Luiz Inácio Lula da Silva's surprise victory in Brazil signals a significant shift in the political landscape as he becomes the first president to achieve a non-consecutive fourth term.
Amid rising tensions in the Middle East, crude oil prices spiked, with Brent exceeding USD 117 per barrel due to Houthi attacks on Saudi oil infrastructure.
Simultaneously, global steel production declined for the fourth consecutive month, driven by weaker Chinese output, while India and Vietnam showed growth in demand.
The LNG market is also undergoing a transformation as importers diversify away from Middle Eastern supplies amid ongoing geopolitical tensions, leading to increased costs and reshaped shipping flows.