Brent's down 19% in May on ceasefire hopes while the Strait of Hormuz runs at 4% of normal traffic and Iran exports 200,000 barrels a day.

Natural gas prices and sanctions enforcement just reminded everyone that fertilizer is still a geopolitical commodity, not a farming input.

Yemen's rebels are blocking tankers again, and this time Saudi Arabia isn't rushing to stop them. Welcome to the new Middle East math.

Saudi Arabia and Russia ended their production squabble exactly when oil hit $73, and the timing tells you everything about where this goes next.

Tehran's decision to cap uranium enrichment isn't compliance—it's a negotiating tactic, and the crude market is starting to figure that out.

AI data centers are crushing electricity infrastructure faster than anyone predicted, and the consequences ripple across every energy market.

Beijing's emergency drawdown of strategic copper reserves reveals a supply crisis that will reshape industrial commodity markets for years.

Germany just paid industrial consumers to use electricity for the first time in history, marking the final collapse of rational pricing.

China's abrupt pivot from property stimulus to grid infrastructure just created the tightest copper market since 2021.

Beijing dumped 500,000 tonnes of state copper reserves in three weeks, cratering prices and exposing the fragility of the energy transition trade.

Negative power prices hit record frequency as renewable overcapacity collides with inflexible baseload, breaking market price signals.