Regulation & Government

US ultra-low-sulfur diesel futures fell 4% after a report of a potential 90-day export ban, which the White House denied. Energy Secretary Chris Wright said a ban would not work and could raise gasoline and jet fuel prices. The administration is exploring voluntary measures as retail diesel averages near record $6.52/gallon. Read →

President Trump signed the Lindsey O. Graham Sanctioning Russia and Iran Act of 2026 into law on Sept 18. It authorizes up to 100% tariffs on goods from the top five importers of Russian crude or natural gas and on sanctions-evasion hubs. The law also expands sanctions on Russian entities and extends the Iran Sanctions Act to 2031. Read →

The Trump administration warned France and Germany to draw down emergency diesel inventories or risk a US diesel export ban. US officials seek about 120 million barrels of EU diesel releases over six months to ease global prices. France and Germany hold roughly 35% of the EU's strategic diesel reserves; the pressure follows perceived shortfalls on prior IEA commitments. Read →

President Trump authorized an eight-month suspension of countervailing duties on Moroccan phosphate fertilizer imports under a June 2026 emergency proclamation to address supply risks and high prices. The duties, in place since 2021, had raised costs for US corn, soybean and wheat farmers. Congress is considering options to amend the CVD regime or make the suspension permanent. Read →

The Trump administration implemented import bans effective September 29 on select Canadian products including alcoholic beverages, whey and other dairy items, molasses, non-alcoholic beer and motorcycles worth roughly $967 million. The bans escalate the US-Canada trade dispute triggered by 50% Section 338 tariffs and Canadian retaliation, though they cover only a small fraction of bilateral trade. Read →

President Trump signed the bipartisan Lindsey O. Graham Sanctioning Russia and Iran Act on September 18, requiring within 30 days up to 500% tariffs on Russian-origin goods and up to 100% tariffs on goods from the top five importers of Russian crude oil or natural gas plus top sanctions-evasion facilitators. The law also expands sanctions, prohibits new US energy exports and investments in Russia, and extends the Iran Sanctions Act to 2031. Read →

The Lindsey O. Graham Sanctioning Russia and Iran Act, signed September 18, directs the president to impose tariffs up to 100% on imports from the five largest buyers of Russian crude or natural gas and top evasion facilitators, in addition to up to 500% duties on Russian goods. It codifies and expands Russia sanctions while extending Iran sanctions through 2031, with determinations due by mid-October. Read →

President Trump dismissed Tehran's seven-day proposal to reopen the Strait of Hormuz in exchange for sanctions relief and blockade easing. Brent crude rose more than 3% to top $107/bbl in early Asian trade as shipping through the key chokepoint remains constrained by the ongoing conflict. Read →

November WTI rose over $2.90 to $95.35/bbl and Brent December gained $2.45 amid the rejection of Iran's Hormuz reopening proposal. Markets also monitor White House signals on possible diesel export measures as retail diesel averages $6.52/gallon. Read →

President Trump declared a national emergency on fertilizer supplies and signed a proclamation suspending anti-dumping and countervailing duties on phosphate fertilizer imports from Morocco for up to eight months. The move follows years of farmer lobbying and aims to increase supply and lower costs for U.S. agriculture. USDA estimates the action could cut phosphate prices by about 22% and save farmers $1.82 billion annually. Read →

FERC voted to insert conditional sunset provisions into 53 outdated or unnecessary regulations, with a one-year sunset date after the rule's effective date. The action responds to President Trump's Executive Order on Zero-Based Regulatory Budgeting to Unleash American Energy. A companion NOPR allows for public comment on significant adverse effects before final sunset. Read →

President Trump signed the Lindsey O. Graham Sanctioning Russia and Iran Act of 2026 into law. The legislation authorizes up to 500% tariffs on Russian goods including oil and natural gas, up to 100% secondary tariffs on top importers of Russian energy, and new sanctions targeting Russia's energy, defense and financial sectors. It also extends the Iran Sanctions Act through 2031. Read →

A White House official denied a Politico report that the administration was preparing a 90-day ban on U.S. diesel exports amid record prices above $6.50 per gallon. Energy Secretary Chris Wright said a flat ban would not work and could raise gasoline and jet fuel prices instead. Discussions focus on voluntary measures to increase domestic diesel supply while maintaining other fuel flows. Read →

