HONG KONG, China: Equities fell and oil prices rose Thursday amid continuing US-Iran tensions. Investors have spent most of the week upbeat that a breakthrough to end the seven-week conflict will be made soon, while healthy earnings and a resumption of the AI trade has also provided support. Crude prices jumped as much as four percent in early Asian business after global security monitors and Iran&#39;s Revolutionary Guards said Iranian forces had seized two ships and fired on a third in the Strait of Hormuz. Tehran has said vessels must seek permission to leave or enter the Gulf through the waterway, which in peacetime accounts for around a fifth of the world&#39;s oil and gas exports along with other vital commodities. However, the White House said Donald Trump did not consider the move to be a ceasefire violation because the vessels are not American or Israeli. Meanwhile, Iran&#39;s parliament speaker said the Islamic republic would not reopen the Strait as long as the US naval blockade remained, calling it a &quot;blatant violation&quot; of the two countries&#39; ceasefire. &quot;A complete ceasefire only has meaning if it is not violated through a naval blockade... Reopening the Strait of Hormuz is not possible amid a blatant violation of the ceasefire,&quot; speaker Mohammad Bagher Ghalibaf said on X. Still, Trump&#39;s Press Secretary Karoline Leavitt said he &quot;has not set a firm deadline to receive an Iranian proposal&quot; for talks. &quot;Ultimately, the timeline will be dictated by the commander in chief,&quot; she told journalists. Oil prices Oil prices remained elevated Thursday, with Brent holding above $100 following a surge to more than $106 in the morning. Equities fell, though, with Tokyo, Hong Kong, Shanghai, Sydney, Singapore, Taipei, Mumbai, Bangkok and Wellington all down. But Seoul rose to a new record thanks to a fresh rally in the tech sector that has been the backbone of a surge in the Kospi index this year.&nbsp;London and Frankfurt fell but Paris edged up.&nbsp; &quot;Whether it&#39;s conflict fatigue or confidence that the conflict between the US and Iran will be resolved soon, there is limited evidence that the rise in the oil price dampened bond and equity markets,&quot; said National Australia Bank&#39;s Skye Masters. However, she added that the Washington Post had reported a senior Defense Department warned it could take six months to fully clear the Strait of Hormuz of mines and that such an operation would probably not unlikely start before the end of the war. Financial markets &quot;It is questionable whether financial markets are correctly pricing the reality that supply constraints will remain an issue for some time,&quot; she wrote. Raphael Olszyna-Marzys, of Bank J Safra Sarasin, added: &quot;Financial markets are pricing a high likelihood that traffic through the Strait of Hormuz will soon normalize. &quot;Our game-theory model suggests that a narrow agreement to reopen the strait is in both parties&#39; best interests. This outcome remains our base case. But it also reveals that a misreading of the other party&#39;s intentions could lead to a further ratcheting-up of tensions before we get there.&quot; Investors took some heart from strong earnings reports, with South Korean chip titan SK hynix posting a nearly 400% jump in net profit that hit a record for January-March thanks to the artificial intelligence boom. That came after Tesla announced forecast-topping first-quarter profits and Texas Instruments offered a healthy outlook. Bloomberg said almost 80% of the S&amp;P 500 firms that have reported first-quarter earnings had beaten analyst estimates so far. Key figures at 0810 GMT West Texas Intermediate: UP 0.8% at $93.74 a barrelBrent North Sea Crude: UP 1.0% at $102.92 a barrelTokyo - Nikkei 225: DOWN 0.8% at 59,140.23 (close)Hong Kong - Hang Seng Index: DOWN 1.0% at 25,915.20Shanghai - Composite: DOWN 0.3% at 4,093.25 (close)London - FTSE 100: DOWN 0.3% at 10,442.71Euro/dollar: DOWN at $1.1700 from $1.1709 on WednesdayPound/dollar: DOWN at $1.3488 from $1.3506Dollar/yen: DOWN at 159.63 yen from 159.49 yenEuro/pound: UP at 86.76 pence from 86.70 pence

Business

Crude prices jumped as much as four percent in early Asian business after global security monitors and Iran's Revolutionary Guards said Iranian forces had seized two ships and fired on a third in the Strait of Hormuz.

