On June 23, South Korea’s benchmark KOSPI index plunged 10% and triggered a circuit breaker after reports that Samsung Electronics and SK hynix may slow the expansion of AI memory chip capacity. The shock rippled through global tech shares, with Nasdaq 100 futures down more than 2% and S&P 500 futures off over 1%, while Dow Jones futures slipped about 0.4%. The MSCI Asia Pacific Information Technology Index fell nearly 5% and India’s Nifty IT index dropped as much as 2.34%. Softer oil prices and easing Middle East tensions failed to offset renewed worries about high tech valuations tied to AI spending.

On June 22, MCX gold futures for August rose 0.42% to Rs 1,47,818 per 10 grams, while July silver futures gained 0.92% to Rs 2,35,324 per kg. Overseas, COMEX gold slipped about 1% to $4,198.80 an ounce and COMEX silver fell nearly 1% to $65.63 an ounce. Brent crude dropped more than 2% to around $79 a barrel and WTI declined 3% to about $75. Analysts said progress in US-Iran peace talks helped gold, but a stronger dollar limited gains, while silver stayed under pressure with the gold-silver ratio at 63.6:1.

The first round of US-Iran talks in Switzerland has concluded, fuelling expectations that Iranian oil exports could receive waivers or that sanctions may be loosened. Hopes that tankers previously stranded in the Persian Gulf could be released added to the move. Brent fell more than 2% to around $79 a barrel, while WTI dropped 3% to around $75 a barrel. The shift weighed on short-term oil price expectations by altering near-term supply-and-demand assumptions.

Indian equities opened higher, with the Sensex up 0.54% and the Nifty adding 0.51%, as most sectors advanced led by IT, oil services and consumer-related stocks. Crude prices fell sharply, with Brent down 2% to $78.74 a barrel and WTI down 3% to $74.98. Market sentiment improved on expectations of easing geopolitical risks in West Asia, alongside a firmer rupee and slowing foreign outflows.

ONGC expects its natural gas production to grow 7% to 8% year on year, with new wells scheduled to start production in the next financial year, Chairman Arun Kumar Singh said. Gas from new wells already makes up about a quarter of total output and could increase to 30–36% in the near term. The company is executing offshore projects with investment of around Rs 33,000 crore to sustain and lift production, while benefiting from policy support such as reduced royalties and market-linked pricing reforms. The outlook points to stronger gas supply growth expectations in India and the region, offering fundamental support for natural gas commodity prices.

A breakthrough in U.S.–Iran relations eased geopolitical tensions and pushed international crude prices down nearly 7% for the week, sliding below the $80-per-barrel mark. The move has reduced concerns about global inflation and potential energy supply disruptions. Lower oil prices are seen as supportive for major importers such as India, and markets are expected to keep watching further U.S.–Iran developments and oil price moves as key drivers.

Brent crude fell below $80 per barrel, its lowest level since March 2026, after the signing of a US-Iran ceasefire reduced the region’s risk premium. Analysts said prices could soften further if conditions normalize at the Strait of Hormuz, though restocking and Strategic Petroleum Reserve replenishment could lift demand later. The report said the decline may still not prevent a sharp hit to Indian oil marketing companies’ Q1 FY27 profitability, as earlier high input costs, weaker marketing margins and the risk of a phased rollback of the excise cut continue to weigh, according to PL Capital.

Seven global oil supermajors are set to slash low-carbon investment to $8.3 billion in 2025 from $24 billion in 2024, the lowest level since 2019, while spending on oil and gas projects increases. Equinor has dropped its renewable-capacity target and approved a NOK 40 billion investment to expand output at Norway’s Troll gas field. BP is accelerating upstream growth, targeting more than one million barrels of oil equivalent per day from its U.S. portfolio by 2030. The UAE plans to lift crude capacity beyond 5 million barrels per day and has announced cumulative investment commitments exceeding $200 billion by 2030.

India’s finance minister Nirmala Sitharaman inaugurated the Northeast’s largest organic spice processing plant in Meghalaya’s Ri Bhoi district, highlighting high-value crops such as Lakadong turmeric, ginger and black pepper. She said the region could become India’s next growth engine by leveraging organic and sustainable agriculture. The facility, run by a local organic farmer producer company, is aimed at expanding processing capacity, value addition and access to international markets for farmers.