Energy Secretary Chris Wright contacted major U.S. refiners to gauge support for voluntary restrictions on diesel exports as an alternative to a ban. The U.S. is the world's largest diesel exporter, and industry groups including the American Petroleum Institute warned restrictions could force refiners to cut runs and raise prices for gasoline and jet fuel. Diesel prices at $6.52/gallon add political pressure ahead of November midterms. Read →

Serbia's Russian-owned NIS, operator of the country's only oil refinery supplying up to 80% of fuel needs, applied for a new U.S. sanctions waiver after the current one expires September 30. The waiver would allow continued crude imports until a planned sale of the Russian stake (held by Gazprom and Gazprom Neft) to Hungary's MOL. OFAC imposed sanctions last October over Russian ownership tied to the Ukraine war. Read →

US ultra-low-sulfur diesel futures fell 4% to $4.7437/gallon after a Politico report on a possible 90-day export ban. The White House called the report incorrect, with Energy Secretary Chris Wright saying any supply boost would be voluntary and a ban would not work as it could raise gasoline and jet fuel prices. Record diesel at $6.52/gallon stems from wars cutting Russian, Saudi and UAE exports, pressuring US refiners and farm/transport sectors. Read →

The Trump administration prepared a 90-day diesel export ban plan despite internal splits and oil industry opposition to lower record prices ahead of midterms. Trump backed the idea Tuesday while Energy Secretary Wright and others warned it would cut refinery runs and raise gasoline/jet fuel prices. Farm-state Republicans like Sen. Chuck Grassley pushed the measure as diesel hit $6.52/gallon from Iran and Ukraine war supply cuts. Read →

The White House denied considering a flat diesel export ban, clarifying mixed signals from Trump and Treasury Secretary Bessent as prices topped $6.50/gallon. Energy Secretary Wright said the focus is voluntary measures to increase US diesel supply without cutting gasoline or jet fuel output. Industry groups like API warned restrictions would force refiners to cut runs, worsening global diesel shortages from Middle East and Russia supply disruptions. Read →

USTR allocated the remaining 55,993 metric tons raw value of the FY2027 WTO raw cane sugar TRQ (total 1,117,195 MTRV) to specific countries including Argentina (2,915), Dominican Republic (11,931) and Philippines (9,151). Allocations take effect October 1, 2026, with certificates required and conditions for net sugar importers. This follows the July allocation of 1,061,202 MTRV and maintains minimum WTO commitments for US sugar imports. Read →

President Trump signed the Lindsey O. Graham Sanctioning Russia and Iran Act into law. The measure directs tariffs of up to 100% on the five largest purchasers of Russian oil and natural gas and expands sanctions on Russian officials, banks, and the shadow tanker fleet. It also extends Iran energy sanctions for five years. Read →

The EPA finalized repeal of most 2024 Carbon Pollution Standards for fossil fuel-fired power plants, projecting $310 billion in savings, and proposed rescinding all remaining GHG emission standards for the sector. The actions remove requirements for carbon capture on coal and new gas plants and restore flexibility for coal and natural gas generation. Administrator Lee Zeldin said the moves will increase coal production more than tenfold and deliver affordable baseload power. Read →

President Trump signed the Lindsey O. Graham Sanctioning Russia and Iran Act into law on Sept 18, requiring him to impose tariffs of up to 100% within 30 days on the five largest importers of Russian crude oil or natural gas and on top facilitators of sanctions evasion. The measure also authorizes broader sanctions on Russia's energy sector and shadow fleet. China and India rank among the biggest buyers, creating direct pressure on global energy trade flows and potential supply shifts away from Russian barrels. Read →

U.S. and Chinese negotiators are preparing for a Sept 24 White House meeting focused on extending a one-year trade truce set to expire Nov 10, including possible reciprocal tariff cuts on $30 billion in goods and continued rare-earth exports. Both sides accuse the other of shortfalls on farm purchases, critical minerals shipments and compliance with forced-labor rules. The uneasy pause keeps tariffs from escalating further while energy and AI issues remain on the table. Read →

House Republican leaders scheduled the Senate-passed Lindsey O. Graham Sanctioning Russia and Iran Act for floor consideration the week of Sept 14, reviving legislation that authorizes up to 100% tariffs on top Russian oil and gas importers. The package also targets sanctions evasion networks and Russia's energy and defense sectors. Passage would expand executive tariff authority just ahead of the Trump-Xi summit. Read →

