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When Will Copper Prices Go Up?

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Copper is the third most-used metal in the world, and experts believe demand for this important commodity is set to rise in the coming years. At the same time, the supply situation is expected to tighten up.

For that reason, market watchers may be asking, “When will copper go up?” Copper prices began to move sharply in 2025 amid tariff speculation and supply disruptions.

In July 2025, copper prices on the COMEX surged to US$5.96 per pound, as US-based traders worked to get supply into the country ahead of the implementation of tariffs. However, the price plummeted back toward US$4 per pound after it was revealed that tariffs would not be applied to refined copper products.

As the third quarter ended, a near-total shutdown at Freeport-McMoRan (NYSE:FCX) Grasberg mine in Indonesia further tightened copper supply that was already stressed due to a similar incident earlier in the year at Ivanhoe’s Kamoa-Kakula mine in the Democratic Republic of the Congo.

The price rose through the last quarter of 2025 and into 2026 when the price had climbed to new record highs of US$6.61 per pound on COMEX and US$13,842.50 on the London Metal Exchange on January 29.

“Grasberg remains a significant disruption that will persist through 2026, and the situation is similar to constraints at Ivanhoe Mines’ Kamoa-Kakula, which experienced output cuts this year,’ Jacob White of Sprott Asset Management said via email, adding, ‘We believe these outages will keep the market in deficit in 2026.’

Copper prices moving to record highs is a result of the latest shift toward structural deficits in the supply and demand for the red metal. In 2021, market imbalances pushed prices to a then all-time high of US$10,724.50 per metric ton, which was later broken in March 2022 when it hit US$10,730.

Copper price chart, Q1 2003 to Q4 2025.

Copper price chart, Q1 2003 to Q4 2025.

Chart from International Monetary Fund via FRED.

Copper had pulled back to about US$8,000 by mid-August 2022 on growing fears of a global recession. In early 2023, prices mounted a campaign to breach the US$9,300 level, once again giving market watchers a reason to believe highs for the metal would soon to be retested.

However, that reason soon faded as rising interest rates dampened the outlook for copper-dependent industries globally. China’s ongoing real estate crisis also hit copper demand hard in 2023. With the demand picture unclear, copper couldn’t hold above the US$9,000 level, and slid to US$7,910 as of early October 2023.

However, copper managed to close the year around the US$8,500 mark and hold around those levels in Q1. The closure of First Quantum Minerals’ (TSX:FM,OTCPL:FQVLF) Cobre Panama copper mine in late 2023 and Anglo American’s (LSE:AAL,OTCQX:NGLOY) revised 2024 copper production target were significant factors behind copper’s price momentum, as were production curbs out of top Chinese copper smelters are also helping to support prices.

The copper price began climbing in earnest in Q2 on building anticipation that the Federal Reserve may soon launch its rate cut cycle alongside a worsening supply side picture. On May 20, 2024, the price of copper reached its then highest recorded price of US$5.20 per pound, or US$11,464 per metric ton.

However, the price of the base metal moved back under US$10,000 by the end of the month, and remained largely rangebound through the rest of the year.

In 2025, copper tariff fears and supply disruptions pushed the price of copper upwards, and it reached record highs of US$13,842.50 on the LME in late January 2026.

Copper prices pulled back to below US$13,000 in the days that followed, and as low as US$12,560 by mid-month.

However, demand sectors for the red metal may face fresh uncertainty in 2026 after the Supreme Court of the United States found Trump’s “Liberation Day” tariffs unconstitutional.

Although the ruling won’t affect copper tariffs directly, it may cause some economic chaos as countries that worked out deals reconsider their agreements. Following the ruling, Trump imposed new 10 percent tariffs on February 20, then raised them to 15 percent the next day. The new levies will only be in effect for 150 days, after which they will need to be ratified by Congress.

The copper price climbed above US$13,200 during trading in the days that followed.

Despite short-term uncertainty, is long-term optimism for copper still warranted? Let’s look at the current supply and demand factors that could push copper prices higher.

Green energy in driver’s seat for copper demand

Copper’s many useful properties have translated into demand from diverse industries in both traditional and emerging sectors.

In its January 2026 “Copper in the Age of AI” study, S&P Global Energy and Market Intelligence outlined key areas for copper demand and growth. Central to everything is the role copper plays in electrification due to a conductivity rating that’s second only to silver.

Traditional demand sectors such as construction, electronic appliances and internal combustion engine vehicles have long been the main drivers for core copper demand. According to the report, 18 million metric tons of copper were required to meet this core economic demand in 2025, and the analysts forecast that number to rise to 23 million by 2040.

Growth in core demand is expected to be driven by a combination of urbanization and rising incomes in the developing world. Every new power source, every new home and every new air conditioner is connected to the grid in some way.

Overall, China is the world’s largest copper consumer, due in large part to its construction and real estate sectors. However, growth there has slowed in recent years as its property sector has stalled following the collapse of several large developers. The government has responded with a series of measures to try to stimulate the sector, but has yet to right the ship.

At the end of 2025, China released its 14th Five-Year Plan, which the country will implement from 2026 to 2031. The plan has measures aimed at the real estate sector including affordable housing, the rental market and urban renewal. While it remains to be seen if these will be successful, any turnaround in China’s real estate sector could have a considerable impact on copper demand.

Although aluminum is being substituted in some use cases due to high copper prices, there are technical hurdles such as the need for systems to be redesigned and aluminum’s lower conductivity.

In addition to traditional growth, demand is being driven by the energy transition, including energy additions in developing nations, clean energy technologies and electric vehicles.

As a base case, S&P expects global electricity demand to increase 50 percent by 2040, with the United States’ demand growing by 2.5 percent annually, China’s by 3.2 percent and India’s by 4.2 percent.

This demand growth will require the energy equivalent of building 330 new hydroelectric dams the size of Nevada’s Hoover Dam or 650 1 gigawatt nuclear reactors each year between now and then.

In 2025, solar and wind combined for more than 90 percent of new electrical capacity installed worldwide. These methods require substantial quantities of copper to build out, as do the batteries used to store the energy needed to ensure 24 hour delivery.

Additionally, expanding access to commercial energy in developing nations will also require significant copper for infrastructure, energy transmission and more. S&P notes that Africa is home to nearly 20 percent of the world’s population, but its electricity needs are underserved. Copper will play an essential role in moving electricity across the continent.

Downstream from generation, there is an increasing demand for EVs, which have significantly higher copper loadings than their gas-powered counterparts. In 2025, global EV sales grew by 20 percent to 20.7 million, and although the pace is likely to slow, overall demand is expected to continue to grow in the coming years.

The AI sector is another emerging demand sector for copper, as it requires vast amounts of the red metal to deliver the energy to power data centers and manufacture the hardware that its operations run on.

The S&P noted that half of the US gross domestic product (GDP) growth in 2025 was owed to AI. This includes processors, data centers, and electrical capacity. The study also stated that AI power requirements alone will rise from 5 percent of total US electrical demand in 2025 to 14 percent by 2030, before demand from industrial, commercial, creative and personal applications are accounted for.

Factoring in demand from these industries and the defense sector raises 2025’s copper requirements from 18 million to 28 million metric tons, according to S&P. As these sectors grow, total copper demand is expected to hit 42 million metric tons by 2040.

Companies struggling to keep copper supply coming

Of course, demand is just one side of the story for copper prices. For more than a decade, the world’s largest copper mines have struggled with steadily declining copper grades and a lack of new copper discoveries.

However, the challenge is that without new mining operations, total mined copper supply is set to rise from 23 million metric tons today to a peak of 27 million in 2030, but decline to 22 million metric tons in 2040.

