Bahrain aluminum giant says Iranian attack targeted its facility
BAHRAIN – APRIL 17: Aluminum ingots seen at the Aluminum Bahrain BSC facility in Bahrain, Tuesday, April 18, 2006. (Photo: Phil Weymouth/Bloomberg via Getty Images)
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Bahrain Aluminum, which hosts the world’s largest metal smelter, said on Sunday that its facility was subject to Iranian attack as the US-Israeli-led war spread into its second month.
The company known as Alba made a statement. expression It was stated that the attack took place on Saturday.
“Alba is assessing the extent of damage to its facilities and remains focused on maintaining its operational resilience and the safety of its employees,” Alba said. he said.
The company said in a statement on March 15 that it had reduced production capacity by 19% of its annual production of 1.6 million tonnes “as an operational measure to maintain business continuity amid ongoing supply and transit disruptions affecting the Strait of Hormuz.”
Production cuts raise concerns about global metal shortages. Aluminum prices rose to a four-year high earlier this month before losing some of those gains. They remain 4.3% above February 27 levels.
Although aluminum is the most abundant metal in the world, it is vital to the functioning of the world economy. It is an important material in electronics, transportation and construction, as well as other industries such as solar panels and packaging.
LME Aluminum
Iran retaliates against the US and Israeli attacks that started on February 28 by launching missiles and drones at its neighbors in the region.
The United Arab Emirates said on Sunday air defense They were dealing with the last salvo of incoming missiles.
Houthis join the fight
On Saturday, Iranian-backed Houthi fighters said they launched a missile attack on Israel, the first time the group has joined the war.
Analysts told CNBC that the Houthis may try to stop maritime traffic in the Bab al-Mandeb Strait, which separates the Arabian Peninsula from the Horn of Africa (which ships must pass through to reach the Red Sea and Suez Canal), increasing pressure on global trade.
On Saturday, Danish shipping giant Maersk, considered the barometer of global trade, responded to reports of drone activity and explosions in Oman’s Salalah Port.
Bab el-Mandeb Strait estimated It will account for 12% of seaborne oil trade and 8% of liquefied natural gas trade in the first half of 2023.
Before the war, Iranian forces effectively closed the Strait of Hormuz between Iran and the Arabian Peninsula, through which approximately 20% of the world’s oil resources are transported.
Oil prices closed at their highest level in more than three years on Friday after President Donald Trump’s push for talks with Iran failed to ease market fears about a massive supply disruption in the Middle East.
US crude oil prices closed at $99.64 per barrel, up 5.46 percent. International benchmark Brent crude oil prices increased by 4.22% to $112.57.
Trump’s move to give Iran a 10-day extension to open the strategically vital Strait has failed to address supply concerns. The president said in a social media post on Thursday that talks with Iran were “going very well” despite “inaccurate statements to the contrary by the Fake News Media and others.” Iran says it has not entered into any negotiations.
As part of the announcement, the US president said he would pause attacks on Iran’s energy infrastructure until April 6.
Meanwhile, the increased US military presence in the Gulf has increased fears of land invasion and likely led to a prolongation of the war and uncertainty in the global economy.
U.S. Central Command confirmed that the 31st Marine Expeditionary Unit, consisting of approximately 3,500 Sailors and Marines, arrived in the Middle East on Saturday.
“U.S. Sailors and Marines aboard USS Tripoli (LHA 7) arrived in U.S. Central Command’s area of responsibility on March 27,” according to the statement. Published on X.
Sunday in Iran US and Israel threaten to target educational institutions According to the news about the armed forces in the Iranian media, there will be no sanctions in the region unless the USA condemns the attacks on Iranian universities. He published his images Damage to the University of Science and Technology The US blamed Tehran for the attacks.
Diplomatic efforts continue
As the economic fallout of the war spreads far beyond the Middle East, Trump is under increasing pressure to end Iran’s pressure on the Strait of Hormuz.
Pakistan said on Saturday that Saudi Arabia, Türkiye and Egypt would send their top diplomats to Islamabad for talks aimed at ending the war.
Pakistan Ministry of Foreign Affairs said in a statement expression On Sunday, Foreign Minister Ishak Dar met with his Turkish counterpart Hakan Fidan to discuss the Iran dispute, among other issues.