Stocks sink and oil rises amid continuing US-Iran tensions

HONG KONG: Oil prices climbed, and stocks fell on Thursday on fears over the nascent US-Iran ceasefire after Tehran threatened to resume hostilities after Israel launched a major bombardment of Lebanon. Equity markets across the globe soared and crude plunged on Wednesday after US President Donald Trump announced the two-week halt in the war, and the Islamic Republic said it would reopen the Strait of Hormuz as peace talks took place. But with the deal less than a day old, cracks were already appearing as Tel Aviv said it did not include Israel&#39;s fight against Iran-backed Hezbollah in Lebanon as it continued attacks on its northern neighbor. That view was echoed by Vice President JD Vance, who said: &quot;If Iran wants to let this negotiation fall apart ... over Lebanon, which has nothing to do with them, and which the United States never once said was part of the ceasefire, that&#39;s ultimately their choice.&quot; Iran said that it broke the terms of the deal as reports said the vital Hormuz waterway &mdash; through which a fifth of the world&#39;s oil and gas passes &mdash; was shut again. However, that came as Tehran announced alternative routes for ships travelling through the Strait, citing the risk of sea mines. The country&#39;s parliament speaker, Mohammad Bagher Ghalibaf, posted on X that the &quot;workable basis on which to negotiate&quot; had already been violated, making further talks &quot;unreasonable.&quot; He listed three alleged US violations of the truce plan: the continued attacks in Lebanon, a drone entering Iranian airspace, and a denial of the country&#39;s right to enrichment. Hezbollah said on Thursday it had fired rockets towards Israel in response to its &quot;violation.&quot; Meanwhile, a senior US official said Tehran&#39;s 10-point plan was not the same set of conditions the White House had agreed to. Fears that the ceasefire could fall apart while crude remains stuck in Hormuz saw West Texas Intermediate oil jump around 3% Thursday, having plunged more than 16% the day before. Brent was up more than two percent following a 13 percent drop. Equities also gave up some of their gains. Tokyo, Hong Kong, Shanghai, Sydney, Singapore, Seoul, and Taipei were all down. Attention is also turning to crunch talks in Pakistan that are expected on Friday or Saturday, with Vance leading the US delegation. &quot;Many questions remain with the 10-point plan that Trump has received from Iran (which includes Iranian control of the Strait of Hormuz, US acceptance of Iran&#39;s uranium enrichment programme, the end of all sanctions, and withdrawal of the US military from the Gulf region) is at odds with Trump&#39;s 15-point peace plan,&quot; wrote National Australia Bank&#39;s Skye Masters. Still, observers warned that an end to the conflict would not see a quick return to normal, with crude prices still elevated and key regional infrastructure targeted that could take billions of dollars and at least months to repair. Shipping journal Lloyd&#39;s List estimated that around 800 ships have been stuck in the Gulf since the end of February, when hostilities broke out. Still, FOREX.com analyst Fawad Razaqzada said: &quot;Investors are confident that oil prices could ease further and the Strait of Hormuz will reopen again and hopefully stay open beyond the two-week ceasefire period.&quot;

Equity markets across globe soar, crude plunges after US President Trump announces two-week halt in war, Iran’s parliament speaker says "workable basis on which to negotiate" had already been violated, making further talks "unreasonable.”

Crude rises, stocks fall on fears over nascent Iran ceasefire

Web Desk

DHAKA: Bangladeshi&nbsp;Foreign Minister Dr Khalilur Rahman has formally requested the United States to grant Bangladesh a special waiver to import refined diesel and other petroleum products derived from Russian sources to ease energy challenges, state-run Bangladesh Sangbad Sangstha (BSS) news agency reported on Wednesday. The request was made during a meeting with US Energy Secretary Chris Wright at the Department of Energy in Washington DC on Tuesday.&nbsp; During the talks, the foreign minister underscored Bangladesh&#39;s ongoing energy challenges stemming from global supply chain disruptions, particularly ahead of the critical planting season, and stressed the need to ensure uninterrupted fuel supply for farmers and safeguard food security. Direct waiverRahman explained that Bangladesh could not take advantage of the earlier limited world-wide waiver by US on Russian oil at sea since none of the tankers were bound for Bangladesh at that time. In addition to seeking a direct waiver, the two sides discussed the options to buy more refined oil out of Russian crude from third countries to meet immediate need. US Energy Secretary Wright acknowledged the energy challenges Bangladesh is facing and expressed his country&#39;s commitment to support Bangladesh during these difficult times to help ensure its energy security. &#39;Positively consider&#39; He said the US will &#39;positively consider&#39; the requests of Bangladesh and assured that he and his team would work closely with the relevant departments of the US government to this end. The two sides also discussed longer-term cooperation for sustainable energy solutions for Bangladesh and the prospects of increasing procurement of US energy products. Secretary Chris Wright was assisted by Chief of Staff to the Secretary Carl Cole, Senior Adviser to the Secretary Audrey Robertson, Senior Adviser to the Secretary Andrew Rapp, Director, Office of Asian Affairs Margaux Murali and Fellow, Office of Asian Affairs Hamna Khan. From Bangladesh side, Bangladesh Ambassador to the USA Tareq Md Ariful Islam, Deputy Chief of Mission DM Salahuddin Mahmud and Economic Minister Dr Md Fazle Rabbi attended the meeting with the foreign minister.

FM Bangladesh Khalil ur Rahman (File Photo: BSS)

Bangladesh

Bangladesh has asked the United States for a special waiver to import Russian-derived fuel to address urgent energy and food security concerns.