Although recycled copper is expected to add an additional 10 million metric tons of supply in 2040, this still leaves a supply deficit of 10 million metric tons.

Declining grades at existing mines are just part of the problem facing the supply side of the equation. Since the end of the last commodity super cycle in 2011, exploration budgets have cratered from US$6.6 billion in 2012 to US$3.3 billion in 2025, and nearly half of that is spent on existing mine sites.

According to S&P, the number of new discoveries and quantity of resources has also fallen. Between 1985 and 2000, 636 million metric tons of copper resources were discovered; this fell to 389 million metric tons between 2000 and 2010, and further to 120 million metric tons between 2010 and 2020.

The general consensus is that the easy-to-access deposits have been found, leaving harder to access ore bodies that require longer permitting times and higher capital costs.

Speaking about copper at the Vancouver Resources Investment Conference (VRIC) in January 2026, Founder of Rule Investment Media, Rick Rule, said, “There’s still more to be found, but it’s going to be found undercover. Let’s just say they’re pretty far off the highway. When we start spending money, we will find copper, but we haven’t started to spend money.”

Rule went on to explain that there are challenges beyond just the money, noting jurisdictional and permitting issues. He cited the example of Rio Tinto (ASX:RIO,NYSE:RIO,LSE:RIO) and BHP’s (ASX:BHP,NYSE:BHP,LSE:BHP) Resolution Copper in Arizona, which has been stuck in permitting for 28 years.

Delays and lack of exploration are critical factors hindering copper supply growth. On top of this, over the last several years there have also been unforeseen events that have taken supply off the market.

These have included sociopolitical unrest and protests directed at the mining sector in Peru in 2022, the closure of First Quantum’s Cobre Panama in 2023, and, most recently, accidents at two of the world’s largest copper mines in 2025, Ivanhoe Mines’ (TSX:IVN,OTCQX:IVPAF) Kamoa-Kakula in the Democratic Republic of the Congo and Freeport McMoRan’s Grasberg in Indonesia.

Even though these types of events can’t be predicted, any supply disruptions will have an outsized impact as the supply gap widens.

“Really, last year the market was close to equilibrium, but all the charts going forward were this widening supply gap. We’re there now. And last year we had so many major disruptions that it was nowhere near equilibrium,’ Independent Speculator CEO Lobo Tiggre said at VRIC.

Bull market for copper or bust?

So, when will copper go up? Together, strong demand and tight supply have already created the right market environment for higher prices, though market watchers like Rule and Tiggre still see more upside potential.

Copper’s strong rally in recent years has encouraged the idea that even higher copper prices are ahead, which could be a golden opportunity for junior copper companies in the long-term.

With deficits expected to increase over the coming years, analysts are setting new target prices for LME copper. The Bank of America (NYSE:BAC) raised its expectations to an average US$11,313 per metric ton in 2026, and US$13,501 in 2027. Meanwhile, Citigroup (NYSE:C) is even more bullish, predicting copper prices could climb as high as US$15,000 per metric ton as early as the second quarter of 2026.

A widening supply gap should provide significant tailwinds in the coming years, potentially sending prices even higher.

“Copper has done fairly well, but for most of the year, copper seemed really strangely muted in terms of price increase, and make no mistake, a supply shortfall is absolutely inevitable in copper,” Rule said.

Price increases should also stimulate capital inflows into the industry, which Rule noted would need US$250 billion over the next 10 years to maintain the current level of production. To grow beyond that would require a much larger investment.

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

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Nine Mile Metals Maintains Wedge Project Purchase Option with Third Anniversary Payments

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CSE: NINE,OTC:VMSXF) (OTC Pink: VMSXF) (FSE: KQ9) (the ‘Company’ or ‘Nine Mile’) announces that it has proceeded with its third anniversary payment under its option to Purchase 100% of the Wedge Project, dated February 9, 2023, (the ‘Option Agreement’) with Slam Exploration Ltd. (‘Slam’).

The company has approved and paid the required Cash Payment of $40,000 and authorized and issued the allotment of 300,000 common shares as part of the Option Agreement. The Option Agreement has one remaining payment anniversary on February 2027 requiring a Cash Payment of $50,000 and issuing 400,000 common shares and then Nine Mile will have completed the 100% Purchase of the Wedge Project from Slam. The common shares are subject to a hold period under applicable Canadian Securities laws expiring four months and one day from the issuance of the shares.

The Wedge VMS Project consists of 35.83 km2 and hosts the Wedge Mine, West Wedge, Tribag Targets within the 8km Wedge VMS Exploration Trend. (See Figure #1 Below)

Cannot view this image? Visit: https://images.newsfilecorp.com/files/7335/288134_55583d46a46edbf8_002full.jpg

Figure 1: Priority Targets with Late Time Conductive Axis’ along the Wedge VMS Trend

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/7335/288134_55583d46a46edbf8_002full.jpg

Nine Mile just completed its Fall 2025 Wedge Mine Phase 2 Drill Program and is releasing Certified Drill Results as received. The goal at the Wedge Mine is to demonstrate and prove the Mine has an economic future and the deposit is much larger and higher grade than previously determined. Nine Mile is well on the way to that goal.

Gary Lohman, P.Geo, VP Exploration & Director, stated, ‘This completes a crucial stage in the completing of the Purchase Agreement with Slam Exploration. Our advancement of the entire project including the Wedge Mine, West Wedge & Tribag High Priority VMS Targets is an example of our technical and financial commitment to this Priority Project for Nine Mile Metals and our shareholders. Assay results reported to date further demonstrate the hidden quality of the Wedge and we look forward to expanding on our recent success at the Wedge and the inaugural Drill Program along trend at the West Wedge and Tribag.’

Cannot view this image? Visit: https://images.newsfilecorp.com/files/7335/288134_55583d46a46edbf8_003.jpg

Figure 2: Upcoming 2026 Drill Program Targets at West Wedge and Tribag Zones

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/7335/288134_55583d46a46edbf8_003full.jpg

Patrick J Cruickshank, MBA, CEO & Director, stated, ‘The Wedge Mine and clustering targets on Trend, have quickly become, and rightly so, a priority project for us at Nine Mile. The continued success in our Wedge Mine Drill Programs clearly displays the high-grade copper ore remaining in the deposit. In 2024, drilling extended the deposit to the east and our recent drilling shows the deposit has high grade copper mineralization at depth and to the southwest. We are defining the next phase of drilling at the Wedge and the west extension. Once we complete the BHEM surveys and Mike Defrusne, President at Apex Geoscience, leading our Technical Team, integrates these new holes into our live 3D model, we will announce our Phase 3 Drill Program at the Wedge Mine, unlocking the value and test the overall size and scale of this high-grade deposit. We are excited to also launch our 2026 Drill Program at the West Wedge & Tribag sites and test those prospective VMS zones. 2026 will be a very busy exploration year.’

Nine Mile Metals also announces that it has entered into an agreement (the ‘Agreement’) with Generation IACP Inc. (‘Generation’) to provide market making and issuer services in accordance with Canadian Securities Exchange (CSE) policies. Under the terms of the Agreement, Generation will trade shares of the Company on the CSE and other trading venues with the objective of maintaining a reasonable market and improving the liquidity of Nine Mile’s common shares. Generation IACP will also provide analytical data services on the stock trading patterns, CDS activity mapping security transfers and all aspects of issuer trading reporting, including shorts monitoring, institutional, retail, anonymous trades and market sentiment analysis.

