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Uganda names Citibank as the fund-raising agent for a 2.7 billion euro rail project
Uganda announced on Thursday that it had appointed Citibank as the 'financing partner for its 2.7 billion euro ($3.19 billion), Standard Gauge Railway (SGR) Project. Uganda's Finance Ministry posted on the X Platform that it is "in discussions with the World Bank for support of the project." The Washington-based global financier confirmed earlier this month that it was considering "a range of potential financing options" to finance the project. The post stated that a?Ugandan delegation in Washington attending the IMF and World Bank spring meetings met officials from Citibank headed by Richard Hodder. Uganda handed over the SGR project in 2024 to Turkish construction 'firm Yapi Merkezi after a long delay due to unsuccessful attempts?to secure funding from Beijing. The government has provided some funding for the initial preparatory work, but construction at full scale is still pending. The 272-kilometre-long (169-mile) rail line will connect landlocked Uganda to the rail network of its neighbour, Kenya. It will also link Mombasa on the Indian Ocean to the railway network in Kenya.
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Maguire: ROI-Pain in the pump will give US EV Sales a new boost this summer
The U.S. is expected to see a surge in demand for 'electric vehicles this year due to the highest gasoline prices since 2022, despite President Donald Trump scrapping federal subsidies for the 'clean car sector. According to data from LSEG, U.S. gas prices will average $2.96 per gallon between May and August of this year. This is due to the U.S.-Israeli war on Iran which has slashed the oil shipments out of the Middle Orient. This?price represents a nearly 40 percent increase from the same months last year. The average American driver will pay more than 80 cents (21 cents) per gallon during peak driving season in the U.S. Fuel costs are a daily reminder for many Americans. Sales of used EVs have seen a strong increase in 2026, and sales of new EVs reached multi-month records in March. The continued sticker shock of gas pumps during the summer, when Americans are on vacation and take long road trips, will likely increase the appeal of electric vehicles (EVs), which can be recharged at home or at charging stations that have become more dense. A FULLY EXPOSED Fuel prices in the United States have risen this year, despite the fact that the U.S. is the world's biggest crude oil producer. This has added to the frustration of U.S. customers. The Energy Institute reports that U.S. crude and condensate oil production has increased by 140% in the last five years, largely due to advances made in oil production using shale deposits. Over the last decade, the revolutionary changes in oil extraction techniques have helped the United States go from being a net oil importer to an?net oil exporter. This has sparked a boom among U.S. energy companies. The U.S. Energy Information Administration shows that the average retail gasoline price is currently?around 50 percent higher than it was in 2010. ANECDOTAL APPEAL U.S. drivers are increasingly turning to electric vehicles to reduce fuel costs. The desire to reduce pollution has also triggered a demand for EVs. Sales of EVs have increased by roughly 13 times over the last decade, and they will account for about 10% of all new car sales between 2024 and 2025. Since late 2025, the U.S. EV market has been slowing down. New EV sales have dropped sharply in the first quarter of 2026 compared to the previous year. The recent spike in gas prices since the bombings of Iran led to a drop in fuel and oil shipments out of the Middle East, has reignited interest in electric vehicles. The number of searches on the internet for EVs or hybrid cars, and their sales, is a crude way to measure this increased interest. Google, the U.S.'s most popular search engine, has reported that searches for "EV sales", EV deals", "Hybrid Sales" and "Hybrid Deals" have reached record highs over the past few weeks as gasoline prices rose due to the Iran conflict. Search results do not always reflect actual sales deals. Only time will tell if search interest actually leads to purchases. Combined with increased dealer incentives, and more aggressive?marketing?of EVs from manufacturers, it's clear that consumer awareness has rebounded strong so far in 2026. Fuel costs are also steadily rising. Fuel costs are expected to remain high during the U.S.'s busiest driving period, according to forward markets. This could make EVs and Hybrids more attractive in the months ahead. These are the opinions of a columnist who writes 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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Two children killed in a drone attack by Ukraine on Russia's Tuapse Port, Governor says
Two children are killed by a drone attack in Ukraine * Tuapse Port?hit by fragments of drone * Tuapse, a major port in southern Russia (details on the port's importance and fire at the port). MOSCOW, 16 April - Two children were killed and a fire was started by a major Ukrainian drone attack in the Black Sea port Tuapse, according to Russian officials and media. Tuapse, one of Russia's southernmost ports, is a major oil export hub and handles bulk dry cargo like coal and fertiliser. It is also home of a major oil refinery with the same name, owned by Rosneft - Russia's largest oil producer. Veniamin Kodratiev is the governor of Krasnodar, and he said that two children, aged 5 to 14, were killed by what he described as a massive drone attack on Tuapse. Images published on Telegram by Russian media that were not verified showed the night sky lit up red due to a fire in the area. Ukraine has not yet commented. Sergei Boiko is the head of the Tuapse Municipality. He said that drone fragments had fallen on businesses at the port. He did not provide any further details. The Russian defence ministry said that 207 Ukrainian drones had been intercepted over night. Reporting by Vladimir Soldatkin, Anton Kolodyazhnyy and Guy Faulconbridge. Editing by Muralikumar A. Anantharaman, Raju Gopalakrishnan.