Bangladesh seeks US waiver to import Russian fuel

HONG KONG: Oil prices fell Friday after Donald Trump again pushed back a deadline for Iran to reopen the Strait of Hormuz, though most equities also dropped as traders shrugged at the news following a series of conflicting messaging from the White House. The US president had warned last Saturday he would obliterate the Islamic Republic&#39;s energy sites if it did not unblock the crucial waterway within 48 hours, but pushed that back five days, citing positive peace talks, which Tehran denied had taken place. But after days of strikes by both sides and mixed reports of negotiations -- including the trading of multi-point demands -- he announced Thursday that he would again delay the attacks to April 6 after a request from Tehran. &quot;Talks are ongoing and, despite erroneous statements to the contrary by the Fake News Media, and others, they are going very well,&quot; Trump posted on his Truth Social platform. &quot;As per Iranian Government request... I am pausing the period of Energy Plant destruction by 10 Days to Monday, April 6, 2026, at 8 P.M., Eastern Time,&quot; he posted. Trump had earlier denied he was desperate for a deal to end the war, despite the Islamic Republic&#39;s cool response to an American peace plan and fears the spike in oil prices would fan inflation. Trump later told a cabinet meeting Iran had allowed 10 oil tankers passage through the Strait of Hormuz -- through which about a fifth of world oil and gas pass -- to show it was serious about talks. The Iranian news agency Tasnim said the country&#39;s response to Washington&#39;s 15-point plan to end the war &quot;was officially sent last night through intermediaries, and Iran is awaiting the other side&#39;s response&quot;. The report, citing an unnamed official, said officials had called for an end to US-Israeli attacks on Iran and groups elsewhere in the region. It also called for war reparations and Iran&#39;s &quot;sovereignty&quot; over the Strait of Hormuz be respected. However, Trump&#39;s announcement came as the Wall Street Journal cited Department of Defense officials as saying the Pentagon was considering sending as many as 10,000 extra ground troops to the Middle East. Oil prices fell more than one percent on Friday, though that only partially pared the previous day&#39;s surge amid growing anxiety that the conflict will last far longer than first thought. Brent is up almost 50% since the war began on Feb. 28, while West Texas Intermediate has risen around 40%. Equities struggled following hefty losses in Wall Street. Tokyo and Seoul, which had been the standout performers in the first two months of the year, were among the biggest losers, while Hong Kong, Sydney, Wellington, Taipei Jakarta and Manila were also sharply lower. Shanghai and Singapore fluctuated. Investors are also increasingly sceptical about the messaging from the White House, with Trump often flipping between threats and talk of peace. &quot;A ten-day extension sounds like breathing room, but in market terms, it feels more like a trader rolling a losing position forward, hoping the next candle delivers what the last one refused to give,&quot; said SPI Asset Management&#39;s Stephen Innes, referring to an investors analysis tool. &quot;Time has been purchased, not clarity. And the market knows the difference.&quot; And National Australia Bank&#39;s Ray Attrill said: &quot;Whether peace talks are taking place between the US and Iran remains debatable, Iran insisting that exchanges of letters via a friendly intermediary (presumed to be Pakistan) does not constitute talks.&quot; &#39;Worst disruptions&#39; Meanwhile, the World Trade Organisation warned the global trading system was experiencing the &quot;worst disruptions in the past 80 years&quot;, while the World Bank said it was prepared to provide immediate financial assistance to emerging market countries. That came as the Organization for Economic Cooperation and Development warned US inflation could hit more than four percent this year as a result of the spike in crude prices. That compares with its previous projection of 2.8%. The prospect of another spike in the cost of living led several Federal Reserve officials to express concern about the outlook for the world&#39;s top economy and suggested interest rates were unlikely to come down any time soon. With the economic impact worsening, governments around the world are being forced to act. Spain approved a sweeping $5.8 billion package including steep cuts to energy taxes, while Poland&#39;s prime minister announced a series of measures to address soaring fuel costs, including reduced taxes and price ceilings. And South Korea said it will roll out a $17 billion &quot;wartime&quot; supplementary budget and expand fuel tax cuts. Key figures at around 0230 GMT&nbsp;Tokyo - Nikkei 225: DOWN 0.9% at 53,145.33 (break) Hong Kong - Hang Seng Index: DOWN 0.3% at 24,787.31 Shanghai - Composite: FLAT at 3,888.09 West Texas Intermediate: DOWN 1.5% at $93.07 a barrel Brent North Sea Crude: DOWN 1.8% at $106.12 a barrel Euro/dollar: UP at $1.1537 from $1.1523 on Thursday Pound/dollar: UP at $1.3339 from $1.3313 Dollar/yen: DOWN at 159.58 yen from 159.83 yen Euro/pound: DOWN at 86.50 pence from 86.55 pence New York - Dow: DOWN 1.0% at 45,960.11 (close) London - FTSE 100: DOWN 1.3% at 9,972.17 (close)

Oil prices fell on Friday after Donald Trump again pushed back a deadline for Iran to reopen the Strait of Hormuz, though most equities also dropped as traders shrugged at the news following a series of conflicting messaging from the White House.

