Topic
west asia
Business Crude Oil, West Asia Developments, Inflation Data to Drive Markets This Week: Analysts
Analysts expect crude oil prices, geopolitical tensions in West Asia, and inflation data to drive Indian stock markets this week. Key monitorables include the Strait of Hormuz, foreign investor flows, and Q1 FY27 earnings from HAL, Bharat Forge, Grasim Industries, and Tata Motors. India's CPI and WPI data, along with US CPI and PPI, are due this week.
Commodities Indian Refiners Buy West Asian and West African Crude, Sources Say
Mangalore Refinery and Petrochemicals bought 1 million barrels of Oman crude via tender at about a $3-per-barrel premium to dated Brent, according to trade sources. Indian Oil Corp purchased 4 million barrels of West African crude including Angolan Nemba, Saxi Batuque, Clov and Congo's Djeno, all from Chevron.
Trade Exporters Flag Concerns Over West Asia War Impact on Trade and Logistics
Exporters in India have flagged serious concerns over the impact of the prolonged West Asia crisis on trade, citing uncertainty of orders, higher logistics costs, liquidity issues, and possible disruption of raw material supply chains. The issue was discussed during a meeting between Commerce and Industry Minister Piyush Goyal and export promotion bodies. Trade bodies like FIEO are demanding fresh measures to help businesses cope with the crisis.
Commodities Brent crude hovers above $100 a barrel as tensions escalate in West Asia
Brent crude futures held above $100 a barrel as the US continued airstrikes against Iran and Houthi attacks raised risks to Saudi oil flows. The September ICE Brent contract was at $100.66, while WTI traded at $91.95. Supply disruptions through the Strait of Hormuz and the CPC terminal in Russia add to geopolitical premium.
Commodities Copper Market Faces Volatility on West Asia Developments, US-Iran Tensions
Copper prices are expected to remain volatile in the coming months due to the US-Iran conflict and ongoing tariff uncertainty, according to analysts. The metal hit a 6-week high on supply tightness, with LME three-month contracts around $13,800/tonne. BMI raised its forecast to $12,700/tonne, citing supply-side pressures and AI-fuelled optimism.
Commodities Oil edges lower but heads for weekly gain as West Asia supply risks persist
Oil prices edged lower on Friday but remained on track for weekly gains as the United States and Iran continued trading strikes, keeping supply risks elevated. Brent futures fell 6 cents to $76.24/bbl, while WTI lost 4 cents to $72.04/bbl. For the week, Brent was set for a 6% gain and WTI for a 5% increase.
Commodities West Asia Tensions Dampen Export Buying of Tea at Kochi Auctions, Down ₹4/kg
Ongoing West Asia tensions have led tea exporters to adopt cautious procurement, resulting in subdued buying at Kochi auctions. Orthodox tea prices fell ₹4/kg week-over-week, while CTC teas remain supported by domestic demand. Exporters face doubled freight rates and port congestion.
Commodities Crude Oil Futures Gain on Reports of Iranian Strikes on US Military Targets in West Asia
Crude oil futures gained on Friday morning following reports of Iranian armed forces launching attacks on US military infrastructure in West Asia. At 9:36 am, September Brent oil futures were at $76.64, up 0.45%, and August WTI crude oil futures at $72.40, up 0.44%. The escalation follows recent US strikes on Iranian targets, including approximately 90 military assets on July 8 and 80 on July 7, in response to attacks on commercial shipping in the Strait of Hormuz.
Commodities Brent crude surges to $78 per barrel on fresh US strikes on Iran and West Asia tensions
Brent crude surged to $78.68 per barrel on Thursday after the US launched fresh strikes on Iran and President Trump declared the ceasefire 'over'. West Texas Intermediate also climbed. The escalation in West Asia raised fears of supply disruptions, pushing oil prices higher after after-hours gains on Wednesday.
