The closure of the Strait of Hormuz has disrupted some 20 per cent of the global flows but even if it opens, damages to production facilities in the region will take time to repair, points out Sunita Narain.
Global chip maker Intel on Monday said it could take a couple of years to address the supply shortage in the semiconductor ecosystem that is witnessing huge demand for tech products, accelerated by the COVID pandemic. Intel CEO Pat Gelsinger noted that the work and study-from-home trends during the COVID-19 pandemic have led to a "cycle of explosive growth in semiconductors" that has placed huge strain on global supply chains around the world. "We have been working diligently with our partners... to address constraints and increase output to meet demand, and we are acting to help ensure capacity to meet the world's needs for this new era... But, while the industry has taken steps to address near-term constraints, it could still take a couple of years for the ecosystem to address shortages of foundry capacity, substrates and components," he said at a virtual session at the Computex event.
The United States has encouraged India to purchase Russian oil already at sea to mitigate supply shortages and price increases amid the West Asia conflict, according to Energy Secretary Chris Wright. This move is described as a short-term effort to stabilise the market without altering Washington's policy towards Russia.
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.
India imports nearly 60 percent of its LPG, with most cargo previously coming through the Strait of Hormuz, now closed for commercial shipping.
Indian eateries are adapting to the LPG crisis by cutting menus, increasing prices, and switching to alternative fuels like coal, as LPG supplies are disrupted due to global events. State authorities are cracking down on hoarding and black marketing of LPG cylinders.
Moody's Ratings has reduced India's GDP growth forecast for 2026 to 6 per cent, citing subdued private consumption, capital formation, and industrial activity due to higher energy costs and global uncertainties.
US President Donald Trump has rejected Iran's proposal to end the ongoing war, deeming it 'totally unacceptable'. This decision comes amid efforts to negotiate an end to hostilities that began on February 28 and have disrupted global oil supplies.
Delhi Police have dismantled an illegal operation involving the storage of over 600 LPG cylinders and arrested an individual for illegally refilling gas cylinders, highlighting concerns over safety and black market activities.
Several non-banking financial companies (NBFCs) are observing an increase in early-stage delinquencies within their micro, small and medium enterprises (MSME) loan portfolios, primarily driven by supply chain disruptions and escalating raw material costs exacerbated by the ongoing conflict in West Asia.
Delhi's Chief Minister has ordered a comprehensive audit of government schools to assess structural integrity, fire safety, and basic amenities after a surprise inspection revealed shortcomings.
India has denied making any payments to Iran to secure safe passage for its vessels through the Strait of Hormuz, following reports that Indian vessels were fired upon in the region.
Jeera July futures in NCDEX touched a record high of Rs. 58,085 per quintal on Monday, before coming down to around Rs. 55,500 on Tuesday. This was due to profit booking and extension of additional surveillance margin of 2.5 per cent till July 18, including on all contracts to be launched in the future. The softening, according to some reports, is also because of fears of regulatory action on jeera traders over allegations of excessive speculation.
BJP MLA Jaideep Bihani has alleged that he was assaulted by three officials during a public hearing regarding water supply disruptions in Jaipur. Police have arrested three individuals in connection with the alleged assault, and an investigation is underway.
If the conflict continues for a prolonged period, State-run oil companies may have to review retail fuel prices accordingly.
Donald Trump has dismissed the ceasefire with Iran as being on 'massive life support', signalling continued tensions between the US and Iran amid ongoing negotiations.
India's leading passenger vehicle manufacturers are significantly increasing investments and factory capacities, alongside planning major product launches for FY27, driven by strong confidence in sustained domestic demand growth despite global geopolitical tensions and supply chain risks.
Markets face risk of a prolonged bear phase as oil shocks and geopolitical tensions test inflation, growth and investor confidence globally, points out Debashis Basu.
Delhi Police busted two illegal LPG hoarding and refilling rackets, seizing 125 cylinders and arresting three delivery agents.
Calling such reports baseless, Finance Minister Nirmala Sitharaman said there was no such move under consideration.
There are roughly 2,000 ships stranded in the Persian Gulf, carrying more than 20,000 seafarers, according to the International Maritime Organisation, as quoted by The Wall Street Journal.
India's sugar consumption is projected to fall by nearly 400,000 tonnes in the 2025-26 season, primarily due to the ongoing liquefied petroleum gas (LPG) shortage exacerbated by the West Asia conflict and unseasonably cool weather.
US Secretary of State Marco Rubio said that discussions aimed at halting the conflict with Iran have shown "some slight progress," while simultaneously echoing Washington's dissatisfaction with its NATO allies.
Trump's remarks marks one of the most direct rebukes yet from Washington to its allies over their refusal to support US-led military operations in Iran and over the energy crisis triggered by disruptions in the Persian Gulf.
The canteen at the Sports Authority of India's headquarters in Delhi has suspended operations, with the vendor citing LPG supply shortages, while sources suggest pricing disputes are the real issue.
Congress leader Rahul Gandhi criticised Prime Minister Narendra Modi for gifting 'Melody' toffees to Italian Premier Giorgia Meloni, calling it a 'gimmick' while India faces an 'economic storm'. He accused Modi of prioritising public relations over addressing the struggles of farmers, labourers, and youth, a sentiment echoed by other Congress leaders.
Police in Ballia, Uttar Pradesh, have registered a case against a petrol pump manager for allegedly denying fuel to a private ambulance, resulting in the death of a 50-year-old patient.
'OMCs are incurring losses of Rs 1,000 crore per day due to the West Asia crisis.'
The government has dismissed speculation of an imminent increase in petrol and diesel prices, assuring citizens that there are no plans for a hike despite rising crude oil costs.
The Haryana government is taking strict measures to combat the black marketing of cooking gas cylinders, registering FIRs and seizing hundreds of cylinders. Officials assure citizens of sufficient LPG supply despite global concerns.
'Markets never fully lose hope. But an important shift could come if the Strait remains closed -- moving from high prices to no prices.'
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.
India significantly increased piped natural gas (PNG) connections in March as the government accelerates the expansion of cleaner fuel networks amid global supply disruptions.
Bajaj Auto reported a significant increase in its consolidated Q4FY26 performance, with profit after tax more than doubling to approximately 3,662 crore, a 103 per cent year-on-year rise, primarily driven by record volumes, an improved product mix, and the strategic consolidation of Bajaj Auto International Holdings AG (BAIHAG).
The Central government has assured the Bombay High Court that it is taking steps to address the LPG shortage caused by the conflict in West Asia. The court accepted the submission and disposed of a petition filed by LPG distributors.
In response to Prime Minister Narendra Modi's call for austerity, political leaders are reducing convoys and promoting public transport to conserve fuel.
Tamil Nadu Petroleum Dealers' Association urged people not to panic-buy petrol or diesel, stating that 14 terminals in Tamil Nadu have enough stock to replenish 7,000-plus retail outlets as per their demand.
Tea planters in Darjeeling have raised that a shortage of commercial LPG, triggered by the ongoing conflict in West Asia, could hit tea processing during the first flush, the delicate early-season harvest that commands the highest premiums and often sets the tone for the year.
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.
S&P Global Ratings projects India's economy to grow at 6.3 per cent even if crude oil prices average USD 130 per barrel in the current fiscal year, highlighting the nation's resilience amidst the West Asia crisis and strong commitment to fiscal consolidation.
© 2026 Rediff.com - Advertise with us - Disclaimer - Privacy Policy - Sitemap - Feedback - About us - Terms of use - Grievances