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Global oil and gas prices rallied sharply over the weekend as escalating geopolitical tensions in the Middle East rattled energy markets and triggered fears of a major supply disruption.

Benchmark crude prices surged to their highest levels in years, with traders pricing in the possibility of prolonged instability across one of the world’s most important energy-producing regions. Brent crude briefly climbed above US$115 a barrel in early trading, while US benchmark West Texas Intermediate (WTI) also spiked sharply, marking one of the largest short-term gains since the energy shock following Russia’s invasion of Ukraine in 2022.

At the heart of the rally is the escalating conflict involving Iran and its regional rivals, which has raised concerns about the security of critical oil infrastructure and shipping routes.

Analysts say the market reaction reflects the risk that the conflict could disrupt flows through the Strait of Hormuz, a narrow waterway that normally carries roughly 20 percent of the world’s oil supply.

Recent attacks on energy infrastructure have intensified those fears. In early March, a drone strike targeted Saudi Arabia’s Ras Tanura refinery, one of the kingdom’s largest oil processing facilities, prompting temporary operational disruptions and contributing to an immediate spike in global crude prices.

At the same time, tanker traffic through the Strait of Hormuz has plummeted as shipping companies and energy traders reassess risks in the region. Reports indicate that hundreds of vessels have avoided the route, effectively constraining the flow of crude from major Gulf exporters including Saudi Arabia, Iraq, Kuwait and the United Arab Emirates.

Markets are particularly sensitive to disruptions in the Gulf because the region serves as a critical artery for global energy trade. If the conflict escalates further or shipping lanes remain restricted, analysts warn that millions of barrels per day could be removed from the market.

“The conflict has shifted from geopolitical risk to real supply disruption,” analysts said, noting that energy infrastructure attacks and transport bottlenecks are tightening the global supply outlook.

Energy traders are also watching the potential response from major producing nations and international organizations. The Organization of the Petroleum Exporting Countries and its allies, known as OPEC+, have historically attempted to stabilize markets by adjusting production quotas. Decisions by the group to cut or increase output often play a decisive role in shaping oil prices.

From surplus to deficit

“The global oil market has been in significant surplus since the start of 2025. Ahead of the military actions that began on 28 February, global oil supply was also expected to far exceed demand in 2026,” an International Energy Agency report notes.

“However, prolonged supply disruptions could flip the market into a deficit. The disruption to oil flows through the Strait has forced some operators to start shutting in production. The region’s output of refined products has also been impacted.”

Meanwhile, some governments are weighing the release of strategic petroleum reserves in an attempt to dampen the rally. Several Group of Seven countries have signaled they could coordinate emergency stockpile releases if supply disruptions worsen.

Despite these potential interventions, market analysts warn that geopolitical shocks tend to produce sharp and prolonged price swings. If the current conflict expands or energy infrastructure remains under threat, crude prices could climb even higher, with some forecasts suggesting oil could test US$120 to US$150 per barrel under severe supply constraints.

For the Independent Commodity Intelligence Services (ICIS) the duration of any disruption is the most critical factor in determining the scale of price impacts.

ICIS model-based analysis suggests that even a relatively short interruption to shipping through the Strait could push European gas prices sharply higher. Under a scenario in which the waterway is closed for four weeks, benchmark prices at the Title Transfer Facility (TTF) could rise to approximately 60 euros per megawatt-hour in March, with summer prices remaining about 20 percent above pre-crisis forward levels.

A more prolonged disruption would amplify the impact considerably. In a scenario where the Strait remains closed for three months, TTF prices could climb to roughly 85 euros per megawatt-hour, reflecting heightened competition for global liquefied natural gas (LNG) cargoes and growing concerns over European supply security.

The analysis underscores the extent to which Europe’s gas market remains exposed to global LNG dynamics, even after several years of efforts to diversify supply following the Russian invasion of Ukraine. The continent now relies heavily on LNG imports to balance demand, meaning that any disruption affecting shipments from the Middle East, one of the world’s largest LNG-exporting regions, would quickly ripple through European pricing.

Higher LNG prices would also have important implications for gas storage levels across the EU. As imported cargoes become more expensive, utilities may draw more heavily on existing inventories to meet near-term demand. This dynamic would likely lead to faster depletion of stored gas during the spring and early summer, leaving less cushion ahead of the winter heating season.

At the same time, elevated prices would increase the urgency of replenishing storage facilities during the summer injection period. Market participants would need to secure additional LNG cargoes to rebuild inventories, further intensifying competition for global supply and sustaining upward pressure on prices.

Recent adjustments to EU storage policy could somewhat soften the immediate price shock, but analysts say the broader supply-risk profile would remain largely unchanged. In particular, the European Union’s decision to relax storage-filling requirements may reduce short-term demand for gas injections, thereby moderating the initial spike in spot prices.

However, the policy shift does little to alter the underlying supply constraints that could emerge later in the year.

Securities Disclosure: I, Georgia Williams, hold no direct investment interest in any company mentioned in this article.

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Oreterra Metals Corp. (TSXV: OTMC,OTC:OTMCF) (OTCID: OTMCF) (FSE: D4R0) (WKN: A421RQ) (‘Oreterra’ or the ‘Company’) announces the granting of stock options to directors and officers to purchase an aggregate of 4,507,750 common shares of the Company. The stock options are exercisable at a price of $0.64 per common share and have a term of five (5) years from the date of grant. The stock option grant is subject to approval by the TSX Venture Exchange.

