Executives from Publicis Groupe’s Epsilon, Kimberly-Clark and Daimler Truck told Reuters automation is helping staff at their global capability centres move beyond routine tasks, focusing instead on more complex work and building proprietary technology.

“The number of IPs, the patents and the trade secrets created by (GCCs in India) is already increasing,” Radhakrishnan Kodakkal, head of Daimler Truck Innovation Center India, said at a Reuters summit. “AI would accelerate it.”

India’s tech hubs have long outgrown their low-cost back-office origins to become innovation centres for global firms, but AI tools that can increasingly handle tasks such as coding have cast doubt on what role these centres will play next.

So far, India’s large AI-skilled workforce and cost advantages have continued to draw investment into these centres despite global uncertainty.

Indian GCCs generated about $98.4 billion in revenue last fiscal year, hitting industry projections four years ahead of schedule, a report by Nasscom and consultancy Zinnov showed.

A separate Nasscom report showed patent filings in India rose 11.3% to over 90,000 in fiscal 2024, with nearly half from multinational companies, though it did not break out contributions from GCCs.

Executives said the contribution of Indian centres is understated, as much of the intellectual property they generate is filed through parent entities in the United States and Europe.

Regulatory bottlenecks slow patent filings

“At Kimberly-Clark, we do not do any patent filing from India. Whatever we do, we do through (the) U.S. because of the difficulty here,” said Deena Dayalan, global head of digital operations and cloud transformation at the consumer goods maker.

Dayalan said patent filings in India can take five to six months, around double the time than in the U.S. The approval takes another few years, he added.

India has far fewer patent examiners than the U.S., contributing to delays, according to Nasscom. High legal costs and procedural ambiguities also deter companies from filing patents locally, the industry body has said.

India requires applicants to file a separate request to commence the substantiative review process, while the U.S. Patent and Trademark Office starts examining applications automatically upon filing with no extra step required, said Kirti Balasubramanian, partner of technology, media and telecom practice at law firm Trilegal.

“The Indian patent office has less than a thousand examiners or controllers–whereas U.S. counterpart has over 8,000—which leads to a backlog that compounds, given that the number of filings has been increasing over the past couple of years,” she added.

“At the Indian Patent Office, backlog and manpower shortages have long slowed the pace of examination and grant,” said Harsh Kaushik, a New Delhi-based IP lawyer.

But he added that recent moves to put more Patent Office functions online, along with the centralised allocation of applications, have eased the filing process. The office has also expanded the use of video hearings, improving access for applicants.

Executives also said the strong foundations built by Indian GCCs would support further growth in high-value work.

“I see more and more IP work happening (here),” said Pratik Nath, managing director of Epsilon India.

IndiGo has cut around 7%-10% of its planned domestic flights for the period, while Air India has cut 22%, the sources said, marking a significant pullback by the two carriers that together control around 90% of India’s domestic air passenger market.

The sources declined to be named as they were not authorised to share the information.

The cuts could tighten seat availability on some domestic routes and keep fares elevated during the busy summer travel period, even as airlines try to avoid flying loss-making services.

The Iran war-driven surge in jet fuel prices has blindsided the aviation industry. Fuel can account for up to 40% of airlines’ operating expenses, forcing them to raise fares and cut unprofitable flights.

Air India said in a statement that it had “temporarily rationalised operations on certain domestic routes” between June and August.

“These adjustments are driven by the sustained impact of high fuel prices on overall operations. Air India will continue to monitor demand and operating conditions closely, with a view to restoring frequencies as conditions stabilise,” a spokesperson for the airline added.

Passengers affected by the changes would be offered places on alternative flights, complimentary date changes or full refunds, the spokesperson added.

IndiGo did not immediately respond to an emailed request for comment. The airline operates over 2,200 daily flights, including international.

Air India’s cuts follow reductions to its international routes, which have created room for foreign airlines to add more flights to and from India. IndiGo had cut some long-haul flights prior to the war, citing operational constraints and airport congestion.

The reductions also underscore the vulnerability of India’s fast-growing aviation market to external shocks, even as carriers are set to receive new jets in the coming years.

Air India recently logged a record annual loss of more than $2 billion, also battered by Pakistan’s ban on Indian carriers from its airspace and a strong U.S. dollar.

The airline is owned by the Tata Group and Singapore Airlines.

Brent crude futures fell $2.67, or 2.68%, to $96.91 a barrel by 1139 GMT, while U.S. West Texas Intermediate (WTI) crude lost $3.43, or 3.65%, to $90.46 a barrel. The losses dented Brent’s gains from Tuesday.

“There has been palpable progress towards ending the crisis, and an increasing number of ships are transiting the critical chokepoint. This is why the downward pressure has resumed,” PVM analyst Tamas Varga said, referring to the Strait of Hormuz, key to global oil and gas flows.

July Brent futures rose 3.6% in the previous session after the U.S. carried out new strikes in Iran, hurting hopes that had risen over the weekend that Washington and Tehran would reach a peace deal.

“Hopes for a framework agreement between the U.S. and Iran to end the conflict have been somewhat dampened by the recent U.S. strikes on Iranian missile sites and vessels that were allegedly attempting to lay mines in the Strait of Hormuz,” Commerzbank analysts said on Wednesday.

“Nevertheless, confidence remains high among market participants,” they added.

Iran said on Tuesday that the U.S. had violated a ceasefire by striking targets near the Strait of Hormuz, while Washington said its strikes were defensive in nature.

Israel ramped up bombing in Lebanon on Tuesday, further straining peace efforts.

After an April ceasefire in the three-month-long conflict, both sides indicated they had made progress in talks toward reopening the Strait.

News that some LNG tankers have passed through the strait in recent days lifted expectations that the waterway might reopen soon, which would add to global supply.

The new factory, for which construction has already begun in an industrial park 60 kilometres (37 miles) north of Hanoi, is slated to start operations in November 2027, the document sent to local authorities in April and reviewed by Reuters showed.

It would be Samsung’s first chip testing factory in Vietnam. Robust memory chip demand from AI data center operators has severely constrained supplies to industries such as smartphones, laptops and automobiles.

The factory would focus on legacy chips, the document showed. While less critical for AI supply chains, mature memory chips are also in severe shortage as major producers dedicate more of their production capacity to manufacturing AI chips.

The new plant would have annual capacity to deliver 153.3 billion gigabits (Gb) of dynamic random-access memory (DRAM) chips and another 255.6 billion Gb of NAND memory chips, according to the proposal which was sent to obtain environmental permits for the new site.

Also read: South Korean shares end higher as Samsung strike worries ease

Details on the size of Samsung’s investment in the project, production capacity and production timeline have not been previously reported. Samsung declined to comment.

