Oil rose on Tuesday as the world’s ‌biggest supply disruption persisted and as Iran denied it had talks with the US to end the war in the Gulf, contradicting US President Donald Trump who said a deal could be reached soon.

Crude futures ​had dropped more than 10 percent on Monday, after Trump ordered a five-day ​delay to attacks on Iran’s power plants, saying the US had talks with unnamed Iranian officials that produced “major points of agreement”.

Brent futures rose $1.83, or 1.8 percent, to $101.77 ​a barrel at 1130 GMT. US West Texas Intermediate (WTI) climbed $2.21, or 2.5 percent, to $90.34.

The war ​has all but halted shipments of about one-fifth of the world’s oil and liquefied natural gas through the Strait of Hormuz, causing what the International Energy Agency has called the biggest-ever oil supply disruption.

“The reality ​on the ground is unchanged,” said Nikos Tzabouras, analyst at Jefferies-owned Tradu.com. “The Strait of ​Hormuz remains effectively closed and supply disruptions linger, tightening the market.”

Iran on Tuesday sent waves of missiles ‌into Israel. Three senior Israeli officials, speaking on condition of anonymity, said Trump appeared determined to reach a deal, but that they thought it highly unlikely that Iran would agree to US demands in any new round of negotiations.

“The Iran conflict sees tentative de-escalation, but unresolved ​risks remain around Hormuz,” ​BCA Research said in a report. “Given continued attack risks and headline volatility, it remains too early to position aggressively for lower oil prices.”

If the strait ​remains effectively shut until the end of April, Brent could still ​reach $150 a ⁠barrel, Macquarie said. That would exceed the all-time high of $147 set in 2008.

In the latest attacks on energy infrastructure across the region, a gas company office and a pressure-reduction station ⁠were ​hit in the Iranian city of Isfahan, while a ​projectile struck a gas pipeline feeding a power station in Khorramshahr, Iran’s Fars news agency reported.

Dhaka is set to host one of South Asia’s largest pharmaceutical manufacturing exhibitions as the 17th Asia Pharma Expo 2026 and Asia Lab Expo 2026 open at the Bangladesh-China Friendship Exhibition Centre in Purbachal from March 29 to 31.

Organised by the Bangladesh Association of Pharmaceutical Industries (BAPI), the three-day event continues a 23-year legacy of promoting innovation, collaboration, and industrial advancement in the country’s fast-growing pharmaceutical sector, according to a press release.

More than 400 companies from over 20 countries are expected to participate, showcasing technologies in pharmaceutical processing and packaging, active pharmaceutical ingredients (APIs) and excipients, laboratory and analytical instruments, cleanroom and HVAC systems, water management, and turnkey project solutions.

Following the inauguration, the exhibition will remain open to trade visitors throughout the three days, offering opportunities for sourcing, networking, technology assessment, and business expansion.

The organisers expect this year’s edition to build on the momentum of the 2025 expo, which drew around 14,500 trade visitors.

The upcoming event aims to deepen international engagement and facilitate technology transfer within Bangladesh’s expanding pharmaceutical manufacturing ecosystem.

Since its launch in 2003, Asia Pharma Expo and Asia Lab Expo have positioned themselves as dedicated platforms covering the full pharmaceutical manufacturing supply chain.

The exhibitions bring together entrepreneurs, researchers, and corporate decision-makers to explore advancements in machinery, raw materials, packaging, and laboratory technologies.

Bangladesh’s pharmaceutical industry has emerged as a key contributor to the national economy, meeting about 98 percent of domestic demand and exporting medicines to 157 countries, including the United States, the United Kingdom, Germany, and Canada.

Valued at more than $3.5 billion, the sector is projected to exceed $6 billion by 2026, with an annual growth rate of 15 to 18 percent.

Remittance inflow witnessed a year-on-year growth of 7.4%, reaching $2,828 million in the first 23 days of March, according to the latest data from Bangladesh Bank issued today (24 March).

Last year, during the same period, the country's remittance inflow was $2,633 million.

During the period from July to 23 March of the current fiscal year, expatriates sent remittances of $25,281 million, which was $21,123 million during the same period of the previous fiscal year, it added.

Bangladesh will prioritise bilateral trade negotiations, deferment of its graduation from least developed country (LDC) status, among other issues, at the World Trade Organisation’s (WTO) 14th Ministerial Conference, which opens tomorrow in Cameroon’s capital, Yaoundé.

The country has scheduled talks with the European Union (EU) on signing a free trade agreement (FTA) on the sidelines, Commerce Minister Khandakar Abdul Muktadir, who will be leading the Bangladesh delegation at the conference, told The Daily Star over the phone yesterday.

“We have a plan to discuss trade agreements and business issues with several countries and trade blocs apart from participating in the regular consultation meetings at the summit,” Muktadir said.

The four-day summit comes as the rules-based multilateral trading system under the WTO faces mounting pressure from bilateral deals, regionalism and protectionism by developed nations.

On the sidelines, Bangladesh will also seek EU support for delaying its LDC graduation, said the minister. The country applied to the United Nations last month to defer its LDC graduation by three years to November 2029. The UN Committee for Development Policy discussed the request at its annual meeting in New York last month and has set up a process to evaluate the application.

The Bangladesh delegation will also seek cooperation from member countries as it tries to join the China-led Regional Comprehensive Economic Partnership Agreement (RCEP). Trade partnership discussions are scheduled with South Korea, Singapore, and New Zealand, scheduled during the summit, which runs until March 29.

Other priorities on Bangladesh’s agenda include e-commerce, foreign direct investment and fisheries subsidies. On the latter, Bangladesh has agreed to reduce funding for the fishing of rare and endangered species.

