West Asia conflict oil hike, market reactions Highlights: Markets climb, Rupee rebounds as oil prices fall

Sri Lanka has increased retail fuel prices by over 8% with effect from midnight on Monday (March 9) in a bid to curb hoarding and panic buying amid rising global crude oil prices, officials said on Tuesday (March 10, 2026).

The price revision comes as global crude oil prices crossed $100 per barrel for the first time in four years following escalating tensions in West Asia.

Under the latest revision, the prices of widely used petrol and diesel varieties have been increased by LKR 22 per litre, the state-run Ceylon Petroleum Corporation (CPC) said.

The move is aimed at curbing hoarding and panic buying, it said.

“We have noticed heavy consumption since the news of the Middle East war situation,” a CPC official said.

Long queues have been seen outside fuel stations since February 28 after hostilities intensified following U.S.-Iran strikes against Iran, triggering fears of supply disruptions.

The CPC said Sri Lanka currently has sufficient fuel stocks to last until the end of April. -- PTI

Asian shares have rebounded from their sharp declines a day before after a rally on Wall Street as global investors wagered that the war with Iran may not last too long.

But the gains early Tuesday fell far short of losses Monday, when oil prices neared $120 per barrel before falling back to about $90. U.S. futures were trading about 0.4% lower.

Japan’s benchmark Nikkei 225 added 3.2% to 54,399.08 after the government released revised economic data that showed Japan’s economy grew slightly faster than initially estimated in the final quarter of last year, boosted by solid business investments.

The economy expanded at an annual pace of 1.3%. The initial estimate was a much weaker 0.2%.

“Today is the rebound, obviously positive comments from President Trump overnight, we’re starting to see the light at the end of the tunnel for the war,” said Neil Newman, a managing director and head of strategy at Astris Advisory Japan.

“So volatility is going to remain with us but things are certainly looking a lot brighter today.” Australia’s S&P/ASX 200 gained 0.8% to 8,669.50. South Korea’s Kospi jumped 3.6% to 5,453.45.

Hong Kong’s Hang Seng added 1.6% to 25,804.70, while the Shanghai Composite index rose 0.4% to 4,119.29.

Share prices have been swinging mostly in tandem with oil prices, which have gyrated as the war has deepened. -- AP

The rupee rebounded from its all-time low in early trade on Tuesday (March 10, 2026), rising 7 paise to 92.14 as global oil prices fell after U.S. President Donald Trump said the war with Iran may end soon.

A weaker greenback and a strong opening at the domestic equity markets further supported the local unit while heavy FII outflows capped sharp gains, forex traders said.

At the interbank foreign exchange, the rupee opened at 91.92 but fell to 92.14, up 7 paise from its previous close.

Iran Israel US War: Rupee rebounds from all-time low, up 7 paise to 92.14 against USD

Rupee rebounds to 92.14 against the dollar, supported by a weaker greenback and strong equity market opening.

The Oil Ministry has constituted a committee to examine supply issues after a sudden shortage of commercial LPG cylinders alarmed the hospitality sector, with restaurant associations warning that eateries could shut down within days if supplies are not restored.

As the widening conflict in the Middle East disrupted fuel lifelines, including India’s LPG supplies, the government has prioritised domestic cooking gas supplies to households. This has led to supply crunch for hotels and restaurants which use market priced commercial LPG.

“For LPG supply to other non-domestic sectors, a committee of three Executive Directors (EDs) of Oil Marketing Companies (OMCs) have been constituted to review the representations for LPG supply to restaurants/hotels/other industries,” the Ministry said in a post on X.

India consumed some 31.3 million tonnes of LPG annually. As much as 87% of this is in the domestic sector i.e. household kitchens, and the rest in commercial establishments such as hotels and restaurants.

Of this total requirement, as much as 62% is met through imports. The US and Israel attack on Iran and Tehran’s retaliation has shut the Strait of Hormuz - the conduit through which India got 85-90% of its LPG imports from countries like Saudi Arabia.

As alternate sources are being scouted, the limited supplies available meant the government prioritising supplies to the domestic sector, and in process the commercial establishments have suffered. 

Industry sources say the disruption has already begun affecting operations in Mumbai and Bengaluru, as hotels and restaurants struggle to secure cooking gas. -- PTI

Indian shares climbed at the open on Tuesday (March 10, 2026), ‌after a sharp decline in the previous ⁠session, as U.S. President Donald Trump’s remarks that the Middle ‌East war could be “over soon” pushed crude ‌prices lower.

The Nifty ‌50 ⁠rose 0.7% at 24,195 ⁠and the BSE Sensex added 0.8% to 78,149.59 as of 9:15 a.m. ‌IST.

The benchmarks posted their sharpest fall in a month on Monday, while the ‌volatility index surged to a 21-month high after crude surged past $100 ⁠a barrel amid the expanding U.S.-Israeli war with Iran, ‌raising worries of severe global supply disruptions.

