India backs WTO reset with core focus intact
NEW DELHI: India on Thursday backed reforming the World Trade Organisation but underlined the need to retain the core focus on poor and developing countries and a consensus-driven decision-making process.“The necessary reform of WTO should be carried out through a transparent, inclusive and member-driven process, keeping development at its core, upholding the foundational principles and objectives of the organisation, mainly non-discrimination, consensus-based decision making and equity. Special and differential treatment (S&DT) should be precise, effective and operational,” commerce & industry minister Piyush Goyal said in his intervention at the ministerial meeting that kicked off on Thursday.While calling for past mandates given by members to be delivered, Goyal highlighted the need to get the dispute settlement mechanism going again. The US has blocked appointments to the appellate body, holding up the entire process of dispute resolution He also flagged his concern over the failure of the WTO membership to address concerns of poor countries that grow and export cotton, or India’s concerns over public stockholding, an issue that has been pending for 12 years now with ministers kicking the can down the road every time they meet. “…we must deliver on them on priority,” Goyal said at the meeting in Cameroon.India also thumbed down China’s push for an investment facilitation framework but did not make an explicit mention. Instead, Goyal said the incorporation of plurilateral outcomes into the WTO framework should be based on consensus and not impair existing rights of non-parties or cast additional obligations on them. A plurilateral agreement, which according to India needs to be cleared through consensus, means a group of countries can finalise a pact on an issue such as IT goods.Further, he suggested that India is not keen on continuing the customs waiver for e-commerce.
Jindal Steel’s deal with Thyssenkrupp faces delay
NEW DELHI: Jindal Steel International is seeking clarity from German authorities, with the proposed deal to acquire Thyssenkrupp Steel facing delays over pension-related issues, persons aware of the matter said. The talks remain active and the deal has not been abandoned, though certain legal and operational matters are yet to be resolved. Pension liabilities remain key issues under discussion and further assurances from German stakeholders may be required before the transaction can move forward. “The deal is stuck, but it still has life…assurance is needed from the German establishment. They have to take a shot, may be it will take some more time to conclude, as the pension issue is stuck,” a person familiar with the matter said. Thyssenkrupp confirmed that negotiations with Jindal Steel International and employee representatives are continuing as part of the due diligence process. “We are continuing talks with Jindal Steel International and employee representatives regarding a possible sale of Thyssenkrupp Steel. The non-binding, indicative purchase offer from Jindal Steel International is being addressed directly between the parties in the ongoing due diligence process,” a Thyssenkrupp spokesperson told TOI.Jindal Steel submitted an indicative offer last Sept that included completing a green steel production facility in Duisburg .
E-2-wheelers may get subsidy for 3 more months
NEW DELHI: Govt is likely to extend subsidies for electric two-wheelers under the PM e-Drive scheme until June, while subsidies for e-rickshaws may continue for two years or so. The scheme, initially notified in Sept 2024, is valid till March 31.“We are looking at extending the incentive for these two categories of electric vehicles. Since we have budget under this head, we want that more people get the benefit of the scheme,” a person aware of the development said. Under the scheme, e-two-wheeler and e-rickshaw buyers get subsidy of Rs 2,500 per kWh. Official data shows that out of Rs 1,772 crore subsidy earmarked for electric two-wheelers, about Rs 1,260 crore has been utilised. For electric three-wheelers, Rs 737 crore has been spent out of the Rs 907 crore allocation.Industry sources said e-rickshaw manufacturers have struggled to meet localisation norms under the Phased Manufacturing Programme (PMP), making it difficult for many players to qualify for subsidies. “In the e-rickshaw segment, localisation remains a challenge as several key components such as traction battery packs, motors and instrument clusters are still largely imported. This has limited eligibility for incentives and slowed fund utilisation,” an industry executive said. The Rs 10,900-crore PM E-Drive scheme aims to accelerate EV adoption and build charging infrastructure across the country. Incentives are offered as upfront price reductions for buyers, which are later reimbursed to manufacturers, while localisation norms are aimed at strengthening domestic EV manufacturing.The scheme has been extended by two years, from March 2026, to March 2028, to support the adoption of electric buses, trucks, and ambulances. The scheme aims to boost local manufacturing, requiring e-bus makers to localise traction motors, but so far, no electric buses or trucks have hit the road, according to department of heavy industry data. Officials said that trucks are in the process of getting tested before sales start.
