Refiners across Asia have begun requesting additional term crude oil shipments from Middle Eastern producers for August and September loadings, amid a spike in spot market prices driven by escalating geopolitical tensions in the Middle East.

Spot premiums for Middle Eastern crude benchmarks climbed above $3 a barrel on Thursday—the highest in four months—triggered by growing fears of supply disruption following last week’s outbreak of hostilities between Israel and Iran. These tensions have injected volatility into global oil markets, prompting Asian buyers to seek more secure, fixed-price term contracts to hedge against further price surges.

China’s surge in alumina exports to their second-highest level on record reflects a deepening supply glut and highlights the broader challenge of overcapacity rippling through the country’s heavy industry. In March alone, China shipped 300,000 tons of alumina abroad—more than double the figure from a year earlier—as producers scrambled to offload excess inventory after domestic prices collapsed.

The spike in exports comes amid a sharp reversal in China’s alumina market. Prices soared last year, triggering a wave of new investments and plant expansions. But as that new capacity came online, the market quickly tipped into oversupply, forcing producers to seek relief in foreign markets. The collapse in domestic prices has also widened arbitrage opportunities, further incentivizing exports despite sluggish global demand growth.

The U.S. Commerce Department has initiated an investigation into allegations of unfair trade practices in the import of solar cells and panels from four Southeast Asian countries: Cambodia, Malaysia, Thailand, and Vietnam. The investigation follows a formal request from U.S. solar equipment companies, including…