed rise in oil prices could reignite inflation fears. Oil was up over 15% this week and 3% for Thursday. Traders awaited remarks from ECB president Christine Lagarde in the afternoon for signals about the future policy?path. ECB Vice-President Luis de Guindos stated that the bank may adjust its stance if the conflict 'persists. Francois Villeroy de Galhau, a policymaker, said he did not see any reason to raise rates. Morgan Stanley, the latest Wall Street firm, has also 'projected that the ECB would hold rates at the current level through 2026 due to inflation risks arising from the conflict. Defence stocks continued to rise on the expectation of increased spending. Airbus rose by 2.4%. This was one of the largest gains in the STOXX 600 after activist hedge funds TCI Fund Management increased their stake to 5%. Rentokil Initial jumped 12.1% following the pest control company's announcement of a 4% increase in adjusted annual pretax profit. DHL, the German logistics company, fell 3.4% following a decline of 1.3% in its fourth-quarter operating profits. This was mainly due to its freight forwarding division. Reporting by Avinash in Bengaluru, editing by Sherry Phillips and Harikrishnan Nair
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DHL shares fall on cautious profit outlook
DHL's 2026 outlook is more cautious than analysts' expectations. A 'weak macroeconomic' backdrop weighs heavily on DHL's prospects. The shares of the German logistic group were down 3% at 0919 GMT, and ranked last on the blue-chip index of the country. DHL anticipates that its earnings will exceed 6.2 billion euro ($7.2 billion) this year. This is after it reported an operating profit for '2025 of 6.1 billion euro. According to a consensus provided by the company, EBIT was expected to be slightly lower than analysts' average expectations. Tobias Meyer, CEO of Tobias Meyer Group, said that there is "significant geopolitical uncertainty and volatility out there" as was evident in the first two?months?of this year. "Our forecast does not assume an improvement in the global economy." As the Middle East conflict intensifies, logistics and shipping companies face increasing disruptions on air and sea routes. Meyer,?during an investor call, said that DHL had historically benefited more from the turmoil in the Middle East than it had suffered. "We have an established road network throughout the Middle East, which allows us to deliver cargo to airports that remain open," Meyer said. Analysts had predicted that DHL's operating profit for the fourth quarter would fall 1.3%, to 1.83 billion euro. This was due to its freight forwarding division, which saw a 36% drop in earnings. European logistics and shipping operators are 'fighting against a weaker demand, a series trade disruptions and tariffs that were imposed by U.S. president Donald Trump. We see declining freight rates in air and ocean freight. Meyer stated that the economic conditions in Europe and Germany are affecting road freight. Reporting by Emanuele Bernro and Matthias Inverardi, editing by Milla Nissi-Prussak.
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Russia returns Hungarian and Ukrainian POWs from Budapest, provoking Kyiv’s anger
Two ethnic Hungarian POWs?released by Russia and brought to Budapest?arrived in the country early on Thursday. Kyiv condemned them as "provocations" because they were dual citizens of Ukraine. Peter Szijjarto, Hungary's foreign minister, secured their release during a meeting on Wednesday with Russian President Vladimir Putin, in Moscow, just a day after Hungary Prime Minister Viktor Orban had a telephone call with the Russian leader regarding the crises in Ukraine and the Middle East, as well as energy supplies to?Hungary. The Ukrainians were furious, and the coordination committee for prisoner exchanges called it a "Russian provocation." It said that the transfer of two Ukrainian prisoner by Russia to Hungary was a grave violation of international human rights law. Putin and the Hungarian Foreign Ministry have both referred to POWs in terms of dual citizenship between Hungary and Ukraine. ETHNIC HUNGARIANS IN UKRAINE’S TRANSCARPATHIA RÉGION Ukraine is home for around 150,000 ethnic Hungarians. Most of them live in Transcarpathia. Orban's government has been at odds with Kyiv over the language rights of ethnic Hungarians for many years. Hungary continues to maintain warm relations with Moscow, despite Russia's invasion of Ukraine. It also continues to purchase Russian oil and natural gas despite EU sanctions. Szijjarto stated earlier on Wednesday that two ethnic Hungarian prisoner of war recently asked Hungary for help. Szijjarto posted on Facebook that he hoped more people would fly home after their talks than those who had come in this direction. Orban has made Russia's attack on Ukraine one of the key topics in his campaign to win the April 12th parliamentary elections, causing friction between Budapest and Kyiv. Budapest has accused Kyiv of conscripting ethnic Hungarians. The foreign minister summoned Kyiv’s ambassador to Budapest last Friday to protest the conscription. (Reporting and editing by Bernadette B. Baum; Additional reporting by Anna Pruchnicka, Anita Komuves).