Oil drops as Trump pauses Iran strikes, but stock traders nervous

NEW YORK: Oil prices jumped, and equities slid on Thursday as hopes for a peace deal between the United States and Iran wavered, with US President Donald Trump threatening to &quot;obliterate&quot; the country even as he claimed negotiations to end the conflict were ongoing. Markets had been buoyed at the start of this week by Trump saying that strikes targeting Iran&#39;s energy infrastructure would be postponed, adding that the two sides were in peace talks. But uncertainty over the talks, continued strikes by all sides in the conflict, and the virtual closure of the Strait of Hormuz &mdash; through which around 20% of oil and liquefied natural gas normally passes &mdash; have cast a shadow over market sentiment. On Thursday, Trump said Iran had allowed 10 oil tankers to sail through the waterway as a &quot;present,&quot; and pushed back a deadline for strikes on Iranian power plants to April 6. His comments on delaying strikes came after the US close, with oil paring the massive gains it had made through the day. Earlier, Brent crude closed up 5.7% at $108.01 per barrel, and West Texas Intermediate ended up 4.6% at $94.48. Kim Forrest, chief investment officer at Bokeh Capital Partners, said the war makes &quot;for really nervous investors.&quot; &quot;Every day, there&#39;s only one or two stories that are really driving stocks, and all else falls from there. So, when they&#39;re in a sour mood, it&#39;s going to be a big, bad selling day.&quot; Wall Street&#39;s main stock indices were down, with the Nasdaq furthest in the red, losing 2.38%. European and Asian markets also ended with losses. &quot;When the oil price surges, the market playbook stays the same: stocks and bonds sell off,&quot; said Kathleen Brooks, research director at XTB. The yield on government bonds rose across the board. Conflicting messages from the US and Iran are &quot;raising questions about whether there is really an off-ramp to the conflict in the days ahead,&quot; said Deutsche Bank&#39;s Jim Reid. Rival plans Washington was said to have presented a 15-point plan to end the war. Tehran&#39;s state-run TV reported officials had put forward their own five conditions for hostilities to end. On Thursday, Trump said taking control of Iran&#39;s oil was an option, as Washington had done after ousting Venezuela&#39;s leader in a military operation. Pakistan&#39;s Foreign Minister Ishaq Dar confirmed Thursday that indirect negotiations between the United States and Iran were being held, using Islamabad as an intermediary. &quot;Pressure on energy prices, shipping flows and broader financial conditions remains one of the few meaningful sources of leverage (Iran) retains,&quot; said Saxo Markets&#39; Charu Chanana. &quot;There is therefore little incentive to relinquish that leverage prematurely, particularly if market stress strengthens its negotiating position,&quot; she added. The OECD on Thursday cut its eurozone growth outlook and forecast higher inflation for 2026 as energy prices have skyrocketed. The conflict has also weighed on German consumer sentiment heading into April, a survey showed Thursday, adding to the woes facing Europe&#39;s top economy. France, which holds the G7 Presidency, will on Monday host a meeting bringing together the group&#39;s finance ministers, energy ministers, and central bank governors. Key figures at around 20:15 GMT Brent North Sea Crude: UP 5.7% at $108.01 a barrel West Texas Intermediate: UP 4.6% at $94.48 a barrel New York &mdash; Dow: DOWN 1.0% at 45,960.11 points (close) New York &mdash; S&amp;P 500: DOWN 1.7% at 6,477.16 (close) New York &mdash; Nasdaq: DOWN 2.4% at 21,408.08 (close) London &mdash; FTSE 100: DOWN 1.3% at 9,972.17 (close) Paris &mdash; CAC 40: DOWN 1.0% at 7,769.31 (close) Frankfurt &mdash; DAX: DOWN 1.5% at 22,612.97 (close) Tokyo - Nikkei 225: DOWN 0.3 percent at 53,603.65 (close) Hong Kong &mdash; Hang Seng Index: DOWN 1.9% at 24,856.43 (close) Shanghai &mdash; Composite: DOWN 1.1% at 3,889.08 (close) Euro/dollar: DOWN at $1.1523 from $1.1565 on Wednesday Pound/dollar: DOWN at $1.3313 from $1.3365 Dollar/yen: UP at 159.83 yen from 159.47 yen Euro/pound: UP at 86.55 pence from 86.52 pence

US President Trump says Iran had allowed 10 oil tankers to sail through the waterway as a "present"; pushes back deadline for strikes on Iranian power plants to April 6.

