South Asia

The Indian government bond market plunged Friday, ending a week-long loss, as New Delhi’s fuel excise tax?cut clouded fiscal outlook and intensified oil-driven anxieties. This also drove the yield on the 10-year note to its largest weekly increase in almost four years. The benchmark 6.48% bond yield for 2035 ended the session at 6.9419%. This is the highest 10-year bond yield since July 25, 2024. It closed at 6.8750% the previous day. Bond yields are inversely related to bond prices. The yield increased by 20 basis points for the week. This is the largest move since the week ending?May 6,2022...

The rupee is in a tailspin as foreign?investors pull out at record rates from Indian bonds and equities. This is due to the Iran War-driven rise?in oil price, which has sparked a flurry of 'worries about a possible increase?in inflation. Since the beginning of the war on February 28, foreign investors have sold an estimated $12.14 billion in Indian shares, marking the largest monthly outflow ever recorded. The net bond sales of foreign portfolio investors under the Fully Accessible Route, or FAR, reached 152 billion rupees (1.6 billion dollars), the highest amount since the category was first introduced six years...

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....

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...

Narendra Modi, the Prime Minister of India, said that the fundamentals of Indian economy were strong, and that the country had enough petroleum, fertilizers, and coal to weather the trade and energy disruptions brought on by the U.S. and Israeli 'war on Iran. The conflict, which started last month, has affected sectors ranging from air travel, shipping, and gas supplies. It also caused the Strait of Hormuz to be almost closed, which is a major conduit for 40% of India’s crude oil imports. Modi, the lower house of parliament, said that India had enough petroleum reserves, with strategic reserves exceeding...

India's benchmark indexes rose on Monday morning, rebounding from their worst week for years. However, investors remain?wary that crude oil will continue to rise above $100 per barrel amid the prolonged Middle East conflict. As of 10:08 a.m. IST, the Nifty 50 index rose by 0.2%, to 23,189. The BSE Sensex increased by 0.18%, to 74697.2. Nine out of 16 major sectors were higher. Mid-cap and small cap fell by 0.2% and 0.7% respectively. The U.S. and Israeli war against?Iran has led to the closure of Strait of Hormuz, a vital artery of global oil?and?gas shipments. Brent crude was hovering...

An official said on Thursday that Nepal would begin rationing cooking gas due to fears of a possible nationwide shortage caused by the Middle East conflict. Chandika Bhatta, executive Director of the state-run Nepal Oil Corporation said that authorities will only refill half of empty cylinders of consumers starting Friday in order to extend the life of its liquefied petrol gas (LPG). The shortage of liquefied petroleum gas (LPG) is due to the U.S. and Israeli war against Iran, and Tehran's response across the region. This has effectively stopped shipping through the Strait of Hormuz. Bhatta said that despite assurances...

Indian benchmark shares fell Wednesday - after a recovery in the previous session - as investors were uncertain about the impact of the Middle East War on inflation and growth. Oil prices were also fluctuating. As of 10:40 a.m. IST, the Nifty?50 dropped 0.7% to 24,087 while the BSE Sensex fell 0.8% to 77.556.77. In early trading, the indexes were unchanged. Devarsh Vakil is the head of Prime Research for HDFC Securities. He said: "There's still considerable geopolitical unrest and that's why markets are on edge." Israel and the United States launched what some have described as the war’s most...

Multiple sources claim that Donald Trump may announce an announcement as early as Monday evening to curb the soaring global oil prices in light of the conflict with Iran. According to multiple sources, the White House is concerned that the spike in oil prices after more than a week of U.S.-Israeli strikes on Iran could hurt U.S. consumers and businesses ahead of November's midterm elections when Trump and his fellow Republicans hope they can retain control of Congress. Two sources familiar with the situation said that Trump was in Florida to address congressional Republicans who were gathered at an annual...