Industry knocks on govt doors, seeks supply woes resolution
NEW DELHI: Amid disruption in supply chains, including inputs for medicines to glass, sulphur, solvents and polymers, industry has approached govt with multiple suggestions, ranging from relief in loans for small businesses staring at turning to non-performing assets due to lack of gas availability to operationalising a “green corridor” for goods flow to ports such as Sohar, Jeddah and Khorfakkan.It has also called for restricting the use of certain inputs, such as helium, and developing a domestic war risk insurance market. The lack of gas for industries has affected several sectors, be it ceramic or dyeing units, steel, aluminium or plastics.While freight rates have gone up, reflecting in a 20% jump in Drewry World Container index between Feb 26 and Thursday ($2,279 for a 40-feet container), availability is becoming a challenge, which is hurting supply chains as ships take a longer route and go around the Cape of Good Hope to reach Europe or the US. Going forward, a container supply crunch is widely expected.TOI spoke to industry representatives and one of the suggestions in their proposals to govt is a time-bound freight support mechanism to offset the impact, especially for smaller businesses.The supply disruptions from West Asia are prompting Chinese companies to jack up active pharma ingredient rates, including for blood pressure and sugar medicines.There are suggestions to tap alternate markets for fertilisers (Canada for potash, Russia and Egypt for urea). And, same for sulphur where export curbs have been proposed, apart from sourcing from Russia, the US and Kazakhstan. When it comes to helium used for MRI, industry has suggested restricting non-essential use, sourcing from Russia and also recovery from geo-thermal sources.Some of the industrial clusters are also seeking access to alternate fuel, such as furnace oil, diesel and cooking to gas and permission for a quick switchover. In addition, like households, there is a suggestion to let industrial and commercial users, with dual fuel capability, prioritise piped gas over LPG.“There is a need to establish a technical priority, with 80-90% continuity of LNG supply on an average for industries, such as glass, speciality chemicals and ceramics for next four-six weeks,” said an industry executive. With furnaces shut due to unavailability of gas, food and pharma packaging as well as containers for vaccines may be hit.There are demands from industries, such as chemicals and petrochem, to suspend or reduce tariffs for three-six months due to a surge in costs.Besides, there are proposals for a Covid-like loan relief for sectors hit by gas supply woes. One of the suggestions is a sector-specific advisory by RBI, allowing banks to treat gas-dependent manufacturing clusters as a temporary event and allowing asset classification standstill for 90 days.There are also some medium- to long-term solutions with developing a permanent domestic war-risk insurance framework on conflict-related maritime disruption being flagged. Similarly, there have been calls for bilateral air freight agreements, with alternate routing countries in central Asia, east Africa and southeast Asia, apart from creating a hedging framework for ATF.But, it isn’t just airlines and shipping lines that have been hit. The impact is felt on export-import rail cargo, where volumes are said to be up to 40% lower in certain areas, forcing operators to stable around 50 rakes and empty wagon movement has risen to 15-20% compared with under 5% in normal times. Some relief has been sought from railways too.Further, road developers have suggested that the current situation should be a force majeure-line event and the project timelines should be extended due to the 30-40% rise in bitumen cost.
