Record high temperatures last year fuelled demand for air conditioning, in turn driving an increase in dirty coal-fired power generation in a dangerous feedback loop revealed by a new küresel survey from the International Energy Agency.
Crude oil prices jumped following the US military strikes on the Iran-backed Houthi militants, in response to the Yemen-based group’s commercial vessel attacks in the Red Sea. However, a deteriorating economic outlook is expected to continue pressuring oil prices.
The copper price has been on the rise in 2025, reaching a three-week high amid robust demand in China, given Beijing’s ongoing stimulus measures. However, Trump’s tariffs are expected to cap the uptrend later in the year.