Tonight's Highlights | Brent Reclaims $100 as Crude Supply Shock Rallies Volatility
On Thursday, rising international oil prices weighed on markets, with U.S. stock index futures trading lower across the board as traders closely monitor the latest developments in the Middle East. Major European indexes, which are currently trading, are all in negative territory.
Brent crude futures have once again broken above $100 per barrel, after retreating to $93.45 on Wednesday amid optimism over a potential cease-fire—a sentiment that is now fading.
Iran’s foreign minister said Wednesday that the U.S. had conveyed a proposal to end the war via several friendly countries, and Iran’s top leadership is reviewing it. However, Iran’s “exchange of information” through these mediators does not mean negotiations with the U.S.
U.S. President Donald Trump posted on his social media platform Truth Social on Thursday, warning Iran to “take this seriously very soon, or it will be too late. Because once that happens, there is no turning back, and the consequences will be very severe.”
Gulf nations issued a joint statement on Thursday condemning Iran’s attacks on their energy infrastructure and stating they are prepared to defend themselves.
The Organization for Economic Co-operation and Development (OECD) warned on Thursday about the global economic outlook: if the energy crisis worsens and persists due to the conflict, global growth could suffer a major setback while inflation rises.
Corporate News
Supply Tightens: Saudi Aramco May Cut Crude Supplies to Asia Again in April
Industry sources recently revealed that Saudi Aramco plans to reduce crude oil supplies to Asia in April, providing only Arab Light crude to long-term customers—marking the second consecutive month of such cuts. Latest data from global commodity tracker Kpler shows Saudi Arabia’s crude oil exports averaged 4.355 million barrels per day (bpd) so far in March, well below February’s 7.108 million bpd.
Mitsubishi Electric, Rohm, Toshiba Reportedly in Talks to Merge Power Semiconductor Businesses
Media outlets, citing sources, reported that Japan’s Mitsubishi Electric, Rohm, and Toshiba will launch negotiations to integrate their respective power semiconductor businesses.
If the deal is completed, the combined entity would hold a global market share of approximately 10%, creating the world’s second-largest power semiconductor alliance, trailing only Germany’s Infineon. The three firms could announce the start of merger talks as early as Friday, according to reports.
Codelco-Anglo American Joint Mining Plan Gets Antitrust Approval
On March 25 local time, Chile’s state-owned copper producer Codelco announced that its joint mining agreement with Anglo American for the Andina-Los Bronces region has received antitrust approval.
The plan will increase annual refined copper production in the area by about 120,000 tons between 2030 and 2051, unlocking an additional 2.7 million tons of copper resources at lower unit costs without requiring significant extra investment, the statement said.
U.S. Jury Finds Meta, Google Liable for Teen Social Media Addiction
A jury at the Los Angeles County Superior Court in California ruled on March 25 that Meta Platforms and Google are liable in a lawsuit over minor social media addiction, which caused severe mental health harm to a young user. The two companies must pay the plaintiff $3 million in damages.
Both Meta and Google said they disagree with the verdict and are evaluating their options. The case originally included TikTok and Snap, but both reached settlements with the plaintiff before the trial.