Global oil prices climbed on March 26, 2026, as uncertainty grew over whether the ongoing conflict involving Iran, the United States, and Israel would ease. Brent crude rose 1.5 percent to 98.72 dollars per barrel, while US benchmark WTI increased 2 percent to 92.16 dollars. The market reaction followed Iran’s rejection of a US-proposed ceasefire plan that included 15 points, while President Donald Trump delayed his previously scheduled military action.

Asian stock markets opened lower as investors reacted to the geopolitical tension. Japan’s Nikkei 225 fell 0.8 percent, South Korea’s KOSPI dropped 3.3 percent, and Hong Kong’s Hang Seng index declined 1.9 percent. The uncertainty surrounding the conflict has created pressure across energy and equity markets.

Analysts noted that if the war continues, Asia could face rising energy shortages and broader economic instability, reflecting the region’s sensitivity to disruptions in global oil supply.

Several bikers in Cumilla have alleged that Master & Sons Filling Station at Alekhar Char Bishwaroad area refused to sell octane for less than Tk 200. The incident occurred around noon on March 26, 2026, during a period of fuel shortage across the country. Witnesses said only a few of the district’s 81 filling stations had octane available. According to official data, 66,000 liters of octane were supplied to Cumilla on March 24, including 9,000 liters to Master & Sons.

One biker said he wanted to buy Tk 170 worth of octane but was told the minimum sale was Tk 200. Another traveler from Chattogram to Dhaka reported being denied a Tk 150 purchase. In response, station manager Jahangir Alam stated that customers should be allowed to buy any amount and that he would look into the matter. He denied allegations of under-measurement.

Cumilla’s Additional District Magistrate and fuel monitoring committee head Zafar Sadiq Chowdhury said customers are allowed to buy any amount and that any irregularities by filling stations will be investigated.

Japan has begun releasing fuel from its national reserves to mitigate the impact of the Middle East war and stabilize supply. The release, equivalent to 30 days of fuel, started from the Kikuma National Petroleum Stockpile in the western city of Imabari. According to the Japan Organization for Metals and Energy Security, the fuel has been transferred via pipeline to a nearby commercial refinery.

This move follows a similar release from private sector reserves, which began ten days earlier and covered the equivalent of 15 days of supply. The coordinated action reflects Japan’s effort to maintain energy stability during a period of heightened geopolitical tension affecting global oil markets.

The measure underscores Japan’s reliance on strategic reserves to cushion potential disruptions in fuel supply as the conflict in the Middle East continues to influence global energy dynamics.

In Patuakhali’s Kalapara upazila, hundreds of watermelon farmers are facing significant financial losses this season despite satisfactory yields. The crisis stems from a shortage of wholesale buyers, declining market demand, and unfavorable weather conditions. Many farmers who leased land from distant areas for commercial cultivation now fear they will not recover their investments.

Local growers such as Ferdous Talukder, who cultivated 64 bighas of land at a cost of about 2.1 million taka, reported being forced to sell watermelons at nearly half the expected price due to high transport costs and weak demand. Other farmers, including Md. Riaz and Oliullah, described similar difficulties, warning that delays in sales could worsen their losses. Rain before Eid and lower-than-usual temperatures in Falgun and Chaitra months have also reduced fruit quality and demand.

According to the Upazila Agriculture Office, watermelons were cultivated on 4,447 hectares involving around 3,000 farmers, with a sales target of 4.04 billion taka. Officials estimate that nearly half of the growers may incur losses if market conditions do not improve soon.

After the United States and Israel began military action against Iran in late February, Tehran announced the closure of the Hormuz Strait, a key route for 20 percent of the world’s crude oil shipments. The move triggered a global energy shock, with oil prices surging and Asian economies hit hardest as 90 percent of their crude and gas imports pass through the strait. Governments across Asia have imposed energy-saving measures such as work-from-home policies, shorter workweeks, and temporary closures of universities.

In India, gas shortages have crippled Gujarat’s ceramic industry and forced restaurants in Mumbai to shut down or reduce operations. The Philippines declared a national emergency as transport workers and farmers struggled with rising fuel costs. Thailand urged citizens to conserve energy, while Sri Lanka, still recovering from a financial crisis, introduced midweek holidays to curb fuel use. Myanmar enforced alternate-day driving rules to save fuel amid ongoing internal conflict.

