SOUTH KOREA WILL EXEMPT ADDITIONAL SHIPPING COSTS FROM TARIFFS ON IMPORTS REROUTED DUE TO THE CLOSURE OF THE STRAIT OF HORMUZ, THE FINANCE MINISTRY SAID FRIDAY-YONHAP

Crude Oil: 1. India is actively considering increasing its strategic oil reserves. 2. Three energy vessels entered the Strait of Hormuz off the coast of Oman on Thursday. 3. Israel's Ministry of Energy: The Leviathan drilling rig will resume operations. 4. European diesel futures broke through the $200 per barrel mark due to supply restrictions caused by the war. 5. Sources: OPEC+ may consider further increasing production quotas at its meeting on Sunday. 6. Japanese media: The Japanese government plans to send a delegation to Russia in May, possibly to discuss importing crude oil from Russia. 7. The premium of US crude oil near-month futures over next-month and seven-month futures contracts both hit record highs. 8. Thai Prime Minister: Believes there is oil smuggling. Thailand will recalculate oil costs to lower fuel prices. 9. Baker Hughes: US drilling companies increased the number of oil and gas drilling rigs for the first time in three weeks. 10. US Department of Energy official: The US is currently not in any consultations regarding releasing more crude oil from its strategic oil reserves. 11. The EU Energy Commissioner stated that the EU is assessing "all possibilities," including implementing fuel rationing and releasing more oil from strategic petroleum reserves. 12. At least 40% of oil storage at the Russian Baltic port of Primorsk has been lost, satellite images indicate this was due to a Ukrainian drone attack. 13. According to Iraq's State Oil Marketing Organization (SOMO), oil exports through southern ports continued until March 8th. March oil revenues were approximately $2 billion; negotiations are underway regarding the use of pipelines from Gulf states. 14. Citigroup: Global oil supply is projected to be short by 4.4 million barrels per day; if some Gulf states refuse to agree to Iran's so-called "transit fees," the shortage could reach 8 million barrels per day. Under the baseline scenario, the average price of Brent crude in the second quarter of 2026 is projected to be $95 per barrel; under the bullish scenario, it is projected to be $130 per barrel. Precious Metals and Mining: 1. Turkey's gold reserves have plummeted by nearly 120 tons in two weeks. 2. The Mubarak steel plant in Isfahan, Iran, has completely ceased production. 3. Indonesian Finance Minister: Indonesia will impose a coal export tax this year. 4. UBS: Gold still has a chance to reach new highs this year, with an average price of $5,000 for the year.

[Hedge Funds Withdraw from Global Equities at Fastest Rate in 13 Years in March] Investors are rapidly reducing their holdings in global equities as hopes for a swift resolution to the Middle East conflict fade. According to data collected by Goldman Sachs' institutional brokerage division, hedge funds sold off global stocks at the fastest pace in 13 years in March, the second fastest pace since Goldman Sachs began collecting such data in 2011. This move was primarily driven by increased short selling, highlighting concerns that the stock market could weaken further amid the ongoing conflict in Iran. The MSCI World Index fell 7.4% in March, its worst monthly performance since 2022, while the S&P 500 fell 5.1% over the same period.