South-West Asia

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...

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...

Analysts at A95 Consulting Group reported late Monday that Ukraine's imports of diesel jumped 27% in March over February to a five-year-high of 577,000 tons, despite the difficulties associated with the war? in the Persian Gulf. After Russian missile attacks virtually destroyed Ukraine's refining capability, the country became?entirely reliant on imported fuel. It sourced supplies elsewhere in Europe. The consultancy stated in a report that "Importers operations in March were hindered by the effects of the war in the Middle East which made it extremely difficult to secure supplies." The report also stated that ORLEN, Poland's largest supplier, had suspended...

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 head of the International Monetary Fund said on Monday that the war in the Middle East would 'lead to increased inflation and slower growth globally,' ahead of the upcoming?new forecast by the global lender next week. The conflict has caused 'the worst disruption to global energy supply ever', as millions of barrels of production have been shut down due to Iran's effective blocking of the Strait of Hormuz. This is crucial for shipping 1/5th of all oil and gas in the world. Kristalina Georgeieva, IMF managing director, stated that even if the conflict was quickly resolved, the IMF would...

A study found that the closure of the Strait of Hormuz and the subsequent?surge of global oil prices has brought financial windfalls for Iran, Oman, and Saudi Arabia. Other states, however, who lack alternate shipping routes, have suffered?billions of dollar losses. Iran closed the Strait, a route that accounts for a fifth or more of the global oil and gas flows. This was after U.S. airstrikes and Israeli strikes on Iran in February triggered a wider conflict. Later, it said that vessels with no U.S. and Israeli connections would be allowed to transit the Strait. Some tankers have managed to...

Saudi Arabia set its official selling price for May Arab 'Light' crude oil to Asia a record $19.50 per barrel above the Oman/Dubai benchmark, a $17 increase from the previous months, according to a document on pricing reviewed by on Monday. The price of Middle 'East oil is now the most expensive in the world, as the U.S./Israel war against Iran has limited shipping through Strait of Hormuz. This chokepoint accounts for about a fifth the world's supply. The exact date of a ceasefire or the resumption of oil exports through the Strait from Saudi Arabia and the United Arab...

In a Sunday phone call, Foreign Minister Wang Yi informed his Russian counterpart Sergei Lavrov that China was 'willing to continue cooperating with Russia at the U.N. Security Council' and to make efforts to "cool down" the Middle East situation. Wang stated that the best way to resolve navigational issues in the Strait of Hormuz was to achieve a cessation of fire as soon as possible. He added that China has always favored a political resolution of hot-spot?issues by dialogue and negotiation. The call was made ahead of next week's U.N. Security Council voting on a Bahraini Resolution to protect...

The United States, Iran and Pakistan agreed to a ceasefire for two weeks, which was mediated by Pakistan. This could potentially end a six-week war that has claimed thousands of lives, spread throughout the Middle East, and disrupted the world's supply of energy. Trump announced the deal late Tuesday night, only?two hours after a deadline that he set for Iran:?opening the Strait of Hormuz blockade or face destruction of their "whole civilization". Shehbaz sharif, the Pakistani prime minister, said he invited Iranian and U.S. delegates to meet at Islamabad this Friday. Trump said that the deal was contingent on Iran...

His office announced that British Prime Minister Keir starmer would 'travel to the Gulf tomorrow to 'hold talks with regional leaders to...?ensure that the Strait of Hormuz is permanently opened after a U.S. Iran ceasefire. Starmer, in a press release, said: "I welcome the overnight ceasefire agreement which will bring relief to the area?and world." "Together, with our partners, we must do everything possible to support and sustain the 'ceasefire. We need to turn it into an agreement that will last and reopen the Strait of Hormuz." Starmer, who has been heavily criticized by U.S. president Donald Trump for not'supporting...

Anthony Albanese, the Australian Prime Minister, welcomed the ceasefire between the United States, Israel, and Iran on Wednesday, but criticised the rhetoric of Donald Trump. Trump agreed to the two-week ceasefire just two hours before he set a deadline for Tehran to open up the Strait o'Hormuz, or face devastating attacks against its civilian infrastructure. His announcement via?social media was a sudden change from earlier that day when he had issued a warning saying "a whole civilisation will die tonight" in the event his demands were not met. Albanese told Sky News that the ceasefire is welcome but Trump's rhetoric...

