Oil prices were largely steady on Friday after posting sharp losses in the previous session, as hopes for a near-term resolution to the U.S.-Israeli conflict with Iran weakened following Hezbollah’s rejection of a new ceasefire proposal in Lebanon.

Crude oil price on June 5

Brent crude futures slipped 21 cents, or 0.22%, to $95.24 a barrel, after settling 2.84% lower on Thursday. U.S. West Texas Intermediate (WTI) crude eased 10 cents, or 0.11%, to $92.94 a barrel, following a 3.1% decline in the previous session.

Despite the pullback, both benchmarks remain on track to register their first weekly gain in three weeks. WTI has advanced more than 6% this week as tensions in the Middle East intensified, U.S.-Iran peace negotiations continued without a breakthrough, and shipping through the Strait of Hormuz, which handles roughly a fifth of global oil flows, remained constrained.

On Thursday, Hezbollah leader Naim Qassem rejected a U.S.-brokered agreement between Israel and the Lebanese government aimed at ending the conflict. Iran has linked any peace agreement with Washington to a ceasefire in Lebanon. U.S. President Donald Trump said on Thursday that he believed progress was being made between Israel and Lebanon and added that Lebanon deserved peace.

Meanwhile, OPEC continues to maintain its forecast for oil demand growth of 1.2 million barrels per day this year. Secretary General Haitham Al Ghais reiterated the outlook on Thursday despite the ongoing Middle East conflict and the closure of the Strait of Hormuz.

Where are prices headed?

According to a Reuters report, Haitong Futures said crude prices could move toward the upper end of their trading range as tightening supply-demand conditions coincide with rapidly shrinking global oil inventories.Analysts also noted that even if a ceasefire is reached, shipping activity through the Strait of Hormuz may take months to return to normal. Any damage to energy infrastructure, they added, could further delay the recovery.

Last month, Saudi Aramco Chief Executive Officer Amin Nasser warned that disruptions in the Strait of Hormuz could delay stability in global oil markets until 2027. He said prolonged disruptions could impact nearly 100 million barrels of oil supply every week. Saudi Aramco remains the world’s largest oil producer.

Morgan Stanley described the oil market as being in “a race against time,” cautioning that factors that have so far prevented a sharper rise in crude prices may begin to weaken if the Strait of Hormuz remains shut through June.

The brokerage noted that stronger U.S. crude exports and softer demand from China have helped absorb part of the supply shock. However, it warned that a prolonged disruption to the key shipping route could once again tighten global supplies if the closure extends beyond the period during which the U.S. and China can offset the impact.

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)

The overarching narrative is that Indian equity markets missed out on the global artificial intelligence boom. But a look under the hood reveals a slew of smaller firms winning from trillions of dollars being spent on AI capacity.

The poster child for this rally is Sterlite Technologies Ltd., the optical-fiber maker owned by the Vedanta Group which has surged more than 530% this year. It got a $1.1 billion multi-year contract from a US-based hyperscaler last month. Its competitor, HFCL Ltd., has jumped 191% while MTAR Technologies Ltd., which makes precision cooling and power components, has more than trebled.

An equal-weighted Bloomberg index of 28 Indian companies that feed the data-center ecosystem — from makers of transformers, switchgear, wires to cables and cooling systems — has added about $47 billion in combined market value this year, a rise of nearly 50%. The benchmark NSE Nifty 500, meanwhile, has lost over $300 billion in 2026.

Since every AI query runs through power-hungry data centers which require immense electricity and cooling, old-economy industrial firms have transformed into India’s hottest market play. In Mumbai dealing rooms, it’s called the ‘AI capex trade.’
“We may be on the wrong end of the AI trade, but we could be on the right side of the AI capex trade,” said R. Sivakumar, chief investment officer at Axis Mutual Fund. “One could consider companies benefiting from data centers and the entire value chain associated with this capex.”

Amazon.com Inc. plans to invest $12.7 billion in cloud infrastructure in India through 2030, while Alphabet Inc. is spending about $15 billion on an AI infrastructure hub in Visakhapatnam.
A Reliance Industries Ltd. joint venture signed an $11 billion pact to build local data centers last year, while AdaniConnex Pvt. has partnerships with Google as well as Uber Technologies Inc. to help build their data centers.

‘Picks and Shovels’

“The most attractive exposure is in the industrial supply chain — the ‘picks and shovels’ that build, power, and cool these facilities,” Nomura Holdings Inc. analysts led by Akash Gupta wrote in a June 2 report.

