Reuters reports that while Gulf Arab states did not ask the U.S. to go to war with Iran, many are now urging the U.S. not to stop short by leaving the Islamic Republic still able to threaten the Gulf’s oil lifeline. Saudi-based Gulf Research Center Chair Abdulaziz Sager noted, “There is a wide feeling across the Gulf that Iran has crossed every red line with every Gulf country…Once they began directing strikes at us, they became an enemy. There is no other way to classify them.”
U.S. DOE’s Office of Critical Minerals and Energy Innovation will invest $500M to support “demonstration and commercial scale facilities” to process or recycle critical minerals used in batteries and energy technologies (incl. lithium, graphite, nickel, copper and aluminum). This marks the 3rd round of funding under the Battery Materials Processing and Battery Manufacturing & Recycling programs. The announcement comes as Asst. Sec. of Energy Audrey Robertson attends the Indo-Pacific Energy Security Forum in Japan, where US officials are meeting with allies on cooperation on supply chain resilience.
U.K. raw materials research firm Fastmarkets reports the international price of tungsten (based on European ammonium paratungstate [APT]) touched an all-time record of $2,250pt on 3/15. China accounted for 79% of ’24 global tungsten mining production (85kt) and overseas shipments fell 40% y/y following ’25 export curbs. As the highest density metal used in everything from smartphone vibration motors to armor-piercing weapons and missile stabilizers, tungsten prices have soared 557% since Feb. ’25.
Australia’s RBA raised rates for the second straight month in a 5-4 vote warning of “material” risks to inflation from the intensifying Middle East war.
AAA reports that average U.S. gasoline prices have risen 27% in the first half of March (from $2.984/gal to $3.790/gal), already exceeding the largest monthly increase on record (+22.2% in May ’09).
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