Oil climbs, stocks slide as Iran war uncertainty reigns

HONG KONG: Oil prices rose, and equities fell Thursday as investors tracked developments in the Middle East amid hopes that US and Iranian officials will bring an end to a conflict that has ramped up fears of an unprecedented global energy crisis. Markets have been buoyed since late Monday after Donald Trump backed down on a threat to destroy the Islamic republic&#39;s energy infrastructure and said the two sides were in peace talks. But while crude prices are down from last week and the mood on trading floors has been better than most of March, uncertainty and the virtual closure of the Strait of Hormuz -- through which around 20% of oil and gas passes -- continue to cast a dark shadows. Washington presented a 15-point plan to end the war, including Iran giving up its enriched uranium and opening up the waterway, while Tehran&#39;s state-run TV reported officials had put forward their own five conditions for hostilities to end. Trump on Wednesday threatened to &quot;unleash hell&quot; if Iran did not strike a deal, but Foreign Minister Abbas Araghchi said his country does not intend to negotiate. But the US president also said Iran was taking part in peace talks and the denials were because negotiators feared being killed by their own side. &#39;Pressure on energy prices&#39; &quot;Pressure on energy prices, shipping flows and broader financial conditions remains one of the few meaningful sources of leverage (Iran) retains,&quot; said Saxo Markets&#39; Charu Chanana. &quot;There is therefore little incentive to relinquish that leverage prematurely, particularly if market stress strengthens its negotiating position. However, she added: &quot;It would be imprudent to assume diplomacy is absent simply because it is not visible. In conflicts of this nature, public rhetoric and private negotiation often diverge materially. &quot;Markets understand this dynamic, and they also tend to inflect before the political endgame is formally in place.&quot; With investors holding on to hope that a deal can be struck, oil prices have stabilised this week, with Brent just above $100 and WTI around $90. Both contracts were up around two percent Thursday. Stocks in Wall Street and Europe rose but Asian markets struggled after a two-day rally. Tokyo, Hong Kong, Shanghai, Seoul, Sydney, Taipei, Manila, Bangkok and Jakarta fell. City Index&#39;s Fiona Cincotta said for any recovery to gain traction, &quot;investors will want to see clearer signs of de-escalation, including the reopening of the Strait of Hormuz&quot;. &#39;Worst industrial crisis&#39;&nbsp; Her remarks come after the head of the International Chamber of Commerce, John Denton, warned the conflict could cause the &quot;worst industrial crisis&quot; in decades. &quot;The head of the International Energy Agency has warned that the world is facing an energy crisis more severe than the oil shocks of the 1970s,&quot; he added. &quot;From a business perspective, we believe this could yet become the worst industrial crisis in living memory.&quot; Meanwhile, the World Trade Organization said disruptions to fertiliser supplies posed a double threat to global food security through scarcity and high prices, with a third of the global fertiliser supply normally transiting the Strait of Hormuz. Key figures at around 0700 GMT&nbsp;West Texas Intermediate: UP 2.1% at $92.23 a barrel Brent North Sea Crude: UP 2.1% at $104.33 a barrel Tokyo - Nikkei 225: DOWN 0.3% at 53,603.65 (close) Hong Kong - Hang Seng Index: DOWN 2.0% at 24,833.44 Shanghai - Composite: DOWN 1.1% at 3,889.08 (close) Euro/dollar: DOWN at $1.1560 from $1.1565 on Wednesday Pound/dollar: DOWN at $1.3359 from $1.3365 Dollar/yen: DOWN at 159.35 yen from 159.47 yen Euro/pound: UP at 86.53 pence from 86.52 pence New York - Dow: UP 0.7% at 46,429.49 (close) London - FTSE 100: UP 1.4% at 10,106.84 (close)

Oil prices rose, and equities fell on Thursday as investors tracked developments in the Middle East amid hopes that US and Iranian officials will bring an end to a conflict that has ramped up fears of an unprecedented global energy crisis.

Oil rises and equities mixed amid mixed messages on 'talks'

Faraz Saeed

LAHORE: Gold prices rebounded on Wednesday after a nine-session decline that stripped more than 20% from the metal&#39;s value. Easing oil prices and tentative signs of Middle East&nbsp;<a href="https://www.pakistantv.com/article/trump-says-iran-negotiators-fear-being-killed-by-own-people" target="_blank" style="color: rgb(0, 0, 0);" rel="noopener noreferrer">de-escalation</a>&nbsp;steadied sentiment following one of the sharpest corrections in recent months. Spot gold rose nearly 2% to $4,551.50 an ounce. US gold futures for April delivery climbed more than 3% to $4,565.60. Prices had fallen from around $5,200 to near $4,100 earlier in the week. Crude markets drove the recovery. Brent&nbsp;<a href="https://www.pakistantv.com/article/us-israeli-war-on-iran-day-26" target="_blank" style="color: rgb(0, 0, 0);" rel="noopener noreferrer">fell about 5%</a>&nbsp;and West Texas Intermediate dropped roughly 4% as fears over supply disruptions through the Strait of Hormuz, a critical global shipping route, eased. President Donald Trump said the United States and Iran were &quot;in&nbsp;<a href="https://www.pakistantv.com/article/us-15point-plan-conveyed-to-iran-via-pakistan-officials" target="_blank" style="color: rgb(0, 0, 0);" rel="noopener noreferrer">negotiations</a>.&quot; Iranian officials later denied direct talks were underway, according to AFP. Gold&#39;s safe-haven status offered little protection during the selloff. Rising oil prices had pushed inflation expectations higher, prompting investors to reassess the monetary policy outlook. Markets began pricing in a prolonged period of elevated Federal Reserve rates. Bond yields climbed. The US Dollar Index strengthened. Both factors weigh on gold by eroding its appeal against yield-bearing assets and raising its cost for holders of other currencies. The scale of the decline went beyond macroeconomic forces alone. The Head of Research at Floret Capitals, Talha Naveed, said the downturn reflected converging pressures across energy markets, investor positioning, and physical gold trade flows. It was not, he said, a straightforward response to geopolitical developments. Disruptions in physical gold markets added further pressure. In Dubai, a key global trading hub, supply chain interruptions and reduced activity led to localized price dislocations. Physical gold traded at discounts in some regions. Falling equity markets compounded the selloff. Margin calls forced institutional investors to liquidate gold holdings (considered among the strongest-performing assets over the past year) to raise cash and rebalance positions. &quot;That profit-taking accelerated downside momentum despite gold&#39;s safe-haven status,&quot; Naveed said. He also cited technical factors. Gold had entered overbought territory after an extended rally. The geopolitical shock acted as a catalyst for a correction toward key long-term support levels, not the start of a new downward trend. Major financial institutions maintained bullish longer-term outlooks. Goldman Sachs said the pullback was consistent with historical patterns tied to rising rate expectations. Bank of America projected gold could reach $6,000 per ounce within 12 months. UBS said prices could climb further under sustained geopolitical stress.

