Asia

The Australian Prime Minister Anthony Albanese met with his counterpart Lawrence Wong in Singapore on Friday. They vowed to work together more closely in order to maintain energy security in the face disruptions brought about by the Middle East conflict. Singapore, the oil trading hub in Asia, is the world's largest petrol supplier and also a major diesel and jet fuel supplier to Australia. In Australia, the shortage of diesel has impacted the mining and farming sectors. The leaders agreed to "maximize efforts" to increase their energy security, including ensuring the flow of diesel and LNG. In a joint press...

Benjamin Netanyahu, the Israeli prime minister, said on Thursday that he had 'instructed Israel to start 'peace -talks' with Lebanon which would include disarming Hezbollah. In a statement, Netanyahu said: "In view of Lebanon's repeated request to begin direct negotiations with Israel as soon as possible." The negotiations will be centered on disarming Hezbollah, and establishing peaceful relations between Israel & Lebanon. The?Lebanese Government did not respond immediately to Netanyahu's comments. Aoun had said, an hour before Netanyahu made his?statement: "The only way to resolve the situation in Lebanon would be to reach a ceasefire, then to have direct negotiations...

?U.S. Donald Trump announced on Wednesday that all imports of military equipment from Iran will be subject to immediate 50% tariffs. There would be no exceptions. He made the announcement in a post on social media just hours after agreeing to a two-week ceasefire. Trump's Truth Social posting did not specify the legal authority that he would use to impose these tariffs. In February, the Supreme Court struck down Trump's use of the International Emergency Economic Powers Act in order to impose global tariffs. A lower court ordered refunds for $166 billion collected during the course of one year. The...

Leaked recordings purportedly showed Hungary's Foreign Minister offering to send his Russian counterpart an?document on Ukraine's European Union membership, as the latest sign of Budapest's warm relationship with Moscow. The audio 'clips' released by a group of investigative news - outlets, including VSquare.org, were the latest of a series leaked conversations purporting to show that Prime Minister Viktor Orban of Hungary has been working to serve Russian interests while undermining EU efforts to help Ukraine. Orban, who has ordered an investigation after Orban's previous statement that wiretapping his calls was "a huge scandal", was unable independently to verify the authenticity....

The GCC's growth forecast for 2026 has been reduced to 1.3% due to lower hydrocarbon revenue Kuwait and Qatar's economies are expected to contract in this year The World Bank warns about lingering risks in the region DUBAI, 8 April - In a report released on Wednesday, the World Bank slashed the growth forecast for the Middle East's economies in 2026 as a "consequence" of the conflict between the U.S. and Israel, along with Iran. The report also warned of widespread risks. Donald Trump announced late Tuesday a ceasefire of two weeks in the conflict. The conflict is now in...

Investors are putting together a "Trump trade' playbook to?navigate market uncertainty. This includes determining whether a U.S. - Iran ceasefire will last and whether oil prices will remain high for longer. As geopolitics continue to dominate the economy, it is difficult to move money based on long-term perspectives. During the Iran War, many?investors have placed shorter-term bets instead on assets which may have been?mispriced?. Here is a list of some new Trump trades. 1/OIL PRICE WILL STAY HIGHER FOR A LONGER TIME Oil prices fell almost 15% to $100 per barrel in the wake of the ceasefire on Wednesday, but...

U.S. president Donald Trump announced on Wednesday that the United States and Iran are working closely together and discussing relief from tariffs and sanctions. This follows the announcement of the two-week ceasefire. Trump backed away from a full-on attack on Iran, which he had threatened to launch 'on Tuesday night. Two hours before the deadline that he set for Tehran in order to open up the Strait of Hormuz. He stated on social media that he had agreed to many of the 15 points in his plan for Iran, but did no elaborate. In a post on social media, Trump...

The physical oil market is still in a state of turmoil despite a planned two-week stopfire between Iran and the United States. Brent crude oil contracts plunged as much as 16% in the early Asian trade on Wednesday, after finishing at $109.27 on Monday. The sharp drop in prices reflects relief that President Donald Trump's alarming threats against Iran civilisation to be wiped out have been postponed. This also reflects the optimism that crude, refined products and liquefied gas (LNG), may be able to resume and continue through the Strait of Hormuz if negotiations are successful. There is a rule...

