Regulation & Government

The CFTC exercised authority to stay CME Group's self-certified contract for 24/7 crude oil futures trading starting July 10. The regulator is reviewing whether round-the-clock trading complies with the Commodity Exchange Act amid an ongoing public consultation on 24/7 futures. Read →

The US reimposed oil sanctions on Iran after a two-day exchange of airstrikes left a June truce in limbo. The move followed Iranian attacks on ships in the Strait of Hormuz and renewed US strikes on Iranian targets. Read →

Russia imposed a temporary ban on diesel exports until July 31 to boost domestic supplies following Ukrainian drone strikes on refineries that caused shortages and price spikes. Deputy PM Novak said Russia will begin importing fuel in July. The move tightens global diesel availability and drove the biggest daily gain in US diesel futures in four years. Read →

China removed restrictions on refined fuel exports for the rest of July and allowed private refiner ZPC to resume shipments after a four-month halt. Refiners target about 3 million metric tons of gasoline, diesel and jet fuel exports this month. The easing follows an interim US-Iran deal and aims to normalize operations after earlier curbs to protect domestic supplies. Read →

President Trump directed the Treasury, Commerce and USTR to prepare measures to cut off all US trade with Spain, including visits, over defense spending disputes. Officials will present a menu of Spanish products for potential embargo in coming days. Spain's key US imports include pharmaceuticals, electrical equipment and petroleum products. Read →

US diesel futures rose sharply on the Russian export ban amid ongoing supply uncertainty from Middle East tensions. The move followed Ukrainian strikes that reduced Russian output and prompted domestic shortages. Buyers seeking alternatives could benefit US refiners while pressuring global prices higher. Read →

Oil prices rose after President Trump said the US-Iran memorandum was over amid renewed attacks near the Strait of Hormuz. The US struck Iranian targets and revoked waivers allowing Iranian oil sales. Diesel futures also surged on the separate Russian export ban. Read →

The US Treasury revoked the general license authorizing Iranian oil sales through August 21, shortening the wind-down to July 17 after attacks on vessels in the Strait of Hormuz. Oil prices rose more than 5% on the news. The move threatens an interim diplomatic understanding between Washington and Tehran while negotiations continue. Read →

Singapore and Indonesia signed agreements on July 6 to advance cross-border low-carbon electricity trade, with Indonesia's Danantara appointing MoUs with Singapore firms for 3.4 GW or more of projects by 2035. The countries will harmonize regulatory frameworks and develop a Renewable Energy Certificate system. Pricing negotiations remain ongoing under Indonesian regulations. Read →

President Trump signed an executive order extending the pause on country-specific reciprocal tariffs from July 9 to August 1 and sent letters to 14 countries with planned rates of 25% to 40%. The delay offers hope for deals to major partners but leaves smaller exporters uncertain. Trump stated no further extensions will be granted. Read →

President Trump issued a proclamation declaring a fertilizer supply emergency and suspended countervailing duties of up to 16.8% on phosphate fertilizer imports from Morocco for up to eight months. The move aims to ease U.S. farmer input costs and boost supply after disruptions from regional conflicts and trade actions. It directly affects agricultural commodity markets by lowering costs for a key fertilizer input. Read →

Russia's Ministry of Agriculture announced higher export duties on wheat and meslin effective July 8-14, 2026, following a period of zero duties. This policy change restricts Russian grain exports during the period and can tighten global wheat supplies while supporting domestic prices. It impacts grain commodity markets by altering export flows from a major producer. Read →

Israel opened its fifth competitive tender for natural gas exploration in its economic waters, a process expected to last about a year with three phases. Energy Minister Eli Cohen cited proven economic viability and potential for more exports to Egypt and Jordan. The tender targets additional reserves in the Levant Basin and supports regional energy supply growth. Read →

Brazil's Federal Police launched Operation Exchange, executing arrest warrants and search orders targeting a money laundering network linked to the PCC criminal group, days after U.S. sanctions on related individuals and firms. Courts ordered the freezing of about $2 billion in assets including crypto. The coordinated action follows U.S. sanctions and affects illicit finance tied to commodities trade. Read →

