Asia

U.S. president Donald Trump dismissed Monday his top energy official's view that gasoline prices won't drop until 2027. He said Americans can expect lower costs once the Iran War ends. Chris Wright, the U.S. Energy Secretary, told CNN on Sunday that gasoline prices below $3 per gallon could happen this year but that it might not be until next year. "I don't think he is right on that." Trump said to a reporter for The Hill that he was "totally wrong" and added that the prices would be expected to drop as soon as this conflict ended. Wright, who was...

Sources familiar with the situation say that Vice President JD Vance remains in the United States and has not yet left for Pakistan. The prospects of a second round with Iran are still unclear. Donald 'Trump said that he would be sending a delegation of 'U.S. A delegation will be sent to Pakistan to continue the talks before a ceasefire expires in upcoming days. A senior Iranian official said on Monday that Iran was 'considering' attending the peace negotiations, but there had not been a decision made. Second source said that the U.S. delegation has not yet left, but is...

The Dutch government announced temporary tax breaks on Monday to compensate for the rising cost of fuel. It also said it was preparing a broader package of measures in case energy prices worsen. The government allocated around 1 billion euro ($1.2 billion) to temporary tax relief measures for commuters and truck drivers, but did not lower fuel taxes as many of them requested. These measures include targeted support to lower-income people with energy bills and a?support for homeowners to reduce their consumption. The government stated that there are no immediate fuel shortages as European oil, jet fuel and diesel supplies...

Chris Bowen, Australia's Energy Minister, said that the country would ease up on its standards for fuel quality until September. This is because of a deterioration in fuel supplies due to the war with Iran. Bowen made a televised statement: "I have decided to extend the period for higher sulphur in petrol in Australia." The relaxation announced in March increases the amount of allowed sulphur in fuel from the usual 10 parts to 50 parts. As the war, now in its eighth week, disrupted supply chain, Australia has seen localised shortages. Bowen?said that the production of diesel, jet-fuel and petrol...

The U.S. The?U.S. Department of Energy announced on Friday that it had lent 26.03 million barrels of oil from the Strategic Petroleum Reserve (SPR) to nine oil firms. This is the third allocation under?the Trump Administration's efforts to curb fuel costs, which?have risen since the U.S. and Israeli war on Iran. In March, the 'Trump Administration' agreed to release 172 millions barrels of crude oil from the Strategic Petroleum Reserve in coordination with the International Energy Agency to draw down 400,000,000 barrels to try to control fuel costs that spiked because of the war. Energy companies are required to pay...

Three sources claim that India's central banks has urged the state-run oil refineries to reduce their dollar spot purchases and use a special credit line to meet their foreign exchange requirements. This is a return to the measures taken during the Ukraine conflict to help ease the pressure on the rupee. The Indian currency has been battered by a surge in oil price and heavy outflows of foreign portfolios. The Indian currency has dropped more than 3% this year to new lows, making it Asia’s worst performing major currency. Two sources claimed that the use of the special credit facility...

Israel and Lebanon will implement a 10-day truce beginning at 5 pm EST (2100 GMT) Thursday in order to facilitate negotiations towards a permanent "security and peace" agreement. The U.S. State Department said that the ceasefire could be extended mutually. Israel's campaign against Lebanon is a major obstacle in achieving a peace agreement sought by U.S. president Donald Trump in order to end his war with Iran, which he began?with Israel late February. This has disrupted global energy trade and risen oil prices, risking further economic fallout. According to the U.S. State Department, once the ceasefire agreement is signed, the...

French Finance Minister Roland Lescure announced on Thursday that the Group of Seven finance and central bank chiefs had agreed to be ready to "act" to reduce economic and inflation risk caused by Middle 'East war energy price and supply fluctuations. Lescure told reporters at the International Monetary Fund's and World Bank's spring meetings that the outcome of the global economy depends on the speed with which the conflict is resolved. The International Energy Agency, with the support of the G7, released last month a record-breaking amount of oil from its strategic reserves in order to counter the cuts of...

