BHP Group has appointed Brandon Craig as its next CEO, succeeding Mike Henry, who has led the world’s largest miner for more than six years, reported Bloomberg News.
Craig, 53, is a South African-trained engineer who has spent more than 25 years at BHP. He ran the company’s iron ore division during the pandemic before taking charge of its Americas operations in 2024, a region central to BHP’s ambitions in copper and potash. He will assume the role on 1 July.
The appointment was read by analysts as a signal of continuity. “He knows the business very well and he’s got an empire to lead,” Glyn Lawcock, head of metals and mining research at Barrenjoey Markets told the newswire.
Craig inherits a company in transition. Copper accounted for more than half of BHP’s earnings for the first time in the six months to December, reflecting the metal’s growing importance to the energy transition and the technology sector.
Iron ore, long the company’s main profit driver, faces headwinds from a slowing Chinese economy, while rising energy costs linked to the Middle East conflict are squeezing margins across the industry, said Bloomberg.
On acquisitions, Craig was measured, saying any deal would need to be “incredibly compelling” to compete with the organic growth options already available to the group. He would be “bringing to life” the development options bequeathed to him, according to a report by Reuters.
“He’s run the iron ore business, and the Americas is probably the most important business for BHP in the years ahead,” Andy Forster of Sydney-based Argo Investments told Reuters in its coverage of BHP’s announcement. “I reckon he’s super impressive.”
BHP has been locked in a pricing battle with its biggest customer, China’s Mineral Resources Group, which banned its steel mills from buying several of its products as the two hammer out annual supply terms, said Reuters.
“I do think it’s really, really important that we continue to strengthen the relationships with our customers, particularly in China,” he said, adding that senior BHP leadership would be visiting the top commodity consuming nation in the next few weeks.
But he added that the mining sector today has far more support from governments than at any other previous time, especially amid tensions with China. “The importance of mining to the economic ambition of security of nations around the world has never been more important or so well understood,” he said.
BHP’s Australian shares rose as much as 1.2% following the announcement.
https://www.miningmx.com/top-story/64698-bhp-names-brandon-craig-as-new-ceo/
Iran has been moving its crude through the Strait of Hormuz at rates broadly comparable to transit before the war began, making the most of its control of the vital waterway as other exporters falter.
Iranian crude exports through the corridor accounts for nearly three-quarters of the 27.2 million barrels that have left the Persian Gulf since March 1, data from intelligence firm Kpler Ltd. show. That amounts to about 1.2 million barrels a day of crude for Tehran, compared to a pre-war daily level of 1.5 million barrels.
By contrast, nearly three weeks into the war, cargoes from others in the region added up to just 400,000 barrels a day, versus an average 14 million barrels per day in peace time.
Pre-war assessments of the risk of a Hormuz closure — all but unprecedented — tended to assume that Iran would avoid extreme measures, largely because of the risk to its own exports. Asymmetric flows over the past weeks, however, show that Tehran has been able to shield its cargoes while constraining those belonging to other exporters — a chokehold that is pushing energy prices higher and forcing the US to consider increasingly muscular options to reopen the waterway.
Among other moves, the Pentagon has begun targeting missile sites near Hormuz. US President Donald Trump has called on allies for help securing the area.
“The blockade is now the worst disruption to oil flows ever,” said Muyu Xu, senior crude oil analyst at Kpler. “Real barrels are now disappearing from global oil markets, which can lead to demand destruction in the weeks to come.”
In the first week of the war, Iran-linked carriers accounted for 35% of the 20 crude tankers that made outbound transits, according to ship-tracking data from Kpler. One week later, that proportion rose to five out of the eight that left the region, as Iran’s control of shipping through the strait increased.
