In Dubai, traders have begun offering gold at discounts of up to $30 per ounce compared with the benchmark price in London. (AI image)

US-Irasel-Iran war impact on gold prices: In UAE’s Dubai, which finds itself in the midst of the escalating Middle East crisis, the yellow metal is now available at very steep discounts. Gold is currently being offered for sale at a substantial discount in Dubai as the conflict in the Middle East disrupts air travel and restricts suppliers’ ability to move bullion out of the major trading hub.The United Arab Emirates, particularly Dubai, serves as a major hub for refining and exporting gold to buyers across Asia. It also acts as a transit point for shipments arriving from Switzerland, the United Kingdom and several African countries.

Gold at steep price cuts in Dubai

As per a Bloomberg report, a number of buyers have postponed fresh purchases, unwilling to bear unusually high freight and insurance charges without certainty over delivery timelines. Consequently, traders have begun offering gold at discounts of up to $30 per ounce compared with the benchmark price in London, the report said. The move helps traders avoid having to continuously pay storage and financing costs.

Several shipments were still stranded as of Friday, the sources said, although a limited quantity of bullion had begun leaving Dubai on flights starting in the middle of the week.

However, part of the country’s airspace has been shut following a series of Iranian missile strikes as the conflict involving the United States, Israel and Tehran enters its seventh day without any clear resolution.Gold is usually transported in the cargo sections of passenger aircraft. With flights from the UAE heavily restricted, traders and logistics providers have been hesitant to move high-value bullion by road to airports in neighbouring countries such as Saudi Arabia or Oman, citing the logistical challenges and risks involved, especially when crossing land borders.Also Read | Israel-Iran war: What US 30-day waiver on Russian oil means for India – explained“Several shipments of gold cargo have either been delayed or left stranded, creating a temporary squeeze in the supply of physical bullion in India,” said Renisha Chainani, head of research at Augmont Enterprises Ltd., one of the country’s largest gold dealers.

However, buyers in India, which is among the biggest destinations for gold shipped from Dubai, are not under immediate pressure to replenish supplies. Demand in the near term remains subdued and inventories are relatively high following substantial imports recorded in January, Chirag Sheth, principal consultant for South Asia at Metals Focus told Bloomberg.“As of now, there is ample stock,” he said, “but if this drags on for a few months, then there will be a problem.”Spot gold prices have climbed nearly 20% so far this year and are holding above $5,000 an ounce. Even so, trading has been volatile, and the metal has faced pressure this week as the dollar strengthened.At the same time, there are indications that refiners are facing difficulties securing doré, the semi-refined gold bars that are usually cast at mining sites. India’s largest precious metals refinery, MMTC-PAMP, sources roughly 10% of its doré from a mine in the Middle East, but those supplies have been disrupted, said Chief Executive Officer and Managing Director Samit Guha. He added that for new supply agreements sourced from other locations, logistics expenses have surged by about 60% to 70% since the conflict began.

US stocks fell sharply on Friday as surging oil prices and disappointing economic data fuelled concerns about a potential stagflation scenario, where slowing growth combines with rising inflation.The S&P 500 dropped 1.6%, while the Dow Jones Industrial Average fell 909 points, or 1.9%, to 48,338.36 as of 9:35 am Eastern Time, AP reported. The Nasdaq Composite also declined 1.6%, reflecting broad weakness across Wall Street.The selloff followed a report showing that US employers cut more jobs last month than they created, signalling potential weakness in the labour market. At the same time, oil prices surged to their highest levels in nearly two years as the war involving Iran intensified.“You can’t sugarcoat this report,” said Brian Jacobsen, chief economic strategist at Annex Wealth Management. “A negative payrolls number combined with a big jump in oil prices will have traders worrying about stagflation risks.”Stagflation refers to a situation where economic growth stagnates while inflation remains high, making policy responses more difficult.Adding to concerns, a separate report released Friday showed US retailers earned less revenue last month than economists expected, raising questions about the strength of consumer spending, which is a key driver of the US economy.Normally, the Federal Reserve cuts interest rates when economic growth slows to stimulate activity. Lower borrowing costs can make mortgages and business investments cheaper while supporting stock prices. The Fed had already cut rates several times last year and had signalled the possibility of further reductions this year.However, rising inflation driven by higher energy prices could limit the central bank’s room to ease policy.Energy markets remained the key trigger for the volatility. The international benchmark Brent crude jumped 5.7% to $90.25 per barrel, while US benchmark crude surged 8.9% to $88.20 per barrel.Oil prices have climbed sharply from around $70 late last week as the conflict expanded and targeted areas critical to energy production and transportation in the Middle East.Much of the market’s concern centres on the Strait of Hormuz, a narrow shipping corridor near Iran through which roughly one-fifth of the world’s oil supply passes.The conflict has also halted Iranian gas exports to parts of Asia, which could intensify competition for alternative energy supplies.“If that stoppage is drawn out, it will likely lead to a bidding war between Europe and Asia that would send energy prices even higher,” said Fatih Birol, executive director of the International Energy Agency.Some analysts warn that if oil prices climb towards $100 per barrel and remain elevated, the global economy could face significant pressure.Despite the current turmoil, markets have historically recovered relatively quickly after geopolitical conflicts, provided that oil prices do not remain elevated for an extended period.President Donald Trump has recently said that he wants “unconditional surrender” from Iran, signalling a hardline stance and reducing expectations for negotiations in the near term.In the bond market, Treasury yields rose further as higher oil prices increased inflation expectations. The 10-year US Treasury yield climbed to 4.17% from 4.13% late Thursday and from 3.97% before the Iran conflict began.According to CME Group data, traders are increasingly betting that the Federal Reserve may cut interest rates only once this year, instead of the earlier expectation of at least two reductions.Global markets showed mixed performance. In Europe, France’s CAC 40 fell 1.6% and Germany’s DAX declined 1.8%, while Asian markets ended mostly higher, with Hong Kong’s Hang Seng rising 1.7% and Japan’s Nikkei 225 gaining 0.6%.