On Tuesday, Brent futures were trading down 4.1% at $94.83 a barrel.

Fourteen of the ‌16 major sectors logged gains at the open. The broader smallcaps and midcaps climbed ⁠1.5% each.

Other Asian stocks ⁠climbed on the day, while U.S. equity futures ‌were muted. -- Reuters

Stock markets rebound in early trade after two days of sharp fall

Stock markets rebound sharply as Sensex and Nifty recover from declines, driven by falling crude prices and improved global sentiment.

Oil prices tanked and equities rallied on Tuesday (March 10, 2026) following a wild day of swings that came after Donald Trump said the U.S.-Israel war on Iran would be ending earlier than thought.

As the crisis in the crude-rich West Asia continued into a second week, with seemingly little sign of a conclusion on the horizon, the U.S. president said that the campaign was far ahead of his initial timeline of around a month.

“I think the war is very complete, pretty much. They have no navy, no communications, they’ve got no air force,” Mr. Trump told CBS News by phone.

Crude plunges, stocks rally as Trump says war ‘pretty much’ complete

Oil prices plummet while stocks soar as Trump declares the U.S.-Israel war on Iran is nearing completion.

Air New Zealand said on Tuesday it has raised fares due to the Middle East conflict and may take further pricing action, underscoring how ‌global airlines will seek to pass on the costs of higher oil prices to passengers.

Jet fuel prices, which were around $85 to $90 per barrel prior to the conflict, have increased sharply to between $150 and $200 per ⁠barrel in recent days, New Zealand’s flag carrier said, adding it was suspending its financial outlook for 2026 due to uncertainty over the conflict.

The U.S.-Israeli war on Iran has sent oil prices surging, upending global travel and sparking fears of a deep travel ‌slump and the potential for the widespread grounding of planes. 

While air fares have spiked on Asia-Europe routes due to airspace closures and capacity ‌constraints, ⁠Air New Zealand is one of the first airlines to announce broad increases to ticket prices ⁠since the start of the war. 

-Reuters

Oil prices fell on Tuesday after hitting their highest ⁠level in more than three years in the prior session as U.S. President Donald Trump predicted the war in the Middle East could end soon, easing concerns about prolonged disruptions ‌to global oil supplies.

Brent futures fell $6.51, or 6.6%, to $92.45 a barrel at 0018 GMT, while U.S. West Texas Intermediate (WTI) crude was down $6.12, ‌or 6.5%, to $88.65. 

-Reuters

Egypt raised prices on a wide range of fuel products on Tuesday, the Petroleum Ministry said, as the region continues to reel from rising global ‌oil and gas prices and the disruption of Middle East output from the U.S.-Israeli war on Iran.

“This ⁠comes in light of the exceptional situation resulting from the geopolitical developments in the Middle East region and their direct effects on global ‌energy markets”, the Ministry said in a statement.

The decision comes days after Egyptian Prime Minister Mostafa Madbouly said ‌in a press conference on March 3 that ‌the state ⁠might resort to “exceptional measures” if global fuel prices ⁠rise significantly because of the war.

Global oil and gas prices have been rising as the war has halted Middle East energy exports, with Tehran attacking ships and energy facilities, ‌which has closed navigation in the Gulf and forced production stoppages from Qatar to Iraq.

The increases of about 14% to 17% on a wide range of petroleum products are ‌the first this year and follow a hike of nearly 10.5% to 12.9% in October. Egypt said at the time it was going to freeze ⁠domestic fuel prices for at least a year, citing local, regional and global developments. 

-Reuters

The U.S. stock market careened through a manic Monday (March 9, 2026), going from a steep early loss to a solid gain as worries turned into hope that the war with Iran may not last that long. Oil prices whipped from nearly $120 per barrel, their highest since 2022, back toward $90.

They are the latest hour-to-hour swings to pummel financial markets because of the uncertainty about just how high oil prices will go and how long they will stay there because of disruptions to the energy industry in West Asia . Markets made their remarkable reversals during the last hour of Wall Street’s trading after President Donald Trump told CBS News that he thinks “the war is very complete, pretty much”.

​

U.S. stocks erase big early loss and rise after oil prices whip back below $90

U.S. stocks rebound after early losses as oil prices drop below $90 amid easing tensions over the Iran conflict.

India will not be raising the retail price of petrol, despite benchmark crude oil prices breaching $100 per barrel today, a highly placed source in the Union government told The Hindu.

“We have never increased retail prices during such upward fluctuations in the past,” they stated, adding, “[At present], OMCs have enough cushion and are financially comfortable.” Further, a top executive of a major domestic oil marketing company (OMC), also assured they were not experiencing any price pressure because of the upward pressure on crude prices. 

Read more:

India will not raise petrol prices despite global crude headwinds: Government sources

India will maintain petrol prices despite rising global crude costs, ensuring sufficient supply and financial stability, government sources confirm.

