Global markets on March 4: Saudi Aramco facility housing largest refinery struck by projectile

Updates to this live blog have ended, follow our live coverage of Iran-US conflict here.

Saudi Aramco’s Ras Tanura, which houses its largest domestic refinery and a key crude export terminal, was struck again on Wednesday by an unknown projectile, four sources said, two days after a source said a drone attack on the complex shut the refinery.

Initial indications show an attack on the Ras Tanura refinery was carried out by a drone and resulted in no damage, Saudi Arabia’s defence ministry spokesman said, according to the state news agency.

The agency also cited an energy ministry source as saying that there was no disruption to supplies.

Saudi Arabia and other regional Gulf oil producers, such as the United Arab Emirates, Kuwait and Iraq, have been ​unable to move oil through the Strait of Hormuz since the U.S. and Israel launched attacks on Iran on Friday.

(Via Reuters)

India stock market LIVE: India’s Sensex tanked 1,122.66 points to settle at 79,116.19; Nifty dived 385.20 points to 24,480.50.

(via PTI)

Global markets LIVE updates: Asia’s benchmark stock index fell the most in nearly a year, led by a record selloff in South Korean equities as investors unwound positions in some of the year’s biggest market winners.

US futures also declined, with S&P 500 futures down 0.3%. In contrast, Europe moved higher, with the Stoxx 600 rebounding after suffering its worst drop since April.

In commodities, Brent crude extended gains, rising 2.5% to about $83.50 a barrel. The dollar paused after two days of haven-driven gains, while the selloff in global bonds continued, pushing the 10-year US Treasury yield up three basis points to 4.09%. Gold also advanced, trading above $5,100 an ounce.

Global markets LIVE updates: The Nifty 50 index dropped 329.25 points, or 1.32%, to 24,536.45 in afternoon trade on Wednesday, reflecting broad weakness in the Indian stock market.

Global markets LIVE updates: US stock futures edged lower, with S&P 500 E-mini futures down 0.33%, Nasdaq 100 futures falling 0.5%, and Dow futures declining 0.4%.

Global markets LIVE updates: South Korea’s stock market saw its steepest selloff on record as escalating tensions in the Middle East rattled investors. The Kospi Index plunged 12% on Wednesday after dropping 7.2% a day earlier, with major companies such as Samsung Electronics, SK Hynix and Hyundai Motor leading the decline. The sharp fall forced a 20-minute trading halt during the session.

Out of more than 800 stocks on the benchmark index, only 10 managed to close higher, while a key market volatility gauge surged to its highest level since 2008.

The downturn caught many investors off guard. Strong optimism around artificial intelligence and booming demand for memory chips had pushed analysts to raise their outlook for Korean equities, while retail investors piled into the market using borrowed funds.

Global markets LIVE updates: US President Donald Trump said the United States will ensure safe passage of oil shipments from the Middle East to prevent a potential energy crisis triggered by the ongoing war with Iran.

The conflict between the US-Israeli alliance and Iran, now in its fifth day, showed no signs of easing. Tehran launched missiles and drones at Arab states in the Persian Gulf on Wednesday, while Israel carried out strikes on military targets across Iran and on allied militias in Lebanon.

Trump said on Tuesday that the US International Development Finance Corporation would provide insurance “at a very reasonable price” to support the continued flow of energy and commercial trade through the Gulf. He added that the US Navy could begin escorting oil tankers through the strategic Strait of Hormuz “as soon as possible” if required.

Global markets LIVE updates: Asian stocks tumbled the most in nearly a year on Wednesday, led by a sharp crash in South Korean markets, as escalating concerns over the Iran war triggered a broad selloff across some of the region’s top-performing equities.

The MSCI Asia Pacific Index dropped as much as 4.5%, while South Korean stocks plunged around 12% amid growing panic among investors. The Kospi Index, which had been one of the world’s best-performing benchmarks driven by AI-related investments, led the decline.

Dubai stocks also slipped 4.7% when trading resumed.

Despite the steep losses in Asia, equity-index futures signalled a modest gain for European markets and some losses on Wall Street, suggesting the selloff may remain largely contained to the region.

Global markets LIVE updates: Crude oil prices rose by ₹93 to ₹7,018 per barrel in futures trade on Wednesday as traders expanded their positions amid firm demand in the spot market.

On the Multi Commodity Exchange, crude oil contracts for April delivery climbed ₹93, or 1.34 per cent, to ₹7,018 per barrel in a turnover of 2,516 lots.

Analysts said increased participation by traders helped keep crude oil prices higher in the futures market.

In the global market, West Texas Intermediate crude was trading 2.32 per cent higher at USD 76.28 per barrel, while Brent crude gained 2.52 per cent to USD 83.46 per barrel in New York.

Global markets LIVE updates: Gold held steady at $5,163 per ounce in Asian trade, while the Australian dollar slipped below 70 US cents. On Wall Street overnight, major indexes recovered from steeper declines, with the S&P 500 ending 0.8% lower.

