Global Pulse

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  • Australian shares fall as strong jobs data and China fears hit banks

    Australian shares fall as strong jobs data and China fears hit banks

    On Thursday, Australia’s benchmark stock index closed in negative territory, dragged down by investor anxiety triggered by two key macroeconomic factors: stronger-than-forecast domestic employment data and deepening instability in China’s struggling housing sector. Even a dramatic, market-leading rebound in the battered technology sector was not enough to offset losses across financial and mining industries.

    The ASX 200 shed 23.70 points, or 0.26 percent, to settle at 8955, while the wider All Ordinaries index slipped 0.08 percent to 9173.60. In currency markets, the Australian dollar strengthened against the U.S. dollar, rising to 71.80 U.S. cents. Of the 11 tracked market sectors, six finished the trading day in positive territory, but gains were far outstripped by declines in heavyweight industries.

    Leading the day’s gains, the technology sector jumped 7.40 percent, marking a sharp recovery from recent downturns. Standout performers included logistics software firm WiseTech Global, which surged 12.36 percent to close at $44.90, cloud accounting platform Xero, which climbed 9 percent to $81.86, and lifestyle technology company Life360, which rose 12.45 percent to $21.31.

    However, solid upward momentum in tech was completely offset by steep sell-offs among Australia’s big four banks and major mining conglomerates. Commonwealth Bank of Australia, the country’s largest listed company, dropped 2.77 percent to $178.11. Westpac fell 1.65 percent to $40.02, National Australia Bank declined 2.49 percent to $43.41, and ANZ slipped 1.28 percent to $37.73.

    IG market analyst Tony Sycamore explained that bank investors reacted negatively to the stronger-than-expected jobs report, which showed the Australian economy added nearly 18,000 new positions in the latest period. The resilient labor market has reinforced expectations that the Reserve Bank of Australia will continue its fight against inflation with additional interest rate hikes. Currently, markets are pricing in an 18-basis-point rate increase at the RBA’s next policy meeting in less than three weeks. A third rate hike this year would push the cash rate even higher, further reducing consumer and business credit demand and creating a major headwind for bank profitability. The RBA already raised rates by a cumulative 50 basis points in February and March, bringing the current cash rate to 4.10 percent.

    Beyond banking, the mining sector also dragged the overall index lower, pressured by new data showing the ongoing slowdown in China’s housing market, a key driver of global commodity demand. BHP Group shares slipped 0.34 percent to $55.92, Rio Tinto fell 0.7 percent to $172.60, and building materials manufacturer James Hardie Industries plummeted 4.27 percent to $28. Only Fortescue Metals Group bucked the trend, climbing 1.01 percent to $20.98.

    While China’s full-year economic growth of 5 percent beat market forecasts, the housing sector continues to show deep weakness. New home prices in China fell 3.4 percent year-over-year in March 2026, marking the 33rd consecutive monthly contraction and the sharpest decline since May 2025. This persistent downturn underscores the ongoing challenges Chinese authorities face in stabilizing the crucial property sector.

    In individual company news, Viva Energy requested a trading halt for its shares following an outburst of fire at its Geelong refinery facility. On a positive note, financial services firm AMP saw its shares rise 3.58 percent to $1.44 after releasing an upbeat trading update that showed platform growth accelerated 45 percent to $1.1 billion. The company also announced a $150 million share buyback program to return capital to shareholders. Wealth management firm Netwealth also enjoyed gains, with shares climbing 5.88 percent to $25.22 after reporting that funds under administration rose to $125.8 billion.

  • Lionel Rosenblatt, whose advocacy for refugees began with derring-do in Vietnam, dies at 82

    Lionel Rosenblatt, whose advocacy for refugees began with derring-do in Vietnam, dies at 82

    Lionel Rosenblatt, the former U.S. Foreign Service Officer who turned a defiant unauthorized rescue mission in 1975 into a decades-long career championing vulnerable displaced people around the globe, has passed away at 82 following a battle with cancer. His death was confirmed Saturday in the Washington, D.C. area, where he spent his later years engaging with humanitarian advocacy work.