A woman walks past jewelleries on display shop at a gold market in Lahore. (AFP)

Gold surged nearly 2% after tumbling for nine sessions, as easing oil prices and signs of Middle East calm helped steady markets following a steep selloff that erased over 20%.

Gold drops sharply as oil-driven rate concerns weaken safe-haven appeal

HONG KONG: Oil prices jumped further above $100 Monday, and Asian stocks mostly fell as the US-Israeli war on Iran moved into a third week with both sides showing no sign of backing down and diplomats trying to ensure safe passage for tankers through the crucial Strait of Hormuz. Crude shot up in the opening minutes after the US president said at the weekend that forces struck military targets on Kharg Island, a scrubby stretch of land in the Gulf that handles almost all of Iran&#39;s oil exports. He also warned attacks could expand to energy infrastructure if the Islamic Republic interferes with transit through Hormuz, which has been effectively closed since the US-Israel war began on Feb. 28. Iran&#39;s Fars news agency reported soon after that no oil infrastructure was damaged in strikes. Trump urged other countries to send warships to keep the waterway open but offered no specifics or commitments from the US side, saying he hoped China, France, Japan, South Korea and the UK would take part. He later wrote Saturday in a Truth Social post: &quot;The Countries of the World that receive Oil through the Hormuz Strait must take care of that passage, and we will help -- A LOT!&quot;This should have always been a team effort, and now it will be.&quot; However, Japan said Monday it was &quot;not at the moment considering issuing a maritime security operation&quot;, while Australia announced it would not send any navy ships to the region. Trump said Tehran wanted a deal to end the fighting, but that he was not prepared to make one on current terms, without giving further details. &#39;Don&#39;t see any reason&#39;Iran&#39;s Foreign Minister Abbas Araghchi said his country was not interested in talks with Washington. &quot;We don&#39;t see any reason why we should talk with Americans, because we were talking with them when they decided to attack us,&quot; he told CBS&#39;s &quot;Face The Nation&quot; in an interview aired Sunday. &quot;We never asked for a ceasefire, and we have never asked even for negotiation,&quot; he added. However, he did say he was ready to speak to countries &quot;who want to talk to us about the safe passage of their vessels&quot;. &quot;I cannot mention any country in particular, but we have been approached by a number of countries&quot; seeking such safe passage, Araghchi said. The two sides continued to exchange fire Monday, with Saudi Arabia saying it had intercepted more than 60 drones since midnight, while flights were temporarily suspended at Dubai&#39;s airport after a &quot;drone-related incident&quot; sparked a fire nearby. Araghchi described Israeli strikes on Tehran fuel depots as &quot;ecocide&quot; owing to the long-term risks to residents&#39; health. Traders hoping for an early end to the conflict were left disappointed after Trump&#39;s top economics adviser, Kevin Hassett, said the Pentagon estimates it could take up to six weeks, though the operation was ahead of schedule. Both main crude contracts advanced, with Brent up around three percent to as high as $106.50 before paring the gains to about $104, while West Texas Intermediate climbed more than two percent to top $100. The rise came as Japan said it was beginning the release of its strategic oil reserves after the International Energy Agency indicated earlier that the release would begin in Asia and Oceania before other regions. IEA members agreed last week to release a record 400 million barrels from stockpiles to cushion the surge in prices caused by the war. With worries growing about a possible energy crisis that could hammer the global economy, equity markets remained under pressure. Tokyo, Shanghai, Sydney, Wellington, Taipei, Manila, Mumbai, Bangkok and Jakarta were all down, though Hong Kong, Seoul and Singapore rose. London, Frankfurt and Paris rose at the open. &quot;The impact of geopolitical events on markets, and the macro outlook, hinges more on when transits through the Strait of Hormuz begin to normalise, than it does on when hostilities come to an end,&quot; wrote Michael Brown at Pepperstone. &quot;The longer the Strait is impassable, the tighter commodity supply will become, thus the higher prices will likely go, and the greater the inflationary impulse that will follow.&quot; Adding to economic concerns was data showing Friday that fourth-quarter US gross domestic product expanded 0.7%, much slower than the initial reading of 1.4%. And delayed figures showed the Federal Reserve&#39;s preferred inflation gauge dipped to 2.8% in Jan. before energy prices shot higher. &quot;Developments over the weekend, while no more disconcerting than at the end of last week, don&#39;t offer any obvious pretext for a less pessimistic start to the new trading week,&quot; warned National Australia Bank&#39;s Ray Attrill. Also in view this week are policy meetings at seven major central banks including the Fed, Bank of England and the European Central Bank. While they are expected to stand pat on interest rates, any remarks on the impact of the war on their respective economies will be closely followed. Key figures at around 0815 GMTWest Texas Intermediate: UP 2,1% at $100.81 per barrel Brent North Sea Crude: UP 3.0%&nbsp;at $106.20 per barrel Tokyo - Nikkei 225: DOWN 0.1% at 53,751.15 (close) Hong Kong - Hang Seng Index: UP 1.5% at 25,834.02 (close) Shanghai - Composite: DOWN 0.3% at 4,084.79 (close) London - FTSE 100: UP 0.4% at 10,303.69 Euro/dollar: UP at $1.1424 from $1.1416 on Friday Pound/dollar: UP at $1.3240 from $1.3223 Dollar/yen: DOWN at 159.30 yen from 159.74 yen Euro/pound: DOWN at 86.29 pence from 86.33 pence New York - Dow: DOWN 0.3% at 46,558.47 points (close)

Oil prices jumped further, and Asian stocks mostly fell as the US-Israeli war on Iran moved into a third week with both sides showing no sign of backing down and diplomats trying to ensure safe passage for tankers through the crucial Strait of Hormuz.

