Iran Applies to Join China and Russia in BRICS Club

A delegate walks past a BRICS logo ahead of the 10th BRICS Summit, in Sandton, South Africa, July 24, 2018. (Reuters)
A delegate walks past a BRICS logo ahead of the 10th BRICS Summit, in Sandton, South Africa, July 24, 2018. (Reuters)
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Iran Applies to Join China and Russia in BRICS Club

A delegate walks past a BRICS logo ahead of the 10th BRICS Summit, in Sandton, South Africa, July 24, 2018. (Reuters)
A delegate walks past a BRICS logo ahead of the 10th BRICS Summit, in Sandton, South Africa, July 24, 2018. (Reuters)

Iran, which holds the world's second largest gas reserves, has applied to join the BRICS group of Brazil, Russia, India, China and South Africa that Beijing and Moscow cast as a powerful emerging market alternative to the West.

The term BRIC was coined by Goldman Sachs economist Jim O’Neill in 2001 to describe the startling rise of Brazil, Russia, India, China. The BRIC powers had their first summit in 2009 in Russia. South Africa joined in 2010.

Iran's membership in the BRICS group "would result in added values for both sides", Iran's Foreign Ministry spokesperson said. Russia said Argentina had also applied to join.

Russia cast the applications as evidence that the West, led by the United States, was failing to isolate Moscow after the invasion of Ukraine.

"While the White House was thinking about what else to turn off in the world, ban or spoil, Argentina and Iran applied to join the BRICS," Russian Foreign Ministry spokeswoman Maria Zakharova said.

Argentine officials could not be reached for immediate comment but President Alberto Fernandez, currently in Europe, has in recent days reiterated his desire for Argentina to join BRICS.

China has by far the largest economy in the BRICS grouping, accounting for more than 70% of the group's collective $27.5 trillion economic might. India accounts for about 13%, with Russia and Brazil each accounting for about 7%, according to IMF data.

BRICS account for more than 40% of the world's population and about 26% of the global economy.

Chinese power

Chinese President Xi Jinping joined Russian President Vladimir Putin and other BRICS leaders for a virtual summit last week.

Xi criticized "the abuse" of international sanctions, while Putin scolded the West for fomenting global crisis, with both leaders calling for greater BRICS cooperation.

Putin has said relations with China are the best they have ever been and touts a strategic partnership with China aimed at countering US influence.

US President Joe Biden has said the West is locked in a battle with autocratic governments such as China and Russia.

The United States and European powers blame Putin's decision to invade Ukraine as the reason relations with the West have sunk to the lowest level since the 1962 Cuban Missile Crisis -- including the severest sanctions in modern history.

But Putin says the West wants to destroy Russia, that the economic sanctions are akin to a declaration of economic war and that Russia will build ties with other powers such as China and India.

Putin, who casts the Ukraine war as a "special military operation", blames the United States for humiliating Russia in the aftermath of the 1991 fall of the Soviet Union and threatening Moscow by enlarging the NATO military alliance.

Russia sent troops into Ukraine on Feb. 24 to degrade its southern neighbor's military capabilities, root out people it called dangerous nationalists and defend the Russian-speakers of two eastern Ukrainian regions.

Ukraine says Russia has launched an imperial-style land grab and will never surrender its territory to Russia.



Iraq Studies Alternative Options for Oil Exports

Floating oil export loading platforms at the Basra Oil Port, Iraq, March 12, 2026. REUTERS/Mohammed Aty
Floating oil export loading platforms at the Basra Oil Port, Iraq, March 12, 2026. REUTERS/Mohammed Aty
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Iraq Studies Alternative Options for Oil Exports

Floating oil export loading platforms at the Basra Oil Port, Iraq, March 12, 2026. REUTERS/Mohammed Aty
Floating oil export loading platforms at the Basra Oil Port, Iraq, March 12, 2026. REUTERS/Mohammed Aty

Iraq is studying alternative measures to export crude oil after disruptions to the process amid the US-Israeli war against Iran. At the same time, the country intends to continue producing crude oil at a level of 1.4 million barrels per day.

Iraqi Oil Minister Hayyan Abdul Ghani told the official television channel Al-Iraqiya News that oil exports account for 90 percent of Iraq’s revenues, and that the ministry has decided to continue producing crude oil at 1.4 million barrels per day.

He emphasized that the production and supply of petroleum products to meet domestic demand have not stopped.

He added that refineries are operating at full design capacity to cover local needs, and that sufficient quantities of liquefied gas are available to fully meet domestic needs.

Regarding exports, he explained that the export process has stopped in the south, prompting the government to search for possible alternatives to export crude oil. He revealed that an agreement is close to being signed to export oil through the Turkish Ceyhan pipeline.

Abdul Ghani added that the ministry has prepared a comprehensive plan to manage the current phase, particularly after the new circumstances in the Strait of Hormuz, noting that a plan has been activated to transport 200,000 barrels per day by tanker trucks through Türkiye, Syria, and Jordan.

In a separate context, the oil minister denied that tankers targeted in Iraqi waters belonged to Iraq, explaining that they were not Iraqi vessels and were carrying naphtha.

Iraq recently lost its entire oil export capacity of 3.35 million barrels per day after Iran closed the Strait of Hormuz following escalating conflict in the region.