The Agreement is for an initial term of six months and shall be automatically renewed for successive six-month periods unless terminated by either party with 30 days prior written notice. Pursuant to the Agreement, Generation will receive a monthly fee of $8,500 Cdn, plus applicable taxes during the initial term. Thereafter, the monthly fee will automatically increase annually by 3% on each anniversary of the Agreement. No stock options or other compensation are being granted in connection with the engagement.

Generation is arm’s length to the Company and does not own any securities of Nine Mile as of the date of this release; however, Generation and its clients may acquire an interest in the securities of the Company in the future.

Generation’s market making and issuer service activities will be primarily intended to correct temporary imbalances in the supply and demand of the Company’s shares. Generation will be responsible for the costs it incurs in buying and selling the Company’s shares, and no third party will be providing funds or securities for the market making activities.

‘We have seen extremely strong trading volume and interest in Nine Mile Metal’s story from strategic, institutional, and retail investors. We traded over 90M shares through December and January 2026 and continue to have strong daily trading. We would like to monitor the trading behaviors, patterns and understand our trading base across all platforms. The relationship with Generation IACP complements our capital markets strategy and supports our focus on accessibility, transparency, and long-term shareholder alignment,’ commented Jonathan Holmes, Director.

About Generation IACP Inc.

Generation IACP is based in Toronto, Ontario, and is an independently held and registered broker and member of the Investment Industry Regulatory Organization of Canada, the TSX-V, the Canadian Securities Exchange, and the NEO Exchange.

The disclosure of technical information in this news release has been prepared in accordance with Canadian regulatory requirements as set out in National Instrument 43-101 – Standards of Disclosure for Mineral Projects (‘NI 43-101’) and reviewed and approved by Gary Lohman, B.Sc., P.Geo., VP Exploration and Director who acts as the Company’s Qualified Person, and is not independent of the Company.

About Nine Mile Metals Ltd.:

Nine Mile Metals Ltd. is a Canadian public mineral exploration Company focused on VMS (Cu, Pb, Zn, Ag and Au) exploration in the renowned Bathurst Mining Camp (BMC), located in New Brunswick, Canada. The Company’s primary business objective is to explore its four VMS Projects: Nine Mile Brook VMS Project, California Lake VMS Project, the Canoe Landing Lake (East – West) VMS Project, and the Wedge VMS Project. The Company is focused on Critical Minerals Exploration, positioning itself for the boom in EV and green technologies requiring Copper, Silver, Lead and Zinc with a hedge on Gold.

ON BEHALF OF Nine Mile Metals LTD.

‘Patrick J. Cruickshank, MBA’
CEO and Director
T: 506-804-6117
E: patrick@ninemilemetals.com

Forward-Looking Information:

This press release may include forward-looking information within the meaning of Canadian securities legislation, concerning the business of Nine Mile. Forward-looking information is based on certain key expectations and assumptions made by the management of Nine Mile. In some cases, you can identify forward-looking statements by the use of words such as ‘will,’ ‘may,’ ‘would,’ ‘expect,’ ‘intend,’ ‘plan,’ ‘seek,’ ‘anticipate,’ ‘believe,’ ‘estimate,’ ‘predict,’ ‘potential,’ ‘continue,’ ‘likely,’ ‘could’ and variations of these terms and similar expressions, or the negative of these terms or similar expressions. Forward-looking statements in this press release include that (a) we will announce complete Certified assay results once received from ALS and Glencore. Although Nine Mile believes that the expectations and assumptions on which such forward-looking information is based are reasonable, undue reliance should not be placed on the forward-looking information because Nine Mile can give no assurance that they will prove to be correct.

The Canadian Securities Exchange (CSE) has not reviewed and does not accept responsibility for the adequacy or the accuracy of the contents of this release.

___________________________________________________________________________________________________
The Canadian Venture Building, 82 Richmond St E., Toronto, Ontario Canada M5C 1P1

Corporate Logo

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/288134

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Inflation Edged Up in February, But Core Price Pressures Ease

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Inflation ticked up slightly in February, the Bureau of Labor Statistics (BLS) reported in its March release. The Consumer Price Index (CPI) rose 0.3 percent last month, up from 0.2 percent in January. On a year-over-year basis, headline inflation was unchanged at 2.4 percent.

Core inflation, which excludes volatile food and energy prices, rose 0.2 percent in February, down from 0.3 percent in January. On a year-over-year basis, core inflation was unchanged at 2.5 percent.

The uptick in headline CPI reflected rising food and energy prices. Shelter, which accounts for about one-third of the index, rose 0.2 percent and was, according to the BLS, “the largest factor in the all items monthly increase.” Food prices rose 0.4 percent, with food at home increasing 0.4 percent and food away from home rising 0.3 percent. The index for energy also increased in February, rising 0.6 percent, driven by a 0.8 percent increase in gasoline prices. These figures reflect price data collected before the recent spike in oil from the conflict involving Iran and the disruption to shipping through the Strait of Hormuz.

The easing in core CPI reflected a mixed picture across categories. Medical care posted the largest increase among core components, rising 0.5 percent, followed by apparel, which surged 1.3 percent. Airline fares rose 1.4 percent, and household furnishings and operations increased 0.3 percent. Prices also rose for education. 

Offsetting these gains were declining prices for communication, which fell 0.5 percent, used cars and trucks, which declined 0.4 percent, and motor vehicle insurance, which fell 0.3 percent. Personal care also declined. In short, the categories that saw lower prices more than offset those where prices rose, pulling core inflation below its January pace.

While the year-over-year figures continue to show gradual disinflation, the recent three-month trend tells a somewhat different story. Inflation averaged 0.27 percent per month across December (0.3 percent), January (0.2 percent), and February (0.3 percent), which is equivalent to a roughly 3.2 percent annual rate. That is well above the year-over-year figure of 2.4 percent, suggesting that the recent pace of price increases is running hotter than the trailing 12-month average. Part of that gap likely reflects missing housing data resulting from last year’s government shutdown that held down the year-over-year inflation rate.

Recent core CPI data tell a similar story. Core prices rose 0.2 percent in December, 0.3 percent in January, and 0.2 percent in February — an average monthly rise of roughly 0.23 percent, which is equivalent to a roughly 2.8 percent annual rate. That’s higher than the year-over-year core figure of 2.5 percent, meaning core inflation has also been running somewhat hotter in recent months compared to its year-over-year pace.

Although the Federal Reserve officially targets the personal consumption expenditures price index (PCEPI), the steady February CPI report offers little reason to expect an imminent pivot toward easier policy. According to the CME Group’s FedWatch tool, markets are assigning a 99 percent probability that the Fed will hold rates steady at its meeting next week. Markets’ expectations that the policy stance remains at least through July were modestly boosted as well. 

Even with the real shock to the economy from higher oil prices, policymakers are likely to look past them as a temporary energy spike — especially if longer-run inflation expectations remain well anchored. More relevant for monetary policy is whether overall nominal spending — that is, the total amount of money households and businesses are spending across the economy — is growing at a pace consistent with stable prices. By that standard, the recent inflation data offer an ambiguous signal. While the year-over-year inflation numbers look reassuring, the three-month annualized pace above three percent suggests underlying demand is running somewhat stronger than the trailing 12-month figures imply.

Factoring in the latest labor market data, the picture is more mixed. February’s employment report showed a 92,000 decline in payrolls, a figure some observers have taken as evidence that the labor market is weakening. The unemployment rate held steady at 4.4 percent, and both the labor force participation rate and the employment-to-population ratio were essentially unchanged. Wages are still rising at roughly a 3.8 percent annual pace, pointing to continued growth in nominal spending. 