Mohammad Abdur Razzaque, chairman of the Research and Policy Integration for Development (RAPID), recently said it is difficult to predict how much support Bangladesh can secure for deferring graduation.

Gambia, as LDC coordinator, has proposed allowing LDCs and graduating LDCs with per capita real income below $1,000 -- measured using 1990 US dollar exchange rates – to continue providing subsidies.

Under that criterion, Razzaque said, Bangladesh would qualify to maintain subsidies in various sectors.

Gambia has also sought an extension of the agreement on Trade-Related Aspects of Intellectual Property Rights (TRIPS) for graduating LDCs, which would benefit Bangladesh by preserving its patent waiver facility on goods such as medicines beyond graduation.

But concrete decisions at the ministerial conference will be difficult given fragmentation in global trade caused by US reciprocal tariffs and the US-Israel war on Iran, Razzaque said.

“If all the LDCs and graduating LDCs can raise their voice collectively, a few good decisions may come from the conference, because the WTO also has an agenda for LDCs,” he added.

Ministers from across the world will attend the conference to discuss challenges facing the multilateral trading system and decide on the WTO’s future work. The conference will be chaired by Luc Magloire Mbarga Atangana, Cameroon’s minister of trade.

The opening session begins at 10am tomorrow with welcome remarks by the chair, the WTO director-general, and guests, including heads of state or government. This will be followed by a ministerial breakout session covering WTO foundational issues.

Thursday’s breakout sessions will focus on WTO reform, with each session facilitated by a minister. A plenary session on WTO reform will be held at the end of the day.

Friday will begin with an update on dispute settlement reform, followed by ministerial sessions on fisheries subsidies, incorporation of the Investment Facilitation for Development Agreement, the e-commerce work programme and moratorium, agriculture, and development, including LDC issues.

The final day will begin with a heads of delegation meeting at ministerial level in preparation for the closing session, scheduled for midday.

Grameenphone Limited has forecast a slight decline in its financial performance for the first quarter of 2026, citing global geopolitical tensions and ongoing domestic economic challenges.

In a price-sensitive disclosure submitted to the Dhaka Stock Exchange today (24 March), the country's largest telecom operator said its revenue for the January-March period is expected to fall by around 2% year-on-year.

Earnings before interest, tax, depreciation, and amortisation (EBITDA) are also projected to decline by approximately 3% year-on-year.

The company noted that further details regarding its performance will be disclosed in its official Q1 2026 financial report.

Following the announcement, Grameenphone's share price fell 1.34% to close at Tk251.10, reflecting investor concerns over its near-term outlook.

Grameenphone attributed the expected slowdown primarily to ongoing geopolitical tensions in the Middle East, which have disrupted global energy markets.

Bangladesh, being heavily reliant on imported fuels and liquefied natural gas (LNG), is particularly vulnerable to such shocks. The situation has led to increased volatility in energy supply, higher fuel import costs, and early signs of strain in logistics and energy availability across the country.

The telecom operator said that although the overall business environment remains relatively stable, the combined impact of global uncertainties and a weak macroeconomic backdrop is beginning to affect economic activity and consumer behaviour.

Early indicators point to reduced mobility, slower business operations, and pressure on disposable incomes – factors that could weigh on telecom usage and spending.

Seasonal challenges have also added to the pressure, with severe storms in recent months disrupting operations in several areas and compounding broader economic headwinds.

Despite the challenges, the company said it remains committed to maintaining service continuity and operational resilience, adding that it is closely monitoring the situation and taking necessary measures to safeguard network performance and support customers during this period of uncertainty

The cautious outlook for early 2026 comes after a mixed financial performance in 2025.

Grameenphone reported an 18.53% year-on-year decline in profit after tax to Tk2,958 crore, down from Tk3,631 crore in 2024. The fall was attributed to subdued consumer spending, rising operational costs and cautious business activity.

Earnings per share also decreased to Tk21.90 from Tk26.89 in the previous year.

Revenue for 2025 stood at Tk15,806 crore, slightly lower than Tk15,845 crore recorded in 2024.

Mobile communication services remained the primary revenue driver, contributing Tk15,520 crore, while customer equipment and other segments added Tk54 crore.

Grameenphone's subscriber base continued to expand, reaching 8.39 crore by the end of 2025. Of these, 4.87 crore, or 58.1%, were internet users, underlining the growing importance of data services in the company's business model.

Despite the earnings pressure, the company demonstrated strong cash generation by declaring a 105% final cash dividend for 2025, bringing the total annual payout to 215%, including the interim dividend.

Bangladesh’s annual fossil fuel import bill is projected to soar by $4.8 billion, a 40 percent increase from 2025 levels, due to the Middle East crisis, according to a new analysis by Zero Carbon Analytics (ZCA).

The financial shock of oil, gas, and coal prices will cost the equivalent of 1.1 percent of Bangladesh’s 2024 gross domestic product if current elevated levels hold for a year. The country spends roughly $12 billion annually on energy imports, according to government data.

“This type of crisis is repeating itself, echoing the price shocks caused by Russia’s invasion of Ukraine, causing the costs of Bangladesh’s dependence on fossil fuels and its delayed energy transition to mount,” the ZCA analysts wrote in a March report.

It noted that the Russia-Ukraine conflict had sent Bangladesh into an economic crisis, with GDP levels only recovering in 2025. Asian liquefied natural gas (LNG) rose by 390 percent in the year leading up to Russia’s invasion, followed by a 48 percent increase in the five months after it, resulting in power demand shortfalls and months of power cuts. In October 2022, blackouts left 130 million people without power.

The hefty price tag, driven by the ongoing conflict in the Middle East, threatens to severely drain the country’s foreign exchange reserves, reducing its import cover ratio from 5.7 months to 4.9 months.