The oil prices are soaring, while the share market is tumbling on the fear that the escalating U.S./Israeli war against Iran will cut energy'supplies and hamstring industry?all over the world. The following?are?actions?that governments are taking, or plan to take?to reduce the impact of war on their economies. SOUTH KOREAN PLANS FUEL CAPITAL South Korean President Lee Jae Myung announced?on?Monday that the authorities will cap domestic fuel prices?for?the first?time in almost 30 years. He said that the country would also "look for energy sources beyond those shipped through the Strait of Hormuz" and a 100 trillion won (67 billion dollars) programme...

Pakistan raised prices for petrol and diesel by?about 20% on Friday, citing a rise in oil prices due to the conflict in Iran. In a video message broadcast on television, Ali Pervaiz Malik, the Petroleum Minister announced an increase of 55 rupees ($0.20 per liter) for diesel and petrol to 321.17 rupiahs. The minister stated that the sharp rise in global petroleum prices forced them to make this decision. This decision will likely lead to higher inflation in Pakistan and affect the country's poor population. Fuel stations in major cities such as Lahore and Karachi were crowded with people before...

Indian shares fell Friday, with losses mainly in financial stocks. Investors remained cautious amid the U.S.-Israeli conflict against Iran that has pushed up oil prices and weakened global risk appetite. As of 10:05 am IST, the BSE Sensex fell 0.61% and was down to 79530.73. The Nifty 50 was also down by 0.59%. The conflict has raised fears that a wider energy supply shock could further increase crude prices, revive inflation pressures and cloud the global economic outlook. The dollar strengthened as the conflict continued to show no signs of abating. Brent crude rose 5% on Thursday to a 20...

Petrol pump dealers reported that Nayara Energy, a private Indian refiner with Russian backing, has raised the price of gasoline and 'gasoil to offset some of its revenue losses from retail sales. Indian refiners are suffering revenue losses as retail sales for gasoline crack. Gasoil prices have soared to record highs. The dealers reported that Nayara, India’s largest private fuel retailer, raised the price of gasoline by 5 rupees a litre, to 100.71 rupees. Gasoil was also increased by 3 rupees a litre, to 91.31. Nayara plans to close its Vadinar refinery, which produces 400,000 barrels of gasoline per day,...

White House Press Secretary Karoline L. Leavitt stated that the United States issued a stern warning on Wednesday to Iran, saying President Donald Trump would strike 'harder' if Tehran refused to accept they had been "defeated militaryly". "President Trump is not a bluff, and he's prepared to unleash hell." Leavitt, in a briefing to reporters, said that Iran shouldn't?miscalculate" again. She said that if Iran does not accept the present reality, or if it fails to understand they are militarily defeated and will remain so, President Trump will make sure they get hit harder than they ever have before. The...

On Sunday, Trump administration officials defended the 'decision' to temporarily lift sanctions on Russian oil and predicted that gasoline prices would spike sharply in response to the Iran War. Chris Wright, the Energy Secretary of the United States and U.S. The Ambassador to the United Nations Mike Waltz stated that a waiver granted last week allowing Indians to purchase Russian oil will ease pressure on the global markets. Waltz told NBC's 'Meet 'the Press' that the 30-day pause would allow millions of barrels of crude oil, sitting on ships, to be sent to Indian refineries. Wright said on CNN's "State...

The U.S./Israel war on Iran caused a disruption in crude and feedstock imports from the Middle East, forcing several Asian refineries and companies to declare force majeure and cut back production. Asian steam crackers have declared force majeure on petrochemical deliveries to customers, despite sourcing more than 60% of their feedstock for naphtha from the Middle East. Three operators said they were reducing run rates in order to carry over some of the feedstock they have into next month. This will allow them to keep their plants operating and avoid shutting down even if they don't get enough imports. Two...

A government order revealed that India has invoked emergency powers to increase production of LPG in order to prevent a shortage after supply disruptions caused by the Middle East Crisis. Last year, the world's second largest importer of LPG consumed 33.15 millions metric tons of LPG. This is a mixture between propane and butane. About two-thirds (or 85-90%) of LPG is imported, and most of it comes from the Middle East. The order, issued late Thursday night, asked all oil refiners to "maximise their propane and butane supplies and use them for the production of LPG". The government has asked...