Iraq relies on crude oil sales for about 95 percent of its revenues to meet the needs of the country’s annual federal budget. This means that the country would face a critical situation if the conflict in the Gulf region and the Strait of Hormuz continues.


Gold Set for Weekly Drop as Oil Price Surge Weighs on Rate-cut Hopes

FILE PHOTO: A goldsmith weighs gold jewelry inside a showroom in Ahmedabad, India, July 31, 2025. REUTERS/Amit Dave/File Photo
FILE PHOTO: A goldsmith weighs gold jewelry inside a showroom in Ahmedabad, India, July 31, 2025. REUTERS/Amit Dave/File Photo
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Gold Set for Weekly Drop as Oil Price Surge Weighs on Rate-cut Hopes

FILE PHOTO: A goldsmith weighs gold jewelry inside a showroom in Ahmedabad, India, July 31, 2025. REUTERS/Amit Dave/File Photo
FILE PHOTO: A goldsmith weighs gold jewelry inside a showroom in Ahmedabad, India, July 31, 2025. REUTERS/Amit Dave/File Photo

Gold prices were on track for a second consecutive weekly drop, despite edging up on Friday, as surging energy prices due to the Middle East war dimmed prospects for near-term US interest rate cuts.

Spot gold was up 0.3% at $5,095.55 per ounce, as of 0633 GMT on Friday. US gold futures for April delivery fell 0.1% to $5,100.20.

The US 10-year Treasury yields eased, increasing the appeal of the non-yielding bullion. Bullion, however, has ‌lost more ‌than 1% so far this week. Since the war ‌started ⁠on February 28, ⁠it has dropped over 3% so far.

Fears of inflation and questions about the Federal Reserve's ability to cut interest rates if high oil prices persist are somewhat counteracting gold's appeal, said Tim Waterer, KCM Trade chief market analyst.

"Given the ongoing uncertainty about the duration and scope of the conflict in the Middle East, I expect gold to remain on the ⁠radar for investors as a safety play." Heightening geopolitical ‌tensions, Iran's Supreme Leader Mojtaba Khamenei said ‌on Thursday that Tehran will keep the strategic Strait of Hormuz closed as ‌leverage against the US and Israel, which has stoked concerns about ‌global energy supply and risk assets.

Oil prices rose above $100 a barrel, as attacks on oil tankers in the Gulf and warnings from Iran shattered prospects of quick de-escalation in the Middle East conflict. As oil prices surged, US President Donald ‌Trump again demanded Fed Chair Jerome Powell cut interest rates.

Traders, however, expect the Fed to keep rates ⁠steady in the current ⁠3.5%-3.75% range at the end of its two-day meeting on March 18, according to CME Group's FedWatch tool. While recent inflation data suggest price growth is under control, the war and the resulting spike in crude prices have yet to filter through the data.

Investors are awaiting the release of the delayed January Personal Consumption Expenditures Index, expected on Friday. Gold discounts in India widened this week to their deepest point in nearly a decade as demand stayed subdued and some traders steered clear of paying import duties, while the escalating Middle East war boosted safe-haven demand in China.

Spot silver was down 1% at $82.91 per ounce. Spot platinum lost 1% to $2,111.45 and palladium fell 1% to $1,603.


Iran War and Rising Fuel Costs Could Boost Panama Canal Traffic, Administrator Says

A cargo ship sails under Las Americas bridge through the Panama Canal, in Panama City, Thursday, March 12, 2026. (AP)
A cargo ship sails under Las Americas bridge through the Panama Canal, in Panama City, Thursday, March 12, 2026. (AP)
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Iran War and Rising Fuel Costs Could Boost Panama Canal Traffic, Administrator Says

A cargo ship sails under Las Americas bridge through the Panama Canal, in Panama City, Thursday, March 12, 2026. (AP)
A cargo ship sails under Las Americas bridge through the Panama Canal, in Panama City, Thursday, March 12, 2026. (AP)

Panama Canal Administrator Ricaurte Vásquez said Thursday that the conflict in the Middle East and rising fuel costs could ultimately benefit the interoceanic waterway as global shippers adjust routes.

In an interview with The Associated Press, Vásquez said that higher energy, fuel and navigation costs could make the Panama Canal a more attractive option for commercial traffic.

“When costs increase, in general when the price of marine fuel rises, the Panama Canal becomes a more attractive route,” Vásquez said.

Oil prices have risen amid the war in the Middle East, which has led to the temporary closure of the Strait of Hormuz by Iran in response to US and Israeli attacks. About one-fifth of the world’s oil passes through the waterway at the mouth of the Gulf.

If higher energy costs persist, routing cargo through Panama can cut voyages by between three and 15 days, depending on the route, while reducing fuel consumption, he said.

Vásquez said higher fuel costs are expected to affect container ships, bulk carriers and tankers transporting liquefied natural gas. If Middle Eastern supplies are disrupted, shipments may be replaced by other sources, including the United States, which could redirect some LNG cargo from Europe to Asia via Panama.

Gerardo Bósquez, an executive with the Panama Maritime Chamber, said a prolonged conflict could reshape global trade routes, with gas transport among the segments likely to benefit.

Vásquez cautioned that any changes will not be immediate and will depend on how long cargo operators expect the conflict and instability in the Gulf last.