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.
India's net oil import bill could rise by $56 billion to $64 billion annually assuming global crude averages $110 to $115 per barrel in FY27.
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.
India has gained the least since Russia invaded Ukraine in February 2022 and was penalised the most, while the US, China and the European Union emerged as the biggest beneficiaries from the war.
The Indian rupee weakened to a record intra-day low against the US dollar due to a strengthening greenback, continuous foreign capital outflows, and elevated global crude oil prices amidst the West Asia conflict.
Indian private sector and State-run refiners continued to receive crude oil from Russian suppliers even after November 21 -- the winding-down date for US sanctions on supplies from leading Russian oil producers imposed in October -- as new intermediaries sprung up in West Asia to sell the oil, according to senior refining sources and ship tracking data.
Delhi Police have dismantled a fake auto parts racket operating in Karol Bagh, arresting two individuals and seizing counterfeit spare parts valued at Rs 25-30 lakh.
The Indian rupee fell to a record low against the US dollar due to rising crude oil prices, foreign institutional investor selling, and weak domestic equity market sentiment.
Elevated global crude oil and natural gas prices, driven by geopolitical developments in West Asia, could significantly influence the Government of India's fiscal position for 2026-27, according to a report by ratings agency Icra.
Fixed deposits from nationalised banks delivered higher returns than equities, outperforming both inflation and stock market benchmarks.
The government has mandated that cooking gas LPG supply to households will be discontinued if consumers fail to switch to piped natural gas where such connectivity is available, under a new order aimed at accelerating gas network expansion and reducing reliance on a single fuel.
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.
'So far our production is not affected. But every day the situation prolongs, it does bring risks in terms of shipments getting delayed.'
This weekend, Donald Trump has begun to say the quiet part out loud -- that he wants to take control of Iran's oil, a formulation more in line with his robber-baron style of international relations.
'We are profoundly energy-dependent on the Gulf. That dependency must now be redirected towards the United States, because we require American permission to procure oil.' 'We additionally require Iranian permission to acquire oil from that source. So India now has to seek two separate permissions merely to secure its energy supply.' 'Should we be compelled to source from America, or from Venezuela -- which is, in effect, American-controlled supply -- that will inevitably carry a price premium, an elevated shipping cost, and a considerably extended delivery timeline, given the distances involved.'
Foreign portfolio investors (FPIs) withdrew a substantial amount from Indian equities in the first half of March, driven by geopolitical tensions, rupee depreciation, and concerns about crude oil prices.
Benchmark indices tumbled about 2 per cent on Friday, capping one of the most turbulent weeks for domestic equities as investors fretted that the West Asian conflict could drag on for weeks or even months.
Stock market benchmark indices Sensex and Nifty surged in early trading session on Tuesday after India and the US agreed to a trade deal under which Washington will bring down the reciprocal tariff on Indian goods to 18 per cent from current 25 per cent.
Markets will look for clear guidance on how the MPC interprets the uncertainty and what it implies for the future course of monetary policy, points out Rajeswari Sengupta.
The Trump administration maintains the US is 'not at war' with Iran, despite military engagement reaching a critical legal threshold under the War Powers Resolution, potentially leading to a confrontation with Congress.
Gold and silver prices saw a significant decline in the national capital, with silver falling by Rs 7,800 to Rs 2.43 lakh per kilogram and gold by Rs 1,500 to Rs 1.54 lakh per 10 grams, as investors booked profits amid persistent doubts over the durability of the West Asia ceasefire.
The ongoing conflict in West Asia is severely disrupting Bikaner's food exports, causing delays, rising costs, and impacting the supply of popular snacks like bhujia and papad to Gulf and European markets.
Uncertainty stemming from the US-Iran conflict has significantly impacted India's mutual fund industry, leading to a sharp decline in new fund offers (NFOs) in March, despite numerous regulatory approvals. This geopolitical tension, coupled with existing market strain and distributor hesitation, has dampened investor sentiment and affected overall inflows.
The question is whether the clocks allow enough time for two deeply mistrustful sides to get there, and whether the surface calm holds long enough for the paddling to produce something before the ceasefire ends on April 22, notes Prem Panicker in his must read blog on the Iran War.
In a significant diplomatic manoeuvre aimed at de-escalating regional tensions, Iran has reportedly submitted a "new proposal" to the United States through Pakistani intermediaries.
In the present hyper-connected world, there are many domestic and global factors that affect financial markets. Of them, the most powerful and often least predictable are geopolitical events, which often boil down to one diplomatic headline.
The Indian rupee weakened against the US dollar due to rising crude oil prices, geopolitical tensions in the Middle East, and foreign fund outflows.
'What we have yet to see on either the US or the Iranian side is willingness to compromise on their ultimate demands and the flexibility to reach an agreement to end the war.
Trump has said he would be present at the signing ceremony in Islamabad. Don't be surprised if the Pakistani hosts make it a grand event in the geopolitics of the region. Trump would love that, notes Ambassador M K Bhadrakumar.
Indian benchmark stock indices Sensex and Nifty rallied for the second consecutive day, closing nearly 1 per cent higher, driven by gains in metal and auto sectors and positive global market trends.
India's retail inflation marginally increased to 3.4 per cent in March, up from 3.21 per cent in February, primarily due to an uptick in certain food items and the initial impact of the West Asia crisis on fuel prices, according to government data.
The medium-term scenario for oil marketing companies (OMCs) is high risk due to the surging crude and gas prices. Apart from OPEC-plus cutting production, the Hamas-Israel conflict has caused fears of supply disruption. The July-September quarter of 2023-24 (Q2FY24) saw positive surprises for OMCs. Strong gross refining margins (GRMs) more than offset weak marketing margins.
Finance Minister Nirmala Sitharaman announces increased domestic LPG production to offset import disruptions caused by Middle East tensions, alongside assurances of fertiliser availability and the clearing of UPA-era oil bonds.
The contraction in total reserves was driven by a fall in gold reserves, which dropped $13.49 billion to $117.19 billion during the reported week.
The ministry of petroleum and natural gas on Friday reiterated that India has sufficient stock of crude oil, petrol and diesel, while ensuring an uninterrupted supply of LNG and LPG despite disruptions caused by the ongoing West Asia conflict.
In his first major national address since hostilities began, Trump said the ongoing military campaign, dubbed 'Operation Epic Fury', has delivered 'swift, decisive, overwhelming victories'.
Gold and silver prices experienced a significant drop in the national capital due to a global selloff driven by inflation concerns, central bank policies, and geopolitical tensions.
Qatar, India's largest supplier of imported natural gas, has declared force majeure on deliveries following a halt in production in the wake of an Iranian drone strike -- a disruption that has led to a cut in supplies to Indian industry by up to 40 per cent, sources said.
US President Donald Trump indicated the possibility of further military operations against Iran's Kharg Island, a key oil export hub, claiming previous strikes had significantly damaged its infrastructure.
Trump has made it clear: the US will not lift its blockade of Iranian ports until a deal is signed.
