The US-Israeli war with Iran could leave consumers and businesses worldwide facing weeks or months of higher fuel prices even if the week-old conflict ends quickly, as suppliers grapple with damaged facilities, disrupted logistics, and elevated risks to shipping.

The outlook poses a global economic threat and a political vulnerability for US President Donald Trump leading into the midterm elections, with voters sensitive to energy bills and unfavorable to foreign entanglements.

"The market is shifting from pricing pure geopolitical risk to grappling with tangible operational disruption, as refinery shutdowns and export constraints begin to impair crude processing and regional supply flows," JP Morgan analysts said in a research note on Friday.

The conflict has already led to the suspension of around a fifth of global crude and natural gas supply, as Tehran targets ships in the vital Strait of Hormuz between its shores and Oman, and attacks energy infrastructure across the region.

Global oil prices have surged more than 25% since the start of the war, driving up fuel prices for consumers worldwide.

A nearly complete shutdown of the Strait means the region's giant oil producers - Saudi Arabia, the United Arab Emirates, Iraq and Kuwait - have had to suspend shipments of as much as 140 million barrels of oil - equal to about 1.4 days of global demand - to global refiners.

As a result, oil and gas storage at facilities in the Middle East Gulf are rapidly filling, forcing oil fields in Iraq and Kuwait to cut oil production, with the United Arab Emirates likely to cut next, analysts, traders and sources said.

"At some point soon, everyone will also shut in if vessels do not come," said a ⁠source with a state oil company in the region, who asked not to be named.

Oilfields forced to shut in across the Middle East as a result of the shipping disruptions could take a while to return to normal, said Amir Zaman, head of the Americas commercial team at Rystad Energy.

"The conflict could be ended, but it could take days or weeks or months, depending on the types of fields, age of the field, the type of shut-in that they've had to do before you can get production back up to what it once was," he said.

Iranian forces, meanwhile, are targeting regional energy infrastructure - including refineries and terminals - forcing them to shut down too, with some of those operations badly damaged by attacks and in need of repairs.

Qatar declared force majeure on its huge volumes of gas exports on Wednesday after Iranian drone attacks and it may take at least a month to return to normal production ‌levels, sources told Reuters. Qatar supplies 20% of global LNG.

Saudi Aramco’s mammoth Ras Tanura refinery and crude export terminal, meanwhile, has also closed due to attacks, with no details on damage.

The White House has justified the attack on Iran, saying the country posed an imminent threat to the United States, although it has not provided details. Trump has also said he was concerned about Iran's efforts to obtain a nuclear weapon.

DANGER IN THE STRAIT

A quick end to the war would soothe markets. But a return to pre-war supply and pricing could take weeks or months, depending on the extent of the damage to infrastructure and shipping.

"Considering physical damage due to Iranian strikes, so far we have not seen anything that would be considered structural, although the risk remains as long as the war continues," said Joel Hancock, energy analyst, Natixis CIB.

The biggest question for energy supplies is how and when the Strait of Hormuz will become safe for shipping again. Trump has offered naval escorts to oil tankers and promised US insurance support to vessels in the region.

But safety in the waterway may be elusive, as Iran has the capacity to sustain drone attacks on shipping for months, intelligence and military sources have said.

The conflict could also encourage countries to top up their strategic petroleum reserves in the weeks and months after the conflict ends, by exposing the dangers of thin inventories. That would increase demand for oil and support prices.

GLOBAL ECONOMIC, POLITICAL RISK

In the meantime, the disruption in energy shipments is reverberating through supply chains and economies in import-reliant Asia, which sources 60% of its crude oil from the Middle East.

In India, state-run Mangalore Refinery and Petrochemicals MRPL.NS declared force majeure on gasoline export cargoes, sources said this week, joining a growing number of refineries in the region unable to fulfill sales contracts due to lack of supply.

At least two refineries in China have cut runs. China, a big supplier to the region, has asked refineries to suspend fuel exports. Thailand has also suspended fuel exports, while Vietnam has suspended crude shipments.

Disruption has given Russia a boost. Prices for Russian crude cargoes have risen as the US has given Indian refiners a 30-day waiver to buy Russian crude to substitute for lost Middle East supply. Washington had pressured India to cut Russian oil imports under the threat of tariffs.

In Japan, the No. 2 global LNG importer, baseload power futures for Tokyo for the fiscal year starting in April jumped more than a third this week on the EEX in anticipation of higher fuel prices. And in Seoul, drivers queued up at petrol stations in anticipation of rising pump prices.

For European consumers, the crisis in gas supplies and the higher prices are a double whammy. The region was hit the hardest by the disruption to gas supplies due to sanctions on Russian energy imports after Russia invaded Ukraine in 2022.

Europe turned to LNG imports to substitute for Russian pipeline gas. And Europe now needs to buy 180 more LNG cargoes than it did last year to fill gas storage to the levels needed before next winter.

The supply risks to the United States are fewer, as the country has grown in recent years into the world’s largest oil and gas producer. But US crude and fuel prices rise in tandem with international crude markets, so pump prices for gasoline and diesel are affected even if domestic supply is plentiful.

US average retail gasoline, for example, hit $3.32 a gallon nationally on Friday, up 34 cents over last week, according to AAA. Diesel prices, meanwhile, hit $4.33 a gallon, up from $3.76 a gallon a week ago.

Higher prices at the pump mark a major risk for Trump and his fellow Republicans as they head into midterm elections in November.

"Gasoline prices are psychologically powerful," said Mark Malek, chief investment officer at Siebert Financial. "They are the inflation number that consumers see every single day."

Authorities have shut five of the country’s six urea fertiliser factories as a precaution amid fears of gas supply disruptions caused by the widening war in the Middle East and Iran’s closure of the Hormuz Strait, a key global energy route.

From Wednesday, gas supplies to the urea plants, including one privately owned unit, were suspended as part of an energy rationing, said officials at the state-run Bangladesh Chemical Industries Corporation (BCIC).

The corporation runs seven fertiliser factories, including four producing urea.

The factories affected are Ghorashal Polash Fertiliser Public Ltd Company, Chittagong Urea Fertiliser Factory Ltd (CUFL), Jamuna Fertiliser Company Ltd, Ashuganj Fertiliser & Chemical Company Ltd, and the privately run Karnaphuli Fertiliser Company Limited (KAFCO). Of these, production has remained suspended in the Ashuganj factory for months.

Officials say that now only the Shahjalal Fertiliser Factory remains operational, though even this may not continue for long.

However, two state-owned non-urea factories that do not rely on gas remain open.

The country meets nearly 30 percent of its gas demand, equivalent to 2,650 million cubic feet per day (mmcfd), through imported liquefied natural gas (LNG) as domestic output continues to fall short.

Officials said about 197 million cubic feet of gas per day are required to run the five urea factories at full capacity. The factories were already suffering from an inconsistent gas supply before the shutdown.