Even with a dip in payrolls, those dynamics remain broadly consistent with nominal spending expanding faster than would be needed to keep inflation at the Fed’s two-percent target over time. In that environment, easing policy too quickly could risk reigniting price pressures. For now, patience remains the safer course.

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AmeriTrust Provides Corporate Update

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TORONTO, ON / ACCESS Newswire / March 11, 2026 / AmeriTrust Financial Technologies Inc. (TSXV:AMT,OTC:AMTFF)(OTCQB:AMTFF)(Frankfurt:1ZVA) (‘AmeriTrust‘, ‘AMT‘ or the ‘Company‘), a fintech platform targeting automotive finance is pleased to provide an update of corporate activities since the closing of the recent financing.

Corporate Matters

Jeff Morgan AmeriTrust CEO, commented: ‘Over the past year, our team has been focused on building the corporate foundation necessary to scale AmeriTrust across the United States. We have made meaningful progress across funding, technology, dealer onboarding, and operational infrastructure and we are now accepting applications and originating and funding vehicle leases.

Today, AmeriTrust now operates through three wholly owned U.S. subsidiaries, each designed to address a unique component of our automotive finance ecosystem. With our corporate structure now established and new websites launched for all three entities, we are positioned to begin scaling our platform nationally.’

1. AmeriTrust Financial (www.ameritrustfinancial.com) is an indirect finance company that offer’s new and used lease financing through franchised and independent dealer partners nationwide in the U.S.

The Company recently executed a new funding agreement for a revolving line of credit with the Bank of Texas. This first facility provides AmeriTrust Financial with competitively priced cost of funds that can be ‘recycled’ as the Company’s portfolio grows. The funding facility represents an important milestone and establishes the financial infrastructure necessary to support scalable originations.

AmeriTrust Financial has implemented a three-phase approach to expanding its dealer network. The first phase is to sign up and onboard dealers. The second phase is to educate the dealers and their employees through free onsite and online training about the platform and the financing programs that AmeriTrust offers. The third phase involves having quality applications submitted through the RouteOne and DealerTrack financing portals, or through AmeriTrust’s proprietary portal, and complete lease or loan customer contracts.

AmeriTrust Financial has recently bolstered its sales team and has established national territories to expand its dealer network. In the past couple of months, the Company has executed 21 new dealer agreements representing 62 dealer locations across 16 states. While this expansion positions the Company for future growth, lease origination ramp-up will take time as dealers are educated and become familiar with AmeriTrust’s lease and loan financing programs.

2. AmeriTrust Auto (www.ameritrustauto.com) operates as a licensed dealer that remarkets lease-return vehicles for funding partners with the objective of maximizing asset recovery and minimizing cumulative net loss.

During February 2026, the Company started limited production of the remarketing business model. AmeriTrust Auto is now expanding its operational team and has recently hired six additional employees who are currently operating from a temporary facility in Fort Worth, Texas while the Company prepares for future expansion.

3. AmeriTrust Serves (www.ameritrustserves.com) represents the Company’s servicing infrastructure and technology platform. AmeriTrust Serves has implemented a first-of-its-kind lease servicing platform in partnership with Conduent, one of the nation’s largest application service providers for consumer loan servicing systems. The platform enables scalable loan and lease servicing, enhanced automation, and data-driven portfolio management while supporting regulatory compliance and operational flexibility across multiple states.

Further Updates

Recently, Jeff Morgan was interviewed by Auto Finance News and Automotive News. The Auto Finance News article, titled ‘Inside AmeriTrust Financial’s Used Vehicle Leasing Rollout’ reported on AmeriTrust’s launch of a technology platform that allows dealers to present side-by-side loan and lease options for used vehicles, enabling consumers to compare payment structures while the company expands its leasing program across multiple states. The Automotive News article, titled ‘Former Tesla partner AmeriTrust tackles difficult, rare business of used-vehicle leasing’ examined AmeriTrust’s effort to expand used-vehicle leasing, a segment that represents a very small share of the market, highlighting the company’s strategy and the potential role leasing could play in improving vehicle affordability.

Last week Jeff Morgan was invited to be a speaker at the National Vehicle Leasing Association (‘NVLA’) Annual Conference in Nashville, Tennessee. The panel that Jeff participated in brought together high-performing lessors who excel at expanding their in-house portfolios while strategically placing some select transactions that fall outside their credit window or operational capacity.

Jeff Morgan commented, ‘As we move further into 2026, our focus remains clear: expanding both our indirect and direct dealer network, increasing application flow, and steadily growing funded originations while maintaining disciplined credit standards. The infrastructure we have built, from funding facilities and servicing technology to dealer partnerships, provides the foundation for that growth. While we remain in the early stages of executing our strategy, the results we are seeing across the platform are encouraging.’

AmeriTrust also announces that contrary to the Company’s press release dated January 15, 2026, Dig Media Inc. does provide services defined by TSXV policy 3.4 as investor relations. In addition, since the beginning of January 2026 the Company has issued 4,125,000 Restricted Share Units to employees and consultants.

About AmeriTrust Financial Technologies Inc.

AmeriTrust Financial Technologies Inc., listed on the TSXV, OTCQB, and Frankfurt markets, is a finance solution and fintech provider disrupting the automotive industry. AmeriTrust’s integrated, cloud-based transaction platform facilitates transactions amongst consumers, dealers, and funders. AmeriTrust’s platform is being made available across the United States.

For further information, please visit the AmeriTrust website or contact:

Shibu Abraham
Chief Financial Officer and Director
E: info@ameritrust.com
P: 1-800-600-6872

FORWARD-LOOKING STATEMENTS

This news release contains forward-looking statements relating to the Company and other statements that are not historical facts. Forward-looking statements are often identified by terms such as ‘will’, ‘may’, ‘should’, ‘anticipate’, ‘expects’, ‘believes’ and similar expressions. All statements other than statements of historical fact, included in this release, including, without limitation, statements regarding the description of the corporate capabilities and prospects of the Company’s operating subsidiaries, are forward looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements.

The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Company. As a result, we cannot guarantee that any forward-looking statement will materialize, and the reader is cautioned not to place undue reliance on any forward-looking information. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated.

Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The forward-looking statements contained in this news release are made as at the date of this news release, and the Company does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by Canadian securities law.

Neither TSX Venture Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.

SOURCE: AmeriTrust Financial Technologies Inc.

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Silver Hammer Prepares for Drill Program at Its 100% Owned California Patented Claim at The Eliza Project in Nevada

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Silver Hammer Mining Corp. (CSE: HAMR,OTC:HAMRF) (the ‘Company’ or ‘Silver Hammer’) is pleased to announce that the Company is finalizing plans for its Phase 1 drill program on its 100% owned California Patented Claim (the ‘California Patent’), within the Eliza Silver Project (‘Eliza’) in White Pine County, Nevada.

‘We are looking forward to Phase 1 of drill-testing priority targets at the 100% owned California Patent, ahead of a Phase 2 drill program on the greater area of the Eliza Claims, which is now awaiting final approval after submitting all required documents in its permitting application with the US Forest Service. The California Claim, being patented land, allows us to perform Phase 1, without requiring exploration or drilling permits,’ commented Peter A. Ball, CEO of Silver Hammer Mining. ‘We are currently in the process of sourcing a drilling contractor to execute our exploration program, and we look forward to mobilize to site as soon as possible.’

New priority drill targets on the California Patent have been identified from historical geological data from past exploration programs including surface mapping and sampling, an extensive soil sampling program, heliborne geophysics (magnetics and radiometrics), and from historical records of old mine workings. Up to five structures appear to be mineralized with silver and/or gold, and these form the five distinct drill targets (refer to Fig. 1).