Trade India-Israel, GCC FTA Talks Temporarily Stalled Due to West Asia Crisis: Piyush Goyal
Commerce and Industry Minister Piyush Goyal announced that India's FTA negotiations with Israel and the six-nation GCC bloc have been temporarily stalled due to the West Asia crisis. Meanwhile, India is pursuing active negotiations with several other partners, including Chile, Mexico, SACU, and the Eurasian Economic Union. Goyal also highlighted a target to double India-Greece bilateral trade to $2.6 billion by 2030 and India's goal of reaching $2 trillion in exports within five years.
Trade CaratLane Pauses Own West Asia Entry, May Use Damas Stores via Titan Deal
Titan-owned jeweller CaratLane has paused independent plans to enter the Middle East due to regional conflicts, but will likely use the recently acquired Damas Jewellery's 140+ GCC stores for future entry. Titan bought a 67% stake in Damas for Rs 1,630 crore earlier this year, with an option to buy the remaining 33% by 2029.
Logistics Indian Refiner MRPL Cancels Iraq Crude Vessel Charter Amid Hormuz Tensions
Mangalore Refinery and Petrochemicals Ltd (MRPL) has cancelled a charter for the Aframax tanker Jasmin Joy to load crude oil from Iraq, citing technical reasons. The cancellation comes amid heightened tensions in the Strait of Hormuz, where attacks on ships have prompted authorities to raise the threat risk to 'severe'. MRPL is currently scouting for a replacement vessel.
Commodities Commercial LPG, Jet Fuel Prices Cut as West Asia Impact Eases, State-Run Firms Act
India's state-run oil marketing companies on Wednesday slashed commercial LPG cylinder prices by Rs 183.5 and aviation turbine fuel by Rs 5 per litre, as global crude prices eased following the de-escalation of the West Asia conflict and the reopening of the Strait of Hormuz. Private retailer Nayara Energy also rolled back its conflict-era price increases, reducing petrol by Rs 5 and diesel by Rs 3 per litre across its outlets. The cuts mark the first broad-based easing in transport and commercial fuel prices since the conflict disrupted global energy markets.
Commodities India plans to cut reliance on West Asian oil after Iran war shock
India's state oil refiners are planning to reduce their reliance on the Middle East following the supply shock of the Iran war. Processors will lean more on spot-market purchases and trading house deals, and diversify supply from Guyana, Brazil, and the US. The country also plans to build strategic reserves to cover up to a month of domestic demand.
Trade Finance DGFT Extends Enhanced Export Insurance Cover for West Asia Shipments Till September 30
India's Directorate General of Foreign Trade (DGFT) has extended the enhanced export insurance cover for shipments to West Asia under the RELIEF scheme until September 30, 2026. The cover, originally available from March 16 to June 15, 2026, aims to support exporters facing logistics disruptions from the ongoing West Asia crisis and the Iran war.
Commodities West Asia oil and LNG loadings continue despite Strait of Hormuz attacks and renewed strikes
West Asian oil and LNG producers continue loading cargoes despite renewed ship attacks in the Strait of Hormuz and tit-for-tat strikes between the US and Iran. Brent crude fell 10.6% last week but rose Monday after weekend hostilities. Iran accelerated loadings after a US sanctions waiver, while Saudi Arabia, UAE, and Qatar maintained exports.
Commodities Crude Oil Futures Rise After US-Iran Attacks, Ceasefire Agreed Ahead of Qatar Talks
Crude oil futures climbed on Monday following US-Iran attacks in West Asia, with September Brent at $73.27 (up 0.92%) and August WTI at $70.05 (up 1.18%). A reported ceasefire and upcoming talks in Qatar eased immediate fears, but the Joint Maritime Information Centre raised the Strait of Hormuz threat assessment to 'substantial', keeping supply risks alive. ING Think analysts noted complacency in the market and highlighted significant upside risk if supply recovery is slow or re-escalation occurs.