Oil rises further above $100, most Asian stocks fall as Iran war rages

HONG KONG: Oil prices held gains above $100 Friday, and most equity markets dropped after Iran&#39;s leader called for the blocking of the crucial Strait of Hormuz and the opening up of new fronts in the US-Israeli war on Iran. With the conflict heading towards its third week and showing no signs of ending, investors are growing increasingly worried about an extended crisis that could fan inflation and hammer the global economy. Tehran has targeted energy facilities this week across the Gulf, with ships hit near Iraq, fuel tanks attacked in Bahrain, and drones fired at oil fields in Saudi Arabia. And it warned on Thursday that it would &quot;set the region&#39;s oil and gas on fire&quot; if its own energy infrastructure and ports were targeted. In his first public comments since succeeding his father four days ago, Ayatollah Mojtaba Khamenei said the Strait of Hormuz -- through which a fifth of global oil and gas passes -- must remain effectively shut. &quot;The lever of blocking the Strait of Hormuz must definitely be used,&quot; Khamenei said in a message read by an anchor on state television. Crude surges&nbsp;He also said, &quot;Studies have been conducted into opening other fronts where the enemy has little experience and would be highly vulnerable, and their activation will take place if the state of war persists&quot;. Crude surged more than nine percent Thursday, with Brent ending above $100 for the first time since 2022 when Russia launched its invasion of Ukraine.&nbsp; Brent is up around 40% since the US-Israeli war on Iran began on Feb. 28. And it held there in early Friday business, with analysts saying the record 400 million barrels released from International Energy Agency stockpiles had little impact. &lsquo;Largest supply disruption&rsquo;The IEA said Thursday that the war &quot;is creating the largest supply disruption in the history of the global oil market&quot;. Meanwhile, Donald Trump has faced intense political pressure as the global economic fallout of the crisis has mounted, while markets have brushed off his assertions that the battle would be short-lived. The US president struck a defiant tone in a social media post Thursday, writing that the United States &quot;is the largest Oil Producer in the World, by far, so when oil prices go up, we make a lot of money&quot;. &quot;BUT, of far greater interest and importance to me, as President, is stopping an evil Empire, Iran, from having Nuclear Weapons, and destroying the Middle East and, indeed, the World.&quot; However, Pepperstone&#39;s Chris Weston said: &quot;With crude closing near its highs, markets are increasingly pricing in a longer duration for the conflict and the continued impact of a potential closure of the Strait of Hormuz. &quot;Donald Trump may continue to explore the idea of assisting vessels through the strait, and if that were to materialize, the market could see a strong relief rally. &quot;For now, however, the dominant features are higher energy prices and extremely elevated volatility markets.&quot; As concerns over the impact mount, equity traders are taking flight, with Asian economies most at risk owing to their reliance on energy imports. Tokyo, Hong Kong, Shanghai, Singapore, Seoul, Mumbai, Bangkok, Wellington, Manila, and Jakarta were all down. The dollar held its gains against major rivals owing to its safe-haven status, fears of inflation, and expectations that interest rates will remain elevated longer than expected. Matt Weller, head of market research at City Index, warned that markets could be in for more pain after years of generally strong equity markets, subdued energy prices, and broadly low interest rates &quot;Those trends have reversed, and the default assumption as long as the Strait of Hormuz remains functionally closed is that stocks will be under pressure, oil prices will trend higher, and interest rates will tick up in unison,&quot; he wrote. &quot;Unless or until we see meaningful progress toward a ceasefire in the Middle East, traders should shift their expectations that the coming weeks and months will look different than the past couple of years, weighing on risk appetite at an accelerating rate.&quot; <h2 style="line-height: 2;">Key figures at around 0700 GMT&nbsp;</h2>West Texas Intermediate: DOWN 0.2% at $95.50 a barrel Brent North Sea Crude: UP 0.1% at $100.56 Tokyo - Nikkei 225: DOWN 1.2% at 53,819.61 (close) Hong Kong - Hang Seng Index: DOWN 0.9% at 25,477.39 Shanghai - Composite: DOWN 0.8% at 4,095.45 (close) Euro/dollar: DOWN at $1.1500 from $1.1514 on Thursday Pound/dollar: DOWN at $1.3321 from $1.3346 Dollar/yen: DOWN at 159.35 yen from 159.39 yen Euro/pound: UP at 86.29&nbsp;pence from 86.27 pence New York - Dow:&nbsp;DOWN 1.6% at 46,677.85 (close) London - FTSE 100: DOWN 0.5% at 10,305.15 (close)

Brent is up around 40% since the US-Israeli war on Iran began on Feb. 28; IEA said Thursday that the war ‘is creating the largest supply disruption in the history of the global oil market.’

