Asia

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...

Thailand's growth will be slower this year due to the Iran conflict and there are "nearly no limits" in worst-case scenarios if the conflict continues. A senior central bank official said. The Assistant Governor Chayawadee Chaianant stated that the growth of the Southeast Asian nation was slowing. This is because the country's economy, which is highly exposed to global economic conditions due to its high dependence on imported energy imports, has a low rate of growth. The U.S./Israeli war against Iran has led to a decline in tourism and an increase in import costs. Chai-anant, on the sidelines at the...

Treasury Secretary Scott Bessent said to reporters that the United States would not be renewing waivers which allowed some Iranian and Russian oil to be purchased without facing U.S. sanctions. Reports on Tuesday stated that Washington will not renew the 30-day waiver for sanctions against 'Iranian Oil at Sea' that expires in this week and that a similar waiver would expire on sanctions against Russian oil over the weekend. We will not renew the general license for?Russian oil and we won't be renewing the?general?license for Iranian oil. This was oil which was in the water before March 11. All of...

The International Monetary Fund (IMF) expects that at least 12 countries will?seek out new loan programs? to deal with the surging 'energy prices? and supply chain disruptions caused by the Middle East?war?,? the head of global crisis lender, said on Wednesday. Kristalina Georgeeva, IMF's Managing Director, warned of further supply disruptions if the Strait of Hormuz is closed even if it ends quickly. She also urged nations to reduce fuel consumption. At a press briefing during the IMF/World Bank spring meetings, Georgieva reiterated her estimation that the disruptions caused by the war would trigger a new demand for financial support...

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...

The gold demand at one of India's most important?buying festival remained muted as record prices curbed jewellery sales, offsetting an increase in investment demand. Indians celebrated Akshaya?Tritiya as the second biggest gold-buying holiday?after Dhanteras. The sharp rise in jewellery prices has curbed demand. "The sharp rise in prices curbed jewellery demand." Gold prices have fallen to a level of $4,861 from a high of $5594.82 on January 29, and now trade at around $4,861. Gold futures for 10 grams in India, which is the second largest gold consumer in the world, closed Friday at 154 609 rupees, or $1 670,...

Aluminum prices dropped on Friday, after Iran's foreign minister announced that all commercial vessels could pass through the Strait of Hormuz for a period of time remaining in the ceasefire. Benchmark 'three-month' aluminium at the?London Metal Exchange was down by 2.6% to $3,549 per metric ton as of 1601 GMT. The reopening of Strait of Hormuz where navigation was largely suspended after U.S. and Israeli attacks against Iran began on 28 February improves prospects for exports of aluminium from the Gulf -region which account for approximately 9% of the global supply. The Strait is used by producers in the area...

Brazilian miner Vale announced on Thursday that it had sold the most iron ore in a first quarter since 2018. It also announced the suspension of pellet production in Oman due to the conflict in the Middle East. Iron ore sales for the company, including fines, pellets, and run-of mine, increased 3.9% from a year ago to 68.7 millions metric tons in the quarter January-March. Vale, a world-leading iron ore producer, reported that sales increased in tandem with production. A 5.5 million ton inventory drawdown was mainly due to in-transit stocks after increased production in the second halves of 2025....

Aluminum prices reached a four-year-high?on Friday as traders assessed?the extent of damage to the global supply caused by the U.S./Israeli war with Iran. Meanwhile, hopes for a possible peace agreement boosted other base metals. The benchmark three-month aluminum on the London Metal Exchange increased 0.4% to $3.636 per metric ton during official open-outcry trade after reaching $3.672, its highest since March 24, 2020. The record high was $4,073.5 on March 7, 2022 when the markets were dealing with 'the immediate aftermath of Russia's invasion in Ukraine. Global aluminium is experiencing a'supply shortage this year as a result of the Iran...

Aluminum rallied Thursday on expectations of an acute supply shortage due to the Middle East Conflict, as growing hope for a U.S. Iran peace deal improves demand outlook. Benchmark?three month aluminium at the London Metal Exchange rose 1.27% by 0705 GMT to $3,667.5 a metric ton, its highest since March 24, 2020. The Shanghai Futures Exchange's most traded aluminium contract closed the daytime trading up 2.89% to 25,635 Yuan ($3,760.62), its highest since March 9. The optimism grew as a key Pakistani facilitator in Tehran and Trump's administration talked up hopes for a pact that would open the Strait of...

Two sources with knowledge of the matter said that India's discussions with Zambia about critical minerals mining have stalled due to a lack of?assurances from Lusaka regarding mining rights. India received a?allocation?of 9,000 sq km (3,474.92 sq miles) last year to explore cobalt, a component of batteries used in electric vehicles and cell phones, as well as copper. Copper is widely used in electronics, power generation and construction. India sent a geologist team last year, which has since returned with samples, including copper and cobalt. New Delhi planned to invite the private sector to participate in the exploration programme in...

Iron ore futures soared on Thursday, boosted by positive economic data from China. Meanwhile, a lack of domestic crude steel production fueled hopes that global steel prices would be lifted and Chinese steel mill margins improved. The September contract for iron ore on China's Dalian Commodity Exchange traded 3.1% higher, at 782.5 Yuan ($114.79). As of 0708 GMT, the benchmark May iron ore traded on Singapore Exchange was $106.15 per ton higher. The 'Trump Administration' expressed optimism about a possible deal with Iran on Wednesday, but warned of increased economic pressure if Tehran continues to be defiant. Metals markets rose...

Official data released on Thursday showed that China's primary aluminum production rose 2.7% from the previous year, as fears of supply due to the Iran conflict boosted prices. According to the National Bureau of Statistics, aluminium?production increased?to 3,85 million metric tonnes in March. The data shows that in the first quarter of this year, China produced 11.41 million metric tonnes of primary aluminum, an increase of 3.1% compared to the previous period. Around 9% of the global supply of aluminium comes from the?Gulf Region. Aluminium prices rose after the 'Iran's move to disrupt traffic in the Strait of Hormuz, and...

China's crude output of steel in March fell 6.3% compared to the previous year, the lowest for the month since the middle of 2020. Margins were thinned out and exports dropped amid the Middle East conflict. National Bureau of Statistics reported on Thursday that the world's biggest steel producer produced 87.04 metric tons of crude "steel" last month. According to data-based calculations, the March volume represents an average daily output of 2,81 million tonnes, down from 2,99 million tons in March 2020. Steel margins were hit by rising feedstock prices in the first quarter, which was partly due to higher...