WTO reform push: India flags dysfunctional dispute system at MC14, seeks review of e-commerce duty moratorium
India on Thursday urged members of the World Trade Organisation (WTO) to restore a fully functional dispute settlement system, saying the current mechanism has deprived countries of effective redressal, PTI reported.Speaking on the opening day of the WTO’s 14th ministerial conference (MC14) in Yaounde, Cameroon, commerce and industry minister Piyush Goyal stressed the need to revive the automatic and binding nature of dispute resolution within the global trade body.“A dysfunctional Dispute Settlement System has deprived Members from effective redressal. We must restore the automatic and binding dispute settlement system,” he said.The WTO’s dispute settlement mechanism has faced prolonged disruption since 2009 after the US blocked appointments to the Appellate Body.Goyal also called for a reassessment of the moratorium on customs duties on electronic transmissions, which WTO members have periodically extended since 1998. India has repeatedly raised concerns over the potential revenue implications of the arrangement.“In the absence of a common understanding among Members on the scope of the moratorium on customs duties on electronic transmissions and given its potentially significant implications, the continued extension of this moratorium warrants careful reconsideration,” he said.The four-day MC14 is scheduled to conclude on March 29.On broader WTO reforms, Goyal emphasised that any restructuring should be transparent, inclusive and member-driven, with development concerns at the centre. He underlined that core principles such as non-discrimination, consensus-based decision-making and equity must be upheld. The minister added that the principle of special and differential treatment (S&DT) should be made precise, effective and operational.On agriculture negotiations, he said a permanent solution on public stockholding for food security purposes, the special safeguard mechanism and cotton are long-pending mandated issues that member countries “must deliver on them on priority”.“India remains committed to negotiating a comprehensive Fisheries Subsidies Agreement that balances current and future fishing needs, protects the livelihoods of poor fishers, with appropriate and effective S&DT,” Goyal said.He also stated that incorporating plurilateral outcomes into the WTO framework should be based on consensus and should not undermine the rights of non-participants or impose additional obligations on them.“We will engage constructively to show that WTO remains central to global trade and strive to Reform it to remain responsive, Perform in delivering on development, equity, and inclusiveness, and Transform to better serve the interests of the poor, vulnerable, and marginalized people, anchored in consensus and multilateralism,” he said.Other WTO members also highlighted the need for reforms. According to a statement from US Trade Representative Jamieson Greer, the organisation has struggled to address systemic issues such as persistent trade imbalances, structural excess capacity, economic security and supply chain resilience.“As ministers, our focus should be on reforms that would make the WTO more responsive to Members and improve our ability to achieve outcomes that optimize our trading relationships,” Greer said, adding that countries should consider making the e-commerce duty moratorium permanent.Separately, a ministerial statement by the G-33 grouping of developing countries reiterated that public stockholding for food security remains a crucial policy tool for developing and least developed nations.“We urge all WTO Members to work together in reaching a permanent solution on this issue as per the Ministerial mandates,” the statement said.China also called for restoring a fully functioning dispute settlement mechanism at the earliest to strengthen the WTO’s role in global economic governance. The UK said it wanted to “improve accountability by reinstating a functioning dispute settlement system”.EU trade commissioner Maros Sefcovic warned that inaction could weaken the rules-based trading system. “Maintaining the status quo is not an option — we cannot go on as we are. If we do, we risk erosion of the rules-based system and the WTO sliding into irrelevance. Therefore, I strongly believe we must act urgently to reform the WTO,” he said
US mortgage rates hit over six-month high at 6.38% as borrowing costs rise in peak homebuying season
Borrowing costs for homebuyers in the US rose further this week, with the average long-term mortgage rate reaching its highest level in more than six months and adding pressure during the peak spring housing season.Mortgage buyer Freddie Mac said the benchmark 30-year fixed mortgage rate increased to 6.38% from 6.22% a week earlier. The rate was 6.65% at the same time last year. The latest level is the highest since September 4, when the average stood at 6.5%, AP reported.Rising mortgage rates typically translate into higher monthly repayments, reducing the purchasing power of prospective buyers. The increase follows a brief easing phase –just four weeks ago the average rate had dipped below 6% for the first time since late 2022 — before climbing again amid concerns that surging oil prices linked to the Iran war could keep inflation elevated.Rates