Latest Updates on West Asia Conflict

As per Fitch Ratings' estimates, Brent crude oil is likely to average $100-110/bbl in May-July, before falling to $80/bbl in August, and to about $70/bbl from September.

Dario Amodei said the use case in this instance didn't violate the company's policies, arguing military decision makers make terrible mistakes even at the best of times

The island handles the vast majority of the country's oil exports and represents perhaps the most direct way to squeeze the Tehran regime economically and deprive it of a critical source of revenue

Iran's Foreign Ministry spokesperson Esmail Baghaei stressed that Iran had 'proven that it does not compromise on what it has defined as its red lines'

US President Donald said that a deal to end the war with Iran is nearly complete and is expected to be signed over the weekend in Europe. Trump made these remarks at the Oval Office in the White House on Thursday afternoon, hours after calling off military strikes on Iran and threatened to take control of its oil industry. Trump said Vice President J D Vance is expected to attend the signing ceremony which could take place in Europe as soon as this weekend. "We just made a great settlement of the war with Iran. The documents are in pretty final shape, so we'll see. It should be done pretty quickly," Trump said. The US president said that Iran has agreed not to have a nuclear weapon or purchase one. Trump said the agreement would ensure Iran never obtains a nuclear weapon, which he described as the central objective of the administration's pressure campaign against Tehran. The president also said the Strait of Hormuz would reopen once the agreement is signed, potentially easing ..

US President Donald Trump said Thursday he has called off new military strikes on Iran, hours after threatening to escalate the war. The president said in a social media post that he made the move "based on the fact that discussions with the Islamic Republic of Iran have been brought to the highest level of Iranian leadership and approved". Trump also suggested that progress has been made in talks to extend the fragile ceasefire, writing that "discussions and final points have been, in both concept and great detail," approved by United States, Israel, and other regional allies. He did not offer details. Trump on multiple occasions over the last several weeks has claimed that the warring parties have been on the cusp of a deal without anything coming to fruition.

European bonds held gains after the announcement, with the 10-year yield three basis points lower at 3.05 per cent . The euro was steady against the dollar at $1.1538

Three Indian sailors died in a US strike on the Settebello tanker off Oman a day earlier

Trump said the US will attack Iran again with intensified strikes on Thursday night but he would rather not hit bridges and power plants

Indian embassy in Oman did not specify if the vessel involved in Thursday's incident had Indian seafarers on board

Three Indian seafarers onboard the Palau-flagged MT Settebello, initially reported missing, are now confirmed dead, Union Shipping Minister Sarbananda Sonowal said on Thursday after bodies were located and identified. It is deeply unfortunate to learn of the tragic incident aboard the Palau-flagged MT Settebello, Sonowal said in a social media post. "Sadly, three Indian seafarers initially reported missing are now confirmed dead after bodies have been located and identified," he added. The minister added that this is a "profound loss to our maritime family". "The Modi Govt stands firmly with the bereaved during this difficult hour and is fully committed to supporting the next of kin," he added. Sonowal said he has directed officials to ensure immediate repatriation of the rescued crew members and swift return of the mortal remains of the deceased for their final rites. India on Wednesday summoned the US charge d'affaires to strongly protest a US military attack on a commercial ve

India voiced its firm opposition to attacks on merchant shipping amid the ongoing Iran conflict, as it told the UN Security Council that several of its nationals have died or are missing due to attacks in the region. "We expressed our deep concern at the conflict in Iran and the Gulf region that unfortunately began in the holy month of Ramadan and urged all sides to exercise restraint, avoid escalation and prioritise the safety of civilians," India's Permanent Representative to the UN Ambassador Harish Parvathaneni said Wednesday. Addressing the UN Security Council open debate on 'Maintenance of International Peace and Security: Advancing Political Solutions in the Middle East: Mediation and Dialogue for Lasting Peace', Parvathaneni said India is firmly opposed to attacks on merchant shipping, as many of its nationals are prominent in its global workforce. "Many Indian nationals have lost their lives or are missing as a result of attacks against countries of the region and against .

The rupee plunged by 32 paise to 95.57 against the US dollar in early trade on Thursday following a rise in global crude oil prices as hostilities between the US and Iran continued. Heavy FII outflows, weak domestic equity market and a marginally stronger greenback further weighed on the local unit. At the interbank foreign exchange market, the rupee opened at 95.55 against the US dollar before dropping further to 95.57. The local unit appreciated 16 paise to close at 95.25 against the US dollar on Wednesday, amid likely intervention from the Reserve Bank of India (RBI) to curb excessive volatility and prevent a further slide in the domestic unit. "The rupee had a weaker opening with oil prices climbing after Iran and the United States traded strikes. INR has support due to dollar selling by state-run banks, likely on behalf of RBI. "Apart from oil prices, the rupee will have to contend with a tepid risk environment, following a further sell-off in US equities. While US inflation

Kuwait on Thursday said it closed its airspace over ongoing Iranian attacks. Kuwait's Directorate General of Civil Aviation made the announcement. It said flights were being diverted to other airports, without elaborating. Flights circled outside of Kuwait for some time before the announcement, after the military announced its air defences were firing. "This measure comes in light of the state of Kuwait being subjected to sinful Iranian aggressions and the potential risks that may result from this on civil aviation traffic in the region," Kuwait said. Kuwait International Airport took a direct Iranian hit in recent days, killing one person and wounding dozens.

Brent futures rose $2.30, or 2.47 per cent, to $95.40 a barrel, while US ‌West Texas Intermediate (WTI) crude climbed $2.60, or 2.89 per cent, to $92.63

Earlier, Trump said that the United States would resume attacks on Iran, as he voiced frustration over Tehran's delays in concluding the deal with Washington

Repeated shocks from Covid to conflict in West Asia are pushing Indian companies to diversify suppliers, localise sourcing and strengthen risk monitoring, even at the cost of higher expenses