Asia / Pacific

The 'State Department' reported that U.S. Secretary Marco?Rubio met with Kurdistan Regional Government (KRG) Prime Minister Masrour Barzani on a Thursday. He reportedly expressed "gratitude" for the KRG allowing oil from Iraq to reach international markets, including Kurdistan in Iraq. The State Department issued a statement saying that "the secretary expressed his gratitude to Kurdistan Regional Government, for allowing oil from Iraq to reach the global markets, including the 'Iraq Kurdistan Region. The Iran War has risen oil prices and shook global markets. The State Department said Rubio had "offered his sincere condolences to families of those Peshmerga who were...

A Russian official said on Thursday that a drone attack from Ukraine damaged an industrial area near one of Russia's largest?oil refineries. According to reports on Wednesday, at least 40% of Russia's capacity for oil exports has been halted following Ukrainian drone strikes, a disputed assault on a major pipe and the seizure or tankers. According to Alexander Drozdenko, more than 20 drones have been shot down in the northern Leningrad area. "The attack has been repelled in the Kirishi district." Drozdenko told Telegram that there was damage to the industrial area. Drozdenko ?did not specify what part of the...

The markets overshoot and the recent dramatic increase in bets placed on higher interest rates due to the Middle East energy crisis is the latest example: although the move was logical, its magnitude remains questionable. The Iran War shows no signs of stopping and the?markets are still in flux. Rates traders may need to take a break and re-evaluate. The abrupt change in global 'rate outlook' reflects concerns about the short-term impact on inflation of the soaring prices for oil and gas. Federal Reserve now has a higher probability of raising U.S. interest rates in this year rather than cutting...

Confindustria, Italy's leading business lobby, forecast that the economy would grow by 0.5% in this year. This is a reduction from the 0.7% it had predicted in October. It also warned of'strong' 'downside risks' if the Iran conflict continues. The third largest economy in the Eurozone saw its gross domestic product rise by 0.5%, marking the third consecutive year of growth below 1%. Confindustria stated in its bi-annual report that the 0.5% growth scenario for 2026 was based on an "optimistic hypothesis" that?the conflict in Iran would be over by March's end. The business group warned that if the hostilities...

Sources familiar with the situation said that Indian billionaire MukeshAmbani's?Reliance Jio Platforms? has been in talks with?13?marquee investors to sell 8% of their individual stakes at the upcoming Mumbai listing for the company which will be transforming its telecoms into AI. Ambani’s Jio Platforms is expected to file for approval in Mumbai of its IPO as early as this coming week. The list includes Meta with a stake worth 9.99% and Google?with 7.73%. Vista Equity Partners, KKR and KKR are also big investors. Investors include three sovereign Gulf funds: the Public Investment Fund (PIF), Mubadala, and Abu Dhabi Investment Authority....

The Philippines' ambassador to the United States stated that it is working closely with Washington in order to securing waivers and exceptions to allow oil to be purchased from sanctioned U.S. countries. This will 'ensure supply. The Philippines, which is heavily dependent on imported fuels, declared on Tuesday a national energy emergency in order to deal with Middle East War fallout, including oil procurement. In a series of phone messages, Jose Manuel Romualdez said: "We're working with the State Department on getting waivers or exemptions for oil purchases from sanctioned U.S. countries." Romualdez responded that "all options" are being considered...

The Iran War and the global energy crisis it unleashed could have "killed" the idea of an asset that fits all. It is not a novel concept given the poor performance of the U.S. Treasuries did well after the Russian invasion of Ukraine four years earlier. The extraordinary fall in gold prices since the U.S. and Israeli strike on Iran, February 28, has brought it into the spotlight. In times of increased economic, geopolitical or financial uncertainty, investors tend to flock to gold, Swiss franc, Treasuries and the dollar. These are the assets that will most likely serve as a...

Bharat Oil Corp, the state-owned Indian oil company, announced on Tuesday that its head of international trade, Manoj heda, will lead the trading unit in Singapore. BPCL has incorporated a fully-owned subsidiary Bharat Oil Global Energy Services Pte. Ltd. on February 26th, 2026 in Singapore. It said that the new entity would set up a "trading table for trading in crude oils, natural gases,?petroleum, and other petrochemicals" as well as associated activities. Sources said that the unit is expected to begin operations in April. Sources added that Manish Parikh would be the chief financial officer. Sources refused to identify themselves...