Oil holds above $100, stocks fall as war enters day 14

WASHINGTON: Here are the latest economic events in the US-Israel war on Iran on Wednesday: Container ship hit near UAE&nbsp;The UK maritime agency said Thursday that a projectile struck a container ship near the United Arab Emirates. &quot;The container ship was struck by (an) unknown projectile causing a small fire onboard,&quot; the United Kingdom Maritime Trade Operations said in a statement, adding the ship&#39;s crew had been reported as safe. Oil prices surge&nbsp;Oil prices surged, with Brent crude breaking back above $100 a barrel. Brent jumped more than nine percent to as high as $101.59 a barrel, while West Texas Intermediate was also up more nine percent to hit $95.97. Bahrain says fuel tanks attacked Bahrain said its fuel tanks were targeted in an Iranian attack.&quot;The blatant Iranian aggression targets fuel tanks at a facility in Muharraq Governorate,&quot; the country&#39;s Ministry of Interior said on X. Drones target Saudi oil field&nbsp;Saudi Arabia&#39;s defense ministry said on X that it had intercepted two drones heading towards the Shaybah oil field in the southeast of the country. It said it had intercepted seven drones heading to the oil field on Wednesday. US to release 172M barrels under IEA oil pact&nbsp;The US Department of Energy said it will release 172 million barrels of oil from its strategic petroleum reserve as part of an agreement among International Energy Agency&#39;s members to ease market turbulence. The IEA&#39;s 32 members earlier agreed to unlock 400 million barrels, its largest ever joint release. The US release will begin next week and be completed in approximately 120 days, the DoE said. Iranian hacking group targets US medical firm&nbsp;The Iran-linked hacking group Handala claimed responsibility for a cyberattack on US medical technology giant Stryker, saying it had extracted 50 terabytes of data in retaliation for the US war on Iran. War to &#39;destroy&#39; world economy&nbsp;Iran said it was ready for a long war of attrition that would &quot;destroy&quot; the world economy. The US and Israel &quot;must consider the possibility that they will be engaged in a long-term war of attrition that will destroy the entire American economy and the world economy,&quot; Ali Fadavi, adviser to the Revolutionary Guards&#39; commander-in-chief, told state television. The country&#39;s Tasnim news agency also published a list of potential targets for Iran, including the offices of tech giants such as Amazon, Google, Microsoft and Nvidia in Gulf countries and Israel. G7 rejects lifting Russian sanctions&nbsp;The Group of Seven nations rejected easing punitive measures against Russia over its invasion of Ukraine as the Middle East war wreaks havoc on global oil markets, France&#39;s President Emmanuel Macron said. &quot;This situation in no way justifies lifting the sanctions that exist against Russia,&quot; he said after a video call with other G7 leaders to discuss the war&#39;s economic fallout. Ships hit&nbsp;Iran&#39;s Revolutionary Guard said it had struck the Liberian-flagged container ship Express Rome and the Thai bulk carrier Mayuree Naree because they had entered the Strait of Hormuz &quot;after ignoring the warnings&quot;. Iraqi officials later said they had rescued 20 crew of an oil tanker that came under an unspecified attack in the country&#39;s territorial waters. Drones hit Oman port&nbsp;Drones struck fuel tanks at Oman&#39;s Salalah port on Wednesday, state media reported. Citi, Deloitte, PwC clear offices in Gulf&nbsp;Several major international businesses closed or evacuated offices in Gulf countries after Iran threatened US- and Israel-linked economic targets and centers in the Middle East. US finance group Citi and British consultancy Deloitte evacuated offices in Dubai&#39;s financial center, while PwC, another British consultancy, closed offices in Saudi Arabia, Qatar, the UAE and Kuwait. Fuel queues&nbsp;Tanker drivers in Pakistan said they were facing long waits at depots due to a shortage of fuel, as the government played down fears of another rise in prices over the war. ECB inflation vow&nbsp;European Central Bank chief Christine Lagarde said that &quot;everything necessary&quot; would be done to &quot;keep inflation under control.&quot; Hormuz confusion&nbsp;The US energy secretary said in a video on X that the US Navy had escorted an oil tanker through the Strait of Hormuz -- but the post was deleted within minutes. The White House subsequently stated that the US Navy had not escorted any tankers through the strategic Gulf passage. Iran&#39;s Revolutionary Guards said no US Navy vessel has &quot;dared&quot; to approach the strait.

Middle East

UK maritime agency said Thursday that a projectile struck a container ship near the United Arab Emirates; Oil prices surged, with Brent crude breaking back above $100 a barrel.

Articles tagged with "International Oil Prices"

Stocks sink and oil rises amid continuing US-Iran tensions

Crude rises, stocks fall on fears over nascent Iran ceasefire

Bangladesh seeks US waiver to import Russian fuel

Oil drops as Trump pauses Iran strikes, but stock traders nervous

Oil climbs, stocks slide as Iran war uncertainty reigns

Oil rises and equities mixed amid mixed messages on 'talks'

Gold drops sharply as oil-driven rate concerns weaken safe-haven appeal

Oil rises further above $100, most Asian stocks fall as Iran war rages

Oil holds above $100, stocks fall as war enters day 14

US-Israel war on Iran: Global economic fallout

Stocks sink and oil rises amid continuing US-Iran tensions