The suspension of urea output comes at a critical time for farmers planting Boro, the main dry season rice crop, which accounts for more than half of Bangladesh’s annual 40 million tonnes of grain.

Bangladesh requires more than 26 lakh tonnes of urea each year. Around 40 percent is produced locally, while the remainder is imported from Middle Eastern countries including Saudi Arabia, the UAE and Qatar.

Two-thirds of the annual urea demand falls between November and March, mainly for Boro rice cultivation.

Contacted, Md Moniruzzaman, director of production and research at BCIC, said the corporation currently holds 468,000 tonnes of urea in stock, enough to cover demand for the rest of the Boro season.

“So, there will be no shortage of the fertiliser during the current Boro rice cultivation season,” he said.

The BCIC officials said they were asked to keep production shut for 15 days. The closed factories together have a total daily capacity of around 7,100 tonnes. This means more than 1 lakh tonnes of urea production will be affected.

Although the target for fertiliser output in the 2025-26 fiscal year was 10 lakh tonnes, only 550,000 tonnes have been produced in the eight months to February, according to officials.

One of them expressed doubts about meeting the target in the remaining four months.

Engineer Syed Abu Naser Md Saleh, general manager of the engineering services division at Karnaphuli Gas Distribution Company, said that gas supply to the two fertiliser plants has been suspended since Wednesday in line with government instructions.

“Around 70-80 million cubic feet of gas used to be supplied to the two plants,” he said.

Riaz Uddin Ahmed, executive secretary of the Bangladesh Fertiliser Association, said the urea factory closures are unlikely to affect the current Boro season.

Planned imports of non-urea fertiliser for this fiscal year have already been completed, he added.

“So, I see no problem until June-July of this year. We have to be ready for the later months. If the crisis [in the Middle East] lingers, there will be a problem,” he said. “We should start exploring alternative sources to avoid any risk.”

Unilever Consumer Care Limited has recommended a 420% cash dividend for its shareholders for the year ended 31 December 2025, according to a price-sensitive disclosure approved on 5 March.

The company had declared a higher 520% cash dividend for the previous year. The proposed dividend will be placed for approval at the annual general meeting scheduled for 18 May, while the record date to determine eligible shareholders has been fixed for 6 April.

The healthcare and consumer products manufacturer reported improved profitability during the year. Earnings per share rose 19% year-on-year to Tk41.21. However, the net asset value per share declined by 8.30% to Tk116.30.

Despite higher profits, the company posted a negative net operating cash flow per share of Tk21.54, compared to a positive Tk25.62 in the previous year.

In its disclosure, the company said profit growth was mainly driven by strong revenue performance and improved operational efficiency. It also benefited from a one-off gain arising from the reassessment of prior obligations related to technology and trademark royalty payments. Additionally, efficient investment of surplus cash contributed to significantly higher net finance income during the year.

The decline in net asset value per share was attributed to the higher dividend payout in the 2025 financial year compared to the earnings generated during the same period.

Explaining the sharp change in operating cash flow, the company said that although profit increased, net operating cash flow per share dropped significantly due to the settlement of all outstanding Usance Payable at Sight (UPAS) letters of credit during the year, without availing any new UPAS facilities.

As a result, the company experienced a substantial cash outflow during the period compared to the operating profit generated.

UPAS is a widely used trade finance instrument structured as a letter of credit that allows importers to defer payment while exporters receive immediate payment.

Under this arrangement, banks bridge the payment timing gap by financing the transaction, enabling buyers to pay later while ensuring sellers are paid at sight.

Unilever Consumer Care shares closed 0.37% down at Tk2,153 each on Thursday at the Dhaka Stock Exchange (DSE).

According to the shareholding report for January, sponsors and directors hold 92.80% shares in the company, while institutional investors have 3.58%, foreign investors have 0.11% and the remaining 3.51% are held by public shareholders.

Deposit growth in banks hit a five-year high at the end of December 2025 -- owing to a gradual recovery in confidence among savers.

Banks in the country recorded Tk 21 lakh crore in savings at the end of last year, which was 11.51 percent higher year-on-year, according to quarterly statistics of scheduled banks published by the Bangladesh Bank (BB).

With this growth, deposits in 61 banks crossed the Tk 20 lakh crore mark, the highest so far.

“It appears that people’s confidence in banks is gradually being restored,” said Md Mahiul Islam, deputy managing director at BRAC Bank.

But not all banks registered an increased flow of savings. The deposit surge is limited to some seven to eight banks, he said.

The BB data showed that private banks, including Islamic banks, accounted for 69.52 percent of the total deposits, followed by state banks and foreign banks.

In 2024, the growth of deposits in the banking sector slowed due to a confidence crisis centring on some banks that suffered from high loan irregularities and faced problems returning money to savers on demand, even though most banks offered high interest on savings.

The BB had to inject funds into those weak banks to help them overcome a liquidity crisis.

A top banker at a private bank said a number of banks still face challenges in attracting savers.

The Bangladesh Bank Quarterly -- another report by the central bank -- said, “A gradual easing of inflationary pressure apparently halted dissaving by households and businesses, leading to strong inflows into time and savings deposits.”

It said the robust expansion of bank deposits reflects increased savings and a higher public propensity to hold financial assets in the formal banking sector.

“This trend was further supported by heightened public confidence in the banking industry, likely resulting from recent political developments that fostered greater stability and trust,” it said.

Despite deposit expansion, banks recorded the slowest growth in loans and advances in 2025 amid muted investment demand from the private sector due to rising interest rates and banks’ cautious lending to avoid a buildup of default loans.

Banks gave Tk 17.77 lakh crore in loans and advances, up 5.6 percent from a year ago.

The BB in its quarterly said advance growth remained steady, reflecting banks’ cautious lending amid high NPLs and tighter monetary policy.

Qazi Saleemul Huq, director of GQ Ball Pen Industries, has announced plans to gift company shares worth Tk10.50 crore to his sister, Shermin Huq, a general shareholder, marking a transfer of ownership within the family.

According to a disclosure filed with the stock exchanges today (5 March), Saleemul Huq – who currently holds 23.44 lakh shares – will transfer 2 lakh shares, representing ar 2.24% stake in the company, as a gift outside the trading system of the exchanges.

The transfer is expected to be completed within 30 working days starting from 3 March.

After eight consecutive years of losses and steadily declining sales, the company's shares have surged significantly in recent months. Despite weak business fundamentals – including low sales and continued losses – the company's market capitalisation has climbed to about Tk474 crore, even though its annual sales are only around Tk2 crore.

According to data from the Dhaka Stock Exchange, GQ Ball Pen's share price closed at Tk525.10 each today.

The company manufactures various types of ballpoint pens and distributes them to stationery shops through its distributor network as well as to institutional buyers through sales personnel.