About Oreterra Metals Corp.

Oreterra Metals Corp. commenced trading on February 2, 2026, under the ticker OTMC, following a months-long effort to restructure the former Romios Gold Resources Inc. Management took on the task because it believes the Company’s wholly-owned Trek South porphyry copper-gold prospect represents, based upon the impressive results of the spectrum of geosciences applied to the target area to date, among the finest new targets of its kind in BC’s Golden Triangle. The Company recently released (news, January 22, 2026) a National Instrument 43-101 Technical Report for the Trek property which recommends two initial phases of drilling at Trek South, for execution in the approaching 2026 field season. A copy of the Technical Report is available on the Company’s website at www.oreterra.com, and on the Company’s SEDAR+ issuer profile at www.sedarplus.ca.

Additional wholly-owned Company property interests include two former producers in Nevada: the Kinkaid claims in the Walker Lane trend covering numerous shallow Au-Ag-Cu workings over what is believed to be one or more porphyry centres (source: J.Biczok, P.Geo, June 2025, Kinkaid Gold-Copper-Silver Project, www.oreterra.com), and the Scossa mine property in the Sleeper trend which is a former high-grade gold producer (source: J.Biczok, P.Geo, July 2025, Scossa Historic Gold Mine Property, www.oreterra.com). The Company also holds a 100% interest in the large Lundmark-Akow Lake Au-Cu property adjacent to the northwest of the Musselwhite Mine in northwestern Ontario, where drilling by the Company has produced highly encouraging, broad VMS-style Au-Cu intersections.

For further information, visit www.oreterra.com or contact:

Kevin M. Keough
Chief Executive Officer
Tel: 613 622-1916
Email: kkeough@oreterra.com
Stephen Burega
President
Tel: 647 515-3734
Email: sburega@oreterra.com

 

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Cautionary Statement Regarding Forward-Looking Information

This news release includes certain ‘forward-looking statements’ which are not comprised of historical facts. Forward-looking statements include estimates and statements that describe the Company’s future plans, objectives or goals, including words to the effect that the Company or management expects a stated condition or result to occur. Forward-looking statements may be identified by such terms as ‘believes’, ‘anticipates’, ‘expects’, ‘estimates’, ‘may’, ‘could’, ‘would’, ‘will’, or ‘plan’. Since forward-looking statements are based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Although these statements are based on information currently available to the Company, the Company provides no assurance that actual results will meet management’s expectations. Risks, uncertainties and other factors involved with forward-looking information could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to failure to identify mineral resources, delays in obtaining or failures to obtain required governmental, environmental or other project approvals, political risks, inability to fulfill the duty to accommodate First Nations, uncertainties relating to the availability and costs of financing needed in the future, changes in equity markets, inflation, changes in exchange rates, fluctuations in commodity prices, delays in the development of projects, capital and operating costs varying significantly from estimates and the other risks involved in the mineral exploration and development industry, and those risks set out in the Company’s public documents filed on SEDAR+. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/287697

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  • Advancing Alzheimer’s and Age-Related Macular Degeneration Programs Toward FDA Engagement and IND-Enabling Activities
  • Targeting Initiation of Phase 1 Clinical Trial in Alzheimer’s Disease in 2027

InMed Pharmaceuticals Inc. (NASDAQ: INM) (‘InMed’ or the ‘Company’), a pharmaceutical company focused on developing a pipeline of disease-modifying small molecule drug candidates that target CB1CB2 receptors, today provides a pharmaceutical development outlook for 2026.

‘Over the last several quarters, we made meaningful scientific and operational progress across our pipeline, particularly with INM-901, generating data that fundamentally strengthened its scientific rationale and strategic positioning in the Alzheimer’s segment. These results support a differentiated approach to Alzheimer’s disease that extends beyond single-target strategies. We further refined the program’s direction and reinforced our conviction that targeting neuroinflammation is critical to addressing Alzheimer’s disease progression,’ commented Eric A. Adams, InMed President and CEO.

‘Looking ahead in 2026, our primary focus is executing activities toward a pre-IND meeting with the FDA in Q3 to discuss the INM-901 program, which we believe will be a key inflection point as we work toward IND submission and initiation of a Phase 1 clinical trial in 2027. In parallel, we will continue developing INM-089 and plan for a pre-IND meeting in Q4 2026.’

INM-901 Program Outlook

INM-901 is a proprietary, orally bioavailable, disease-modifying small molecule drug candidate that is a preferential CB1/CB2 signaling agonist and can cross the blood-brain barrier with a specific focus on treating neuroinflammation in Alzheimer’s disease. InMed believes INM-901 is uniquely positioned within the evolving Alzheimer’s disease treatment landscape as increasing scientific consensus suggests that the disease is driven by multiple, interrelated biological pathways, rather than a single pathogenic mechanism.

InMed has generated preclinical evidence supporting that INM-901 exerts a therapeutic effect by directly attenuating neuroinflammation, which functions as a primary pathogenic driver for the Alzheimer’s disease progression rather than a secondary or a reactive effect. Additional data on neuroprotection and neuritogenesis of INM-901 demonstrated a multifactorial mechanism of action, engaging several complementary pathways critical to mitigate neurodegeneration. By clarifying its focus, InMed strengthened the clinical and commercial rationale for INM-901 and positioned the program to pursue the most efficient and impactful path forward.

