Geopolitics

Indian equities fell sharply in early trade on July 20 after escalating U.S.-Iran tensions pushed international crude oil prices above $90 a barrel. The BSE Sensex slipped 0.72% and the NSE Nifty 50 fell 0.59%. Banking and financial stocks led the decline, with HDFC Bank and Axis Bank down more than 5% each.

Jingye Group has formally sought compensation after the U.K. government took over British Steel on July 17, triggering talks under a bilateral investment treaty while reserving the right to pursue international arbitration. The company said the move undermined the U.K. government’s credibility and investor confidence, and China’s Foreign Ministry said the handling of the case would directly shape how Chinese investors assess the U.K. investment environment. British Steel is the U.K.’s only operating site producing “virgin steel” from raw materials, based in Scunthorpe, England, and employs about 2,700 people.

The US military carried out fresh airstrikes against Iran on Sunday after attacks on American-linked installations in Jordan, sharply escalating tensions in West Asia. In the same week, crude oil surged more than 14%, Treasury yields rose and the dollar strengthened. Comex gold futures in New York fell 2.3% to USD 4,018.8 per ounce, while silver slid 6.4% to USD 56.32 per ounce; India’s MCX gold and silver futures also dropped sharply. Markets are focused on the Federal Reserve meeting toward month-end and how the geopolitical situation develops, according to PTI.

Renewed fighting involving the U.S. and Iran has pushed global oil prices higher, raising gasoline costs for U.S. consumers. The world’s largest oil and gas companies are simultaneously capturing around $30 million per hour in excess profits. The six largest European oil companies made at least $22 billion in the first quarter of 2026, up 43% from a year earlier, according to NPR citing Global Witness and The Guardian. In Washington, Democratic Sen. Sheldon Whitehouse and Democratic Rep. Ro Khanna have revived a windfall tax proposal that would return half of unexpected war-related oil profits to lower-income Americans through tax rebates.

U.S. airstrikes on Iran followed attacks on U.S.-linked facilities in Jordan, escalating the West Asia conflict. Comex gold fell 2.3% over the week to USD 4,018.8 an ounce, while silver slid 6.4% to USD 56.32 an ounce, with MCX gold and silver futures also declining. Analysts said a stronger dollar, surging crude prices and firmer expectations of U.S. rate hikes have weighed on precious metals.

Petrol retail prices in parts of Nigeria have risen to N1,230 per litre, driven by the Dangote Petroleum Refinery’s decision to sell to marketers in dollars and a jump in global crude prices tied to renewed U.S.-Iran tensions. Major depot loading prices are broadly at N1,185–N1,245 per litre nationwide, and some stations have temporarily suspended sales. Industry groups warned of monopoly-style, arbitrary pricing and said a single company’s actions should not set prices for the entire market. The move highlights a rising global supply-risk premium and intensifying pressure on Nigeria’s downstream pricing framework.

Pakistan’s stock market fell 2,321 points, down 1.3%, on Friday as intensified US-Iran military action in the Middle East stoked fears of supply disruptions through the Strait of Hormuz. Oil prices rose, amplifying concerns about Pakistan’s energy import costs and inflation pressures. The report noted declines across the PSX index, with several local energy and financial stocks under pressure.

The U.S. reinstated a naval blockade on Iran, pushing Brent crude above $85 a barrel. The geopolitical escalation strengthened expectations that inflation and interest rates will stay elevated, increasing worries about funding costs for highly valued tech and software companies. MongoDB, Flywire and Marqeta fell 3%, 3% and 2.3%, respectively, in afternoon trading.

Global stock markets slid sharply on Friday, with the S&P 500 down 1% for the week, the Dow off 0.8% and the Nasdaq down 1.4%. Chipmakers tied to the AI boom led the decline as investors worried that expected AI profits may not materialize as quickly as valuations imply. Oil prices kept jumping as the war with Iran continued, according to AP. The moves underscored how crude and major equity indexes can post directional, tradable intraday swings at the same time.

The US-Iran conflict escalated for a sixth consecutive night, with US forces striking an Iranian port and bridges tied to the Strait of Hormuz. A seven-day moving average of oil flows through the strait fell to 3.9 million bpd from 8.5 million bpd, according to RBC Capital Markets LLC. Kuwait said it was hit by 32 Iranian drones, with damage reported to key infrastructure. The disruptions have interrupted energy transport and weighed directly on global risk assets.