“The increased import bill will also weigh on the country’s currency, which could push up inflation and apply greater pressure on the central bank to raise borrowing costs,” wrote the international research group that provides analysis on global energy transition.

The crisis exposes Dhaka’s deep vulnerability to volatile international energy markets, as 46 percent of the country’s total energy supply came from imports in 2023. In the fiscal year 2024-2025, imports accounted for 65 percent of its power needs.

Much of this vital fuel flows through the Strait of Hormuz, where shipping is now severely disrupted. Bangladesh imports around 1.4 million tonnes of crude oil through the strait annually under long-term contracts with Saudi Aramco and Abu Dhabi National Oil Company.

An Aramco cargo of 100,000 tonnes bound for Bangladesh is already delayed in the Gulf because of the war, noted the ZCA report.

Supply pressures are emerging across multiple energy sectors. Confirming the squeeze on refined products, the Bangladesh Petroleum Corporation (BPC) reported in early March: “Around 60,000 tonnes out of the 293,000 tonnes of diesel planned for import in March have been deferred or cancelled.”

Simultaneously, Qatar, which accounts for 75 percent of Bangladesh’s LNG imports, has suspended production and shipments. Deep LNG dependence is driving fiscal distress across the power sector.

Six out of seven LNG cargoes scheduled for April in the import plan of the state-owned Petrobangla -- which is mandated to manage oil, gas and other mineral resources -- are expected to pass through the strait. Delivery of half the remaining cargoes is uncertain, according to reports.

David Hasanat, president of the Bangladesh Independent Power Producers’ Association, highlighted the scale of the generation deficit, noting, “23 percent of Bangladesh’s power plants are inoperable due to gas shortages.”

The acute shortages are fracturing the domestic industry. After the shutdown of four fertiliser factories, the country’s vital garment export sector is also taking a direct hit.

Mahmud Hasan Khan, president of the Bangladesh Garment Manufacturers and Exporters Association, said, “Power cuts have increased to up to five hours a day since the war began, and diesel supplies are insufficient to run back-up generators.”

Despite these compounding emergencies, Bangladesh’s transition to clean energy remains stalled. The country needs to deploy 760 MW of renewable capacity annually to hit its 2030 targets, yet only 358 MW were in the construction pipeline as of February 2026.

International Energy Agency (IEA) data shows that renewables’ share of the energy mix has stagnated at around 2 percent between 2020 and 2023, with little increase in 2024.

According to the Institute for Energy Economics and Financial Analysis (IEEFA), just 1,446.3 MW of capacity was added between December 2008 and December 2025.

Dhaka, meanwhile, is advancing 41 proposed new LNG power plants at an estimated cost of $50 billion. This would add 35 GW of capacity, tripling current capacity, and would be largely reliant on imported LNG.

“The funds spent absorbing volatile prices are a missed opportunity for Bangladesh to finance renewable energy, which would insulate the country from future crises,” the ZCA report argued.

Policy interventions could provide immediate relief. IEEFA analysis suggests that cutting import duties on solar panels and inverters could unlock crucial rooftop projects.

“A single 1 MW rooftop plant could save around $180,000 in imported fuel costs each year and insulate Bangladesh from a cycle of future fossil fuel price shocks,” the IEEFA said.

The government has decided to increase fuel imports by 25% in the course of the current year to tackle potential supply disruptions caused by the ongoing conflict in the Middle East, Power, Energy and Mineral Resources Minister Iqbal Hassan Mahmood said today (23 March).

"Despite global concerns over fuel supply, there is no immediate crisis in Bangladesh. As a precautionary measure, the government has decided to raise fuel imports by 25%," Iqbal told reporters at his residence in Dhaka in the afternoon.

The minister said vessels carrying sufficient fuel supplies are arriving at ports, and the government is maintaining strict vigilance to ensure uninterrupted distribution across the country.

Highlighting the government's subsidy efforts, the minister said fuel is being purchased at higher prices from the spot market but sold to consumers at lower rates.

"The duration of the conflict remains uncertain, the government will continue providing subsidies for as long as possible, considering people's purchasing capacity," he added.

Referring to disruptions in global supply routes, Iqbal noted that oil shipments through the Strait of Hormuz are facing challenges. "Ships are unable to move normally through the Strait of Hormuz and require special permissions, which is causing some disruptions to regular supply."

On fuel reserves, the minister said stock levels are being managed based on demand, and uninterrupted supply has so far prevented any major crisis.

Urging the public to remain calm, he called on consumers to avoid panic buying. "Please refrain from panic buying. Purchase only what you need. Panic buying is increasing pressure on depots and fuel stations."

Meanwhile, visits to several fuel pumps in the capital found vehicles waiting in long queues for fuel, while some stations were temporarily shut after running out of stock due to increased demand: further fuelling public anxiety.

The dollar rose today (23 March) as escalating retaliatory threats in the Middle East conflict curbed risk appetite and lifted demand for safe-haven assets.

The Australian dollar, ​a liquid proxy for global sentiment, slid as equities sold off across Asia. Japan's top currency diplomat said his government is ready ‌to take action to counter foreign-exchange volatility as the yen edged lower.

Hopes for an off-ramp to hostilities dimmed over the weekend, with US President Donald Trump threatening to strike Iran's electricity grid and Tehran vowing to hit back at infrastructure of its neighbours. The head of the International Energy Agency (IEA) said the crisis is worse than the two oil shocks of the ​1970s put together.

"The market's going with the idea that those countries and economies that enjoy a positive supply shock from energy are likely to ​perform better than those that are suffering from a negative supply shock," Rodrigo Catril, a currency strategist at National ⁠Australia Bank, said on a podcast.

"So you're seeing the euro and the yen struggling to perform. And again, if this conflict proves long-lasting, you would think ​that those are the currencies that are likely to suffer a bit more."