The People’s Committee of Thai Nguyen province, which hosts the industrial park, did not respond to a request for comment.

Major chip back-end hub

The investment was approved by Vietnamese authorities in March and Samsung intends to reinvest profits from the project, “if any”, up to about $2.5 billion, for a potential second factory, the document said.

It is not clear whether the factory has obtained all necessary permits or talks are still ongoing with the authorities. Companies in Vietnam often begin initial ground works on building sites while they await environmental permits.

More than 200 Samsung engineers and staff have been working on the site of the project at least since April, said a person briefed on the matter, who declined to be identified because the information is private.

Reuters reporters observed heavy construction vehicles and workers on the site during a visit this week. A security guard confirmed the site would host a Samsung semiconductor plant.

The South Korean group is already the largest foreign investor in Vietnam, having committed more than $23 billion over decades to multiple facilities. The new plant is being built next to a large complex where Samsung Electronics produces smartphones and tablets.

Vietnam is also a major player in the global semiconductor back-end industry, which is more labour-intensive and less sophisticated than chip fabrication. The country hosts assembling, packaging and testing plants of several multinationals, including Intel, Amkor Technology and Hana Micron.

Testing is the final process in chipmaking, in which semiconductors previously assembled and packaged are checked for possible defects before shipment, the document showed.

Three-month copper on the London Metal Exchange was up 0.5% at $13,688.50 a metric ton by 0334 GMT, after hitting its highest since May 15 earlier in the session.

The most-traded copper contract on the Shanghai Futures Exchange was unchanged at 105,160 yuan ($15,495) a ton.

Brent crude oil prices fell and were trading near their lowest in more than a month this week, easing some concerns over inflation and a global slowdown, supporting demand for copper, which is widely considered a bellwether for the health of the global economy.

Hopes of an AI boom that is expected to require large amounts of copper for data centres are also supporting sentiment for the base metal.

Also read: London copper ticks down as markets assess US-Iran peace talks

“The key tension playing out in the markets now is whether this AI buildout narrative can continue to diverge from the inflation fears triggered by the U.S.-Iran war and its dramatic consequences,” said Ilya Spivak, head of global macro at Tastylive.

Iran said on Tuesday the U.S. had violated a ceasefire by striking targets near the contested Strait of Hormuz, potentially complicating efforts to bring the war to a close.

Three-month aluminium on the London Metal Exchange rose 0.5% to $3,689 a metric ton. Prices rose to their highest since March 24, 2022 in the previous session.

Aluminium was supported by rising prices for the feedstock alumina and a tightened market due to reduced supply from Gulf producers.

The September alumina futures on the Shanghai Futures Exchange rose over 1% to their highest since April 28 earlier in the session.

Reduced aluminium supply from Gulf producers due to the conflict has also kept the premium of the LME aluminium cash contract against the benchmark at $73 a ton as of Tuesday.

Elsewhere on the LME, zinc rose 0.3%, lead was up 0.1%, nickel gained 0.5% and tin climbed 0.8%. Nickel hit its highest level since May 14, while lead hovered near a four-month high.

Among other SHFE metals, aluminium ticked 0.8% higher, zinc was down 0.7%, lead rose 0.3%, nickel gained 1.9% and tin added 0.6%.

The target is 6.4% higher than the index’s last close of 7,519.12.

“Earnings growth has powered the entire S&P 500 return so far this year, and we expect this dynamic to continue in the coming months,” Goldman Sachs said in a note on Tuesday.

The brokerage also raised its S&P 500 earnings-per-share forecasts to $340 for 2026, implying 24% year-on-year growth, and to $385 for 2027, a further 13% increase.

Also read: Goldman Sachs pushes back Fed rate cut forecast amid Mideast conflict

Goldman’s move adds to a growing wave of bullish calls from brokerages, with UBS GWM the latest to lift its outlook last week, citing robust AI-driven earnings that could help offset inflationary pressures and supply risks from the Iran conflict.

The brokerage said AI infrastructure beneficiaries are set to drive about half of the index’s earnings growth this year, adding that while weak consumer spending and elevated costs pose risks, strong AI investments would offset these pressures.

“In addition, while S&P 500 earnings estimates have risen more quickly than index price appreciation, the semiconductor stocks at the heart of the AI infrastructure complex have recently outpaced their forward earnings,” analysts at Goldman Sachs said.

According to the State Bank of Pakistan (SBP), export receipts generated through freelancing in computer and information services surged to USD959 million during July-April, compared to USD642 million recorded during the same period of the previous fiscal year, reflecting a year-on-year growth of 49 percent, or an increase of USD317 million.

READ ALSO: Rise in freelancers’ earnings

The growth and performance of freelancers is much better than India, China, the UAE and several other countries.

The strong inflow highlights the increasing contribution of Pakistan’s freelance industry to the national economy and the growing global demand for Pakistani digital services.

Industry sources said that one billion dollar earning landmark is likely to achieve in the first eleven months of this fiscal year and this achievement is possible through the collective efforts of the Ministry of IT and Telecommunication, the Pakistan Software Export Board, the State Bank and the Special Investment Facilitation Council (SIFC).

Dr Imran Batada, the newly appointed President and CEO of Pakistan Freelancers Association, said the growth in freelancers’ income was driven by the increasing participation of Pakistani freelancers on various freelancing platforms, including Upwork, Fiverr, and social media platforms.

He noted that awareness about freelancing has increased immensely among Pakistanis over the past few years, encouraging many individuals to acquire skills through online learning, private institutions, government-led training programs, and initiatives by various NGOs.

Pakistan’s freelancing community is estimated at around 3 million people, and this number should continue to grow in a structured manner through collaboration among the government, banking companies, and other stakeholders, said Dr Imran Batada, a CIO who has received the Global CIO Award five times and has produced over 25,000 freelancers.

He further emphasised that Pakistani freelancers should continuously upgrade their skills to maintain their competitiveness on global freelancing platforms. He also urged students and young professionals to focus on acquiring advanced AI and soft skills.

Copyright Business Recorder, 2026

According to a new valuation ruling, the customs values of Reverse Osmosis (RO) membrane and UF Modules were determined under Valuation Ruling No.1652-2022. However, the said valuation ruling is now almost four years old.

And international market prices of the subject goods have changed during this period. Therefore, a preliminary analysis of import data, including declared values, assessed values, and prevailing market prices” was conducted to re-determine the customs values of the subject goods under Section 25A of the Customs Act. 1969.

The viewpoints of the participants were heard in detail, and the stakeholders were requested to submit documentary evidence to substantiate their contentions.

