South Asia

U.S. Treasury secretary Scott Bessent said on Tuesday that China was an unreliable?partner in the Middle East War?by hoarding supplies of oil and limiting the exports of?some goods. This is similar to its actions during the COVID-19 Pandemic. Bessent said he spoke with Chinese officials on the matter. He avoided a question on whether the dispute will derail U.S. president Donald Trump's plans to visit Beijing mid-May. However, he said that Trump and Chinese President Xi Jinping have a good working relationship. "I believe the message of this visit is one of stability. "We've enjoyed great stability in our relationship...

The?head of United Nations'?trade agency, said Tuesday that the shortages of fertilisers caused by the Iran war is a?priority for developing countries. Gains from higher oil and gas prices are unlikely to last long for producers in the developing world. The'more immediate issue' is fertiliser because it affects food safety and food is the foundation of stability, said Pamela Coke Hamilton, executive director at the International Trade Centre. She added that oil and natural gas can be obtained from other sources so that the situation is "not as dire", even if the price increases are a problem. Coke-Hamilton's agency, which...

In a phone call that took place on Tuesday, Modi revealed in a blog post. Indian media reported that the conversation between the two leaders lasted for nearly 40 minutes. "Received an?a call from my friend President Donald Trump. We analyzed the significant progress made?in various sectors of our bilateral cooperation," Modi said on X. We are committed to strengthening our Comprehensive Global Strategic Partnership across all fields. We also discussed West Asia, and stressed the importance of keeping the Strait of Hormuz secure and open. The conflict in 'Middle East' has affected a wide range of sectors, from air...

U.S. president Donald 'Trump' said on Saturday that a large number of completely emptied?oil tanks?were headed to the United States for refueling with oil and natural gas. "The best and sweetest oil and gas in the World are being loaded into the United States by a large number of oil tankers that are completely empty. Trump stated in a Truth Social posting that "we have more oil and better quality than the next two largest oil economies combined." The post was made as senior U.S. officials and Iranian officials met on Saturday in Islamabad, Pakistan with Pakistani mediators as Tehran...

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...

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...

Iran and Israel exchanged attacks on Tuesday, as Tehran defiantly refused to reopen Strait of Hormuz or accept a ceasefire agreement on the eve of the deadline set by U.S. president Donald Trump for Tehran to comply with his demands. According to a source familiar with the plan, Iran rejected the U.S. proposal that was mediated by Pakistan. The plan called for an "immediate" ceasefire, the lifting of the effective blockade in the Strait of Hormuz, and then talks about a wider peace settlement to be held within 15 to 20 working days. IRNA, the official news agency, reported that...

The oil prices continued to rise on Tuesday as U.S. president Donald Trump increased his rhetoric against Iran and threatened stronger action if it failed to reopen the Strait of Hormuz - a major global oil transit chokepoint. Brent crude futures rose 57?cents or 0.5% to $110.34 a barge by 1202 GMT. U.S. West Texas intermediate crude futures gained $1.26 or 1.1% at $113.67. Trump has threatened to "rain hell" on Tehran for failing to meet his deadline to reopening the Strait of Hormuz by 8 pm EDT, Tuesday. Trump said that if no deal was reached, "they could be...

Pakistan raised consumer prices for petrol and diesel by more than 50% on Thursday, its second price hike in less than one month. This was due to the rising global oil prices, which were sparked by the conflict in the Middle East. Diesel prices will rise by more than 55%, to 520.35 Rupees ($1.88) a litre. Petrol prices are expected to increase by 55% or so to 458.40 Rupees a litre. The price increase was inevitable due to the international markets prices spiraling out of control following the US-Iran War, Pakistan's Petroleum Minister, Ali Pervaiz?Malik said at a press conference...

Shipping data shows that India's diesel exports into Southeast Asia soared in March to the highest level in over seven years. This was due to traders adjusting supply to cover their short positions, and refiners taking advantage of higher profits in Asia as a result of the U.S./Israeli war against Iran. The increase in exports may boost the spot sales margins of Indian refiners, who have bought large volumes Russian crude oil to replace Middle East supplies disrupted by war. According to Kpler, three trade sources and data from the analytics firm, Kpler, around 1 million metric tonnes (7.45 millions...

President Donald Trump claimed that the U.S. has been meeting with Iran "directly and indirect" and that the new Iranian leaders were "very reasonable". This was as more U.S. troops arrived in the area and Tehran warned they would not accept humiliation. Trump's comments on Sunday come after Pakistan, acting as an intermediary between Tehran, Iran and Washington, announced that it would be hosting "meaningful discussions" in the next few days to end the Iran?war, which has lasted for a month. Trump said to reporters Sunday night as he traveled on Air Force One from New York City to Washington....

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...

India's gems, jewellery and watch exports fell 3.3% in fiscal year 2025/26 from the previous year to reach their lowest level since?five years. This was due to shipments to India's top customer - The United States. A leading trade group said that the number of exports nearly halved on Wednesday due to tariffs and duties. The Gem and Jewellery?Export Promotion Council (GJEPC), in a press release, said that the gem and jewellery exports for the year ended March were $27.72 Billion, which is the lowest level since 2020/21 when pandemics led to lockdowns, disrupting trade. GJEPC data shows that shipments...

Police in Chhattisgarh said that at least nine people were killed and 15 others injured by a 'boiler explosion' on Tuesday. The power plant was owned by India’s Vedanta. Cause of explosion is not yet known. The incident occurred at Singhitarai - a town?about 230km?from the state capital of Raipur. P. K. Thakur said that the explosion was probably caused by an overheating boiler tube. The plant is located in Sakti District. Vedanta issued a statement in which it said that an "unfortunate incident" occurred at the Singhitarai Plant and a thorough investigation is being conducted to determine details. The...