Saudi Aramco is routing 2.9 million barrels per day of crude through the Strait of Hormuz after Houthi actions disrupted the alternative Red Sea pipeline route. Limited loadings from the Red Sea port of Yanbu are expected to resume soon for select Asian buyers. The shift highlights ongoing geopolitical pressure on Middle East energy flows despite diplomatic efforts. Read →

President Trump signed the Lindsey O. Graham Sanctioning Russia and Iran Act of 2026 into law. The measure targets Russia’s energy and defense sectors plus its shadow fleet and directs the president to impose tariffs of up to 100% on the top five importers of Russian crude oil or natural gas. It also extends sanctions on Iran’s energy sector. Read →

President Trump signed legislation empowering him to levy tariffs on countries purchasing Russian petroleum products. The bill sanctions Russian officials, banks, and energy projects to pressure Moscow over Ukraine. Ukrainian officials welcomed the move as concrete US support. Read →

The US agreed to suspend for one year a BIS rule expanding export controls on thousands of Chinese entities and to suspend port fees on Chinese ships. Treasury Secretary Scott Bessent confirmed the steps as part of a deal with Beijing that includes soybean purchases. Read →

The US will hold off on announcing new tariffs on China and other partners recommended in an excess-capacity trade report until after next week’s Trump-Xi summit. The delay keeps the 7.5% tariff threat on Chinese goods available as negotiating leverage. Commodity markets watch for any signals on agriculture, energy and rare-earth trade concessions. Read →

The House passed the Lindsey O. Graham Sanctioning Russia and Iran Act 262-159, sending it to Trump for signature. The bill authorizes tariffs up to 100% on the top five purchasers of Russian oil or gas, including China and India, plus sanctions on officials, banks and the shadow fleet. It also extends Iran energy sanctions for five years. Read →

The USDA released a Biofuels Roadmap to remove foreign restrictions on US ethanol and renewable diesel made from corn and soybeans. The plan specifically calls out EU policies capping crop-based biofuels and urges engagement with trading partners and UN agencies to expand export markets. Record 2025 exports make policy changes abroad critical for absorbing bumper US harvests. Read →

The US House approved the Lindsey O. Graham Sanctioning Russia and Iran Act of 2026 by 262-159, authorizing President Trump to impose up to 100% tariffs on top buyers of Russian oil and gas including China and India. The bill also imposes new sanctions on Russian officials, oligarchs, financial institutions and the shadow fleet, plus extends Iran sanctions. It heads to Trump for signature after Senate passage last month. Read →

Congress approved legislation granting Trump authority to levy tariffs up to 100% on countries purchasing significant Russian petroleum products. The measure, backed by Ukrainian officials, overcomes business lobby opposition over expanded tariff powers. It now goes to the president who is expected to sign it. Read →

The USDA issued its American Biofuels Trade Outlook to expand ethanol and renewable diesel exports following 2025's record 2.2 billion gallons shipped worth $4.7 billion. The plan targets removal of foreign restrictions on crop-based biofuels, especially EU limits, and pushes E10 blending in Latin America and Asia. It supports US farmers by increasing global demand for corn and soybean feedstocks. Read →

Russia's government imposed a temporary export ban on sulfuric acid effective within 10 days of publication and running through December 31, 2026. The measure protects domestic supplies for mineral fertilizer producers and industrial users. Exceptions require prime ministerial approval or apply to transit and intergovernmental deals; Kazakhstan is the main prior buyer. Read →

The US House voted 214-211 to advance the Lindsey O. Graham Sanctioning Russia and Iran Act of 2026. The bill authorizes President Trump to impose tariffs of up to 100% on the top five importers of Russian crude oil or natural gas by volume, explicitly naming India among others in an amendment. It also extends Iran sanctions and targets Russia's energy sector; a final House vote is expected Wednesday. Read →

US and Chinese officials are negotiating reciprocal tariff reductions covering roughly $30 billion in trade, including lower duties on American energy and agricultural shipments to China. The talks signal potential extension of the one-year trade truce ahead of a leaders' summit next week and could ease duties on Chinese manufacturing inputs. Read →

The Trump EPA rescinded most 2024 Carbon Pollution Standards requiring emissions cuts via carbon capture on existing and new fossil-fuel plants. Announced at the G20 energy ministers meeting in Houston, the final rule projects $310 billion in savings and proposes eliminating all remaining GHG standards for power plants to boost coal and natural gas output. Read →

EPA Administrator Lee Zeldin announced the repeal of Biden-era greenhouse gas requirements for US power plants at the G20 Energy Abundance Ministerial. The action is expected to increase coal production for power use more than tenfold while restoring baseload reliability; a supplemental proposal seeks to block future carbon regulations under the Clean Air Act. Read →

