FacebookTwitterEmailLinkedin According to GMS’ latest report, week 14 marks the beginning of the second quarter of 2026, continuing to face the same structural pressures that characterized Q1, with additional challenges emerging. The Iran war continues to dominate the macro agenda, with Brent crude holding above USD 109/barrel for a seventh consecutive week and the Strait of Hormuz remaining effectively constrained. Geopolitical risk has overtaken supply-demand fundamentals as the primary price driver in energy markets, and ship recycling is feeling the impact from both sides, as higher oil keeps aging vessels trading while a volatile USD makes confident bidding difficult to sustain. RelatedNews NorthStandard: Cat fines risk engine damage and operational delays UNCTAD: The biggest trade costs come from non-tariff measures var jnews_module_21369572_0_6a01deb343ccf = {"header_icon":"","first_title":"Related","second_title":"News","url":"","header_type":"heading_8","header_background":"","header_secondary_background":"","header_text_color":"","header_line_color":"","header_accent_color":"","header_filter_category":"","header_filter_author":"","header_filter_tag":"","header_filter_cpt_post_tag":"","header_filter_cpt_tribe_events_cat":"","header_filter_cpt_web_story_category":"","header_filter_cpt_web_story_tag":"","header_filter_text":"All","sticky_post":false,"sticky_post_filter":false,"post_type":"post","content_type":"all","sponsor":false,"number_post":"2","post_offset":0,"unique_content":"unique1","include_post":"","included_only":false,"exclude_post":"21369572","include_category":"","exclude_category":"","include_author":"","include_tag":"1974,568,1582","exclude_tag":"","exclude_visited_post":false,"post_tag":"","tribe_events_cat":"","web_story_category":"","web_story_tag":"","sort_by":"latest","show_date":"","date_format":"default","date_format_custom":"Y\/m\/d","pagination_mode":"disable","pagination_nextprev_showtext":"","pagination_number_post":"2","pagination_