GQ Ball Pen has a paid-up capital of Tk8.93 crore, divided into 89.28 lakh shares, with about 60% of the shares held by general investors.

China has told its largest oil refiners to suspend exports of diesel and gasoline, Bloomberg News reported Thursday, citing unidentified sources, as the war in the Middle East risks an energy supply crunch.

China is a net importer of oil and is one of several major Asian economies that depend on the vital Strait of Hormuz for energy. Traffic through the strait is currently blocked.

The Middle East was the source of 57 percent of China’s direct seaborne crude imports in 2025, according to analytics firm Kpler.

Officials from China’s top economic planner, the National Development and Reform Commission, met refinery representatives “and verbally called for a temporary suspension of refined product shipments that would begin immediately”, Bloomberg said Thursday, citing unidentified people familiar with the matter.

“The refiners were asked to stop signing new contracts and to negotiate the cancellation of already-agreed shipments,” it said.

A spokesperson for China’s foreign ministry denied knowledge of the suspension when asked about it at a regular news conference.

PetroChina, Sinopec, CNOOC, Sinochem Group and private refiner Zhejiang Petrochemical regularly obtain fuel export quotas from the government, Bloomberg said.

The companies did not respond to AFP’s requests for comment.

Bangladesh’s top economists have suggested forming an inter-ministerial crisis committee to address public panic over the potential economic shock from the Middle East crisis.

They recommended that the committee provide regular briefings to prevent unnecessary alarm. The proposal came during a meeting between the Bangladesh Bank governor and eight leading economists at the central bank headquarters today.

Deputy governors, members of the Monetary Policy Committee, and the chief economist of Bangladesh Bank also attended the meeting.

Md Mostaqur Rahman, the new governor of Bangladesh Bank, convened the discussion in light of the ongoing Middle East crisis.

Central bank officials said the economists advised against using foreign exchange reserves under any circumstances. Since reserves are limited, alternative methods of paying for oil imports must be explored.

“If necessary, agreements should be reached with exporting countries such as Saudi Arabia. Opportunities for deferred payment should be sought, or loans could be taken from the Asian Development Bank or other sources to settle fuel import bills,” they said.

The meeting also emphasized the need to encourage remittances during this period. Incentives may be offered to motivate expatriates to send money through formal channels.

Cutting the policy rate should not be considered at this time, given the current situation.

Among those present were Mustafizur Rahman, distinguished fellow of the Centre for Policy Dialogue (CPD); Fahmida Khatun, executive director of CPD; former chief economist of Bangladesh Bank Mustafa K Mujeri; Mohammad Abdur Razzaque, chairman of Research and Policy Integration for Development (RAPID); Selim Raihan, executive director of the South Asian Network on Economic Modeling (SANEM); Masrur Reaz, chairman of Policy Exchange Bangladesh; AK Enamul Haque, director general of the Bangladesh Institute of Development Studies (BIDS); and Nazmus Sadat Khan, senior economist at the World Bank’s Dhaka office.

The Dhaka Stock Exchange fell for the third day in a row as cautious investors today offloaded shares in response to escalating geopolitical tensions in the Middle East and a volatile global energy market.

The benchmark DSEX index plunged 82 points, or 1.54%, to settle at 5,241, bringing the total losses over the last three sessions to 293 points

Blue-chip stocks were not spared, with the DS30 index dropping 34 points, or 1.65%, to settle at 2,012, while the shariah-based DSES index slipped slightly by 14 points to close at 1,049.

Market breadth remained sharply negative, as 308 issues declined compared to only 52 advancing, with 33 stocks unchanged. Turnover fell 21.13% to Tk459 crore from Tk582 crore in the previous session, while the bourse's total market capitalisation shrank by Tk3,096 crore, settling at Tk6,97,952 crore in a single session.

Market insiders highlighted that the sell-off is closely linked to both international and domestic economic uncertainties. The ongoing Middle East conflict, particularly involving Iran, has driven up global crude oil and LNG prices, creating fears of energy supply disruptions for import-dependent economies like Bangladesh.

The international benchmark Brent crude oil surged from around $70 to $80-$84 per barrel, marking a 10-15% increase, while the Asian LNG benchmark Japan Korea Marker (JKM) jumped from $13-$14/MMBtu to $24-$25/MMBtu, an extraordinary 70-80% rise.

Insiders said these higher energy costs will directly affect Bangladesh by increasing fuel import bills, raising electricity generation costs, and potentially forcing the government to adjust tariffs or increase subsidies.

Against this backdrop of uncertainty, investors opted for caution, triggering broad-based selling. Analysts warned that continued geopolitical developments and fluctuations in global energy markets could prolong market volatility in the coming sessions.

Among the top gainers, International Leasing and Financial Services Limited led with a 10% rise, followed by FAS Finance & Investment Limited and Fareast Finance & Investment Limited, each up 9.09%. On the losing side, First Finance Limited suffered the biggest drop at 10%, followed by Prime Finance & Investment Limited, down 8%, and ICB Islamic Bank Limited, which fell 7.89%.

Trading activity remained concentrated in a few high-volume stocks, with Orion Infusion, City Bank, and Khan Brothers PP Woven Bag Industries emerging as the most actively traded shares, demonstrating significant participation by large investors despite overall market weakness.

All major large-cap sectors recorded losses, highlighting widespread selling pressure. Food & Allied was the worst performer, down 2.44%, followed by Banking at 2.36%, and Non-Bank Financial Institutions at 2.29%. Other sectors also declined: Engineering fell 1.36%, Fuel & Power down 1.20%, Pharmaceuticals dropped 0.99%, and Telecommunication slipped 0.23%. Block trades contributed 4.7% of total turnover, reflecting ongoing institutional participation.

The Chittagong Stock Exchange also ended lower, with the CASPI index falling 192 points to 14,825, while the CSCX index declined 115 points to 9,061, signalling negative sentiment across both major bourses.

The auditor of National Feed Mills, a listed company on the stock exchanges, has flagged several non-compliances, including understated purchases, overstated profits, lower reported finance expenses, unpaid workers' participation fund contributions, and a deficit in the unclaimed dividend account.

The auditor's qualified opinion for the year ended 30 June was published on the stock exchanges' website on Thursday (5 March).

The auditor pointed out that National Feed Mills reported Tk7.83 crore in material purchases, while its VAT return showed Tk10 crore.

The auditor's report said there is a possibility that the company's management understated purchases by Tk2.26 crore and overstated the net profit for the year, which could significantly affect the company's earnings per share (EPS).

"Also, we did not find a ledger, vouchers or other supporting evidence for material purchases during the year," the auditor said.

The audit report also said National Feed reported Tk4.40 crore as interest charges in the statement of financial position and Tk2.44 crore as financial expenses for interest on term loans.

"Therefore, the management of the company understated financial expenses by Tk1.96 crore and overstated profit, which could significantly affect EPS," it said.