Wall Street’s main indexes dropped over 1%, as oil prices soared, exacerbating inflation fears as hostilities ‌in the Middle East entered their tenth day.

Geopolitical tensions deepened after Iran named Mojtaba Khamenei, son of the late Ali Khamenei, as the supreme leader, signalling firm control of hardliners in ⁠Tehran.

Crude prices shot up to just under $120 a barrel but eased as governments, including those part of the Group of Seven (G7) and Saudi Arabia, began discussions to limit the jump in energy costs through increased supply.

The latest developments are likely to fuel stagflation fears, ‌as data last week showed a weakening U.S. jobs market, even as broader economic activity accelerated.

An index tracking S&P 500 passenger airlines dropped over 4%, while cruise stocks such as Carnival Corp lost 7.3% and Royal Caribbean Cruises fell 6.3%.

Big banks, the backbone of any economy, also took a hit with Morgan Stanley ‌down 2.3% and Citigroup falling 3%.

A prolonged period of higher oil prices could weigh on equities this year, Goldman Sachs said, warning that every one percentage point drop in economic growth could cut S&P 500 earnings by as much as 4%.

Energy was the only sector on the S&P 500 with marginal gains, aided by the ‌rally in oil and gas prices.

-Reuters

The International Energy Agency called ‌for a coordinated release ⁠of emergency oil reserves during online meeting ‌with the finance ministers ‌from the Group ‌of ⁠Seven nations ⁠on Monday, Japanese Finance Minister Satsuki Katayama told ‌a briefing.

“IEA called for each country to ‌do coordinated release of oil reserves,” Katayama said, ⁠as the ministers gathered ‌online to discuss the impact of war in Iran on the ‌markets, which saw oil prices surging to more ⁠than $119 a barrel.

-Reuters

Central banks across Europe came under market pressure today to lift interest rates as the war in Iran drove up energy ‌costs and revived the spectre of another inflation wave.

Money markets ramped up bets on rate increases by the European Central Bank, the Swiss National Bank and Sweden’s Riksbank ⁠before year-end, with the Bank of England seen following suit in 2027.

Asian central banks were also seen shelving plans to cut or even consider hikes.

The unusually sharp repricing came as major oil producers cut supply and fears grew of ‌prolonged shipping disruptions, pushing crude above $119 a barrel — its highest level since mid-2022.

-Reuters

The EU insisted Monday there was “no imminent oil supply” shortage in Europe as the Middle East war sent energy prices soaring.

The benchmark price for a barrel of crude has soared beyond $100 for the first time since Russia’s invasion of Ukraine four years ago.

“There is no imminent oil supply shortage in Europe. Per our rules, all member states must have the 90 days emergency stocks,” European Commission spokeswoman Anna-Kaisa Itkonen said.

- AFP

Equity benchmark indices Sensex and Nifty nosedived nearly 2% on Monday (March 9, 2026) as soaring crude oil prices and weak global trends due to the worsening situation in West Asia triggered a sharp sell-off in the stock market.

Besides, unabated foreign fund exodus and the weakness in the rupee against the US dollar weighed heavily on investors’ sentiment, traders said.

The 30-share BSE Sensex tanked 1,352.74 points, or 1.71%, to settle at 77,566.16, registering its second day of decline. During the day, the benchmark crashed 2,494.35 points, or 3.16%, to 76,424.55.

On similar lines, the 50-share NSE Nifty dropped 422.40 points, or 1.73%, to end at 24,028.05. Intra-day, it tumbled 752.65 points, or 3.07%, to 23,697.80.

UltraTech Cement was the biggest loser in the Sensex pack, tumbling 5.23%, followed by Maruti, Mahindra and Mahindra, State Bank of India, InterGlobe Aviation, and Adani Ports were among the major laggards.

In contrast, Reliance Industries, Sun Pharma, Infosys, Tech Mahindra and HCL Tech were the gainers.

Brent crude, the global oil benchmark, jumped 12.34% to $104.1 per barrel. -- PTI

The rupee crashed to its all-time closing low of 92.35 (provisional) against the U.S. dollar on Monday (March 9, 2026), losing 53 paise during the session, as global crude oil prices saw a sharp spike, and the greenback strengthened amid worsening conflict in the Middle East.

Withdrawal of foreign funds amid intense selling in domestic equity markets further pressured the rupee, forex traders said.

At the interbank foreign exchange, the rupee opened at 92.22 and rose briefly to 92.15 but kept losing ground through the session before eventually settling at its all-time low of 92.35 (provisional), down 53 paise from its previous close.

“The rupee opened sharply lower, hitting a fresh record low of 92.35 on weak global markets and an overnight surge in crude oil prices. Oil prices surged around 25 per cent in the Asian session. Strong dollar and FII outflows also pressured the rupee,” Anuj Choudhary, Research Analyst, Mirae Asset ShareKhan, said.