Customs values of Reverse Osmosis (RO) Membrane and Ultra Filtration (UF) Modules have been determined for assessment of duties and taxes, it added.

The values given are for the following well known international brands: Dupont, Hydranaustic, Toray, GE, LG Engy, EZMembranes, FilmTec, KochUSA, Trisp, Kristal, Osmonics, Canature, FlexTech, Kamatsu/Kusatsu, Applied Membranes, etc.

Following Brands: Vontron, Keensen, Hynamo, Frotech, Morui, Huisidun shall be assessed under section 25 of the Customs Act, 1969 by the Collectorates, but in no case such assessments shall be less than USD 8.00/kg.

Other low-end brands shall be assessed under section 25 of the Customs Act, 1969 by the Collectorates but in no case such assessments shall be less than USD 4.30/kg.

Copyright Business Recorder, 2026

In this regard, the directorate has issued a valuation ruling number 2083 of 2026 for accurate assessment of duties and taxes.

The Customs values of Calcium Carbide were earlier determined under Section 25A of the Customs Act, 1969 vide Valuation Ruling No.1824-2023.

READ MORE: Customs values on paraffin wax, calcium carbide revised

The Valuation Ruling has remained in the field formations for considerable time and required review in view of prevailing international market prices, import trends, declared values and current valuation evidence.

Several representations were also received from different stakeholders regarding re-determination of Customs values of Calcium Carbide, wherein they requested that the Customs values of the subject goods may be reviewed in line with prevailing international prices, current import trends and market Calcium Carbide is an industrial chemical generally used in the manufacturing of

Acetylene gas and other industrial applications. Therefore, in order to align the Customs values of the subject goods with current international and import market trends, an exercise was initiated by this Directorate for fresh determination of Customs values under Section 25A of the Customs Act, 1969.

A meeting for determination of Customs values of Calcium Carbide was held which was attended by the relevant stakeholders.

The viewpoints of the participants were heard in detail and they were requested to submit relevant documents in support of their contentions.

Several representations received from the stakeholders were also examined. The stakeholders requested re-determination of Customs values of Calcium Carbide in view of prevailing international prices, current import trends and market conditions.

For the purpose of valuation, import data of Calcium Carbide was retrieved and examined. The data was scrutinized with reference to declared values, assessed values, origin, quantity, description and relevant time period.

The available record reflected variation in declared values with respect to different time periods; however, relevant comparable import data was available and the same was considered for determination of customs values. After considering the available import data, stakeholders’ submissions and other relevant information, the Customs values of Calcium Carbide have been determined accordingly, the directorate added.

After considering the available comparable import data, stakeholders’ submissions and other relevant information, the Customs values of Calcium Carbide have been determined under Section 25(6) of the Customs Act, 1969. 4. Customs Values for Calcium Carbide - hereinafter specified shall be assessed to duty/taxes at following customs values.

Copyright Business Recorder, 2026

PAAPAM is not opposed to new entrants, Chinese brands, Korean brands, BEVs, HEVs, PHEVs, REEVs, or technological transformation. Our members are prepared to supply all assemblers and all technologies. The real question is whether the upcoming policy will build manufacturing capability inside Pakistan or simply make imported kits and used vehicles easier to sell.

Usman Aslam Malik, Chairman PAAPAM, stated, “Pakistan must transition toward advanced mobility and electric vehicles, but this transition should strengthen local manufacturing instead of replacing it with import dependency. Localization is not resistance to change; it is the foundation of sustainable industrial growth.”

It is also incorrect to assume that Pakistan’s auto parts industry has no role in the EV ecosystem. A significant portion of components remains common across ICE, hybrid, and electric platforms, including glass, tyres, seats, trim, rubber parts, weatherstrips, body components, suspension systems, braking parts, lighting, wiring, plastic parts, fasteners, sheet metal, tooling, and many other systems. Pakistani vendors already manufacture several of these components under strict OEM standards.

Shehryar Qadir, Senior Vice Chairman PAAPAM, added, “The issue is not whether Pakistani vendors can manufacture EV-relevant parts. The issue is why new entrants are not being meaningfully encouraged or obligated to source these components locally.”

The experience of recent policies is clear. While Pakistan attracted new assemblers and increased model variety, deep localization did not follow. Where import concessions existed without enforceable localization requirements, the commercial preference naturally shifted toward imported kits instead of local vendor development. This is not industrialization; it is import-based assembly.

For this reason, PAAPAM believes localization commitments must be binding rather than symbolic. Incentives should be linked to model-wise localization plans, vendor development, technology transfer, audited local content targets, and measurable compliance mechanisms. Without both incentives and accountability, policies unintentionally reward short-term import dependence over long-term industrial capability.

PAAPAM supports consumer affordability, but affordability cannot come at the cost of dismantling the local supply chain. Vehicle pricing in Pakistan is influenced by exchange-rate depreciation, taxation, energy costs, financing constraints, interest rates, and production volumes. Temporary tariff relaxations or unrestricted used-car imports may create short-term price relief, but they weaken domestic production, reduce employment, increase foreign-exchange pressure, and discourage future localization.

Used vehicle imports are particularly damaging because they generate no vendor orders, no tooling investment, no technology transfer, no manufacturing employment, and no long-term industrial ecosystem. No serious automotive manufacturing economy treats large-scale used imports as a sustainable industrial policy.

PAAPAM’s position remains straightforward: support technology transition, support BEVs, support competition, support exports, and support new entrants — but ensure every concession is tied to local value addition. EV incentives should help establish a local EV supply chain instead of merely subsidizing imported CKD kits. Similarly, PHEVs and REEVs should not be treated identically to pure BEVs where such treatment undermines localization objectives and fiscal balance.

Copyright Business Recorder, 2026

“The board has been surprised and disappointed to learn of governance oversight and conduct issues it deems unacceptable and has taken decisive action,” Amanda Blanc, a senior independent director at BP, said in a statement.

The company did not give specific details of the alleged conduct and declined to comment further.

The news sent BP’s share price sliding nearly six percent, topping the losers’ board in the FTSE 100 index in afternoon trading at the London stock exchange.

Board member Ian Tyler has been appointed interim chairman with immediate effect.

Manifold became chairman in October last year as BP focused on pivoting back to its more profitable oil and gas business, slashing clean energy investments.

“Albert has helped bring a welcome focus and pace to BP’s transformation,” Blanc said in the statement.

However, he “should no longer serve as chair and director with immediate effect. This follows serious concerns raised to the board”, the group added.

According to anonymous sources quoted by the Financial Times, other directors viewed Manifold as too aggressive and believed he exerted excessive control over the company.

BP faced a shareholder backlash at its annual meeting last month as investors rejected a resolution that would have reduced its climate reporting requirements.

