Asia

Indian sources in the refining industry said that several middlemen offered discounted Iranian oil to Indian'refiners' as Tehran tries to speed up sales following Washington’s temporary waiver of sanctions. After the first round of talks in a new peace agreement, the United States lifted sanctions against Iran for 60-days, allowing for a limited window to resume energy trade. Sources said that the Iranian state oil producer had allocated oil to Indian refiners through NIOC and intermediaries. "Apart from NIOC several traders contact us to sell Iranian?oil. One of the refining source said, "My priority is to give NIOC a chance."...

The oil prices dropped on Friday morning, and are headed for steep losses this week amid easing supply concerns. More oil tankers have left the Strait of Hormuz as stranded vessels leave. Brent crude futures dropped 19 cents or 0.25% to $75.07 per barrel at 0055 GMT. U.S. West Texas Intermediate was down 13 cents or 0.18% to $71.79 per barrel. The benchmark contracts both rose more than 2% after an unknown projectile hit a cargo ship near Oman. This prompted the U.N. shipping agency to suspend their voluntary evacuation scheme. Two U.S. officials said that Iran shot at the...

After two powerful earthquakes in Venezuela on Wednesday, governments and humanitarian groups around the world have started sending cash, teams of rescuers, and other types of aid. The number is expected to rise. At least 250 buildings were damaged by the two quakes that struck Caracas in a distance of?160km (100miles). The latest count shows 200 people still trapped under debris. U.N. HUMANITARIAN AFFAIRS OFFICE Tom Fletcher, the U.N.'s chief of aid, said that the office for humanitarian affairs was responsible for coordinating the deployment international search and rescue teams. He said that "the coming days will need a massive...

International Monetary Fund?said Thursday that it had seen energy and commodities prices drop since?the U.S. and Iran agreement to?halt?hostilities and reopen?the Strait of?Hormuz.?But it will take some time for prices to return to normal and Gulf trade to resume. IMF spokesperson Julie Kozack said at a press briefing that the Fund would decide on whether or not to stick with the three growth scenarios that it had presented in April, which were dependent on the outcome of the Iran war. Kozack said that as the Strait of Hormuz was closed in May and benchmark oil prices remained above $100 per...

NORSI, Russia’s fourth largest oil refinery, and the second largest gasoline producer, suspended operations after an?Ukrainian?drone attack on Wednesday. This move is likely to worsen fuel shortages across the country, according to?two sources in industry? on Thursday. Ukraine has said that its campaign of drone strikes against Russian energy installations is aimed at reducing a major source of funding for war and bringing the conflict closer to Russians. The President of Russia, Vladimir Putin, has stated that such attacks on civil infrastructure are meant to create a rift among the populace. Sources said that the attack at NORSI damaged CDU-5,...

The United States announced that the Strait of Hormuz was?nearing normal' and their top diplomat had completed a Gulf Tour aimed at increasing support for an initial Iran deal. U.S. Energy Sec. Chris Wright stated on Wednesday that shipments through the Strait had reached levels before the U.S. and Israel launched their strikes against Iran on February 28. At least 20'million barrels' of oil left the strait within the last 24 hours. During the war, Iran effectively controlled the crucial chokepoint. This disrupted oil flows, shook the global energy markets, and affected the economy. Iran has signaled that it will...

The Gulf peace may reduce pump prices but it won't solve the Federal Reserve’s biggest problem. That is, a U.S. Economy that was already overheating prior to the Iran War. Oil prices falling to levels seen before the war could spur demand and increase cost of living fears at a crucial time. This sounds like "damned-if-it does, damned-if-it doesn't" dilemma. Normalizing fuel prices may not solve the Fed's dilemma over inflation and interest rates as quickly as President Donald Trump or the Fed would like. The 'inflation debate' before the conflict was ambiguous, as markets sided with the Fed's guidance...

U.S. Secretary Marco Rubio met with the leaders of the United Arab Emirates (UAE) and Kuwait (Kuwait) on Wednesday. He pledged not to undermine the security of these Gulf allies, as he tried to reassure Gulf Allies sceptical about a 'proposed deal' to end the U.S. - Israeli war against Iran. The U.S. and Iran?accord signed last week is the first between American and Iranian Presidents since the?1979 Islamic Revolution. It includes a $300 billion fund proposal and the lifting of certain sanctions against Tehran. Rubio, who arrived in Abu Dhabi, the capital of the UAE late Tuesday night for...

