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...

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."...

Despite the fact that the markets were bouncing and oil prices were near $100 a barrel due to the U.S./Israeli war against Iran, U.S. Energy Sec. Chris Wright said on Monday, at the CERAWeek conference in Houston, Texas. After the attacks in the Middle East on energy infrastructure and the closure of an important shipping channel, the world is experiencing one of its worst energy crises. The oil prices are at multi-year highs, and fuel prices in the U.S. have surged. This could cause problems for the Republican Party of President Donald Trump ahead of the midterm elections. The Trump...

Iron ore futures fell on Friday as traders unwound their?supply disruption bets following Tropical Cyclone Narelle's spared of vital port infrastructure in Western Australia. As of 0330 GMT, the most-traded contract for May iron ore on China's Dalian Commodity Exchange?traded at $813.60 ($117.60) per metric ton. The contract has still gained 0.13% this week. On the Singapore Exchange, the benchmark April Iron Ore was $107 per ton. This is a 0.32% decrease. This week, it has fallen 1%. Atilla Widnell is the managing director of Navigate Commodities. She said that iron ore futures will?likely experience a temporary corrective, because traders...

Singapore announced plans to transform the city-state of Singapore into a gold trading center for the entire Asia. Regulators and industry players are working together to improve the trading, clearing, and storage infrastructure. Singapore is one of many Asian financial centers racing to increase their gold trading and capture more bullion flows. Hong Kong, too, is pushing to expand the gold market's links with Shanghai. The Singapore Bullion Market Association and the Monetary Authority of Singapore have identified four areas of focus. These include the expansion of gold-related products on the capital markets and the establishment of a trust clearing...

Three people familiar with the matter said that Guinea and Emirates Global Aluminium (EGA), had reached an agreement which will prevent a looming arbitration over the seizure last year of the miner’s local unit. According to traders and officials, as part of a broader resolution, traders have explored bauxite deals that are linked to the assets seized, including structures where upfront payments on future shipments would be used to settle?EGA claims. The deal is still being finalised. It follows the government taking over Guinea Alumina Corporation, EGA's subsidiary for bauxite, in October, following a dispute about alumina refineries. It then...

Three people familiar with the matter said that Guinea and Emirates Global Aluminium (EGA), have reached an agreement which 'will prevent a looming arbitral hearing' over last year's seizure by 'the miner's' local unit. According to traders and government officials, as part of a broader resolution, traders have explored bauxite deals that are linked to the assets seized, including structures whereby upfront prepayments for future shipments would help settle EGA claims. The deal is still being finalised. It follows the government taking over Guinea Alumina Corporation,?EGA's subsidiary for bauxite, in October, following a dispute about alumina refineries. The company then...

Aluminium rose to its highest level in nearly a week after Iran denied talks to 'end the Middle East conflict. The benchmark three-month price of copper at the London Metal Exchange fell as much as 1.7% in the previous session. The metal, widely used in construction and power, closed up 1.8% Wednesday, thanks to dip-buying by Chinese consumers who were looking to replenish their stock. Copper, which is considered to be a bellwether of global economic health, has been under pressure because there are fears that the U.S. and Israeli war against Iran will hurt the growth. Copper?stocks are also...

Four people with knowledge of the matter have said that discussions of a possible Thyssenkrupp steel unit sale to Jindal Steel International may be called off because of differences regarding pension liabilities, investments, and 'energy costs. Despite the fact that talks are still ongoing over a possible sale of?Thyssenkrupp Europe (TKSE), and an agreement could still be reached, a deal now seems less likely to happen after almost six months' worth of due diligence and discussion, according to these people. One person said that the companies could decide to stop official negotiations as early as next month. Following the report,...

Four sources said that the Middle East conflict had tightened the supply of aluminium. As a result, Japanese aluminium buyers paid a premium between $350 and $353 per metric ton, the highest in 11 years. Japan is the largest Asian importer and the premiums it pays for metals shipped each quarter above the London Metal Exchange cash price (LME) serve as a regional benchmark. The new rate is 79%-81% higher than the $195 premium paid during the January-March period. This marks the second consecutive quarterly increase, and the highest level since April-June 2015. Global producers offered Japanese buyers a premium...

Prices of copper fell 'on Thursday due to rising stocks, and the waning appetite for the metal by top consumer China after a short dip in purchasing. Investors were waiting on clarity regarding the possibility of a 'ceasefire' in the Middle East. Benchmark three-month Copper on the London Metal Exchange fell by 1.21% at $12,173 a metric ton as of 0711 GMT. The previous day's support came from a weaker dollar. The Shanghai Futures Exchange's most traded copper contract, which had reached its highest level since March 19, at 96.590 yuan per ton ($13,991.05), ended the daytime trading session up...

According to traders, inventories of BHP's Jimblebar Fines, a kind of?iron ore?, in some Chinese ports?slid down to a two-month-low after steelmakers?rushed to get delivery?during an one-week?ban?reprieve. Four traders familiar with the matter stated that Jimblebar stocks in 15 major Chinese ports dropped 6% from one week to another, reaching 8.9 million tonnes on March 24. This is the lowest level seen since late January. One of the traders stated that this is the steepest weekly drop since March 2025. Sources requested anonymity because they were not authorized to speak with the media. China Mineral Resources Group, the state-run buyer...

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...