IIR's November 10 Market Scorecard Brings You Breaking Geopolitical News

Researched by Industrial Info Resources (Sugar Land, Texas)--Stay current with the latest geopolitical events, and more importantly, instantly connect to how these events may impact you and your business strategies.

Event	MarCon*	IIR Comment	Outlet	IIR News
The Dangerous Stalemate Over Iran's Nuclear Program		Summary: Likely inevitable conflict between Israel & Iran. Despite President Trump's claims, analysts doubt Iran's nuclear program was "obliterated." Iran is isolated, yet doubling down on preparedness, vowing an overwhelming response to any future Israeli attack. The dangerous stalemate is fueled by uncertainty over Iran's highly enriched uranium stockpile and Israel's view of the program as an existential threat. Regional Arab powers seek to restrain Israel while maintaining ties with a weakened, yet potentially more dangerous, Iran.	The New York Times	Record U.S. Gas Production, U.S. Rig Count: Your Daily Energy News
..Russia hits energy and residential sites in Ukraine		Summary: Russia's brutal, large-scale missile and drone assault on Ukrainian energy and residential targets tragically claimed lives in Dnipro and Zaporizhzhia, cutting power across multiple regions. This pre-winter campaign, aimed at collapsing Ukraine's energy network and economy, critically tests the nation's resilience. President Zelensky urgently demands intensified, comprehensive Western sanctions on all Russian energy, decrying a recent US exemption for Hungary as fundamentally enabling Moscow's continued aggression.	BBC	Swiss Trader Gunvor Backs Off Deal to Buy Lukoil Assets
Oil edges higher as US shutdown talks advance, oversupply concerns persist		Oil prices edged higher on Monday as investors assessed moves aimed at ending the U.S. government shutdown while concerns around oversupply in the crude market persisted. The U.S. Senate on Sunday moved forward on a measure aimed at reopening the federal government and ending a now 40-day shutdown that has sidelined federal workers, delayed food aid and snarled air travel.	Reuters	Cenovus Eyes Long-Term Growth with MEG, Oil Sands Developments
Sterling looks past U.S. shutdown news, awaits British data Gold hits two-week high as weak U.S. data boosts rate cut expectations		Sterling held steady on Monday as traders brushed off news of a possible end to the U.S. federal government shutdown and instead awaited important economic data this week to see what it might mean for the Bank of England. Current market pricing sees a 25-basis-point cut in December as more likely than not, though not a done deal. Traders are also looking ahead to late November's UK budget. Gold prices rose 2% on Monday, hitting their highest level in two weeks, as weak U.S. economic data bolstered expectations for a Federal Reserve rate cut next month, while a softer dollar lent further support to bullion.	CNBC	The $90 Billion Question: Supreme Court Hears Oral Arguments in Trump Tariffs Case Canada's Enbridge Furthers Investment in Diverse North American Portfolio
Natural Gas News: 52-Week Moving Average Sets the Tone as Weather Warms		Natural gas futures ended the week up 4.63%, but stalled below resistance as warm weather cooled bullish sentiment. Early-week cold weather sparked a rally, but forecasts turned warmer by Friday, pressuring short-term demand expectations. Futures briefly pierced the 52-week moving average before retreating, leaving traders watching key chart levels.	FX Empire	Decisions, Movement Seen in Delayed U.S. LNG Projects
America's Self-Defeating China Strategy		Summary: The recent US-China meeting yielded only a trade respite, starkly confirming the second Trump administration's contradictory policy pivot. Abandoning the bipartisan, strategically coherent effort to counter China's economic power, the new approach utilizes sweeping tariffs for fiscal gain, not strategic leverage. This shift risks alienating allies, weakening US innovation by cutting R&D and investment incentives, and eroding dollar dominance through fiscal carelessness. By prioritizing transactional deals over strategic resilience and cooperation, this policy actively undermines America's core strengths, ultimately serving to set the US back against its chief rival.	Foreign Affairs	Precious Metals in Focus: Platinum Group Metals at a Glance
Can North America Unite Against China's Energy Dominance?		Summary: The 2026 USMCA review presents a transformative opportunity to unify North America's energy strategy. Despite political tensions, shared priorities demand enhanced trilateral cooperation--especially a heavy lift by Mexico--to strengthen localized energy and manufacturing supply chains. By leveraging its collective energy abundance and Mexico's ambition in critical minerals and EVs, the bloc can forge a geopolitical asset, challenge China's global supply chain dominance, and secure greater continental energy independence.	OilPrice	Alberta Carried Energy Message to ADIPEC
Week 11/03/25 - 11/10/25		It seems that Peace will be unlikely this holiday season in many Regions of the world, namely Eastern Europe as Russia ratchets up attacks on key energy infrastructure and the Middle East as tensions rise with Israel and its neighbors. However, there was a modicum of peace for U.S. legislators as the government shutdown might be ending soon. What this portends for U.S. and the World Economy is still uncertain...this in a time when the legality of U.S. Tariffs is being debated by the Supreme Court. Although commodity markets are somewhat buoyed by the U.S. government reopening in the near future as energy fundamentals were being impacted along with consumer sentiment.
*MarCon (Market Condition 1-5, with 5 being the highest impact) indicates directional bias or price effect for the relevant commodity (Oil, Natural Gas, Chemicals, etc.) and is graded by our team of experts here at IIR.

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