Crude loadings at Iran’s Kharg Island also appear to continue undisturbed, despite US strikes on the export hub. Three vessels were seen docked at the island on Tuesday, Sentinel Hub satellite images show, while two were seen on March 7. It’s unclear whether Iran had continued to load in the intervening days as there were no new images published during this period.
https://finance.yahoo.com/news/iran-moves-own-oil-hormuz-082335077.html
Bullish for energy prices and supportive of geopolitical risk premium; highlights physical supply stress and reinforces sensitivity to Hormuz disruptions, particularly in LPG and LNG markets.
India scrambles to secure LPG shipments through Hormuz as energy shortages intensify.
Summary:
India is urgently working to secure safe passage for key fuel shipments through the Strait of Hormuz, prioritising six liquefied petroleum gas (LPG) tankers carrying around 270,000 tonnes of cooking fuel as the country grapples with an emerging supply crunch.
According to officials familiar with the discussions, New Delhi is engaged in negotiations with Iran to facilitate the transit of these vessels, which have been stranded amid the effective closure of the strategic waterway. The shipments are being prioritised over crude oil and liquefied natural gas cargoes due to the immediate impact of LPG shortages on households, restaurants, and small businesses.
India remains heavily dependent on Middle Eastern supply, sourcing roughly 90% of its LPG imports from the region. The disruption to flows through Hormuz, a critical chokepoint for global energy trade, has therefore had an outsized impact. The six LPG vessels form part of a broader group of 22 India-flagged ships currently stuck in the Persian Gulf, including four crude tankers and one LNG carrier.
The urgency of the situation is underscored by recent developments. India previously secured safe transit for two LPG tankers carrying a combined 92,000 tonnes, equivalent to roughly one day of national demand. However, the scale of current disruptions suggests that supply pressures will persist without a sustained reopening of shipping routes.
The government is also seeking passage for additional energy shipments, including crude and LNG cargoes chartered by major firms such as Indian Oil Corp., Bharat Petroleum, Hindustan Petroleum, Petronet LNG, and Reliance Industries. While access to discounted Russian crude has helped cushion the impact on oil supply, gas markets remain particularly strained, with LNG rationing already imposed on industrial users following disruptions to Qatari exports.
In the current environment, the situation highlights the fragility of global energy supply chains. For India, one of the world’s largest energy importers, the Hormuz disruption represents a direct threat to energy security and domestic price stability.
More broadly, the episode reinforces how quickly geopolitical tensions can translate into real-economy impacts. Even temporary disruptions to key transit routes can create acute shortages, forcing governments to intervene directly to secure critical supplies. Until shipping lanes normalise, risks to both regional and global energy markets are likely to remain elevated.
Some facilities belonging to Iran's oil industry in South Pars and Asaluyeh were attacked on Wednesday, semi-official Tasnim news agency reported, while Iran's Revolutionary Guards issued evacuation warnings for several oil facilities across Saudi Arabia, UAE, and Qatar.
Oil prices jumped on the news, with Brent crude futures gaining over 4% to a session high above $108 per barrel. Analysts have warned that any attack in South Pars would raise the possibility of retaliatory attacks by Iran on Gulf energy facilities including those belonging to oil majors in Qatar.
Qatar hasfully shut its liquefied natural gas production because of the war, cutting 20% of the world’s LNG supplies, and any damage to facilities could extend the outage beyond May.
Tasnim said the attacks targeted petrochemical facilities in South Pars and added the extent of the damage was not yet clear.
Iran produces natural gas from the offshore South Pars gas field, which makes up around a third of the world's largest reservoir of natural gas. Iran shares the reservoir with major exporter Qatar.
Sanctions and technical constraints have meant most gas Tehran produces from South Pars is for domestic use. Iran's gas production totalled 276 billion cubic meters in 2024, with 94% consumed in Iran, according to data by the Gas Exporting Countries Forum.
The U.S.-Israeli war on Iran and Tehran's attacks on Gulf neighbours have disrupted oil and natural gas exports from the Middle East and forced production stoppages.
