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Gold stable as caution prevails before Trump's Iran deadline
The gold price was little changed Tuesday as caution ruled the market in anticipation of a 'U.S. The looming deadline set by President Donald Trump for Iran to reopen Strait of Hormuz, or face devastating attacks on Iran's infrastructure. By 11:16 am, spot gold had remained flat at $4.648,32 per ounce. ET (1516 GMT), following a 1% rise earlier in the day. U.S. Gold Futures dropped 0.3% to $4670.90. The gold market is teetering on the edge of a cliff ahead of tonight's 8 p.m. Eastern Time U.S. deadline. The gold market is on hold while traders await the outcome of this event, which could have a significant impact, said Jim Wyckoff. IRAN SHOW NO SIGN OF CONCEDING Strikes against Iran increased throughout the day, but Iran showed little sign of accepting Trump’s ultimatum that the Strait be opened by the end?Tuesday. The U.S. President said that "a whole civilization will die tonight" without a deal with Tehran. Gold traders are more concerned about what central banks will do with interest rates, than geopolitics. Wyckoff explained that if major economies delay lowering their interest rates, this could be extrapolated as a 'lessening of demand for gold. Since the Iran conflict, oil prices have risen. Energy costs are rising, which leads to inflation and leaves central banks little room to reduce interest rates. Gold is a hedge against inflation but it's less appealing in an environment of high rates because it has no yield. The minutes of the Federal Reserve meeting from March will also be released Wednesday. Additionally, U.S. The Consumer Price Index and Personal Consumption Spending data are due Thursday. Data showed that China's central bank has continued to buy gold for the 17th consecutive months. Silver spot fell 2.7%, to $70.83 an ounce. Platinum dropped 3.4%, to $1.911.37. Palladium fell by 4.3%, to $1.421.75. (Reporting and editing by Barbara Lewis, Diti Pjara and Ashitha Shivaprasad from Bengaluru)
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World Bank predicts Nigerian economic growth in 2026, but Iran war raises inflation
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 by higher inflation," said?Haile. In his third year as president, Bola Tinubu has implemented the most ambitious economic reforms in Nigerian history. He has ended costly fuel and electricity subsidies, devalued the currency, and changed the tax system to stabilise the economy, which is ravaged by high inflation and currency weakness, and external shocks. Haile stated that the inflation rate?adjusted to 15.06 percent in February from 33.3 percent in December 2024. However, it remains high in comparison with other countries in the region and is under renewed pressure ever since Middle East conflict started. Fuel prices rose by more than half during the Iran War, affecting transport, food, and production costs. He said Nigeria should lift restrictions on fuel imports in order to ease inflation. Haile stated that "inflation is still high and under increasing pressure. This poses risks to incomes as well as poverty reduction." Nigeria's external buffers are improving as the foreign exchange reserves increase and volatility eases. However, tighter global financial conditions continue to threaten inflows and borrowing costs, and remittances. Haile stated that the Nigerian fiscal deficit increased slightly to 3.1% GDP in 2025. However, it remains lower than the pre-reform period. Haile also added that the debt-to GDP ratio had fallen for the first time since a decade due to improved fiscal performance and exchange rate valuation gains. The World Bank has forecast a 4.2% economic growth for 2026. They have urged governments to keep their monetary policies tight and to avoid blanket subsides to curb inflation. Reporting by Camillus Eboh, Abuja. Writing by Elisha Gbogbo. Editing by William Maclean.
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As the Hormuz Crisis worsens, physical oil prices have reached record highs of near $150 per barrel.