Jose Guimaraes, Minister of Institutional Relations, said that Brazil will take new measures in the next few days to reduce the economic impact of the U.S.-Israeli conflict on Iran. This includes steps to lower gasoline prices. Guimaraes told reporters in Brasilia that the package is still being finalized. He also confirmed that the Finance Ministry officials are reviewing fuel prices. He said that the government was working on a scenario where there could be 'up to two months worth of conflict. However, it is still uncertain what impact this will have on the economy. SEVEN-DAY WORKWEEK Guimaraes said that the...

?U.S. Defense Secretary Pete Hegseth said at a Pentagon press briefing that forces in the Middle East were 'postured' to re-start combat operations if Iran refused to agree to a peaceful deal. He said, "You Iran can choose a prosperous, golden future. We hope you will do this for the people of Iran." "But if Iran chooses badly, they will face a blockade, and bombs being dropped on their infrastructure, power, and energy." U.S. forces have imposed a blockade against all ships attempting to enter or exit Iran as part of a campaign to press Tehran into a deal. "We...

The Kremlin announced on Thursday that President Vladimir Putin had scolded the top Russian economic officials for a decline in the economy during the first two month of the year. Since 2023 the Russian war economy has been outperforming the G7 average, even though it slowed last year. Putin announced on Wednesday that Russia's economy contracted between January and February. Putin said the economic trajectory was below expectations at the beginning of a Kremlin meeting with Russia's top economic officials on Wednesday. He asked the officials to provide him with detailed options for how to rectify the situation. Dmitry Peskov,...

Last week, the U.S. almost became a net oil exporter for the first since World War Two. Shipments surged to near-record highs to meet the demand of Asian and European buyers scrambling in order to replace Middle East supply?cut off by the Iran War. The U.S.-Israeli war against?Iran has caused the biggest ever disruption in the global energy markets. Iranian threats have stopped a fifth of oil and gas from the world transiting through the Strait of Hormuz. Refiners who depend on these supplies in Asia and Europe have purchased alternative cargoes wherever possible, thereby boosting the demand for oil...

Data released on Monday showed that the Russian central bank had?sold about 0.7 million troy-ounces of gold so far this year. As of the beginning of April, Russia's gold reserve stood at 74.1 million?troy-ounces. This is compared to 74.8 millions at the beginning of the year. Gold holdings of the central bank are now valued at $334 billion. This is down from last month's $384 billion but up from $325 in January. Gold purchases by central banks around the world were a major factor in last year's price increase. In November 2025, the Russian central bank began selling gold on...

Copper prices fell on Monday as the Strait of Hormuz was closed again to marine traffic. A fragile ceasefire between Iran & the United States looked in danger, reigniting fears over the economic growth. In open-outcry official trading, the benchmark three-month 'copper' on the London Metal Exchange fell 0.8% to $13,235 per metric ton. Last week, the metal gained 3.9% on the optimism that the ceasefire would hold and Iran's announcement on Friday that commercial vessels could now enter the Strait. The?U.S. The?U.S. then seized a cargo ship from Iran that was trying to blockade the strait on its own....

MOSCOW, 20 April - Russian aluminum maker Rusal blamed Monday high interest rates and a strong Russian rouble for its unspecified loss in the first quarter, which was recorded despite an astronomical rise?in prices of metal around the world. Last week, prices reached a four-year high as a result of a blockade of Strait of Hormuz. This is the route through which up 9% of global aluminium trade travels. The company stated in a statement released on Monday that "Rusal can't take advantage of current pricing conditions" as all margins go to European and North American companies. Rusal claimed that...

The U.S. is hosting further discussions in the coming weeks for the Group 20 major economies about the impact of war in the Middle East on food and fertiliser, as they 'continue to push for coordinated actions. The U.S. will make this pledge in a statement by the chair of the G20. It will be made during a meeting between G20 finance minsters and central bankers held on April 16 at the Spring Meetings of the International Monetary Fund (IMF) and World Bank. Before its official release on Monday, a copy of the statement was released instead of a communiqué...

The International Aluminium Institute reported that the primary aluminium production rate in the Gulf region fell by 6% from the previous month in March. They cited an "obvious effect on the market" due to the Middle East war. The IAI data provides an initial estimate of the damage to the aluminium supply due to the conflict. This has seen two of the largest smelters in the region attacked by Iran and impacted the shipping to export markets. The IAI said in a press release that the daily production of 'the Gulf countries', which account for around 9 percent of global...

