Oil jumps to $110 on Iran fears as US revamps metals tariffs - Apr 2, 2026

As of April 2, today’s news features evolving U.S. tariff structures on steel and aluminum, and rising oil prices amid escalating tensions in the Middle East. Prysmian was highlighted as Intermonte confirmed a neutral recommendation with a target price of 94 euros. Analysts noted the impending changes in U.S. tariffs under the Trump administration, which could shift the current regime on imported steel and aluminum. Menawhile, the French antitrust authority fined Nexans 3 million euros and Sonepar 3.5 million euros. Turning to market updates, the U.S. is preparing to introduce a tiered tariff system for steel and aluminum imports, aiming to alleviate the compliance challenges that American companies have been facing. The planned announcement could significantly alter the tariff landscape, with fears from some sectors that this might further complicate the sales processes and profit margins of impacted firms. Meanwhile, oil prices surged to about 110 dollars per barrel after President Trump reiterated intentions for aggressive military strikes in Iran, stoking fears about ongoing disruptions in oil supplies. Prices reflected a significant weekly increase as market participants reacted to comments surrounding further military engagement, complicating forecasts for consumer fuel costs. These developments are particularly concerning for American consumers, with retail gasoline prices projected to rise between 4.25 dollars and 4.45 dollars per gallon in the coming week. In the renewable sector, India's power regulator announced plans to increase penalties on wind and solar generators who deviate from agreed electricity supply levels, a year later than initially planned. This decision indicates a move towards stricter compliance measures within India's expanding renewable energy market. On the global stage, Pakistan's role as a mediator in the Iran conflict has evolved and become significant, showcasing a shift in diplomatic relationships in the region. The broader implications of ongoing military tensions and energy market fluctuations could continue to influence economic conditions and trade relations worldwide.