The Strait of Hormuz crisis is impacting lifestyles worldwide, from reduced gold purchases in India to energy conservation in Europe and Japan, as governments urge citizens to adapt to the global energy shock.
Despite decades of efforts towards energy transition, oil will remain the critical energy source for all nations for some decades. We can hope for peace opening the Strait of Hormuz, but must prepare for war closing it, points out former foreign secretary Ranjan Mathai.
The cost of the war is being counted not in the corridors of power in Washington or Tehran, but in Firozabad's darkened furnace rooms, Howrah's idle casting sheds, and a barbershop in Kochi where the wait is suddenly, inexplicably, an hour long, notes Prem Panicker in his must read blog on the Iran War.
When missiles fly in this region, they are never just aimed at military targets.
Live updates on the US-Israel-Iran war: Trump escalates threats, Iran retaliates, and oil prices surge as the Strait of Hormuz crisis disrupts global markets.
The tanker reportedly switched off its Automatic Identification System (AIS) transponder while navigating the high-risk stretch of the strait and reappeared on tracking systems on March 9.
The Directorate General of Maritime Administration (DGMA) has instructed shipping companies to avoid deploying Indian sailors on vessels transiting the Strait of Hormuz due to the ongoing West Asia crisis, following recent attacks on two vessels carrying Indian seafarers.
China sailed through the crisis in the Strait of Hormuz relatively unscathed even as the impact of its steps shielded other consuming nations from having to pay high crude oil prices.
Prime Minister Narendra Modi held a telephonic conversation with Iranian President Masoud Pezeshkian, discussing recent developments in West Asia and reiterating India's emphasis on the importance of freedom of navigation in the Strait of Hormuz. Modi welcomed the recent peace understanding between the US and Iran, stressing dialogue and diplomacy for regional stability. India will also send representatives to the burial ceremonies of Iran's late Supreme Leader.
India significantly increased its crude oil imports from Russia and the United Arab Emirates in June, securing supplies as the Strait of Hormuz began to reopen, with Russian barrels remaining attractive due to discounts and UAE supplies offsetting earlier uncertainties.
Prem Panicker's Must Read Blog On The Gulf War.
Indian benchmark indices, Sensex and Nifty, continued their downward trend for the fifth consecutive day, with the Sensex dropping 281 points and Nifty falling 78 points, primarily driven by surging crude oil prices and persistent geopolitical tensions in West Asia.
US President Donald Trump claimed on Tuesday that Tehran has consented to long-term, comprehensive monitoring of its nuclear infrastructure. Concurrently, Washington will ease shipping constraints in the Strait of Hormuz and release bound financial concessions, subject to stringent American oversight.
A vessel carrying 20,000 metric tonnes of Liquefied Petroleum Gas (LPG) arrived at Deendayal Port Authority in Kandla, Gujarat, after crossing the Strait of Hormuz amid the West Asia crisis.
Tensions escalate between Iran and the US over control of the Strait of Hormuz, a crucial shipping lane for global oil supplies, as both sides discuss extending a fragile ceasefire.
The fiscal consolidation path and Rs 1 trillion stabilisation fund provide room to absorb mild shocks, but sustained oil-price increases pose risks.
Is the current rally telegraphing a durable peace plan in West Asia, boosted by United States (US) President Donald Trump's incoherent and contradictory posts on social media?
US President Donald Trump and Russian President Vladimir Putin discussed the Iran conflict and its impact on global energy supplies during a phone call.
Delhi should keep all its options open in what is essentially a transitional period in the geopolitics of energy rather than remain a gatekeeper serving Trump's 'America First', suggests Ambasssador M K Bhadrakumar.
Not a single retail outlet ran dry. Every household that wanted a cylinder got one. India faced neither a 1991 moment nor a 2013 one. Macroeconomic stability held. This was not an accident, and it was not luck alone. It was the work of a government that chose to act as it had during the pandemic -- deliberately and gradually, building one measure upon another rather than reaching for a single dramatic lever, explains V Anantha Nageswaran, chief economic advisor to the Government of India.
Chinese Foreign Minister Wang Yi has urged Iran to guarantee freedom and safe passage through the Strait of Hormuz, a critical waterway for global oil trade, amid ongoing tensions with the US.
'I suspect that Bangladesh being given permission stuck in India's official craw, and this story was an attempt to balance the scales by giving the impression that a similar waiver had been given to India as well.'
A convoy of India-bound ships carrying crude oil and gas was stopped by the Iranian Revolutionary Guard Corps (IRGC) in the Strait of Hormuz, leading to several vessels returning to the Persian Gulf.
Russian Foreign Minister Sergei Lavrov will visit Beijing to discuss the West Asia conflict, the Strait of Hormuz blockade, and bilateral relations with Chinese leaders.
...reopen for up to six months. Until then, the Strait stays nearly closed. The world pays. And no one, including the man who started this, can say when it ends, notes Prem Panicker in his must read blog on the Iran War.
India on Friday launched a highly coordinated, priority operation to safely guide 13 Indian-flagged commercial vessels out of the volatile Strait of Hormuz, the ministry of ports, shipping, and waterways announced on Friday.
24 Indian-flagged vessels with 677 Indian seafarers were currently located west of the Strait of Hormuz, and four vessels with 101 Indian seafarers were stationed east of the strategic waterway.
Head of the Iranian Parliament's National Security Committee Ebrahim Azizi on Saturday said that Iran has prepared a "professional mechanism" to regulate maritime traffic in the Strait of Hormuz through a designated route, which will be unveiled soon.
Supreme Leader Mojtaba Khamenei has reshuffled Iran's political and national-security establishment, appointing former SNSC Secretary Mohammad Bagher Zolghadr as his political adviser and veteran IRGC commander Mohsen Rezaei as his representative on the Supreme National Security Council, consolidating power amid the West Asia crisis and Strait of Hormuz tensions.
US President Donald Trump has lauded India as an 'essential partner' and 'trusted ally' in addressing regional challenges, particularly its 'big role' in West Asia peace efforts, following discussions with Prime Minister Narendra Modi at the G7 Summit.
'PM Modi is trying to reduce the volume of fuel consumed instead of raising prices sharply.'
Iran has reimposed restrictions on the Strait of Hormuz, with its forces opening fire on a passing tanker and forcing at least two Indian vessels to reverse course, escalating tensions in the region and raising concerns over energy supplies.
External Affairs Minister S Jaishankar has emphasised India's commitment to safe maritime transit and condemned attacks on merchant shipping amidst the ongoing West Asia conflict and global energy market disruptions.
China has criticised the US blockade of the Strait of Hormuz, calling it a dangerous and irresponsible move, and urged Washington and Tehran to honour the ceasefire. Beijing also denied aiding Iran militarily and threatened countermeasures if the US imposes tariffs.
Iran's ambassador to India, Mohammad Fathali, has described India as a "reliable and compassionate" partner while asserting Tehran's territorial authority over the Strait of Hormuz amidst ongoing regional tensions.
'The West Asia or the Gulf crisis has shown that what we develop as national infrastructure when things are not as bad as they could be, we forget to plan for adversities.'
UN Secretary-General Antonio Guterres has expressed deep concern over US President Donald Trump's warning to Iran and appealed for the re-establishment of freedom of navigation in the Strait of Hormuz.
Trump also called upon China, France, and Japan, among others, to send ships to the Strait of Hormuz.
Congress leader Rahul Gandhi has warned of a severe economic crisis looming over India, criticising Prime Minister Narendra Modi's economic policies and foreign travels.
Prime Minister Narendra Modi and US President Donald Trump discussed the Middle East crisis, with a focus on the Strait of Hormuz.