Analysts say that the closure of Hormuz creates a very tight market for oil deliveries in the near future. Data from LSEG shows that the price of North Sea Forties crude has reached a record high. Expert: * Fear over supply is driving physical price higher. (Adds Platts dated Brent assessment in paragraph 8, adds LSEG in paragraph 10) By Alex Lawler LONDON, 7 April - European and Asian refiners have paid record prices of near $150 a barrel for certain crude oil grades. This is far higher than the paper futures price, highlighting the worsening crisis in supply caused by the U.S./Israeli war against Iran. Iran's closure of the Strait of Hormuz has caused the Middle East to shut down at least 12,000,000 barrels of oil per day, or about 12% of global supply. Brent oil futures hit $119.50 per barrel in the last month. This is the highest price since 2022, but still falls short of the record high of $147.50 set in 2008. Brent oil futures are for delivery in June. The competition between Asian and European refiners, who are trying to replace Middle Eastern oil supplies disrupted by the disruptions in supply, has contributed to driving up prices for replacement crudes that can be delivered more quickly. Some crudes have already broken records. The price of North Sea Forties Crude According to LSEG 'data, oil prices reached $146.09 per barrel on Tuesday. This is above 2008 levels and a new high. Adi Imsirovic is a veteran oil dealer who believes that "panic" about supplies is the main reason for high prices like those of Forties. "When there's a real physical shortage, people don't think about June loading, and therefore June futures price, but oil NOW." Forties, and other cargoes all over the world are linked to a physical crude oil benchmark called dated Brent According to LSEG, the price for cargoes for 'immediate delivery' is almost $20 more than Brent futures prices for June. Morgan Stanley analysts stated in a recent report that the market was scrambling to find barrels suitable for refineries. The stress appears first in the benchmark closest to the physical problem. A Platts spokesperson confirmed that S&P Global Energy Platts had assessed the price of dated Brent at $141.365 on April 2, which is close to the record high - $144.22 - set in 2008. Platts' dated Brent price would place the Forties and other physical cargoes well above $150. Prices for refined products in Europe were close to records on Tuesday. LSEG data show that jet fuel prices in Europe were hovering at $226.40 a barrel, near a record high reached in mid-March. Diesel prices, which stood at $203.59 per barrel on Tuesday, were still below their 2022 record highs. (Additional reporting by Seher dareen; editing by Dmitry Zhdannikov, Alistair Bell).
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As the Hormuz Crisis worsens, physical oil prices have reached record highs of near $150 per barrel.
Analysts say that the closure of Hormuz creates a very tight market for oil deliveries in the near future. LSEG data: North Sea Forties crude reaches a?record-high outright price Expert: * Fear of shortages is driving physical prices up By Alex Lawler LONDON, 7 April - European and Asian refiners pay record high prices of nearly $150 per barrel for a few crude oil grades. This is far higher than the paper futures price, which highlights the worsening crisis in supply caused by the U.S./Israel war against Iran. Iran's closure of the Strait of Hormuz has caused the Middle East to shut down at least 12,000,000 barrels of oil per day, or about 12% of global supply. Brent oil futures hit $119.50 per barrel in December, the highest level since 2022, but still below the record high of 147.50 set in 2008. Brent oil futures for June delivery are the contract that is closest. The competition between Asian and European refiners for Middle East oil to replace the disrupted Middle Eastern oil flow has helped to push up prices of replacement crudes, especially those that are available in Europe and Africa. Some?crudes have already broken records. The outright price for North Sea Forties crude According to LSEG, the price of a barrel reached $146.09 on Tuesday. This is above 2008 levels and a record high. Adi Imsirovic is a veteran oil dealer who believes that "panic" about supplies is the main reason for high prices like those of Forties. "When there's a real physical shortage, people don't think about June loading, and therefore June futures price, but oil NOW." Dated Brent is the benchmark physical crude oil that determines the price of Forties, and other cargoes all over the world. According to LSEG, the price is almost $20 higher for June delivery than for Brent futures. This is because the price reflects cargoes that are ready for immediate delivery. Morgan Stanley analysts stated in a recent report that the market was scrambling for barrels that could be used in refineries immediately. The benchmark closest to the physical problem is the first one to experience stress. On Tuesday, prices of refined products in Europe reached near-record highs. The price of jet fuel in Europe hovered at $226.40 per barrel, near the record high set in mid-March. Diesel prices, which were $203.59 per barrel on Tuesday, are still below their 2022 record highs. (Additional reporting by Seher Daeen; editing by Dmitry Zhdannikov, Alistair Bell).