on shorter-term home loans also moved higher. The average 15-year fixed mortgage, widely used by borrowers refinancing their loans, rose to 5.75% from 5.54% in the previous week. A year ago, the rate was 5.89%, Freddie Mac said.Mortgage pricing is shaped by several factors, including the Federal Reserve’s policy stance and investor expectations in the bond market regarding inflation and economic growth. Lenders generally track movements in the 10-year US Treasury yield while setting home loan rates.The yield on the 10-year Treasury note climbed to 4.39% at midday Thursday, compared with around 4.26% a week earlier. Bond yields have been rising as higher energy prices increase expectations of persistent inflation, pushing up long-term borrowing costs across the economy.Inflation concerns may also delay interest-rate cuts by the Federal Reserve. Although the central bank does not directly determine mortgage rates, its decisions on short-term rates influence bond markets. At its most recent policy meeting, the Fed chose to keep rates unchanged, with Chair Jerome Powell pointing to heightened uncertainty surrounding the economic outlook following the Iran war.The US housing market has been struggling since mortgage rates began climbing sharply in 2022 from pandemic-era lows. Sales of previously owned homes remained largely flat last year, hovering near a three-decade low, and have continued to show weakness this year, declining in both January and February compared with year-earlier levels.Affordability pressures remain a major challenge for buyers, even though price growth has moderated or fallen in several metropolitan areas. Wage gains have not kept pace with property values, limiting access to homeownership for many households.While the current mortgage rate is still lower than a year ago — potentially benefiting buyers who can manage higher borrowing costs — the recent uptrend has made many prospective purchasers cautious just as seasonal demand typically strengthens.Reflecting this hesitation, mortgage applications dropped 10.5% last week from the previous week, according to the Mortgage Bankers Association. Applications for both home purchases and refinancing declined.“Higher borrowing costs, affordability pressures and economic uncertainty are likely prompting some prospective buyers to delay purchase decisions,” MBA chief executive Bob Broeksmit said.
Gulf crisis: British Airways and SWISS add India flights
NEW DELHI: With the big Gulf carriers operating a fraction of their schedules, foreign airlines are expanding their India flights to meet the increased demand for options to the likes of Emirates, Qatar Airways and Etihad. SWISS will operate a second daily light between between Delhi and Zurich from April 1 to May 31, 2026. British Airways will have a third daily service from Delhi starting April 7, followed by a third daily service from Mumbai from May 15. Air India has been adding flights to the west whenever possible during the Iran war.In a statement Thursday, Lufthansa group carrier SWISS said it is increasing its flight offering between Switzerland and India. “From April 1 to May 31, 2026, in addition to its regular service from Zurich to Delhi, SWISS will operate a second daily connection using an Airbus A330. Numerous passengers of other airlines are currently unable to take their originally booked flights via the Gulf region. As a result, many are switching to direct connections to and from Asia. SWISS is seeing a corresponding rise in demand for such nonstop services. We are pleased to offer our customers this additional flight to Delhi over the next two months. The flights are available for booking with immediate effect,” SWISS said in a statement.“Depending on further developments in the Middle East, SWISS continuously assesses how aircraft and capacities that become available can be deployed where demand is particularly strong. In addition to demand, key factors include operational constraints such as available airport slots, traffic rights and fleet deployment capabilities,” SWISS statement added.British Airways also announced additional flights from Delhi and Mumbai “to meet strong travel demand”. “In response to the ongoing situation in the Middle East, the airline is adding short-term capacity from Delhi and Mumbai to meet customer demand. A third daily service from Delhi will launch on April 7, followed by a third daily service from Mumbai from May 15. With this additional capacity, British Airways will operate up to 63 weekly flights with more than 1,000 additional seats per week between India and the UK, offering more options for customers travelling to the UK or connecting onwards across the airline’s global network,” BA said in a statement.Neil Chernoff, British Airways’ chief planning and strategy officer, said: “As we continue to respond to the evolving situation in the Middle East, we’ve been able to reallocate additional capacity to meet strong demand to other destinations across our route network. India remains one of our most important global markets, and these additional services from Delhi and Mumbai respond to customer demand and provide greater choice and flexibility for our customers when travelling to the UK and beyond. We will continue to review our network and make adjustments based on where our customers want to fly this summer.”
