US President Donald Trump said the month-long Iran conflict was nearing completion, stating that the US had “nearly achieved its military goals” and framing the situation as a military success. He also indicated earlier that the US could leave Iran within a two- to three-week timeframe, which had raised expectations of a possible end to the conflict.However, his remarks also signalled potential escalation. Trump warned that the US would hit Iran “extremely hard” over the next two to three weeks and said the country could be “brought back to the stone ages where they belong.” He did not provide a clear timeline or exit strategy, adding to uncertainty over whether the conflict is winding down or intensifying.He also addressed the near-closure of the Strait of Hormuz, urging allies dependent on Middle Eastern oil to help resolve the situation, while saying the passage would reopen “naturally” once hostilities subside. Trump further claimed that Iran had asked for a ceasefire, which Tehran denied, calling the claim “false and baseless.” Along with Trump’s remarks in the address, came uncertainity about the end of war and fueled investor concerns around the world.
Indian stock market
The BSE Sensex had dropped as much as 1,588.51 points in early trade to hit 71,545.81, while the NSE Nifty slid 496.85 points to 22,182.55. However, both indices rebounded through the session, with the Sensex closing higher by 185.23 points at 73,319.55 and the Nifty gaining 33.70 points to settle at 22,713.10.The turnaround was largely driven by renewed interest in blue-chip IT stocks, with HCL Technologies, Tech Mahindra, Tata Consultancy Services and Infosys climbing up to 3% as investors stepped in at lower levels.Gains were also seen in stocks such as Maruti Suzuki India, Trent, Bharat Electronics Ltd, Bajaj Finance, HDFC Bank and ITC. In contrast, several heavyweights including Asian Paints, Sun Pharmaceuticals, NTPC, PowerGrid, State Bank of India, Reliance Industries, IndiGo, UltraTech Cement, Adani Ports and Eternal remained under pressure.Sectorally, the IT space stood out, with IT and Focused IT indices rising up to 2%, even as the broader market remained volatile for most of the trading session.
Fuel prices
Oil prices surged sharply as Trump’s remarks heightened fears of prolonged disruption to global energy supplies. Brent crude jumped 6.6% to near $108 a barrel, and was also seen rising more than 5% to above $106 a barrel during trading. The gains were driven by continued concerns over the Strait of Hormuz, a crucial artery for global oil and liquefied natural gas shipments that handled about a fifth of the world’s supply before the conflict.With the waterway effectively shut, markets reacted to tightening supply and the risk of sustained high crude prices. The absence of a clear reopening timeline added to uncertainty, fuelling volatility and reinforcing inflation concerns linked to elevated energy costs. As oil prices continue to surge amid the Middle East war, countries like Nepal and Bhutan are feeling the strain, with rising fuel costs raising concerns about wider economic impact.Nepal has nearly doubled aviation fuel prices as global energy costs climb, officials said on Thursday, sparking fears of a fresh blow to its tourism-dependent economy. The landlocked nation of 30 million relies almost entirely on India for fossil fuel supplies, leaving it exposed to global price shocks.Bhutan is also facing pressure, with the government citing “external conditions beyond our control” for a hike in fuel prices. Despite its carbon-negative status and strong hydropower exports to India, the country depends on fuel imports via its neighbour. Shortages have already led to long queues at filling stations in the capital, Thimphu, according to AFP reporters.
Precious metals
Precious metals came under heavy selling pressure following Trump’s speech, as investors moved to liquidate positions amid rising uncertainty and broader market stress.Spot gold tumbled as much as 4.3%, snapping a four-day winning streak, and was down 4.1% at $4,562.88 an ounce at 2:12 pm Singapore time. The decline came after gold had earlier rallied to an intra-session high of $4,800.Silver saw even sharper losses, dropping 7% to $69.86, with additional reports noting a fall of around 5.7% during trading. Platinum and palladium also declined in line with the broader sell-off.The fall in precious metals was accompanied by a 0.4% rise in the Bloomberg Dollar Spot Index, adding pressure on bullion. Gold’s traditional safe-haven appeal was weakened as investors prioritised liquidity and responded to inflation risks stemming from higher oil prices.The broader trend had already been negative, with gold recording a near 12% decline in March—its worst monthly performance since October 2008.
Cryptocurrency
Cryptocurrencies declined across the board as investors pulled back from risk assets following Trump’s remarks.Bitcoin fell as much as 2.5% to roughly $66,500 in Asia trading and was later seen around $66,600, with some reports indicating a drop of 2.6%. Smaller tokens recorded steeper losses, with Ether falling as much as 4.5% and Solana dropping up to 5.1%.The decline in crypto mirrored weakness in equities and other risk-sensitive assets, as market sentiment deteriorated amid uncertainty over the conflict’s trajectory.Despite having shown some resilience earlier in the war, Bitcoin remains significantly below its peak above $126,000 in October. Demand has also stayed under pressure since a sell-off that began in the same month, with apparent demand estimated to be negative by about 63,000, according to CryptoQuant data.Bitcoin had ended March up 2% from the previous month, snapping a five-month losing streak, even as gold fell more than 11% during the same period.
Asian stocks
Stock markets also remained under pressure dragged down by weak investor sentiments. European markets opened on a weaker note, with Britain’s FTSE 100 slipping 0.2% to 10,342.28. France’s CAC 40 declined 0.8% to 7,917.81, while Germany’s DAX saw sharper losses, falling 1.6% to 22,935.01. Asian markets also ended in the red. Japan’s Nikkei 225 dropped 2.4% to 52,463.27, while South Korea’s Kospi plunged 4.5% to 5,234.05 after data showed consumer prices rose 2.2% in March from a year earlier, driven by soaring fuel costs. Elsewhere in the region, Hong Kong’s Hang Seng fell 0.7% to 25,116.53, and the Shanghai Composite slipped 0.7% to 3,919.29. Australia’s S&P/ASX 200 declined 1.1%, while Taiwan’s Taiex was down 1.8%. US futures also pointed lower, with the S&P 500 futures falling 1.1% and Dow Jones Industrial Average futures down 0.9%.