The dollar index , which measures the US currency against a basket of peers, rose 0.29% ​to 99.83. The gauge on Friday closed out its first weekly decline since the start of the war, as the inflationary effects of surging oil prices prompted central banks to turn hawkish.

The euro sank 0.38% to $1.1526, as the yen weakened 0.22% to 159.55 per dollar. Sterling weakened 0.37% to $1.329.

The conflict broadened today, with Israel announcing wide-scale strikes on Tehran, ​while Saudi Arabia said two ballistic missiles had been launched at Riyadh.

Trump issued his latest threat to Iran on Saturday, less than a day after ​signaling the US might be considering winding down the conflict. Iran pledged retaliatory strikes on infrastructure in nearby countries and that the Strait of Hormuz shipping lane for oil would remain ‌closed.

The prospect ⁠of tit-for-tat strikes on civilian infrastructure in the region threatens the livelihoods of millions of people who rely on desalination plants for water.

With the yen weakening back toward the key 160 per dollar level, Japan's top currency diplomat Atsushi Mimura signaled caution about speculative activity in oil markets spilling over into foreign exchange.

Speaking in Sydney, IEA Executive Director Fatih Birol warned that the current crisis poses a major threat to the global economy, surpassing the Middle East energy shocks of ​the 1970s.

Major equity indexes across Asia tumbled, ​with Japan's Nikkei down as much ⁠as 5% at one point. Inflation concerns hit global debt markets, with Japanese government bonds falling sharply, and the 10-year U.S. Treasury yield rising to a near eight-month high of 4.415%.

Before the U.S.-Israeli war on Iran began in late ​February, investors had priced in two cuts by the Federal Reserve this year. But even one cut is now ​considered a distant ⁠prospect, and other major central banks are turning more hawkish.

"If markets price a U.S. tightening cycle, the USD will lift strongly against all currencies in our view," Joseph Capurso, head of international economics at the Commonwealth Bank of Australia, wrote in a note. "AUD would fall against most, if not all, major currencies if global downgrades occur."

The ⁠European Central ​Bank kept rates on hold on Thursday, but warned of inflation driven by energy prices. The ​Bank of England also kept rates steady, while the Bank of Japan left the door open to a hike as soon as April.

The Australian dollar sank 0.95% versus the greenback to $0.6956, while New ​Zealand's kiwi weakened 0.7% versus the greenback to $0.5793.

In cryptocurrencies, bitcoin jumped 0.76% to $68,704.51, while ether rose 0.16% to $2,061.87.

Bangladesh's state-run Petrobangla has sought an additional US$350-million loan guarantee from the World Bank to augment LNG imports amid escalating Middle East tensions and soaring global fuel prices.Loan guarantee services

"We have requested the Economic Relations Division (ERD) to expedite the funding to facilitate the buying of liquefied natural gas (LNG) from global suppliers," Petrobangla's director of finance, AKM Mizanur Rahman, told the Financial Express on Tuesday.

"Initially our plan was to seek an additional $250 million but later decided to seek more to meet the growing need," he said.

The fresh fund request would add up to an existing $350-million guarantee facility, totaling fund support from World Bank's concessional lending arm -- International Development Association (IDA) -- to $700 million for the country's energy-security programme, he said.

The government's move is a part of a strategic shift to ensure the country's energy-supply chain strong amid volatile global energy market against the backdrop of dwindling domestic natural gas output, Rahman said.

Bangladesh already purchased five LNG cargoes from spot market at very high prices.

Bangladesh's payment against the import of LNG has become easier from early 2026 with the World Bank's loan guarantee worth $350 million, which was approved last year, to facilitate its import.World Bank reports

The World Bank's Board of Executive Directors approved late June last year the 'Energy Sector Security Enhancement Project,' worth $350 million to help Bangladesh import LNG to improve the country's overall gas supply, he said.

The project aims to improve Bangladesh's gas- supply security by facilitating access to affordable financing for LNG import. It will use an IDA guarantee to mobilise up to $2.1 billion in private capital over the next seven years to support LNG imports, according to Rahman.

Petrobangla has selected eight local and foreign commercial banks to facilitate the import of LNG, backed by the repayment guarantee from the World Bank, to provide financial support for LNG imports, he said.

The selected banks have formed a consortium to provide Petrobangla with a stand-by letter of credit (SBLC) worth $200 million, valid for up to 12 months, in favor of long-term LNG suppliers under existing sales and purchase agreements (SPAs), he said.

They are offering an additional SBLC worth US$50 million, valid for up to 90 days, for spot LNG suppliers under master sales and purchase agreements (MSPAs).

In addition, the banks provide a US$100-million credit line in the form of short-term loans with up to a 12-month tenure to help Petrobangla meet payment obligations for specific LNG cargoes under the SPAs and MSPAs, Mr Rahman said.Banking services comparison

The IDA, the World Bank's soft-lending arm, will guarantee Petrobangla's repayment obligations to the banks for loans and SBLC draws, covering up to $350 million in principal and accrued interest.

However, the guarantee will not cover penalties, default interest, or similar charges, Rahman added.

The IDA guarantee is expected to enhance Petrobangla's credit profile, enabling it to secure LNG supplies more effectively amid mounting foreign-currency constraints, said the Petrobangla official.

The World Bank has noted that LNG now accounts for over a quarter of Bangladesh's total gas consumption, with imports costing around $4.5 billion annually.

Approximately 42 per cent of the country's gas is consumed by the power sector, making LNG- supply disruptions a major risk to electricity generation and overall economic activity, it said.

Since LNG imports began in 2018, Bangladesh has imported around 35.59 million tonnes of LNG through 571 cargoes as of January 2026, according to official data from Rupantarita Prakritik Gas Company Ltd (RPGCL).