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Can Iran legally impose tolls along the Strait of Hormuz?
Tehran, along with the Islamic Revolutionary Guard Corps of Iran, has been trying to tighten their grip on the Strait of Hormuz through charging tolls on vessels to ensure safe passage. This article explains the law that governs toll collection and what countries who are against tolls could do. What is the Strait of Hormuz? The Strait of Hormuz connects the Gulf of Oman with the Persian Gulf. It is located in the territorial waters of Iran and Oman. The Strait of Hormuz is the most important shipping route for energy in the world. Around 20% of all oil in the world passes through this lane. It is approximately 104 miles long (167 km). The waterway's width is variable, with 2-mile channels on either side of the narrowest part for both inbound and outbound traffic, separated by a buffer zone of 2 miles. Iran has effectively closed the Strait after U.S. and Israeli strikes?on the country. It also demands the right to collect tolls in order to end the war. It was not possible to confirm the status of toll collections so far. What law governs passage on the Strait? UNCLOS (sometimes called the UN Convention on Law of the Sea) was adopted in 1982, and is in force since 1994. The article 38 gives vessels the right to "transit pass" unhindered through more than 100 straits around the world, including Strait of Hormuz. A country that borders a strait can regulate the passage of vessels within its "territorial?sea" up to 12 nautical miles from its border. However, it must allow "innocent?passage." The passage is innocent if the act does not harm the country's security, peace or good order. Military action, serious pollution and spying are prohibited. In a case brought before the International Court of Justice in 1949, the concept of innocent passage played a key role. UNCLOS has been ratified by approximately 170 countries, including the European Union. Iran and the United States are not among them. This raises the issue of whether or not the rules of the treaty allowing freedom of navigation in the maritime domain have been incorporated into customary international law. UNCLOS is viewed by experts as a customary international law. Non-ratifying nations may claim that they do not have to follow the treaty because they consistently and persistently object. Iran claims that it has raised such objections. The United States contests Iran's right to charge tolls. How can tolls be challenged? UNCLOS has no formal enforcement mechanism. The International Tribunal for the Law of the Sea, established by the treaty, in Hamburg, Germany and the International Court of Justice, in The Hague (Netherlands), could make rulings, but not enforce them. Other ways exist for businesses and countries to combat?tolls. A state or coalition could try to enforce the agreement. The UN Security Council could adopt a resolution against tolls. Companies have already begun to redirect shipments out of the Strait of Hormuz. Companies willing to pay for tolls could be targeted by countries to expand sanctions against financial transactions that benefit Iran's government. Reporting by Jonathan Stempel, New York. Editing by Noeleen Walder and Alistair Bell.
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EU developing jet fuel plan in response to Iran crisis that threatens air travel
Officials said that the European Union was drafting plans in order to combat a possible shortage of jet fuel and maximize refinery production. As a result, European airlines have warned that jet fuel shortages could occur within weeks. This will disrupt travel ahead of summer. Europe imports more jet fuel than any other fuel, 75% of which comes from the Middle East. The European Commission plans to introduce EU-wide mapping for refining capacities of oil products from next month. It will also introduce measures "to make sure that existing refining capability is fully utilized and maintained", according to a draft proposal. Officials familiar with the proposals say that the EU is also developing measures to target jet fuel supplies, but they are still under development. The Commission declined to comment on these draft plans that are scheduled to be released on April 22, 2019. Since the blockade of the Strait?Hormuz, jet fuel prices have skyrocketed. European airlines warn of increased costs, cancellations and groundings of planes in the event that the war doesn't end soon. U.S. president Donald Trump stated in remarks aired Wednesday that the war against Iran could be over soon. He told the world to keep an eye out for "an amazing two days" while U.S. troops imposing a naval blockade were preventing vessels from leaving Iranian ports. SHORTAGES COULD HIT THE SUMMER HOLIDAY SEASON Airlines prepare for a possible supply crunch. The International Energy Agency predicts jet fuel shortages in June if only half of the Middle East's supplies can be replaced. Analysts said that increased imports from Africa or the U.S. will not be enough to make up the difference. Fuel handling consortiums, which feed airports, do not always maintain long-term stock, and most airports don't keep large amounts of fuel on hand. Some airports warned of shortages in three weeks' time if fuel shipments through the Strait of Hormuz remain restricted. Refining capacity in Europe has decreased over the past few years as domestic oil production has fallen and governments have sought cleaner energy sources. This month, the IEA stated that'many European refineries are already operating at their maximum capacity in jet fuel production. "Our (jet-fuel) suppliers have changed their forecasting windows and are no longer willing to provide an outlook for a time period that exceeds one month," Lufthansa CTO Grazia Vittadini said in Frankfurt, on Wednesday. Heathrow airport in the UK said the effects of the war have not yet affected its operations. However, it is monitoring the situation. ADP, the owner of Paris Charles de Gaulle airport, did not reply to a comment request. Britain is not part of the 27-member bloc and therefore, it would be unlikely that any proposed EU rules will affect Britain. JET FUEL STOCK VARIATIONS IN EUROPE Jet Fuel supplies are very uneven throughout Europe. Spain is a net jet fuel exporter with eight refineries, and imports cover over 60% of British demand. European airlines have requested that the EU improve its monitoring of jet fuel supply and consider joint purchases of kerosene. IEA data show that the OECD Europe region (which includes EU countries and others such as Britain and Norway) imports over 30% of its jet fuel. Most of it goes through the Strait. As a buffer to supply shocks, the EU requires that its members maintain 90-day oil emergency reserves. The EU does not have a requirement for jet fuel but countries can include it as well as other oil products in their emergency stock.