Moreover, the auditor said it did not find the interest expense ledger, the loan statement of Tk25.78 crore from Bank Asia, or supporting evidence of loan repayment or adjustment amounting to Tk1.96 crore during the period.

The company has Tk2.48 crore in the workers' profit participation fund, but the amount has remained unpaid for several years.

Deficit in unclaimed dividend account

According to the auditor, the company showed Tk3.15 lakh in the unclaimed dividend account, which has remained unclaimed for more than three years.

The fund is supposed to be transferred to the Capital Market Stabilisation Fund (CMSF), but the company's management did not transfer the amount to the fund.

The auditor said the closing balance in the unclaimed dividend account was Tk77,020. Therefore, there is a shortage of Tk2.38 lakh in the dividend bank account.

Inventory items unverified

In its financial statement, National Feed reported Tk55.31 crore in inventory at the end of June 2025.

The auditor said it did not find a slow-moving items list, a damaged items list, a net realisable value (NRV) test, an inventory valuation report, counting sheets, or other supporting evidence.

The NRV test is an accounting procedure used to ensure inventory is not overstated on the balance sheet and is valued at the lower of cost or market value.

"No physical inventory verification was conducted by us due to management unawareness," the auditor said.

When asked about the non-compliances in the financial statements, Md Jahidul Islam, acting company secretary of National Feed Mills, declined to comment and asked to be contacted next Sunday.

Gold rose on Friday after softer US payrolls data kept hopes of a Federal ‌Reserve rate cut alive, but remained on track for its first weekly decline in five weeks as a stronger dollar kept gains in check.

Spot gold was up 1.4 percent at $5,149.14 per ounce as of 01:31 p.m. ET (1831 GMT), ​but was down 2.4 percent this week. US gold futures for April delivery settled 1.6 percent higher at $5,158.70.

“An alarmingly ​weak payrolls report that saw heavy private sector job losses along with higher wages whispers stagflation; let’s see if this is enough to help gold recover from what ​has been a disappointing week,” said Tai Wong, an independent metals trader.

Data showed that nonfarm payrolls decreased ​by 92,000 jobs last month, compared with economists’ expectations for a 59,000 gain, while the unemployment rate rose to 4.4 percent.

Kuwait said it had implemented a ​precautionary reduction in crude ‌oil production and refining throughput following the ​ongoing attacks by ​Iran against Kuwait and "Iranian threats ⁠to safe passage ​of ships through the ​Strait of Hormuz," Kuwait Petroleum Corporation (KPC) said in a ​statement on Saturday.

The ​state oil company said the ‌move ⁠was part of its "risk management and business continuity strategy."

It said ​the adjustment ​was ⁠strictly precautionary and would be ​reviewed as the ​situation ⁠develops, and it remained ready to restore ⁠production ​levels once conditions ​allow.

A shortage of edible oil has emerged in several markets across the capital, as consumers rush to collect more than demand fearing a price hike due to the ongoing war between the US, Israel and Iran.

Some grocery stores still have one-litre and two-litre bottles on their shelves; five-litre bottles have almost disappeared from many markets.

Retailers said supply from companies has declined over the past week, leaving them unable to stock larger bottles. However, major producers deny reducing deliveries and instead blame stockpiling at the dealer level for the shortage.

A visit to Meradia Bazaar and nearby shops in South Banasree yesterday (7 March) revealed that no five-litre bottles of soybean oil were available. Even at the Shwapno outlet in the area, shoppers could not find any soybean oil.

A Shwapno salesperson said the stock ran out quickly. "Every customer who came in the morning bought a bottle. Now we have none left."

The same situation prevailed at the Agora outlet in the area, as there were no five-litre bottles available, and only a few two-litre bottles of Fresh brand soybean oil remained. To ensure more customers could purchase the product, staff members allowed each buyer to take only one bottle.

Most shops had no soybean oil in Badda and Shahjadpur, while a few larger stores managed to keep three or four bottles of two-litre packs on display.

Shahjadpur shopkeeper Md Saiful Islam said companies rarely deliver five-litre bottles and only occasionally supply two-litre ones, citing the shortage of oil.

Another seller, Ilias Hossain, said his shop had not received any oil deliveries for two weeks.

When contacted, Taslim Shahriar, deputy general manager of Meghna Group, which produces Fresh brand soybean oil, said they supplied large volumes in January and February.

"We have imported additional oil to ensure stable supply during Ramadan. More than 50,000 tonnes are being distributed every month, so there should be no crisis," he said.

Echoing Taslim, City Group Executive Director Biswajit Saha said they have not reduced supply, though some smaller companies may be struggling to import oil due to complications with letters of credit.

The crisis was created due to increased demand in Ramadan and stockpiling by some consumers and traders, he added.

Prime Minister Tarique Rahman today (7 March) said the government has taken steps to make the zakat management system more effective and targeted, noting that zakat can play an important role in poverty alleviation if it is distributed in a planned and organised way.

"Zakat is one of the five pillars of Islam. I would like to share with you a plan regarding zakat management in the country. According to Islamic teachings, many wealthy people in our society pay zakat on their own initiative. Some also pay their zakat through the government's Zakat Board," he said.

If zakat is distributed in a planned and organised manner can make a significant contribution to reducing poverty, the prime minister said at an iftar mahfil hosted for ulema, Islamic scholars and orphans at State Guest House, Jamuna.

"In this context, the government has taken steps to make zakat management more effective and target-oriented," he said.

The prime minister mentioned that various research reports suggest the amount of zakat collected in Bangladesh exceeds Tk20,000 to Tk25,000 crore every year and some estimates put the figure even higher.

However, he said the absence of a planned and organised distribution system means that although wealthy individuals fulfil their zakat obligation, questions remain about how effectively the funds help reduce poverty.

"As far as I know, Islamic teachings encourage zakat to be distributed in such a way that a recipient may not need to receive zakat again the following year after receiving it once," the Prime Minister observed.

He said there are currently around four crore families in the country, both rich and poor.

If poor and extremely poor families are identified and five lakh families are given Tk1 lakh each in zakat every year in phases, most of those families may not need to receive zakat again the following year, Tarique Rahman said.

"If zakat is distributed in a targeted and well-planned manner, it could play an effective role in poverty alleviation in the country within 10 to 15 years through zakat management alone," he added.

The prime minister said if the idea of zakat management for poverty alleviation is considered logical, ulema and religious scholars can play the biggest role in raising awareness among wealthy people.

He also said the existing Zakat Board under the Ministry of Religious Affairs can be reorganised with leading Islamic scholars, religious experts and government officials to work more effectively for poverty alleviation through zakat management.

"By using zakat for poverty alleviation, there is an opportunity to present Bangladesh as a model in the Islamic world," the prime minister said.

The benchmark index of the Dhaka Stock Exchange (DSE) extended its losing streak last week as escalating geopolitical tensions in the Middle East rattled investor confidence and triggered broad-based selling.