Local media reported that despite assurances from Australian ministers, the market was well-supplied. The Sydney Morning Herald reported on Tuesday that New 'South Wales, Australia’s most populous state, had 165 petrol stations without diesel and 298 with no gasoline at all. This is as consumers stockpile fuel in anticipation of the U.S./Israeli war against Iran. Chris Bowen, the Energy Minister, confirmed in Parliament that there were shortages at petrol stations across multiple states. Bowen announced on Tuesday that fuel standards would be relaxed again, allowing more diesel to enter the market. This comes after Bowen had already lowered sulphur limits....

Sources from Bharat Oil Corp. said that Manoj Heda, the international trade head of Bharat, had been appointed to lead its Singapore-based trading division. Bharat Oil Global Energy Services (Singapore), Pte, is expected to begin operations in April, with a staff size of four, according to the company. Manish Parikh, who will be "the chief financial officer," was also named. Amit Bilolikar, Vaibhav gandhi and others will also join as crude traders. BPCL didn't immediately respond to a'request for comments. Sources declined to be identified because the appointments had not yet been made public. Heda joined BPCL as a senior...

Donald Trump, the U.S. president, said on Monday that the United States had held talks with Iran in the last day and the two sides "had major points of agreement." He added that a deal to end the war could be reached soon. Trump said that his Middle East envoy Steve Witkoff, and Jared Kushner, his close adviser and son-in law had met with the Iranians Sunday. Discussions would continue Monday. We have had very intense discussions. We'll have to see how they go. We have major points of consensus, or almost all of them, as I'd say. Mr. Witkoff,...

The British government announced on Monday that the Iranian ambassador in the UK was summoned. Last week, an Iranian national and a British-Iranian dual citizen were arrested on suspicion of aiding Iran's spy services. Two men were accused in a London Court last week of 'being involved in gathering information from Iranian spy services and conducting reconnaissance of Jewish targets within?Britain over a five-week period in the summer of last year. The British Foreign Office said that "national security is our number one priority and we take the threats posed by Iran and those who follow its orders 'extremely serious."...

Iron ore futures were higher on Thursday due to a concern over the supply of iron ore from Australia, following the closure of key ports in the Pilbara region because of a cyclone. The most-traded May iron ore contract at China's Dalian Commodity Exchange rose 0.18%, to 817 Yuan ($118.40), per metric ton. As of 0711 GMT, the benchmark April iron ore traded on Singapore Exchange was trading at $107.35 per ton. The operator of the iron ore port said that the key ports were closed on Thursday due to a tropical storm which struck the resource-rich Pilbara region. Pilbara...

Agincourt Resources, an Indonesian gold miner, announced 'on Thursday' that the 'environmental?ministry has given it permission to resume operations at their Martabe mine. The mine was closed after allegations of environmental violations. Agincourt is one of 28 companies whose permits have been revoked after the government claimed that the firm was responsible for the environmental damage which worsened the floods last year in Sumatra. At least 1,200 people were killed. Astra International is the parent company of Agincourt. Astra's largest shareholder is Jardine Matheson. Agincourt spokesperson Katarina Sibirian said, "The company welcomes the decision of the Environment Ministry relating to...

France is one of the countries that will invest in critical Australian minerals projects, according to Australia's Resources Minister on Thursday. Canberra's framework agreement with the U.S. encourages nations with advanced manufacturing industries to secure access to supply. Australia is on a mission for the past four years to create an industry that will produce?minerals? like rare earths, which are essential to technologies in future such as electronics and defense. Countries want to diversify away from China as their dominant supplier. Australia signed agreements with Japan, South Korea and India as well as France, Germany, Britain, France and Germany for...

After a brief dip in prices, copper prices fell on Thursday. This was due to rising'stocks' and weakening consumer demand, particularly in China, the world's largest consumer. Investors were also waiting for clarity about the possibility of ceasefire?in the Middle East. Benchmark 'three-month' copper on the London Metal Exchange dropped 1.17% to $13,177 per metric tonne by 0341 GMT, after finding some help from a weaker dollar the previous day. The Shanghai Futures Exchange's most traded copper contract was down by 0.03% to?95.160 yuan per ton ($13.789.31), after reaching its highest price since March 19, at 96.590?yuan. The red metal,...