“We expect the rupee to trade with a negative bias on weak global market sentiments and a strong dollar amid geopolitical tensions in the Middle East. However, any intervention by the central bank may support the rupee at lower levels,” he said, adding that the USD-INR spot price is expected to trade in the range of 92-92.80. -- PTI

Sensex plunged 1,352.74 points to settle at 77,566.16; Nifty tumbles 422.40 points to 24,028.05 at close on Monday (March 9, 2026).

At close, Rupee loses 53 paise to settle at all-time low of 92.35 (provisional) against U.S. dollar. -- PTI

In light of the evolving geopolitical situation in the Middle East, Nasscom has on Monday issued another advisory to member companies urging heightened cyber vigilance and preparedness across business continuity and cybersecurity frameworks.

While business operations currently remain stable, organisations are proactively reviewing contingency plans and strengthening resilience measures to mitigate potential disruptions, the apex body said in a media communique.

According to Nasscom, the member companies have already taken various measures to support

business continuity in affected geographies. Companies are also reviewing and activating contingency frameworks to ensure operational continuity and uninterrupted service delivery in the event of regional disruptions. -- The Hindu Bureau

Nasscom calls for strengthening operational, cyber resilience amid evolving West Asia situation

Nasscom urges member companies to enhance cyber resilience and operational preparedness amid rising threats from the West Asia geopolitical situation.

India does not expect inflation to rise substantially from a jump in global crude oil prices triggered by the war in the Middle ‌East, as domestic price levels remain near the lower end of the central bank’s tolerance band, ⁠Finance Minister Nirmala Sitharaman said on Monday (March 9, 2026).

Global oil prices, including India’s crude basket, ‌had been falling for a year until conflict escalated in the region on February 28, Sitharaman said in a written reply in parliament.

The Indian ⁠basket rose from $69.01 a barrel at end-February to $80.16 a barrel by March 2, the reply said.

The government said ‌the impact on consumer prices would be limited for now.

“Given that India’s inflation is near the lower bound, the impact on inflation is not estimated to be substantial at this point,” Ms. Sitharaman said.

January’s retail inflation was 2.75%, close to the bottom of the Reserve Bank of ‌India’s 2%–6% target range.

The RBI’s October 2025 Monetary Policy Report estimated that a 10% increase in crude prices could lift inflation by about 30 basis points, ⁠assuming full pass-through to domestic fuel rates, she said.

“However, the ⁠medium-term impact of the global crude oil price rise on inflation depends on several factors, including exchange ‌rate movements, global demand and supply situation, monetary policy transmission, the state of general inflation, and the extent of the indirect pass-through,” Ms. Sitharaman added. -- Reuters

The escalating crisis in the West Asia has dramatically changed the outlook for global central banks, with the huge supply shock posing a difficult trade-off between underpinning ‌growth and countering inflation.

For emerging Asian central banks, cutting interest rates has become a risky bet not just because of the added price pressure from higher fuel costs, but the risk of triggering ⁠capital outflows through worsening terms of trade with the U.S.

The Reserve Bank of India, for one, expects to focus more on supporting growth by keeping interest rates low, sources have told Reuters. But a rush towards the safe-haven dollar, which is intensifying from the U.S.-Iran war, may force it ‌to ramp up intervention to prop up its weakening currency.

Thailand and the Philippines may be forced to reverse their dovish monetary policy stance, even as rising fuel costs hurt their economies, said Toru Nishihama, chief emerging market economist ‌at Dai-ichi Life Research Institute in Tokyo. -- Reuters

​

Iran conflict forces Asian central banks into sharp policy rethink

Asian central banks face tough choices on interest rates amid rising oil prices and the escalating Iran conflict, impacting growth and inflation.

European shares slumped to their lowest in over two months ⁠on Monday (March 9, 2026), as surging oil prices exacerbated inflation worries with the U.S.- Israeli war on ‌Iran showing no signs of slowing down.

The pan-European benchmark fell for ‌the third session, down 2.34% at 585.08 ‌points ⁠by 0810 GMT. The index ⁠fell 5.5% last week, marking it’s worst week in nearly a year.

Oil surged more than 25% with prices just ‌shy of $120 a barrel, as concerns over drawn out shipping and supply disruptions gripped markets due to an expanding conflict ‌in the Middle East.

Iran named Mojtaba Khamenei to succeed his father Ali Khamenei as supreme leader, signalling ⁠that hardliners remain firmly in charge in Tehran.

In Europe, banks, which were in the ‌epicenter of the sell-off last week, extended declines with a 3.2% fall.

Tech stocks fell 3.1%.

Carriers Lufthansa and Air France KLM fell 3.9% and 5.2%, respectively.

On the flip side higher crude prices pushed ‌energy 0.1% higher, while defense firm Leonardo added 1.4%.