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Bloomberg News reports that Spirit Airlines is at risk of liquidation due to fuel costs.
Bloomberg News reported that Spirit Aviation Holdings, the parent company of Spirit Airlines, was 'at risk of liquidation due to rising jet fuel prices caused by the Middle East war. This could put further pressure on the finances. Spirit is still in talks with its creditors and a decision could be made as soon as this week. However, the situation remains fluid, according to the report, which cited people with knowledge of the matter. Spirit Airlines declined ?a request for comment. The news comes as the low-cost carrier continues to restructure its business in order to cut costs and stabilize its finances, after twice declaring bankruptcy. The company filed for bankruptcy protection for the second consecutive time in August 2025, with 214 aircraft. The Florida-based carrier emerged successfully from its first bankruptcy in March last year. Spirit Airlines announced last month that it would?shrink the fleet to about one-third its size before bankruptcy. The global aviation industry has been thrown into turmoil by the rising jet fuel costs. Airlines have had to raise their fares and re-evaluate their financial forecasts. Reporting by Heera hari in Bengaluru, editing by Sonia Cheema
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US-sanctioned supertankers enter Gulf despite blockade
Shipping data revealed that a second U.S. sanctioned supertanker entered the Gulf through the 'Strait of Hormuz', despite the U.S. ban on visiting Iranian ports. The U.S. president Donald Trump announced the ban on Sunday, after the weekend talks between the U.S. government and Iran in Islamabad failed to produce a result. U.S. Central Command stated on X, that since Monday's start of the blockade, 10 ships had been turned around. Iran's Fars News Agency reported on Wednesday that despite the blockade, an Iranian supertanker under U.S. sanction crossed the strait to Iran's Imam Khomeini Port despite the sanctions. Fars did neither identify the tanker nor provide any further details about its?journey. Data from LSEG & Kpler show that the empty Very Large Crude Carrier RHN entered into the Gulf on Tuesday. The exact destination of the VLCC (which is capable of carrying up to 2 million barrels) is not yet known. The 'tanker,'s entry into Gulf?comes a few days after the VLCC Alicia (sanctioned by the United States) passed through the Strait of Hormuz. Kpler data indicated that the Alicia was heading for Iraq. Kpler data shows that both tankers are known to have carried Iranian oil over the last few years. The U.S. sanctioned tanker Rich Starry returned to the Gulf of Mexico on Wednesday, just a day after leaving. In an apparent attempt to gain leverage before further negotiations, the U.S. warned that it may add secondary sanctions against buyers of Iranian crude oil. This warning comes just weeks after Washington relaxed some Iran energy sanctions. Iran may consider allowing ships to pass through the Omani side of Strait of Hormuz unassisted as part of its proposals in the negotiations with the U.S. if a deal can be reached to avoid a new conflict. Analysts predict that the U.S. ban on Iranian crude exports will reduce its production. However, Iran could maintain its current production - at 3.5 million barrels a day (bpd), for weeks by storing oil inside tanks. Kpler data shows that Iran exported 1,84 million barrels per day of crude oil in March, and has shipped 1,71 million so far in April. This compares to an average of 1.68 millions barrels per day in 2025.
