Asia

India's Oil?and?Natural?Gas Corp. will build a 1,75 million metric tons (about 13,000,000 barrels) strategic petroleum reserve at Mangalore, in southern India. The company announced this in a late-night stock exchange filing on Thursday. India, which is the third largest oil consumer and importer in the world, was severely affected by the blockade imposed on the Strait of Hormuz - during the Iran War. Around a fifth (25%) of all energy in the world passes through this?waterway. India has increased its energy cooperation, with countries such as the United Arab Emirates, Japan and others, in order to strengthen its emergency stockpile....

The International Energy Agency said on Friday that the recent escalation of hostilities between the U.S., Iran, and other countries could change its forecast of an oil surplus next year. Global supply increased in June after the Strait of Hormuz was reopened, but it still lagged behind pre-war levels. Last month, global oil markets were given some relief as a peace deal between the U.S.A. and Iran allowed the opening of Strait of Hormuz. The closure of this strait had effectively cut off up to 14 million barrels of crude per day during the height of the biggest oil supply...

On Thursday, member states returned Syria's voting right to the global chemical weapons watchdog after a "significant change in circumstances", as they called it, since the fall of Assad. Syria was stripped of its rights by the Organisation for the Prohibition of Chemical Weapons (OPCW) in 2021 after it was found that its forces had repeatedly used poisonous gas during the civil conflict. This was largely symbolic but sent a message to Syria that any breach of the 1997 Chemical Weapons Convention prohibiting the use of chemical weapons on the battlefield would not be tolerated. The OPCW stated that "after...

U.S. President Donald Trump warned Iran the United States would likely launch additional strikes on Wednesday night, following the attacks of the previous day. "I'll give a little warning. We're going hit them hard tonight," Trump said to reporters before his meeting with Ukrainian president Volodymyr Zelenskiy at the NATO Summit in Turkey. Trump had said to reporters in Ankara that a memorandum-of-understanding between the United States & Iran, which served as an initial ceasefire agreement, was "over". He did not say that Washington would go back to full-fledged warfare, and it was not clear if the negotiations to turn...

The International Monetary Fund lowered its global growth forecast for 2026 again on Wednesday, to 3.0%. It warned of the ongoing risks caused by the Middle East war, trade fragmentation, and possible corrections in the market expectations regarding AI. Global lender said the war had prevented a more severe downturn in the global economy, and that the demand-driven growth in the tech industry helped?to _offset the drop in energy supply caused by the war. Growth is expected to rebound in 2027 at 3.4%, which is below the 3.5% average seen in 2024-2025. The IMF increased its headline inflation forecast for...

ADNOC, the state-owned oil company of the UAE, announced on Wednesday that it had entered into a long-term partnership with South Korea for energy security. The agreement aims to increase cooperation in areas such as crude supply and emergency supply coordination. The partnership extends existing agreements. This includes a pledge made by the United Arab Emirates in March that they would supply South Korea up to 24,000,000 barrels of crude oil. It was announced at a visit to South Korea by Sultan al-Jaber. ADNOC Group CEO and UAE Minister of Industry and Advanced Technology. ADNOC stated that both parties would...

Mark Rutte, NATO Secretary General, said that the?new U.S. attacks on Iran? were "absolutely needed" The?U.S. The?U.S. Rutte said to reporters in Ankara, before the NATO summit. "When there is a ceasefire and Iran basically violates the ceasefire I think that it is absolutely crucial that the U.S. react forcefully." The European leaders will try to persuade Donald Trump to commit to the alliance after he renewed his disagreements with them regarding the Iran War and Greenland. Rutte stated that there was no doubt about the "complete commitment" of the United States to NATO, which he added also worked to...

On Tuesday, the United States revoked a general license which authorized the sale of Iranian crude oil. A U.S. official had warned that Iran's actions in the Strait of Hormuz are "wholly unacceptable" and that they will be met with consequences after attacks on tankers along the strategic waterway. The announcement led to an increase of more than 5% in oil prices. The U.S. Treasury announced that it would allow Iran to wind down its oil transactions until July 17, which were allowed under the license now revoked. An official from the United States said that despite this latest escalation,...

