Nuclear energy is gearing up for a major comeback in the United States. President Donald Trump has made reviving the domestic nuclear energy sector a key goal of his administration, with the stated objective of returning the U.S. to a position of global leadership in the field. The idea is that modernizing and expanding the aging American nuclear fleet will give the country a significant boost in terms of energy independence and sovereignty.

However, the nuclear energy sector in the United States — like the vast majority of the nuclear sector globally — relies heavily on imported nuclear fuel, particularly from Kazakhstan and Russia. Uranium prices are also rising in global markets due to the resurgence of interest in nuclear power worldwide. The World Nuclear Association expects global uranium demand to rise by 28% by 2030 and nearly double by 2040, leading to increased competition among nuclear energy producers around the world.

Currently, there are only five facilities in the world that convert uranium on a large scale, and Russia controls nearly half of the global capacity, creating a major resource bottleneck and sensitive geopolitical vulnerabilities. As a result, "the U.S. nuclear energy sector faces fragility in fuel supply chains, with a shortage of uranium supplies, geopolitical risks, and rising costs that threaten both existing reactors and the development of advanced reactors," according to a January report from Stanford Energy.

Furthermore, China and Russia have secured nuclear fuel supply chains over decades, at a time when Western countries were retreating from the use of nuclear energy. With the world now returning to embrace this controversial source, it may be too late for Europe and the United States to gain a foothold in key uranium markets. Benjamin Godwin of Prism Strategic Intelligence told the Financial Times last year: "Russian and Chinese players were very keen to secure access to resources in Central Asia and Africa, creating a highly competitive environment."

Therefore, achieving true independence in nuclear energy requires the United States to develop an integrated domestic nuclear fuel sector. Fortunately, the United States possesses vast quantities of uranium, but building supply chains to extract and enrich this uranium requires significant time and costs. To move these chains inward efficiently and affordably, several approaches are needed, including extracting new uranium resources as well as recycling spent nuclear fuel. The United States is making remarkable progress in both areas.

This month, uranium production operations began at the largest site of its kind relying on In-Situ Recovery (ISR) technology in the country in more than a decade. A report by Interesting Engineering published last week stated that "the estimated resources of the project, located on an area of 20,000 acres, currently stand at 6,155,000 pounds of U3O8, the most stable form of uranium oxide." The Burke Hollow site in South Texas is the latest project of Uranium Energy Corporation, which also owns a similar site in Wyoming.

U.S. Energy Secretary Chris Wright said: "UEC’s recent achievements in Texas and Wyoming highlight the importance of uranium production as a foundation for a secure and domestic nuclear fuel cycle. As we continue to rebuild the full fuel cycle, including critical downstream infrastructure, this progress proves we can build it here and lead from within."

The United States is also funding advanced research into recycling spent nuclear fuel, which could enhance resource efficiency by up to 95%. Assistant Secretary of Energy for Nuclear Energy Ted Garrish told World Nuclear News in February: "Used nuclear fuel represents a massive untapped resource in the United States." He added: "The Trump administration is taking a practical approach to ensure our resources are used in the most efficient ways possible to enhance American energy independence and support economic growth."

These measures combined are expected to be transformative for the independence of the U.S. nuclear energy sector, which is the largest in the world. These efforts may also represent an important step toward boosting clean energy production at a time of increasing sentiment against renewable energy, especially since nuclear energy does not produce carbon dioxide emissions.

Copper prices declined slightly, trimming part of their strong monthly gains, at a time when traders await the potential resumption of peace negotiations between the United States and Iran.

The industrial metal fell by 0.3% by late morning London trading, after having earlier risen by as much as 0.8% to exceed the February 27 closing level of $13,343.50 per ton, the day before the start of U.S. and Israeli strikes on Iran.

Most base metals have witnessed sharp fluctuations since the outbreak of the conflict, as prices initially declined due to concerns over supply chain disruptions and slowing economic growth, before risk appetite returned following the temporary truce reached last week, supported by reports stating that Washington and Tehran are seeking to arrange a second round of talks in the coming days, alongside signs of improved Chinese demand.

Fan Rui, an analyst at Guoyuan Futures, said: "Copper has begun to recover; after the rebuilding of inventories in China, inflation concerns have receded with the progress of peace talks," adding that "the worst is over."

In China, manufacturing companies increased their purchases after domestic copper prices fell to less than 100,000 yuan per ton in recent weeks due to the war, leading to a significant decline in domestic inventories.

Despite the short-term economic impact of the energy crisis, this shock may support copper demand growth in the long term, with the acceleration of economies' shift toward electrification and clean energy, according to Henry Fan, an analyst at Trafigura Group, during an industry conference in Santiago.

He explained that "all the major trends that were supporting copper prices will now accelerate," noting that there is a greater incentive than ever to enhance reliance on electricity and reduce the impact of geopolitical shocks on energy consumption.

The market is also monitoring the potential for a new wave of copper imports into the United States, after prices on the Comex exchange in New York recorded a premium of $283 per ton compared to London Metal Exchange prices, the highest level since December.

U.S. President Donald Trump's plans to impose tariffs on copper imports led to a rise in Comex prices last year, allowing traders to achieve significant profits by shipping copper to U.S. warehouses. Investors still expect a decision regarding tariffs on refined copper by the end of June, when the U.S. Department of Commerce provides an update on the copper market.