The DSEX shed 359 points, or 6.42%, to close the week at 5,240. The blue-chip DS30 index fell further, losing 157 points, or 7.28%, to settle at 2,011.

Market participation also weakened during the week. Average daily turnover declined 4% to Tk696 crore, reflecting cautious trading as investors avoided large bets amid rising uncertainty. The bearish sentiment wiped out about Tk20,400 crore from the market capitalisation of listed companies.

The majority of listed securities ended the week in the red. A total of 325 issues declined, while only 59 advanced and eight remained unchanged.

Analysts say the market may remain volatile in the near term as investors closely monitor developments in global energy markets and geopolitical tensions.

According to the weekly market review by EBL Securities Limited, the capital market faced strong bearish sentiment as investors worried about the possible macroeconomic impact of tensions in the Middle East. The brokerage noted that market participants were particularly concerned about potential disruptions to fuel and power supply in Bangladesh if the conflict escalates further.

The review added that the market remained under sustained downward pressure throughout the week in the absence of any clear signs of stability in the Gulf region. The uncertainty prompted aggressive selling across sectors, ultimately snapping the benchmark index's six-week upward streak.

Despite the negative trend, investors remained relatively active in a few sectors. The banking sector accounted for the largest share of turnover at 24%, followed by pharmaceuticals with 15.3% and textiles with 8.5%.

Among individual stocks, Orion Infusion, City Bank, Khan Brothers PP Woven Bag, BRAC Bank and Robi dominated the turnover chart during the week, reflecting concentrated trading in a handful of issues.

Sectoral performance, however, remained largely dismal. The food sector recorded the steepest decline with an average loss of 11.5%, followed by life insurance, which fell 9.1%, and cement, which dropped 8.9%.

A few stocks managed to post strong gains despite the overall downturn. Premier Leasing emerged as the top gainer with a 44.44% rise, while Fareast Finance and FAS Finance both advanced 41.18%.

On the losing side, Rahima Food suffered the sharpest fall, declining 23.90%. Pragati Life Insurance dropped 19.86%, while BAT Bangladesh lost 17.35% during the week.

US retail gasoline and diesel prices are soaring as the US-Israel war with Iran constrains oil and fuel exports, which could be a political test for President Donald Trump's Republican Party ahead ​of midterm elections in November.

Fuel prices jumped more than 10% this week as oil rose above $90 a barrel, its highest in years, adding pain at the ‌pump for consumers already strained by inflation. Trump on Thursday shrugged off higher gasoline prices in an interview with Reuters, opens new tab, saying "if they rise, they rise."

The president had vowed to lower energy prices and unleash US oil and gas drilling during his second term, but much of his tenure has been marked by volatility and uncertainty amid shifts in policies like tariffs and geopolitical turmoil. The US is the world's largest oil producer. It is a major exporter ​but also imports millions of barrels a day since it is the world's largest oil consumer.

As of Friday, the national average prices for regular gasoline stood at $3.32 a ​gallon, up 11% from a week ago and the highest since September 2024, according to data from the motorists association AAA. Diesel was at $4.33, ⁠up 15% from a week ago, surging to the highest since November 2023.

MIDWEST, SOUTH FEEL THE PINCH

US motorists in parts of the Midwest and the South, including states that supported Trump, have ​seen some of the steepest increases in fuel costs since the conflict in Iran started.

In Georgia, a swing state, average retail gasoline prices rose 40.1 cents a gallon over the past week, ​according to fuel tracking site GasBuddy.

Andrenna McDaniel, a healthcare insurance worker in South Fulton, Georgia, said she was surprised to see prices skyrocket overnight.

"They jumped up so quickly," she said on Friday, adding that she does not agree with the war at all.

McDaniel, a Democrat, said that for now she is only driving for the most important things, and feels lucky that she works from home so she does not have to drive as ​much as other people do.

Georgia voted for Donald Trump in the 2024 election.

Trump voter Richard Soule, 69, a US Air Force veteran and a retired firefighter, said a little pain at the pump ​is worth Trump's efforts to protect America.

"When President Trump went in there and bombed out their nuclear, and they just thumbed their nose at it, I believe he did the right thing at the right ‌time," Soule said ⁠on Friday as he filled up his Ford F-150 truck in Marietta, Georgia.

Other states, including Indiana and West Virginia have seen prices rise by 44.3 cents and 43.9 cents, respectively.

PRICES MAY RISE FURTHER

More pain may be on the way, analysts said, as oil prices continue to trend upward. On Friday, US oil futures settled at $90.90 a barrel, up nearly $10 and the biggest single-day rise since April 2020.

"Given current market conditions, the national average price of gasoline could climb toward $3.50 to $3.70 per gallon in the coming days if oil continues rising and supply disruptions persist," GasBuddy analyst Patrick De ​Haan said.

The disruptions in the Middle East and ​the Strait of Hormuz, a key trade ⁠conduit, have boosted demand for US oil abroad, which in turn has driven up prices for domestic refiners too.

"The US has weaned itself off of its dependence on Middle Eastern crude, but obviously Asian refineries, and to a lesser extent, European refineries have not," Denton Cinquegrana, chief oil ​analyst with OPIS. "That's what you're seeing happen in the spot market, because the demand for US exports rise, and so the price rise."

Seasonal ​factors could add further ⁠pressure. Gasoline prices typically go up in the spring and peak in the summer due to higher gasoline demand and production of summer-blend gasoline, which is more costly to produce.

Diesel fuel saw an even more aggressive jump since Iran began retaliating against US and Israeli strikes, significantly disrupting shipping in the Strait of Hormuz.

Global diesel inventories have remained in tight supply due to heavy demand for heating and power generation ⁠during a ​prolonged winter in the US and other parts of the world and a structural tightness of refining capacity.

Sticker prices ​of everything from food to furniture go up when the cost of diesel goes up, as the fuel is mainly used in freight transportation, manufacturing, agriculture, and global shipping, analysts said.

"In a world where buzzword seems to be 'affordability', that is ​certainly not going to help," Cinquegrana said.

Four vessels carrying about 247,000 tonnes of liquefied natural gas (LNG) and two ships transporting nearly 35,000 tonnes of liquefied petroleum gas (LPG) are heading to Chattogram Port.

The vessels had already crossed the strategic Strait of Hormuz before tensions escalated in the Middle East, and thus, easing concerns over any immediate gas supply disruption when the country is going through a panic of fuel shortage.

Confirming the matter, Md Nurul Alam, senior deputy general manager of Uni Global Business Limited, the local representative of the LNG carriers, said the arrival of the four vessels is almost certain.

However, another LNG carrier named Libretha is currently waiting inside the Strait of Hormuz after loading cargo and has yet to pass through the waterway.

"If the situation deteriorates further, future LNG shipments may face uncertainty," he said.