The Republican-majority U.S. Senate passed legislation Tuesday that would halt U.S. military action against Iran. However, it is not clear what impact it will have on the war while President Donald Trump's Administration negotiates a deal with the Islamic Republic. The Senate voted in favor of a concurrent resolution that was passed by the House of Representatives earlier this month. This reflects a growing concern among Trump's Republicans over the unpopular conflict which began on February 28, despite the majority of Republicans voting for it. Four 'Republicans joined all Democrats except one in voting for the resolution. ?Two Republicans did...

Mark Lashier, CEO of Phillips 66 in the U.S., said 'on Tuesday that it will take some time for crude supplies to pass through the Strait of Hormuz.' This is because there remains uncertainty about a return to normal shipping activity. The Strait of Hormuz continues to be used on a limited scale, which eases immediate concerns about supply and lowers crude prices. Energy companies monitor how quickly crude flow, inventories, and shipping activity returns to normal. Lashier, speaking at a JPMorgan Conference, said that between 90 and 100 million barrels of crude oil remain trapped in this strait. They...

Under the interim agreement to end the war with Iran, the U.S. began lifting some sanctions. However, it will be difficult for any comprehensive agreement to unravel the tangled webs of restrictions that restrict the country's trade and activities. It is for this reason that any attempt to lift the sanctions against Iran may take many years, and foreign investment could be slow to return. WHEN WILL THE SANCTIONS AGAINST IRAN BE RELEASED? Since decades, the U.S. has imposed sanctions, trade 'embargos' and asset freezings on Iran over its nuclear program, human rights record, and support of groups in the...

The U.S. Treasury Department approved the production, sale and delivery of Iranian oil on Monday. This was a promise made by Washington and Tehran in an agreement last week. The general license announced by the two sides as they continue their talks to reach a final agreement on peace allows for the production, sale and delivery of crude oil, petrochemicals and petroleum products with Iranian origin through August 21. In a recent post on X, Treasury Secretary Scott Bessent stated that Iran had 'committed' to allowing free and open passage through the Strait of Hormuz as well as allowing?International Atomic...

Copper fell on Friday, and was 'on track for its steepest week-to-week drop in more than three months. A selloff in technology equities spilled over into the metal. Benchmark 'three-month' copper on the London Metal Exchange was down by 0.3% to $13,236 per metric ton at 0920 GMT. Metal, considered to be a bellwether of global economic health, is on track to end the weekend down 2.6%. This would mark the biggest weekly drop since the week ended March 20. Apple's price increases fueled concerns about the inflationary impact of tech giants' spending. Robert Montefusco, senior broker at Sucden Financial,...

The price of iron ore rose on Friday, erasing earlier losses. It was set to be the first weekly gain for seven weeks as traders covered their short positions amid resilient consumer demand in China. The iron ore contract most traded on China's Dalian Commodity Exchange closed daytime trading up 0.81% to 748 yuan (109.98 dollars) per metric ton. This was a 0.3% weekly gain. As of 0825 GMT, the benchmark July Iron Ore was trading at $99 per ton on the Singapore Exchange. It has gained 0.2% this week. The morning trade saw both benchmarks fall as the sentiment...

Gold fell on Friday for a fourth consecutive week, due to the resilient dollar and expectations that U.S. interest rates will be raised faster in order to curb inflation. By 0441 GMT, spot gold had fallen 0.6% to $4.002.77 an ounce. U.S. Gold Futures for August Delivery fell 0.7% to $4017.30. Bullion is on course for a 3.8% loss this week after slipping below $4,000 on Wednesday, the lowest level since November 2025. The rapid repricing by the hawkish Fed created a strong bullish movement in the U.S. Dollar, which led to the significant decline in gold prices, said Kelvin...

The copper price is expected to fall by at least 1% on Friday due to a stronger dollar and continuing macroeconomic concerns. However, dip buying has limited the loss. Benchmark three-month?copper on the London Metal Exchange fell by?1% at $13,137 per metric ton?by 3:00 GMT. The Shanghai Futures Exchange's most traded copper contract remained largely unchanged, with a 0.1% increase at 101,360 Yuan ($14900.84) per ton. The copper price was expected to drop by over 3% in both markets at the end of this week. The U.S. dollar gained 0.09%, partially reversing Thursday's ?decline and making greenback-denominated commodities more expensive...