Some of the investor discontent was directed at Manifold, with just 82 percent of shareholders voting in favour of his election — below the near-unanimous support typically received by directors.

“He was considered a hands-on and controversial chair,” said Kathleen Brooks, research director at trading group XTB.

“The fact that Manifold has left so soon raises genuine concerns about HR policies at BP, and the corporate culture,” said Brooks, adding that the lack of stability signals “bad news” for shareholders.

His departure is the latest leadership shakeup after company outsider Meg O’Neill became chief executive in April, with a mission of implementing a recovery plan for the group.

BP reported a sharp increase in profits in the first quarter as crude oil prices soared amid the Middle East war.

“The board and leadership team have deep conviction in the strategic direction we have laid out, and the company is moving at pace to deliver it,” Tyler said Tuesday.

“BP is building a track record of strong underlying operational performance and a tight focus on financial discipline — all in the pursuit of growing shareholder value and returns,” he said.

Manifold had replaced Helge Lund, who departed after a major reset at the British energy giant that saw it shelve carbon-reduction targets to focus on fossil fuel output.

Under Lund, BP chief executive Bob Dudley departed in early 2020, replaced by Bernard Looney, who was sacked over his failure to disclose past relationships with colleagues.

“Unfortunately this is not the first time that BP has been embroiled in boardroom controversy, which could be one of the reasons for the outsize share price fall,” Richard Hunter, head of markets at Interactive Investor, told AFP on Tuesday.

The event was attended by distinguished members of the business community, including Saquib Fayyaz Magoon, Senior Vice President of the Federation of Pakistan Chambers of Commerce and Industry (FPCCI), Acting President of Karachi Chamber of Commerce and Industry (KCCI) Mohammad Raza, and other leading stakeholders from various sectors.

The gathering reflected the growing interest of Pakistan’s private sector in expanding economic engagement with Indonesia.

In his welcoming remarks, the Consul General of the Republic of Indonesia in Karachi, Mudzakir, emphasized that the event was designed as a warm and practical platform for knowledge sharing, direct dialogue, and business follow-up between Indonesian and Pakistani stakeholders. He highlighted the strong historical ties and economic complementarities between Indonesia and Pakistan, which should be translated into more concrete trade, investment, and business-to-business cooperation.

The Consul General also underlined the importance of strengthening economic resilience amid global and regional uncertainties affecting supply chains, energy security, and market confidence.

He further stated that Indonesia remains open for partnership, offering opportunities in downstream industries, renewable energy, food security, infrastructure, manufacturing, digital economy, Halal industry, and tourism. Indonesia recorded 5.11 percent economic growth in 2025 and 5.61 percent growth in the first quarter of 2026, supported by strong domestic demand, investment, and continued reforms to improve the business climate.

Ricky Eka Virgana Ichsan, Director for South and Central Asia, Ministry of Foreign Affairs of the Republic of Indonesia, reaffirmed the Indonesian Government’s strong attention to economic diplomacy with Pakistan. He encouraged both sides to strengthen commercial connectivity, diversify trade, explore investment opportunities, and make better use of business platforms to bring the two private sectors closer.

Speaking on behalf of FPCCI, Saquib Fayyaz Magoon appreciated the initiative of the Indonesian Consulate General and highlighted the significant untapped potential between Indonesia and Pakistan. He stressed the importance of stronger private sector collaboration and more focused engagement in sectors such as Halal products, agriculture, textiles, technology, infrastructure, and investment.

The programme featured an Indonesia updates session by Dr. Ahmad Syofian, Consul for Economic Affairs, covering KJRI Karachi’s upcoming economic promotion agenda, including Trade Expo Indonesia 2026, D-8 Halal Expo Indonesia 2026, the planned Indonesia–Pakistan Investment Forum 2026, Indonesia’s integrated promotion at ICPF, and the newly introduced Connect Indonesia platform.

According to PVMA the meeting was attended by PVMA Senior Vice Chairman Asjad Arif, Vice Chairman Sheikh Khalid Islam, Special Assistant to the Chief Minister Punjab on Food Security Salma Butt, prominent business leader and former provincial minister S M Tanveer, along with industrialists and association members from across the country.

Various agenda items related to the industry were discussed in detail, while participants also deliberated on future strategies for the sector.

Speaking on the occasion, Chairman PVMA Sheikh Umer Rehan said that the ghee and cooking oil industry is a key pillar of the country’s food supply chain.

However, he noted that the sector is currently under severe pressure due to prevailing economic conditions, rising production costs, fluctuations in imported raw material prices, frequent changes in petroleum prices causing instability in freight charges, and various regulatory challenges.

He stressed that continuous engagement with the government and relevant institutions, along with effective policymaking, was essential for placing the industry on sustainable footing.

He further emphasized that the industry remains fully committed to providing quality and safe food products to consumers, but rising business costs and policy instability are adversely affecting industrial activities.

Sheikh Umer Rehan stated that if the industry is provided with a conducive business environment, it would not only increase investment but also create new employment opportunities.

Addressing the meeting, Salma Butt said that Punjab Chief Minister Maryam Nawaz Sharif has a clear policy to promote industrialization and facilitate the business community in order to strengthen the economy.

She said the Punjab government believes in working closely with the private sector for food security, quality food standards, and the development of the food industry. She assured participants that the issues faced by industrialists would be taken up with the relevant forums on a priority basis to further improve the business environment.

Copyright Business Recorder, 2026

Iran has effectively halted nearly all non-Iranian shipping into and out of the Gulf via the Strait of Hormuz since the war began in late February, choking off about a fifth of global oil and liquefied natural gas (LNG) flows.

Global benchmark Brent rose $3.78, or 3.9 percent, to USD99.92 a barrel at 10:50 a.m. ET (1450 GMT), while US West Texas Intermediate (WTI) crude fell USD2.88, or 3.0 percent, to USD93.72.

READ MORE: Oil tumbles nearly 7pc

On Monday, Brent closed at its lowest since April 20 on expectations the US and Iran would soon reach a deal. Those peace hopes were reflected in WTI prices on Tuesday since WTI did not settle on Monday due to the US Memorial Day holiday.

WTI was on track to close at its lowest since April 22 on Tuesday. Iran said the United States had violated the ceasefire after the US conducted what it called defensive strikes in southern Iran, while US Secretary of State Marco Rubio said that negotiating a deal to halt the conflict could “take a few days”.

Iran’s foreign ministry said US strikes in the southern Hormozgan province, where Iranian media reported sounds of explosions early on Tuesday, represented a “gross violation” of a tenuous ceasefire in place for nearly seven weeks.