By 10:52 AM London time, copper fell by 0.3% to $13,248 per ton on the London Metal Exchange, while Comex prices declined by 0.2%.

As for aluminum—which has seen a strong rise since the beginning of the war due to concerns regarding supplies resulting from the effective closure of the Strait of Hormuz and attacks on smelters in the Gulf region—it rose by 0.2% to $3,568.50 per ton.

JPMorgan analysts indicated that the aluminum market may have reached a "point of no return" in terms of supplies during the coming quarters, emphasizing that the global market will face a sharp and prolonged shortage regardless of the developments in shipping traffic through the Strait of Hormuz.

The bank expects a supply deficit of 1.9 million tons in 2026, the largest since 2000 when considering market size, with the possibility of prices exceeding the level of $4,000 per ton during the coming months, according to estimates by the analyst team led by Gregory Shearer.

Bitcoin maintained its stability on Wednesday after jumping above the $74,000 level in the previous session, supported by improved global risk appetite and hopes for the resumption of a diplomatic path between the United States and Iran.

The digital currency was trading down slightly by 0.7% at $74,018.7 by 02:48 AM ET (06:48 GMT), after recently touching levels near $76,000 during the past 24 hours before the pace of the rally slowed due to profit-taking operations.

Bitcoin's movements were in line with the rise in global stock markets, as Wall Street closed with strong gains, with the S&P 500 approaching record highs and the Nasdaq achieving a notable increase, while Asian stocks continued their gains on Wednesday.

Investors were encouraged by U.S. President Donald Trump's announcement regarding the potential resumption of talks with Iran, which boosted hopes for cooling tensions in the Middle East, despite continued friction as the United States imposes a naval blockade on ships departing Iranian ports and Tehran threatens to retaliate against the ports of neighboring Gulf countries.

Weaker-than-expected U.S. inflation data also contributed to supporting markets after producer price data showed slowing price pressures, strengthening expectations that interest rates may not remain elevated for a long period.

Market reports indicated continued buying by major investors, with on-chain data showing stable flows to primary wallets, reflecting ongoing accumulation.

Recently, Bitcoin has increasingly moved in parallel with stock markets, reflecting its sensitivity to macroeconomic and geopolitical developments.

Analysts warn that any deterioration in talks between Washington and Tehran or a new spike in oil prices could pressure risk appetite and negatively affect the cryptocurrency market.

As for altcoins, most of them declined slightly after strong gains in the previous session, with Ethereum falling 2.4% to $2,317.92, while Ripple decreased 1.2% to $1.35.

Oil prices rose by more than 1% amid continued restrictions on shipping traffic through the Strait of Hormuz, which overshadowed expectations for the resumption of talks between the United States and Iran aimed at ending the war in the Middle East.

After 45 days since the Iranian Revolutionary Guard announced the closure of the Strait—through which approximately 20% of global oil and liquefied natural gas (LNG) shipments pass—navigation remains unstable despite a two-week truce. Sources indicate that the number of transiting vessels represents only a fraction of the more than 130 daily trips recorded before the outbreak of the war.

Brent crude contracts rose by $1.30, or 1.4%, to reach $96.09 per barrel, after declining 4.6% in the previous session. U.S. West Texas Intermediate (WTI) crude also climbed by $1.01, or 1.1%, to $92.29 per barrel, following a drop of nearly 7.9% in the previous session.

This rise came despite the increase in stock indices on Tuesday as optimism grew regarding a potential resolution to the conflict, with the S&P 500 approaching record highs.

U.S. President Donald Trump stated that talks with Tehran might resume this week after ending without an agreement over the weekend. Meanwhile, the United States has also imposed a naval blockade on Iranian ports, which its forces confirmed has completely halted maritime trade to and from Iran.

Susannah Streeter, head of money and markets at Hargreaves Lansdown, noted that the optimism driven by hopes of a deal has begun to fade. she pointed out that even in the event of a rapid breakthrough and the reopening of the Strait of Hormuz, supply bottlenecks in essential commodities such as oil, gas, fertilizers, and helium could take a long time to recede.

Amid these disruptions, refiners are urgently seeking alternative crude supplies, leading to a rise in price premiums, especially for oil from regions such as the U.S. Gulf Coast and the North Sea. A shipment of WTI Midland for delivery in Rotterdam was traded at a record premium of $22.80 above European benchmarks.

In another development, a U.S. destroyer stopped two oil tankers attempting to leave Iran on Tuesday, according to a U.S. official.

An analyst at SEB bank stated that reopening the Strait does not depend on Washington alone, as Iran has its own calculations. Tehran may view the continued restrictions on oil flows as a strategic leverage tool, whether to obtain compensation, security guarantees, or to achieve political gains ahead of the U.S. midterm elections.

The market may also face further supply shortages after two U.S. administration officials indicated that Washington will not renew a 30-day sanctions waiver for seaborne Iranian oil that expires this week, in addition to the expiration of a similar waiver for Russian oil over the weekend.

Later today, investors await official U.S. inventory data from the Energy Information Administration (EIA). Expectations point to a slight increase in crude oil inventories last week, against a potential decrease in gasoline and distillate stocks.

Sources familiar with American Petroleum Institute (API) data also reported that crude oil inventories in the United States recorded an increase for the third consecutive week.