    Rosenblatt’s legacy in refugee advocacy is anchored in a bold act of conscience that unfolded as communist forces closed in on Saigon, the capital of South Vietnam, in the spring of 1975. A young State Department official at the time, Rosenblatt grew deeply alarmed by the danger facing hundreds of Vietnamese citizens who had worked alongside the U.S. government and military, who faced certain persecution once Saigon fell. Stymied by then-U.S. Ambassador Graham Martin’s refusal to move forward with an urgent evacuation, Rosenblatt and his colleague Craig Johnstone made the risky choice to defy official protocol. The pair took personal leave, funded their own travel to Saigon, and organized emergency flights out of the country that saved between 200 and 400 at-risk Vietnamese. Upon their return to Washington, then-Secretary of State Henry Kissinger delivered a formal, pro-forma reprimand, but privately praised the pair’s action, and no official disciplinary action was ever taken.

    Born in New York City in 1943, Rosenblatt joined the U.S. State Department in 1966, with early diplomatic postings in Sri Lanka, Vietnam, Thailand, and Washington D.C. After the 1975 fall of Saigon, he went on to serve as the U.S. Embassy’s refugee coordinator in Bangkok between 1976 and 1981, where he managed the ongoing crisis of Vietnamese “boat people” and Cambodians fleeing mass famine after Vietnamese forces ousted the brutal Khmer Rouge regime from power in 1979. He maintained a lifelong, particular devotion to supporting displaced communities across Southeast Asia.

    One of Rosenblatt’s most notable acts of quiet advocacy came in the 1970s, when he championed the Hmong hill-tribe minority from Laos. Thousands of Hmong had fought as proxy soldiers for the U.S. during the classified “Secret War” that supported a pro-Western government against the communist Pathet Lao. When the Pathet Lao took power in 1975, tens of thousands of Hmong fled persecution to Thailand, but many faced widespread bias and closed doors to resettlement in the United States. Frustrated by what he saw as a profound injustice, Rosenblatt and his team intentionally obscured the Hmong’s ethnic identity on official resettlement paperwork to guarantee their entry to safety. In a 2022 television interview, he reflected on the injustice: “It was always a mystery to me why they were good enough to fight for us but not good enough to consider for resettlement.”

    The 1975 Saigon evacuation launched Rosenblatt into a decades-long public career as a high-profile advocate for refugee rights. From 1990 to 2001, he served as president of Refugees International, a leading Washington-based humanitarian advocacy organization. In that role, he lobbied aggressively for more urgent, robust humanitarian intervention in global crisis zones including Bosnia and Rwanda, pushing global leaders to act when many were willing to turn away from mass displacement and violence.

    Current Refugees International President Jeremy Konyndyk paid tribute to Rosenblatt this week, remembering him as a “fierce, creative, passionate champion for refugees” who “helped to shape a generation of humanitarian leaders.”

  • ‘Deliberate and powerful’: Daughter of Bondi terror attack victim welcomes council plan to co-host antisemitism summit

    ‘Deliberate and powerful’: Daughter of Bondi terror attack victim welcomes council plan to co-host antisemitism summit

    Almost one year after Australia’s devastating 2025 Bondi terror attack that left 15 innocent people dead, a new push to confront rising antisemitism has gained the support of a victim’s family. On Saturday, details emerged of Waverley Council’s proposed plan to co-host a national antisemitism summit, scheduled for late November, two weeks ahead of the December 14 first anniversary of the mass shooting. The proposal has already earned public backing from Sheina Gutnick, whose father Reuven Morrison was among those killed in the brutal attack.

    Gutnick, who joined the global Combat Antisemitism Movement (CAM) earlier this month following her father’s death, has thrown her full support behind the summit, framing the event as a critical step to root out violent hate before it can claim more lives. In a statement shared with media, Gutnick emphasized that holding the gathering in Bondi itself carries profound symbolic weight. This community, she noted, has already paid the ultimate price for unchecked antisemitism, making it the logical place to expand Australia’s national response to the ideology.