The World Steel Association cut its forecast on global 'crude steel demand' for this year. This was partly because of the Iran War, which has slashed Middle East consumption. The industry group reduced its forecast of growth in 2026 steel demand to 0.3%, or 1.72 billion tons. This is down from an earlier forecast in October that was 1.3%. "We expect that the conflict in the Middle East will result in a sharp decline in the region's demand for steel in 2026. This was a strong area for growth," said Alfonso Hidalgo Calcerrada. "We're now transitioning to a modest growth...

Gold prices rose on Friday - and headed for a week's gain - as the U.S. Dollar weakened. Gold spot rose 0.4%, to $4.780.22 an ounce at 11:11 am. ET (1511 GMT). This week, it has gained more than 2%. U.S. Gold Futures dropped 0.3% to $4.805.40. Gold buyers are carefully reclaiming the narrative this week, with higher lows each day. The tentative ceasefire is helping. Tai Wong, an independent metals trader, said that a significant battle is expected ahead of $5,000. A break above this level could re-ignite a bull run. The ceasefire, which has been in place for...

The gold price rose a little bit?on Friday, and is on track for a weekly increase as the U.S. The?dollar weakened after the U.S. - Iran truce. Market participants continue to assess whether it will last and what its implications are for interest rates. As of 9:29 am, spot gold was up 0.3% at $4,778.89 an ounce. ET (1329 GMT). This week, it has gained more than 2%. U.S. Gold Futures dropped 0.3% to $4804.00. The?tentative truce has helped gold buyers to reclaim the narrative. Each day, they are achieving higher lows. "There will be a major battle before $5,000....

Chile will break from 'precedent' and host a panel on lithium at its annual global gathering of copper next week, in an effort to radically diversify its economy beyond the red metal which has been?powering it for decades. On Monday, the World Lithium Conference, organized by the International Lithium Association and the consultancy 'CRU', will launch what the copper industry calls CESCO Week. After months of stagnation, lithium prices have risen to levels not seen in two years as renewed interest in the metal is sparked by concerns about oil supplies in the Middle East. The lithium supply is tightening...

The Wall Street Journal reported that the U.S. government has rejected so far requests for relief from 'aluminum tariffs' from Ford Motor and other U.S. automobile manufacturers after fires at a Novelis facility?created supply bottlenecks. Ford asked for help from the Trump administration last week. The report cites people who were privy to the conversations. Ford wanted officials to relieve them of their duties until Novelis' Oswego aluminum rolling plant, in New York, is back up and running. The report stated that these discussions were part of ongoing discussions between automakers, and the?administration, about the impact President Donald Trump's new...

As market participants remained cautious, they awaited more signals on the U.S. - Iran situation and how it would impact global interest rates. By 9:26 am, spot gold had not changed much from $4,669.13 an ounce. ET (1326 GMT), after falling by 1% in the previous session. U.S. Gold Futures increased 0.3% to $4694.20 an ounce. The United States and Iran weighed the outline of a plan on the eve of an U.S. deadline, as Tehran resisted pressure to quickly reopen Strait of Hormuz. Donald Trump, the president of the United States, has warned that he will rain "hell' on...

As the dollar eased, and markets assessed the impact of a proposed ceasefire in the U.S. - Israel war against Iran on oil prices and inflation expectations, gold prices rose in thin European trading. Many markets in Europe were closed for Easter Monday, so spot gold was 0.1% higher than it had been earlier, at $4,678.58 an ounce. U.S. gold futures for June delivery rose 0.6% ?to $4,706 per ounce. Kyle Rodda is a senior financial market analyst for Capital.com. He said: "We saw a gain in headlines about the potential ceasefire." The substance of that statement is questionable. However,...

India's highest court rejected a billionaire Anil. Agarwal's. Vedanta plea on Monday to halt the acquisition of a bankrupt real. estate giant by the. Adani group, which included a $4 billion collection of prized assets. This includes India's one Formula One track. Agarwal Vedanta has filed a lawsuit against a lender's panel's decision to give assets from bankrupt Jaiprakash Associates' group to Gautam Adani. This will lead to a fight between billionaires over assets such as homes, cement plants, and India's only Formula One track. Vedanta’s appeal to the?Supreme Court? was denied as the judges stated that a lower court...

?Gold prices fell on ?Monday, pressured by a stronger ?dollar ?as elevated oil prices on the back of a protracted Iran war and stronger-than-expected U.S. jobs data dampened hopes for interest rate cuts by the Federal Reserve. Spot gold fell 0.9% per ounce to $4631.69 by 0306 GMT. U.S. Gold Futures for April Delivery?lost 0.5 percent to $4657.50. Many markets in Asia, Europe and North America were closed on holiday. Tim Waterer is the chief market analyst at KCM Trade. He said that "the latest robust NFP has reinforced hawkish Central Bank nerves while persistent oil-driven inflation concerns continue to...

Gold prices dropped on Thursday, as the U.S. Dollar?and oil price?strongened?after Donald Trump stated that the?U.S. Gold prices fell on Thursday as the U.S. dollar?and oil prices strengthened?after President Donald Trump said that the?U.S. As of 1:30 pm EDT (1730 GMT), spot gold was down by 2.2%, at $4.651.35, after reaching a session high. U.S. Gold Futures ended the session 2.8% lower, at $4679.70. The dollar rose sharply, increasing the price of greenback bullion for holders of other currencies. David Meger is director of metals at High Ridge Futures. He said, "The market has been very focused on Trump's remarks,...