Port and shipping sources say the vessels had already passed through the Strait of Hormuz and the Gulf of Oman days before the conflict intensified following joint strikes by the United States and Israel on Iran on 28 February.

Altogether, 15 vessels carrying LNG, LPG and cement raw materials are now arriving at Chattogram.

Of them, 12 have already reached the port while three more are expected within this week. The ships are carrying nearly 750,000 tonnes of cargo in total.

LNG shipments from Qatar

Two LNG carriers, Al Zor and Al Jasasiya, have already arrived at Chattogram carrying about 126,000 tonnes of LNG from Ras Laffan Port in Qatar.

Two more vessels, Lusail and Al Galaiel, are scheduled to reach the port's outer anchorage on Monday and Wednesday respectively.

Together, the four ships are bringing roughly 247,000 tonnes of LNG to Bangladesh.

Shipping data show the vessels crossed the Strait of Hormuz between two and seven days before the conflict escalated.

Government agencies have also purchased two additional LNG cargoes from the spot market at higher prices to avoid potential supply shortages, though those vessels have not yet arrived.

LPG cargo for Meghna Group

An LPG carrier named Sevan is scheduled to arrive at Chattogram on Sunday carrying 22,172 tonnes of LPG from Sohar Port in Oman.

Another vessel, GYMM, carrying 19,316 tonnes of LPG from the same port had already reached the port before the conflict escalated.

The two ships together are delivering nearly 35,000 tonnes of LPG for Meghna Fresh LPG, a concern of Meghna Group of Industries.

Apart from energy shipments, several vessels carrying clinker and other raw materials for the cement industry have also reached Chattogram from Gulf ports.

These include clinker, gypsum, limestone and stone, with around 515,000 tonnes of such materials arriving from the region.

Officials say Bangladesh imported goods worth nearly $6 billion from Gulf countries through the Strait of Hormuz during the 2024-25 fiscal year.

However, if tensions persist around the waterway, fresh shipments could face disruptions in the coming weeks.

Turmoil in the Middle East has sent investors scrambling for safety once more, reigniting a debate over which assets truly offer protection in times of stress.

The choice is complicated, as traditional refuges behave unpredictably. Gold has swung sharply and the dollar - which has ​been out of favour in the past year - has bounced back.

Here is a look at how some of the favourites stack up:

Greenback passes a test

The dollar has arguably performed ‌the best among safe havens this week.

The dollar index, which tracks the US currency against six others, is up 1.5%. The dollar has even gained against the Swiss franc and yen, which both typically outperform at times of market stress.

That is particularly notable as the dollar weakened when stocks fell following last April's tariff turmoil, raising question marks about its safe-haven status.

It is short-term dollar cash that is in demand, not other dollar assets, flow data shows.

Of course, the US is a net ​energy exporter, so a crisis like this that sends benchmark Brent crude oil above $80 a barrel should help.

"The dollar has some safe-haven characteristics, but it is context specific," said Morgan Stanley ​head of FX strategy James Lord.

And that will not always be the case, he said, because US policy uncertainty has eroded the currency's safe-haven characteristics.

No safety ⁠in sovereigns

Government bonds have struggled to attract the kind of safe-haven flows typically seen during geopolitical shocks, with investors trading them primarily on the inflation outlook rather than on their defensive qualities.

Fiscal considerations, such ​as Germany's relaxation of its debt brake, to broader worries about heavier government borrowing have also outweighed the haven appeal.

Yields on Germany's 10-year Bunds, the euro zone benchmark, have jumped 14 basis points so far this ​week.

"Germany is a flight-to-quality kind of investment, but you don't really want to be playing around at the long end of the bull market if they're raising more debt," Bryn Jones, head of fixed income for Rathbones, said.

Gold's safe-haven street cred is solid

Gold's safe-haven credibility is strong, judging by its 240% surge so far this decade.

Yes, it is proving volatile too, falling sharply on Tuesday. Analysts reckon that was partly because investors sold top-performing assets to make up for losses elsewhere, ​as concern about the Middle East conflict whacked market sentiment.

But this should not detract from gold's safe-haven status, which remains intact, given worries about inflation, geopolitics and high debt, they add.

State Street said gold ​remained under-owned in portfolio terms, with gold exchange-traded fund allocations still under 1% of global fund assets, below the 5-10% range it cites as a strategic allocation range.

"As a base case, $6,000 is more likely than $4,000 this year, and ‌we're just ⁠above $5,000," said Aakash Doshi, head of gold strategy at State Street Investment Management. "That's a clear point to make."

Classic FX refuges put to the test

The Swiss franc and the Japanese yen, long regarded as currency havens, have slipped 1.2% and 0.8% so far this week.

"The one that looks relatively attractive from a valuation perspective is still probably the Japanese yen. It stands out to me as one that can provide protection in this environment," said Justin Onuekwusi, chief investment officer at St James's Place.

But political uncertainty has added a layer of risk to the outlook for the yen after reports that Japanese Prime Minister Sanae Takaichi ​has voiced reservations about further rate hikes.

Meanwhile, analysts ​caution that the franc's upside may be constrained, ⁠given the Swiss National Bank's warning that it stands ready to step in to curb excessive strength.

"Elevated SNB intervention risks would likely diminish its haven attributes during the current shock," Goldman Sachs strategist Teresa Alves said.

Defensive stocks are not helping

Stocks often perform poorly at times of market stress, though some so-called defensive sectors, ​for example, utilities or consumer staples, typically see smaller declines.

But that has not happened this time.

The S&P utilities and consumer staples sectors are down 1% ​and 2.8%, respectively, this week, ⁠while the S&P 500 is flat. In Europe, utilities are down 3% and consumer staples are down 4.5% compared to a 3% fall for the STOXX 600.

This is partly because they had already been doing well. One big investment theme, until the war began at least, was buying "hard assets" like infrastructure and industrials.

More broadly, defensive value stocks have been outperforming growth stocks, and some have done very well.

"When you're investing in the classically defensive ⁠sectors at the ​level of current interest rates, you have to be much more disciplined about relative prices," said James Bristow, portfolio manager ​at Templeton Global Investments.

"I own shares in Pepsi, for example, ... [it] isn't the highest quality company, but the starting point was very low ... that's a different margin of safety from if you're buying shares in, say, Nestle."

Asia stocks fell on Friday (6 March) and were headed for their sharpest weekly drop in six years, ​while oil prices were poised for their biggest jump in four years in a turbulent week for global markets as the conflict in the Middle East ‌showed few signs of easing.

Investors sought the safety of cash as they sobered up to the fact that the US-Israel war on Iran could drag on longer than initially anticipated.

They also moved to price in more hawkish rate expectations from major central banks, spooked by the prospect of a resurgence in inflation if the spike in energy prices persists.