Attention now turns to comments by ECB President Christine Lagarde while board ⁠member Piero Cipollone and euro zone ⁠finance ministers are due to speak at Eurogroup meeting later in the day.

Data ‌showed German industrial orders fell more than expected month-on-month in January. -- Reuters

InCred Research Services MD and Head Satish Kumar said “Market corrections are a part of the cycle. At this stage, we don’t see significant downside risk left in equities, if clarity emerges. Oil at around $115 per barrel is unlikely to sustain for long, and once prices stabilize, markets should find their footing again.

Much of the geopolitical premium is already being priced into commodities and risk assets. If the war does not escalate for extended periods, investors are likely to shift focus back to fundamentals and earnings growth.”

Fitch Ratings on Monday (March 9, 2026) said the Iran conflict could raise additional challenges for some emerging market sovereigns in areas like energy imports, remittances and exchange rates.

In a report titled ‘Iran conflict raises new credit risks for emerging market sovereigns’, Fitch said more sustained disruption to global energy supplies from the Gulf than envisaged under its baseline could significantly damage global investor sentiment.

“We expect this would result in a stronger U.S. dollar and weaken the market for debt issuance, particularly for highly speculative-grade issuers. Higher energy prices could put upward pressure on inflation, affecting monetary policy decisions globally,” the report said.

Fitch said oil and gas imports are the most direct channel for contagion from the conflict, given its effect on global energy prices. For larger economies, like India, net fossil fuel imports are equivalent to 3% or more of GDP.

“The Iran conflict could raise additional challenges for some emerging market sovereigns, through such channels as energy imports, remittances, fiscal subsidies, exchange rates and access to international finance,” Fitch Ratings said.

In the report, Fitch said the risks to emerging market ratings should be contained if the effective closure of the Strait of Hormuz lasts less than a month and major damage to the region’s oil production infrastructure is avoided. -- PTI

European gas prices soared as much as 30% on Monday (March 9, 2026) as the West Asia conflict roiled energy markets and spurred fears of prolonged supply disruptions.

The Dutch TTF natural gas contract, considered the European benchmark, jumped to 69.50 euros, before paring gains slightly.

Despite the surge, the price remained below the level it reached in 2022 at the outbreak of the war in Ukraine. -- AFP

Benchmark indices Sensex and Nifty crashed over 3% on Monday (March 9, 2026) as boiling crude oil prices and a weak trend in global equities due to worsening situation in West Asia dragged the stock markets sharply lower.

Besides, unabated foreign fund outflows also weighed heavily on investors’ sentiment.

The 30-share BSE Sensex crashed 2,494.35 points or 3.16% to 76,424.55. The 50-share NSE Nifty tumbled 752.65 points or 3.07% to 23,697.80.

All the 30-Sensex firms were trading lower. State Bank of India, Mahindra & Mahindra, UltraTech Cement, Maruti, InterGlobe Aviation and Adani Ports were among the major laggards. -- PTI

Tehran is moving to restrict – or effectively close – the Strait of Hormuz to shipping, as part of the latest escalation in the war involving Iran.

Markets have reacted to the global impact of closing this incredibly busy shipping channel, focusing on the risk to oil and gas flows, the prospect of higher crude prices and the inflationary pressures that would follow.

But it captures only part of the story. A sustained disruption of traffic through Hormuz would not simply constitute an energy crisis.

It would also represent a fertilizer shock (where prices go up dramatically and supply goes down) – and, by extension, a direct risk to global food security. -- Conversation

​

How Iran war could create ‘fertilizer shock’ – often ignored global risk to food prices, farming

Iran's potential closure of the Strait of Hormuz could trigger a global fertiliser shock, threatening food security and increasing prices.

Indonesian ‌Energy Minister Bahlil Lahadalia said ⁠on Monday (March 9, 2026) the ‌country’s fuel ‌supply ‌is adequate ⁠and ⁠there is no plan to ‌raise subsidised fuel prices until ‌Eid al-Fitr, state news agency ⁠Antara reported.

Eid ‌al-Fitr, the end of Ramadan, ‌falls at the end of ⁠next week. -- Reuters

Oil prices spiked near $120 per barrel before falling back slightly on Monday (March 9, 2026) as the Iran war intensified, threatening production and shipping in the Middle East and pummelling financial markets.

The price for a barrel of Brent crude, the international standard, surged to $119.50 per barrel but later was trading at $112.98.

West Texas Intermediate, the light, sweet crude oil produced in the United States, spiked at $119.48 per barrel but fell back to $110.17.

Oil prices have surged as the war, now in its second week, ensnares countries and places that are critical to the production and movement of oil and gas from the Persian Gulf.

Roughly 15 million barrels of crude oil — about 20% of the world’s oil — typically are shipped every day through the Strait of Hormuz, according to independent research firm Rystad Energy. -- AP

‌Indonesia will ⁠absorb the shock ‌from ‌oil ‌price ⁠increases ⁠using its ‌state budget, its Finance ‌Minister Purbaya ⁠Yudhi Sadewa ‌said on ‌Monday (March 9, 2026).