Kyrgyzstan said it was awaiting fuel deliveries from China and Belarus to help deal with the 'knock-on effect' of a fuel shortage in its main supplier Russia. According to local media, Deputy Premier Daniyar Amangeldiev said that Kyrgyzstan has signed contracts with Belarus and China for 3 metric tons jet fuel and 10 metric tons diesel. Last week, Kyrgyzstan - which gets more than 90% its fuel from Russia - appealed for help to ensure stable fuel supplies. It asked Kazakhstan, Belarus and Azerbaijan as well as Uzbekistan and Turkmenistan. Fuel?shortages are affecting Russia following an attack by Ukrainian drones...

The Syrian state news agency said that French President Emmanuel Macron landed in Syria Monday. This was the 'first visit by a European Union Head of State to Damascus'since rebels led President Ahmed al-Sharaa overthrew Bashar al-Assad 2024. The visit highlights Syria's geopolitical change under Sharaa. A former al Qaeda leader, Sharaa has built close ties to Western and Middle Eastern countries that shunned Assad as he tries to rebuild a nation shattered after 13 years of war. "I'm here to affirm France’s commitment to the Syrian People. "I am here to affirm France's commitment to the Syrian people. Let's...

Two Pakistani sources claim that Pakistan is quietly mediating between Libya’s rival eastern-western?power centers. This effort, which was previously unknown, will raise Pakistan's diplomatic profile, if successful. The Pakistani involvement comes after months of monitoring a U.S. led push to find diplomatic solutions in Libya. The Trump administration has repeatedly credited Pakistan's role in separate mediation between Iran and the U.S. This year. One of the Pakistani source said that the U.S. had been "fully aware and engaged" with Islamabad’s Libya role. Both sources confirmed that Saudi Arabia was also supporting the effort. Islamabad and Saudi Arabia signed a mutual...

St Petersburg, Russia's second largest city and the surrounding Leningrad area were hit by a major Ukrainian drone attack over night. A Baltic Sea port which handles oil exports was also reported to have been affected. Alexander Beglov, the governor of St Petersburg, said that the city's?6-million population had been subjected to a "large scale" drone attack. He did not give any details about specific targets but the local media outlet Bumaga reported that there was a fire in the oil terminal of St Petersburg. Alexander Drozdenko, Governor of the Leningrad region, said that drones struck the port of Vysotsk...

Exchange data revealed?on Friday that the share of Russian-origin aluminum stocks in London Metal Exchange storage warehouses increased to 95% from 93% in may. This leaves only a small amount of Indian aluminium as an alternative. The total available or on-warrant aluminium inventories (0#MALSTXLOC>) fell by 3% to 246,600 tons in June, the lowest level since April 2025. This was due to the global supply being tightened as a result of the conflict in?Middle East. The available Russian aluminium inventories fell by 3,150 tons to 234,025 in June. However, their share of the total inventories rose as Indian stocks declined...

Emirates Global Aluminium announced on Friday that its Al Taweelah refinery in Abu Dhabi had restarted the production of feedstock for aluminum smelting. The restart has raised expectations of a faster than expected recovery in aluminium production, after disruptions caused by war with Iran. It also added pressure on benchmark prices for aluminum at the London Metal Exchange. The contract was last down 1.5%, at $3.152 per metric ton. In early July, EGA announced that it would restore production at the Al Taweelah Complex earlier than expected, although hot metal production could take up to one year to return to...

Aluminium prices dropped sharply on Friday after Emirates Global Aluminium announced that it had restarted its United Arab Emirates refinery following a '3-1/2 month outage. This is a further sign that metal production within the Gulf region will soon be returning. EGA's Al Taweelah refining plant in the industrial zone housing the plant halted production of alumina (a white substance that is used to produce aluminium) on March 28, following Iranian attacks. The strikes forced the closure of the Al?Taweelah smelter which had been slowly restoring production from May 26. Alumina accounts for approximately?40% in smelters production costs. After EGA's...

Copper prices were flat on Friday as fears faded of an economic hit and a drop in metal demand due to a spate of tit for tat attacks between the U.S.?and Iran. The benchmark three-month copper price on the London Metal Exchange was?largely steady, with a drop of only 0.01% at $13,487.5 per metric ton as of 0700 GMT. The red metal prices are now close to the levels they were at the beginning of the week. This is the culmination of a few volatile days, during which fears about a new round in the conflict between the U.S. Prices...