    “My father was killed because of hatred that was allowed to grow unchecked,” Gutnick said. “If this summit is to mean anything, it has to confront that hatred at its source. That means bringing local councils together with interfaith leaders, educators, and youth workers to invest in deradicalization, early-intervention, and prevention measures that stop the next attack before it is ever planned.” The summit will bring together cross-sector leaders from across the country to map out actionable strategies to identify, expose, and address antisemitism in all its forms.

    Waverley Council is set to hold a formal vote on the proposal next week, which would see the local government partner with the New South Wales state government and the Commonwealth government of Australia to stage the two-day event on November 26 and 27. Waverley Mayor Will Nemesh has also voiced strong support for the plan, arguing that the summit comes at a critical moment for both local and national efforts to build inclusive, cohesive communities.

    “Co-hosting the summit presents a powerful and timely opportunity to bring together councils, community leaders and government partners to reflect, honour the memory of victims, and recommit to building cohesive communities free from antisemitism,” Nemesh said. For Gutnick and other families affected by the attack, the summit is more than a commemorative event—it is a chance to turn a national tragedy into meaningful action that can prevent future acts of terror fueled by hate.

  • Hawthorn gun Will Day is striding towards a return – but there’s a catch

    Hawthorn gun Will Day is striding towards a return – but there’s a catch

    AFL side Hawthorn Football Club still holds a high-impact returning talent in promising young gun Will Day, but club leaders have made clear they will not cut corners on his recovery to rush him back to the top-tier lineup before he is fully ready. After a frustrating two-and-a-half years marked by repeated injury setbacks, Day is on track to make his comeback through the Victorian Football League (VFL) on restricted minutes, before earning a call-up to the senior AFL side.

    Day’s career has been plagued by bad luck with injuries over recent seasons: the young talent has featured in just six senior AFL matches across the last two campaigns. His most recent setback, a shoulder injury sustained during pre-season training, has forced him to sit out the entirety of Hawthorn’s strong start to the 2024 season, where the club has notched four wins from its opening five matches. However, the club confirmed Day turned in an impressive, fully cleared training session on Thursday, and is projected to be available for senior selection within a five-week window.

    Hawthorn head coach Sam Mitchell told reporters he is encouraged by Day’s steady recovery progress, but remains firm on sticking to a slow, conservative rehabilitation plan to avoid re-injury. “I think he’ll come back through the VFL. I think he’ll play reasonably limited game time in his first game back whenever that is, I couldn’t put an exact date on it,” Mitchell explained. “When he gets back, I suspect he will play at least one game with limited game time through the VFL and we’ll make assessments from there. He’s still a period away, even though, I must admit I watch him train and am thinking, ‘Are you sure it has to be that long?’ But you just trust the medical staff, they do a great job for us. I am looking forward to getting him back but it won’t be soon.”

    During Thursday’s training session, Day completed controlled light tackling drills as his teammates prepared for this weekend’s match against Port Adelaide at Melbourne’s Marvel Stadium. When asked whether the club would ask Day to adjust his playing technique to reduce future injury risk, Mitchell pushed back on that idea, noting that the majority of Day’s past injuries have not been contact-related, and the current tackling drills are only part of gradual contact conditioning, not a technical overhaul.

    “The majority of his injuries haven’t been impact, he’s obviously had the stuff with his feet which have been the majority of his stuff,” Mitchell said. “He’s only had the two physical hit injuries, one was from Jai Newcombe of all people, and then the one at training. So technique wise he’s quite good. I think as they build back the training, you obviously build them back physically with running, weights, but you also have to build back contact. They’ll build back his contact tolerance, he’ll do controlled tackling because the worst thing you can do is no tackling and then ‘OK, play footy.’ It’s not that we’re changing his technique too much, it’s just that we’re slowly getting him used to contact before he comes back.”