Scientific and Development Progress in 2025 include:

Key Anti-Neuroinflammation Progress

    Progress Across Additional Mechanisms Within Alzheimer’s Pathology

    • Molecular Validation: mRNA data aligns with behavioral findings, supporting observed improvements in cognition, memory and neurogenesis.

    Additional Drug Development Progression

    • Initiation of the dose-ranging and exposure assessments supporting advancement toward IND-enabling studies.
    • Progress in drug substance and drug product development, including formulation development and scale up to support dose ranging and future GLP studies.
    • Advancement of drug product and drug substance analytical methods and stability assessments consistent with regulatory expectations.
    • Initiation of a regulatory and clinical development framework to support first-in-human evaluation.

    2026 Development Priorities for INM-901 include:

    • Conduct a pre-IND meeting with the U.S. Food and Drug Administration in Q3/2026.
    • Continue to execute on IND-enabling pharmacology and toxicology studies.
    • Continued development and scale up of drug substance and product manufacturing activities to support IND enabling studies and submission.
    • Subject to regulatory feedback and completion of IND-enabling activities, the Company targets submission of an IND and initiation of a Phase 1 clinical trial in 2027.

    As we move forward, the progress achieved to date reinforces our confidence in INM-901 and in our strategic direction with a disciplined focus on neuroinflammation with a clear development plan. We believe we are positioned to advance INM-901 efficiently and deliver meaningful long-term value for shareholders.

    INM-089 Program Outlook

    INM-089 is a small molecule drug candidate being studied for its potential as a treatment for dry age-related macular degeneration.

    Scientific and development progress and plans include:

    • Generation of data supporting continued evaluation of therapeutic potential.
    • Completion of preclinical studies, including dose-ranging assessment, demonstrating dose proportionality and pharmacologically relevant concentration following dosing.
    • Drug substance and drug product process in place to support IND enabling studies, with further optimization expected in advance of IND submission.
    • Planning for a pre-IND meeting with the FDA in Q4 2026.

    About InMed:

    InMed Pharmaceuticals is a pharmaceutical company focused on developing a pipeline of proprietary small molecule drug candidates targeting the CB1/CB2 receptors. InMed’s pipeline consists of three separate programs in the treatment of Alzheimer’s, ocular and dermatological indications. For more information, visit www.inmedpharma.com.

    Investor Contact:
    Colin Clancy
    Vice President, Investor Relations
    and Corporate Communications
    T: +1.604.416.0999
    E: ir@inmedpharma.com

    Cautionary Note Regarding Forward-Looking Information:

    This news release contains ‘forward-looking information’ and ‘forward-looking statements’ (collectively, ‘forward-looking information’) within the meaning of applicable securities laws. Forward-looking statements are frequently, but not always, identified by words such as ‘expects’, ‘anticipates’, ‘believes’, ‘intends’, ‘potential’, ‘possible’, ‘would’ and similar expressions. Such statements, based as they are on current expectations of management, inherently involve numerous risks, uncertainties and assumptions, known and unknown, many of which are beyond our control. Forward-looking information is based on management’s current expectations and beliefs and is subject to a number of risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. Without limiting the foregoing, forward-looking information in this news release includes, but is not limited to, statements about: developing a pipeline of disease-modifying small molecule drug candidates that target CB1/CB2 receptors; the potential efficacy of INM-901; INM-901’s ability to treat Alzheimer’s; marketability and uses for INM-901; the advancement of chemistry, manufacturing, and controls (CMC) activities; the planning of GLP-enabling studies and the preparation of an IND submission the further development; planning for a pre-IND meeting in Q3 2026; engaging regulatory / clinical experts to map out topline clinical design for first in human clinical trials for the INM-901; targeting submission of an IND and initiation of a Phase 1 clinical trial in 2027; potential efficacy, and marketability of INM-089 for dry age-related macular degeneration; preparing for a pre-IND meeting with the FDA in Q4 2026 for INM-089.

    Additionally, there are known and unknown risk factors which could cause InMed’s actual results, performance, or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information contained herein. A complete discussion of the risks and uncertainties facing InMed’s business is disclosed in InMed’s Annual Report on Form 10-K and other filings with the Securities and Exchange Commission on www.sec.gov.

    All forward-looking information herein is qualified in its entirety by this cautionary statement, and InMed disclaims any obligation to revise or update any such forward-looking information or to publicly announce the result of any revisions to any of the forward-looking information contained herein to reflect future results, events or developments, except as required by law.

    To view the source version of this press release, please visit https://www.newsfilecorp.com/release/287694

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    West High Yield Resources Ltd. (TSXV: WHY,OTC:WHYRF) (the ‘Company’ or ‘West High Yield’) is pleased to announce that it has received a draft access permit (the ‘Draft Permit’) from the British Columbia Ministry of Transportation and Transit (the ‘MOTT’) for highway access associated with the Company’s Record Ridge Industrial Mineral Mine project (the ‘RRIMM Project’) located near Rossland, British Columbia.

    The Draft Permit outlines the proposed framework for controlled RRIMM Project access from the provincial highway system, including the Cascade Highway corridor. This represents another key regulatory step forward as the Company advances the RRIMM Project following the issuance of its Mines Act permit from the British Columbia Ministry of Mines on October 20, 2025.

    Highway access is a critical infrastructure component for the RRIMM Project, supporting construction mobilization, transportation logistics, and future mining operations. The Company will now work with the MOTT to finalize permit conditions, including final engineering design, traffic safety measures, and operational parameters required for project access.

