A record rise in sulfur prices, driven by the war with Iran, has increased costs for nickel producers in Indonesia and copper mining companies in Africa.

Sulfuric acid is a key component in mining and metal refining processes. The Middle East accounts for 24% of global sulfur production, where it is typically produced as a byproduct of oil and gas refining.

Sulfur prices in Indonesia have risen about 20% since the outbreak of the war to around $600 per ton, according to data from Argus. However, some sales to nickel refineries using high-pressure acid leaching technology have exceeded $700 per ton, according to a trader supplying the sector.

In southern Africa, prices have increased 37% to reach $715 per ton since the start of the war with Iran, while prices for smaller bagged quantities of sulfur stored in African port warehouses have surged 66% to $1,000 per ton, according to Maria Mosquera, head of sulfur pricing at Argus.

According to Argus data since 2021, sulfur prices have reached their highest levels in at least five years.

Raghav Jain, head of nickel and copper pricing at Argus, said that continued high prices could delay project expansions and slow supply growth in Africa’s copper belt.

Higher sulfur and sulfuric acid prices are also likely to deliver additional gains for copper smelters in China, partially offsetting weak treatment and refining charges that have fallen to historically low levels.

Bitcoin declined on Thursday, tracking broader losses across cryptocurrencies and risk assets after US President Donald Trump signaled an escalation in military operations against Iran in the coming weeks.

The world’s largest cryptocurrency retreated after a relatively positive start to April but remained within the trading range that has dominated its performance for most of the year. Bitcoin fell 2.9% to $66,465.7 as of 01:29 AM Eastern Time (05:29 GMT).

Trump said on Wednesday evening that the United States will intensify its military operations against Iran over the next two to three weeks, noting that Washington is close to achieving its military objectives.

He added: “We will hit them very hard over the next two to three weeks,” reiterating the need to limit Iran’s nuclear capabilities.

Trump also called on Iran to accept an agreement or face US strikes targeting energy infrastructure, a threat he has repeated several times since the conflict began.

The US president’s remarks weakened hopes for de-escalation in the Iran war, especially after earlier signals this week had suggested a possible reduction in military operations.

Iran, for its part, denied earlier this week that it had engaged with the United States regarding a ceasefire, confirming that no direct talks have taken place since the conflict began more than a month ago.

Risk assets declined broadly following Trump’s remarks, with Asian equities and Wall Street futures posting notable losses.

Bitcoin ETFs record first inflows since October

Data from SoSoValue showed that Bitcoin exchange-traded funds recorded their first positive monthly inflows in March since October.

Spot Bitcoin ETFs saw net inflows of $1.2 billion during March, following four consecutive months of outflows. This came as Bitcoin had declined by as much as 50% from its record high reached in October.

During March, Bitcoin outperformed most other speculative assets, posting modest gains while sectors such as equities and precious metals recorded significant losses. However, the world’s largest cryptocurrency remains down about 24% since the start of 2026 and has traded near the $60,000 level for most of the year.

Altcoins decline as Iran concerns persist

Other cryptocurrencies also declined broadly as risk appetite weakened amid ongoing tensions related to the Iran war.

Ethereum, the world’s second-largest cryptocurrency, fell 4.7% to $2,049.22, while XRP declined 3.6% to $1.3139.

Oil prices surged about 7% on Thursday after US President Donald Trump said the United States will continue attacks on Iran, raising fears of prolonged disruptions to global oil supplies.

Brent crude futures rose $8.34, or 8.2%, to $109.50 per barrel as of 11:39 GMT. US West Texas Intermediate crude futures also climbed $9.23, or 9.2%, to $109.35 per barrel, hitting their highest level since March 9.

Both benchmarks are on track for their largest daily gains in three weeks in both absolute and percentage terms, although they remain below levels above $119 per barrel reached earlier in the conflict.

Trump said: “We will hit them very hard over the next two to three weeks. We will send them back to the Stone Age where they belong.” He did not provide details on steps that could lead to reopening the Strait of Hormuz.

