Iranian President Masoud Pezeshkian maintained a stance of defensive necessity, noting that Tehran is "forced to retaliate to attacks" but clarified that this does not imply a dispute with neighbouring countries
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.
State-run oil-marketing companies (OMCs) are unlikely to significantly raise petrol and diesel prices despite crude oil nearing $100 a barrel, leading to potential margin pressure, while CLSA analysts project a 65 per cent upside for ONGC's stock.
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 US embassy in Saudi Arabia and the US consulate in Dubai were reportedly targeted by suspected Iranian drone attacks amid heightened tensions in the Middle East following US and Israeli strikes on Iran.
The Ministry of External Affairs (MEA) has stated that Prime Minister Narendra Modi and External Affairs Minister S Jaishankar are actively engaged with world leaders to promote dialogue and diplomacy for peace in West Asia, while also ensuring the safety and well-being of the Indian community in the region.
'In such a scenario, Iran could proclaim itself victor, rebuild, re-enforce its diminished regional proxies to further destabilise neighbouring nations and take control of the Persian Gulf and Strait of Hormuz.'
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 ongoing conflict involving the United States, Israel, and Iran intensified sharply with attacks on critical energy infrastructure across the Gulf, even as US President Donald Trump said he had cautioned Israeli Prime Minister Benjamin Netanyahu against targeting Iran's key South Pars Gas Field.
'Refiners may soon be forced to adjust operations, curtailing runs as product exports stall and directing output solely to domestic markets.'
Around one full month of supply is firmly arranged with additional procurement being continuously finalised, and oil companies are successfully delivering over 5 million cylinders every day.
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 government has sharply reduced excise duty on petrol to 3 and diesel to zero, offering major relief to consumers. Here's how the price cut will impact fuel rates and inflation.
Egypt, Pakistan, Saudi Arabia and Turkey met in Islamabad in what analysts say is the formal opening of a new diplomatic formation that could reshape the post-war regional order. Their immediate goal is a ceasefire; their larger ambition is to ensure that neither Iran nor Israel emerges from this war in a dominant position. Pakistan's foreign minister then flew directly to Beijing and mooted a Chinese role as guarantor of any eventual agreement. Prem Panicker continues his must read daily blog on the Gulf War.
The Kremlin has announced it will not disclose data on crude oil exports to India, citing concerns about 'ill-wishers'. This decision follows reports of increased Russian oil supplies to India and China amid geopolitical tensions.
If the conflict continues for a prolonged period, State-run oil companies may have to review retail fuel prices accordingly.
US sanctions against two of Russia's largest oil companies are expected to impact Reliance Industries' crude imports from Russia, while state-run refiners may continue purchases through intermediary traders for now.
US President Donald Trump and Russian President Vladimir Putin discussed the Iran conflict and its impact on global energy supplies during a phone call.
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.
The Indian government has increased measures to secure fuel and gas supplies following the Strait of Hormuz closure, urging citizens to avoid panic buying. Refineries are operating at high capacity, and sufficient stocks of petrol and diesel are available nationwide.
When missiles fly in this region, they are never just aimed at military targets.
The government has assured citizens that there is no need to panic book LPG cylinders, as uninterrupted supply to households is being ensured despite the ongoing conflict in West Asia.
India significantly increased piped natural gas (PNG) connections in March as the government accelerates the expansion of cleaner fuel networks amid global supply disruptions.
Israel and the United States had a plan. Iran punched back. And now the Gulf is reeling, the world is beginning to feel the pain and, as on date, no one in Washington or Tel Aviv appears willing to admit that the punch has landed, notes Prem Panicker, continuing his must-read blog on the war in the Middle East.
Responding to concerns raised by Leader of the Opposition Rahul Gandhi in the Lok Sabha, Petroleum Minister Hardeep Puri said it is the foremost priority of the government that the kitchens of over 33 crore families, especially the poor and the underprivileged, do not face any shortage of gas.
The LPG squeeze on India's restaurant sector is the quotidian face of a deeper crisis.
India imports nearly 60 percent of its LPG, with most cargo previously coming through the Strait of Hormuz, now closed for commercial shipping.
'Strikes into the Gulf countries are proof that the security guarantees offered by the US are ineffective and that the Gulf countries cannot rely on American security assurances for their safety.'
India's eight core infrastructure sectors experienced a slowdown in production growth, reaching a two-month low of 4% in January. Crude oil and natural gas output declined, while refinery products remained flat. Overall growth for the April-January period was also lower compared to the previous fiscal year.
US Treasury Secretary Scott Bessent indicated a potential pathway to remove tariffs imposed on India for purchasing Russian oil, citing a significant decrease in such purchases. He also criticized Europe's approach and accused India of profiting from discounted Russian oil.
Sensex and Nifty post steepest weekly loss in over a year, falling nearly 3 per cent.
'The entire US ecosystem built over decades at the bases in the Gulf region, especially the UAE, costing trillions of dollars have been decimated, dealing a mortal blow to the US Central Command's war capability,' points out Ambassador M K Bhadrakumar.
The Iran conflict led to a sharp correction in Reliance Industries Ltd's (RIL's) share price, which has been partially reversed by a rebound.
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.
Alliances fight wars effectively only when they share an endgame. If Israel acted without US knowledge, then the military alliance is operating without real coordination at the level of strategic targeting. Neither picture is reassuring in a war that is no longer regional in its consequences. Prem Panicker continues his must read daily blog on the Gulf War.
The United States, which entered this war in expectation of a short, sharp win along the Venezuela model, is now preparing for deeper involvement in a conflict it does not fully control, without the allies it typically relies on, against an adversary that is not behaving as expected, in a global environment that is already absorbing economic shock. Prem Panicker continues his must read daily blog on the Gulf War.
'The US landed in this war without planning. The US felt that if they kill Ayatollah Khamenei the people of Iran will come out on the roads and do a regime change.' 'On the contrary, the US bombings on Iran has united the entire nation.'
'If movement remains stalled for three to four months, more than 300,000 recruitments from India could be affected.'
Ministry wants to abolish 2.5 per cent customer duty on petrol and diesel.
When everyone has footage and no one can verify it, the loudest voice wins, notes Prem Panicker who begins a daily blog on the War in the Middle East.
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