(Reuters)
https://www.oedigital.com/news/537083-southern-iranian-oil-industry-facilities-targeted
Potential Resumption of Russian Oil Imports
According to Главком: China's state-owned oil companies, including Sinopec and PetroChina, are considering restarting imports of Russian crude oil after a four-month halt. This potential shift is driven by concerns over a looming supply shortage and the attractive prices currently offered on the market. These firms last purchased Russian oil in November 2025, before suspending imports in late October due to U.S. sanctions targeting Rosneft and Lukoil. The global energy market remains volatile, making secure and cost-effective supplies a priority for major importers.
The U.S. sanctions included a temporary license for the sale of Russian oil already at sea, which is set to expire on April 11th. Following a sanctions easing that took effect on March 12th, new restrictions now only apply to cargoes loaded within a 30-day window. This regulatory change opens a pathway for Chinese firms to resume buying. The opportunity is underscored by the price of Russia's flagship ESPO crude for late April delivery, which was offered at a discount of roughly $8 per barrel below the Brent benchmark.
Market Impact and Considerations
Furthermore, the pricing of alternative supplies is also a factor. Brazilian Tupi crude for April shipment was quoted at a premium of $12 to $15 above Brent, which may further influence the decisions of Chinese buyers. As one source involved in trading Russian oil noted,
"some independent refiners are willing to resell because it brings them more money than processing it at their own plants"
(source: a trading source).
This combination of factors creates strong incentives for China's state energy giants to restart imports of Russian oil. A resumption of these purchases could significantly impact the global oil market, especially given high demand and unstable supplies from other regions. It also highlights the adaptability of Chinese state firms to shifting geopolitical conditions and their ability to capitalize on favorable energy prices during a period of global economic uncertainty.
As China contemplates the resumption of Russian oil imports, it's important to consider the broader implications of its energy strategy. Recently, China halted gasoline and diesel exports amid escalating tensions in the Middle East, highlighting the delicate balance the country must maintain in its energy supply and geopolitical relations. This recent decision may further motivate Chinese companies to secure more stable and cost-effective crude sources, particularly from Russia, as they navigate these complex challenges in the global energy market.
Brent crude prices rose today after Iran's Revolutionary Guards threatened several energy facilities across Saudi Arabia, UAE, and Qatar in retaliation for an attack on its energy sites, heightening the risk of further disruptions to energy supplies in the region.
With no signs of de-escalation in the Iran conflict, benchmark Brent futures prices have settled above $100 per barrel for the past four sessions.
Brent futures were up $2.75, or 2.7%, at $106.17 a barrel this afternoon, having risen to as high as $108.60 earlier in the session.
US West Texas Intermediate crude were flat, at $95.56.
"The attacks on Iran's South Pars field were boosting oil and gas prices, and any further escalations of attacks to energy infrastructure would continue to raise prices", SEB analyst Ole Hvalbye said.
Iran's Fars news agency said today that some tanks and gas facilities in the country's Asaluyeh refinery had been hit.
In Iraq, North Oil Company sources said exports had resumed via pipeline after Baghdad and the Kurdistan Regional Government agreed yesterday to restart flows.
Two oil officials said last week Iraq was seeking to pump at least 100,000 bpd through the port.
"Despite this development, supply relief remains limited, with Iraq's production at roughly one-third of pre-crisis levels and tanker traffic through (the Strait of) Hormuz still largely restricted," MUFG analyst Soojin Kim said.
Oil production from Iraq's main southern oilfields, where most of its crude is produced and exported, had plunged by 70% to just 1.3 million bpd, sources said on March 8, as the Iran conflict effectively shut the vital Strait of Hormuz through which some 20% of global oil passes.
The US military said yesterday it had targeted sites along Iran's coastline near the Strait of Hormuz because Iranian anti-ship missiles posed a risk to international shipping there.
Iran confirmed yesterday that its security chief Ali Larijani had been killed in an Israeli attack.
Larijani's death and the US military's strikes on Iranian coastal positions near the strait raised some hopes the conflict could end sooner, said Mingyu Gao, chief researcher for energy and chemicals at China Futures.