Japan’s Nikkei index of stocks closed down more than 5% and South Korea’s Kospi by 6% on Monday (March 9, 2026), on the back of turmoil in West Asia.

At the end of trading, the Nikkei 225 was 5.2% lower at 52,728.72 points. The Kospi ended the day 5.96% lower at 5,251.87 points. -- AFP

Vietnam is considering a plan to scrap tariffs on fuel imports, the government said, as the U.S.-Israeli war with Iran disrupts oil supplies and pushes prices to their highest level since 2022.

The Ministry of Finance said on Sunday (March 8) it had drafted a decree that would slash import tax rates to zero on some petroleum products to “help stabilise the domestic market and ensure national energy security”.

“If the conflict continues and the blockade of the Strait of Hormuz persists, alternative supplies on the international market will become scarce and risk driving prices up,” it said in a statement, referring to the waterway through which a fifth of global crude usually passes. -- AFP

Vietnam mulls over removing fuel duties as West Asia conflict hits supplies

Vietnam considers zero import duties on fuel to stabilize prices amid rising costs due to the West Asia conflict.

Bahrain’s state oil company declared force majeure on Monday (March 9, 2026) for its shipments after an Iranian attack set its refinery ablaze.

The state-run Bahrain News Agency carried the announcement of the force majeure, a legal manoeuvre that releases a company from its contractual obligations because of extraordinary circumstances.

It said the company’s operations “have been affected by the ongoing regional conflict in West Asia and the recent attack on its refinery complex.” It insisted that local demand could still be met. -- AP

Japan will consider steps to cushion ‌the economic blow from rising fuel costs caused ⁠by the conflict in West Asia including curbing gasoline prices, Prime Minister ‌Sanae Takaichi said on Monday (March 9, 2026).

“Many people are worried ‌about rising gasoline prices,” Ms. Takaichi ‌told ⁠Parliament. “Taking this into account, ⁠the government has been considering since last week what steps it can take.”

“We’re considering steps ‌to avoid gasoline prices from rising to levels intolerable for the public,” she said, adding that ‌such measures could be funded by tapping reserves.

Ms. Takaichi ruled out overhauling the ⁠government’s draft fiscal 2026 budget, which is now being deliberated in ‌Parliament, or compiling a stop-gap budget to fund the measures.--Reuters

Governments in Asia are scrambling to limit the impact on economies and consumers ‌from the widening Iran war, which fuelled a record surge in oil prices on Monday (March 9, 2026) after key producers cut output and Tehran signalled that hardliners will remain in ⁠charge. In South Korea, which buys 70% of its oil from the Middle East, President Lee Jae Myung said Seoul would cap fuel prices for the first time in nearly 30 years and warned against panic buying.

Speaking at an ‌emergency meeting, Lee called the crisis “a significant burden on our economy, which is highly dependent on global trade and energy imports from the Middle East.” A senior Japanese parliament ‌member said on Sunday that the government had instructed a national oil reserve storage site ‌to prepare ⁠for a possible crude release, although the country’s chief cabinet secretary said on Monday ⁠(March 9) that no decision had been made to release stockpiles. Japan imports around 95% of its oil from West Asia. It has reserves to cover 354 days of consumption. Elsewhere, Vietnam removed import tariffs on fuels and Bangladesh shut universities to conserve electricity and fuel, while China last week asked refiners ‌to halt fuel exports and try to cancel shipments already committed. -- Reuters

U.S. President Donald Trump tried to tamp down concern about rising U.S. gasoline prices, which were up 11% for the week on Friday (March 6, 2026), while Senate Minority Leader Chuck Schumer called on him to sell oil ‌from the Strategic Petroleum Reserve. 

“Short term oil prices, which will drop rapidly when the destruction of the Iran nuclear threat is over, is a very small price to pay for U.S.A., and World, Safety and Peace,” Mr. Trump posted on Truth Social on ⁠Sunday night. “ONLY FOOLS WOULD THINK DIFFERENTLY!” 

Oil jumped 25%, with Brent on track for a record one-day gain, after Iran on Monday named Mojtaba Khamenei to succeed his father Ali Khamenei as supreme leader, while OPEC ‌producers Kuwait and Iraq cut oil output during the weekend as the crucial Strait of Hormuz remained effectively shut. -- Reuters

Bangladesh will close all universities from Monday (March 9, 2026), ‌bringing forward the Eid al-Fitr holidays as part of emergency measures to conserve electricity and fuel. -- Reuters

Vietnam is planning to ‌remove import tariffs on fuels to ensure supplies amid disruptions, the government said, adding that the measure is expected ⁠to last until the end of April. -- Reuters

The Japanese government instructed a national ⁠oil reserve storage site to prepare for a possible release of crude, Akira Nagatsuma, a ‌member of the Centrist Reform Alliance opposition party, told Reuters on Sunday (March 8, 2026).