The EU will cut tariff-free steel import volumes 47% to 18.3 million metric tons starting Wednesday, with imports above the quota facing 50% duties across 26 product categories. The change replaces expiring safeguards to shield the bloc's industry from a 620 million ton global glut, especially from China. Half the quota is reserved for free-trade agreement partners. Read →

China's Commerce Ministry added 20 Japanese entities, including Mitsubishi Heavy Industries units and research institutes, to its export control list on Monday. The restrictions bar Chinese firms from selling dual-use products to the listed companies to prevent use in enhancing Japan's military capabilities. This marks further escalation in Beijing's economic measures against Tokyo. Read →

The London Metal Exchange is weighing rule changes such as allowing outdoor aluminium storage in Hong Kong to increase activity at the location. Hong Kong warehouses hold minimal stocks despite opening in 2025. The move aligns with China's efforts to expand influence in global metals trading. Read →

OPEC+ producers are expected to approve another 188,000 bpd increase in output targets from August at their Sunday meeting. The step follows prior hikes and comes as prices ease with reopening supply routes. Seven core members have already added nearly 800,000 bpd since April. Read →

Five Japanese steel associations called the EU's new steel safeguard, effective July 1, unfair and inappropriate. It sets 18.3 million t annual tariff-free quotas with 50% out-of-quota duties and allocates Japan only 800,000 t versus prior 1.5 million t average imports. Groups urge Japan to negotiate or pursue WTO and EPA dispute settlement. Read →

The UK's Trade Remedies Authority started an anti-dumping investigation July 1 into US linear low-density polyethylene imports at Ineos's request. The probe examines claims of dumped prices injuring the sole UK producer. It targets a key plastics feedstock used in packaging and films. Read →

EU plans for aluminium scrap export restrictions face delay until at least 2027. Initial hopes targeted second-quarter 2026 implementation to retain scrap for domestic recyclers. The postponement affects secondary aluminium supply chains and global scrap trade flows. Read →

From July 1, 2026, the UK limits tariff-free steel imports across 20 categories, cutting overall quotas by 51% from prior safeguards. Imports above quarterly quotas face a 50% tariff. The move counters global overcapacity and supports UK steelmaking for infrastructure and defense. Read →

Russian-owned NIS, Serbia's sole refinery supplying up to 80% of the market, applied for a new US sanctions waiver after the current one expires July 1. The waiver allows crude imports and processing amid ownership change talks with MOL. Read →

Kyrgyzstan, importing over 90% of gasoline from Russia, requested emergency fuel supplies from Kazakhstan, Belarus, Azerbaijan, Uzbekistan and Turkmenistan. Ukrainian strikes on Russian refineries and potential Russian diesel export bans are tightening supplies ahead of harvest. Read →

The Nuclear Regulatory Commission proposed revising radiation protection rules by reconsidering the ALARA standard and linear no-threshold model. Changes aim to support nuclear expansion under executive reform orders. Read →

The US declined to extend the USMCA review deadline, initiating a process likely to place the pact in limbo. Existing US tariffs on Mexican and Canadian autos, metals and lumber remain in place during negotiations. Read →

China's commerce ministry added 20 Japanese entities, including Mitsubishi Heavy Industries and Mitsubishi Electric units plus the National Institute for Defense Studies, to its export control list for dual-use items. Exporters cannot sell such items without approval, citing Japan's remilitarization and nuclear ambitions. The curbs took effect immediately and follow earlier restrictions on Tokyo. Read →

The White House issued an emergency proclamation temporarily lifting duties on phosphate fertilizer imports from Morocco for up to eight months. The move addresses supply shortfalls and high prices exacerbated by the Iran conflict to support US farmers and food production. It follows prior tariff relief on other agricultural inputs. Read →

President Trump posted on Truth Social that retailers must lower gasoline prices immediately, targeting around $2.50 per gallon given oil at $68 per barrel, and warned of illegal gouging and big problems ahead. The statement follows his instruction to the DOJ last week to probe oil companies and comes as crude prices ease after Middle East developments. Read →