Both sides had indicated progress on a memorandum of understanding that could halt the war and restart shipping through the blockaded Strait of Hormuz, while giving negotiators 60 days to negotiate more complex issues including Iran’s nuclear program.

“We are still waiting for more details on a potential deal,” said Giovanni Staunovo at UBS. “Meanwhile we see renewed tensions in the Middle East, while flows through the Strait remain restricted.”

Iran officials in Doha for talks

The US strikes happened as Iran’s top negotiator and its foreign minister were in Doha for talks with Qatar’s prime minister on a potential deal with the US to end the three-month-old war.

“While differences between the parties have narrowed, any eventual peace deal would likely lead only to a gradual reopening, meaning the current tight supply outlook could take months to normalize,” said Ole Hansen at Saxo Bank.

Tankers tracked passing through Strait

Nikkei, citing a Middle East diplomatic source, reported that Iran would clear mines from the Strait within a 30-day window under the potential agreement, after which vessels from all countries could navigate freely and safely, with Tehran also ending transit-fee collection.

AIIB Director General Xiaohong Yang was also present in the meeting.

The chief minister briefed the delegation about record development projects being undertaken in Punjab and offered the Asian Infrastructure Investment Bank partnership in development projects in the province.

The CM said the Punjab government’s “Apni Chhat, Apna Ghar” programme was appreciated during the 13th session of the Baku Urban Forum, adding that more than 100,000 houses had been constructed within one year under the programme.

She said electric bus and e-bike programmes were being successfully implemented across every part of Punjab. She appreciated AIIB’s cooperation on the signing of an MoU for improvement of water and sanitation infrastructure in Lahore, saying the mutual agreements reflected the bank’s confidence in Punjab’s development and reform agenda.

The CM said the Lahore Wastewater and Drainage Management Project, including the sewerage network and wastewater treatment plant at Babu Sabu, would help improve the drainage system.

Maryam Nawaz said AIIB’s support for the proposed surface water treatment plant at the BRBD Canal was valuable and added that cooperation with the bank would bring positive changes in urban culture.

She said Punjab was moving rapidly towards environmental protection and improvement in public health, adding that the province was heading towards a new model of urban governance.

“Data planning, technology monitoring and climate-smart infrastructure will improve the lifestyle of the people,” she said, adding that provision of clean water, healthcare and an efficient transport system were among the priorities of the Punjab government.

The chief minister also welcomed AIIB Chief Investment Officer Konstantin Limitovskiy to Lahore, describing the city as Pakistan’s cultural hub, and said the Punjab government valued its partnership with the Asian Infrastructure Investment Bank.

Copyright Business Recorder, 2026

The OFS consists of a base offer of up to a 1% equity stake in the state-run coal miner, with an option to sell an additional 1%.

The floor price has been fixed at 412 rupees per share, which is about a 10% discount to Coal India’s last closing price.

An OFS allows promoters or large shareholders of listed companies to sell shares through stock exchanges.

The stake sale is part of the Indian government’s broader divestment and asset monetisation program. It currently holds a 63.13% stake in Coal India.

The government has a divestment and asset monetization target of 800 billion rupees for fiscal year 2027, according to the Union Budget.

Earlier this week, the government sold an 8% stake in Central Bank of India via an OFS.

The company shared the development in a social media post on Saturday, stating that the agreement was signed with Hualu Engineering and Technology Co. Ltd in China on May 24, 2026.

“With an investment of $1.12 billion, the project is expected to produce 717,000 tons of urea annually while utilizing approximately 2.1 million tons of indigenous coal each year - strengthening fertilizer security, enabling value creation from local resources, and supporting Pakistan’s long-term industrial growth,” FFC said.

The company added that the plant is planned for commissioning by 2030-31 and “reflects FFC’s continued commitment to innovation, self-reliance, and sustainable economic progress for Pakistan”.

The development comes as Pakistan seeks to attract fresh Chinese investment under the second phase of CPEC.

Both countries have reached a ‌new broad consensus on deepening their strategic partnership, according to a joint ⁠statement issued by the countries at the end of Prime Minister Shehbaz Shari’s visit to Beijing.

The countries have ‌agreed ⁠to promote “high-quality development” of the China-Pakistan Economic Corridor and welcome ⁠the participation of third parties in its ⁠development, the statement said.

Despite depending on supplies through the Strait of Hormuz for up to 90% of its oil and liquefied natural gas imports, Pakistan has no strategic petroleum reserves.

That has left it exposed to supply shocks provoked by the Iran war even as its lending programme with the International Monetary Fund (IMF) limits room for costly state-owned emergency stocks.

According to the document reviewed by Reuters, the energy ministry is proposing to build strategic petroleum reserves as well as commercial storage through bonded terminals, refineries and oil marketing companies (OMCs). It is also pushing for more oil and gas exploration and production, upgrades to its refineries, and a consolidation of its downstream sector.

“Pakistan’s oil security requires both emergency reserves and stronger local supply capacity,” the ministry said in the document.

It shared the proposed framework with Saudi Aramco, Abu Dhabi National Oil Corp, Kuwait Petroleum Corp, QatarEnergy and PetroChina as well as oil trading firms Vitol and Trafigura and storage operator Vopak.

Trafigura and Vitol declined to comment. The other companies and Pakistan’s petroleum ministry did not respond to Reuters’ requests for comment.

Petroleum Minister Ali Pervaiz Malik said last week that building reserves was “easier said than done”, especially for a country in an IMF programme with severe fiscal challenges, but added the government was trying to move quickly from planning to implementation.

Bonded storage, strategic reserves, and energy infrastructure

Under the bonded storage plan, international suppliers and traders would be allowed to hold petroleum stocks, creating commercial inventories that could support domestic supply during emergencies. The government could also allow companies to store fuel for re-export.

The document did not spell out details such as incentives, pricing, tax, foreign-exchange, offtake or ownership terms, or whether companies would be expected to invest in storage infrastructure.

The ministry wants the bonded storage framework for suppliers to be finalised by June.

In addition to its lack of strategic reserves, the document cited constrained port infrastructure, limited ship-to-ship capacity and insufficient storage among Pakistan’s vulnerabilities.

The build-up of the government’s own strategic reserves would be paid for by a ring-fenced fund financed by Rs10 ($0.0359) per litre from the existing levy on petroleum, with allocations to start on July 1. The document says that allocation would generate about $700 million a year.

Pakistan currently imposes a Rs58 per litre tax on diesel and Rs102.17 per litre on gasoline.

Additionally, the government plans to require that refineries hold 15 days of crude stocks and oil marketing companies to maintain 30 days of finished products, with the rules to be phased in through refinery policy, margin revisions and downstream consolidation by June 2028.