    The receipt of the Draft Permit further strengthens the RRIMM Project’s position as one of the most advanced permitted magnesium projects under development in North America, at a time when governments across Canada and the United States are prioritizing the development of domestic critical minerals supply chains.

    Magnesium is recognized as a strategic material essential to automotive lightweighting, aerospace manufacturing, defense applications, and advanced industrial alloys. Global supply is currently highly concentrated outside North America, creating increasing urgency for the development of secure, domestic sources of magnesium and related critical materials.

    ‘Receiving the draft highway access permit from the Ministry of Transportation and Transit is another important milestone as we continue advancing Record Ridge toward development,’ said Frank Marasco, West High Yield’s President and CEO. ‘Infrastructure access is fundamental to transitioning the project from permitting into construction readiness. With the Mines Act Permit already secured, this step moves us closer to unlocking one of North America’s largest and most strategically positioned magnesium resources.’

    ‘With global leaders at PDAC 2026 highlighting a ‘hinge moment’ for the mining sector, we believe Record Ridge is well positioned to contribute to Canada’s critical minerals strategy,’ Mr. Marasco continued. ‘As magnesium becomes increasingly important for advanced manufacturing and clean technologies, Record Ridge has the potential to provide a secure, low-carbon source of magnesium for North American supply chains.’

    The Company is diligently working with its consultants and government authorities to advance post-permit compliance requirements and complete remaining project permitting. In parallel, the Company continues to advance several development initiatives, including pilot processing programs, engineering studies, and strategic industry engagement, with the goal of advancing the processing plant project toward a commercial feasibility study planned for mid-2026.

    The Company will provide additional updates as further project development milestones are achieved.

    About West High Yield

    West High Yield is a publicly traded junior mining exploration and development company, established in 2003, and focused on acquiring, exploring, and developing mineral resource properties in Canada. Its primary objective is to develop its Record Ridge critical mineral (magnesium, silica, and nickel) deposit using green processing techniques to minimize waste and CO2 emissions.

    The Company’s Record Ridge critical mineral deposit located 10 kilometers southwest of Rossland, British Columbia has approximately 10.6 million tonnes of contained magnesium based on an independently produced National Instrument 43-101 – Standards of Disclosure for Mineral Projects (‘NI 43-101‘) Preliminary Economic Assessment technical report (titled ‘Revised NI 43-101 Technical Report Preliminary Economic Assessment Record Ridge Project, British Columbia, Canada’) prepared by SRK Consulting (Canada) Inc. on April 18, 2013 in accordance with NI 43-101 and which can be found on the Company’s profile at https://www.sedarplus.ca.

    Qualified Person

    Rick Walker, B.Sc., M.Sc., P.Geo., the Company Geologist is a Qualified Person as defined in NI 43-101 and has reviewed and approved the technical information in this press release.

    Contact Information:

    West High Yield (W.H.Y.) RESOURCES LTD.

    Frank Marasco Jr., President and Chief Executive Officer
    Telephone: (403) 660-3488
    Email: frank@whyresources.com

    Barry Baim, Corporate Secretary
    Telephone: (403) 829-2246
    Email: barry@whyresources.com

    Cautionary Note Regarding Forward-looking Information

    This press release contains forward-looking statements and forward-looking information within the meaning of Canadian securities legislation. The forward-looking statements and information are based on certain key expectations and assumptions made by the Company. Although the Company believes that the expectations and assumptions on which such forward-looking statements and information are based are reasonable, undue reliance should not be placed on the forward-looking statements and information because the Company can give no assurance that they will prove to be correct.

    Forward-looking information is based on the opinions and estimates of management at the date the statements are made and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those anticipated in the forward-looking information. Some of the risks and other factors that could cause the results to differ materially from those expressed in the forward-looking information include, but are not limited to: general economic conditions in Canada and globally; industry conditions, including governmental regulation; failure to obtain industry partner and other third party consents and approvals, if and when required; the availability of capital on acceptable terms; the need to obtain required approvals from regulatory authorities; and other factors. Readers are cautioned that this list of risk factors should not be construed as exhaustive.

    Readers are cautioned not to place undue reliance on this forward-looking information, which is given as of the date hereof, and to not use such forward-looking information for anything other than its intended purpose. The Company undertakes no obligation to update publicly or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable law.

    NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

    To view the source version of this press release, please visit https://www.newsfilecorp.com/release/287761

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    Force majeure declarations are beginning to ripple across the global commodities sector as the escalating conflict in the Middle East threatens to spread shocks beyond oil and gas.

    Energy companies, producers, and traders are already grappling with interruptions to shipments through the Strait of Hormuz, the narrow waterway linking the Persian Gulf to global markets.

    The strait typically carries roughly one-fifth of the world’s oil and liquefied natural gas supply, making it one of the most important chokepoints in global commodity trade.

    Energy producers declare force majeure

    Some of the first force majeure declarations have emerged from the energy sector.

    QatarEnergy declared force majeure on liquefied natural gas (LNG) deliveries this week after attacks forced the state-owned company to halt production at key facilities. The decision followed strikes on two LNG installations and continuing security threats in the region.

    In Israel, Chevron (NYSE:CVX) also declared force majeure at the Leviathan offshore gas field after authorities ordered a shutdown following US–Israeli strikes on Iran and subsequent retaliation across the region.

