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The Middle East conflict has disrupted India's gems and jewellery exports, as well as imports of rough diamonds ‌from the United Arab Emirates, because ​of widespread flight cancellations ‌and airspace closures.Dubai, a major global hub ‌for ⁠polished and ‌rough diamonds and bullion, has ‌suspended numerous cargo and passenger flights, affecting trade flows ⁠and shipments of both exports and essential raw materials, industry officials said."Exports and imports from the Middle East have come to a standstill, and there are no logistics in place to move goods," Vipul Shah, managing director of Asian ​Star, a leading diamond exporter, told Reuters.The Middle East accounts for nearly a quarter of India's annual gems and jewellery ‌exports of around $30 ⁠billion, while the ​United Arab Emirates makes up more than ​two-thirds of the country's rough diamond imports.India is the world's largest cutting and polishing hub, handling nine out of every 10 diamonds processed globally.The country's gems and jewellery exports will fall in March as Dubai is not only a major market for gems and jewellery, but also a key intermediary between diamond-producing countries ‌and major consumer markets, said ‌Shaunak Parikh, vice-⁠chairman of the Gem and Jewellery Export Promotion Council."If ⁠it (the conflict) ⁠drags on, it could hurt demand,” Parikh said.India has been relying on demand from the Middle East after its top buyer, the US, imposed hefty tariffs on Indian goods last year and curtailed purchases.Overseas ​buyers are cautious about placing orders amid volatility in the rupee-US dollar exchange rate and logistical constraints, said Colin Shah, managing director of Kama Jewelry.The Indian rupee fell to a record low of 92.3025 per US dollar on Wednesday.Both buyers and sellers know the war has disrupted trade, so they are ‌agreeing to ​delay shipments, said a Mumbai-based diamond exporter. 

Opec+ agreed a modest oil output boost of 206,000 barrels per ‌day for April on Sunday just as the ‌US-Israeli war on Iran and Tehran’s retaliation disrupted ‌oil flows from key members of the producer group in the Middle East. Opec+ has a history of raising oil output to cushion disruptions but analysts said the group currently has little spare capacity to add to supply, except for its leading member Saudi Arabia and the United Arab Emirates, which will also struggle to export oil until navigation in the Gulf returns to normal. Riyadh has been increasing oil production and exports in recent weeks by around 500,000 bpd in preparation for US strikes on Opec+ member Iran, sources have told Reuters. Oil, gas and other shipments from the Middle East via the Strait of Hormuz ​have come to a halt since Saturday after shipowners received a warning from Iran saying the area was closed for navigation. Hundreds of ships dropped anchor and were not moving on Sunday and several ships came under attack. Hormuz is ‌the world’s most important oil route accounting for over 20% of ​global oil transit. Despite fears of a glut that would ​weigh on prices, global benchmark Brent crude has rallied this year and jumped on Friday to $73 per barrel, the highest level since July, on fears of a wider conflict in the Middle East. Brent traded 8%-10% up around $80 per barrel over the counter on Sunday, traders said. Opec+’s output increase is unlikely to calm markets, said Jorge Leon, a former Opec official who now works as head of geopolitical analysis at Rystad Energy. “Prices will respond to developments in the Gulf and the status of shipping flows, not to a relatively small increase in output.” Opec+ will raise production by 206,000 barrels per day from April, it said in a statement on Sunday. It had debated options ranging from 137,000 bpd to ‌548,000 bpd, according to five sources who ‌declined to be named because they are not authorised to speak to the press. The agreed increase, which brings an end to a three-month pause in production hikes, represents less than 0.2% of global supply. Middle East leaders have warned Washington that a war on Iran could lead to oil prices jumping to over $100 per barrel, said veteran Opec analyst Helima Croft from RBC. Analysts from Barclays also said prices could rise to $100. Croft said the market impact from any Opec output increase will be limited due to a lack of production capabilities outside Saudi Arabia. “A tighter market in the first quarter allows the group ​to continue increasing the quota, however real barrels being added to the market will be a fraction of it,” said Giovanni Staunovo, an oil analyst at UBS. Opec+’s declining level of spare capacity might have been a factor behind the decision not to opt for a larger boost, he said. The meeting on Sunday involved only eight members of Opec+ — Saudi Arabia, Russia, the UAE, Kazakhstan, Kuwait, Iraq, Algeria and Oman. Opec+ groups the Organization of the Petroleum Exporting Countries and allies like Russia but most production changes in the past years have been done by the eight members. The eight members raised production quotas by about 2.9mn bpd from ‌April through December 2025, roughly ​3% of global demand, before pausing increases for January to March 2026 due to seasonal weakness. 

A national strike over a government savings plan grounded flights and disrupted public transport in Belgium on Tuesday, with tens of thousands expected to join a demonstration in Brussels.Brussels airport -- Belgium's largest -- cancelled all departures as security workers downed their tools. Charleroi Airport, a major European hub for low-cost airline Ryanair, said it could not operate any flights due to lack of staff.The strike is the last in a series to hit the European country since Flemish nationalist Bart De Wever took office as prime minister in February.Grappling with a budget deficit whose size violates European Union rules, the government is looking to reform pensions and make other savings that have infuriated trade unions."This government promised more sustainable jobs and increased purchasing power. Hot air! And once again, everyone is paying, except the rich," trade union CSC said, calling on people to take to the streets in protest.Unions expect tens of thousands to join a rally in Brussels on Wednesday, as delays and cancellations also hit the capital's metro, tram, and bus services.Police in the capital advised citizens to avoid some central areas and travel by car.The protest action will increase pressure on De Wever's coalition government, which on Monday failed to agree on a budget, forcing the prime minister to postpone a key speech to parliament scheduled for Tuesday.Trade unions have mounted strong opposition against planned reforms including cutting early retirement and a wage indexation freeze.As it looks to find about 10 billion euros ($12 billion) in savings, Brussels -- long a laggard -- has also pledged to ramp up spending on defence as part of a NATO push to boost rearmament.De Wever came to power after lengthy coalition talks following Belgium's federal elections in June last year.