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Ukraine increased grain shipments by 5.5% to ports in February, according to railway reports
State railways reported on Thursday that Ukraine increased grain exports to its Black Sea ports by 5.5% year-on-year in February, reaching a total of 2.3 million metric tonnes, despite Russian attacks on the transport infrastructure. Odesa, a Black Sea port, is the hub for 90% of Ukraine's exports. In a recent report, the state-owned?Ukrzalizhytsia rail company stated that "in February, we experienced an increase in shipments but were hindered by a deterioration in weather conditions and attacks on port infrastructure." The Ukrainian Farm Lobby UCAB announced this week that grain exports in Ukraine rose?1% from January to 3.4 metric tons. Corn was the dominant product. As of March 2, data?from the Ukrainian economy ministry revealed that the country had exported 22.3 million tons of various grains in 2025/26 season from July to June, compared with 29.6 millions a season before. (Reporting and Editing by Louise Heavens, Pavel Polityuk)
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Azerbaijan claims two people were injured by Iranian drones
Azerbaijan’s Foreign Ministry lodged an official protest at the Iranian Embassy on Thursday, after a pair of Iranian drones crossed the border and injured two people in a Nakhchivan airport. The?foreign minister said that the attack on Azerbaijan's territory violates international law and its principles and contradicts them. "We demand the Islamic Republic of Iran to clarify the matter as soon as possible, provide an explanation, and take the necessary urgent measures in order to prevent similar occurrences in the future." Baku reported that the Iranian ambassador in Azerbaijan was summoned by Baku to receive an official protest note. Azerbaijan said it reserved the right to take "appropriate measures" against Tehran. Azerbaijan’s Ministry said that one drone landed on the terminal of the Nakhchivan?International?Airport which is located approximately 10 km (6miles) across the border from Iran. Another drone landed near a school in a village nearby. A source close to the Azerbaijani government said that a fire started after the incident. The?source shared video footage that showed black smoke rising near the airport, and damages to the skylight in the terminal building.
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European shares drop as Middle East conflict and tepid earnings weigh
European?shares dipped?on Thursday due to a?growing?Middle East Conflict, and a series of patchy corporate results. As of 8:10 AM GMT, the pan-European STOXX 600 index was down by 0.3% to 610.72. On Wednesday, the benchmark index had its best day for'more than three months. It recovered some of the earlier losses. The mining sector was the worst affected, with a decline of 1.5%. The U.S. and Israel war with Iran is now in its sixth day, but there's no quick resolution in sight. Iran launched another barrage of missile attacks on Israel earlier that day. And the U.S. Senate voted against a motion to stop the U.S. air campaign. Investors are also 'watching' for the speech of European Central Bank president Christine Lagarde due later that day, to get clues about the outlook for monetary policy. The markets are also waiting for the retail sales data from January in the Eurozone and the construction PMI of last month. Shares of Nexi, a payments company, were halted after a 11.3% drop, a record-low following its full-year results. DHL fell 5.4% after the German logistics group announced a 1.3% drop in operating profit for the fourth quarter, which was weighed down by their freight forwarding business.
After blast, a suspected hull rupture has been reported on a crude tanker near Iraq port
Sonangol Marine Services, a U.S.-based representative of Sonangol Marine Services, said that the hull of the Bahamas flagged crude tanker Sonangol Namibe was likely to have been breached following a blast when it was anchored near Iraq’s Khor al Zubair Port.
A small vessel unknown approached the vessel on March 5 at 1200 local time.
Sonangol Marine Services issued a statement saying that "the'small boat' approached the port-side of the tanker and a loud boom was heard a few moments later."
The crew reports that the port ballast tank is leaking water, which indicates some type of hull rupture. However, the ship remains stable.
The company said that the vessel did not carry cargo and there were no reports of pollution.
According to a shipping agent and an Iraqi energy source, the tanker was under contract with 'Iraq state oil marketer SOMO' and was en route to a terminal in Iraq to load 80,000 METRIC tonnes of Iraqi fuel.
Iran's Revolutionary Guards claimed on Thursday that a U.S. oil tanker was on fire after it had been?hit by an Iranian Revolutionary Guards vessel?in the northern part of the Gulf. (Reporting and editing by Jonathan Saul, Ahmed Rasheed)
(source: Reuters)