The global market witnessed a rollercoaster ride this week, with oil prices experiencing a dip despite China’s recent economic stimulus. Brent crude futures saw a slight increase on Friday, settling at $71.89 per barrel, but overall, the week saw a decline due to expectations of increased global supply. Meanwhile, the U.S. West Texas Intermediate crude futures also edged up, ending the day at $68.18 per barrel.
In a dramatic turn of events, Israel launched an airstrike on Friday, claiming to have killed Hassan Nasrallah, the longtime leader of Hezbollah. The airstrike, which targeted a densely populated area in Beirut, was met with confirmation of Nasrallah’s death by Hezbollah. Following the attack, Iran, Hezbollah’s main backer, reportedly moved its Supreme Leader, Ayatollah Ali Khamenei, to a secure location out of concern for potential Israeli retaliation.
Shifting focus to India, the government announced the lifting of a ban on overseas shipments of non-basmati white rice, which had been in place since July. However, a minimum export price of $490 per tonne has been imposed to ensure sufficient domestic supply. This decision comes after the government previously imposed restrictions to combat rising food prices.
Meanwhile, the Indian political landscape is heating up with the upcoming Maharashtra assembly elections. The Chief Election Commissioner, Rajiv Kumar, has confirmed that the elections will take place before the current term of the legislative assembly concludes, highlighting the importance of the upcoming polls.
Adding to the legal drama in India, an FIR was filed against Finance Minister Nirmala Sitharaman on Friday. The complaint accuses her of ‘extorting money’ through electoral bonds. The case stems from a petition filed by Adarsh Iyer of Janadhikar Sangharsh Parishad, who brought the matter before a special court.
These events highlight the interconnectedness of global affairs, where economic fluctuations, political tensions, and legal battles intertwine, leaving a lasting impact on the world stage.