Across the region, citizens reported long fuel queues, reduced incomes, and growing uncertainty. Analysts and local voices warned that if the conflict continues, Asia’s energy crisis and social instability could deepen further.

Global oil prices increased on Thursday after Iran’s foreign minister declared that Tehran currently has no intention of holding talks with the United States. Following his statement, Brent crude rose by 1.6 percent to 103.85 dollars per barrel, while West Texas Intermediate climbed 1.4 percent to 91.61 dollars.

Iranian official Abbas Araghchi told state media on Wednesday that there had been no direct discussions with Washington, though messages were exchanged through intermediaries. In response, U.S. President Donald Trump said Iranian leaders were afraid to admit that talks were taking place.

The development comes amid heightened geopolitical tension, with analysts warning that prolonged conflict could intensify energy instability in Asia if the situation continues.

Larry Fink, chairman and chief executive of BlackRock, has warned that the global economy could face a severe recession if international oil prices rise to 150 dollars per barrel. Speaking to the BBC on Wednesday, he said that a prolonged war involving Iran could drive oil prices higher and have far-reaching effects on the world economy. The ongoing Middle East conflict has already caused significant volatility in financial markets as people try to anticipate future energy costs.

Fink stated that the fate of the global economy now depends on Iran’s role in the conflict. He outlined two possible scenarios: if the war ends and Iran is reintegrated into the international community, oil prices could stabilize or even fall below pre-war levels; but if the conflict continues, prices could remain between 100 and 150 dollars per barrel for years, triggering a deep global downturn. He urged nations to use their resources efficiently and accelerate the search for alternative energy sources.

BlackRock manages about 14 trillion dollars in assets and is considered one of the world’s largest investment firms.

Farmers across northern Bangladesh are struggling to irrigate their Boro rice fields due to a severe diesel shortage caused by the ongoing energy crisis. In Rajshahi, Natore, Naogaon, and Chapainawabganj, irrigation pumps, tube wells, and agricultural machinery have stopped operating, leaving farmers deeply worried about potential crop losses. Many report being forced to buy diesel at inflated prices, paying 15 to 20 taka more per liter than the government rate.

Field reports from Rajshahi’s Godagari and Naogaon’s Durgapur show diesel prices rising from 102 to 120 taka per liter, with some farmers unable to find fuel even at 150 taka. The Department of Agricultural Extension set a target of cultivating 352,000 hectares of Boro in the Rajshahi region, where 21 percent of irrigated land depends on diesel-powered pumps. Experts urge prioritizing agriculture in fuel distribution and suggest subsidies similar to electricity to ease farmers’ costs.

Officials from the Department of Agricultural Extension deny receiving complaints, claiming irrigation remains normal nationwide. However, farmers warn that prolonged shortages could severely disrupt irrigation and threaten national food security.

Bangladesh is struggling to manage a worsening fuel supply crisis triggered by the ongoing Middle East war and rising global oil prices. Despite government assurances of adequate reserves, long queues persist at petrol stations, and dealers report receiving only half of their required petrol and octane. The government earlier introduced and then withdrew a rationing system, claiming the situation had normalized. However, conflicting statements from ministries, distributors, and fuel station owners continue to create public confusion.

Energy experts attribute the crisis to a lack of coordination among government departments, state-owned enterprises, and private distributors. They argue that the government failed to take timely, unified action after the outbreak of the conflict, which has disrupted global supply chains. The International Energy Agency (IEA) had warned of severe global shortages and issued ten recommendations, but experts say these were not considered by the authorities.

Experts urge the government to prioritize essential sectors such as agriculture, promote fuel-efficient practices, and encourage public transport use. They warn that ignoring the crisis could deepen its impact on the economy and daily life.

International Chamber of Commerce (ICC) Secretary-General John Denton has warned that the world is heading toward the most severe industrial crisis in recent memory, driven by the ongoing United States-Israel war in Iran. Speaking on Wednesday in Yaoundé, Cameroon, Denton said the current energy crisis is far more serious than the oil shock of the 1970s, with global industries facing unprecedented disruption.

According to Denton, the crisis extends beyond soaring energy prices. Severe shortages of gas and other essential raw materials are crippling and displacing industrial production worldwide. The blockade in the Strait of Hormuz has halted the supply of fertilizers and agricultural inputs, threatening to drastically reduce crop yields in the next harvest season and endangering global food security.