With domestic gas reserves rapidly depleting, Bangladesh is expected to need 30 million mt of LNG per year by 2041 to meet surging demand, according to official data of Petrobangla.Bangladesh economic news

The corporation projects that by 2041, daily gas demand could reach 8 Bcf/d, significantly higher than the current supply of around 2.45 Bcf/d as of March 17, 2026.

Bangladesh Bank (BB) has instructed banks, mobile financial service providers, payment service providers and payment system operators to establish a dedicated “Cashless Bangladesh Unit” at their head offices by March 31 to accelerate digital transactions nationwide.

The central bank issued a circular in this regard on Monday, aiming to reduce dependence on cash and expand digital payment services to customers at the grassroots level under the broader Cashless Bangladesh initiative.

As per the directive, each bank must establish a full-fledged unit supervised by a deputy managing director or an equivalent official linked to payment system operations.

For mobile financial service providers, payment service providers and payment system operators, the unit will be supervised by an official directly below the managing director.

Each bank must establish a full-fledged unit supervised by a deputy managing director or an equivalent official linked to payment system operations
Banks must assign at least four officials to the unit, while MFS, PSP and PSO operators must appoint at least two officials.

The central bank said Bangla QR and Bangladesh’s digital payment ecosystem have expanded significantly in recent years through interoperable digital payment infrastructure, mobile financial services, internet banking, point-of-sale terminals and online payments.

According to the circular, the unit will prepare and implement institution-specific roadmaps for expanding digital payments, accelerate merchant onboarding through Bangla QR channels, and regularly monitor customer registration in institution-owned mobile applications.

The unit will also oversee staff training, awareness campaigns, seminars, customer protection measures, complaint resolution and risk mitigation related to digital transactions.

In addition, institutions have been asked to submit annual implementation reports to their boards and send copies to BB by the last working day of March each year.

Gold prices ticked down on Wednesday, as investors weighed the ‌risk of a more hawkish US Federal Reserve policy stance, with high oil prices increasing concerns over renewed inflation pressures.

Spot gold fell 0.4 percent at $4,986.79 per ounce as of 0915 GMT. US ​gold futures for April delivery fell 0.3 percent to $4,990.70.

“Investors are worried about rates ​staying ‘higher-for-longer’ due to elevated energy prices ... the longer the Iran conflict goes on, the more likely that scenario,” making non-yielding gold less attractive, ​said Jamie Dutta, market analyst at Nemo.money.

The Middle East conflict is in its ​third week, as Iran targeted Tel Aviv with missiles in what it said was retaliation for Israel’s assassination of Iran’s security chief Ali Larijani, Iranian state television reported on Wednesday.

Brent crude oil ​prices eased slightly, but held above $100 per barrel, as escalation in the Iran conflict ​and the ongoing closure of the Strait of Hormuz offset some relief to supply concerns.

Elevated oil prices ‌add to inflationary pressures by pushing up transport costs. While gold is viewed as a hedge against inflation and uncertainty, high interest rates curb its appeal by raising the cost of holding bullion and boosting returns on yield-bearing assets.

The Fed is widely ​expected to hold ​rates steady for ⁠a second straight meeting when it announces its policy decision later in the day.

Investors are also awaiting remarks from Fed chair Jerome ​Powell to assess the central bank’s policy view for the ​rest of ⁠2026, with futures markets seeing only one quarter-percentage-point rate cut this year, in September, and another cut in late 2027.

“Long-term drivers like central bank buying, stagflation risks and ⁠diversification ​demand still remain. That should mean higher (gold) prices ​by end of 2026,” Dutta added.

The US Treasury on Friday temporarily lifted sanctions on Iranian oil already loaded onto vessels, in Washington's latest step to stem a supply crisis over the Middle East war.

The authorization allows for the delivery and sale of Iranian crude oil and other petroleum products loaded onto ships before March 20, and will last through April 19, the Treasury said in a statement.

The move by the Office of Foreign Assets Control, which Treasury Secretary Scott Bessent had said Thursday was under consideration, follows a similar lifting of sanctions on Russian oil at sea.

Iran's de facto blockade of the Strait of Hormuz, through which 20 percent of the world's oil and gas normally flows, and the numerous attacks on energy infrastructure in the Middle East, have sent crude oil prices soaring.

Bessent described the move in a statement Friday as a narrowly tailored, short-term authorization that follows President Donald Trump's intention to "maximize the flow of energy to the world" and ensure market stability.

"At present, sanctioned Iranian oil is being hoarded by China on the cheap," Bessent said in a statement.

"By temporarily unlocking this existing supply for the world, the United States will quickly bring approximately 140 million barrels of oil to global markets, expanding the amount of worldwide energy and helping to relieve the temporary pressures on supply caused by Iran."

Tehran, however, said Friday it had no surplus crude oil to offer to international markets.

"Currently, Iran basically has no surplus crude oil left on the water or for supply in other international markets, and the US treasury secretary's statement is solely aimed at giving hope to buyers," Iranian oil ministry spokesman Saman Ghoddoosi wrote on X.

The Treasury's authorization on Friday does not apply to deliveries of oil to Cuba, North Korea or Russian-occupied areas of Ukraine.

Oil markets ended higher Friday, although they remained below the $120-per-barrel threshold which has been approached multiple times since the conflict began three weeks ago.

A barrel of North Sea Brent crude gained 3.26 percent to $112.19. Its US counterpart, the traditionally cheaper West Texas Intermediate (WTI), rose 2.27 percent to $98.32.

Oil prices fell by 7% today (23 March) after US President Donald Trump said he would postpone any military strikes against Iranian power plants for five days after constructive talks, hours ahead of a deadline that threatened further escalation in the conflict now in its fourth week.