    Leviathan is Israel’s largest gas field and supplies natural gas to Israel, Egypt and Jordan. The suspension marks the second time in less than a year that regional hostilities have interrupted operations at the site.

    Meanwhile, oil producers in the Gulf have begun cutting output as tankers struggle to move through Hormuz. The United Arab Emirates (UAE) and Kuwait have both started reducing production after storage facilities began filling up when exports could not leave the region.

    Aluminum, precious metals markets feel the shock

    Aluminium Bahrain BSC has invoked force majeure on some shipments after maritime traffic through Hormuz effectively stalled. The company said the measure was tied to transit disruptions rather than damage to its smelter operations.

    The announcement sent aluminum prices sharply higher. Futures in London surged to their highest level since 2022, rising as much as 5.1 percent during trading before settling higher on the day.

    The aluminum market is particularly sensitive to supply disruptions because the metal is used across a wide range of industries, including automotive manufacturing, construction, appliances and packaging. Even short interruptions can create shortages for manufacturers that rely on tightly timed deliveries of specialized metal products.

    Mining financier Robert Friedland, founder of Ivanhoe Mines (TSX:IVN,OTCQX:IVPAF), warned that the broader consequences of a prolonged closure of the Strait of Hormuz could extend far beyond the Gulf region.

    “Further to what we said about the impact that the closing of the Strait of Hormuz has on the sulphur market… and therefore African copper production… Craig Tindale maps out that this is only one small piece of a giant and critically important 3D jigsaw,” Friedland wrote on X.

    “Everything affects everything, everywhere, all of the time.”

    Meanwhile, precious metals markets are also feeling the effects of the conflict. Air traffic across much of the Gulf region has been curtailed since US and Israeli strikes on Iran began earlier this week, halting most flights in and out of Dubai.

    Dubai, one of the world’s most important hubs for bullion logistics, handled roughly 20 percent of global gold shipments last year, serving as a key transit point for metal moving from Africa and Europe to Asian markets.

    With flights grounded, traders say shipments of gold and silver have stalled across several trading centers.

    “Gold availability has become a concern following the suspension of flights from the Middle East,” said John Reade, senior market strategist at the World Gold Council (WGC).

    Some traders say prolonged disruptions could increase volatility in precious metals markets that have already seen sharp price swings this year. Gold recently surged to record levels above US$5,400 per ounce amid geopolitical tensions before easing slightly this week.

    Even after the pullback, prices remain nearly 20 percent higher since the start of the year.

    Geopolitical turmoil drive metals market swings

    Jeffrey Christian, managing partner at CPM Group, said geopolitical instability has been a major driver of investor demand for gold and silver.

    “That has caused investors to buy more gold and silver than ever before.”

    Christian added that high prices and volatility can also create bottlenecks in the physical metals market.

    “You have to understand that with the high prices and the high volatility, that really puts a constraint… on the flow of physical metal through the market,” he said.

    For now, the biggest question facing commodity markets is how long disruptions in the Persian Gulf will last.

    The Strait of Hormuz remains effectively closed to most commercial shipping, leaving hundreds of oil and gas tankers anchored outside the passage while governments consider military escorts to reopen the route.

    Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.

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    Norwegian police are investigating an attack on the U.S. Embassy in Oslo that caused no injuries and only minor damage.

    Amid the war on Iran, the Norwegian Justice Minister Astri Aas-Hansen is deploying ‘considerable resources’ to search for potential multiple perpetrators.

    ‘This is an unacceptable incident that we are taking very seriously,’ she told Norwegian press agency NTB.

    A ‘loud bang’ was reported at the U.S. embassy in Oslo early Sunday morning at 1 a.m. local time (Saturday 7 p.m. ET), according to police, and eyewitnesses told Reuters that they saw thick smoke by the entrance of the consular section.

    ‘There was a very thick layer of smoke on the street,’ said Sebastian Toerstad, 18, a high school student who drove past the embassy at the time of the explosion.

    ‘There was some damage to the entrance.’

    No explosive devices had been found in the area, according to police.

    ‘Investigations have been carried out at the scene with the aid of dogs, drones and a helicopter, searching for one or more potential perpetrators,’ the Oslo police department said in a statement.

    PST, the Norwegian police security service, called in additional personnel following the incident but has not changed the country’s terror threat level, according to communication adviser Martin Bernsen.

    PST operations manager Mikael Dellemyr does not ‘connect’ the attack to U.S. bombings in the Middle East or terrorist or Iranian retaliation.

    ‘It is far too early’ in the investigation, he told Oslo’s TV 2.

    Fox News Digital reached out to the State Department for comment, but they did not immediately respond.

    The Associated Press and Reuters contributed to this report.

    Related Article

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    The Iran-backed Houthi terrorist movement has yet to enter the conflict on Iran’s side but in recent days has been ratcheting up its rhetoric in support of Tehran, with its leader, Abdul Malik al-Houthi, declaring that it was prepared to enter the war against the U.S. and Israel if necessary.

    ‘Regarding military escalation and action, our fingers are on the trigger, ready to respond at any moment should developments warrant it,’ al-Houthi said on Thursday.

    ‘The reason why the Houthis have not intervened is they are last line of resistance for the axis. Especially after other axis members were degraded,’ Nadwa Al-Dawsari, an expert on Yemen and an associate fellow at the Middle East Institute, told Fox News Digital.

