Exports of basmati rice and tea to West Asia have stopped due to the US-Iran conflict, with vessels waiting at Kandla Port and tea orders unfulfilled. The Strait of Hormuz closure and attacks on cargo ships are creating tension and pressuring exporter profitability.
Qatari negotiators have arrived in Tehran to finalize an agreement aimed at ending a conflict between the US and Iran. The agreement, which has been ongoing for over three months, could be signed as early as Sunday, though hardline protesters in Iran have voiced opposition.
Pakistan's Prime Minister Sharif stated that a deal to end conflict between the US and Iran is expected within 24 hours, with online signatures possibly next week. Both the US and Iran have expressed positive sentiments, indicating negotiations are in their final stages. The proposed agreement reportedly includes resuming passage through the Strait of Hormuz and lifting US naval blockades in exchange for Iran limiting its nuclear development, with the US easing sanctions.
US President Donald Trump expressed his approval of rising inflation figures, stating "I love the inflation" and claiming the US was secretly moving oil through the Strait of Hormuz amid the conflict with Iran. Senator Bernie Sanders criticized Trump's stance, highlighting the impact on working families.
The United States reported shooting down Iranian drones targeting shipping in the Strait of Hormuz, while Kuwait and Bahrain condemned Iranian attacks and intercepted missiles and drones. The exchanges come amid a wider conflict involving strikes on Iranian nuclear sites and retaliatory actions. Separate violence in the West Bank killed a seven-month-old baby, and an Israeli strike on a Lebanese army vehicle killed several soldiers.
The next phase of the US-Iran conflict may be the most tense due to a lack of agreement on key issues, despite a de facto ceasefire during the Hajj pilgrimage. Experts predict continued "hybrid ceasefire" with high alert in the Persian Gulf.
Bloomberg Economics estimates the RBI sold $12 billion in gold in two weeks ending May 22 to protect foreign exchange reserves amid rising energy costs and currency pressure due to the US-Iran conflict.
Israeli PM Netanyahu ordered attacks on Hezbollah-controlled southern Beirut suburbs, citing ceasefire violations. Iran stated Israeli attacks in Lebanon delay US-Iran conflict resolution, demanding a Lebanon ceasefire as part of any deal.
The SCO, led by China and Russia, faces challenges in taking a decisive stance due to its design for restraint, amid Iran's high tensions with the US and Israel, despite a tentative ceasefire agreement.
Pakistani PM Shehbaz Sharif met with Chinese President Xi Jinping in Beijing, discussing mediation efforts between the US and Iran. Sharif stated that these efforts are progressing positively, and Xi praised Pakistan's "proactive role" as a peace broker.
India's Finance Minister Nirmala Sitharaman highlighted the need to monitor fuel, fertilizer, and foreign exchange amid the US-Iran conflict. The ongoing crisis is impacting India through rising energy and fertilizer prices, straining fiscal estimates and foreign exchange reserves, despite the economy showing resilience.
US Secretary of State Marco Rubio stated that India did not express concerns about Pakistan's reported mediation role in the US-Iran conflict, though India remains worried about terrorist groups operating from Pakistani soil.
Pakistani Foreign Minister Ishaq Dar announced significant progress in US-Iran conflict resolution talks, commending leaders from both nations for their diplomatic efforts. A draft deal has been agreed upon, following a period of ceasefire and previous unsuccessful negotiations.
Pakistani Foreign Minister Ishaq Dar expressed optimism about a potential long-term settlement of the US-Iranian conflict following a call led by US President Donald Trump with leaders of several Muslim countries. Trump announced a draft deal with Iran had been generally agreed upon.
The US and Iran are on the brink of war after a US fighter jet was downed over Iran, with both sides exchanging threats and accusations.
Sources close to negotiations in Tehran indicate diplomatic efforts to prevent a resumption of fighting between the US and Iran are making progress. Regional and informed sources describe the situation as positive and hopeful, suggesting a deadlock has been broken.
Iran shared a viral video of a Bangladeshi albino buffalo resembling Donald Trump, claiming the animal lost its appetite due to comparisons amid ongoing US-Iran conflict. The buffalo, named 'Donald Trump', has become a tourist attraction near Dhaka.
Iran shared a viral video of a Bangladeshi albino buffalo resembling Donald Trump, claiming the animal lost its appetite due to comparisons amid ongoing US-Iran tensions. The buffalo, named 'Donald Trump', has become a tourist attraction near Dhaka.
Aluminum stocks surged in early trading on the KOSPI market, driven by expectations of benefiting from rising aluminum prices due to the US-Iran conflict. Fears of prolonged supply disruptions from the Middle East, impacting key producers like EGA and Alba, are fueling the rally.
Dalal Street anticipates a volatile week driven by the US-Iran conflict, foreign investor activity, rising crude oil prices, inflation, and a falling rupee. Analysts expect continued pressure on investor sentiment.
A fragile two-week ceasefire holds between the US and Iran after President Trump threatened destruction, with Pakistan emerging as a potential mediator due to its strategic ties and Islamic legitimacy.
The Indian rupee hit a record low of 95.7450 against the US dollar due to rising oil prices, overseas debt repayments, and importer demand, despite RBI interventions. Economists link the pressure to the US-Iran conflict, which has increased oil prices by nearly 50% since February 28, causing the rupee to weaken by over 5% in the same period.
Rupee hits record low of 95.7450 per USD due to rising oil prices, debt repayments, and importer demand, exacerbated by the US-Iran conflict; RBI interventions mitigate steeper losses.
The Armenian-American initiative does not automatically provide for a full connection of the Armenian and Azerbaijani railway infrastructure