US-Israel-Iran war impact on India: The Donald Trump administration’s move ‘granting’ waiver to purchase Russian crude in lieu of the de facto closure of the Strait of Hormuz has important implications for India’s energy security. Around 90% of India’s crude oil is imported – and around 40-50% of India’s crude oil imports come from the Middle East, particularly after it substantially reduced purchases of Russian crude oil. This makes the impact of the currently stuck Middle East oil supplies significant – and any alternatives such as Russian crude important.Since the start of the Russia-Ukraine war, India had emerged as the largest buyer of Russian seaborne crude oil. In August last year, the Trump administration levied a 25% penal tariff that was linked to India’s imports of crude oil from Russia. The finalisation of the India-US trade deal was also linked to India stopping Russian crude oil procurement.

After US sanctions on Russian oil majors Rosneft and Lukoil, Indian refiners started scaling back these purchases. This helped India secure a trade deal with the US, under which tariffs on New Delhi were reduced to 18%. However, with the US Supreme Court verdict striking down Trump’s tariffs, the trade deal is yet to be finalised.It’s important to note that India has never said that it will stop procuring Russian crude. The US lifted the 25% penalty tariff on India for Russian crude in February. The Trump administration said that lifting of the tariff was contingent on India completely stopping Russian crude oil buys, which the US has claimed helps indirectly finance Russia’s war against Ukraine.

On its part, India has maintained that its decisions to buy crude oil will be guided by the country’s energy security interests and wherever cheaper crude options are available. But, the fact remains that Russian crude oil buys have been declining.And now, with the supply of crude oil from the Middle East taking a hit, India has been scouting for alternatives. Russia had already conveyed willingness to step up supply of crude to India to help it meet oil needs. The US waiver has provided immediate relief, say analysts, though the fundamental vulnerability remains.

Russian crude oil: US Waiver For India

US Treasury Secretary Scott Bessent posted on social media platform X (formerly Twitter): “President Trump’s energy agenda has resulted in oil and gas production reaching the highest levels ever recorded. To enable oil to keep flowing into the global market, the Treasury Department is issuing a temporary 30-day waiver to allow Indian refiners to purchase Russian oil. This deliberately short-term measure will not provide significant financial benefit to the Russian government as it only authorizes transactions involving oil already stranded at sea.“India is an essential partner of the United States, and we fully anticipate that New Delhi will ramp up purchases of US oil. This stop-gap measure will alleviate pressure caused by Iran’s attempt to take global energy hostage.”

How long does the waiver last? As per the Department of Treasury’s statement, “all transactions prohibited…that are ordinarily incident and necessary to the sale, delivery, or offloading of crude oil or petroleum products of Russian Federation origin loaded on any vessel..on or before 12:01 a.m. eastern standard time, March 5, 2026 are authorized through 12:01 a.m. eastern daylight time, April 4, 2026, provided that the delivery or offloading of such crude oil or petroleum products occurs at a port in India and the purchaser of such crude oil or petroleum products is an entity organised under the laws of India.”

Importance of Strait of Hormuz & India’s Strategic Reserves

The Strait of Hormuz in the Persian Gulf is an extremely important passageway that allows for transit of merchandise and oil carrying ships. Most of the oil that goes through the Strait of Hormuz heads to Asia, with China and India as major beneficiaries. The Strait of Hormuz has not been officially closed according to Iran – however some tankers transiting through it have been attacked. Hence several ships remain stuck in the area with potential danger of being attacked.