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Fig. 1 – California Patent Drill Targets Map with a Compilation of Geological Structures, Rock and Soil Samples

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Up to a fifteen (15) hole drill program, consisting of approximately 1,500 metres (5,000 feet), has been designed to test following targets:

  1. Drill Target #1: The California Vein dips steeply, at approximately 80O to the northeast and is proximal to the Eberhardt Fault at surface. Mineralization has been found in a set of rock samples taken in 2021 and 2022 on or in the vicinity of the California Vein and the Eberhardt Fault, with four of the eight samples showing significant silver and/or gold grades (see Table 1 – please refer to the Company’s news releases dated December 6, 2021 and May 11, 2022 for more information). Airborne magnetics (vertical gradient) and radiometrics (total count) both show low anomalies as distinctly linear features at the Eberhardt Fault/California Vein zone. Two drill pads would allow for drilling the California Vein from the south, over a distance exceeding 150 metres along strike with a set of six fanned holes.

Table 1 – Rock Samples at California Patent (Mapping and Sampling Programs, 2021-2022)

Sample
No.		 Au
(g/t)		 Ag
(g/t)		 As
(ppm)		 Cd
(ppm)		 Cu
(ppm)		 Mn
(ppm)		 Mo
(ppm)		 Pb
(ppm)		 Sb
(ppm)		 Zn
(ppm)
PN662702 0.01 0.524 14.6 1 2 541 2 9.05 5 10.8
PN662703 0.06 1290 33.8 14 56.8 2750 5.6 619 268 71.1
PN662704 2.00 96.1 19 12 32 1620 2.42 179 33.2 128
PN662705 0.28 26.3 10.5 1 13.6 316 2.12 39.2 11.5 21.3
PN662706 0.01 2.44 25.3 1 7.05 4610 5.15 9.1 7.88 31.6
PN662707 0.01 14.1 19.4 1 7.08 2020 2 9.9 10.1 22
PN662708 0.01 0.275 8.28 1 3.58 96.8 2 18.5 5 7.68
PN614022 0.24 150 32.2 14.8 84.5 1340 2.35 324 51.3 172

 

  1. Drill Target #2: The California Vein has been interpreted to have been cut by the Eberhardt Fault just above the current topographic surface and down-dropped and displaced southwards in the South Block of the Eberhardt Fault (refer to Fig. 2). Silver mineralization in the geochemical soil anomaly and rock sampling suggests this repetition of the California Vein daylights approximately 70 metres to the south of the surface trace of the Eberhardt Fault (and the outcropping of the California Vein in the North Block of the fault). Six fanned holes, drilled southwards from the two drill pads, are designed to test this fault-displaced portion of the California Vein.
  2. Drill Target #3: The Eberhard Fault is expected to be intersected by the set of six northwards-trending drill holes. This drill-testing is expected to provide additional information of which structure is the source of the mineralized rock and soil samples that are in proximity of both the California Vein and the Eberhardt Fault.
  3. Drill Target #4: Pilot Shale has been mapped at surface in the South Block of the normal-type Eberhardt Fault. Geological interpretation of the stratigraphy leads to an expectation of the Pilot Shale and the stratigraphically lower Nevada Limestone contact to be located approximately 60 metres below the topographic surface in the South Block of the Eberhardt Fault. This brecciated lithologic contact has been recognized as a potential trap for hydrothermal fluids during the mineralization stage. Such association of manto-style mineralization and basal brecciation at nearby Treasure Hill is described by R.M. Smith1: ‘The chloride ore bodies were localized in the uppermost strata of the gently west-dipping Guilmette (Nevada) Limestone just below the Pilot Shale, most of which is eroded from all but the Telegraph Peak portion of Treasure Hill. The limestone is brecciated by premineralization bedding faults, the most prominent of which is along its contact with the shale’. During past mining in the late 1800s, several exploratory drifts were driven in the California Mine, with a goal to reach this Pilot Shale – Nevada Limestone contact. The two vertical holes from the two drill pads are designed to explore for such potential manto-type mineralization at the lithologic contact (refer to Fig. 2).

1 R.K. Hose, M.C. Blake and R.M. Smith, Bulletin 85, Geology and Mineral resources of White Pine County, Nevada, Nevada Bureau of Mines and Geology Part II, Mineral Resources, 1976.

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Fig. 2 – California Mine Section A-A’, with Drill Targets and Historic Underground Workings

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  1. Drill Target #5: The broad zone of anomalous silver values follows the trend of the high rock samples as well as the trend of magnetic and radiometric anomalies. This zone measures up to 200 metres wide north-south and over 400 metres east-west. All holes are within this soil geochemical anomaly.

Mr. Ball added, ‘The intersection of high angle structures in several orientations and the potential of the low-angle shale-limestone contact at the location of a historic mine, combined with several high-grade rock samples, forms a number of exciting and compelling drill targets.’

Qualified Person

The scientific and technical aspects of this press release have been reviewed and approved under the supervision of Damir Cukor, P.Geo. Mr. Cukor is a Qualified Person (QP) under National Instrument 43-101 Standards of Disclosure for Mineral Projects and as a consultant for the Company as Technical Director – Projects.

About Silver Hammer Mining Corp.

Silver Hammer Mining Corp. is a well-funded junior resource company focused on advancing past- producing high-grade silver projects in the United States. Silver Hammer controls 100% of six previously producing silver mines which are located within the Silver Strand Project in the Coeur d’Alene Mining District in Idaho, USA, and within the Eliza Silver Project and the Silverton Silver Mine in Nevada. The Company also controls the Fahey Group Silver Project in the Silver Valley, Idaho. Silver Hammer’s primary focus is to explore, define and develop silver projects near past-producing mines that have not been adequately tested. The Company’s portfolio also provides exposure to copper and gold.

On Behalf of the Board of Silver Hammer Mining Corp.

Peter A. Ball
President & CEO, Director
E: peter@silverhammermining.com

For investor relations inquiries, contact:

Peter A. Ball
President & CEO
778.344.4653
E: investors@silverhammermining.com

Forward-Looking Information

This press release contains ‘forward-looking information’ within the meaning of applicable Canadian securities legislation. Forward-looking information in this press release includes, without limitation, statements relating to the Offering, the intended use of proceeds from the Offering, and other statements which are subject to a number of conditions, as described elsewhere in this news release. These statements are based upon assumptions that are subject to significant risks and uncertainties, including risks regarding the mining industry, commodity prices, market conditions, general economic factors, management’s ability to manage and to operate the business, and explore and develop the projects of the Company, and the equity markets generally. Because of these risks and uncertainties and as a result of a variety of factors, the actual results, expectations, achievements or performance of the Company may differ materially from those anticipated and indicated by these forward-looking statements. Any number of factors could cause actual results to differ materially from these forward-looking statements as well as future results. Although the Company believes that the expectations reflected in forward-looking statements are reasonable, they can give no assurances that the expectations of any forward-looking statements will prove to be correct. Except as required by law, the Company disclaims any intention and assume no obligation to update or revise any forward-looking statements to reflect actual results, whether as a result of new information, future events, changes in assumptions, changes in factors affecting such forward-looking statements or otherwise. This news release does not constitute an offer to sell or a solicitation of an offer to sell any of securities in the United States. The securities have not been and will not be registered under the U.S. Securities Act or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

The Canadian Securities Exchange does not accept responsibility for the adequacy or accuracy of this release. The Canadian Securities Exchange has neither approved nor disapproved the contents of this press release.