The EPA finalized repeal of 2024 Biden-era carbon pollution standards for coal and gas power plants and proposed eliminating remaining greenhouse-gas rules, projecting $310 billion in savings. The move reverses requirements for emissions controls or plant retirements and seeks to block future regulation under the Clean Air Act. It boosts fossil-fuel output including coal and natural gas while cutting compliance costs for the power sector. Read →

Trump announced Russia and Ukraine agreed to halt strikes on each other's energy infrastructure amid record US diesel prices above $6/gallon. Even if the truce holds, extensive refinery damage in Russia and the Gulf plus export bans mean diesel supply shortfalls of 1.6 million bpd will persist into 2027. Refining capacity losses from both conflicts outweigh any near-term relief from halted attacks. Read →

The UK FCA launched a call for input on tokenising gold to improve trading, transfer, pledging and collateral use in wholesale markets. It is exploring a bespoke regime or exemptions from collective investment scheme rules to unlock London bullion reserves. The initiative aims to enhance efficiency and competitiveness while preserving market integrity. Read →

US President Donald Trump announced Sunday at a golf event in Ireland that he will remove the 10% tariff on Irish whiskey exports to the US. The duty formed part of broader EU wine and spirits tariffs from a prior trade deal, later adjusted under July Section 301 measures. The Irish Whiskey Association welcomed the move and will push for zero tariffs across drinks exports. Read →

US President Donald Trump stated that Ukrainian strikes on Russian diesel refineries, not his Iran policy, are driving record US diesel prices. He called on Ukrainian President Volodymyr Zelenskyy to stop targeting diesel fuel facilities while allowing other strikes. The remarks came amid surging refined product prices tied to supply disruptions. Read →

The UK Financial Conduct Authority is considering a bespoke regulatory regime to exempt tokenised gold from standard fund rules. The proposal aims to unlock more of London’s physical bullion reserves for use as collateral in transactions. It forms part of efforts to digitize wholesale markets and maintain London’s gold trading dominance. Read →

Treasury Secretary Scott Bessent said the US will sanction an unnamed large bank on Monday as part of escalating pressure on Iran to end the six-month conflict. The move follows Operation Economic Outcast sanctions on nearly 60 entities and broadens secondary sanctions on sectors including shipping and gold. It targets financial intermediaries facilitating Iranian oil exports and revenues. Read →

The UK will impose additional sanctions on Iran’s energy, metals, gold and software sectors starting Sept. 29. Restrictions extend to related shipping, insurance and banking activity. The measures build on existing designations and aim to further restrict Tehran’s commodity trade channels. Read →

China agreed to relax export controls on gallium, germanium, graphite and antimony and lift retaliatory tariffs on US agricultural products. The deal also allows Nexperia semiconductor products to leave China. It follows talks between Presidents Trump and Xi earlier in the week. Read →

President Trump signed proclamations banning certain Canadian alcoholic beverages, dairy products and large motorcycles from Sept. 29. The US also revised products subject to 50% Section 338 tariffs and removed some items from prior lists. Actions respond to Canada’s Sept. 8 retaliatory tariffs on $20 billion of US goods. Read →

Latvia's government plans a 300% tariff on grain imports from Russia and Belarus to curb transit through its ports and infrastructure. Prime Minister Andris Kulbergs said the measure aims to block Russian and Belarusian grain from using Baltic routes while protecting local farmers and preventing circulation of grain from occupied Ukrainian territories. The Baltic states are seeking a coordinated position as Russia reroutes grain exports amid Black Sea disruptions. Read →

President Trump signed proclamations under Section 338 of the Tariff Act of 1930 banning certain Canadian alcohol, dairy and other products while modifying prior 50% tariffs on items like cheese and motorboats. The actions target Canada's alleged discrimination against US exports in alcohol and dairy after Ottawa's new retaliatory tariffs took effect. Bans begin September 29; tariff modifications start September 15, affecting cross-border commodity trade. Read →

Brent crude held above $100 a barrel into Thursday after the largest wave of US-Iran shipping attacks since the conflict began, with Iran striking 10 vessels and the US targeting five Iranian tankers. Physical markets show dated Brent above $100 since September 3 as inventories draw down and alternative routes face pressure from Houthi strikes on Saudi facilities. The EIA raised its price forecasts amid the supply risks. Read →