Energy shock from Middle East war may lift US inflation to 4.2% this year; OECD warns of weaker global growth
The escalation of the Middle East conflict could push US inflation to 4.2% this year–the highest among G7 economies– while also slowing global growth, the Organisation for Economic Cooperation and Development (OECD) has said, underlining the widening economic costs of the US-Israel war with Iran, the Financial Times reported.In its interim economic outlook, the Paris-based body cautioned that rising oil and gas prices triggered by disruptions to energy exports are likely to increase inflation across major economies and create “significant downside risks” to global expansion if the conflict intensifies.The OECD expects US inflation to climb sharply from 2.6% in 2025, with countries such as China, South Korea and India also facing stronger price pressures due to the energy shock. “The breadth and duration of the conflict are very uncertain, but a prolonged period of higher energy prices will add markedly to business costs and raise consumer price inflation, with adverse consequences for growth,” it said.The report projected that higher living costs could weigh on US household spending and slow economic momentum. US growth is forecast to ease to 2% this year and further to 1.7% in 2027.Globally, economic activity is also expected to moderate. The OECD said world GDP growth could slow from 3.3% last year to 2.9% in 2026, before recovering slightly to 3% in 2027.Earlier in the year, the global outlook had appeared more resilient, supported by strong investment in artificial intelligence and buoyant equity markets. However, the conflict that began with US and Israeli strikes on Iran in late February has pushed up energy prices and triggered ripple effects across commodities including metals and fertilisers.The organisation noted that the resilience of the global economy is now being tested, particularly because of the strategic role of the Strait of Hormuz, which typically handles about one-quarter of global seaborne oil trade and one-fifth of liquefied natural gas shipments.Supply-chain risks have also increased. Gulf countries account for 34% of global urea exports and roughly half of sulphur exports, while the Middle East produces more than one-third of global helium and two-thirds of bromine, both vital for industrial uses including semiconductor manufacturing.“A prolonged period of disruption could also result in the emergence of significant energy shortages that would lower growth further,” the OECD warned.The outlook indicates that earlier improvements in global growth projections have been reversed. Indicators at the start of the year had pointed to a 0.3 percentage point upward revision in global GDP forecasts, but the conflict has effectively erased that boost.Inflation projections have also been revised higher. The OECD now expects headline inflation in the G20 to reach 4% in 2026, an increase of 1.2 percentage points compared with its December forecast, and 2.7% in the following year.Growth prospects in Europe remain subdued, with the eurozone economy projected to expand by 0.8% this year before improving to 1.2% next year.In the US, the organisation said weakening household demand could reduce growth momentum heading into 2026. Despite the inflation risks, it expects the Federal Reserve to keep interest rates unchanged, while the European Central Bank may implement a single rate increase.Members of the US Federal Open Market Committee (FOMC) still anticipate rate cuts this year, although Federal Reserve chair Jay Powell has acknowledged that forecasts have become more uncertain because of geopolitical tensions.The FOMC recently raised its projections slightly, saying headline and core personal consumption expenditures inflation may end the year at 2.7%, compared with earlier estimates of 2.4% and 2.5%. It also lifted its US growth forecast for this year to 2.4% from 2.3%, citing productivity gains.The OECD’s inflation outlook is significantly higher than that of the Federal Reserve and many private forecasters, reflecting expectations of a more persistent energy price shock and continued effects from earlier US tariff increases. It also suggested that the US economy may already be operating under capacity constraints linked to lower immigration.In a downside scenario where oil prices average around $135 per barrel in the second quarter, the OECD estimates global output could be 0.5 percentage points lower than its baseline forecast, while consumer prices could be nearly 1 percentage point higher.While some countries are considering emergency support for households facing higher energy bills, the OECD said such measures should be “well-targeted” towards the most vulnerable households and financially viable firms.