Corporate Logo

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/288112

News Provided by TMX Newsfile via QuoteMedia

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AIER’s Everyday Price Index Jumps 0.61 Percent in February 2026

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The AIER Everyday Price Index (EPI) saw its largest jump in 13 months in February 2026, rising 0.61 percent to 299.8. This was the index’s fourth largest monthly increase going back two years. Fourteen of the 24 constituents rose in price, with two unchanged and eight falling. The largest monthly price increases were seen in motor fuel, audio discs and tapes, and internet services, with the largest declines among video purchase and rental subscriptions, cable satellites and streaming services, and postage/delivery services. 

AIER Everyday Price Index vs. US Consumer Price Index (NSA, 1987 = 100)

(Source: Bloomberg Finance, LP)

The US Bureau of Labor Statistics (BLS) released the February 2026 Consumer Price Index (CPI) data on March 11, 2026. From January to February 2026, headline CPI increased by 0.3 percent and core rose 0.2 percent; both were in line with forecasts.

February 2026 US CPI headline and core month-over-month (2016 – present)

(Source: Bloomberg Finance, LP)

Consumer prices in February were driven primarily by shelter and a modest firming in energy and food costs, with the index excluding food and energy increasing 0.2 percent for the month. Shelter was the largest contributor to the overall increase, while gains were also recorded across several service and discretionary categories including medical care, apparel, household furnishings and operations, airline fares, and education. Within medical care, hospital services and physicians’ services moved higher even as prescription drug prices declined slightly. Offsetting some of these increases were declines in communication services, used cars and trucks, motor vehicle insurance, and personal care, suggesting continued easing in selected consumer goods and insurance-related categories.

Food prices rose 0.4 percent in February, matching the increase in the food-at-home index and following smaller gains in January. Grocery price movements were mixed: fruits and vegetables and nonalcoholic beverages both moved higher, while the “other food at home” category posted a notable increase driven in part by a sharp rise in candy and chewing gum prices. In contrast, dairy products declined, led by lower cheese prices, while cereals and bakery products edged down and the meats, poultry, fish, and eggs category was unchanged overall. Prices for meals away from home increased 0.3 percent as both limited-service and full-service meals became modestly more expensive. Energy prices also turned higher in February, rising 0.6 percent after January’s decline, reflecting increases in gasoline and natural gas prices that were partly offset by a drop in electricity costs. Overall, February’s inflation profile reflected moderate increases across housing, food, and selected services alongside pockets of softness in vehicles, insurance, and communications.

On the year-to-year side, headline CPI rose 2.4 percent, which was in line with forecasts. Core year-over-year inflation also met surveyed expectations of 2.5 percent.

February 2026 US CPI headline and core year-over-year (2016 – present)

(Source: Bloomberg Finance, LP)

From February 2025 to February 2026, overall consumer prices increased 2.4 percent, unchanged from the pace recorded in January, while core inflation — excluding food and energy — rose 2.5 percent over the year. Food prices continued to show steady upward pressure, rising 3.1 percent over the past year, with grocery prices up 2.4 percent. Within grocery categories, nonalcoholic beverages recorded one of the largest increases, climbing 5.6 percent, while fruits and vegetables and cereals and bakery products each advanced 2.7 percent. The “other food at home” category rose 3.3 percent, while meats, poultry, fish, and eggs edged up 0.4 percent despite a sharp decline in egg prices. Dairy products posted only a slight 0.1 percent increase. Dining out remained a notable contributor to food inflation, with the food away from home index rising 3.9 percent over the year, driven by a 4.6 percent increase in full-service meals and a 3.2 percent rise in limited-service meals.

Energy prices increased modestly over the year, rising 0.5 percent overall as declines in gasoline prices offset gains in other components. Gasoline prices fell 5.6 percent over the 12-month period, while electricity costs rose 4.8 percent and natural gas prices increased a notable 10.9 percent. Excluding food and energy, core consumer prices increased 2.5 percent over the year, with shelter costs advancing 3.0 percent and continuing to anchor underlying inflation. Additional upward pressure came from medical care, household furnishings and operations, recreation, and personal care ( the latter posting a 4.5 percent increase) highlighting continued firmness across several service and household-related categories, with energy prices remaining relatively subdued.

February’s inflation report pointed to a continued easing in underlying price pressures, with core consumer prices rising 0.2 percent on the month and holding at 2.5 percent year-over-year —  the slowest pace in nearly five years. The moderation reflected softer housing costs and ongoing declines in categories such as used vehicles and motor vehicle insurance, while goods prices excluding food and energy barely moved overall. Still, the details revealed a complex mix of offsetting forces. Apparel prices rose sharply, some electronics and recreation-related goods saw increases linked to rising metals and semiconductor costs, and certain discretionary services — including air travel, hotels, and car rentals — continued to post gains. At the same time, rents and owner-equivalent rents advanced only modestly, suggesting that one of the largest contributors to inflation over the past several years may be gradually cooling. Food inflation ticked higher in February, driven in part by rising fruit and vegetable prices, even as egg prices continued to retreat from last year’s historic spike.

Beneath the headline moderation, however, the data also hinted at emerging pressures that could complicate the outlook. Energy prices turned higher during the month, with gasoline and natural gas contributing modestly to the overall increase. Meanwhile, supply shocks in metals and electronic components have begun to filter into some consumer goods prices, particularly in recreation items and technology products. Price increases were also less pervasive across the core CPI basket than in January, reflecting the typical seasonal pattern in which businesses implement many of their annual price adjustments early in the year.

Still, the overall picture suggests inflation pressures are shifting rather than disappearing. If geopolitical tensions remain contained, moderating rent growth and cooling goods prices could leave room for the Federal Reserve to consider rate cuts later this year. But the war against Iran, now entering its second week — and the resulting surge in oil, natural gas, gasoline, and fertilizer prices — could quickly complicate that calculus by pushing headline inflation higher.

Even as overall inflation cools, the cost of everyday staples continues to weigh on household budgets, underscoring how affordability pressures persist despite improving macroeconomic indicators. Coffee prices provide a vivid example, and in their ubiquity a counterpart to gasoline prices at the pump. US retail coffee prices reached a record $9.46 per pound in February, up 31 percent from a year earlier, reflecting earlier supply disruptions in Brazil and Vietnam as well as tariff-related costs that continue to filter through the supply chain. Because coffee beans purchased months ago at elevated prices are still working their way through inventories, consumers may not see meaningful relief until well into 2027. Similar dynamics are evident in other grocery items and prepared beverages, where retail prices remain elevated even as underlying commodity markets soften.

Looking ahead, the developing war introduces a significant new risk of higher prices. Oil has already surged since the outbreak of hostilities, and the resulting increases in gasoline, energy, and transportation-related costs are likely to show up prominently in the March CPI report scheduled for release on Friday, April 10. As a result, February’s comparatively mild inflation reading may prove to be a brief lull before a new round of price pressures, these largely relating to energy, emerge in the months ahead.

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IEA Considers Record Oil Reserve Release Following Hormuz Disruptions

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Global energy officials are weighing the largest coordinated release of emergency oil reserves ever proposed as supply disruptions linked to the ongoing Middle East conflict continue to disrupt global markets, according to an exclusive report by the Wall Street Journal.

Officials familiar with the discussions said the International Energy Agency (IEA) has circulated a proposal among its 32 member countries to release crude from strategic reserves in an effort to stabilize surging prices following the near-total disruption of tanker traffic through the Strait of Hormuz.