The World Bank stated that Nigeria's economy will grow despite the Iran war in the first half of 2026. Fiseha Haile, World Bank Nigeria's lead economist during a presentation held in Abuja said that business activity is still in expansion mode. The conflict between the U.S./Israel/Iran has so far raised prices while leaving the output mostly intact. The impact on growth is relatively limited, as the overall business activity has increased in the last few months. Haile stated that the shock was still felt by higher inflation. Bola Tinubu is now in his third year as president. He has implemented...

The World Bank stated on Tuesday that Nigeria's economy will grow in the first half of 2026, despite the Iran War. However, rising fuel prices and persistently high inflation could squeeze incomes, slowing poverty reduction. Fiseha Haile, World Bank Nigeria's lead economist during a presentation held in Abuja said that business activity remains in growth territory. The conflict between the U.S./Israel and Iran has so far lifted prices while leaving output mostly intact. The impact of the growth shock has been contained, as the overall business activity has increased over the last few months. "But the shock is still felt...

JD Vance, the U.S. vice president, slammed the European Union on Tuesday for its "disgraceful interference" in an election held in?Hungary. He also praised Prime Minister Viktor Orban in his role as an ally to Donald?Trump when it comes to the defence of Western civilization. Here are some key quotes from the joint press conference in Budapest. VANCE ON HUNGARIAN ELSECTION "What happened in this country and what happened during this election campaign is one of worst examples of foreign interference in elections that I have ever read or seen ..." "The bureaucrats at Brussels have tried to destroy Hungary's...

Two industry sources said that NORSI, Russia’s fourth largest oil refinery, suspended operations on April 5, following an attack by a Ukrainian drone. The temporary 'closure' of the refinery will increase the uncertainty in Russia's energy industry, which has already been hit by a series of Ukrainian attacks including those that have targeted its major oil-exporting terminals on the Black Sea or the Baltic Sea. Russian authorities announced on Sunday that a drone had attacked the NORSI oil refinery, causing it to catch fire. Gleb Nikitin said that two facilities at the plant had been hit, and a power station,...

Kristalina Georgeeva, Managing Director of the International Monetary Fund, said that central bankers should be ready to tighten their monetary policies to prevent an inflationary spiral, if war-related energy price shocks continue. They also need to "watch" for a softerening in demand, which would argue against a rate increase. Georgieva said at an event previewing next week's IMF/World Bank annual meetings, that if the Iran War ceasefire is maintained and the oil shock is brief-lived the central banks might be able to?hold rates steady with a only slight increase in inflation. This would equate to a "de-facto" easing of the...

?Polestar's CEO Michael Lohscheller stated on Thursday that used car sales are exceeding new vehicle sales, due to a rise in gasoline and diesel costs from the war in Iran driving customers towards less expensive EV options. Online car platforms reported last month that the war in Iran has boosted used electric vehicle sales in Europe. "Used cars are growing faster than brand new vehicles, especially since so many people have come forward and said, "we are price-sensitive." Lohscheller said after the company announced its first-quarter results: "We prefer used cars and look at electric vehicles." Polestar's sales of used...

The price of refined fuels has fallen sharply, in line with the declines seen in crude oil after the tentative ceasefire agreement between the United States & Iran. However, the prices remain at levels that indicate a shortage. The prices of gasoil and jet fuel in Singapore, the Asian trading center, all dropped by?double digits on Wednesday amid relief from the market that the 'deal' may lead to the reopening of Strait of Hormuz. The 'ceasefire' and commitment to peace talks announced by the United States in separate announcements looks already to be on its way out. Tehran said it...

The two-week Iranian ceasefire has helped to dispel some of the macroeconomic doom that had been engulfing the copper markets. But there could be an even greater problem for the copper bulls. China, which is the largest consumer of metals, has shown that it will not pay the high prices of January when the London Metal Exchange's three-month copper reached a nominal record of $14,527.50 a metric ton. According to the World Bureau of Metal Statistics which compiles trade data from customs statistics, the country's net imported of refined copper fell to 125 350 tons in February. This is the...