Also, a two-to-four year lead time in supplying some components has “created an enviable seller’s market with multi-year backlogs,” Nomura analysts wrote, adding that orders secured now will bring revenue between 2027 and 2029.

Foreign investors are already piling in. Shareholding of foreign funds in industrials rose to 14% as of end-March, the highest in two years, according to Elara Capital (India) Pvt., even as global funds remain record sellers of Indian stocks.

On a top-down basis, India is one of the worst-performing markets globally as it lacks pure-play AI firms and semiconductor makers that are turbocharging Taiwanese and South Korean equities. But the global obsession with generative AI is boosting those that keep these hyperscalers running, such as Hitachi Energy India Ltd., ABB India Ltd. and Cummins India Ltd.

The runaway rallies of these below-the-radar beneficiaries are largely invisible in headline numbers, as many of them — Sterlite and MTAR for instance — remain excluded from the broadest domestic indexes.
“The rally in companies like Sterlite and MTAR is driven by the market’s growing conviction that AI is creating a multi-year infrastructure capex cycle, not just a software opportunity,” according to Angel One.

Total investments in global hyperscale data centers are likely to exceed $1.2 trillion between 2025 and 2027, estimates Angel One. This will also expand the customer base for these equipment manufacturers.

Mahesh Viswanathan, chief executive officer of Finolex Cables Ltd. said in an earnings call last month that this was “the right time to be in this industry.” Finolex’s have surged nearly 36% this year.

The market is rewarding companies with visible AI-linked earnings rather than just thematic exposure, according to Angel One. Also, the biggest near-term risk is valuation as share rallies have left “no room for execution disappointments,” the brokerage added.

For instance, Anant Raj Ltd., the only listed pure-play data center firm, has gained just about 8% this year. Meanwhile, Sterlite is trading at about 70 times its 12-month forward earnings, compared to NSE 500’s 19 times.

But no market watcher is downplaying this opportunity.

“Data center capex has emerged as the single largest contemporary industrial investment cycle,” Nomura analysts wrote. It’s “larger than the global wireless 4G roll out, the post-2008 LNG build-out, or the early-2010s shale boom.”

SINGAPORE: Oil prices were little changed on Friday following sharp declines in the previous session, with prospects dimming for a near-term end to the U.S.-Israeli war with Iran after the Hezbollah militia rejected a new ceasefire in Lebanon.

Brent crude futures fell 21 cents, or 0.22%, to $95.24 a barrel by 0003 GMT after settling ‌down 2.84% in ⁠the ⁠previous session.

U.S. West Texas Intermediate crude was at $92.94 a barrel, down 10 cents, or 0.11%, following a 3.1% loss on Thursday.

Both contracts are set to post their first weekly gain in three weeks, with WTI up more than 6%, after fighting flared up in the Middle East as U.S.-Iran war peace talks dragged on while traffic in the Strait of Hormuz, where a ⁠fifth of the ‌world’s oil passes, remained limited.

Analysts have flagged concerns of falling oil inventories globally that could cause a price spike in the ⁠third quarter.

Hezbollah leader Naim Qassem rejected on Thursday a U.S.-brokered agreement between Israel and the Lebanese government to halt the fighting. Iran has made a ceasefire in Lebanon a condition for any peace deal with Washington.
U.S. President Donald Trump said on Thursday he believed progress was being made between Israel and Lebanon and that Lebanon deserved to have peace. “Any optimism remains heavily clouded by a tangled web of ‌headlines and counter-headlines,” IG market analyst Tony Sycamore said in a note.

“From a technical perspective, as long as (WTI) crude oil remains above trendline support in the low $80s, ⁠the risks remain skewed to the upside.”

OPEC is sticking to its oil demand growth forecast of 1.2 million barrels per day for this year, Secretary General Haitham Al Ghais said on Thursday, despite the Middle East conflict and closure of the Strait of Hormuz.

Iranian oil exports have fallen to their lowest level in six years mainly due to the U.S. naval blockade, according to shipping data, although weak demand in China has depressed prices for the oil.

NEW YORK — Taylor Swift and Travis Kelce have reportedly enlisted celebrated Indian luxury event designer Rishi Patel to plan their highly anticipated wedding, according to multiple entertainment sources familiar with the couple’s preparations.