The document also calls for an energy infrastructure corridor around the city of Hub and Port Qasim, including single-point mooring, storage and pipeline connectivity, to reduce reliance on smaller, costlier shipments.

The data from the China ​Academy of Information ​and Communications Technology showed shipments ‌of ⁠foreign-branded phones within China were at 3.59 million units in ​April.

Overall ​phone ⁠shipments in China last month were ​up 2.8% year-on-year ​to ⁠25.73 million units, according to the data.

The cancellations are likely to help soymeal suppliers in North and South America boost shipments to Asian buyers that traditionally source from India. India’s soybean purchases are also allowing African exporters to sell the oilseed at a hefty premium ​to global benchmark prices .

Soymeal, a widely used livestock feed ingredient, is produced when soybeans are crushed for oil ​extraction.

The sudden jump in domestic soybean prices pushed up soymeal costs, making it difficult for ⁠traders to fulfil export commitments, said two dealers with global trade houses, who declined to be named publicly because they ​were not authorised to speak to the media.

“It wasn’t possible for sellers to absorb the $200 per ton increase, so they ​mutually agreed with buyers to cancel the contracts for May and June shipments,” one of the sources said.

The cancellations, or washouts, which have not been reported previously, are rare in the soymeal trade, as sharp price swings are relatively uncommon. The washouts did not involve penalties.

Local soymeal prices jumped 41% ​in a month to 66,000 rupees per metric ton, their highest level in four years, amid tight supplies due to a ​drop in soybean production.

Soybeans firm on higher oil prices; wheat, corn gain

The rally pushed Indian soymeal export offers for June loading shipments to about $695 per metric ton free on board, ‌up ⁠from around $475 a month ago, the sources said.

India is not receiving new soymeal export orders because of elevated prices, prompting traders to step up imports from African countries, said Vinod Jain, founder of agricultural goods exporter Suraj Impex.

India’s soybean imports could rise to a record 800,000 tons in the year to September 2026, Jain said. India imported about ​2,000 tons in the previous ​year, according to data ⁠compiled by the Soybean Processors Association of India.

India permits imports only of non-genetically-modified soybeans, restricting supplies to a handful of African nations - including Benin, Niger, Togo and Nigeria - where ​non-GM beans command a steep premium over genetically modified varieties.

Traders this month bought African ​soybeans at $700 ⁠to $760 per ton on a cost, insurance and freight basis for June and July shipments to India, said Manoj Agrawal, managing director of Maharashtra Oil Extractions, a soymeal producer and exporter.

Traders have bought at least 80,000 tons of soybeans this ⁠month, with ​purchases continuing as local soybean prices remain firm, one of the sources ​said.

Soybean supplies are expected to remain tight until the new season’s crop arrives in September and October, prompting traders to import from African countries, said ​Ashok Bhutada, a soybean processor based in Latur, Maharashtra state.

Similarly, 10-gram gold was sold at Rs407,546 after it fell by Rs2,057, according to rates shared by the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA).

On Monday, gold price per tola reached Rs477,762 after a gain of Rs4,600 during the day.

The international rate of gold declined by $24 to reach $4,530 per ounce (with a premium of $20).

Meanwhile, the price of silver also decreased by Rs153 to reach Rs8,117 per tola.

Alibaba enters Pakistan’s fintech space: SECP grants BNPL licence to KTPL

The professionals would need approval from relevant ​authorities ​before ⁠taking a trip abroad, ​the ​report ⁠said.

Reuters couldn’t immediately verify the ⁠report.

Iran has effectively halted nearly all non-Iranian shipping into and out of the Gulf via the Strait of Hormuz since the war began in late February, choking off about a fifth of global oil and liquefied natural gas (LNG) flows.

Global benchmark Brent rose $3.78, or 3.9%, to $99.92 a barrel at 10:50 a.m. ET (1450 GMT), while U.S. West Texas Intermediate (WTI) crude fell $2.88, or 3.0%, to $93.72.

On Monday, Brent closed at its lowest since April 20 on expectations the U.S. and Iran would soon reach a deal. Those peace hopes were reflected in WTI prices on Tuesday since WTI did not settle on Monday due to the U.S. Memorial Day holiday.

WTI was on track to close at its lowest since April 22 on Tuesday.

Iran said the United States had violated the ceasefire after the U.S. conducted what it called defensive strikes in southern Iran, while U.S. Secretary of State Marco Rubio said that negotiating a deal to halt the conflict could “take a few days”.

Iran’s foreign ministry said U.S. strikes in the southern Hormozgan province, where Iranian media reported sounds of explosions early on Tuesday, represented a “gross violation” of a tenuous ceasefire in place for nearly seven weeks.

Both sides had indicated progress on a memorandum of understanding that could halt the war and restart shipping through the blockaded Strait of Hormuz, while giving negotiators 60 days to negotiate more complex issues including Iran’s nuclear program.

“We are still waiting for more details on a potential deal,” said Giovanni Staunovo at UBS. “Meanwhile we see renewed tensions in the Middle East, while flows through the Strait remain restricted.”

Iran officials in Doha for talks

The U.S. strikes happened as Iran’s top negotiator and its foreign minister were in Doha for talks with Qatar’s prime minister on a potential deal with the U.S. to end the three-month-old war.

“While differences between the parties have narrowed, any eventual peace deal would likely lead only to a gradual reopening, meaning the current tight supply outlook could take months to normalize,” said Ole Hansen at Saxo Bank.

Tankers tracked passing through strait

Nikkei, citing a Middle East diplomatic source, reported that Iran would clear mines from the Strait within a 30-day window under the potential agreement, after which vessels from all countries could navigate freely and safely, with Tehran also ending transit-fee collection.

Ship-tracking data showed three LNG tankers passed through the Strait in recent days, heading to Pakistan, China and India, along with a supertanker carrying Iraqi crude to China that had been stranded for nearly three months.

U.S. President Donald Trump on Monday repeated his demand that Iran hand over its enriched uranium so it could be destroyed.

“It’s a sharp reminder that the deal could still collapse at the 11th hour, much like the five previous attempts before it,” said Tony Sycamore, a market analyst at IG.

Spot gold was down 0.6% at $4,542.20 per ounce as of 0401 GMT. U.S. gold futures for June delivery gained 0.4% ​to $4,542.80.

Iran’s top negotiator and its foreign minister were in Doha for talks with ​Qatar’s prime minister on a potential deal with the U.S. to ⁠end the three-month-old war, an official briefed on the visit said on Monday, ​after Washington and Tehran played down hopes for an imminent breakthrough.

Even as the talks ​proceeded, U.S. forces on Monday conducted strikes in southern Iran against targets including boats attempting to lay mines and missile launch sites, in what it described as defensive actions.