    The official slogan of the Houthi movement (Ansar Allah) reads, ‘Allah is Greater. Death to America. Death to Israel. Curse on the Jews. Victory to Islam.’ 

    Al-Dawsari, who has written extensively about Yemen and the Houthis, said: ‘I think the Houthis will intervene at some point. The longer the war continues, the more likely the Houthis will intervene. I think what the Houthis want to do — and they have been itching for a while to do — is to attack the Saudis. If the Saudis intervene, the Houthis will find a reason to attack the Saudis.’

    The Islamic Republic of Iran formed an ‘Axis of Resistance’ prior to Hamas’ invasion of Israel on Oct. 7, 2023. Iran’s axis coalition of Shiite and Sunni terrorist proxies, includes the Lebanon-based Hezbollah, Hamas and Palestinian Islamic Jihad in the Gaza Strip, the Houthis, Shiite militias in Iraq, and the now-defunct Baathist regime in Syria.

    Within the first few weeks of his administration, President Joe Biden launched a reset with the Houthis and pressured the Saudis to end the war against the bellicose Houthi movement. ‘The war in Yemen must end,’ Biden declared in his first major foreign policy speech about the Mideast in February 2021.

    Biden’s reversal of American support for the Saudi-led allies in their war against the Houthis was also coupled with his administration de-listing the Houthis as a foreign terrorist organization. President Donald Trump swiftly reimposed the terrorist designation for the Houthis at the start of his second term and launched military strikes against the terrorists in Yemen.

    Al-Dawsari said another reason why the Houthis have yet to join the conflict is that it’s not in the interests of Iran’s Islamic Revolutionary Guard Corps (IRGC) ‘to drag the Houthis into a suicidal war.’ She argues ‘If the Iranian regime collapses, and if a new regime emerges, I think the IRGC will regroup in Yemen or Somalia. Yemen is the key ally.’

    There has been discussion between the IRGC and Houthis about why the ‘Houthis’ continued existence is of strategic importance to the IRGC,’ she said.

    ‘The IRGC can’t afford to lose the Houthis. Yemen is so important to them. They need to preserve the Houthis for tomorrow for the IRGC to continue even after the regime,’ Al-Dawsari continued.

    She noted that ‘Houthis have established themselves in the Horn of Africa. The IRGC is behind the Houthis. Intervention might be symbolic by the Houthis.’ She continued that Iran’s ‘tactic now is to prolong the war and widen it across the region and to put more pressure on the U.S.’ 

    In May 2025, Trump announced that the U.S. would stop its air bombing campaign against the Houthis because, he said, the Houthis ‘don’t want to fight.’

    ‘They just don’t want to, and we will honor that. We will stop the bombings,’ Trump said. The Houthis had launched attacks against commercial vessels in the Red Sea, as well as the Jewish state, to support their ally Hamas in Gaza.

    Al-Dawsari said after the Trump announcement the Houthis did not attack American ships. ‘They know Trump does not joke. They know they will suffer consequences.’

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    President Donald Trump is vowing to reject signing any new bills into law until the SAVE America Act is passed by the Senate, a tall order with just 53 Republicans seated and the 60-vote filibuster threshold a high hurdle.

    ‘Great Job by hard working Scott Pressler on Fox & Friends talking about using the Filibuster, or Talking Filibuster, in order to pass THE SAVE AMERICA ACT, an 88% issue with ALL VOTERS,’ Trump wrote Sunday morning on Truth Social. ‘It must be done immediately.’

    ‘It supersedes everything else,’ Trump added. ‘MUST GO TO THE FRONT OF THE LINE.’

    The vow to halt all new law signings is a new one coming from the White House and notable because of the Senate hesitation to follow the urgings of Sen. Mike Lee, R-Utah, to force the Senate to bring the bill forward through the talking filibuster.

    ‘I, as President, will not sign other Bills until this is passed,’ Trump’s post continued, ‘AND NOT THE WATERED DOWN VERSION – GO FOR THE GOLD: MUST SHOW VOTER I.D. & PROOF OF CITIZENSHIP: NO MAIL-IN BALLOTS EXCEPT FOR MILITARY – ILLNESS, DISABILITY, TRAVEL: NO MEN IN WOMEN’S SPORTS: NO TRANSGENDER MUTILIZATION FOR CHILDREN! DO NOT FAIL!!!’

    While Senate Majority Leader John Thune, R-S.D., has publicly acknowledged a willingness to bring a vote on the SAVE America Act before the upper chamber, there is hesitation within the Republican Party about forcing the talking filibuster under the current Senate rules.

    The talking filibuster would force Democrats to speak on the Senate floor to argue against a voter identification position widely supported by Americans, as Trump noted, but it would also force Republicans to sit in attendance with a quorum. That has been rebuked by longtime Senate GOP veterans as something that would ‘waste time.’

    Former Senate GOP leader Mitch McConnell, R-Ky., has been publicly opposed to forcing a talking filibuster because of the time constraints it would force on the Senate GOP, and he remains one of the few Senate Republicans not signing on to support the SAVE America Act.

    Another development that clouds the SAVE America Act filibuster is the recent appointment of Sen. Markwayne Mullin, R-Okla., to serve as the next Department of Homeland Security secretary, perhaps resigning from the Senate by the end of March.

    Fox News Digital reached out to Mullin’s office for comment. McConnell’s office declined to comment on Trump’s Truth Social vow to block all new law signings amid the standoff on the DHS funding that has the government in a partial shutdown and the Senate sitting on the House-passed SAVE America Act.