The Nikkei index rose on Friday, helped by a rally of AI-related stocks. Japan's currency and bond markets also grew on the back of a possible reorientation in the investment strategy?of its vast pension funds. The Nikkei closed at 68 557.73 after rising up to 2.4% in the previous session. The Topix index rose 0.39%, to 4,036.08. The yield on Japan’s 10-year government bonds fell by 11.5 basis points to 2.76%. This is a decline from the previous high of three decades. The yen gained?0.5% versus the greenback, reaching 161.550. Wall Street tech shares soared when Micron Technology announced plans...

The weakened?dollar helped copper to rise on Friday. This eased fears about a spate of?tit-fortat strikes between Iran and the U.S. The benchmark three-month copper price on the London Metal Exchange rose 0.29% to $13,528 per metric tonne by 0300 GMT. The Shanghai Futures Exchange's most traded copper contract rose by 1.61%, to 103950 yuan (about $15,334.80). This week, the LME saw a 1.2% rise. It was a volatile week in which fears of inflation and macroeconomic risks were raised by a new round of fighting between the U.S. The dollar is on course to drop for a third day...

The Nikkei index rose on Friday due to a rally of AI-related stocks. Also, the currency and bond markets in Japan advanced as a result of a possible reorientation in the investment strategies by Japan's large pension funds. The benchmark Nikkei 225 rose by 2% to 69,121.02 while the Topix grew by 0.76%, reaching 4,050.82. The yield on Japan’s 10-year government bonds fell by 10 basis points to 2.775%. This is a decline from the three-decade high. The yen gained 0.43% versus the dollar to 161.69. Wall Street tech shares soared after Micron Technology announced plans to invest over $250...

The Iran War has caused a supply shock that is reviving the old Western aluminum smelters. Magnitude 7 Metals in the U.S. is reactivating its New Madrid smelter located in Missouri. Over the Atlantic, Norwegian producer Hydro announced the partial restart of the Slovalco joint-venture smelter. The two plants were idled due to low aluminum prices and a spike in energy prices that followed the Russian invasion of Ukraine. Washington and Brussels are both desperate to reduce their reliance on an import of a metal used in a wide range of industries. The return of these zombies smelters will not...

The dollar dropped after its recent surge, and copper rebounded as the market hoped that hostilities would be de-escalated in the Gulf. As of 0920 GMT, the benchmark three-month copper price?on London Metal Exchange?was?up 2.1% to $13,437 per metric ton. Metal prices fell 1.5% Wednesday after U.S. president Donald Trump announced that the Gulf Conflict was over. Trump said that Tehran "wants to make a deal" so badly and that he didn't expect a full-blown war even though the two countries were exchanging attacks. Tom Price, Panmure Liberum's analyst, said that the bounce could only be attributed to Trump making...

The dollar, which had recently surged, was stabled and copper rebounded on Thursday as the market looked beyond the escalation of Gulf hostilities. Benchmark three-month copper on the London Metal Exchange was up 1.62% to $13,379 per metric ton at 0700 GMT. The Shanghai Futures Exchange's most traded copper contract rose 0.16%, to 103.160 yuan (15,182.65) per ton. This was a slight improvement from the earlier drop of 1.32%. Although the copper market is still watching Middle East conflict developments closely, investors have "tended to price in an expectation that any escalated tensions will be brief and a solution?will be...

Iron ore prices remained 'range-bound' on Thursday as investors weighed a potential'supply risk stemming from a threat of strike by some workers at BHP’s iron ore operation versus a seasonally weakened demand in China, the top consumer. The day's most traded iron ore contract at China's Dalian Commodity Exchange closed 0.27% higher, closing the daytime trade at 745.5 Yuan ($109.72). As of 0800 GMT, the benchmark August iron ore traded on Singapore Exchange was down?0.13% to $98.9 per ton. BHP's iron ore mines in Western Australia, Port Hedland, could see hundreds of workers walk off their jobs next week. This...

The price of copper in London rose on Thursday as the market assessed the impact of the latest threats to calm in the Persian Gulf on macroeconomic conditions. Benchmark three-month copper on the London Metal Exchange rose 0.62% to $13,247.5 per metric ton at 0300 GMT. The Shanghai Futures Exchange's most traded copper contract fell by 0.78%, to 102200 yuan (about $15,035.38) per ton. This was a reduction from the 1.32% drop earlier in the day. In a recent note, Chinese broker Everbright Futures stated that the resurgence in Middle East conflict had?led to short term trading based upon inflation...