US-Iran war impact: India’s crude imports from Russia near all time highs; will such high numbers continue?
Historically, India’s highest monthly purchases of Russian crude have been around 2.0-2.1 Mbd since the Russia-Ukraine war began in 2022. (AI image) Russian crude has emerged as a major player amid the US-Iran war – global crude oil supply is badly affected via the Strait of Hormuz, Middle East countries are finding it difficult to export oil and global crude oil prices have risen dramatically. The situation has had major implications for India – a country that imports almost 90% of its crude oil.There was a time after the Russia-Ukraine war began in 2022 that Russia had begun to contribute approximately 35-40% of India’s crude oil imports. Come early 2026, sanctions forced India’s procurement of Russian crude to drop. But March 2026 presents a very different picture. Watch Amid Hormuz Disruption, India Locks 60 Million Barrels Of Russian Oil To Secure Energy Supply The inflows of Russian crude oil have risen sharply since the US-Iran war began and imports via the Strait of Hormuz were disrupted. In fact, crude imports from Russia are now nearing lifetime monthly highs!The Donald Trump administration has given a 30-day waiver for purchase of Russian crude to keep global oil prices stable. It’s important to note that India has never stopped buying crude oil from Russia, however imports dropped drastically after sanctions on Russian oil majors. “We source crude from wherever supplies are available, competitively priced and deliverable, and we will continue to do so,” a government source told TOI earlier this month. The source also said that the declaration of a 30-day waiver by the US appears to be for the consumption of their domestic audience. When India Became A Big Importer of Russian Oil For decades, India has mainly imported crude oil from the Middle East, especially from countries like Iraq, Saudi Arabia and the UAE. The decision has been driven by proximity, long‑term contracts and stable shipping routes.After the Russia–Ukraine war began in 2022, Western sanctions pushed Russian oil out of European markets. This is when India started importing large volumes of Russian crude – and a big factor driving this decision was the availability of crude that suited Indian refineries at such steep discounts.This helped India reduce its oil import costs and diversify its supply network. However, in late 2025 and early 2026, India scaled back Russian oil purchases amid US trade negotiations and pressure linked to tariffs and sanctions compliance. In August 2025, the Donald Trump administration imposed a 25% penalty tariff on India for its crude oil buys from Russia. The US called these imports an indirect financing of the war against Ukraine. Within months two Russian crude oil majors, Lukoil and Rosneft, were sanctioned making it difficult for Indian refiners to buy Russian crude, leading to a gradual decline in imports. But that has changed now. The Re-emergence Of Russian Oil An analysis by Kpler, a global real-time data and analytics provider suggests that India has so far purchased around 45–50 million barrels of Russian crude since the start of the Middle East conflict. The figure may even be higher, given that April figures are not confirmed as yet. The trendline suggests March procurement is likely to reach around 1.8–2.0 Mbd, which would make it one of the strongest months for Russian crude intake since India began ramping up purchases after the start of the Russia-Ukraine war. This compares with a pre-conflict run rate closer to around 1.0 Mbd, Sumit Ritolia, Lead Research Analyst, Refining and Modelling at Kpler tells TOI.Historically, India’s highest monthly purchases of Russian crude have been around 2.0-2.1 Mbd since the Russia-Ukraine war began in 2022.Hence, the biggest takeaway is that the current spurt in purchases of Russian crude oil is now nearing peak monthly trends seen before India started dialling down on Moscow’s crude. For Sumit Ritolia, what stands out is the speed of the rebound: as Middle Eastern supplies via Hormuz dried up, Indian refiners were able to lift Russian purchases by close to around 0.8–1.0 Mbd, helping cushion the disruption without materially affecting refinery runs so far.Sourav Mitra, Partner – Oil & Gas at Grant Thornton Bharat points out that India bought the most Russian crude in a