  • Australia boosts military spending as Iran war makes global impact

    Australia boosts military spending as Iran war makes global impact

    CANBERRA, MELBOURNE – Amid escalating regional and global tensions sparked by the recent conflict between the U.S.-Israel coalition and Iran, Australia has announced the largest peacetime expansion of defense investment in the nation’s modern history, according to Defense Minister Richard Marles, who spoke to reporters Thursday. Marles used the announcement of the two-year defense strategy update to reveal the federal government plans to inject an extra AU$53 billion (US$38 billion) into defense programs over the coming 10 years, setting a clear timeline to lift Australia’s defense budget from its current 2.8% of gross domestic product to 3% by 2033. This milestone spending shift comes as the nation confronts what Marles described as the most unstable and dangerous strategic environment it has faced since the conclusion of World War II. When pressed to quantify how the February strikes targeting Iran by the United States and Israel have worsened Australia’s security risks, Marles declined to give a definitive measure, but emphasized that the conflict has already upended long-standing global security dynamics. “I don’t think anyone could honestly answer that question,” Marles told reporters. “It greatly complicates the global strategic landscape. The world feels less safe.” Despite these heightened risks, Marles reaffirmed Australia’s backing for the international goal of preventing Iran from developing a deployable nuclear weapons capability. Marles pushed back on speculation that the dramatic spending increase is a reaction to pressure from the administration of U.S. President Donald Trump, noting the U.S. Pentagon’s January National Defense Strategy publicly pressured American allies to take greater ownership of their own regional security. He stressed that all defense resourcing decisions are being made independently by the Australian government, pointing to the expansion as the outcome of the current administration’s long-term planning rather than external pressure. “What that has yielded to date is, under our government, the biggest peacetime increase in defense spending that our nation has seen,” Marles said. The updated strategy centers on boosting Australian defense self-reliance – a priority Marles clarified is not equivalent to pursuing full military self-sufficiency, nor does it signal a retreat from Australia’s long-standing alliance commitments. “This is not about jettisoning alliance relationships. To the contrary, alliances, especially with the United States, will always be fundamental to Australia’s defense,” Marles said. The cornerstone of Australia’s long-term defense modernization is the AUKUS partnership, a trilateral security agreement with the U.S. and United Kingdom that will deliver a fleet of at least eight nuclear-powered submarines to the Royal Australian Navy. The massive submarine project, the largest defense acquisition in Australian history, is projected to cost between AU$268 billion (US$193 billion) and AU$368 billion (US$264 billion) over its 30-year lifecycle.

  • Refinery fire risks Australia’s oil supply amid Iran war fuel crisis

    Refinery fire risks Australia’s oil supply amid Iran war fuel crisis

    Already grappling with skyrocketing fuel prices spurred by the ongoing Iran war, Australian motorists are now facing fresh fears of further cost hikes after a destructive fire broke out at one of the nation’s only two operating oil refineries.

    Emergency response teams were dispatched to Viva Energy’s Corio refinery, located in Geelong roughly 75 kilometers southwest of Melbourne, in the late hours of Wednesday. Calls came in just before midnight reporting multiple explosions followed by large flames breaking out at the site. Firefighters worked tirelessly through the night and into the next day, finally containing and extinguishing the blaze 13 hours after it first ignited.

    According to local rescue authorities, the incident has been confirmed to stem from unexpected equipment failure at the facility. The Corio refinery plays an outsize role in Australia’s domestic fuel supply chain: it accounts for half of all fuel production for the state of Victoria, the country’s second-most populous state, and 10 percent of total national fuel output. While the site remains partially operational following the fire, federal and state officials have issued clear warnings that the incident will almost certainly disrupt domestic petrol production in the coming weeks.

    Industry analysts note that the timing of this disruption could not be worse. Australian fuel prices have already climbed steeply in recent weeks following the escalation of conflict in Iran, which has roiled global crude oil markets and pushed up input costs for refiners. With domestic supply already strained by the market shocks from the war, the partial shutdown of a key refinery creates additional supply tightness that is likely to pass through to consumers at the gas pump. BBC correspondent Simon Atkinson reports from Melbourne that industry groups are already bracing for noticeable price increases in the short term, with Victorian motorists expected to see the most immediate impact.

  • Cool Hand Luke actress Joy Harmon dies aged 87

    Cool Hand Luke actress Joy Harmon dies aged 87

    American performer Joy Harmon, whose name became forever tied to one of the most memorable brief scenes in Hollywood cinema history, has passed away at the age of 87. According to U.S. entertainment media reports, Harmon died at her Los Angeles residence on Tuesday, following a multi-week battle with pneumonia.