Eurasian Resources Group announced on Monday that it would 'cut cobalt hydroxide production in the Democratic Republic of Congo in 2025 because of an export ban and quota system. It plans to only a partial recovery this year. DRC, which is the largest producer of cobalt - a key component in electric vehicle batteries - imposed an export ban for several months at the beginning of 2025, before switching to a quota system. The country was facing a glut of the metal and a slump in prices. It also established a cobalt strategic reserve. ERG intentionally reduced cobalt-hydroxide output by...

Sabanci Holding, a Turkish conglomerate, announced that it would sell the remaining shares of cement maker Akcansa Cimento and exit retailer CarrefourSA. Analysts say the conglomerate is looking to streamline operations by selling assets with low margins of profit. According to a Monday filing, Heidelberg Materials purchased Sabanci's 39.72% share in Akcansa. The deal valued the company at $1.1billion on an enterprise-value basis. The transaction value wasn't disclosed. The deal will see Heidelberg Materials double its stake in?Akcansa from 69.44% to 79.44%. Akcansa has three cement plants and 26 ready-mixed?plants. It also operates five aggregate quarries, and five terminals for...

The Russian Property Agency said that it valued a 67.2% stake in the gold producer UGC for 140.4 billion roubles (1.85 billion), ahead of the auction to sell this stake. This will take place at the beginning of May. A Russian court ruled in July 2025 that the majority share owned by Konstantin Strukov, an entrepreneur, should be transferred to state. This was a part of a broader pattern of nationalisations by Russian companies, and Western firms leaving Russia. Last year, the Moscow law firm NSP estimated that the authorities had confiscated assets worth $50 billion since Ukraine's conflict began....

Gold prices fell Monday as the dollar strengthened. Meanwhile, news that 'the Strait of Hormuz was closed again' pushed up oil prices and rekindled inflation fears. As of 0351 GMT spot gold was down by 0.7% to $4,793.98 an ounce after reaching its lowest level since the previous session. U.S. Gold Futures for June Delivery fell 1.4% to $ 4,813.60. Ilya Spirak, global macro head at Tastylive, said that gold prices were lower today because the U.S./Iran ceasefire that was celebrated by markets last week appears to have broken down. "This has brought back the familiar 'war-trade' dynamics that we...

Prices of iron ore futures rose on Monday, as China destocked from high portside inventories, which indicated a steady demand for feedstock. As of 0325 GMT, the?most-traded?September iron ore contract at China's Dalian Commodity Exchange traded 0.58% higher. It was 782 yuan (114.66 dollars) per metric ton. The benchmark iron ore for May on the Singapore Exchange rose 0.38% to $106.2 per tonne. Data from Steelhome showed that iron ore 'inventory' at major Chinese port cities fell by 0.65%. However, the stocks of portside ore are still higher than seasonal norms. Mysteel, a consultancy, reported that the average daily hot...

The 'dollar strengthened on Monday, and gold prices fell. Meanwhile, news that the 'Strait of Hormuz was closed again drove oil prices up. Inflation fears were revived by the news that the Strait of Hormuz would be closed once more. As of 0155 GMT spot gold was down 0.4% to $4,809.71 an ounce after reaching its lowest level since the April 13 session earlier in this session. U.S. Gold Futures for June Delivery fell 1% to $ 4,829.40. Ilya 'Spivak is the head of global macro at Tastylive. He said that gold prices were lower today after the U.S. -...

In the first quarter of 2026 sales of electric cars jumped almost a third on the main European auto markets, as consumers sought alternatives to combustion engines after the war in Iran caused the highest spike in petrol prices for years. Data collected by the trade association E-Mobility Europe, and research firm, New Automotive, on Monday showed that new battery-electric vehicle registrations (BEVs), a proxy of sales, increased 29.4% in comparison to a year earlier, reaching almost 560,000 during the first quarter. They were also up 51.3% in March, with over 240,000 vehicles registered in 15 European markets. The ACEA...