The euro remained pinned at $1.16 as surging energy costs weighed on the currency. Benchmark European gas prices have jumped about 66% over the past two days.

Coal prices are also reacting to the energy crunch, with Australia’s benchmark Newcastle coal price rising nearly 17% so far this week.

Global markets LIVE updates: Benchmark Brent crude futures were trading at $82.08 a barrel, putting prices on track for a gain of more than 13% this week, as the conflict involving Iran continued to disrupt energy markets.

However, prices eased from earlier highs after US President Donald Trump ordered an insurance guarantee for shipping in the Gulf and said the US Navy could escort oil tankers through the Strait of Hormuz.

The surge in oil prices comes as US and Israeli forces have carried out strikes on Iran since Saturday, while Iranian drones and missiles have targeted Gulf oil refineries as well as US embassies in Saudi Arabia and Kuwait.

Global markets LIVE updates: Japan’s Nikkei index fell 3.9% while Taiwan’s stock market dropped 4.3% as investors rushed to sell semiconductor stocks, one of the hottest trades in recent months.

Market participants appeared to be unwinding positions in chipmakers to cover losses elsewhere and reduce overall risk exposure amid rising global uncertainty.

Oil prices today LIVE updates: The benchmark BSE Sensex was trading sharply lower on Wednesday, falling 1,485.08 points or 1.85 per cent to 78,753.77 as of 11:56 am IST, amid weak investor sentiment and broader market volatility.

Oil prices today LIVE updates: Diesel’s premium to crude oil increased to its highest since the summer of 2023, with Benchmark diesel futures in Europe trading over $40 per barrel above crude earlier on Tuesday, Bloomberg reported.

Oil prices today LIVE updates: The rupee plunged 69 paise to a record low of 92.18 against the US dollar in early trade on Wednesday, as a sharp rise in crude oil prices following the escalation of the US–Iran conflict weighed heavily on investor sentiment.

Forex traders said the domestic currency is under intense pressure after global oil prices spiked, with Brent crude futures crossing the USD 82 per barrel mark amid the Iran crisis.

Oil prices today LIVE updates: Totsa, the trading arm of TotalEnergies, has offered to sell up to 2 million barrels of Oman crude for April loading, traders said, marking the first tender for Middle Eastern oil since the Iran war disrupted regional exports.

Global oil and gas prices have surged this week as the U.S.-Israeli war on Iran halted energy shipments from parts of the Middle East and pushed freight rates sharply higher.

Shipping through the Strait of Hormuz — a key route for roughly a fifth of the world’s oil and liquefied natural gas — remains shut after Iran attacked five vessels.

According to traders, the cargoes being offered by Totsa will load between April 1 and April 27 from Oman’s Mina al-Fahal port, which lies outside the Strait of Hormuz.

The tender is scheduled to close at 5 p.m. Singapore time (0900 GMT) on Wednesday.

Oil prices today LIVE updates: Oil prices rose about 1% on Wednesday as the US-Israeli war with Iran disrupted supplies in the Middle East, though gains slowed after US President Donald Trump suggested the US Navy could escort vessels through the Strait of Hormuz.

Brent crude rose $1.17, or 1.4%, to $82.57 a barrel by 0408 GMT, after closing at its highest level since January 2025 in the previous session.

US West Texas Intermediate crude gained 72 cents, or 1%, to $75.28 a barrel, after settling at its highest level since June.

Both benchmarks have risen about 5% or more over the past two sessions amid concerns over potential supply disruptions in the region.

Oil prices today LIVE updates: India’s benchmark equity indices, the Sensex and Nifty, declined in early trade on Wednesday as the widening conflict in the Middle East pushed oil prices higher and weighed on Asian and global markets.

Oil prices today LIVE: Diesel’s premium to crude oil increased to its highest since the summer of 2023, with Benchmark diesel futures in Europe trading over $40 per barrel above crude earlier on Tuesday, Bloomberg reported.

Oil prices rose 1 per cent amid the intensifying US-Israeli war, as Brent surged 1.4 per cent to $82.57 per barrel, the highest since January 2025. US West Texas Intermediate crude, meanwhile, rose 1 per cent to $75.28.

Japan’s Nikkei share average reached its one-month low on Wednesday, as it tanked by 4.7 per cent as trading resumed in the afternoon (local time).

The index was last down 4 per cent, its lowest since February 6. The broader Topix lost 4.33% to 3,608.54, Reuters reported.

Oil India Ltd., share price on Wednesday rose by more than 4 points. The margin at 10:09 am stood at 5.15 points, and the price was recorded at ₹493.20.

Oil prices today LIVE updates: South Korea’s benchmark Kospi index tanked by more than 12 per cent on Wednesday as the conflict in the Middle East continued to escalate.

The Kospi dropped 12.6 per cent to 5,065.14 in early afternoon trade (local time). On Tuesday, it had tumbled 7.2 per cent, suffering its worst two-day performance since 2008 during the global financial crisis, Bloomberg reported.