Latest Business News
Oil Prices Surge 3.5% to $98 Amid Fragile Iran Ceasefire
Oil prices rose sharply Thursday, with Brent crude up 3.5% to $98.09 per barrel and U.S. crude 3.6% higher at $97.83, reversing prior declines on ceasefire optimism. Investors doubt the two-week US-Iran truce after Israeli strikes on Lebanon prompted Iran to close the Strait of Hormuz.
Asian Stocks Retreat on Middle East Tensions
Asian markets fell amid skepticism over the US-Iran ceasefire, with Shanghai Composite down 0.7% to 3,966.17 and India's Sensex dropping 1.6%. Australia's S&P/ASX 200 edged up 0.2% to 8,973.20, while Taiwan's Taiex rose 0.3%.
European Markets Decline in Early Trading
Britain’s FTSE 100 fell 0.3% to 10,572.73, France’s CAC 40 dropped 0.8% to 8,198.77, and Germany’s DAX lost 1.3% to 23,771.68 amid ceasefire doubts. U.S. futures were down over 0.4%.
Wall Street Rallies on Ceasefire Announcement
U.S. markets closed higher Wednesday after Trump’s two-week ceasefire with Iran: S&P 500 up 2.5% to 6,782.81, Dow 2.9% to 47,909.92, Nasdaq 2.8% to 22,635.00. Airline and cruise stocks surged, with Carnival up 11.2% on de-escalation hopes.
Iran Closes Strait of Hormuz After Lebanon Strikes
Iran shut the Strait of Hormuz in response to intense Israeli strikes on Lebanon that killed and injured hundreds, heightening global oil supply fears. This move fueled Thursday's oil price rebound despite initial ceasefire optimism.
Gold and Silver Prices Fall on Market Recovery
Gold dropped 0.6% to $4,750.20 an ounce and silver fell 1.7% to $74.08 amid reduced safe-haven demand after Wall Street's rally. Precious metals declined as equities recovered on de-escalation news.
India's Growth Projected at 6.6% for FY27 Despite Headwinds
World Bank forecasts India's economy to grow 6.6% in FY27, slowed by higher energy prices from Middle East conflict and supply chain issues. India remains among the world's fastest-growing major economies.
South Asia Growth to Slow to 6.3% in 2026
World Bank projects South Asia growth at 6.3% in 2026, down from 7% in 2025, due to global energy market disruptions. Recovery expected to 6.9% in 2027.
World Bank Urges Private Sector Boost in India
To build resilience, World Bank recommends boosting private sector-led growth in energy, infrastructure, manufacturing, and more for job creation. A predictable business environment is key to Viksit Bharat goals.
Industrial Policies in South Asia Yield Mixed Results
South Asia uses industrial policies at twice the rate of other emerging economies, but results are mixed, per World Bank analysis. Recommendations include targeted measures in urban development, tourism, and digital services alongside regulatory improvements.