Details such as the timing of the release remain unclear, Nagatsuma said. -- Reuters

South Korean President ‌Lee Jae Myung said on ‌Monday (March 9, 2026) ⁠that authorities would cap domestic fuel ⁠prices for the first time in nearly 30 years. The country will also look for sources of energy beyond supplies ‌shipped via the Strait of Hormuz, and a 100 trillion won ($67 billion) market-stabilisation programme should be expanded if needed, he ‌added. -- Reuters

Thick smoke was seen ‌rising from the direction ⁠of the Bapco oil refinery ‌in Bahrain on ‌Monday, ‌a witness ⁠said.

Smoke ⁠surrounded the refinery after the government ‌earlier said injuries and damage were sustained ‌in the Sitra area as a result ⁠of an Iranian ‌drone attack, the witness added.

Bapco is Bahrain’s ‌main oil refinery and a key ⁠facility in the country’s ⁠energy sector. -- Reuters

Gold fell on Monday (March 9, 2026), as a stronger U.S. dollar weighed on ⁠the greenback-priced bullion, while higher energy costs fuelled inflation concerns and further dimmed the prospects for near-term reductions in interest rates.

Spot gold was ‌down 1.5% at $5,091.02 per ounce, as of 0233 GMT, after falling more than 2% earlier in the ‌session. U.S. gold futures for April delivery were down ‌1.2% ⁠at $5,097.40.

The dollar rose to a more-than-three-month high, making bullion ⁠more expensive for holders of other currencies.

The U.S. 10-year Treasury yields climbed to a one-month high, raising the cost of holding non-yielding gold.

“Gold is on the back foot today ‌despite the market tumult, with triple-digit oil prices boosting the dollar on inflation fears and scaled back rate-cutting expectations,” said Tim Waterer, KCM Trade chief market analyst.

“Much of gold’s price rise over the last 12 months was predicated ‌on a dovish outlook for U.S. interest rates, but given the inflation risk presented by $100 per barrel oil, rate cuts are no longer a given and gold has repriced accordingly,” Waterer said.

Investors expect the U.S. Federal Reserve to keep interest rates steady at the end of its two-day meeting on ‌March 18, as per CME Group’s FedWatch tool. The odds of a June hold, which were below 43% last week, climbed to more than 51%.

Bullion tends to thrive in ⁠a low-interest-rate environment as it is a non-yielding asset.

Raising geopolitical tensions ⁠in the Middle East, Iran on Monday named Mojtaba Khamenei to succeed his father, Ali Khamenei, as supreme leader, ‌signalling that hardliners remain firmly in charge.

Spot silver dropped 1.5% to $83.09 per ounce. Spot platinum fell 1.1% to $2,111.04, and palladium was down 1.4% at $1,603.25. -- Reuters

Hong Kong stocks hit six-month lows on Monday (March 9, 2026) while China shares wiped out this year’s gains as ‌the escalating war in the West Asia sent oil prices soaring and dampened risk ⁠appetite in markets across Asia.

Hong Kong’s Hang Seng Index was down 3% by the lunch break, with energy the ‌only sector to rise.

China’s blue-chip CSI300 Index fell 2%, having hit the lowest level ‌since December, while the Shanghai Composite Index ‌lost ⁠1%.

Meanwhile, China’s yuan hit the weakest ⁠level in a month against the rebounding dollar. Asian equities tumbled on prospects that the West Asia war could leave consumers and businesses worldwide facing weeks ‌or months of higher fuel prices, threatening an already fragile global economy.

“The war has reduced risk appetite,” Deng Lijun, strategist at Huajin Securities told ‌investors in a road show.

“There’s a lot of uncertainty, especially regarding how long the conflict will last.” Investors largely ignored data ⁠showing China’s consumer inflation accelerated to the highest in more than three years on the back of ‌the Lunar New Year holiday, while producer deflation persisted. Sentiment was not helped by reports that a summit this month between U.S. President Donald Trump and China’s Xi Jinping was unlikely to yield a breakthrough in bilateral ties. Meanwhile, the ongoing annual ‌parliament meeting in Beijing suggested China was in no hurry to roll out major fiscal or monetary stimulus.

Chipmakers, healthcare companies and property developers were ⁠among the worst performers in Hong Kong.

In China, resource-related ⁠sectors such as energy , coal and cement rose, but tech shares tumbled.

However, Huajin Securities’ Deng ‌said that the long-term uptrend of China’s stock market had not ended, citing policy support and improving corporate earnings. -- Reuters

Shares of Indian refiners slumped on Monday (March 9, 2026), as the widening U.S.-Israeli war with Iran ‌propelled Brent crude prices toward $120 per barrel — a near four-year high — threatening their ⁠near-term earnings.