The United States, Iran and Pakistan agreed to a ceasefire for two weeks, which was mediated by Pakistan. This could potentially end a six-week war that has claimed thousands of lives, spread throughout the Middle East, and disrupted the world's supply of energy. Trump announced the deal late Tuesday night, only?two hours after a deadline that he set for Iran:?opening the Strait of Hormuz blockade or face destruction of their "whole civilization". Shehbaz sharif, the Pakistani prime minister, said he invited Iranian and U.S. delegates to meet at Islamabad this Friday. Trump said that the deal was contingent on Iran...

His office announced that British Prime Minister Keir starmer would 'travel to the Gulf tomorrow to 'hold talks with regional leaders to...?ensure that the Strait of Hormuz is permanently opened after a U.S. Iran ceasefire. Starmer, in a press release, said: "I welcome the overnight ceasefire agreement which will bring relief to the area?and world." "Together, with our partners, we must do everything possible to support and sustain the 'ceasefire. We need to turn it into an agreement that will last and reopen the Strait of Hormuz." Starmer, who has been heavily criticized by U.S. president Donald Trump for not'supporting...

Anthony Albanese, the Australian Prime Minister, welcomed the ceasefire between the United States, Israel, and Iran on Wednesday, but criticised the rhetoric of Donald Trump. Trump agreed to the two-week ceasefire just two hours before he set a deadline for Tehran to open up the Strait o'Hormuz, or face devastating attacks against its civilian infrastructure. His announcement via?social media was a sudden change from earlier that day when he had issued a warning saying "a whole civilisation will die tonight" in the event his demands were not met. Albanese told Sky News that the ceasefire is welcome but Trump's rhetoric...

The 'index of the health of Japan’s economy' fell in February, according to a report released by the government on Tuesday. This reveals a weak spot - even before the Iran War. Recent private surveys also revealed an increase in bankruptcy in the house-painting sector. Small, mom-and pop operators, already struggling with severe competition and chronic labor shortages, have been affected by rising fuel costs and supply restrictions caused by the conflict. Data showed that the coincident index, which measures the state of the economy at the moment, fell 1.6 points in February, month-on-month, to 116.3. This was the first...

Satsuki Katayama, the Japanese Finance Minister, said that the country would remain in close contact with other countries of the Group of Seven. The Middle East conflict has caused concern about Japan's fiscal expansion. The yield curve for Japan's government bonds has risen this week. The 10-year JGB yield reached a 27-year-high of 2.43%. Meanwhile, the yen hovered near the psychologically significant 160-per dollar mark, which analysts warn may trigger a government intervention. Katayama, a G7 Finance Minister and Central?Banker, said that the sharp changes in oil prices and developments in the Middle East are having an impact on markets....

The Philippines' annual inflation rate increased more than expected in March. It breached the central bank's target range of 2% to 4.0%. This was primarily due to the sharp rise in 'fuel prices' amid the escalating Middle East tensions. In March, headline inflation was 4.1% higher than a year ago. This is significantly higher than the 2.4% in February and also above the median polled forecast of 3.7%. This is the highest reading of inflation since July 2024 when it was 4.4%. Inflation grew at the fastest rate since January 2023 - 1.4% on a monthly basis. This reflects a...

A spokesperson from India's Foreign Ministry said that the Maldives was seeking fuel supplies. India?is still shipping fuel to its neighboring countries?, she added. Randhir Jaiswal, at a press conference, stated that India is the world's?fourth largest refiner? and supplies fuel to Bangladesh, Nepal, Bhutan, and Sri Lanka. The government of Maldives also contacted us to supply petroleum products on a short-term as well as long-term basis. Jaiswal stated that the request from Maldives is being evaluated in light of our own needs and availability. According to World Bank statistics, the Maldives sources most of its fuel from Oman. The...

A government official said that Indian police seized 414 canisters of cooking gas hidden in a cemetery in Hyderabad and arrested people who were trying to sell the canisters on the black market. This was in response to shortages caused by 'the Iran War. The authorities have increased raids in order to reduce the hoarding and stockpiling of liquefied gas canisters, after the U.S./Israeli war on Iran caused shipping disruptions that led to shortages. India is the second largest LPG importer in the world. About 60% of India's LPG demand is met by overseas purchases. Sujata sharma, a senior official...