India's government ordered the lifting of temporary restrictions on petrol and diesel sales at retail outlets starting July 1. The curbs, including caps on daily diesel purchases and bans on commercial buyers, were imposed earlier in June amid Middle East supply disruptions. Normal sales resume as global supply conditions improve. Read →

The CFTC released draft regulations governing prediction markets to establish clearer federal oversight. The rules aim to define which event contracts fall under public interest review without banning most sports or other bets. This follows earlier agency actions and addresses growth in platforms like Kalshi. Read →

The CFTC ordered Netrios LP Ltd. to pay $1.75 million and Red Acre Ltd. $750,000 for facilitating off-exchange leveraged retail commodity transactions to ineligible US customers. The firms provided platforms and support for illegal activity that should occur only on registered exchanges. The settlement enforces CFTC rules on retail commodity derivatives and deters offshore evasion. Read →

The Trump administration is reversing decades of Iran sanctions as part of a deal to end conflict, open the Strait of Hormuz and lower energy prices. This creates uncertainty for banks and firms navigating new permissions alongside lingering restrictions on Iranian oil exports. Read →

Importers rush cargo ahead of impending US tariffs, pushing container freight rates to levels unseen since the 2024 Red Sea crisis. Surge reflects efforts to front-load shipments before levies raise costs on key commodity trade routes. Read →

Vladimir Putin confirmed gasoline queues and supply issues after refinery outages, noting a full ban on diesel exports is under consideration alongside existing gasoline and jet fuel restrictions. Moscow prioritizes domestic stability over export revenues for refined products. Read →

Treasury’s OFAC General License X authorizes production, sale, delivery and offloading of Iranian-origin crude, petroleum and petrochemicals through August 21, 2026. Narrow window supports interim US-Iran deal while broader sanctions framework remains in flux. Read →

Canada announced a provisional 10% safeguard tariff on imports of canned vegetables effective immediately for a maximum of 200 days. It excludes the US, Mexico, Israel, Chile and developing countries. The measure addresses challenges to domestic producers while an inquiry by the Canadian International Trade Tribunal proceeds. Read →

The IMF reported energy and commodity prices have fallen since the US-Iran agreement halting hostilities and reopening the Strait of Hormuz. Spokeswoman Julie Kozack noted it will take time for prices and Gulf trade flows to normalize. The Fund will update its World Economic Outlook on July 8, reviewing growth scenarios tied to the conflict. Read →

EU member states gave final approval to the US trade deal. The pact removes EU levies on US industrial goods and some agriculture products. In return, the US will cap tariffs on EU exports at 15%. Read →

India's trade minister Piyush Goyal met US Trade Representative Jamieson Greer. They discussed an interim deal with India seeking tariff advantages over regional exporters. Talks build on February progress but face Section 301 probes and forced-labor tariff proposals. Read →

Deputy PM Alexander Novak said Russia is weighing a full diesel export ban. The move addresses shortages from Ukrainian attacks on refineries. Additional measures include tax changes and possible fuel imports. Read →

Dutch Trade Minister Sjoerd Sjoerdsma met US officials including Commerce Secretary Howard Lutnick. The Netherlands opposes expanded US export controls that would further restrict ASML semiconductor equipment sales. Concerns include potential use of the foreign direct product rule. Read →

The WTO Dispute Settlement Body agreed on June 23 to establish a panel reviewing China's claims that India's tariffs on solar cells, modules and IT goods, plus solar incentives tied to domestic content, violate WTO rules. The panel follows China's second request after India blocked the first in May. The dispute centers on measures alleged to discriminate against Chinese exports in renewable energy and tech sectors. Read →

Britain's finance ministry announced it will scrap customs duty relief on imports valued at £135 or less from October 2028, six months earlier than the prior March 2029 target. The change targets e-commerce loopholes used by Chinese platforms such as Shein. It aims to level the playing field for UK high-street retailers facing cheap direct-from-factory shipments. Read →