Priyanka Sachdeva, senior market analyst at brokerage Phillip Nova, said markets are reacting to the absence of any “clear signal of a ceasefire or diplomatic engagement” in Trump’s speech. She added that “if tensions escalate or maritime risks increase, oil prices could test new record levels as markets price in potential supply disruptions.”

UK hosts talks on reopening the Strait of Hormuz

Meanwhile, the United Kingdom is hosting a virtual meeting involving 35 countries to discuss options for reopening the Strait of Hormuz, although the United States is not expected to participate.

In another development, Qatar’s Ministry of Defense said that an oil tanker chartered by state-owned QatarEnergy was struck by an Iranian cruise missile in Qatari waters on Wednesday.

Some market participants said they have stopped dealing in cargoes priced against the Dubai benchmark for Middle Eastern crude, which is typically used to price about one-fifth of global oil supplies, due to the inability to use ports located within the Strait of Hormuz.

At the same time, the OPEC+ alliance, which includes the Organization of the Petroleum Exporting Countries and its allies, is likely to discuss increasing oil production again on Sunday, according to sources. Such a move could allow member states to pump more oil if the Strait of Hormuz is reopened, but it would not materially boost supply before that.

In Russia, Ukrainian strikes on port infrastructure, pipelines, and refineries have reduced export capacity by about one million barrels per day, or roughly one-fifth of total capacity, according to sources, potentially paving the way for imminent production cuts.

The head of the International Energy Agency also warned that supply disruptions will begin to impact Europe’s economy in April, after the region had previously been shielded by shipments contracted before the outbreak of the war.

The US dollar rose sharply on Thursday after US President Donald Trump’s speech on Iran dashed hopes for a quick end to the conflict, driving investors toward safe-haven assets as oil prices surged and equities declined.

In a widely anticipated address, Trump pledged to carry out stronger strikes against Iran over the next two to three weeks, without providing a clear timeline for reopening the Strait of Hormuz or ending the war, which has shaken investor confidence and triggered volatility in global markets.

Investors quickly moved out of riskier assets such as equities and into the US dollar, pushing the yen, euro, and British pound lower.

The dollar index, which measures the US currency against a basket of major currencies, rose 0.53% to 100.09 as demand for safe-haven assets returned.

Thursday’s gains erased most of the dollar’s losses over the previous two sessions, which had been driven by earlier optimism about possible de-escalation in the Iran war, putting the US currency on track for another weekly gain.

At the same time, equities declined while oil prices surged, with Brent crude futures rising more than 6% to $108 per barrel following Trump’s speech, which reignited concerns over ongoing supply disruptions.

Carol Kong, currency analyst at Commonwealth Bank of Australia, said Trump’s remarks failed to reassure markets, noting that markets are beginning to realize the war is likely to escalate further before easing.

She added that the US dollar “could rise further from here against all major currencies” as markets recognize that the global economy is set to slow significantly.

The euro fell 0.51% to $1.1531, while the British pound declined 0.68% to $1.3216, both giving up part of their recent gains.

The Australian dollar, often seen as a proxy for global growth expectations, also fell 0.69% to $0.6881.

Meanwhile, the Japanese yen declined 0.5% to ¥159.64 per dollar, approaching the key psychological level of 160, which is seen as a threshold that could prompt intervention by Japanese authorities in the foreign exchange market.

Trump’s remarks also pushed US Treasury yields higher, as rising oil prices fueled concerns about higher inflation, potentially limiting the scope for interest rate cuts.

This comes ahead of the release of the US nonfarm payrolls report on Friday, with markets expecting an increase of 60,000 jobs in March, according to a Reuters poll of economists.

Kyle Rodda, senior financial market analyst at Capital.com, said that any disappointing reading could unsettle markets and amplify warnings about stagflation.

He added that markets may experience further volatility ahead of the long Easter weekend.