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Key quotes from Vance's and Orban’s press conference
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 economy." They tried to reduce Hungary's energy independence. They've tried to raise costs for Hungarians, and all because they dislike this guy. "We're here because we believe the interference from the bureaucracy of Brussels has been disgraceful." RUSSIA-UKRAINE WOAR: VANCEMENT "Viktor Orban has done a better job than anyone else in helping us to understand what the Ukrainians and the Russians require for peace. We will continue to work on this process. "We are aware of the fact that certain elements in the Ukrainian intelligence services have tried to influence the outcome of American and Hungarian elections. This is what they do... "The seeds of this conflict were planted long before the fighting began. They were also planted when European leaders decided to invest so deeply in a certain energy economy, that they would cut themselves off to oil and gas from the east. It's obvious now that this was a big mistake back then. IRAN WAR: VANCER THE WAR There are two ways that this will end. The United States has achieved its military objectives ..." in large part. "Pathway One is when the Iranians decide to become a normal nation. They won't fund terrorism any longer. They will be a part of the global system of trade and exchange ..." "Option B" is that if Iran does not come to the table, and if they continue to terrorize their neighbours - not just Israel but also their Arab neighbours - then the Iranian economic situation will remain very, very poor. ORDER ON THE RUSSIA-UKRAINE WORTHY Budapest would be happy to host a meeting between the United States and Russia if they felt it was necessary ..." "The strategy that Europeans used to support the Ukrainians during this war is over. It has failed. The Russians' assets have suddenly gained value. "Suddenly, they are in a better position than before and the pro-war, pro Ukraine strategy of Europe has failed. This is over, but we're concentrating on the Hungarian election right now rather than Brussels. "I believe that we will face a new situation following the Hungarian election." (Reporting and editing by Kevin Liffey; Gergely Szakacs)
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Gold prices steady as Trump's Iran deadline approaches
The gold price was essentially unchanged on Tuesday as caution prevailed on the'market in anticipation of the expiration of the U.S. ultimatum threatening Iran with devastating attacks against its infrastructure if it did not reopen the Strait of Hormuz. By 9:25 am, spot gold had risen 0.2% to $4,659.35 an ounce. ET (1325 GMT), following a 1% rise earlier in the day. U.S. gold futures remained steady at $4,684.50. The gold market is teetering on the edge of a cliff ahead of tonight's 8 p.m. Eastern Time deadline imposed by the United States. The gold market is halted as traders await the outcome of an 'event that could have a significant impact,' said Jim Wyckoff senior analyst at Kitco Metals. IRAN DOES NOT SHOW ANY SIGN OF CONCEDING Strikes against?Iran continued throughout the day but Iran did not show any sign of accepting Trump’s ultimatum to open the Strait by Tuesday's end. The U.S. President said that "a whole civilization will die tonight" without a deal with Tehran. Gold traders are more concerned about what central banks will do with interest rates, than geopolitics. Wyckoff explained that if major economies delay lowering their interest rates, "that could be extrapolated as less demand for gold." Since the Iran conflict, oil prices have risen since supply concerns increased. The higher?energy prices feed inflation and limit the ability of central banks to reduce?interest rates. Gold is an inflation hedge, but it's less appealing in high-rate environments because it doesn't offer any yield. The market will also be focusing on the minutes of the Federal Reserve's meeting in March which are due to be released Wednesday. Additionally, U.S. The Personal Consumption Spending data will be released on Thursday and the Consumer Price Index?on Friday. Data showed that China's central banks continued to buy gold for the 17th consecutive months. (Reporting by Ashitha Shivaprasad in Bengaluru; editing by Barbara Lewis) (Reporting from Ashitha Shivaprasad, Bengaluru. Editing by Barbara Lewis.)
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Sources say that Russia's NORSI refinery has halted its operations following a drone attack on Sunday.
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, as well as several houses, were also damaged. According to the Saint-Petersburg International Mercantile Exchange (SPIMEX), Lukoil does not offer to sell gasoline or diesel from its refinery located 450 km east of Moscow. On Tuesday, industry sources said that the suspension of supplies may be extended until the end?of the month. Lukoil didn't immediately respond to a comment request. NORSI is Russia's second-largest gasoline producer. It can process 16 million metric tons of crude oil per year or 320,000 barrels of fuel per day. Hugh Lawson, Editor and Reporter.
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Russian officials claim that Ukrainian drone strikes killed five people, including a child and a parent at home.
Russian officials confirmed that a drone strike in Ukraine killed five civilians including a '12-year-old boy and his parents. They also struck a school located in an area of southeast Ukraine under the control of Russian forces. Alexander Avdeev and other local officials confirmed that the 12-year-old boy, his parents, and their apartment were all killed by a 'overnight Ukrainian drone attack on Russia's Vladimir Region. Yevgeny Balitsky, the Moscow-backed governor of Zaporizhzhia, in southeast Ukraine, claimed that Ukrainian drones struck a village school in Velikaya Znamenka and seriously injured six people. Five of those were children. Balitsky stated that a local official was killed when he helped the children to evacuate the school. Vladimir Saldo said that a?woman? in her fifties was also 'killed? at home by a Ukrainian drone attack on the part of a?Russian controlled Kherson. The Ukrainian officials claimed that they could not independently verify the statements of the officials, and that Russia itself had launched a series deadly attacks. Reporting and Editing by Andrew Osborn, Guy Faulconbridge
Iranians are fighting a 'water crisis'
Iranians are urged to reduce water consumption as dam levels drop
Farmers in the United States are suffering from a nationwide water shortage
The shortfall is similar to an overdrawn account
By Sanam Mahoozi
The water levels in the dams surrounding the capital are at an all-time low. Water rationing is expected this summer, as the country wilts from a severe drought.