As per estimates anywhere between 20-25% of the global oil makes its way through the Strait of Hormuz. The Strait of Hormuz is just 21 nautical miles wide at its narrowest point. The shipping lanes are even narrower – make the risk of going through it even higher in the current scenario.According to a PTI report, India is also seeking to secure marine cover from the US for vessels to ferry oil from the Middle East. The government has sought to quell fears of shortages saying that there are enough stocks to meet immediate needs. Oil minister Hardeep Singh Puri has said that India’s crude stocks can last 25 days and petrol and diesel stocks can last another 25 days. This is apart from the volume that is available in strategic reserves. This takes the cover to around 8 weeks.“We are in a comfortable position right now,” a government official has said. Additionally, while oil flows from the Middle East are currently stuck, those from West Africa, Latin America and the US continue.

What US waiver means for India

A Bloomberg report had already suggested that vessels carrying Russian crude were diverted early this week and had started docking at Indian ports. Around 15 million barrels of crude oil are within easy reach for India, allowing for immediate purchases. Another report by Reuters says that Indian refiners are buying millions of barrels of spot Russian crude that is immediately available.According to Sumit Ritolia, Lead Research Analyst, Refining and Modelling at Kpler, with nearly 50% of India’s crude imports transiting the Strait of Hormuz, the country remains highly exposed to potential supply disruptions.“The US waiver allowing additional purchases of Russian crude over baseload offers short-term relief, though competition from Chinese buyers for the same barrels could limit the extent of India’s benefit,” Ritolia said.Since the start of the crisis last weekend, Kpler a global real-time data and analytics provider has been saying that India can easily pick up readily available Russian oil on the sea.

Ritolia is of the view that the waiver by the Trump administration does not fundamentally change India’s structural exposure to Middle Eastern supply flows.“Indian refiners had already been importing around 1 mbd of Russian crude in recent months, meaning the waiver effectively acts as a green signal to lift volumes above this base load, particularly for cargoes currently delayed across key shipping routes, he explains.As of early March, approximately 145 million barrels of Russian crude remain on the water, including significant volumes across the Indian Ocean, Red Sea/Suez routes, and around Singapore, which could potentially be redirected toward Indian ports if commercial deals are finalised, says Kpler.“With the waiver now in place, refiners could quickly resume purchases, potentially pushing Russian inflows around 1.6 to 2 mbd in the near term. While this provides a short-term logistical buffer, it cannot fully offset India’s almost 2.6 mbd exposure to Middle Eastern crude, and competition from Chinese buyers for the same Russian barrels will limit the upside,” Ritolia adds.

Kpler says that for Indian refiners, renewed access to Russian crude would support feedstock security and margins. “In the near term, refiners are likely to prioritise domestic fuel availability and comfortable stock levels, meaning the increase in crude availability may not immediately translate into higher product exports. Export flows would likely rise only once domestic requirements are satisfied,” it says.“From a market perspective, the policy shift could also tighten the availability of Russian export barrels globally. As Indian refiners re-enter the market for these grades, the deep discounts previously associated with Russian crude could narrow significantly, and prompt cargoes may even trade at premiums if competition for available barrels intensifies,” Ritolia concludes.Sourav Mitra, Partner – Oil & Gas, Grant Thornton Bharat is of the view that if commercial deals are firmed up, about 145 million barrels of Russian crude which remain on the water could sail towards the Indian coast. “Indian refiners are already in discussions with traders to gobble up this supply. This stopgap approval will sooth India’s energy supply concerns as about half of India’s crude oil imports passes through the Strait of Hormuz,” he says.It is noteworthy that while India’s Russian oil imports dipped to 21% in January, it had already been on the up move in February, which saw Russian oil imports hitting the 30% mark, he says.Due to the ongoing conflict in the Middle East, Russian Urals have become pricier and are said to be sold to Indian buyers at a premium of about $5/barrel as against a discount of $13/barrel offered in February. China could also be looking to purchase Russian Urals considering it heavily relies on the West Asian crude oil supplies as well.” he adds.Global Trade Research Initiative (GTRI) founder Ajay Srivastava says the wording of the order may mean that the Russian oil available on sea may not come under the waiver!

“The wording indicates that the authorization applies to oil loaded after March 5, rather than cargoes that were already “stranded at sea.” The Treasury Secretary’s statement suggests the waiver covers only cargoes already in transit. The Treasury order permits transactions involving oil loaded after March 5. Thus, the official regulatory language and the public explanation refer to two different categories of oil shipments, creating confusion for refiners, traders, insurers and shipping companies,” he says.Also, the GTRI founder is of the view that the time period for the waiver makes it ineffective. “If Russian oil cargoes are loaded after March 5, as permitted under the Treasury order, most shipments would arrive in India only after the April 14 deadline. In other words, the waiver period is shorter than the time required to physically transport the oil,” he notes.

