European diesel refining margins declined sharply on Thursday amid reports that EU nations are discussing a release of emergency reserves after facing pressure from the United States to help ease global fuel prices.
A growing number of U.S. states are implementing emergency measures to provide relief from record-high fuel prices. The moves come as the national average for diesel recently surpassed $6.50 per gallon amid global supply constraints.
U.S. Energy Secretary Chris Wright said he is 'highly confident' European nations will tap their emergency diesel reserves to combat high fuel prices, following reports of U.S. pressure on its allies.
The U.S. Treasury Department has sanctioned major Iranian automotive and railway companies to disrupt domestic transport networks that have become crucial following a U.S. blockade on the country's oil shipping lanes.
A coalition of 25 states and cities has sued the Environmental Protection Agency to block the repeal of a rule limiting greenhouse gas emissions from power plants. The lawsuit, filed in a D.C. federal court, challenges the Trump administration's move to eliminate the 2024 Carbon Pollution Standards.
Chilean state-run miner Codelco has suspended operations in the crushing and material handling area of its Radomiro Tomic copper mine following the death of a worker. The incident follows a similar recent fatality at a nearby BHP mine.
Palladium prices fell sharply, pressured by multi-decade high U.S. Treasury yields and a strengthening dollar, which compounded concerns over weakening automotive demand for the industrial metal.
Bank of America has raised its long-term copper price target by 20% to $12,000 per ton, citing persistent supply issues as the key driver for the industrial metal's continued strength.
The benchmark 10-year U.S. Treasury yield surged past 5.3% to its highest level in 24 years, leading a global government bond rout that is rattling investors despite signs of easing inflation.
