For weeks, the war skirted the edge of catastrophe without tipping over. Missiles flew, there was much destruction, commanders were assassinated, cities across the Gulf and even in Israel struggled to absorb the shock. But one line held: Energy infrastructure, the arteries of the global economy, remained largely untouched. That is no longer true. Prem Panicker continues his must read daily blog on the Gulf War.
Despite international crude oil rates crossing USD 100 per barrel due to Middle East tensions, the Indian government plans to maintain current petrol and diesel prices, ensuring uninterrupted fuel supply across the country.
The Natanz nuclear facility is one of Iran's key nuclear installations and has previously been at the centre of international concerns over Tehran's nuclear programme.
The US has temporarily permitted India to accept Russian oil already on ships to ensure energy supplies amid the conflict with Iran. This short-term measure is not expected to significantly benefit Russia financially.
The rupee plunged to a fresh low of 93.72 against the dollar on Friday, falling 1.15 per cent in a single session - its sharpest one-day decline since February 24, 2022 - as elevated crude oil prices and strong dollar demand from oil-marketing companies and foreign portfolio investors (FPIs) weighed on the currency.
Hundreds of Indian seafarers are stranded on vessels carrying crude oil, LPG, and LNG in the Persian Gulf due to the ongoing conflict in the Middle East, causing disruptions to India's energy supplies.
Modi said that the West Asia crisis has been going on now for more than three weeks and is having a very adverse impact on the global economy and on people's lives. He said the entire world is urging all parties for the earliest resolution of this crisis.
India on Tuesday expressed deep concern over the escalating conflict in Iran and the Gulf region, urging all sides to exercise restraint and prioritise civilian safety.
It is for the first time that a senior minister has said that Iran requested permission for docking three of its ships in Indian ports.
Trump said that the strait will be "open very soon" if ongoing negotiations with Tehran continue successfully.
An oil tanker carrying Saudi crude safely reached Mumbai after crossing the war-hit Strait of Hormuz with its tracking system briefly switched off.
Despite ongoing tensions in West Asia, the successful arrival of the LPG carrier 'Nanda Devi' in Gujarat ensures a steady supply of liquefied petroleum gas to India, highlighting the country's efforts to secure its energy needs.
A spokesperson for the Central Khatam al-Anbiya Headquarters said that Iran's armed forces are prepared to intensify their response if aggression continues.
Trump also called upon China, France, and Japan, among others, to send ships to the Strait of Hormuz.
The Indian government has directed oil refineries to increase LPG production to ensure a stable supply of domestic cooking gas, amidst concerns over potential disruptions from the escalating Middle East conflict and its impact on imports.
The UK Maritime Trade Operations issued a warning noting that the incident took place approximately 15 nautical miles north of Sharjah.
In a statement issued by Iran's consulate in Mumbai, it said, "At present, Iran essentially has no floating crude or surplus available for international markets. The US Treasury Secretary's remarks appear aimed at reassuring buyers and managing market sentiment."
Analysts predict that the ongoing conflict in West Asia, crude oil price fluctuations, and the US Federal Reserve's interest rate decision will significantly influence the Indian equity market this week.
Foreign brokerages have started to cut their year-end targets for the Nifty 50 index amid the ongoing West Asia conflict.
Crude oil prices experienced a sharp decline after US President Donald Trump announced a temporary halt to military strikes on Iran's energy infrastructure, easing geopolitical tensions and supply disruption fears.
White House Press Secretary Karoline Leavitt on Tuesday said that the United States has not ruled out the option of sending troops on the ground in Iran and that military operations in the Persian Gulf nation would end once the objectives of Operation Epic Fury are achieved.
US President Donald Trump will travel to China in May for a rescheduled summit with Chinese President Xi Jinping, following a postponement due to the war in Iran. The White House has announced the new dates and indicated a reciprocal visit to Washington DC is planned.
An Indian-flagged crude oil tanker, Jag Laadki, safely sailed from the UAE's Fujairah port despite an attack on the terminal and is scheduled to reach India. The Indian government is working to ensure the safe passage of remaining Indian-flagged vessels in the region.
If the conflict continues for a prolonged period, State-run oil companies may have to review retail fuel prices accordingly.
Prime Minister Narendra Modi addresses the Rajya Sabha, detailing India's strategies to navigate the global energy crisis sparked by the West Asia conflict, including securing diverse energy sources and expanding strategic oil reserves.
In a clear message to international observers, the strategic site was pointedly "described as "the tip of the iceberg" regarding the nation's hidden arsenal.
Fathali further stated that Tehran has instructed its embassy in India to facilitate the Indian government, ensuring smooth operations amid the ongoing regional conflict.
Addressing the 36th extraordinary session of the Council of the International Maritime Organisation (IMO) held on Thursday in London, the Indian envoy said, "India remains deeply concerned about the evolving situation and continues to call for de-escalation through dialogue and diplomacy, with utmost restraint and priority being given to the safety of civilians."
According to the report, the Pentagon is deploying the USS Tripoli ARG, along with the 31st Marine Expeditionary Unit (MEU), part of its own strike group.
Hegseth said the military campaign, code-named Operation Epic Fury, against Iran is "laser focused" and "decisive," with objectives set directly by the US administration remaining unchanged since the start of operations.
India's plans to ration the consumption of liquefied natural gas (LNG) and liquefied petroleum gas (LPG) - in response to reduction in their import owing to war in West Asia - may fall short of what is needed to meet domestic needs.
Bessent indicated that the U.S. is evaluating the status of Iranian oil as the current campaign progresses.
Private bus operators in Sri Lanka warn of potential service disruptions and a nationwide strike due to significant fuel price increases, impacting public transport and raising concerns about inflation.
Prime Minister Narendra Modi addressed Parliament on the West Asia crisis, advocating for dialogue and diplomacy, ensuring the safety of Indians in the region, and addressing concerns about fuel and food security.
Iran has issued a defiant response to United States President Donald Trump's claims regarding the conclusion of hostilities, asserting that it alone will 'determine' the end of military actions against American and Israel targets.
A French soldier was killed while several others were injured in an attack in the Erbil region of Iraq, French President Emmanuel Macron confirmed. Macron, in a post on X, confirmed that Chief Warrant Officer Arnaud Frion of the 7th Battalion of Chasseurs Alpins lost his life in the attack.
S&P Global Ratings has increased India's GDP growth forecast for the next fiscal year to 7.1 per cent, citing private consumption, investment, and exports as key drivers. However, the agency also cautioned that the conflict in the Middle East could strain India's fiscal position due to higher energy prices.
The government has introduced a mandatory 25-day gap between LPG cylinder bookings due to supply concerns arising from global disruptions and tensions in the Strait of Hormuz. This measure aims to prevent hoarding and prioritise essential non-domestic sectors, while domestic LPG production is being increased to mitigate shortages.
The Indian government has convened an all-party meeting to discuss the ongoing crisis in West Asia, following Prime Minister Modi's address to Parliament on the situation and its potential impact on India.
Aseem Mahajan, Additional Secretary (Gulf) in the Ministry of External Affairs, on Saturday informed that five Indians have been killed and one is missing due to the ongoing conflict in West Asia. He added that Indian missions remain open round the clock and are constantly working to provide assistance.
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