China Iron and Steel Association said the steel sector is currently marked by oversupply, weakening exports, stable but low prices, and rising costs. Officials noted elevated iron ore prices and continued increases in coking coal costs, partly driven by Middle East tensions, are adding pressure on the industry.

President Donald Trump has instructed aides to prepare for an extended blockade of Iran, aiming to squeeze the country’s economy and oil exports, US officials said. The move follows discussions in the Situation Room, with Trump viewing the blockade as less risky than renewed military action or disengagement. A senior official said the measures are straining Iran’s ability to store unsold oil and prompting renewed outreach to Washington. Suzanne Maloney of the Brookings Institution said Iran may bet it can withstand the pressure longer than the US.

BRENT CRUDE RISES ABOVE $105 PER BARREL, UP OVER 1% INTRADAY WTI CRUDE BREAKS ABOVE $103 PER BARREL, UP 1.58% INTRADAY