The proposed drawdown would exceed the 182 million barrels released in two coordinated actions in 2022 after Russia’s invasion of Ukraine. Member countries are expected to decide on the plan Wednesday (March 11) during an emergency consultation convened by the agency.

Oil markets strained by Gulf supply disruption

The Strait of Hormuz, a narrow maritime corridor connecting the Persian Gulf to international markets, normally carries roughly one-fifth of the world’s daily oil supply.

However, continuous attacks on passing tankers and the escalating security risk in the region have brought shipments through the waterway close to a halt.

Since the US and Israel launched strikes on Iran in late February, crude prices have surged sharply amid fears of a prolonged supply shock. Oil briefly climbed above US$100 per barrel and at one point approached US$120 before retreating as markets reacted to the developing conflict.

Map of the Strait of Hormuz, with surrounding countries labeled.

Map of the Strait of Hormuz, with surrounding countries.

Fajar / Adobe Stock

Despite the pullback, the price of refined fuels such as diesel has continued to rise, raising concerns about broader economic fallout. Economists warn that sustained high energy prices could drive inflation higher, pressuring financial markets and increasing fuel costs for consumers worldwide.

IEA Executive Director Fatih Birol said global oil markets have deteriorated significantly in recent days.

“In oil markets, conditions have deteriorated in recent days,” Birol said in an IEA statement following a meeting of G7 energy ministers at the agency’s Paris headquarters.

“In addition to the challenges of transit through the Strait of Hormuz, a substantial amount of oil production has been curtailed. This is creating significant and growing risks for the market.”

The IEA was created in 1974 in response to the Arab oil embargo and coordinates emergency actions among industrialized nations when major supply disruptions threaten global energy security.

Member countries currently hold more than 1.2 billion barrels of government-controlled emergency oil reserves, along with roughly 600 million barrels of mandatory industry stocks.

Together, those inventories represent about 124 days of lost supply from the Gulf, based on current estimates.

G7 backs potential emergency measures

Energy ministers from the Group of Seven (G7) major economies signaled support for the use of strategic reserves if necessary to stabilize markets.

“Working alongside the IEA, we are vigilantly monitoring energy market trends and are coordinating within the G-7 and with our international partners, IEA member countries, and beyond,” the ministers said in a joint statement as reported by Bloomberg.

They added that the group supports “the implementation of proactive measures to address the situation, including the use of strategic reserves.”

Markets have already responded to the possibility of a coordinated release. Brent crude briefly dropped below US$90 per barrel earlier this week as reports emerged that governments were considering tapping stockpiles.

But oil prices resumed climbing in Asian trading on Wednesday as traders weighed how long Middle Eastern supply disruptions could last.

Production across several Gulf states has already begun to decline as exporters struggle to ship crude through the threatened shipping lane. Major producers in the region have reportedly cut output by more than five million barrels per day as storage facilities fill and tankers remain unable to load cargo.

Meanwhile, some governments have started preparing their own emergency responses even before a coordinated decision is reached. Japan said it plans to release oil reserves as early as Monday (March 16) to offset expected supply disruptions.

Tokyo intends to release 15 days’ worth of privately held oil reserves and one month of government stockpiles while also drawing on joint reserves held with oil-producing nations.

Markets react to extreme volatility

Energy analysts say the prospect of coordinated stockpile releases has already begun influencing market behavior.

“Crude oil closed slightly below the US$100 mark after spiking to nearly US$120 per barrel earlier today,” Tullis said. “Helping to bring prices back down were reports that the G7 countries are considering releasing 300-400 million barrels in total from their strategic reserves.”

For instance, the IEA coordinated a record release of emergency reserves in 2022 after Russia’s invasion of Ukraine.

Although prices initially rose as traders interpreted the move as a sign of a severe crisis, the additional supply later helped ease market pressure.

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

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House GOP urges Trump to choke off Iran ally’s oil profits as Middle East turmoil spikes US gas prices

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A group of House Republicans is urging the Trump administration to choke off Russia’s profits from one of its largest energy companies as global oil prices spike.

It comes as the U.S. and Israel’s conflict with Iran, one of Russia’s closest allies and another major energy producer, is threatening to spiral the market out of control both overseas and here at home.

Rep. August Pfluger, R-Texas, who chairs the Republican Study Committee, is leading five fellow GOP lawmakers in a letter to Treasury Secretary Scott Bessent regarding Lukoil — which accounts for roughly 2% of the world’s oil output.

Western sanctions have forced Lukoil to announce it would sell certain international assets as countries like the U.S. and U.K. attempt to whittle down Russia’s control over global energy.

‘The U.S. government has a significant role — in fact, a responsibility — in determining the ultimate fate of these oil and gas assets. We encourage you to exercise the utmost caution to ensure we do not inadvertently squander this opportunity and relinquish our leverage to U.S. adversaries,’ the Republicans wrote.

They warned against a situation where ‘transaction loopholes or back-room deals with Lukoil’s senior management’ could allow Lukoil assets to ‘slip back into Russia’s hands as tensions subside or U.S. sanctions are lifted.’

The six Republicans on the letter, all from Texas, are also lobbying the administration to ease a pathway for Lone Star State companies to acquire those assets.

‘President Trump has created a once-in-a-generation opportunity not only to defund Russia’s war machine but also for leading American energy companies — including at least two headquartered in the great State of Texas — to acquire the LIG portfolio, permanently removing globally significant oil and gas assets from Russian control, enhancing energy security, affordability, and reliability, and strengthening President Trump’s America First agenda,’ they argued.

‘[W]e encourage the Department of the Treasury — in concert with the White House and Departments of Energy, State, and War — to scrutinize every detail of the various proposals to ensure that any sale of LIG’s assets ‘completely severs’ ties with the Russian parent company, paving the way for American energy companies to meet this moment with the urgency and precision it so deserves.’

The push comes at a particularly consequential time on the world stage as Iran continues to retaliate against U.S. allies in the Middle East.

Earlier this month, the U.S. and Israel began a joint operation launching strikes against Iran that targeted its military and nuclear assets as well as top leadership ranks.

Russia, which has been wreaking havoc on European energy markets with its invasion of Ukraine since February 2022, has reportedly been aiding Iran against the U.S. operation.

The Washington Post reported that Moscow was providing intelligence to Tehran to help it target U.S. forces in the region. It’s a particularly significant development in the wake of eight U.S. service members’ deaths since the conflict began.

Pfluger cited the conflict in the new letter, but did not mention Russia’s alleged role in aiding Iran.

‘American energy dominance is critical to our national security, and as the events of the last several days in Iran and the broader Middle East region have highlighted, our ability to promote peace through strength is enabled by our role in facilitating the stable and secure supply of energy to world markets,’ the letter said.

‘In this increasingly complex geopolitical era, we believe America’s energy companies, and not those of our adversaries, should continue leading the way.’

Meanwhile, AAA reported that the average national gas price in the U.S. rose by 27 cents to $3.25 as of March 5 since the Iran conflict began.

As of March 11, AAA’s calculations put the national gas price average at nearly $3.58.


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US destroys 16 Iranian mine boats as Strait of Hormuz oil showdown escalates

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U.S. forces destroyed 16 Iranian mine-laying vessels near the Strait of Hormuz Tuesday, U.S. Central Command said, in what officials described as a move to prevent Iran from disrupting one of the world’s most critical maritime choke points.

The strikes come as oil traffic through the strait remains at a near standstill, threatening a corridor that carries roughly 20 million barrels per day — about one-fifth of global consumption — and squeezing Gulf exporters like Iraq and Kuwait that rely on the narrow passage to ship their primary source of revenue.