    ‘We’re going to have a vote on this, but in terms of what the president is willing to sign, Maria, we need to get the Department of Homeland Security funded,’ Senate Majority Whip John Barrasso, R-Wyo., told Maria Bartiromo on ‘Sunday Morning Futures.’

    ‘The Democrats have blocked that right now. And the greatest threat to the American people today is terrorism. So I want to make sure that the Democrats work with us to pass and fund the Department of Homeland Security, because I’m worried about the lone wolf, the sleeper cells and the cyber terrorism that’s coming our way because of what Iran is telling people around the world to do to continue this reign of terror,’ Barrasso said.

    Getting to 60 votes in the Senate is unlikely with just Sen. John Fetterman, D-Pa., as the lone potential Democrat vote to side with the Senate GOP on the SAVE America Act.

    ‘The Democrats are against so many of the things that I think help this country,’ Barrasso added to Bartiromo. ‘They’d rather stand with illegal immigrant criminals than with the safety and security of the American people. I want to get the SAVE Act to the floor. I want to have a vote.’

    ‘That’s the next step on this need to get the Department of Homeland Security open and funded,’ he continued. ‘The Democrats are bowing to the liberal left: The people that want to eliminate ICE, the people that want open borders again, and the people that really aren’t looking out for the best interest of the American people.

    ‘As the president said in the State of the Union, it is the first duty of the American government to protect American citizens, not illegal aliens. But that’s what not one single Democrat stood up for that when every Republican stood and cheered loudly.’

    Barrasso, the Senate GOP member whipping up support, considers the SAVE America Act ‘common sense.’

    ‘You want to make sure that only citizens can vote,’ he concluded to Bartiromo. ‘You want to make sure that when people show up, they have a photo ID to prove they are who they say they are. You need a photo ID to buy a beer, to board a plane, all of those things. And it’s 90% popular with the American people. The only people against this are the Democrats because they want to make it easier to cheat.’

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    Nearly 28,000 Americans have returned from the Middle East, according to the State Department, which outlined a large-scale evacuation effort as Senate Democrats escalated criticism over the conflict in Iran.

    A top State Department official, in a letter to Senate Democrats first obtained by Fox News Digital, noted that since fighting in Iran escalated following Operation Epic Fury, the agency has ‘taken proactive, rapid action to support Americans in the region.’

    That has included chartered flights, ground transport from closed-airspace areas and round-the-clock crisis staffing.

    Paul Guaglianone, the State Department’s senior bureau official of legislative affairs, wrote in a letter to several Senate Democrats on the Senate Foreign Relations Committee that before the strikes, the agency ‘planned immediate measures to protect and evacuate U.S. citizens.’

    The letter comes as diplomats and officials have faced ‘multiple direct strikes from the Iranian regime.’

    ‘The professionalism and competence of America’s diplomatic corps are inspiring,’ Guaglianone wrote. ‘The Department has taken all necessary steps to protect its safety, both in the region and at posts worldwide.’

    ‘Despite ongoing threats, our diplomats remain active and focused,’ he continued. ‘They continue to communicate with our allies and partners and advance American diplomatic interests.’

    His letter responds directly to criticism from Senate Democrats, led by Sen. Jeanne Shaheen, D-N.H., who argued that Secretary of State Marco Rubio and the Trump administration have ‘not prioritized getting experienced ambassadors in place in the Middle East,’ leading to a breakdown in evacuating diplomats and Americans since the strikes began.

    The lawmakers noted that three ambassadors were dismissed in Qatar, Kuwait and Egypt ‘without explanation,’ and that the administration is behind in finding replacements and filling vacancies.

    ‘Of the 14 countries where the Department urged Americans to urgently leave last Monday, only six have confirmed ambassadors,’ the lawmakers wrote. ‘There are currently no pending nominees before the Senate for ambassadorships in the Middle East. As a result, many key posts are without experienced senior leadership at a time of crisis.’

    ‘Simply put, abrupt decision-making and lack of planning by State Department leadership to ensure the safety and security of its own staff left our personnel and their families unnecessarily at risk,’ they continued. ‘Days into the conflict, the Department still appears caught off-guard and lacks a clear, comprehensive plan to safeguard American personnel, their families or other Americans in the region.’

    Guaglianone noted that the agency is providing frequent updates to more than 106,000 Americans enrolled in the Smart Traveler Enrollment Program, operating a 24/7 call center with no wait times and responding quickly to congressional inquiries while coordinating closely with lawmakers to assist constituents.

    He also wrote that the agency is chartering additional planes for Americans as more commercial flights become available in Saudi Arabia, the United Arab Emirates, Jordan and Oman, and that ground transportation is being offered to expand relocation options for Americans in places with closed airspace.

    Americans in Oman, Kuwait, Bahrain, the United Arab Emirates, Qatar, Saudi Arabia and Israel who complete the Crisis Intake form receive direct outreach about upcoming charter aviation and ground transportation options from the agency.

    ‘At this time, nearly one in three American citizens who requested help departing turn down U.S. government-provided transportation options when contacted,’ Guaglianone wrote. ‘Some American citizens wish to remain in-country, while others prefer an alternative departure option.’

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    Mexican drug cartels are increasingly calculated in their targeting decisions, often avoiding deliberately attacking American tourists and citizens out of concern it could prompt intensified U.S. retaliation, according to experts.

