Moody's upgraded Egypt's sovereign rating to B3, citing fiscal consolidation and structural reforms.

A Refinitiv investigation found that since Feb. 28 Iran and Iran-backed militias have carried out at least 135 precision strikes on 84 infrastructure targets across the Gulf, hitting key oil, gas, power and transport facilities. The attacks have caused billions of dollars in damage, disrupted global energy supplies and helped Iran withstand U.S. military pressure. Gulf governments have often downplayed the losses, attributing damage to debris from intercepted missiles and drones.

Energy: 1. The Swiss government released up to 30,000 cubic meters of aviation fuel reserves. 2. US President Trump: May support suspending the federal diesel tax. 3. Russian Deputy Prime Minister: Russia will continue importing gasoline until at least the end of the year. 4. Angola, Africa's third-largest oil producer, aims to maintain its daily crude oil production above 1 million barrels. 5. Malaysia's palm oil exports from October 1-15 totaled 802,481 tons, a 43.2% increase week-on-week. 6. India will adjust its windfall profits tax on gasoline and diesel exports to 2.5 and 8.5 rupees per liter, respectively, effective October 16. 7. US EIA natural gas inventories for the week ending October 9 were 67 billion cubic feet, below the expected 76 billion cubic feet. 8. The International Energy Agency agreed to fully release the remaining 100 million barrels of crude oil, including the immediate release of 20 million barrels of diesel. 9. Saudi Aramco is reportedly increasing its spot crude oil supply to Europe, with deliveries planned for late October to mid-November. Agriculture/Mining: 1. Negotiations regarding the strike at the Centinela copper mine in Antofagasta have failed to yield a breakthrough. 2. Australia's PLS Group has approved a A$1.9 billion investment to expand spodumene concentrate production capacity. 3. The G7 has launched a €2.5 billion fertilizer aid plan to alleviate agricultural production cost pressures in impoverished countries. 4. Sources indicate that due to strict customs inspections and high import tariffs in India, 11,000 tons of Nigerien soybeans have been resold at a discount to other Asian markets. 5. Citigroup: Holds a neutral short-term view on copper and aluminum, forecasting prices of $14,000-$15,000/ton and $3,000/ton respectively, anticipating stronger supply growth for both in 2027. Sees upside potential for nickel and lead. Optimistic about tin prices over the next 6-12 months, expecting them to reach $60,000/ton. Global Shipping Situation: 1. Two merchant ships caught fire near Romanian territorial waters within 12 hours. 2. The US military stated that the Strait of Hormuz remains open to navigation. 3. The Iranian military stated that the strait is not open and that it will retaliate several times over if infrastructure is attacked.