Denton emphasized that the global trade environment is being redefined by conflict and geopolitical tensions. He called for a strong and effective multilateral trade system to help overcome the crisis.

Bangladesh Bank has issued new directives to resolve letter of credit (LC) complications in importing essential energy, including liquefied petroleum gas (LPG). The central bank’s Banking Regulation and Policy Department (BRPD)-2 released a circular on Wednesday, aiming to maintain smooth energy supply across the country. The order temporarily suspends certain provisions of Section 26Ka(1) of the Bank Company Act, 1991, which restricts bank loans to a single person, institution, or group for energy imports.

According to the circular, the suspension will remain effective until December 31, 2026. During this period, Bangladesh Bank will determine the new upper limit replacing the previous 25 percent cap mentioned in the Act. The directive was issued under the authority granted by Section 121 of the Bank Company Act and has been sent to managing directors and chief executive officers of all scheduled banks.

The move is intended to ease financing constraints for energy importers and ensure uninterrupted fuel supply in the domestic market through year-end 2026.

Cabinet Secretary Nasimul Gani announced that Bangladesh currently holds a one-month reserve of fuel oil, exceeding the usual 15-day stock. He said the government is working to further increase reserves to ensure supply stability. The statement came during a press briefing at the Secretariat following a Cabinet meeting chaired by Prime Minister Tarique Rahman.

Gani explained that the Prime Minister reviewed the national energy situation, assessing ministry actions and available resources. He urged the public not to panic-buy fuel, noting that excessive purchases could lead to waste. The government has approved the purchase of two LNG cargoes through the Cabinet Committee on Public Procurement to maintain energy supply amid international market challenges.

Addressing rumors of possible fuel price hikes, the Cabinet Secretary said he was unaware of any such plans or indications. He also clarified that all types of fuel currently have sufficient reserves and that international jet fuel price increases have not directly affected domestic pricing.

India has resumed importing liquefied petroleum gas (LPG) from Iran for the first time in several years, despite ongoing tensions in the Strait of Hormuz. According to Reuters, the shipment became possible after the United States temporarily eased sanctions on Iranian oil and energy exports. The sanctioned tanker named 'Aurora', carrying Iranian LPG, is expected to arrive soon at Mangalore port on India’s western coast. The cargo will be distributed among three state-owned energy companies: Indian Oil Corporation, Bharat Petroleum Corporation, and Hindustan Petroleum Corporation.

India had halted energy imports from Iran in 2019 due to pressure from Western sanctions. The renewed trade comes as energy transport through the Hormuz Strait has been disrupted following the outbreak of war between the United States, Israel, and Iran, leaving India among the most affected countries.

The development highlights India’s efforts to secure energy supplies amid regional instability and fluctuating global sanctions policies.

The Bangladesh Securities and Exchange Commission (BSEC) has approved a Tk 500 crore zero-coupon bond proposed by Akij Food and Beverage Limited. The approval was granted during a commission meeting held on Wednesday, chaired by BSEC Chairman Khondkar Rashed Maksud, according to an official press release.

The bond will be unsecured, non-convertible, and fully redeemable at face value upon maturity, with no interest payments. Its tenure will range from six months to a maximum of five years. Each unit of the bond will have a face value of Tk 10 lakh and will be issued through private placement to banks, non-bank financial institutions, insurance companies, institutional investors, and high-net-worth individuals. Sena Kalyan Insurance PLC will act as the trustee, while North Star Investments (BD) Limited will serve as the fund arranger.

The approval marks a significant financing initiative for Akij Food and Beverage Limited, expanding its access to institutional capital through the domestic bond market.

Kuwait has decided to reduce oil production due to a security crisis in the Strait of Hormuz. The state-owned Kuwait Petroleum Corporation (KPC) announced the decision in a statement on Tuesday, citing increased risks to maritime navigation. The company said production had already been reduced since the second week of March and would return to normal levels once the situation stabilizes. Under normal conditions, Kuwait produces more than three million barrels of oil per day.

The Strait of Hormuz is a critical global energy route, used daily by nearly 20 percent of the world’s oil and gas shipments. Security risks in the region have intensified since the start of the Middle East war, with several oil tankers reportedly attacked. In response, Iran has warned that vessels belonging to the United States, Israel, and their allies could face continued attacks as long as the conflict persists.

The production cut reflects Kuwait’s precautionary stance amid growing instability in the region, which has already disrupted energy supplies and affected daily life across parts of Asia.