Oil prices reversed course to rise in Asian trade on Wednesday after the U.S. military said a naval blockade on Iran had been fully implemented, complicating hopes for more ceasefire talks.
Asian stocks extended their rally on Wednesday, with technology shares tracking strong gains on Wall Street, while cautious optimism over a potential U.S.-Iran diplomatic breakthrough boosted broader risk sentiment.
Amid surging butadiene (BD) and acrylonitrile (ACN) prices, some rubber glove manufacturers in Malaysia are struggling to survive, with at least one manufacturer set to shut down its operations this month.
The Iran war threatens to stall Singapore’s growth momentum, with the Republic bracing for higher import costs and supply disruptions that are tempering earlier expectations for what could have been a promising year.
High petrol prices in Europe steered car buyers towards EVs in a record-beating March, and led to the first month of global EV sales growth this year, data by consultancy Benchmark Mineral Intelligence showed on Tuesday.
Most Asian currencies firmed slightly on Tuesday, while the dollar retreated after the U.S. began blockading Iranian ships in a bid to pressure Tehran into a more lasting ceasefire deal.