Two traders reported that India's Mangalore Refinery & Petrochemicals declared force majeure for all future gasoline export cargoes due to the Middle East conflict, which has disrupted crude oil shipments from the Gulf. One of the traders stated that the company has already allocated two to three loads via tenders, for loading in early March. It is currently negotiating with buyers about these supplies. The trader said that MRPL has swap agreements with traders for receiving crude cargoes and supplying'refined fuel. The state-run refiner, which runs a 300,000-barrel-per-day refinery in the ?southern state of Karnataka, exports about 40% of its...

OPEC+'s decision to increase crude oil production by 206,000 barrels a day (bpd), starting in April, is likely?the most unimportant decision that the group has taken during its nearly decade-long existence. Addition of 0.2% to global oil demand in a month is nothing more than a symbol in light of the escalating conflict in the Middle East that is already causing serious disruptions in supply. There was not much the 'eight members' of OPEC+ who are voluntarily cutting production could have done if they had met on Sunday in order to reassure the market that the supply would be secure....

Adani Enterprises announced on Tuesday that an American agency is conducting civil?investigations into the company's transaction that could have involved Iran or other parties that are subject to U.S. sanction. The flagship company of the billionaire Gautam Adani-led group said that it received a request from the U.S. Treasury’s Office of Foreign Assets Control on February 4. This was after voluntary discussions about a Wall Street Journal article from June 2025 which alleged Adani linked firms imported Iranian liquid petroleum gas into India via shipping routes?that were possibly designed to avoid U.S. sanction. WSJ also reported in its report that...

Two sources said that a deal between Indian Oil Corp. and global trader Vitol, to form a joint venture for equal trading, has been delayed because of differences regarding certain clauses in the contract. Sources said that these?included the volume of IOC crude purchases that would come under joint venture control and the timing for an exit clause for a trader. IOC hoped to seal the deal with Vitol during the India Energy Week conference held last week. The country's largest refiner wanted the traders'?expertise and their global network in order to expand its presence on the international crude and...

Three sources with knowledge of the situation have confirmed that the United States has informed Delhi that it can resume these 'purchases' soon to help replace Russian oil imports. India promised to cut its Russian crude oil purchases following Washington's tariff hikes on this activity. India is also on track to reduce its Russian oil imports in the coming months by several hundred thousands barrels per day, according to sources who declined to identify themselves. In March 2025, President Donald Trump imposed a 25% tariff on countries that bought Venezuelan oil. His administration also intensified its campaign against Venezuelan president...

The price of oil?increased on Tuesday due to a weaker US dollar. Meanwhile, the markets were watching President Donald Trump threaten higher U.S. Tariffs against European nations because he wants to buy Greenland. Brent futures were up 15 cents or 0.2% to $64.09 per barrel at 0430 GMT. The U.S. West Texas Intermediate contract for February that expires Tuesday was up by 14 cents or 0.2% to $59.58. WTI March gained?6 Cents or 0.1% to $59.40. WTI contracts were not settled on Monday because of the U.S. Martin Luther King Jr. Martin Luther King Jr. Day was observed in the...

Oil prices rose on Tuesday after China's better-than expected economic growth data lifted demand optimism. Markets also watched President Donald Trump’s threats to increase U.S. Tariffs on European Nations over?his desire to buy Greenland. Brent futures were up 19 cents or 0.3% to $64.13 a barrel at 0100 GMT. The U.S. West Texas Intermediate Crude Contract for February, which expires Tuesday, is up 25 cents or 0.4% from Friday's closing price of $59.69. The WTI March contract, which is the most actively traded, gained 0.08 cents or 0.13% to $59.42. Due to the U.S. Martin Luther King Jr. Day Holiday,...