    Following last month’s killing of Ruben ‘Nemesio’ Oseguera Cervantes, known as ‘El Mencho,’ the powerful leader of the Mexican Jalisco New Generation Cartel (CJNG) White House press secretary Karoline Leavitt joined ‘Fox & Friends’ and had a warning for the drug gangs: ‘The Mexican drug cartels know not to lay a finger on a single American, or they will pay severe consequences under this president.’

    Analysts say actions by President Donald Trump — including the designation of cartels as foreign terrorist organizations and high-profile operations abroad such as the capture of Nicolás Maduro and the killing of Ayatollah Khamenei in Iran — have reinforced cartel perceptions of heightened risk. 

    Mexican drug cartels have long operated with a primary objective: protect revenue streams and avoid actions that could trigger an overwhelming government response. Security analysts and former U.S. officials say that calculus often includes avoiding the deliberate targeting of American tourists and citizens inside Mexico.

    ‘Of course, drug cartels are afraid of President Trump since he declared them terrorist organizations. That may be one of the reasons why they don’t attack American citizens or tourists,’ cartel expert and activist Elena Chávez told Fox News Digital.

    She said the cartels ‘modernized and are well-informed about what is happening, especially because they know there are bounties on their heads. That’s why they fear the United States, even more so since Trump became president and declared the cartels terrorist organizations. Of course, they monitor all of this and have people who keep the leaders informed about how things are moving. The price on ‘El Mencho’s’ head in the United States was very high.’

    Adding to the pressure, Trump spoke Saturday at the newly minted Shield of the Americas Summit in Florida — a coalition of 12 Latin American and Caribbean nations — coming together to take on the cartels, among other policies. 

    ‘We have to knock the hell out of them because they’re getting worse. They’re taking over their country. The cartels are running Mexico. We can’t have that. Too close to us,’ Trump warned.

    ‘Right now, there must be more than a million Americans coming to Mexico to spend their vacations in their homes. The drug cartels don’t mess with them or their homes. They know there’s no way to avoid a reaction from the United States if they mess with its citizens. There’s an unwritten rule that says you shouldn’t mess with American citizens; if you do, you’ll suffer retaliation from the United States. And even more so now with the Trump administration’ Samuel González, national security expert and former prosecutor of the specialized unit on organized crime, told Fox News Digital.

    While high-profile killings of Americans in Mexico have occurred, experts describe them as isolated and liabilities to cartel interests rather than part of a strategic campaign.

    ‘There are several precedents that demonstrate why the cartels are particularly careful not to touch American citizens. One of the most important was the Camarena case: the kidnapping, torture, and murder of DEA agent Enrique ‘Kiki’ Camarena in 1985 in Mexico, perpetrated by leaders of the Guadalajara Cartel (Rafael Caro Quintero, Miguel Ángel Félix Gallardo, and Ernesto Fonseca Carrillo) in retaliation for the destruction of ‘El Búfalo’ marijuana ranch.

    ‘This crime marked a turning point in the anti-drug relationship between Mexico and the U.S., prompting the DEA’s ‘Operation Leyenda’ to capture those responsible and revealing the complicity between drug traffickers and high-ranking Mexican officials.’

    He added, ‘Another case is that of Agent Zapata. On Feb. 15, 2011, gunmen from ‘Los Zetas’ cartel killed Special Agent Jaime Zapata of Immigration and Customs Enforcement (ICE/HSI) and shot Agent Victor Avila on a highway in San Luis Potosí, Mexico. The murder triggered intense pressure from the United States on Mexico to combat the cartels, resulting in the capture of several implicated Los Zetas members, including Julián Zapata Espinoza, alias ‘El Piolín.’

    ‘All these precedents are examples of why the cartels learned that it is not in their best interest to attack American citizens.’

    Security experts say cartels closely monitor political rhetoric in Washington, particularly statements suggesting unilateral U.S. military action or expanded cross-border operations. Public debate over labeling cartels as terrorist groups has resurfaced in recent years, with some lawmakers arguing it would provide additional tools to disrupt financing and logistics networks.

    According to former federal officials, cartels’ avoidance of deliberately targeting Americans is rooted less in ideology and more in risk management. High-profile attacks on U.S. citizens can generate intense media coverage, diplomatic strain and increased enforcement operations that disrupt trafficking routes.

    Director General of the National Citizen Observatory, Francisco Rivas, told Fox News Digital: ‘Drug traffickers are much more afraid of attacking a foreigner than a Mexican because crimes against foreigners are prosecuted much more severely by the Mexican authorities. The greater media pressure when the victim is a foreigner creates more incentive for the police and prosecutors to investigate a kidnapping, extortion, disappearance or homicide.’

    ‘In Mexico, more than 90% of intentional homicides and disappearances are related to people who had specific contact with the cartels, primarily for business reasons. The problems tourists experience in Mexico are the same as they might encounter in Miami, London, Rome or Paris: robberies, fraud and even some extortion, but these are proportionally marginal. Most crimes suffered in Mexico are suffered by Mexicans, and most violent crimes involve Mexican victims linked to cartels,’ he said.

    While millions of Americans travel to Mexico each year without incident, law enforcement officials emphasize that criminal violence remains widespread in regions where cartels operate.

    Authorities on both sides of the border maintain that cartel decision-making is driven by financial incentives and survival calculations. Actions perceived as likely to trigger direct U.S. retaliation are widely viewed by analysts as counterproductive to those interests.

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