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Arxis, a manufacturer of aerospace parts, raises $1.13 Billion in US IPO
Arxis, a maker of aerospace?parts in the United States, announced on Wednesday that it raised $1.13 bn. through its initial public offering. The Bloomfield, Connecticut based company sold 40,5 million shares at the upper end of the price range between $25 and 28 per share. The listing is a result of the aerospace suppliers tapping equity markets to finance expansion, and meeting rising demand from commercial aircraft and defense customers. Investor appetite for industrial listings remains strong. In the meantime, increased geopolitical tensions have changed the demand for aerospace and defense equipment. As countries increase military spending, investors are turning to industrial names with a good track record of surviving conflicts. Arxis manufactures electronic and mechanical components, such as gaskets, seals and metallized fabric, for aerospace, defense, medical technology, and specialized industrial markets. Arcline, the buyout firm that owns?Arxis, has expanded through more than 30 acquisitions in 2019 including the $1.8 Billion purchase of a rival company?Kaman by 2024. The stock is expected to begin trading on Nasdaq Thursday under the ticker "ARXS". The underwriters are Goldman Sachs, Morgan Stanley, and Jefferies. Reporting by Manya?Saini from Bengaluru, and Natalia Bueno Rebolledo from Mexico City. Editing by Sonia Cheema.
Andy Home: The crisis of aluminum in the ROI: War, tariffs, and a market that is running out of products.
The Iran War is triggering a global crisis on the aluminium market that could have devastating effects in sectors such as construction, packaging and transport.
Even if war ended tomorrow, it could take Emirates Global Aluminium up to one year to recover from damage caused by a missile attack on its Al Taweelah Smelter last month.
The largest production site outside of China, Aluminium?Bahrain has also been?hit, though the extent of damage is not yet known. Alba and Qatar Aluminium had already reduced production prior to the attack due to power shortages.
The Strait of Hormuz is severely restricted, and the production loss could increase as smelters exhaust their raw material stocks.
According to Wood Mackenzie, the global market could face a deficit of up 4 million metric tonnes this year.
Western buyers will be the ones to bear the brunt of this massive supply cut and policymakers may have to make some tough choices in the coming weeks if they wish cushion the impact.
THINK INVENTORY COVER
In the past, the London Metal Exchange was the place to go for "extra metal". In the first decade of the past decade, the registered inventory was over 5 million tons.
LME stock levels have dropped to less than 400,000 tons, with an additional 100,000 tons in the "off-warrant" category.
CME warehouses were also raided. The total deliverable stock has fallen by 70% since January and now only amounts to 1,864 tonnes.
These figures are a lie. Russian metal, that many Western users cannot use because of sanctions imposed following the?invasion of Ukraine', accounted 270,000 tons in LME registered inventory at the end March.
The non-Russian component has been the subject of a dispute between traders. In the first week in March, someone cancelled 98,000 tonnes of Indian aluminium registered on the LME. Then last week, they re-warranted most of them as time-spreads increased.
The benchmark spread between three-months cash and the benchmark cash
Power Constraints
In theory, idle smelter capacities, especially in the U.S., and Europe, could be reactivated in order to alleviate the "squeeze" on metal supplies.
During previous energy crises, however, the majority of this capacity has been taken offline. Electrolysis is used to produce metal in smelters. A typical smelter can consume as much energy as a city of the size Boston.
It seems unlikely that much of the capacity mothballed will be restored, given the impact the Iran War has had on energy prices.
Even before hostilities began in the Gulf, the global lack of affordable energy was forcing many more closures.
In March, the Mozal Aluminium Smelter, which is owned and operated in majority by South32 Australia, was put on care and Maintenance after it failed to secure a commercially viable power supply contract.
Wood Mackenzie says that even if you allow for increased recycled production, and the softer demand caused by the energy impact on manufacturing activities, there is still a significant deficit in the global aluminum market over the next year.
UNPALATABLE CHOICES
The West will be most affected by this deficit, forcing governments to make unpalatable decisions.
Two countries can help to reduce the deficit.
China is the largest producer of aluminium in the world. China is a country that tends to convert most of its metals into semi-manufactured items such as?wire, rod and plate.
The rest of world has spent the last decade building trade barriers to stop the Chinese export flood. Beijing is accused of undermining its competitors.
Western aluminum users do not need more Chinese products at low prices. They require primary metals and alloys.
The only remaining option is Russia, which produces primary metals and a variety of alloys with added value in the Gulf.
After the 2022 invasion, Japanese manufacturers have already started to show signs of returning to Russian supplies.
U.S. buyers and European buyers will need to waive government sanctions in order to follow suit.
The United States' situation is exacerbated by the decision of President Donald Trump to increase import aluminum tariffs up to 50%.
The cost of imported ingots has risen to more than $2,500 per tonne above the LME, which itself is hovering around a four-year high of $3,580 a tonne.
This is a cost-price equation for?now. The longer the Gulf disruption continues, the quicker stocks will deplete.
It may eventually stop being about price and become more about having enough metal for manufacturing orders.
Andy Home is a columnist at. This column is great! 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.
(source: Reuters)