Prior to taking out the mining vessels, Trump demanded Iran remove them ‘IMMEDIATELY!’ warning that if it doesn’t, ‘the Military consequences to Iran will be at a level never seen before.’

U.S. officials have long warned that Iran maintains a significant naval mine inventory and has rehearsed tactics designed to threaten commercial shipping in the Gulf. The destruction of the vessels appears aimed at stopping any potential deployment before mines could be laid in shipping lanes.

The Strait of Hormuz, bordered by Iran to the north and Oman and the United Arab Emirates to the south, is a critical artery for global energy markets. Even the threat of mining operations can further disrupt traffic and spike insurance and shipping costs.

It was not immediately clear whether any mines had already been placed in the water before the U.S. action. Citing intelligence sources, CNN reported Iran had laid a few dozen mines in the strait in recent days and had the capability to place hundreds more. 

Since Friday, seven vessels, including four tankers and three bulk carriers, have passed through the strait, according to data from trade intelligence platform Kpler.

The U.S. Navy has been weighing escorts for commercial ships through the strait. 

‘We’re looking at a range of options there and will figure out how to solve problems as they come to us,’ Joint Chiefs Chairman Gen. Dan Caine told Fox News Tuesday. 

The world is watching to see whether the Navy will step in to try to free up shipping. Immediately after an inaccurate and since-deleted post from Energy Secretary Chris Wright claiming the Navy had escorted a tanker, oil prices fell nearly 12%.

European allies are moving in as well: France sent two frigates to join a European Union-led escort mission for ships through the strait, though their arrival timeline is unclear.

While U.S. Secretary of War Pete Hegseth has claimed the U.S. and Israel have ‘total air dominance’ over Iran’s skies, that doesn’t mean the threat from missiles and drones is entirely eliminated yet. 

The Navy won’t escort tankers until Iran’s missile and drone threat is eliminated, retired Gen. Jack Keane told FOX Business. 

‘Makes no sense in terms of the risk when we’re going to finish them off entirely in a few weeks,’ he said.  

Recognizing the squeeze on prices around the globe, Trump announced Monday the U.S. would remove oil-related sanctions. 

‘We are also waiving certain oil-related sanctions to reduce prices,’ he said during a press conference. ‘So in some countries, we’re going to take those sanctions off until this straightens out. Then, who knows, maybe we won’t have to put them on.’

The United States currently maintains sanctions affecting oil Iran, Venezuela, Russia, Syria and North Korea. 

White House press secretary Karoline Leavitt declined to detail what that relief would look like. A 30-day waiver was already recently issued for Russian oil stranded at sea to reach India.

A naval mine costing only a few thousand dollars can cripple or even sink a $2 billion U.S. destroyer. 

The danger is not theoretical: In 1988, USS Samuel B. Roberts nearly sank after striking an Iranian mine in the Persian Gulf. 

Mine-laying operations are often conducted covertly at night using small vessels such as fishing dhows or fast-attack craft, allowing mines to be deployed with little warning and potentially devastating consequences.


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Trump touts 5-0 sweep by endorsed candidates in Tuesday primary elections

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President Donald Trump took a bow Tuesday night for his 5-0 record for his endorsed candidates in the Republican elections held in Mississippi and Georgia.

‘March 10th election update: 5 wins, 0 losses,’ an election night image posted to Truth Social blared. ‘President Trump endorsements 100%.’

The image hailed a 4-0 record in Mississippi (Sen. Cindy Hyde-Smith, R-Miss.; Reps. Mike Ezell, R-Miss.; Rep. Michael Guest, R-Miss.; Rep. Trent Kelly, R-Miss.) and 1-0 in Georgia, albeit with a bullet.

‘President Trump’s endorsed candidates keep winning because Republican voters trust his leadership and want America First champions in Congress,’ RNC spokeswoman Emma Hall told Fox News Digital in a statement. ‘From cutting taxes to securing the border, every Republican candidate in the country is proudly running on President Trump’s record and competing for his endorsement because it remains the single most decisive factor in GOP primaries.’

In one of the marquee matchups, an all-party special election for an open House seat, Republican Clay Fuller earned an April 7 runoff against Democrat Shawn Harris for the seat vacated by former Rep. Marjorie Taylor Greene, R-Ga., in Georgia’s ‘solid red’ 14th Congressional District.

‘Clay Fuller is going to be a fantastic Congressman in representing the Great State of Georgia,’ Trump wrote Wednesday morning on Truth Social.

‘Now we have to be careful and finish it off. MAKE AMERICA GREAT AGAIN!!!’

While Fuller did not earn the special election victory, and Harris won the most votes (37.3%) in a 17-candidate field that included nine Republicans, Harris only had to outdistance two Democrats. Fuller trailed Harris by only 3,000 votes at 34.9%. Republican Colton Moore finished third and out of the running at 11.6%, while no other candidate reached 5%.

‘I think the Republican Party is going to unite around us because they know that the Democrat is too dangerous,’ Fuller said Tuesday night. ‘We can’t have a Democrat representing Georgia 14. That would be a tragedy for our community, a tragedy for Georgia 14 and a tragedy for the MAGA movement.’

The total number of votes cast across all candidates in this election result thus far is 115,823, and Republicans outdistanced Democrat votes by nearly 20 points. GOP candidates garnered a total of 59.7%, while Democrats had 39.8% and independents had less than 1%.

‘Congratulations to Clay Fuller, of Georgia’s 14th Congressional District, on getting such a high percentage of the vote with 12 Republicans running,’ Trump wrote Tuesday night on Truth Social. ‘We want to make the next vote ‘TOO BIG TO RIG.’ Clay will be a GREAT Congressman — HE WILL NEVER LET YOU DOWN!’

Fuller was a White House fellow in the first Trump administration and is a lieutenant colonel in the Georgia Air National Guard. He finished fourth in the 2020 Republican primary that Greene won. He credited Trump’s nod for propelling him to the runoff.

‘They want to know who President Trump was endorsing in this race,’ Fuller said. ‘And that’s why they came out in droves to support him, because they want an America First fighter on Capitol Hill fighting for his policies that are going to make a difference for our community.’

Harris said he is not worried about further Trump intervention.

‘If Donald Trump wants to come and do what he wants to do, that’s his business,’ he said.

The House GOP majority is a narrow 218-214 right now, making the Fuller-Harris April 7 runoff an important one for upcoming 2026 votes. There are two other vacancies awaiting special elections this year, including blue-state seats formerly held by New Jersey Democrat Gov. Mikie Sherrill, who resigned from the House in November, and the late Rep. Doug LaMalfa, R-Calif., who died Jan. 6.

Illinois is next up on the GOP primary schedule on Tuesday, March 17, when three Trump-endorsed candidates are incumbents: Reps. Mike Bost, R-Ill., Mary Miller, R-Ill., and Darin LaHood, R-Ill.

Trump calls for GOP unity around SAVE America Act

The next big GOP primary challenge forged by Trump is frequent MAGA foil Rep. Thomas Massie, R-Ky., on May 19. Trump-backed Ed Gallrein is vying for that seat.

‘I predict that ‘Representative’ Thomas Massie will go down as the WORST Republican Congressman in the long and fabled history of the United States Congress, even worse than Crazy Liz Chaney, Cryin’ Adam Kinzinger, and Marjorie ‘Traitor’ Brown (Remember, Green turns to Brown under stress!),’ Trump wrote Wednesday morning on Truth Social.

‘They are all misfits and losers, but Massie, who is running against a great American Patriot in the Kentucky Primary, will hopefully lose BIG. I LOVE KENTUCKY!!!’

The Associated Press contributed to this report.


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