Asia / Pacific

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...

Saudi state-run news agency SPA reported on Thursday that attacks on Saudi energy plants 'have reduced the kingdom's capacity to produce oil by 600,000 barrels per day, and its East-West pipeline throughput by 700,000 barrels per days, according to an official source at the energy ministry. SPA reported that the attacks, as well as previous strikes against some facilities, disrupted key operations in Riyadh and Yanbu Industrial City. SPA reported that seven Saudi employees, including one Saudi national who was part of the industrial security staff at the Saudi energy company, were injured in the attack. Sources in the ministry...

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...

Three trade sources reported that independent Chinese refiners, with new import quotas issued by Beijing, began'seeking immediate cargoes of Iranian oil after the oil price slumped on Wednesday. Brent crude futures fell below $100 per barrel on Wednesday, the lowest since March 11 after a?U.S. President Donald Trump announced that he agreed to a ceasefire of two weeks with Iran, subject to an immediate and safe opening of the Strait of Hormuz. Since the U.S. - Iran conflict erupted in late February, the Chinese refiners - known as teapots - have largely stayed out of the fray. This has caused...

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...

The gold?prices dipped, but remained on a?track to a third consecutive?weekly - gain, as the markets reassessed if there would be a U.S. rate cut if the fragile U.S. - Iran ceasefire held. By 1113 GMT, spot gold was down 0.2% at $4755.45 an ounce. This week, it has risen by 1.7%. U.S. Gold Futures for June Delivery fell by 1.1% on Friday to $4,767.30. Dollars were set to drop by 1.4% per week, which made bullion in that currency more affordable for holders of currencies other than the dollar. The UBS analyst Giovanni Staunovo said that the announcement of...

Kemcore, an African mining chemicals importer, is planning to build its processing plants in?Botswana?and Angola?to reduce the geopolitical risks associated with imports from China?and the Middle East?. Africa is an important supplier of minerals that are critical to the energy transition. It's also a battlefield for the United States, as Washington tries to curb Beijing's dominance by securing the supply chains. Zambia and the Democratic Republic of Congo are the two countries that dominate Africa's production of copper, while Congo is the world leader in cobalt. This puts the central African copperbelt right at the center of the minerals competition...

Gold prices?edged down, but remained on track for a third consecutive weekly?gain? as the market reassessed whether the U.S. rate cut is likely if the fragile U.S. - Iran ceasefire remains in place. By 0906 GMT, spot gold was down 0.4% at $4.745.43 an ounce. This week, it has gained 1.5%. U.S. Gold Futures for June Delivery fell by 1.1% on Friday to $4,767.30. Dollar was expected to drop by?1.4% this week, which would make bullion in other currencies cheaper. The UBS analyst Giovanni Staunovo said that the announcement of the ceasefire caused the market to sell oil, and inflation...

Bloomberg News reported Friday that the European Union and Washington were close to a?agreement coordinating?on producing?and securing?critical minerals. Reports citing a "action plan" said that the potential deal could include incentives, such as price guarantees, which would favor non-Chinese vendors. Report: The EU and U.S. will also work together on standardization, joint projects, and investments, as well as a greater coordination of any disruptions in supply by countries such as China. The European Commission refused to comment on the report. The U.S. Trade Representative's office did not immediately respond to requests for comments. Maros Sefcovic, EU trade commissioner, said that...

Gold prices fell on Friday due to a stronger dollar and uncertainty over the U.S. Iran ceasefire, but they remained on course for a third weekly 'climb' as investors priced in more aggressive and earlier U.S. interest rate cuts. This supported non-yielding gold. By 0316 GMT, spot gold had fallen 0.1% to $4,759.54 an ounce. Metal has, however, gained 1.8% this week. U.S. Gold Futures for June Delivery fell by 0.7% to $4.782.70. Dollar index increased, causing greenback bullion to be more expensive for holders other currencies. Kyle Rodda is a senior financial analyst at Capital.com. He said, "There's not...