Yields on US Treasuries have shot up some 18 basis points ​this week, their most in nearly a year, while the dollar was set for its largest weekly gain in 16 months.

"The range of plausible outcomes [of ​the war] has expanded to include both the possibility of an exceptionally constructive resolution and a highly destructive one," said Daleep Singh, ⁠chief global economist at PGIM Fixed Income.

"Markets are being asked to price a much fatter set of tails with very little reliable information about the likelihood of each, ​or the path in between."

The war has thus far had the biggest impact on oil prices, with Brent crude futures now trading around $83 per barrel, having been as low ​as $69 just about a week ago. US crude shot up to a 20-month high earlier this week.

Both are set to clock a rise of more than 15% for the week, their largest since February 2022.

"The most market-relevant risk lies in severe escalation or direct infrastructure damage across key Gulf producers, which would likely produce sustained upward pressure on oil, feed into higher headline inflation, tighten global ​liquidity and materially raise recession risks," said Klay Group's senior investment team.

High-flying stocks tumble

MSCI's broadest index of Asia-Pacific shares outside Japan last traded 0.4% lower and was set ​to fall 6.6% for the week, which would mark its steepest weekly drop since March 2020.

Japan's Nikkei was down 0.5% and on track for a 6.5% weekly loss, while South Korea's Kospi was also ⁠headed for its largest weekly fall in six years with a 10.5% slide.

The market rout this week sent even high-flying technology stocks and indexes such as the Kospi tumbling, as investors scrambled to book profits to cover losses elsewhere.

"When the dollar rallies and US yields rise, funding conditions are tightening, which will often exacerbate broader moves, particularly if there's leverage involved," said Ben Bennett, head of Asia investment strategy at L&G Asset Management.

US stock futures were steady in Asia on Friday, while EUROSTOXX 50 futures rose 0.6% ​and DAX futures added 0.5%.

Dollar is king

The ​dollar has emerged as one of ⁠the few winners this week in volatile sessions that have dragged stocks, bonds and, at times, even safe-haven precious metals lower.

The rally in the dollar hit pause on Friday, but it was still on track for a 1.4% weekly gain, bolstered by safe-haven demand and ​reduced US rate-easing expectations.

The euro, which remains vulnerable to a spike in energy prices, was set to fall 1.7% for ​the week, while sterling ⁠was similarly headed for a 0.95% weekly drop.

Investors are now pricing in about 40 basis points worth of easing from the Federal Reserve this year, down from 56 bps a week ago, while odds for a rate cut from the Bank of England this month have fallen to 23% from a near certainty just last week.

The European Central Bank is seen ⁠hiking rates ​by year-end.

The shifting rate expectations have, in turn, pushed up global bond yields, and in Asia on ​Friday, the yield on the benchmark 10-year US Treasury was steady at 4.1421%, having risen some 18 bps this week.

The two-year yield has jumped 20 bps for the week.

Elsewhere, spot gold was steady at $5,078.88 an ounce, ​though it was headed for a 3.7% weekly fall as rising yields and a stronger dollar eclipsed the yellow metal's safe-haven appeal.

Bangladesh has moved quickly to avert potential fuel and gas shortages triggered by the Middle East war, securing critical imports from alternative markets to keep national energy demand met throughout March.

Officials said the government finalised imports of 2.80 lakh tonnes of refined diesel from Malaysia, Singapore and other sources, ensuring supply for the rest of the month.

Two LNG shipments from Singapore have also been secured as contingency, while Bloomberg reported that an LNG cargo from Qatar is en route to Bangladesh, easing fears of disruption.

Concerns had mounted that the conflict involving Iran, the United States and Israel could destabilise global energy supply chains, particularly through the Strait of Hormuz, a vital route for Bangladesh's crude oil imports from Saudi Arabia and the UAE.

Iran has since clarified that it will not obstruct vessels from other nations, except those of the US and Israel, allowing Bangladesh's shipments to continue.

'No reason for panic'

Energy and Power Minister Iqbal Hasan Mahmud Tuku told reporters after meeting Prime Minister Tarique Rahman that reserves remain sufficient. "Two more oil tankers will arrive on 9 March. There is no reason for panic," he said, urging consumers not to queue overnight at petrol pumps.

Simultaneously, international news agency Bloomberg has reported that an LNG cargo from Qatar is currently en route to Bangladesh, a development that is expected to alleviate fears of a gas shortage.

Officials said Bangladesh had 1,15,473 tonnes of diesel in stock as of 4 March, enough to meet demand for about nine days.

Monir Hossain Chowdhury, joint secretary (operations) at the Energy and Mineral Resources Division, told TBS that a significant portion of the diesel is already en route to Bangladesh, while the rest is being loaded and will arrive shortly.

"Therefore, the amount of diesel required for March has already been confirmed. There should be no shortage if consumers refrain from panic buying," he said.

Bangladesh's monthly diesel demand is 3.80 lakh tonnes, he said, adding, "We now have over 1 lakh tonnes of diesel in stock. Besides, 2.80 lakh tonnes of refined diesel imports have been finalised."

Monir further said, "A significant portion of this is being imported from Malaysia and Singapore. Some of this fuel is already en route to Bangladesh, while further shipments are currently being loaded and are expected to arrive shortly."

He said that there is an existing agreement to import 1.80 lakh tonnes of diesel from India each month, and that supply is currently arriving on a regular basis.

"However, due to the storage capacity at Parbatipur being limited to 5,000 tonnes, it is not possible to increase imports from the neighbouring country at this time, even if desired."

Monir said, "We have agreements with various countries for the import of an additional 1 lakh tonnes of diesel. None of those countries have yet indicated that they would be unable to meet the supply.

"Even if they fail to deliver, we have alternative suppliers available, and we will be able to procure imports from these backup sources if the need arises."

Supply at pumps

However, transport operators in Dhaka reported that petrol pumps are supplying diesel in limited quantities due to increased demand.

Some long-distance bus and truck operators said they were receiving less fuel than required, forcing them to reduce the number of trips.

Monir Hossain Chowdhury said, "As long as no one buys excess diesel, there is no reason for a shortage at the pumps."

No crisis for other fuels

Stocks of other fuels also remain adequate. As of 4 March, the country currently has 28,152 tonnes of octane, sufficient for around 15 days, and 17,364 tonnes of petrol, enough for roughly eight days, officials said.

Although Bangladesh mainly produces octane domestically, a small portion is imported to supplement supply. Officials said around 40,000 tonnes of petrol and octane are expected to arrive later this month to stabilise supply further.

Furnace oil reserves currently stand at 66,192 tonnes, enough to meet power plants' demand for approximately 59 days, suggesting that electricity generation is unlikely to be disrupted.

Officials also confirmed that the jet fuel supply remains stable. Bangladesh had 41,084 tonnes of jet fuel in stock as of 4 March, sufficient for 36 days, while another 20,000 tonnes are expected to arrive between 22 and 25 March.