The EU shelved a proposal to lower the G7 Russian crude oil price cap to $45 per barrel from the current level near $44-47.60. Officials cited lack of US support for tougher sanctions and complications from Middle East oil price volatility linked to Iran. The move leaves the existing cap and adjustment mechanism in place to limit Kremlin energy revenues. Read →

The US Treasury issued a general license allowing sales of Iranian crude, petrochemicals and petroleum products through August 21. Iran committed to IAEA inspections and free Strait of Hormuz transit in exchange for the sanctions easing. The move signals progress toward a final peace deal and could boost global oil supply. Read →

China's Commerce Ministry placed MP Materials, USA Rare Earth and eight other US entities on its export control list over alleged US military links. The curbs restrict dual-use exports from China in retaliation for recent US restrictions on Chinese firms. The action targets key players in US efforts to build domestic rare-earth supply chains. Read →

President Trump advances new tariff mechanisms, including Section 301 investigations into forced labor and excess capacity, to rebuild import taxes mirroring his earlier global levies struck down by the Supreme Court. The approach targets major trading partners with proposed duties of at least 10 percent, reshaping costs for metals, energy, and agricultural commodities. Read →

The US Trade Representative initiated a Section 301 investigation into Germany for alleged persistent underpayment of innovative pharmaceutical products. The probe follows German health-insurance reforms aimed at curbing drug spending and sets up potential retaliatory tariffs on German goods. It signals heightened US scrutiny of pricing practices in pharma supply chains affecting commodity-linked chemical inputs. Read →

Australian beef shipments to China will incur an additional 55% tariff starting this weekend after reaching Beijing's annual 205,000-ton quota. The quota was set in December 2025 to shield Chinese farmers alongside limits on Brazil and Argentina. The move will redirect Australian red-meat flows and pressure global beef trade dynamics. Read →

China eliminated tariffs on imports from 53 African nations on May 1, spurring an 18% rise in bilateral trade and increased yuan-denominated settlements. African exporters of avocados, apples and other commodities are shifting payments via CIPS to cut dollar costs. The shift supports Beijing's de-dollarization push in resource trade. Read →

President Trump is expected to decide within weeks on tariffs for refined copper following a Commerce Department review due by end-June. The outcome will reshape US import flows, inventories and pricing for the key industrial metal. Traders are positioning ahead of the ruling amid existing Section 232 pressures. Read →

China's foreign ministry defended its export controls on critical minerals as standard international practice for non-proliferation and stability. The statement responded to G7 plans to reduce reliance on single suppliers like China to below 60% by 2030. Controls target rare earths and magnets vital to energy, defense and tech commodities. Read →

A New York federal judge approved the Justice Department's request to dismiss the long-running criminal case against Turkish state lender Halkbank, which was accused of helping Iran evade US sanctions by moving $20B in funds. The deferred prosecution agreement, announced in March, bars Halkbank from Iran-benefiting transactions and requires compliance monitoring; no fines or admissions of guilt. The move eases US-Turkey tensions and removes a sanctions enforcement overhang on energy/finance commodity flows. Read →

CFTC divisions issued no-action positions allowing three providers (Capitolis, Quantile/LSEG, TriOptima/OSTTRA) to offer portfolio rebalancing and basis risk mitigation for swaps without registering as swap execution facilities. Providers remain subject to introducing broker registration and other rules. The relief supports operational efficiency in derivatives markets tied to commodity hedging and risk management. Read →

G7 leaders set a binding target limiting any single supplier (implicitly China) to no more than 60% of G7 imports of rare earths and permanent magnets by 2030, with a longer-term 50% goal. Plans include aligned stockpiling, IEA-backed crisis platform, recycling boosts, and exploration of quotas/price tools. This accelerates Western efforts to diversify critical mineral supplies for tech, energy transition, and defense. Read →

President Trump issued a proclamation modifying Section 232 tariffs on aluminum, steel, and copper products/derivatives, effective June 8, 2026 through end-2027. Key changes include lower US-content thresholds (85% vs. 95%), expanded 15% rate eligibility for certain ag/industrial equipment and HVAC, and adjustments to scope and calculations. This refines duties on key industrial commodity inputs amid ongoing trade policy. Read →