State-run Indian Oil dipped 6.6%, Hindustan Petroleum slid 7.5% and Bharat Petroleum dropped 7.1%, and were ‌headed for their steepest falls in more than a year.

Reliance Industries ‌lost 2%.

UBS said oil marketing companies are “negatively leveraged” to the crude spike as they ‌sell more diesel and gasoline than they produce, estimating sales-to-production ratios at 1:2 for IOC and BPCL and 2:2 for HPCL.

The ‌brokerage cut IOC and BPCL to “neutral” and BPCL to “sell” from “buy”.

The rout dragged the Nifty oil and gas ⁠index down 2.7% and the energy index 2.1% lower, while the benchmark Nifty 50 slid ‌2.8%. The oil and gas index has fallen 6.6% since the U.S.-Israeli strike on Iran on February 27.

Citi warned that refiners’ earnings will hinge on how long the geopolitical shock lasts, flagging risks from ‌a potential closure of the Strait of Hormuz and any shutdown of Qatar’s LNG output - each supplying about half of India’s ⁠crude and LNG imports.

Any disruption beyond the one ⁠month currently priced in could sharply tighten LNG markets, with low European ‌storage for October 2026 raising the risk of “non-linear” price spikes, the brokerage added. -- Reuters

The U.S. has urged India to buy Russian oil already floating at sea and redirect it to Indian refineries to “tamp down” fears of supply shortages and price spikes amid the ongoing West Asia conflict, Energy Secretary Chris Wright has said.

However, the move, he said, is a short-term, pragmatic effort to stabilise the market and did not signal any change in Washington’s policy towards Russia.

In an interview with CNN on Sunday (March 8, 2026), Mr. Wright said he, along with Treasury Secretary Scott Bessent, had spoken to Indian authorities about buying Russian crude cargoes currently waiting to be unloaded at Chinese refineries. -- PTI

U.S. urged India to buy Russian oil already at sea to ease supply : Energy Secretary Chris Wright

The U.S. urges India to purchase Russian oil at sea to alleviate supply fears amid ongoing West Asia conflict.

IMF Managing Director Kristalina Georgieva ‌on Monday (March 9, 2026) warned of inflation ⁠risks from the Middle East conflict, ‌saying a 10% increase ‌in oil ‌prices, if ⁠persistent through ⁠most of the year, would result in a 40-basis-point ‌increase in global inflation.

“We are seeing resilience ‌tested again by the new conflict in the ⁠Middle East,” Ms. Georgieva said, ‌speaking in a symposium hosted by Japan’s finance ministry.

“My advice to policymakers ‌in this new global environment is think of ⁠the unthinkable and ⁠prepare for it,” she ‌said. -- Reuters

The rupee plummeted 46 paise to near its all-time intra-day low of 92.28 against the U.S. dollar in early trade on Monday (March 9, 2026) as global crude oil prices shot up and the greenback strengthened amid the worsening situation in the Middle East.

Brent crude, the global oil benchmark, was trading higher by a staggering 25.68% at $116.5 per barrel in futures trade as the war between U.S.-Israel and Iran intensified.

A big surge in FII outflows and a crash at the domestic equity market in morning trade put further pressure in the local unit, forex traders said.

At the interbank foreign exchange, the rupee opened at 92.22 against the US dollar before declining further to 92.28, down 46 paise from its previous close. The rupee had hit an all-time intra-day low of 92.35 on March 4.

The rupee depreciated 18 paise against the US dollar on Friday to close at 91.82 against the American currency. -- PTI

The price of the main U.S. benchmark for oil surged more than 30% on Monday over concerns that the Middle East war could create prolonged supply disruptions.

At 0230 GMT West Texas Intermediate (WTI) was up 30.04 percent at $118.21 per barrel, before easing slightly, while Brent Crude was 27.54 percent higher at $118.22. -- AFP

Investors in Indian stock market sold big at open pushing the benchmark indices down by 3% on March 9, 2026.

Nifty opened at 23,868.05 points, down and Sensex at 77,056.75 points. As of 9:37 a.m, they’re trading at 23,769 points and 76,715.44 points. These levels are amongst the lowest in nearly 6 months.

Barring a few hundred stocks, all of them are declining since open at 9:00 a.m. -- Ashokamithran T

Stock market investors sell big as crude hits $100

Investors sell off as crude oil hits $100/bbl, causing a significant decline in Indian stock market indices.

Oil prices eclipsed $114 per barrel for the first time since 2022 on Monday (March 9, 2026) as the Iran war intensified, threatening production and shipping in West Asia.

The price for a barrel of Brent crude, the international standard, surged past $114 after trading resumed on the Chicago Mercantile Exchange. That was up 23% from its Friday (March 6) closing price of $92.69.

Iran Israel War | Crude oil prices surpass $100 a barrel as West Asia conflict impedes production and shipping

Crude oil prices exceed $100 per barrel as the Iran war disrupts production and shipping in West Asia.