The number of flights departing from Bangladesh to the Middle East has significantly decreased, which in turn has reduced the demand for jet fuel. Consequently, there is no anticipated shortage of jet fuel.

Kamrul Islam, GM (PR) of US-Bangla Airlines, told TBS, "So far, we have not yet seen the impact of the war on jet fuel. However, we are concerned that if the war continues in this manner, the issues of a potential jet fuel shortage or price hikes could emerge."

Gas scare managed

To conserve the potential gas, the government has temporarily halted gas supply to all but one fertiliser factory, while sufficient fertiliser stocks remain available.

So far, there have been no major reports of gas shortages affecting households, industries or filling stations.

The Bloomberg on Friday (6 March) reported that Qatar appears to have loaded its first liquefied natural gas cargoes after the widening conflict in the Middle East forced it to halt fuel production and declare an unprecedented force majeure to buyers.

The vessel Al Ghashamiya loaded this week at the nation's Ras Laffan export terminal and is now waiting in the Persian Gulf, and a second tanker, the Lebrethah, departed from the terminal Friday, according to Bloomberg.

The Lebrethah is signalling Bangladesh as its next destination, with an estimated arrival on 14 March, but the trip still depends on navigation in the crucial Strait of Hormuz, which is effectively closed for commercial ships in the wake of the Iran war.

Four LNG, two LPG vessels head to Chattogram

Four vessels carrying about 2.47 lakh tonnes of LNG and two ships transporting nearly 35,000 tonnes of liquefied petroleum gas (LPG) are heading to Chattogram Port after crossing the Strait of Hormuz before tensions escalated in the Middle East, easing concerns over any immediate gas supply disruption when the country is going through a panic of fuel shortage.

4 LNG, 2 LPG vessels that crossed Strait of Hormuz before Middle East conflict now headed to Ctg

Altogether, 15 vessels carrying LNG, LPG and cement raw materials are now arriving at Chattogram.

Of them, 12 have already reached the port while three more are expected within this week. The ships are carrying nearly 7.50 lakh tonnes of cargo in total.

Two LNG carriers have already arrived at Chattogram carrying about 1.26 lakh tonnes of LNG from Qatar.

Two more vessels are scheduled to reach the port's outer anchorage tomorrow and Wednesday, respectively.

Together, the four ships are bringing roughly 2.47 lakh tonnes of LNG to Bangladesh.

An LPG carrier was scheduled to arrive at Chattogram yesterday carrying 22,172 tonnes of LPG from Sohar Port in Oman.

Another vessel, carrying 19,316 tonnes of LPG from the same port, had already reached the port before the war.

The two ships together are delivering nearly 35,000 tonnes of LPG for Meghna Fresh LPG, a concern of Meghna Group of Industries.

The war in the Middle East has stalled more than 1,000 TEUs (twenty-foot equivalent units) of weekly exports from Chattogram Port after major shipping lines suspended bookings, leaving exporters facing mounting storage costs and uncertainty.

Containers carrying potatoes, agro-products, frozen foods and ready-made garments are now stranded at private inland container depots (ICDs), as exporters wait for shipping routes to reopen while absorbing additional depot and plugging charges.

One of the first casualties of the disruption is a seasonal potato shipment prepared for export to Dubai.

After processing and packaging, a 28-tonne consignment from SR Impex Ltd arrived in Chattogram from Bogura on 1 March. It was scheduled to be shipped to Jebel Ali port the following day. But the cargo never left the depot.

The container is now sitting at a private ICD after shipping lines abruptly stopped accepting bookings to Middle Eastern destinations due to security risks.

"While we were loading the cargo, the shipping line suddenly informed us they would no longer accept bookings and cancelled the slot," said Mohammad Forkan, managing director of SR Impex Ltd and general secretary of the Fresh Food and Fruits Exporters Association.

Infograph: TBS
Infograph: TBS

"We somehow arranged another container from a depot and plugged it in to preserve the potatoes. Now we are paying plugging and depot charges just to store them. We do not know what will happen next," he said.

He added, "Every week, around 450 tonnes of potatoes, another 450 tonnes of agro and food products, and nearly 300 tonnes of frozen foods are exported to Middle Eastern countries through the Chattogram port and the airport. Including RMG and other exports, the total value reaches around $17 million. Most of these shipments are now disrupted."

Exporters fear the disruption could deepen if the conflict drags on, squeezing Bangladesh's trade and raising costs across multiple industries.

Garment exporters fear missing Eid market

The disruption is also worrying exporters in Bangladesh's largest export sector – ready-made garments.

Although the Middle East accounts for only over $800 million, or roughly 2% of Bangladesh's apparel exports, the market becomes crucial during the Eid shopping season.

Exporters say the conflict erupted just as shipments normally begin for the festive market.

"We have already purchased raw materials, produced goods and placed orders," said garment exporter Abdus Salam.

"Our buyers need these products to stock their showrooms for Eid. Normally, shipments begin at the start of Ramadan. But the war started exactly at that time."

He added, "Our goods cannot be shipped and their showrooms are empty. At the same time, our workers expect Eid bonuses and salaries. We are facing a very difficult situation."

Shipping lines suspend bookings

Shipping companies confirm that container bookings to many Middle Eastern destinations have been suspended.

Azmir Hossain Chowdhury, head of operations at MSC Shipping, said the company had received instructions not to accept bookings for the region and had suspended bookings from 2 March.

"Other shipping lines are doing the same. As a result, weekly exports of around 800 to 1,200 TEUs to Middle Eastern countries are being affected," he said.

Freight costs from China rise

The crisis is also adding pressure on Bangladesh's import supply chain.

With maritime routes facing disruption, freight rates from China — the main source of raw materials for the country's industries — have already started rising.

Industry insiders say shipping costs from Chinese ports have increased by roughly $300 per container in recent days.

Rakibul Alam, a former vice-president of the Bangladesh Garment Manufacturers and Exporters Association, said the higher freight cost is becoming a major concern for importers.

"For high-cube containers, freight from China has increased by around $500 in some cases," he said.

"Chinese ports have resumed exports after earlier disruptions and our import flow is picking up again. But the biggest challenge right now is the higher shipping cost."

Major carriers restrict services

Global shipping companies have begun tightening operations in the conflict-affected region.

Shipping giant Maersk has suspended all vessel transits through the Strait of Hormuz since 1 March and stopped accepting new bookings to several destinations, including the United Arab Emirates, Saudi Arabia, Kuwait, Qatar and Oman.

COSCO Shipping Lines has also temporarily suspended cargo services to certain ports, including Qatar, Bahrain, Iraq and Kuwait, due to security concerns and navigation restrictions.

However, COSCO said operations would continue to ports that do not require vessels to pass through the Strait of Hormuz, such as Jeddah in Saudi Arabia and the UAE ports of Khor Fakkan and Fujairah.