    Though Harmon built a 20-year career in film and television with 32 credited on-screen roles between the 1950s and early 1970s, her cultural legacy is anchored by a 3-minute wordless appearance in the 1967 Paul Newman-led prison drama *Cool Hand Luke*. Credited only as “The Girl” in the film’s official casting, her character — casually referred to as Lucille by a group of working prisoners — became the center of one of cinema’s most iconic subtly provocative sequences. Filmed while the inmates dug a roadside ditch, the scene shows Harmon washing a vintage car, at one point wringing soap suds from her sponge against her body, a moment layered with sexual innuendo that immediately captivated both the on-screen prisoners and generations of movie audiences.

    In a 2017 interview with *Entertainment Weekly*, Harmon reflected on the unexpected cultural staying power of the scene, saying she had approached the moment simply as an actor doing her job. “I was just washing a car to the best of my ability and having fun with it, with the sponge and everything,” she explained. “My concept of the [scene] was not like what came out. I was not aware that there were two meanings to things that I was doing, and I’m still not really that much aware of what they all were.”

    Long before her breakout big-screen role, Harmon got her start in the entertainment industry as a child model and beauty pageant titleholder, gradually building her resume with guest spots on comedy series and game shows. Beyond *Cool Hand Luke*, she accumulated a wide range of television credits, appearing on hit 1960s and 1970s shows including *Bewitched*, *Batman*, *The Man from U.N.C.L.E.*, *The Beverly Hillbillies*, *The Monkees*, and the classic sitcom *The Odd Couple*. Most of her film work came throughout the 1960s, before she stepped back from regular on-screen acting in the early 1970s.

    After leaving her full-time acting career behind, Harmon took on a role at Disney Studios before launching a new venture: she opened her own bakery in Los Angeles in 2003. Even decades after her last on-screen appearance, U.S. media reports confirm she continued to receive fan mail at her home every week, a testament to the lasting impression of her work on classic film fans. Harmon is survived by her three children and nine grandchildren.

  • ‘We’ve lost the fabric of the game’: Ricky Stuart hits out at new six again rule as Raiders coach insists Matt Timoko will be at the club next year

    ‘We’ve lost the fabric of the game’: Ricky Stuart hits out at new six again rule as Raiders coach insists Matt Timoko will be at the club next year

    The National Rugby League is facing growing backlash over a controversial off-season rule overhaul, with one of the code’s most respected veteran coaches becoming the latest high-profile voice to condemn the change, arguing it has eroded the sport’s core identity.

    Ricky Stuart, head coach of the Canberra Raiders, once supported the NRL’s updated ‘six again’ rule interpretation, which was introduced during the 2024 off-season. Under the new regulation, referees award attacking teams an immediate set restart instead of a traditional penalty for ruck infringements or offside offences committed outside the 20-metre line. The rule was framed as a way to cut down on match stoppages and speed up overall gameplay, but it has sparked fierce pushback from fans and insiders alike.

    Stuart, who has led Canberra for more than a decade, said his initial optimism about the change has faded, as the rule has had unintended negative consequences that have hurt the quality of on-field product. Speaking ahead of the Raiders’ blockbuster Friday night home match against a Melbourne Storm side that has dropped four consecutive matches, Stuart said the league has lost the fundamental fabric of the sport that long-time fans love.

    “I was a fan of the six again, but I think we’ve lost the fabric of the game,” Stuart told reporters, aligning himself with thousands of fans who have voiced criticism of the rule on social media. “Six agains are just given now willy-nilly. There’s a free six again wave of the arm because there’s no repercussion on the decision right at the time. For me, a six again is something that has got to be penalty worthy, but I don’t think it is at the moment which is why we’re getting so much criticism with the speed of the game. Making the game faster doesn’t necessarily make it more attractive. Just because the scoreline is 50-30, I don’t believe it’s more attractive.”

    Proponents of the rule argue it has created more attacking opportunities and higher overall scores, which they claim makes matches more exciting for viewers. But critics, including Stuart, point out that the change has led to massively lopsided scorelines and forced defending teams to endure dozens of consecutive tackles, leading to excessive player fatigue late in matches that threatens both competitive balance and athlete welfare. While some top teams have adapted quickly and thrived under the new regulations, others have struggled to adjust to the relentless pace of play.