Commodities West Asia Outages to Keep Aluminium Market Tight Near-Term, Says Goldman Sachs
Goldman Sachs forecasts elevated aluminium prices near-term due to prolonged West Asia outages, but expects a surplus in 2027 as Indonesian and Chinese output ramp up. The bank downgraded West Asia output by 660kt in 2026 and 1Mt in 2027, and raised LME price forecasts to $3,300/t for Q3 2026 and $2,950/t for 2027.
Trade India's trade with West Asia gradually improving: Commerce Secretary Rajesh Agrawal
India's merchandise exports to West Asia recovered in May 2026, reaching nearly the same level as May 2025, according to Commerce Secretary Rajesh Agrawal. The improvement follows a severe decline in March and April due to the US-Iran conflict. Exports to UAE, Saudi Arabia, Jordan, Syria, and Yemen posted growth, while imports from Saudi Arabia and Oman surged.
Trade Basmati rice, tea exports to West Asia grind to halt as Strait of Hormuz closure disrupts trade
Exports of basmati rice and premium orthodox tea from India to West Asia have ceased due to the closure of the Strait of Hormuz. Three vessels laden with 100,000 tonnes of basmati rice are idling at Kandla Port. Tea exporters are unable to fulfill orders from GCC countries, with only small consignments moving via Turkey. The disruption follows an attack on the Indian-flagged vessel MT Marivex off Oman.
Finance West Asia uncertainty, oil and gold imports weaken rupee: FM Nirmala Sitharaman
Finance Minister Nirmala Sitharaman attributed rupee weakness to persistent West Asia uncertainty and India's import dependence on crude oil, gas, fertilisers, and gold. She noted RBI intervention using forex reserves and the impact of FII/FDI outflows to the US on reserves. The rupee's slide is not unique, with the Japanese Yen and Korean Won also falling sharply.
Finance West Asia Tension Sinks Sensex 719 Points, Rupee Falls 76 Paise to 95.71/$
Fresh geopolitical tensions between Iran and Israel on Monday triggered a sharp sell-off in Indian markets, with the Sensex falling 719 points (1%) to close at 73,524 and the rupee weakening 76 paise to 95.71 against the dollar. Crude oil prices spiked over 5% intraday before retreating, while Asian markets also plunged. Reports of a ceasefire later lifted global sentiment, but Indian markets ended at a one-month low.
Supply Chain West Asia Crisis Forces Consumer Goods Firms to Reroute Supply Chains
The ongoing crisis in West Asia has compelled consumer goods companies like Dabur, Britannia, and Tata Consumer Products to shift their manufacturing and sourcing strategies. This strategic pivot aims to mitigate supply chain disruptions caused by geopolitical tensions.
Logistics Oman Ports: India's Strategic Gateway to West Asia and Africa
Oman ports, notably Sohar and Duqm, are emerging as key gateways for Indian exporters to access West Asian and African markets. Enhanced logistics and strategic free trade agreements bolster this position.
Trade MSME Ministry Reviews West Asia Crisis Impact on Trade
The Indian MSME Ministry, led by Minister Jitan Ram Manjhi, is reviewing the impact of the West Asia crisis on small businesses. The focus is on supply chain disruptions, raw material availability, and export-import challenges.
Logistics Global Air Freight Faces Turbulence Amid West Asia Conflict
The ongoing conflict in West Asia has led to a 3.4% decline in global air travel, significantly impacting air freight capacity and pricing. Middle Eastern carriers are experiencing the steepest declines.
Commodities Urea, DAP demand rises amid West Asia tensions
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Trade Christmas Orders from US, Europe Drop Amid West Asia Crisis
Christmas-themed exports from India to the US and Europe have decreased by 10-15% due to the ongoing West Asia crisis. Exporters face challenges with rising costs and reduced demand.
Commodities Kochi Tea Auctions Face Uncertainty Amid West Asia Tensions
Kochi's tea auctions are experiencing a decline in overseas buyer activity due to escalating tensions in West Asia. Orthodox tea sales have decreased, with a notable percentage of unsold quantities. The market sentiment remains weak, but potential improvements are expected as the Onam season approaches.