Kuwait has asked customers to lift refined petroleum products directly from its ports, as the US and Iran announced a Strait of Hormuz communication channel and pledged no transit fees for 60 days. Kuwait Petroleum Corporation has lifted force majeure notices and begun raising output. Data show 93 million barrels of non-Iranian crude remain stranded in the Persian Gulf due to shipping disruptions, according to Kpler. Brent has dropped sharply from conflict highs, but refined-fuel markets remain tighter than crude.

Oil prices fell after high-level US-Iran talks in Switzerland concluded and Iran said it had secured waivers for oil and petrochemical exports, raising expectations of higher crude flows. Brent futures slid 1.9% to $79.04 a barrel, while the more active August WTI contract dropped to $75.30. The UAE, Kuwait and Iraq also offered additional supplies, and Iraq said it plans to gradually restore output to 4.2 million to 4.3 million barrels per day. Shipping data showed a sharp drop in vessels transiting the Strait of Hormuz, though market focus shifted to potential supply additions.

A Bihar state sugarcane department delegation traveled to Pune to meet sugar and ethanol industry representatives, aiming to attract investment for new sugar mills, the revival of closed mills, and the development of ethanol and bioenergy. The team visited the Vasantdada Sugar Institute and the Daund Sugar Mill to learn about high-productivity cane varieties, modern sugar-making technology and tissue-culture plant production methods. Bihar officials highlighted policy support and agricultural potential, while several Pune-based companies signaled interest in investing.

India has identified new deposits of nickel, cobalt and rare earth elements in Bihar, with cobalt reported in the Banka area—materials that are crucial for EV batteries, solar panels and electronics. Experts say domestic mining could curb import dependence, lower costs and support the development of semiconductor and electronics manufacturing corridors. The find marks meaningful progress in resource exploration, but it has not moved into commercial extraction or output. As a result, the near-term impact on global nickel supply and demand is expected to be limited.

Ukrainian drone and missile strikes on multiple Russian oil refineries have tightened fuel supplies, with long queues and rationing measures introduced across 53 regions. The Moscow Oil Refinery was hit twice within two weeks, leaving more than 90% of its crude-processing capacity offline. The International Energy Agency put Russia’s lost refining capacity at about 20%, the most severe disruption since the conflict began. Some areas cap purchases at 20–50 litres per car, and Crimea has introduced a QR-code rationing system.

Microsoft CEO Satya Nadella has quietly dissolved the Senior Leadership Team that has run the company for decades and replaced it with a flatter, AI-focused set of structures. Several longtime executives are leaving, including Rajesh Jha and Yusuf Mehdi. The changes are intended to speed decision-making amid intensifying AI competition, though markets have viewed the move as a major internal disruption. The overhaul comes after Microsoft shares logged their worst quarter since the 2008 financial crisis, as investors press for evidence that massive AI spending will generate returns.

India’s petroleum minister Hardeep Singh Puri said petrol and diesel retail prices could be reduced once lower-priced crude bought recently starts reaching domestic refiners. He said oil marketing companies are still processing higher-priced crude inventory, so any relief from softer international crude rates would take time to show up at the pump. Puri added that domestic fuel prices have risen only about Rs 7.60 per litre and that the government has repeatedly lowered central excise duties to cushion swings in global oil prices.

Bill Gates has warned that the AI data-center buildout faces significant economic risk and waning public acceptance, citing high electricity costs, rapid chip obsolescence and intensifying local opposition. The article says 48 projects were blocked, stalled or canceled in 2025, while legislation in several states has moved to curb or downsize developments. It adds that a White House “Ratepayer Protection Pledge” has not eased concerns, with 70% of Americans opposing a data center near their home. Gates’ comments challenge the durability of capital-spending plans and growth narratives at hyperscalers including Meta, Google, Amazon, Microsoft and Oracle.

The Indian rupee strengthened for a second straight day on Friday, ending 7 paise higher at 94.33 against the U.S. dollar as expectations of faster progress on an interim India-U.S. trade deal lifted sentiment. Brent crude futures fell 0.65% to USD 79.33 per barrel, while the dollar index slipped 0.08% to 100.76. Despite a sharp selloff in local equities, foreign institutional investors were net buyers of Indian stocks worth Rs 4,859.07 crore, according to exchange data.