    Beyond the rule debate, Stuart confirmed a series of reshuffles to his Raiders starting side for this week’s clash, highlighted by a young winger’s personal request to step back to reserve grade. Twenty-one-year-old Savelio Tamale, who is in just his second full season of first-grade NRL, asked to drop down a level to rebuild his confidence after an unusual moment in last week’s match against South Sydney Rabbitohs in Perth. Video footage showed Tamale appearing to slow to a stop just centimetres from the try line before eventually grounding the ball for a five-pointer, a moment that sparked widespread discussion online.

    Stuart moved to shut down speculation around the incident, saying it is simply a matter of a young player working through a confidence slump, a challenge Tamale previously navigated last year following an injury spell. “He’s just down on confidence,” Stuart explained. “We don’t need to make it too big a story internally, because for us, we’ve just got to look after a young player who is lacking a bit of confidence. The same thing happened to him last year when he came back from injury. He’ll get through it. Outside of him being a talented footballer, he’s a really good bloke so he’ll get through it because he’s got good people around him and we’ll take care of him.”

    Tamale’s move to reserve grade has opened up a spot in the starting line-up, forcing a positional reshuffle: Seb Kris will shift from centre to left wing, allowing Matt Timoko to return to the starting side at centre for the first time in 2024. Timoko lost his starting spot to Simi Sasagi earlier in the season after an injury-interrupted off-season kept him out of match practice, and his stint in reserve grade sparked widespread speculation that he could seek a move away from Canberra before his current contract expires.

    Stuart was quick to dismiss those rumours, saying Timoko has acted with the utmost professionalism throughout his spell out of the starting side and remains a key part of the Raiders’ long-term plans. The coach added that Timoko, one of the NRL’s most talented attacking centres, only needed more time in reserve grade to work on his defensive fundamentals, and that he has no intention of leaving the club.

    “Matty has been amazing how he’s sat back and just kept working hard because he knows how well Simi has been playing,” Stuart said. “Even Matty said to me two weeks ago when I sat down and had a chat with him, ‘Mate, it’s hard at the moment because we’ve got Simi playing so well’, and he was fine with it and totally got it. He went back and kept working hard on his football and now he’s back in the team. He’s a club person so I know he’s excited and he’s ready to play. He’s here next year. That happens at any club when a first-grader comes back from injury and isn’t playing first grade or is put back to Cup to fix his game. All of a sudden there’s innuendo about the player being disgruntled or wants out. Matty’s not disgruntled and he doesn’t want out, and he hasn’t come and seen me. I’ve had good conversations with his manager so everything is OK from our point of view.”

    Friday’s match between the 2-win Raiders and 2-win Storm shapes as a critical turning point for both sides, who are desperate to reverse their poor early-season form and climb up the NRL ladder.

  • ‘Embarrassing’: Inmate at NSW prison accidentally set free after administrative blunder, massive search ensues

    ‘Embarrassing’: Inmate at NSW prison accidentally set free after administrative blunder, massive search ensues

    A wide-scale search operation is currently active across New South Wales, Australia after a serious administrative mistake at a state prison led to a convicted inmate being set free by accident just hours after he was sentenced to jail.

    Thirty-five-year-old Kyle Quayle, who was handed a 12-month prison sentence for convictions on assault and theft charges, was incorrectly released from Clarence Correctional Centre this Tuesday. The error occurred on the very same day that his sentence was handed down. Law enforcement officials say Quayle is believed to be currently operating within the Newcastle region, and have released a public description of the inmate to aid in tracking him: he stands 180 centimeters tall, has a medium build, black hair, brown eyes, and a typically unshaven face, with an Aboriginal/Torres Strait Islander appearance.

    Senior state officials have publicly acknowledged the serious misstep, with New South Wales Premier Chris Minns labeling the incident deeply embarrassing for the state’s correctional system. In comments to reporters, Minns apologized for the error, noting that with modern biometric and identification technology available in 2026, such a mistake should never have occurred. “I’m sorry it happened, really – it is embarrassing,” Minns said. “In 2026, with the biometric and identification tools available, it shouldn’t happen. I want to make sure it doesn’t happen again.”