Brent crude prices have surged 16.4% this week since the start of the US-Iran war and are set for the steepest weekly climb since the Russia-Ukraine war started. The rising crude oil prices also has implications for India.As Amitabh Kant, the former CEO of Niti Aayog pointed out: Every $10 per barrel rise in crude prices can add $13-14 billion to India’s annual import bill, widen the current account deficit and pressure the rupee.The immediate availability of Russian crude may hence not only help meet supply needs, but also help keep India’s crude oil bill somewhat in check.

West Indies have found themselves in an unusual situation after their campaign ended in the ICC Men’s T20 World Cup 2026. Several players and support staff remain stuck in India due to major flight disruptions caused by escalating tensions in the Middle East. Amid the uncertainty, left-arm spinner Akeal Hosein lightened the mood with a humorous social media post in which he jokingly asked football superstar Cristiano Ronaldo to ‘rescue’ him.

Star spinner’s humorous plea goes viral

With travel plans uncertain and the team waiting for updates, Hosein took to social media platform X (formerly Twitter) to express his frustration in a light-hearted way. In his post, the spinner jokingly tagged Portuguese football icon Ronaldo and wrote that he might be “better off asking” the global star to come and rescue him.

The message quickly grabbed attention among fans, who found humor in the situation despite the circumstances surrounding the team’s delayed return.

“At this point, Im better off asking @Cristiano to send the 🛫 and come rescue me yes..” wrote Hosein on X.

At this point, Im better off asking @Cristiano to send the 🛫 and come rescue me yes.. 😕

— Akeal Hosein (@AHosein21) March 6, 2026

Notably, West Indies squad had remained in India for several days after their elimination from the T20 World Cup, with multiple international flights affected by regional airspace restrictions. Those restrictions were triggered by escalating military tensions in the Middle East, forcing airlines to cancel or reroute flights that usually pass through Gulf transit hubs.

Not to mention, West Indies head coach Daren Sammy had earlier expressed genuine frustration over the lack of clarity regarding the team’s travel arrangements. Sammy wrote on social media that he simply wanted to return home after days of waiting in India. In another post, he asked authorities for at least an update on when the squad would be able to depart.

Also READ: Brendon McCullum reveals ‘defining factor’ behind England’s narrow defeat to India in T20 World Cup 2026 semi-final

A promising campaign that ended in heartbreak

Before the travel chaos unfolded, the West Indies had produced an exciting campaign in the T20 World Cup 2026. The Caribbean side dominated the group stage with four consecutive victories, including a strong win over England.

They carried that momentum into the Super Eight stage and even posted one of the highest totals in tournament history with 254/6 against Zimbabwe. Shimron Hetmyer was among the standout performers, smashing a record number of sixes during the tournament.

However, the Windies’ dream of a third T20 World Cup title came to an end in a tense Super Eight clash against co-hosts India at Eden Gardens. Despite posting a competitive 195/4, they lost by five wickets with just four balls remaining.

Also READ: Fans go wild as Sanju Samson’s blazing knock powers India into T20 World Cup 2026 final after thrilling win over England

West Indies spinner Akeal Hosein took to social media to express frustration over the team’s delayed return from India after their exit from the 2026 T20 World Cup, even jokingly asking football star Cristiano Ronaldo to “rescue” him. International travel has been disrupted since tensions escalated following the conflict involving the USA, Israel and Iran, leading to flight cancellations and heightened alerts at several airports in West Asia.After their T20 World Cup campaign ended in the subcontinent, the West Indies players and support staff have faced difficulties travelling back home because of cancelled flights linked to the situation in West Asia. The development came despite Cricket West Indies (CWI) stating on Thursday that it was working to arrange a charter flight for the squad that could take them home within 24 hours.“At this point, I’m better off asking Cristiano Ronaldo to send the jet and come rescue me, yes?” Hosein said on X.

The Caribbean side has been in Kolkata since their tournament ended with a five-wicket defeat to India at Eden Gardens last Sunday. Earlier on Thursday, West Indies head coach Darren Sammy also sought clarity from the International Cricket Council (ICC) regarding the team’s travel plans.Soon after, CWI issued a statement confirming that efforts were underway to arrange the team’s return.“During a high-level call earlier today involving CWI, ICC officials, a representative of team management, and a representative of the players, it was confirmed that a charter flight is currently being arranged for the team’s departure from India, with the expected departure scheduled within the next 24 hours,” the CWI said in a statement. The departure time remains subject to final air traffic approvals. The team remains safe and well as arrangements continue to be finalized,” the governing body added.“CWI has remained in constant dialogue with the players, team management, and the International Cricket Council (ICC) since their last match against India. While the situation remains complex and fluid due to international airspace restrictions arising from security concerns in the Gulf region, CWI assures the public that every precaution is being taken to ensure the safe return of the team to the Caribbean,” said CWI.There is also a possibility that several players may not travel back immediately and could stay in India to join their respective franchises for the upcoming Indian Premier League.