single month in May 2023, when imports reached about 66 million barrels, 2.1 million bpd. “The recent rise in March 2026 is expected to be as high, at around 60 million barrels. This implies that the ongoing conflict in West Asia has pushed India’s purchase of Russian crude oil closer to its previous all-time high,” Mitra tells TOI. India vs China: The Russian Crude Factor Experts note that since China has more reserves, it is structurally less exposed to the Strait of Hormuz oil supply shock.Kpler data and analysis suggests that compared with China, India is currently buying similar to slightly higher absolute volumes of Russian crude in March, depending on the month, but Russia’s role in India’s crude slate has become much more critical in the current environment. China continues to take substantial Russian volumes as well, supported by both seaborne crude and pipeline imports, while India’s recent increase has been more directly linked to replacing lost Middle Eastern barrels. “In other words, India and China remain the larger structural buyers of Russian crude overall, but India’s current surge is more pronounced from a substitution and energy-security standpoint,” says Sumit Ritolia.India usually imports 5-5.5 million bpd of crude oil vis-à-vis China’s import of about 11 million bpd.Sourav Mitra says that in 2025, China ramped up crude oil imports to 11.5 million bpd to augment its stockpiles. Russia accounted for 18% of total Chinese crude oil imports in 2025. China’s import of Russian seaborne crude oil surged to almost 2 million bpd in February as India scaled back the import of Russian Urals in February. In the first two months of 2026 alone, Russia’s shipments of crude to China rose about 40 % y-o-y.“Since oil prices are high and China has enough inventory, it’s likely to cut its oil purchases. Shifting of
US stock markets today (March 26, 2026): Wall Street opens lower as oil jumps above $100; Middle East tensions weigh on sentiment
Wall Street’s key indices opened lower on Thursday after gains in the previous session, as investors turned cautious over evolving developments in the Middle East and weighed the prospects of any de-escalation in the conflict.At the opening bell, the Dow Jones Industrial Average slipped 84.8 points, or 0.18%, to 46,344.64. The S&P 500 declined 36 points, or 0.55%, to 6,555.86, while the Nasdaq Composite dropped 236.7 points, or 1.08%, to 21,693.17.US equities tracked weakness in global markets as crude oil prices climbed back above the $100-a-barrel mark amid fading hopes of a ceasefire in the Iran war. Futures for the S&P 500 and Dow Jones Industrial Average had fallen about 0.7% before the opening bell, while Nasdaq futures were down 0.8%.Brent crude, the international benchmark, rose 3.4% to $100.61 per barrel after trading below $95 on Wednesday. US benchmark crude gained 3.2% to $93.25 a barrel. The rise in oil prices lent modest support to energy stocks, with shares of ConocoPhillips and Valero Energy rising about 1%.US President Donald Trump said a deal to end the war was near, even as Tehran dismissed his proposed 15-point ceasefire plan. Iran outlined its own conditions via state television, including a halt to the killing of its officials, guarantees against future conflict, reparations and recognition of its sovereignty over the Strait of Hormuz.Iran also moved to formalise its control over the strategic waterway, through which around 20% of globally traded oil and natural gas moves in normal times. A Gulf Arab bloc official said Iran had begun charging fees for ships to safely transit the strait, while Washington prepared for the deployment of additional US troops to the region.European markets were also trading lower by midday. Britain’s FTSE 100 fell 1.3%, France’s CAC 40 dropped 0.7% and Germany’s DAX declined 1.2%.In Asia, Japan’s Nikkei 225 closed 0.3% lower at 53,603.65, while South Korea’s Kospi plunged 3.2% to 5,460.46. Hong Kong’s Hang Seng slipped 1.9% to 24,856.43 and the Shanghai Composite fell 1.1% to 3,889.08. Australia’s S&P/ASX 200 edged down 0.1%, and Taiwan’s Taiex was trading 0.3% lower.In commodities trade, gold prices dropped 2.3% to $4,446 per ounce, while silver declined 6.2% to $68 an ounce. The fall in precious metals weighed on mining stocks, with companies such as Newmont Corp. and Freeport-McMoRan slipping about 3%, AP reported.(With input from agencies)