Canadian Prime Minister Mark Carney announced new sanctions targeting Russia’s shadow fleet of oil tankers, energy revenues, defense-industrial sector and disinformation entities. The moves came during G7 meetings in France alongside Ukrainian President Zelenskiy. Russia retaliated with travel bans on over 100 Canadians. Read →

Senators Jeanne Shaheen and Elizabeth Warren called on the Trump administration not to extend General License 134C allowing Russian oil sales, which expires June 17. They argued renewal would fund Putin’s war and contradict claims the Iran conflict is resolved. The license has enabled continued Russian oil exports amid high energy prices. Read →

Serbian President Aleksandar Vucic said the US Treasury will grant a 15-day extension for Hungary’s MOL to negotiate purchase of Gazprom’s stake in sanctioned Serbian refiner NIS. OFAC sanctions on NIS require Russian divestment; the extension allows continued crude purchases and refinery operations through early July. Read →

The European Parliament voted to approve legislation cutting EU import duties on many US goods, fulfilling the EU side of a 2025 trade deal. The move aims to prevent new US tariffs, with the US set to implement 15% tariffs on EU goods by July 24 under the agreement. Read →

U.S. President Donald Trump warned he would impose 100% tariffs on all French wines and champagnes unless France scraps its 3% digital services tax on U.S. tech firms. French wine and spirits exporters group FEVS called the threat bad news for an export-dependent sector and urged balanced trade ties. The move escalates transatlantic tensions that could affect agricultural commodity flows and pricing. Read →

The U.S. Supreme Court declined to review an appeal and let stand a 2025 appeals court ruling upholding Trump-era tariffs on hundreds of billions in Chinese goods. The decision preserves import taxes on Chinese commodities and manufactured products without imposing new limits on presidential tariff authority. It sustains elevated costs for affected supply chains in metals, electronics and other commodities. Read →

The European Parliament is set to vote Tuesday on legislation implementing EU duty cuts agreed in the 2025 Turnberry trade deal with the U.S., replacing higher U.S. tariffs with a 15% system from July 24. Industry groups back the deal for stability in $2 trillion annual transatlantic trade including autos and metals, but warn of risks from unresolved disputes on steel, aluminum and non-tariff barriers. Uncertainty persists over whether Washington will fully honor the terms amid fresh tariff threats. Read →

Canada's ambassador to the U.S. said Ottawa's top priority in talks with Washington is relief from U.S. tariffs on steel, aluminum and automobiles rather than formal USMCA renewal starting July 1. Senior Trump officials have signaled interest in keeping the pact intact with modifications. Persistent tariffs on Canadian industrial commodities continue to pressure North American supply chains and pricing. Read →

The U.S. Bureau of Industry and Security announced a $252 million penalty settlement with Applied Materials for illegal exports of semiconductor manufacturing equipment to China, the second-highest ever imposed. The enforcement action highlights ongoing U.S. export controls on advanced technology and equipment relevant to critical minerals and electronics supply chains. It reinforces compliance risks for firms in high-tech commodity sectors. Read →

President Trump warned French President Macron that the U.S. will impose 100% tariffs on all French wines and champagnes unless France eliminates its 3% digital services tax on U.S. tech firms. The threat targets a key EU agricultural export worth billions annually to the U.S. market. Read →

The UK, France, Germany and Italy issued a joint statement pledging readiness to lift sanctions on Iran following steps on its nuclear program after a U.S.-Iran deal to end their war. The move signals potential easing of energy sector restrictions tied to the agreement. Read →

The European Commission is assessing impacts of a U.S. export control directive that forced Anthropic to disable its top AI models for foreign users over national security concerns. Officials stressed that protective measures must not discriminate against EU partners. Read →

Anthropic suspended access to its Fable 5 and Mythos 5 models worldwide after a Commerce Department directive to block foreign nationals, citing a potential jailbreak risk for cybersecurity uses. The company called the order overly broad and said it disagrees with the national security rationale. Read →