Brent crude futures were down 9.72% at $101.28 a barrel at 1254 GMT after sliding as much as 14.5% to a session low of $96. US West Texas Intermediate was down almost 8.9% at $89.49 after losing 14.2% to a session low of $84.37.

Prices gradually pared some losses after the steep initial slide after Iran's Tasnim ⁠news agency reported that no talks were under way between the US and Iran.

The US President had warned on Saturday that Iranian power plants would be destroyed if Tehran failed to "fully open" the Strait of Hormuz to all shipping within 48 hours, setting a deadline of around 7:44 p.m. EDT (2344 GMT) on Monday.

His comments sparked threats of retaliation from Iran's Revolutionary Guards, which said they would attack Israel's power plants and those supplying US bases across the Gulf region if Trump followed through with his threat to "obliterate" Iran's power network.

The war has damaged major energy facilities in the Gulf and nearly halted shipping through the Strait of Hormuz, which handles about 20% of global oil and liquefied natural gas flows.

Analysts have estimated a loss of 7 million to 10 million barrels per day of Middle East oil production.

The crisis in the Middle East is worse than ‌the two ⁠oil shocks of the 1970s put together, Fatih Birol, executive director of the International Energy Agency, said on Monday.

"Oil sentiment may lurch on threats and rhetoric in the near term, but its more durable direction will continue to be shaped by the state of Middle East oil flows," said Vandana Hari, founder of oil market analysis provider Vanda Insights.

Iraq has declared force majeure on all oilfields developed by foreign oil companies, three energy officials said, while oil production at ⁠Basra Oil Company has been cut to 900,000 bpd from 3.3 million bpd, Iraqi Oil Minister Hayan Abdel-Ghani said in a ministry statement.

The supply crunch has led to a temporary waiving of US sanctions on Russian and Iranian oil already at sea. Indian refiners plan to resume buying Iranian oil while refiners elsewhere in ⁠Asia are examining such a move, traders told Reuters.

Meanwhile, Russia's Baltic Sea port of Ust-Luga resumed oil loadings after a drone attack alert was lifted, industry sources said, while neighbouring Primorsk remained shut after air strikes, adding to global shortages.

Libya's El Feel oilfield has been in shutdown since ⁠Thursday after state oil company National Oil Corporation (NOC) used its pipeline to transport crude from the Sharara field after its pipeline was damaged by fire, two El Feel engineers said.

Production is expected to resume in a week to 10 days, one of the engineers said.

The war in the Middle East could see the world face its worst energy crisis in decades, International Energy Agency chief Fatih Birol warned on Monday (23 March), describing the situation as "very severe".

"Many of us remember the two consecutive oil crises in the 1970s... at that time, in each of the crises, the world has lost about five million barrels per day, both of them together, 10 million barrels per day," Birol told the National Press Club in Australia's capital.

"As of today, we lost 11 million barrels per day, so more than two major oil shocks put together," he said.

Remittance inflows rose sharply in the first two weeks of March ahead of the Eid-ul-Fitr, despite tensions in the Middle East stemming from the US-Israel war on Iran.

Expatriates sent home $2.2 billion in the first 14 days of March, up 36 percent from $1.62 billion during the same period last year, according to Bangladesh Bank (BB) data.

Bankers expect remittances to exceed $3 billion by the end of the month, as expatriates typically send more money home during Eid. Full data for the month will be available after the Eid holidays.

In February, remittances stood at $3.02 billion.

In the current fiscal year, inflows have remained strong.

Between July and March 14, remittances reached $24.65 billion, marking a 22.6 percent year-on-year growth.

However, industry insiders and economists warn that inflows may slow in the coming months due to the Middle East crisis.

A BB quarterly report also projected a possible slowdown in remittances amid migration disruptions and economic uncertainty in the region.

The escalating tensions in the Gulf have already driven up prices of oil, liquefied natural gas, fertiliser and sulphur, as Iran controls the Strait of Hormuz, a key route for about one-fifth of global oil exports and nearly one-third of fertiliser shipments.

During March 1-14, Islami Bank Bangladesh handled the highest inflow at $395 million, followed by BRAC Bank with $228 million, state-run Agrani Bank with $165 million, and Trust Bank with $163 million.

The steady rise in remittances is helping ease pressure on the balance of payments and stabilise the foreign exchange market.

Under the International Monetary Fund’s calculation method, reserves were $29.64 billion, up from $19.74 billion in the same period last year.

However, signs of volatility have emerged in the foreign exchange market after more than a year, with the taka weakening against the US dollar since early March amid rising uncertainty over the war in the Middle East.

The Bangladesh Securities and Exchange Commission (BSEC) has launched investigations into four capital market intermediaries over allegations of serious irregularities, in a move aimed at protecting investors and ensuring market stability.

Through separate orders, the regulator has initiated formal enquiries into NRBC Bank Securities Limited, Premier Leasing Securities Limited, Green Delta Securities Limited, and LankaBangla Investments Limited, operating as a merchant bank.

Four enquiry committees were formed on 11 March to conduct the investigations.

BSEC director and spokesperson Abul Kalam told TBS that the Commission had identified multiple inconsistencies in the operations of these firms, particularly relating to negative equity, margin lending practices, financial reporting, and corporate governance.

He said such irregularities could increase market risks and harm general investors, prompting the regulator to take action. The Commission will take legal measures after reviewing the enquiry findings, he added.

Separate officials have been assigned to each investigation. The probe into NRBC Bank Securities will be led by Deputy Director Md Rafiqunnabi and Assistant Director Muhammad Sadequr Rahman Bhuiyan.

Additional Director Md Ohidul Islam and Assistant Director Md Maruf Hassan will investigate Premier Leasing Securities, while Additional Director (Legal) Muhammad Ziaur Rahman and Assistant Director Amit Kumar Saha will examine LankaBangla Investments.

