Traders say the Reserve Bank of India may sell dollars to limit the depreciation of the Indian rupee.

Robert Malley, who spearheaded the historic 2015 nuclear agreement negotiations between the US and Iran and served as the US Special Envoy for Iran, stated that there are four questions to answer regarding the so-called "D-Day sanctions," one of which is more fundamental: destroying a country and achieving a clear policy objective are two entirely different things. 1. Does the US government know what will happen next?They don't. These sanctions are both hostile and vague. Most notably, Bessant stated that if these sanctions are implemented immediately and fully, they will impact and even destroy the global financial system.But the question is, if the Trump administration is unwilling to act now, what makes it seem like they will be willing to act at some point in the future? And if the US doesn't intend to fully implement the sanctions, what will happen when third parties refuse to cooperate? 2. Will this plan work?Leaving aside a more fundamental question—the US government hasn't even clearly stated what it wants to achieve. The success of this plan depends on how "works" is defined. Can increased pressure destroy the Iranian economy and inflict immense suffering on its people? Absolutely. The government is expected to regularly release data on economic contraction and currency collapse to demonstrate its success. However, if "working" means forcing the Iranian leadership to abandon positions they consider crucial, the answer is almost certainly "no." In fact, the more convinced Iran is that the US goal is to overthrow the Iranian regime, the less willing it is to yield to the US. 3. What will happen if the sanctions truly "work"? If the sanctions "work," meaning they genuinely cause the Iranian economy to collapse, Iran is more likely to choose retaliation than surrender. This is because Iran needs to ensure that the US, the entire Middle East, and even the world pay a heavy price for this economic war. This, in turn, could lead to the military escalation that D-Day sanctions were trying to avoid. 4. Regardless of the outcome, can such severe sanctions truly be justified? Undoubtedly, some within the Iranian leadership will pay the price for these sanctions, but the real primary victims will be ordinary Iranians. Their suffering has become the primary criterion for measuring the policy's "success." And these ordinary people are becoming the target of an unacceptable, indiscriminate, and almost certainly illegal system of sanctions.

The governor of Russia's Krasnodar Krai stated that the oil refinery fire was caused by a drone attack.

The governor of Russia's Krasnodar Krai said a fire broke out at the Afipsky oil refinery.

According to Hedgeye's analysis, rice prices have surged by over 47% since the outbreak of the Iran-Iraq War. The conflict has significantly impacted international rice prices, with disruptions to fuel, fertilizer, and shipping costs being the main drivers of the price increase. Analysts point out that although global rice supplies remain ample, the impact is already reflected in freight rates, fertilizer costs, and premium rice varieties such as Basmati. The rise in rice prices is also affecting broader commodity markets, and could potentially impact crude oil prices as geopolitical tensions escalate.

According to Nikkei Asia, TSMC suppliers Nichias and GoldStone Development are building a factory in Taiwan to produce specialty plastic components crucial to the semiconductor industry, aiming to avoid a repeat of supply chain disruptions that have hampered capacity expansion in recent years. Sources familiar with the matter revealed that the factory, located in Hsinchu, a semiconductor manufacturing hub, will produce fluoropolymer tubing (commonly known as PFA tubing), essential for chemical transport throughout the chip manufacturing process. The sources indicated that if the factory obtains the necessary government permits on schedule, it is expected to begin production in early 2027. PFA components are not only critical to semiconductor factory operations but also indispensable in the construction of chip manufacturing equipment, including wet chemical processing systems. They are widely used by leading semiconductor equipment manufacturers such as Lam Research and Screen Semiconductor Solutions, both key suppliers to TSMC, Intel, and Samsung. Only a handful of global suppliers possess the capability to produce the robust and durable PFA material required for these critical components, such as Chemours of the United States and Daikin of Japan. Similarly, only a handful of qualified suppliers, such as Nippon Pillar, Nichias, Swagelok, and Parker, are able to provide high-quality fluid tubing components and solutions that meet the stringent requirements of the semiconductor industry.