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The United States and Iran are considering a new round of diplomatic talks before a ceasefire is scheduled to end next week.
The United States has shifted its strategy towards Iran from lifting some sanctions on its crude oil to implementing a full blockade.
A successful U.S. blockade on Iran could remove an additional 2 million barrels per day of oil from the market, which was primarily destined for China.
A potential U.S. blockade of Iranian oil could increase total oil outages from the Persian Gulf region from 10-11 million barrels per day to approximately 13 million barrels per day.
The U.S. government allowed sanctions on Russian oil to lapse in recent days, largely because China was the main purchaser.
A lasting ceasefire in the Middle East will require significant progress on eliminating Iran's nuclear and ballistic missile capabilities.
France plans to reduce the share of hydrocarbons in its energy mix to 35% by investing in nuclear, hydro, and other renewable sources.
France will have doubled its defense spending over the decade from 2017 to 2027.
The European Union has decided to stop all new gas import contracts from Russia, with all existing imports to cease by January.
Recent conflict-related strikes on facilities and energy infrastructure have caused a loss of about 4% of global aluminum production.
The United States, European Union, United Kingdom, Australia, and South Korea are all considering or discussing strategic stockpiling of base metals.
Morgan Stanley forecasts copper prices will remain above $12,000 per ton through the medium term, partly due to strategic stockpiling.