“Even though we have ​a peace deal that is being done and dusted between the U.S. and ​Iran, the damage that has been done to Middle East oil production facilities could actually prevent ‌a ⁠rapid normalization of oil flows flowing into the rest of the world from the Middle East,” said Kelvin Wong, a senior market analyst at OANDA.

“The market has started to price in this situation, showing very high odds of an interest rate hike ​to come in ​this year.”

Brent crude ⁠futures rose 2% in early Asian trade on Tuesday, as tensions between the U.S. and Iran persisted.

Elevated crude oil prices can ​fuel inflation and keep interest rates higher for longer. While ​gold is ⁠seen as a hedge against inflation, higher rates tend to weigh on the non-yielding metal.

Markets are pricing in a U.S. Federal Reserve rate hike before year-end, with a ⁠56% chance ​of a move by December, according to CME ​Group’s FedWatch tool. FEDWATCH

Spot silver fell 1.6% to $76.84 per ounce, platinum lost 0.8% to $1,952.56, and palladium slid 1.2% ​to $1,381.27.

Despite low odds of an imminent deal, hopes of peace have pushed oil below $100 a barrel, eased pressure on emerging-market currencies, and boosted risk sentiment.

Iran’s top negotiator and its foreign minister were in Doha for talks ​with Qatar’s prime minister on a potential deal. U.S. President Donald Trump said talks with Iran were going “nicely”, ​but warned of fresh attacks if they failed.

The U.S. Central Command said in a statement it ⁠had carried out fresh strikes, designed “to protect our troops from threats posed by Iranian forces.”

The euro held onto its gains to ​trade at $1.16365 on Tuesday, while the Japanese yen fetched 158.95 per U.S. dollar. U.S. markets were closed on Monday for a ​holiday. Against a basket of currencies, the dollar was at 99.031.

“Markets are right to price some optimism because even a path toward reopening Hormuz lowers the extreme tail risk around oil, inflation and global growth,” said Charu Chanana, chief investment strategist at Saxo in Singapore.

“I would not confuse positive ​negotiation noise with a durable de-escalation yet, the real test is not the headline deal, but whether tankers can move ​freely, insurance premiums can fall, and energy flows can normalize,” Chanana added.

“Until then, this is likely to remain a stop-start risk-on trade.”

The Australian ‌dollar , often ⁠viewed as a proxy for risk, was steady at $0.71665, hovering near a one-week high after rising 0.65% on Monday.

The New Zealand dollar was at $0.58575, down 0.25% ahead of a policy decision from the country’s central bank on Wednesday, where a Reuters poll shows 28 of 29 economists expect no change.

“With so much of the good news around a peace deal now likely priced into ​risk markets, there’s certainly room ​for a ‘buy the rumour, sell ⁠the fact’ type reaction,” said Tony Sycamore, market analyst at IG.

Oil prices clawed back some of their losses at the start of trading on Tuesday on news of the fresh U.S. ​strikes on Iranian targets. Brent crude futures rose 1.5% to $97.76 per barrel after dropping 7% ​on Monday.

Analysts don’t ⁠see energy prices returning to pre-war levels anytime soon, even with a near-term resolution, as supply chains will take time to normalise, keeping inflation and rate concerns firmly in place.

“We still expect a slow oil unwind, even if prices fall sustainably below $100 per barrel ⁠in the ​second half of 2026. This suggests the USD’s terms of trade support ​should not fade quickly,” said OCBC strategists in a note.

“There is no strong case to be bearish USD,” they said, citing resilient U.S. growth and AI-driven ​inflation pressures that have nudged Federal Reserve rhetoric in a more hawkish direction.

Iran’s top negotiator and its foreign minister were in Doha for talks with Qatar’s prime minister on a potential deal with the U.S. to end the war, an official briefed on the visit said, after Washington and Tehran played down hopes for an imminent breakthrough.

The Nikkei newspaper separately reported that both ​parties were discussing a plan to open the Strait of Hormuz about 30 days after reaching a deal to end hostilities.

But ​even as the talks proceeded, U.S. forces conducted strikes on Monday in southern Iran against targets including ⁠boats attempting to lay mines and missile launch sites, in what they described as defensive actions.

The developments sent Brent futures rising ​more than 1% in early Asian trade to $97.32 a barrel. U.S. West Texas Intermediate crude was up slightly from Monday’s last traded ​price but down 5.5% from Friday’s close. There was no settlement on Monday due to the U.S. Memorial Day holiday.

“I’m a bit sceptical… We keep being told there’s a deal that’s near, but what does the deal look like? That’s what’s really important. When’s the Strait of Hormuz going to ​open… There’s a lot we don’t know,” said Joseph Capurso, a strategist at Commonwealth Bank of Australia.

Stock markets were mixed, with ​MSCI’s broadest index of Asia-Pacific shares outside Japan advancing 0.8%, while Japan’s Nikkei shed 0.2%.

Nasdaq futures trimmed earlier gains to trade 0.9% higher, while ‌S&P 500 ⁠futures rose 0.68%.

EUROSTOXX 50 futures eased 0.36%, while FTSE futures added 0.4% and DAX futures lost 0.43%.

“The market wants to believe that it’s all going to end soon, because the war not ending is quite bad for the world economy. The world economy’s had these buffers of running down inventories, but you can’t keep running down inventories,” said Capurso.

Dollar steadies

In currencies, the dollar steadied on Tuesday ​on renewed safe-haven demand, though ​it remained some distance away ⁠from a six-week peak hit last week.

The euro fell 0.06% to $1.1636, while sterling eased to $1.3498.

Against the yen, the dollar was flat at 158.95 .

Bonds were largely steady after a rout last week on worries ​that higher energy prices for longer would stoke a resurgence in inflation and prompt rate ​hikes across both ⁠developed and emerging markets.

The yield on the two-year U.S. Treasury note was last little changed at 4.0612%, while the 10-year yield fell to 4.5024%.

“We are likely to see periodic yield retracements on occasions when geopolitical risks subside, but inflation and fiscal risks are likely to be ⁠more sustained,” ​said Eric Robertsen, Standard Chartered’s head of global research and chief strategist.

“Commodity supply ​dislocations will take months to resolve, and fiscal support measures are likely to drive a sustained deterioration in sovereign balance sheets - which will also require increased borrowing ​in an environment of higher funding costs.”

Elsewhere, spot gold was down 0.5% at $4,545.90 an ounce.

The SBP on Monday announced that it has revised its foreign exchange regulatory framework, delegating key functions related to share and unit registration on a repatriable basis to ADs and simplifying documentary requirements to facilitate foreign investment and improve ease of doing business.