Iron ore futures rose Thursday on concerns about disruptions in Australian'supply due to ports being closed in the Pilbara area following a cyclone. As of 0226 GMT, the most-traded contract for?May?iron ore on China's Dalian Commodity Exchange was trading 0.31% higher. It cost 818 yuan (US$118.45) per metric ton. The benchmark April Iron Ore on the Singapore Exchange rose by 2.15% to $107.45 per tonne. Pilbara Ports announced on Thursday that the ports at Ashburton and Cape Preston West were closed due to Tropical Cyclone Narelle. This has led to concerns about iron ore supplies from Australia, which is the...

Four?people with knowledge of the matter have said that discussions about a possible sale of Thyssenkrupp Steel Europe to Jindal Steel International may be called off because of differences regarding pension liabilities, energy costs and investments. Despite the fact that?talks are still ongoing over a possible sale of 'Thyssenkrupp - Steel Europe (TKSE), and an agreement could still be reached, a deal now seems less likely. One person said that the companies may decide to stop official negotiations as early as next month. Thyssenkrupp tried to sell TKSE'several times over the last decades. If TKSE is not sold, it would...

Four people with knowledge of the matter said that discussions of a potential sale of Thyssenkrupp Steel Europe (TKSE) to Jindal Steel International may be cancelled due?to disagreements over pension liabilities and investments, as well as energy costs. The people say that while discussions over a possible sale of Thyssenkrupp Steel Europe are ongoing and could still lead to an agreement, a?deal is less likely now after nearly six months' worth of due diligence. One person said that the companies may decide to stop official negotiations as early as next month. Thyssenkrupp tried to sell TKSE a number of times...

Mitsubishi Materials announced on Wednesday that it would stop processing copper concentrate at its Onahama facility - and all related smelting operations - by the end of March 2027. Mitsubishi Materials stated that the outlook for business was becoming more uncertain due to an intensifying competition with overseas smelters, and a steep decline in treatment and refinement charges (TC/RCs). It is expected to book an impairment loss of 132 million yen (21 billion yen) in the fourth quarter of this year's financial year, which ends on the end of this month. This loss will be mainly due to the fixed...

Iron ore futures fell on Wednesday, after a?three-session rally. Fears of production 'cuts' in China’s steelmaking center of Tangshan pushed the price down. However, losses were?limited, as possible supply disruptions in Australia curbed declines. As of 0332 GMT, the?most-traded? May iron ore contract at China's Dalian Commodity Exchange fell by 1.46% to 89.5 yuan (US$117.47) per metric ton. Iron ore benchmark April on the Singapore Exchange fell 1.46%, to $106.1 per ton. According to a WeChat announcement by the local authorities, Tangshan activated an emergency response of 'level two' on March 25 due to heavy air pollution. This stoked concerns...

Goldman Sachs has raised its LME aluminum average price forecast for the second quarter to $3,200 per tonne, up from $3,100. They cited a loss of supply due to 'Middle East disruptions' and the'shutdown of Mozal Smelter in Mozambique. LME Aluminium traded at $3.260.50 as of 2215 GMT. Goldman has removed approximately 850,000 tonnes of its supply forecast for 2026. This is due to the reduced production at Qatalum, in Qatar, which operates at 60% following a controlled shutdown. The bank also assumed a 30 percent drop in Iranian production due to damage to the energy infrastructure?and reduced Mozal’s 560,000-tonne...

London copper fell on Tuesday after Iran denied holding talks with the U.S. about ending the Middle East war and launched new missile attacks against Israel. In official open outcry, the benchmark three-month copper price on London Metal Exchange fell 1.6% to $11,974 per metric tonne. Metal prices rose 2% after U.S. president Donald Trump said that he had "very productive" talks with Tehran, and had postponed the threatened strikes on Iranian energy infrastructure. EwaManthey, ING commodities strategist, said: "Copper has eased today following yesterday's rebound as geopolitical confidence faded." The rise in oil prices and the strengthening dollar have...

Gold prices have pared their losses after dropping by more than 2% on Tuesday. Investors remain wary of the Middle East conflict, despite conflicting signals about Iran-U.S. negotiations. Around 0820 GMT, spot gold fell 0.2% to $4396.74 an ounce. Prices fell more than 8% to $4,097.99 an ounce on Monday, the lowest level since November 24. They then pared some losses. U.S. Gold Futures for April Delivery fell?1.5%, to $4340.90. Iran denied that it had held any talks with the U.S., after President Donald Trump backed down on his threat to bomb Iran's electricity grid. He cited what he called...