Codelco Bullish on Copper Prices In the Long Run Citing Very Strong Demand

At a White House press conference, when Trump was asked why he would delay action against Iran until after the midterm elections rather than act immediately, Trump said it was “possible” to act immediately. Earlier on Thursday, Trump had just made clear that the US “will not attack Iran before the midterm elections,” and said the current negotiations with Iran were “productive.”

The deteriorating situation in the Middle East is transmitting to the global economy through the energy shipping market. This week, international tanker freight rates climbed to historic peaks as the scale of exchanges of fire between the US and Iran expanded, intensifying market concerns about resurgent inflationary pressure.According to data from the Baltic Exchange, freight rates for very large crude carriers (VLCCs) from the Gulf of Oman to China surged this week to around 450 on the Worldscale, or 4.5 times the normal benchmark rate, equivalent to about $11.5 per barrel, setting the highest record since the route was opened.

Iran attacked an LPG carrier in the Strait of Hormuz, and Houthi forces laid mines in the Bab el-Mandeb Strait, putting the world’s two critical energy shipping corridors under pressure simultaneously.According to Xinhua News Agency, the navy of Iran’s Islamic Revolutionary Guard Corps said in a statement on the 9th that future actions against violating vessels will not be limited to the Strait of Hormuz. Any ship navigating through unauthorized routes without permission will face “severe punishment.”The statement said that in the past few hours, the navy struck a “large” vessel carrying liquefied petroleum gas that attempted to cross the strait via an “illegal” route.