According to an official circular, attention of ADs has been drawn to Para 16 of Chapter 14 and Paras 7(v), 7(vi) and 7(vii) of Chapter 20 of the Foreign Exchange Manual (FEM), which outline the existing procedures for designation and registration of shares and units.

READ MORE: SBP allows ECs to do 5-day forward sales against remittances

In order to promote ease of doing business and facilitate foreign investors, SBP has decided to delegate the functions of registration of shares/units on repatriable basis issued/transferred by local companies/funds to the non-residents and designation of ADs for the purpose of remittance of dividend and disinvestment proceeds to non-resident shareholders/unitholders to ADs.

The SBP further said that documentary requirements for registration of such shares and units have been simplified as part of the revised framework.

Accordingly, amendments have been made to Para 16, Chapter 14 and Paras 7(v), 7(vi) and 7(vii) of Chapter 20 of the Foreign Exchange Manual. Standard Operating Procedures (SOPs) have also been introduced and included in the updated instructions to ensure uniform implementation across the banking industry.

The SBP said the SOPs have been developed to provide guidance to Authorized Dealers and maintain consistency in the execution of delegated functions. To allow banks sufficient time to make necessary operational arrangements, the revised instructions will become effective one month after the issuance of the circular.

Copyright Business Recorder, 2026

Speaking at a high-level pre-budget panel discussion organized by the Centre for Policy Research and Sustainability at Salim Habib University, titled ‘From Global Crises to National Policy: Shaping Pakistan’s Fiscal Budget 2026–2027,’ he stressed that the national economic strategy must balance stringent International Monetary Fund (IMF) stabilization mandates with the critical survival needs of the private sector.

While acknowledging that the provisional macroeconomic framework targets a real GDP growth rate of 4.1 percent with the Ministry of Finance’s provisional average inflation projection of 8.6 percent, compared with the IMF’s baseline estimate of 8.4 percent for the next fiscal year, he cautioned that the high cost of energy and persistent supply shocks driven by Middle East geopolitical tensions could easily push average inflation to 11 percent, necessitating further monetary tightening and crippling industrial capacity.

Mian Zahid Hussain pointed out that the massive revenue targets proposed under the IMF-backed consolidation plan place a disproportionate burden on the country’s documented businesses.

The federal government has projected total federal tax revenues at Rs17.144 trillion for FY2026–27, representing a sharp 13.5 percent increase over the current year, within which the Federal Board of Revenue (FBR) collection target is set at an ambitious Rs15.264 trillion.

This requires the FBR to collect an additional Rs1.836 trillion over the previous fiscal year, a goal he characterized as highly unrealistic given that the formal sector is already overtaxed and the FBR experienced substantial revenue shortfalls during the outgoing year.

He noted that while the IMF expects about 12 percent organic revenue growth based on its baseline estimates, forcing the existing tax-paying corporate sector to bear the brunt of the remaining increment will backfire, leading to capital flight and a contraction in industrial productivity.

He further underscored that the government’s target of achieving a sacrosanct primary budget surplus of 2 percent of GDP, equivalent to Rs2.9 trillion, and a net budget deficit of 3.5 to 3.9 percent, depends entirely on the volatile trajectory of debt servicing.

He highlighted that projected interest payments for the next fiscal year have already risen to Rs7.8 trillion compared to Rs7.3 trillion this year. If inflation remains elevated due to the 16.8 percent surge in housing and utilities and the 29.9 percent jump in transport costs witnessed recently, interest rates will remain high, driving up debt servicing costs and pushing the actual budget deficit closer to 4.5 percent of GDP.

He asserted that true fiscal sustainability cannot be achieved through aggressive tax enforcement alone, calling for the urgent implementation of structural reforms, including the digitization of tax administration, the provincial revenue measures of roughly Rs400–430 billion, including stronger GST-on-services enforcement and implementation of agricultural income tax reforms, the restructuring of loss-making State-Owned Enterprises, and a significant reduction in non-development expenditures to lower the cost of doing business.

Copyright Business Recorder, 2026

U.S. Secretary of State Marco Rubio said on Tuesday negotiating a deal with Iran could “take a few ​days” after the U.S. struck boats allegedly attempting to lay mines and ​missile-launch sites.

India’s benchmark Nifty 50 added 0.11% to 24,057.95 and ⁠the BSE Sensex added 0.06% to 76,535.45, as of 10:15 a.m. IST. ​The indexes swung between slight losses and gains in early trade.

Eleven of the ​16 major sectors advanced, but the gains were marginal. The broader small-caps and mid-caps rose 0.9% and 0.3%, respectively.

“Investor optimism over a U.S.-Iran peace deal has been tempered by fresh ​U.S. strikes in the Middle East,” said Devarsh Vakil, head of prime ​research at HDFC Securities.

While Washington has framed the strikes as a move to protect U.S. ‌troops ⁠from Iranian threats, the episode has raised concerns that a final agreement may take longer to materialise, Vakil said.

India has been reeling under the effect of rising crude prices and supply disruptions after the closure of the Strait ​of Hormuz due ​to the U.S.-Israel ⁠war on Iran.

The world’s third-largest oil importer and consumer raised prices of petrol and diesel again on Monday, the ​fourth increase in May, in a bid to recoup some ​losses.

Brent ⁠futures rose 2.1% to about $98.2 per barrel.

Traders braced for choppy trading as NSE and BSE derivatives contracts expire on Tuesday and Wednesday, respectively.

Among stocks, state-owned railway infrastructure ⁠firm ​Rail Vikas Nigam lost 2.3% after posting a ​decline in the quarterly profit. Logistics firm Container Corporation of India fell 5% on a fourth-quarter ​profit drop.

The British Retail Consortium’s monthly survey of ​major chains published on Tuesday showed that ⁠prices in May were 1.2% higher than a ​year earlier, up from a 1.0% rise in ​April.

Food price inflation slowed to 2.7%, its lowest in a year, from 3.1%.

Furniture and health and beauty products rose ​by the most reflecting rising raw material and ​shipping costs.

UK inflation dips less than expected in May

BRC Chief Executive Helen Dickinson said the government - which ‌has ⁠pressed supermarkets to slow price increases and flirted with the idea of demanding price caps this month - had to play its part in bringing ​down costs ​for retailers.

“Reducing ⁠the non-commodity charges, taxes and levies that make up more than two-thirds of ​energy bills, and cutting red tape ​would ⁠help keep inflation down,” Dickinson said.

Britain’s broader official consumer price inflation index fell to 2.8% in April but ⁠is ​expected to rise again to ​around 4% in the coming months due to the energy ​price shock.