Meanwhile, Libya's National Oil Corporation said earlier today that flows from the Sharara oilfield were being gradually redirected through alternative pipelines after a fire broke out.
US crude stocks rose by 6.56 million barrels in the week ended March 13, market sources said, citing API figures yesterday, well above a rise of about 380,000 barrels seen in a Reuters poll.
https://www.rte.ie/news/business/2026/0318/1563906-world-oil-prices/
KEY POINTS
Three weeks into the U.S. attack on Iran, respondents to the CNBC Fed Survey forecast oil prices to remain high for several months, inflation to increase and growth to take a modest hit.
But they believe the Federal Reserve could still cut rates this year.
The 32 respondents, including fund managers, analysts and economists, see oil prices on average at $88 a barrel six months from now. That would lead to a half-point increase in the Consumer Price Index and shave 0.3% percentage points off of growth. The probability of recession during the next 12 months rose 8 points to 31%. While that's elevated, it's still well below the 53% level of concern followed the Liberation Day tariffs in April.
"My forecast is contingent on a resumption of oil shipments through the Strait of Hormuz within the next month," said economist Robert Fry. "If that doesn't happen, oil prices will go much higher, and I will put a recession in my forecast."
The survey found 44% believe the Strait will be closed for less than a month and 38% saying it will be closed for longer.
On average, respondents forecast 1.8 rate cuts this year from the Federal Reserve, a more dovish outlook than the Fed futures market, which has priced in only one cut. One possibility for the difference is that many economists see the oil price surge as being temporary and more likely to lead to economic weakness than sustained inflation.
https://www.cnbc.com/2026/03/18/cnbc-fed-survey-elevated-oil-but-a-rate-cut.html
Russian oil shipments are being rerouted from China to India as New Delhi ramps up crude purchases following a temporary US waiver
 "Russian oil tanker takes U-turn in South China Sea, heads to India as New Delhi eyes Moscow crude")
Russian oil tanker U-turns in South China Sea, and heads to India as New Delhi doubles down on Moscow crude. (Representational Image, Credit: AFP)
A Russian oil tanker originally bound for China has reversed course mid-voyage and is now heading to India, underscoring New Delhi’s renewed push to secure crude supplies following a temporary US waiver, Bloomberg News reported.
The Aqua Titan, an Aframax vessel carrying Urals crude loaded from a Baltic Sea port in late January, is now expected to arrive at New Mangalore on March 21, according to ship-tracking data cited in the report.
According to the report, the tanker had initially signalled China’s Rizhao port as its destination before executing a U-turn in the South China Sea in mid-March.
The diversion comes within days of the US allowing India to temporarily step up purchases of Russian oil. In the immediate aftermath, Indian refiners snapped up roughly 30 million barrels of Russian crude within a week, seeking to cushion supply disruptions triggered by the Iran conflict.
Data from Vortexa, cited in the report, shows the rerouting is not an isolated case. At least seven tankers carrying Russian crude have switched destinations from China to India mid-voyage, pointing to a broader realignment in trade flows. All major Indian refiners are now actively sourcing Russian barrels.
In a related development, another tanker — the Suezmax Zouzou N. — is also headed for India, with Sikka port flagged as its next destination and an expected arrival around March 25. The vessel is carrying Kazakhstan’s CPC Blend crude and had earlier been sailing toward Chinese waters before turning back.
The latest buying spree marks a sharp reversal from recent months, when China had emerged as a key buyer of Russian oil after India pared back imports. With more countries — including Japan and South Korea — now permitted to resume purchases from Moscow, analysts expect tighter global supply and upward pressure on oil prices.
South Africa is heading toward a serious energy challenge as its supply of industrial gas is expected to run out by 2028. This situation, often called a “gas cliff,” could disrupt hundreds of factories that produce essential goods such as steel, glass, and food. Experts warn that without a quick and practical solution, the country could face major economic damage, including the loss of around 70,000 jobs and a decline of 4% to 7% in its GDP.
