March 23, 2026 -  

In a sign of just how important mined materials are to modern life, the Wall Street Journal has the headline, “The New Weapons of Global Power Are Oil, Rare Earths and Microchips.” The piece looks at the conflict in Iran and the economic repercussions around the world noting that, where power used to be centered around technology and information it has shifted to access to oil and critical minerals.

One country that understands that and has moved to shore up its position? China. A new study from Australian think tank Climate Energy Finance finds that China invested more than $120 billion in overseas mining and upstream processing since 2023. Its investments ranged from lithium and copper, to nickel, rare earths and bauxite.

And this morning, President Trump signaled a pause in attacks on Iran’s energy infrastructure amid what he said have been positive talks with Iran. We’ll see what impacts that news has on the markets throughout the day.