Additional Director Umme Salma and Assistant Director Md Motiur Rahman have been tasked with investigating Green Delta Securities.

The commission has directed that all enquiry reports be submitted within 60 working days.

The allegations

One of the key focus areas of the investigations is whether any of the firms declared or facilitated cash dividends despite having negative equity or unrealised losses.

Under market rules, such actions may mislead investors and conceal a company's true financial condition.

In particular, NRBC Bank Securities and LankaBangla Investments will be examined to determine whether they made or supported such dividend decisions.

The BSEC has also raised concerns that some firms may have misreported or concealed negative equity data in regulatory filings. In the case of NRBC Bank Securities, allegations of systematic misreporting and data manipulation are under scrutiny.

Premier Leasing Securities is accused of classifying receivables from clients as assets without maintaining adequate provisioning, potentially understating financial risks in its disclosures.

A common allegation against all four firms is the failure to maintain sufficient provisions against negative equity and unrealised losses within prescribed timelines, raising concerns over their financial stability.

In the case of Green Delta Securities, the Commission will closely examine the methodology used in calculating negative equity. Issues include capitalising prior-year interest into principal, mismatches between principal and interest figures, and the absence of necessary provisions.

Wafi Shafique Menhaz Khan, CEO of Green Delta Securities, said the matter is a routine issue from the regulator.

"We have received the letter and are cooperating with the Bangladesh Securities and Exchange Commission in the investigation," he told The Business Standard. "The violations identified by the Commission regarding negative equity are very minor in nature. The Commission has also conducted a similar enquiry earlier," he added.

The investigations will also examine margin lending practices across the firms, including whether loans exceeded permissible exposure limits and whether margin discipline was bypassed.

There are allegations that cash accounts were converted into margin or negative equity accounts without proper authorisation. In some cases, margin accounts may have been opened without client consent or formal agreements.

The BSEC has further alleged that certain firms conducted transactions involving highly speculative shares through negative equity accounts, as well as illegal block and bulk transactions in violation of regulatory rules.

Such activities – particularly in NRBC Bank Securities and Premier Leasing Securities – will be examined to determine whether they were used to create artificial demand or manipulate share prices.

In LankaBangla's case, it faces additional scrutiny over specific financial reporting issues, including the use of "interest suspense" accounting and whether such figures were properly reflected in its financial statements.

The firm is also accused of failing to recognise around Tk109.73 crore in interest payable to LankaBangla Finance Limited, which may have led to an overstatement of profits and retained earnings.

Iftekhar Alam, CEO of LankaBangla Investments, did not respond to phone calls and messages regarding the matter.

Another key aspect of the investigations will be to assess the role and intent of senior management, including chief executives, managing directors, and board members, in relation to the alleged irregularities.

According to the BSEC, weaknesses in corporate governance may have allowed such practices to persist.

Market insiders said the investigations could play an important role in restoring discipline in the capital market, where concerns over negative equity, margin lending practices, and weak enforcement have persisted.

The move is widely seen as a strong signal from the regulator against non-compliance and governance failures in the market.

Mamun Agro Industries, currently listed on the SME platform on the Dhaka Stock Exchange, has formally sought enlistment on the main board of the bourse, citing compliance with regulatory criteria, including paid-up capital exceeding Tk50 crore and more than three years of trading history.

Confirming the development, Company Secretary Muhammad Imdadul Haque told TBS that the firm had completed all necessary requirements before submitting its application to the bourse recently.

The company's move follows an earlier decision by its management and board in April last year to pursue an upgrade. Subsequently, shareholders approved the plan at an extraordinary general meeting held in mid-June, in line with regulatory provisions.

A DSE official said the exchange would now review the company's application and supporting documents, adding that a final decision on the transfer to the main board would be taken by its board upon completion of the evaluation.

Under the Qualified Investor Offer rules for small-cap firms, companies must apply for main board listing once their paid-up capital reaches at least Tk50 crore and they have been listed on the SME platform for a minimum of three years. Mamun Agro meets these conditions, with its paid-up capital standing at Tk52.50 crore against an authorised capital of Tk100 crore.

Operating in the pharmaceutical and chemical segment, the company manufactures and imports agro-products, including insecticides, fungicides, herbicides, fertilisers, pesticides and seeds for the domestic market. It raised Tk10 crore from the capital market before its SME listing in 2022.

According to its latest financial report up to June 2025, the company's total assets stood at Tk111.17 crore, largely comprising current assets such as trade receivables of Tk28 crore, inventories and advances. Non-current assets amounted to Tk38 crore, including Tk36 crore in property, plant and equipment.

Its current liabilities totalled Tk25.57 crore, of which Tk16.96 crore were short-term loans.

In the 2024-25 fiscal year, Mamun Agro reported a modest rise in revenue to Tk57.35 crore and a profit of Tk6.05 crore. Revenue from seeds increased to Tk26.69 crore from Tk25.04 crore a year earlier, while pesticide sales declined to Tk30.65 crore from Tk31.88 crore.

The company's board recommended a 10% dividend for general shareholders – comprising 5% cash and 5% stock – alongside a 5% bonus share for sponsor-directors for FY25. However, the stock dividend remains subject to approval from the Bangladesh Securities and Exchange Commission.

The company was supposed to pay Tk1.75 crore as a dividend to its general shareholders.

The BSEC allowed the issuance of the stock dividend, but due to the non-holding of the annual general meeting, the dividend has yet to be disbursed.

Firstly, it declared AGM for 31 December last year, later, it fixed AGM for 25 February.

On 25 February, through a disclosure, it postponed the AGM as it had not received permission yet from the High Court for non-compliance of Companies Act, 1994.