Iron ore fell on Friday, and was headed for a seventh consecutive weekly loss. This was due to a swollen portside inventory, faltering steel demand in China's top consumer, as well as falling global freight rates. The most traded iron ore contract at China's Dalian Commodity Exchange has fallen 1.5%, to 733.5 Yuan ($107.83), a metric tonne, and is down 1.7% for the week. The benchmark July Iron Ore at the?Singapore Exchange is 0.5% lower, $96.95 per ton. This represents a 2.3% drop so far this week. Stocks of iron ore piled up in ports across China due to a...

Gold prices reversed course and edged up on Thursday, after a U.S. reading of inflation?came in largely line with expectations. This eased some concerns about upcoming Federal Reserve rate increases and pushed the dollar and Treasury yields down. As of 11:12 am EDT (1512 GMT), spot gold rose 0.2% to $4,007.65 per ounce after dropping as much as 1% in earlier sessions. U.S. Gold Futures for August Delivery rose?0.3%, to $4.021.00 an oz. "PCE data appears to have been in line with expectations. David Meger is director of metals at High Ridge Futures. He said that it's a big reason...

Gold dropped for a third straight session on Friday, remaining near the more than seven-month high it reached the previous session as the dollar rose on expectations of a rate hike in the United States. Spot gold dropped 0.5%, to $3.982.49 per ounce at 1054 GMT. ?U.S. Gold futures for August deliveries edged down 0.3% to $3.997.60 an oz. The U.S. Dollar hit its strongest level in over 13 months on Thursday. This made greenback-priced metals more expensive for holders of other currencies. CME FedWatch data shows that 66% of the markets believe that the U.S. Federal Reserve is likely...

Gold prices are steady?on Friday?but remain near the seven-month low reached in the previous session as the expectation of interest rate increases in the U.S. weighs on the precious metal. As of 0843 GMT, spot gold remained at $3,999.33 an ounce. U.S. gold futures for August delivery slipped 0.2% to $4,014.90/oz. CME FedWatch data showed that the markets currently believe there is a 66% probability?that rates will be raised by the U.S. Federal Reserve in September. Nikos Tzabouras is a senior market analyst at Jefferies' Tradu.com. ETF outflows and the rotation to equities fueled by the AI boom, are factors...

Chinese coking 'prices' pared gains earlier to trade lower?Thursday, as concerns about demand prospects for steelmaking ingredients were fueled by a slump in steel consumption. Data from the consultancy Mysteel revealed that apparent consumption of five major steel products sank 6.5% on a week-on week basis as of Thursday. This compares to a gain of 3.1% during the previous week. Steel prices and feedstocks were under pressure due to the deteriorating market sentiment. The Dalian Commodity Exchange's (DCE) most traded coking coal contract closed the daytime trading 0.88% lower, at 1,238.5 Yuan ($181.99) a metric ton. The most actively traded...

Aluminum prices fell on Thursday as the Middle East war-risk premium faded, as the fragile peace in?region continued to hold. The Shanghai Futures Exchange's most traded aluminium contract fell 2.75% to?22.825 yuan (3,354.55) per ton after?falling?to an earlier 2026 record low price of 22.665 yuan per ton. The benchmark three-month aluminum on the London Metal Exchange was up 0.13% to $3,126.5 per metric ton at 0339 GMT. This marks an 8% decline since the beginning of the week. As ships passed through the Strait of Hormuz, prices for the light metal fell this week. A fragile peace seemed to hold....

Two merchant bankers confirmed on Thursday that Vedanta's wholly owned subsidiary is returning to the dollar bond market in nine months with a three tranche issuance. The issuance will primarily be used to fund Vedanta's buyback of high yielding notes. The bankers said that Vedanta Resource Finance II will raise money through bonds with a coupon of 7.25, 7.6250%, and 8.0%. The company didn't respond to an email asking for comment. They asked to remain anonymous because they aren't authorised to talk to the media. The bonds will be guaranteed by the parent company as well as its subsidiaries Twin...

The price of aluminium fell to pre-Iran war levels on Wednesday as the U.S. Dollar strengthened and the Middle East Risk Premium continued to decline. This outweighed any signs of disagreement between Washington and Tehran regarding key terms of a peace agreement. Benchmark three-month aluminum on the London Metal Exchange fell 3.3% to $3,124 per metric ton at 1601 GMT. It had earlier fallen as low as $3,110 and was below the support of the 200 day moving average, which is around $3142. The price of'metal for construction, packaging, and transport has fallen 18% after the Iran War caused Gulf...