Canada imposed 15-50% tariffs on hundreds of US imports worth about $20-28 billion, including steel, dairy, appliances, electronics and agricultural equipment, in direct retaliation for US 50% Section 338 tariffs on Canadian goods. The duties, effective 12:01 a.m. ET Tuesday after talks collapsed, target products mirroring those hit by Washington and aim to pressure the US into new negotiations. This escalates the bilateral trade dispute with potential knock-on effects for North American commodity flows in steel, aluminum derivatives and farm inputs. Read →

Prime Minister Mark Carney's government activated counter-tariffs on 629 US items covering roughly $27.6-28 billion, with rates of 15%, 25% or 50% hitting steel/aluminum products, wood, consumer goods and more. The move responds to US tariffs on Canadian exports and follows the breakdown of talks, with Ottawa selecting items to maximize leverage on swing-state industries. Commodity-relevant impacts include higher costs for US steel and aluminum derivatives plus potential supply-chain shifts in North American metals and agriculture equipment trade. Read →

Canada rolled out 15-50% tariffs on more than 700 US products including steel, fish, cheese, smartphones and other goods starting Sept. 8, matching the value of recent US duties on Canadian items. The retaliation targets sectors hit hardest by Washington's measures and seeks to restore negotiating leverage without broader escalation. For commodities, it directly raises barriers on US steel and aluminum goods already subject to Section 232 duties, potentially tightening North American metals markets. Read →

The EU published a Council regulation authorizing member states to confiscate and sell Russian oil and grain cargoes from over 670 blacklisted shadow fleet tankers, with proceeds barred from reaching Russian entities. This expands prior inspection powers to active seizure and sales, targeting vessels evading sanctions or carrying stolen Ukrainian grain. The measure tightens enforcement on Russian energy exports and related commodity flows amid ongoing sanctions pressure. Read →

The UK broadened sanctions targeting Iran's energy and financial sectors while providing exemptions for joint Azerbaijani gas projects. The action adds to Western pressure on Iranian energy exports amid regional tensions. It affects commodity trading in oil, gas and related products by further restricting Iranian access to international markets and finance. Read →

Canada's dollar-for-dollar retaliation on roughly $20-27.6 billion of US imports took effect just after midnight ET. Duties range 15-50% on steel, furniture, clothing, dairy, electronics and agricultural equipment. Negotiations collapsed last month, with both sides blaming each other for the breakdown. Read →

Canada will impose counter-tariffs of 15%, 25% and 50% on approximately C$27.6 billion of US imports effective 12:01 a.m. September 8, matching US Section 338 and 232 duties dollar-for-dollar on steel, aluminum, dairy, appliances, agricultural equipment, pulp and paper, and electronics. The measures target sectors hit by US tariffs and include a C$7.5 billion support package for affected Canadian workers and businesses. This escalates the bilateral trade conflict with direct impacts on commodity-linked inputs like steel for energy infrastructure and agricultural equipment. Read →

After US-Canada trade talks collapsed, Canada announced it will impose dollar-for-dollar retaliatory tariffs on US goods starting September 8, covering steel, dairy, appliances, agricultural equipment and electronics. The duties match the 50% US Section 338 tariffs on Canadian products that took effect August 22. Retaliation risks higher costs for US exports of steel, aluminum derivatives and farm equipment while pressuring commodity supply chains. Read →

Canada confirmed counter-tariffs on roughly 700 US tariff lines worth about $20-27.6 billion annually, effective September 8, with rates of 15%, 25% or 50% on steel, aluminum, dairy, fish, appliances and more. Existing Canadian counter-tariffs on autos remain in place. The package includes business support measures as the tit-for-tat escalates impacts on metals and agricultural commodity trade. Read →

Canada announced dollar-for-dollar retaliatory tariffs on US goods targeting steel, dairy, appliances, agricultural equipment, pulp and paper and electronics, set to take effect September 8 following breakdown of US-Canada negotiations. Measures respond to US 50% Section 338 tariffs on Canadian imports. Updates also note extensions of fuel excise tax relief and petroleum export levies in other countries amid ongoing energy market pressures. Read →

Canada will apply new counter-tariffs of 15-50% on C$27.6 billion of US imports from September 8, focusing on steel, aluminum, dairy, appliances, agricultural equipment and electronics to match US duties. The government also unveiled a C$7.5 billion support package for impacted businesses and workers. Escalation directly affects commodity inputs including steel for energy projects and equipment for agriculture. Read →