    Local law enforcement has expanded the scope of the search beyond Newcastle to include the distant town of Taree, roughly two hours’ drive north of the initial search area. Newcastle District Police Superintendent Lisa Jones told local media that the investigation is relying on public support to locate Quayle quickly. “We just need the community to be our eyes and ears,” Jones told ABC Radio Newcastle. She issued a clear public warning: anyone who believes they have spotted Quayle should not approach him, and instead contact emergency service providers immediately.

    Red-faced state correctional authorities have issued an official public appeal for tips on the inmate’s location, and have directed any member of the public with information to contact Crime Stoppers on the dedicated hotline 1800 333 000.

  • Sri Lankan buyer paid $286 for barrel of oil, as actual prices diverge from markets

    Sri Lankan buyer paid $286 for barrel of oil, as actual prices diverge from markets

    Speaking at a Hong Kong investment forum on Tuesday, HSBC Group CEO Georges Elhedery drew attention to a stark gap between widely cited Western oil benchmark prices and the exorbitant actual costs that Asian buyers are currently facing, triggered by escalating geopolitical tensions between the United States, Israel and Iran.

    Against a backdrop of intensifying conflict in the Middle East, global headline oil prices have already climbed above $100 per barrel, but Elhedery warned these public figures do not capture the full extent of the market disruption.

    “What worries me is not the headlines. I mean, oil headline is above $100, $110,” Elhedery stated in comments recorded by Bloomberg and obtained by independent news outlet Sherwood. “Realistically, if you are now trying to get oil from the Middle East, you may be paying $140, $150.”

    The most extreme recorded case he cited saw a single barrel of oil reach $286 for buyers in Sri Lanka, a small South Asian island nation heavily dependent on imported Middle Eastern energy supplies.

    Current benchmark prices paint a far rosier picture than on-ground market conditions. As of this week, U.S.-based West Texas Intermediate trades around $91 per barrel, while the global benchmark Brent hovers near $95. The Omani benchmark, which is most closely aligned to Asian trade flows, sits around $100 per barrel – still less than two-thirds of the $150 price tag Elhedery says most Asian importers now pay.

    The root of this gap lies in rapidly tightening energy supplies driven by geopolitical escalation. Iran has taken control of the Strait of Hormuz, the critical chokepoint through which roughly a fifth of global oil supplies pass, halting most oil exports from Gulf nations. In response, the U.S. has implemented its own full blockade of Iranian oil exports this week, further squeezing available supply. Oil shipments through the strait have slowed to a fraction of normal volumes, leaving importers scrambling to secure alternative cargoes.

    While Saudi Arabia has stepped in as the region’s largest remaining exporter, moving roughly five million barrels of crude daily through its Red Sea port of Yanbu, this shift has brought new layers of cost that are not reflected in standard benchmark pricing. Shipping costs for cargo pulled from the Red Sea now run between $30 and $40 per barrel, a massive jump from pre-crisis levels. Meanwhile, insurance premiums have exploded: what previously cost importers 25 basis points of the cargo value now hits 5 percent, and most underwriters have pulled all war risk coverage entirely, leaving buyers to shoulder that risk at the elevated 5 percent rate.

    Geopolitical risks have continued to escalate in the days following Elhedery’s remarks. Iran-aligned Houthi forces in Yemen have already disrupted traffic through the Bab el-Mandeb Strait, another key Red Sea chokepoint, via repeated attacks on international commercial shipping. On Wednesday, a senior Iranian military commander issued a new threat to shut down all shipping across the Red Sea, Persian Gulf and Sea of Oman unless the U.S. withdraws its blockade on Iranian oil exports. “Iran’s powerful armed forces will not allow any exports or imports to continue in the Persian Gulf, the Sea of Oman, or the Red Sea,” stated Major General Ali Abdollahi, head of Iran’s military joint command.

    This report was originally published by Middle East Eye, an independent outlet focused on coverage of the Middle East, North Africa and global affairs connected to the region.