As water levels decline, lakes are disappearing and farmers are struggling. In cities, huge sinkholes appear.
The kitchen taps often run dry, and students are concerned about the washing.
Last week, the managing director of Tehran’s Water and Sewage Department announced that reserves at key dams which supply nearly all of the city’s drinking water had dropped to their lowest level in history. They were only 5% of their capacity.
Mohsen Ardakani, urging residents to reduce water consumption by 20% or more before the New Year celebrations that begin on March 20.
He said, "This is not an option or a choice -- it's essential to get us through these difficult times."
Local media broadcast images of the Alborz Mountains north of Tehran, where the Amir Kabir Dam (which is only 6% full) was almost empty and the Latian Dam (10% full). The capital has seen a 17% drop in rainfall compared to last year and is 42% below its long-term average.
The TV reports that there might not be enough water for us to drink tomorrow. I worry about the impact this is having on my family's mental and physical well-being every night.
My father is afraid of taking showers, and my mother is scared to drink water containing the medication she needs to treat her kidney condition. "They say they want the water to be saved for the younger generation to survive and use," she said.
Kaveh Madani, former deputy director of Iran's Department of Environment and the Director of the U.N. University Institute for Water, Environment, and Health, UNU-INWEH, stated that the country is experiencing "water bankruptcy".
"If water resources were viewed as assets, surface water would be a checking and savings account while groundwater is a bank account, Iran has depleted their reserves leaving the public in a similar situation to a bank account that's overdrawn," Madani said.
FARMERS SUFFER
Masoud Pezeshkian, the president of the Tehran Council, said that the rapid urbanization made it impossible for the 19,000,000 people living in the capital city and its surrounding areas to maintain their current consumption levels.
Pezeshkian stated that "scientists and experts must sit down and solve the water problems of the city."
Iran's National Water Information and Data Office reports that the water flow into dam reservoirs in Iran is 28% lower than last year. Storage levels at some dams in 10 provinces are now less than 15%.
Reservoirs are located near Isfahan and Zanjan provinces. Summer temperatures can reach over 50 degrees Celsius.
Scientists claim that the main causes of water shortages have been mismanagement over decades, inefficient farming practices and an increasing population. However, climate change has also exacerbated this problem.
Mohsen Megaran, assistant Professor of Plant Sciences at UC Davis, California, stated that agriculture, which is responsible for 90% of Iran’s water consumption, is the primary driver of the crisis.
He said: "While it is understandable that Iran only receives about a fourth of global average rainfall, agricultural productivity remains low in comparison to this limited rain."
A 36-year old farmer in East Azerbaijan, northwest Iran, said that water shortages are driving farmers from the area surrounding Lake Urmia. Once the largest saltwater lake in the Middle East, the area is now a vast, desert.
Our wells and groundwater have also dried up. "Our wells and underground water have also dried up," said a farmer from Bonab Village, who refused to reveal his name out of fear of reprisals.
The government only digs deeper wells. "I don't think we have anyone left to whom we can express our sorrow and pain."
Iran is already under pressure from U.S. Sanctions, as more than 4 million people are employed in agriculture, which represents 80% of the country's economy.
Mesgaran said that it is difficult to reduce the agricultural activity of these farmers unless government provides alternative employment opportunities.
LAND SUBSIDING
Land subsidence has been caused by excessive extraction of groundwater and its depletion for agriculture. Cracks and sinkholes have appeared in cities and sometimes even swallowed whole cars.
In Tehran, land subsidence rates are 31 cm per year.
Any land under highways or airports in industrial cities like Isfahan Khashan Yazd now faces the risk of collapsing.
Water shortages disrupted the most basic of routines for a 25-year old psychology student in Shiraz in south-central Iran.
The student said, "It is getting harder to do simple things like wash my face and body. Sometimes I have to sit for hours before the water comes back on." She did not wish to be identified for fear of repercussions from the authorities.
(source: Reuters)