For many years, South Africa has depended on gas from the Pande-Temane fields in Mozambique, transported through pipelines operated by Sasol. However, these gas reserves are now close to depletion. Sasol has already announced that it will stop supplying gas to industrial customers by July 2028. Although there is some discussion about temporarily extending supply using synthetic gas, this option is not sustainable in the long run.
The situation is particularly difficult for industries such as steel and glass manufacturing, which require high and continuous heat that only gas can provide. Switching to electricity is not a simple option for these sectors. In some cases, moving to the current power grid could increase energy costs by up to six times, making local products too expensive to compete in global markets.
The government has proposed importing Liquefied Natural Gas (LNG) as a solution. However, this plan faces several challenges. Building the required infrastructure, including port facilities and regasification terminals, would cost at least $500 million. In addition, the size of South Africa’s industrial gas market may not be large enough to attract private investors. Even if the infrastructure is built, LNG is expected to cost about three times more than the current gas supply, which could still force many industries to shut down.
Another idea is to use LNG for electricity generation to make the investment more viable. However, critics argue that this approach is not practical, as renewable energy sources like solar and wind are already cheaper. Increasing electricity tariffs to support gas infrastructure could place an additional burden on consumers and businesses.
Researchers are now suggesting a more immediate and cost-effective alternative: Liquefied Petroleum Gas (LPG), especially propane. South Africa already has import terminals for propane at Richards Bay and Saldanha, which reduces the need for new infrastructure. Propane can be used as a direct replacement for natural gas in many industrial processes and is much more affordable to implement.
As the 2028 deadline approaches, experts believe that switching to propane could provide a practical bridge solution. It may help industries continue operating while the country gradually transitions to cleaner energy options like biogas or hydrogen.
The U.S. and Israel’s war with Iran has upended the supply of aluminum in the Middle East, sending prices of the base metal skyrocketing.
While aluminum may be the most abundant metal on earth, it is crucial to the function of the world economy.
It is an essential material across electronics, transport, and construction, as well as other industries such as solar panels and packaging.
At the outbreak of the Iran conflict on Feb. 28, 3-month LME aluminum futures initially jumped by as much as 10% by March 12 before paring some gains to land around 8% higher, as the effective closure of the Strait of Hormuz has caused a significant disruption to supply.
It’s been the best-performing industrial metal over the past two weeks, and prices are now hovering just below 4-year highs at $3,370 as of Wednesday afternoon in London.
Bahrain’s Alba, which hosts the world’s largest smelter, has also cut production by 19% of its 1.6 million tons of annual output, only adding to fears of a global shortage.
Lower stock levels and the potential for further supply disruption in the Middle East could push prices towards $4,000 per ton, according to metals intelligence provider CRU Group.
CRU principal analyst Guillaume Osouf wrote in a recent article that the LME price would likely be much higher now if it wasn’t for weak global demand for the metal.
“A prolonged conflict will likely drastically change our market outlook for the rest of the year due to the lasting impact this will have on global supply, and the potential negative effects on demand,” he added.
The answer as to where the price could be headed next lies with China, according to other analysts.
China is the biggest producer of aluminum and tends to keep production constrained at 45.5 million tons per year to reduce emissions and prevent overcapacity issues.
“If the Chinese government decides that the prices are too high they can restart a number of idle smelters in the country and the world will be full of aluminum,” Artem Volynets, CEO of miner ACG Metals, told CNBC’s Europe Early Edition on Wednesday.
Despite the recent rise in price on the LME, neither analyst sees aluminum becoming a significant trade for retail investors, as is the case with silver and copper.
Volynets added that he would be “surprised” to see retail investors involved in such an industrial element, while Osouf told CNBC that the gross long position is only marginally smaller than what it was at the end of January, so involvement from funds has been limited since the start of the conflict.
“Interestingly, the shorts have increased their exposure by 15k lots, suggesting a larger portion of investors believe in lower prices from now,” he added.
https://www.cnbc.com/2026/03/18/why-aluminum-surged-iran-war.html
