Bangladesh cut office and shop hours and banned decorative lighting at weddings starting Friday

India has abolished import tax on petrochemicals used for making plastics ​and pharmaceutical goods after the government invoked emergency powers ‌and diverted local chemicals for production of cooking gas due to shortages caused by the Iran war.

The dollar ​rose sharply on Thursday after US President Donald Trump’s address on Iran shattered hopes for ‌a swift end to the conflict, sending investors towards safe-haven assets as oil prices jumped and stocks tumbled.

Gold fell sharply from two-week highs on Thursday after US ‌President Donald Trump said that Washington would continue its military campaign in Iran in the coming weeks, driving oil prices higher and dampening hopes of interest rate cuts.

Here are the latest key facts about security alerts and trade impacts from the blockage of the Strait of Hormuz, a crucial shipping route virtually paralysed by the Middle East war.

The Bank of England on Wednesday said the Middle East war had caused “a substantial negative supply shock to the global economy”, increasing risks to the financial system.

Merchandise shipment decreased 18% year-on-year to $3.48 billion in March

Wider discounts on US crude oil compared to global ⁠benchmark Brent crude have spurred demand for tankers in the US Gulf Coast

Brent crude surged as much as five percent to hit $106.29

Gold prices rose on Wednesday to their highest in nearly two weeks, supported by a weaker dollar following US President Donald Trump’s statement that the war with Iran could wind down ​in weeks.

Chinese firms are ​reselling record volumes of LNG, cashing in on soaring spot prices as China has enough domestic ‌and pipeline gas to meet its own weakened demand, in stark contrast to other Asian buyers scrambling to replace supplies cut off by the Iran war.

OpenAI on Tuesday said that the startup was valued at $852 billion in a freshly closed funding round that raised $122 billion.

The world’s largest importer of oil through the Strait of Hormuz is, paradoxically, also one of the best placed to weather the waterway’s closure.

The dollar index was last down 0.03 percent at 99.70

Brent contract for June fell $3.33, or 3.2 percent, to $100.64 per barrel

Input prices rose at ‌the ⁠fastest rate since August 2024 as the Middle East war drove up energy, raw material prices

The dollar headed for its biggest monthly gain since July on Tuesday and stands out as the strongest so-called ​safe asset, as war in the Middle East has set oil prices surging, nearly everything else sinking and raised the risk ‌of global recession.

US Trade Representative Jamieson Greer on Monday lambasted the World Trade Organization after high-level talks ended with a failure to extend a years-long ban on customs duties for e-commerce.

China’s factory activity expanded in March at its quickest pace in a year, official data showed on Tuesday, ending a two-month slump as production picked up after the annual Spring Festival holiday.

India’s rupee fell to a record low of more than 95 to the dollar on Monday, before recovering, despite recent efforts by the central bank to stem its fall.