The U.S. makes less than 1% of the rare earth magnets it needs, leaving a $1.5 trillion civilian economy exposed to Chinese export controls. The Pentagon's 2027 sourcing rules cut Chinese magnets from defense purchases, but defense makes up under 0.1% of global demand.
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Oil prices rose in early Asian trading Wednesday as renewed Houthi attacks on Saudi Arabia, including reports targeting the Ras Tanura complex, revived supply fears. Brent traded at $115.70 and WTI at $101.20, recovering from a nearly $2 drop Tuesday on hopes for regional diplomacy.
The Trump administration is preparing to ease federal methane emission rules for oil and gas producers, revising parts of the 2024 Biden-era regulations. The EPA estimates the changes could save the industry about $45 billion in compliance costs.
ING analysts say oil traders appear to be preparing for renewed U.S. strikes on Iran after the Nov. 3 midterm elections. If no escalation comes, they expect the market's risk premium to start easing and prices to fall.
The Energy Department announced a conditional loan commitment of up to $5 billion to fund uprates and modernization across Constellation Energy's nuclear plants in Illinois, Maryland and Pennsylvania. The work would add nearly 1.1 gigawatts of generating capacity.