The pop superstar and NFL tight end, who have been dating since 2024, are said to be aiming for an extravagant yet intimate celebration blending their high-profile lifestyles with global cultural influences. Patel, known for orchestrating lavish events for Bollywood elites and international celebrities, brings a distinctive aesthetic that combines traditional Indian opulence with contemporary design sensibilities.

Sources indicate the couple first connected with Patel through mutual industry contacts earlier this year. His portfolio includes high-profile destination weddings and corporate events that emphasize personalized storytelling, sustainable luxury, and immersive experiences. The choice reflects Swift and Kelce’s desire for a celebration that feels both grand and deeply personal.

The couple went Instagram official in April 2026, sharing a video of them together during a trip to Japan. Since then, they have been frequently photographed at public events, including Coachella and various NFL games, generating intense media interest and fan speculation about their future plans.

Rishi Patel has built a reputation as one of India’s most sought-after event designers. His work often features intricate floral installations, custom lighting, and cultural fusion elements that resonate with global clients. Industry insiders suggest Patel’s involvement could introduce unique touches such as traditional Indian ceremonies alongside Western traditions, creating a multicultural celebration.

While neither Swift nor Kelce has publicly confirmed wedding plans, rumors have intensified in recent months. Sources close to the couple describe them as deeply committed, with discussions about timing and locations reportedly underway. Potential venues mentioned in entertainment circles include private estates in the United States, Europe, or even a destination in India to honor Patel’s heritage.

The couple’s relationship has captivated the public since they were first linked in early 2024. Swift’s support at Kelce’s Kansas City Chiefs games and Kelce’s appearances at her Eras Tour shows created a modern celebrity power couple narrative that transcends sports and music. Their combined influence has boosted everything from NFL viewership to Swift’s music streaming numbers.

Patel’s selection aligns with the couple’s pattern of embracing diverse cultural experiences. Swift has previously incorporated global influences in her music and tours, while Kelce has shown openness to new traditions through his public persona. Industry observers note that hiring an Indian designer could signal a wedding that celebrates inclusivity and cross-cultural appreciation.

Financial details of the event remain speculative, but celebrity weddings involving top-tier planners often exceed several million dollars. Patel’s reputation for bespoke experiences suggests a production that could rival some of the most memorable celebrity nuptials in recent years.

Fan reaction on social media has been overwhelmingly positive. Many Swifties and NFL enthusiasts expressed excitement about the cultural fusion aspect, with some speculating about potential performances, guest lists, and thematic elements. The news has trended globally, highlighting the couple’s enduring public fascination.

Swift, one of the world’s best-selling recording artists, has maintained a relatively private stance on her personal life in recent years while continuing to dominate charts with her music. Kelce, a future Hall of Famer, has expanded his brand through endorsements, media appearances, and podcast work. Their relationship is often cited as an example of two high-achieving individuals supporting each other’s careers.

The involvement of Rishi Patel adds an international dimension to the already high-profile romance. His design philosophy emphasizes emotional storytelling and sensory experiences, qualities that could translate well to a wedding uniting two global icons. Sources suggest the couple values authenticity and creativity in their personal milestones.

As speculation mounts, representatives for both Swift and Kelce have declined to comment on the reports. The couple has previously emphasized keeping certain aspects of their relationship private while sharing joyful moments with fans through social media.

Entertainment experts predict that if the wedding proceeds as rumored, it could become one of the most talked-about celebrity events of the decade. Patel’s track record suggests meticulous attention to detail, from custom décor and culinary experiences to meaningful cultural integrations.

The couple’s decision to hire an Indian designer may also reflect broader trends in celebrity weddings toward global collaboration and cultural appreciation. In recent years, high-profile couples have increasingly incorporated diverse traditions, creating more inclusive and memorable celebrations.

For now, fans continue to speculate about timelines, locations, and potential surprises. Whether the wedding happens this year or next, the involvement of Rishi Patel ensures it will be executed with sophistication and creativity.

Swift and Kelce’s relationship has been notable for its balance of public moments and private connection. Their ability to navigate intense media scrutiny while supporting each other’s professional ambitions has earned admiration from fans and peers alike.

As preparations potentially unfold, the couple’s choice of Patel signals a desire for an event that reflects their individual personalities and shared values. The designer’s expertise in creating magical, personalized experiences positions him well to meet their vision.

The entertainment world will be watching closely for any official announcements. Until then, the reported hiring of Rishi Patel adds another layer of intrigue to one of modern celebrity’s most compelling romances.