Fortescue, an Australian mining company, announced on Friday that it was accelerating the rollout of its 'off-grid green energy system' to 'eliminate fossil fuels from Pilbara mines, especially diesel. The world's largest mining companies rely on diesel as their primary energy source, but it is expensive, volatile and carbon-intensive. Therefore, they are increasingly looking to replace this with renewable power. By the end of 2028 it is expected that the world's fourth largest iron ore mining company will have completed its Pilbara Green Grid, including a 1.2 gigawatt solar power, more than 600 megawatts of wind energy and 4-5 GW...

USA 'Rare Earth' is looking at building a magnet plant? in France, said its CEO?on Thursday? after agreeing to pay a 40 million euro ($47 million) stake in French rare-earth processing firm Carester. The United States, Europe, and other countries are working to secure domestic supplies of rare Earths. These are essential for green energy, electronics, and defence sectors, as well as reducing their dependency on China, the world's largest producer. USA Rare Earth, in its quest to create an integrated rare-earths operation that includes mining, processing and magnet manufacturing, will purchase a 12.5% stake from Carester. Carester is currently...

USA Rare Earth is considering building a permanent magnetic?plant? in France, according to its CEO, who announced the decision on Thursday after paying 40 million euros ($47m) for a stake of French rare earth processing company Carester. The United States, Europe, and other countries are working to secure domestic supplies of rare Earths. These are essential for green energy, electronics, and defence, and they want to reduce their dependence on China, the world's largest producer. The company announced that as part of its efforts to create an integrated rare-earths operation,?which includes mining, processing, and magnet manufacturing, USA Rare Earth would...

As the U.S. Dollar weakened on Thursday,?investors assessed a fragile ceasefire between the?U.S. As fighting continues in the Middle East, investors are looking forward to important U.S. Inflation data amid rising prices. As of 1121 GMT spot gold was 0.6% higher, at $4,743.50 an ounce. It had reached its highest level since March 19, on Wednesday. U.S. Gold Futures for June Delivery fell 0.2% to $ 4,767.80. The weaker dollar is giving gold a boost at the moment, but the fast news that comes out of the Middle East makes markets untradable from a financial perspective," said Ross Norman, an...

The gold?price was steady on Thursday, as investors remained cautious over the 'fragile' U.S.-Iran truce. A key U.S. Inflation Report due later that day will also be a focus for any interest rate clues. As of 0716 GMT, spot gold was unchanged at $4,715.45 an ounce. U.S. Gold Futures for June Delivery fell 0.8% to $ 4,739.40. "It does not seem that gold is looking for much?at the moment. Brian Lan, Managing Director of GoldSilver Central, said that there is still much speculation about what will happen after the ceasefire. Lan predicted that gold would consolidate between $4 607 and...

Iron ore prices fell?on Thursday, to their lowest level in over a month. This was due to a combination of rising supply and a lack of confidence in the prospects for demand in China's top consumer. The most traded?iron ore on China's Dalian Commodity Exchange closed the daytime trade at 750 Yuan ($109.78), its lowest level since March 4. Now, the September contract is the most traded instead of May. The benchmark May ore price on the 'Singapore Exchange' fell by 2.86% at 0700 GMT to $102.75 per ton, after hitting its lowest level since?March 10, when it was $102.1....

Gold prices remained relatively?stable on Thursday, as investors remained?cautious? about the fragile U.S.Iran ceasefire. A key U.S. Inflation Report due later that day will also be a focus for any interest rate indications. As of 0523 GMT, spot gold increased by 0.1% to $4,721.51 an ounce. U.S. Gold Futures for June Delivery fell by 0.7% to $4744.90. It doesn't seem like gold is doing much right now. Brian Lan, Managing Director of GoldSilver Central, said that there is still "a lot" of speculation about what will happen after the ceasefire. Lan predicted that gold would consolidate in the short term...