A spokesperson from India's Foreign Ministry said that the Maldives was seeking fuel supplies. India?is still shipping fuel to its neighboring countries?, she added. Randhir Jaiswal, at a press conference, stated that India is the world's?fourth largest refiner? and supplies fuel to Bangladesh, Nepal, Bhutan, and Sri Lanka. The government of Maldives also contacted us to supply petroleum products on a short-term as well as long-term basis. Jaiswal stated that the request from Maldives is being evaluated in light of our own needs and availability. According to World Bank statistics, the Maldives sources most of its fuel from Oman. The...

A government official said that Indian police seized 414 canisters of cooking gas hidden in a cemetery in Hyderabad and arrested people who were trying to sell the canisters on the black market. This was in response to shortages caused by 'the Iran War. The authorities have increased raids in order to reduce the hoarding and stockpiling of liquefied gas canisters, after the U.S./Israeli war on Iran caused shipping disruptions that led to shortages. India is the second largest LPG importer in the world. About 60% of India's LPG demand is met by overseas purchases. Sujata sharma, a senior official...

Asian governments spend billions in subsidies to protect consumers from rising oil prices due to the U.S. - Israeli war against Iran. Here are some steps that governments in Asia have taken to reduce the amount of oil coming from the Middle East. The Japanese government is 'using 800 billion yen (5.02 billion dollars) from reserve funds to finance subsides aimed at maintaining gasoline prices at around 170 yen per litre. This would cost up to 300 billion yen a month. SOUTH KOREAN In late March, the South Korean?budget?ministry proposed a supplementary budget of $26.2 trillion won to help low-income...

Retail sales in the United States increased the most since'seven months' in February, as motor vehicle purchases recovered and temperatures rose. However, rising gasoline prices due to the Middle East war could limit spending in months ahead. Commerce Department's delayed report from?Wednesday indicated that the economy had been on a solid footing before?the U.S. and Israel war with Iran. The conflict that began at the end February has caused global oil prices to surge by more than 50%. This week, the average national retail gasoline price surpassed $4 for the first time since more than three year. Economists have warned...

In a Wednesday decree, the Argentine government announced that it would delay the implementation of tax increases scheduled for liquid fuels, carbon dioxide and other pollutants. This was done in response to the global instability brought about by the U.S./Israeli war on Iran. The decree stated that the move was intended to "support economic growth by sustainable fiscal measures". The decree also stated that the measure would delay the anticipated?tax increase on liquid fuels, carbon dioxide, and other gases for a month, to the end of April. The decree added that this is the second step taken by President Javier...

Tom Barkin, Richmond Federal Reserve Bank president, said that businesses continue to believe high oil prices are only a temporary disruption. There is little evidence yet to suggest they have caused consumers to cut back on their spending or changed public expectations of inflation in an alarming way. Barkin said on Tuesday that he had a "short-term" view of the situation based on his weekly credit card spending data and his conversations with executives on pricing, investments and other topics. "Gas expenditure is up, but other spending looks healthy," said Barkin. Barkin is not voting on interest rate policy for...

Fatih Binol, the head of the International Energy Agency, said that oil supply disruptions from the Middle East would?rise? in April. They will begin to?impact? the European economy because the Strait of Hormuz is closed. He added that more than 12 million barrels have been lost due to the attacks by Iran on energy?assets and the restrictions on shipping through Strait since the U.S./Israel war against Iran began. "The loss of oil in April will be double the loss of oil in March. On top of that, the loss of LNG... The loss of?oil in April will be twice as...

PetroChina's chairman stated that the company is essentially operating as usual, and about 10% of its crude oil and natural gas supplies are delivered via the Strait of Hormuz. The Strait is responsible for 20% of the world's oil and gas supply. A raging Iran War and an expanding conflict in the Middle East has effectively choked this route, driving oil prices up and forcing refiners, petrochemical manufacturers, and most importantly, petrochemical producers in Asia to reduce their output. Dai Houliang, chairman of PetroChina, told reporters that the company's sales of natural gas and crude oil are largely based on...

The South Korean Industry Ministry confirmed the import of 27,000 tons of Russian naphtha arriving on Monday. The ministry refused to confirm the destination of the shipment or if it was for one South Korean company or multiple firms. Local media reported that this is the first time South Korea imports Russian?naphtha after the beginning of the Iran War. Local media reported that the industry ministry is working with the South Korean Foreign Ministry to secure additional supplies of Russian naphtha. Naphtha, a refined oil-based product, is typically used as a feedstock by petrochemical manufacturers and is also a key...