The firm said it is in the process of obtaining the necessary court approval and will announce a revised AGM date once clearance is received.

Remittance inflows to Bangladesh reached $2.2 billion in the first two weeks of March 2026, according to data from Bangladesh Bank.

The total includes inflows through state-owned, specialised, private and foreign commercial banks.

State-owned commercial banks brought in $372.49 million, with Agrani Bank leading the group at $164.52 million. Janata Bank followed with $129.92 million, while Sonali Bank contributed $63.08 million.

Specialised banks received $272.88 million, entirely through Bangladesh Krishi Bank.

Private commercial banks accounted for the largest share, bringing in $1.55 billion. Islami Bank Bangladesh topped the list with $395.29 million, followed by BRAC Bank with $228.24 million and Trust Bank with $162.53 million.

Foreign commercial banks contributed the least, with a total of $4.54 million. Standard Chartered Bank led this category, bringing in $3.37 million.

The UN Committee for Development Policy (UN CDP) is preparing a "crisis assessment" report, evaluating Bangladesh's request to delay graduation from the Least Developed Country category by three years, which is expected to be released within March, according to officials from the Economic Relations Division (ERD).

The officials said the committee will examine whether Bangladesh is facing an actual economic or structural crisis. If the CDP finds evidence of such a crisis, it may recommend extending the country's LDC graduation by three years. The recommendation would then be forwarded to the UN Economic and Social Council for consideration.

Proposals of this nature are usually approved through consensus within the economic council. However, if any member state vetoes, the matter could be put to a vote. Officials in the economic relations said the government has already asked the foreign ministry to begin diplomatic outreach and lobbying efforts to secure support from UN member states for the proposed delay.

A CDP delegation may visit Bangladesh in April and they are expected to present the findings of a readiness study conducted earlier at Bangladesh's request. However, officials said the visit will not directly influence the final decision, as the crisis assessment report will be the main factor.

The final decision could come in September during the UN General Assembly session. If the proposal is approved at that stage, Bangladesh will get three more years before formally graduating from the LDC.

For now, policymakers keep an eye on the upcoming assessment report, as its recommendations will determine the next steps.

However, a high-level meeting of the government on LDCs is scheduled to be held on 5 April, with the finance minister in the chair, where the "Crisis Assessment" report will be evaluated.

Under the current schedule, Bangladesh is set to graduate from the LDC group on 24 November this year. The third and final review process ahead of graduation is already underway.

Soon after taking power, on 18 February, the government sent a letter to CDP Chair José Antonio Ocampo seeking a three-year deferral of the graduation until November 24, 2029.

In the letter, Bangladesh noted that although it continues to meet the three graduation criteria – gross national income per capita, the Human Assets Index, and the Economic and Environmental Vulnerability Index — the five-year preparatory period has been severely disrupted by a series of global and domestic shocks.

The government cited the lingering impacts of the COVID-19 pandemic, the Russia-Ukraine war, tensions in the Middle East, tight global financial conditions, and the slow recovery of international trade.

On the domestic front, it highlighted irregularities in the financial sector, the change in government following the July 2024 uprising, and the ongoing pressure of hosting displaced Myanmar nationals.

According to the letter, these shocks have led to macroeconomic instability, slower GDP growth, high inflation, and a decline in both public and private investment. It also pointed to mounting pressure on foreign exchange reserves, reduced imports of capital machinery and raw materials, and slower job creation due to weakened investment.

Against this backdrop, the government said its policy focus had shifted toward short-term stabilisation and crisis management, preventing effective utilisation of the preparatory period.

The letter also raised concerns about post-graduation trade risks, including the potential loss of preferential market access for ready-made garment exports to the European Union and the risk of possible countervailing duties from the United States.

Considering the crisis, Bangladesh has requested a three-year extension to stabilise the economy and complete priority actions under its Smooth Transition Strategy.

Officials added that beyond the issues mentioned in the letter, the ongoing conflict across the Middle East could pose additional risks for Bangladesh. Rising military tensions involving the United States, Israel, and Iran have heightened instability in the region.

A prolonged conflict could fuel inflation and disrupt macroeconomic stability, further strengthening the case for deferring LDC graduation by three years.

Stakeholders warn that extended tensions among the US, Israel, and Iran could exert multidimensional pressure on Bangladesh's economy. There are concerns over rising energy import costs, given the country's heavy reliance on oil and gas imports from the Middle East. Escalating conflict could drive up global energy prices, increasing electricity generation and transportation costs.

Additionally, a large number of Bangladeshi workers are employed in countries such as Saudi Arabia, Qatar, Oman, and the United Arab Emirates. Heightened regional instability could shrink labour markets and create income uncertainty.

There are also fears of increased transportation costs for exports. Rising tensions in the Red Sea or the Strait of Hormuz could push up marine insurance and shipping costs, affecting key export sectors, including ready-made garments. Higher energy and import costs would also increase demand for US dollars, putting further pressure on foreign exchange reserves, experts say.

The Cabinet today (17 March) approved Bangladesh's proposal to join the 'Investment Facilitation for Development Agreement (IFDA)' under the plurilateral Joint Statement Initiative of the World Trade Organization (WTO).

The decision was made at a Cabinet meeting held at the Secretariat, chaired by Prime Minister Tarique Rahman.

Cabinet Secretary Nasimul Ghani told reporters that the agreement aims to facilitate foreign direct investment (FDI) in Bangladesh.

He said the pact does not impose any new obligations regarding market access or investor-state dispute settlement. Instead, it seeks to enhance transparency in investment procedures, simplify registration and approvals, reduce unnecessary multiple applications, and maintain a database of domestic investors.

The government expects that joining the agreement will further boost Bangladesh's international reputation as an attractive destination for foreign investment.