Page 34 - Israel Iran Conflict

Israel's defence minister warns attacks on Iran will 'escalate, expand'

Israel's defence minister said on Friday that Israeli attacks on Iran "will escalate and expand." Israel Katz made the comment in a statement noting that he and Prime Minister Benjamin Netanyahu "warned the Iranian terrorist regime to stop firing missiles at the civilian population in Israel." "Despite the warnings, the firing continues - and therefore (Israeli military) attacks in Iran will escalate and expand to additional targets and areas that assist the regime in building and operating weapons against Israeli citizens," Katz said. "They will pay heavy, increasing prices for this war crime.

Shipping to and from ports of US-Israeli allies is prohibited: Iran's IRGC

The IRGC added that the Strait of Hormuz is closed and any transit through the waterway will face "harsh measures"

Govt imposes taxes on fuel exports as West Asia conflict jolts supply

The country raised LPG prices earlier this month and subsequent speculation around a likely increase in pump prices of diesel and gasoline has led to panic buying

Luxury carmakers fly supercars to Gulf as Hormuz crisis disrupts trade

Shipping disruptions in the Gulf due to the ongoing West Asian conflict are forcing luxury carmakers to fly supercars to wealthy customers, as air freight costs surge and new orders slow in the region

West Asia conflict pushes India to rekindle old friendship with Russia

Delhi and Moscow are deepening their energy cooperation, with both sides agreeing to prepare for Russia to resume ​direct sales of LNG for the first time since the start of the Ukraine war

Centre raises commercial LPG supply to 70%, prioritises key industries

The central government has increased commercial LPG allocations to states by 20 per cent, raising the quota to 70 per cent of pre-war demand to meet industrial requirements, including steel and automobiles. In a letter to state chief secretaries, Oil Secretary Neeraj Mittal directed that the additional supply be prioritised for labour-intensive industries such as steel, automobiles, textiles, dyes, chemicals, and plastics, which support other essential sectors. "In addition to the existing 50 per cent allocation, an additional 20 per cent is now proposed, that would bring the total commercial LPG allocation to 70 per cent of the pre-crisis level of the packed non-domestic LPG," he wrote.

Rupee hits all-time low of 94.70 against US dollar amid global tensions

The rupee breached the 94.50-mark for the first time against the US dollar during intra-day trade on Friday and hit a record low of 94.56, weighed down by elevated oil prices and a stronger greenback amid no breakthrough in the West Asia conflict. A sharp decline in the domestic equity markets and sustained FII outflows put further pressure on the local unit, according to forex traders. At the interbank foreign exchange, the rupee opened at 94.18 and kept sliding to hit 94.56 against the US dollar during intra-day trade, down 60 paise from its previous close. The rupee slumped 20 paise to close at a record low of 93.96 against the US dollar on Wednesday. Stock, forex, commodity, and bullion markets remained closed on Thursday on account of Ram Navami. "With consistent buying from oil companies, the rupee breached 94.50 with exporters holding their inflows, while importers buy dollars for their payables," Anil Kumar Bhansali, Head of Treasury and Executive Director, Finrex Treasury

Israel launches new strikes on Iran with no sign of diplomatic breakthrough

Israel launched a wave of strikes on Iran early Friday ahead of a planned UN Security Council meeting to discuss attacks on Iranian civilian infrastructure, while Iran and the United States appeared at a diplomatic impasse, setting the stage for more potential escalation as the first month of the Middle East war neared its end. Israel's attack Friday on targets "in the heart of Tehran" came after the country said it would be "intensifying" its strikes on Iranian weapons production facilities, but there was no immediate information on what was hit. Smoke also rose over Beirut, although Israel did not immediately report hitting the Lebanese capital, while air raid sirens sounded in Israel as the military said it was working to intercept Iranian missiles. Iran kept up its attacks on its Gulf Arab neighbours, with incoming drones and missiles reported in both Kuwait and the United Arab Emirates. The US has been pushing Iran to start talks on a 15-point proposal for a ceasefire, but at t

Adequate fertiliser reserves available, no need to panic, says Nadda

Chemicals and Fertilisers Minister J P Nadda on Friday said India has adequate reserves to provide fertilisers to farmers and there is no need to panic. Replying to a supplementary question in the Lok Sabha on what steps the government is taking to ensure availability amid the ongoing West Asia war, Nadda said he has spoken to state agriculture ministers on Thursday and informed them about availability of fertilisers. "I want to assure the citizens of the country the government has taken steps to ensure that fertiliser is available to farmers whenever required. We have sufficient reserves in place. There is not need to panic," the minister said. To a supplementary question from Congress member Manish Tewari on whether the government is looking at newer markets for fertiliser imports, Nadda said there is sufficient reserves for kharif season. "We are also looking for diversification, new markets, newer areas, wherefrom we will get raw materials also for fertilisers. We have framed u

Excise duty cut can result in fiscal loss of ₹1.5 trillion, say economists

₹10 per litre excise duty cut on petrol and diesel may cost ₹1.5 trn in FY27 but help sustain consumption amid the West Asia crisis, even as economists flag risks to fiscal space

Govt absorbing burden of oil price rise to shield consumers: Hardeep Puri

Hardeep Puri said that the government has taken a significant hit to its tax revenues to offset the losses of oil companies amid elevated international prices

Petrol excise cut: How fuel taxes fill govt coffers and who gets the money

The Centre's excise duty cut has put the spotlight back on petrol and diesel taxes, a major revenue source for both Centre and states and a key pillar of government finances

India cuts fuel duty on petrol & diesel, imposes export levy on diesel, ATF

Ministers say decision aims to cushion consumers and support oil marketing companies as crude prices surge amid Iran War

West Asia war: India cuts fuel duty; Trump delays Iran strikes for 10 days

Brent crude eased to around $107 per barrel as India cut fuel duty, while Trump delayed Iran strikes and Tehran allowed select countries to use the Strait of Hormuz

Oil prices set for sharp weekly drop as Trump signals Iran talks progress

Brent futures fell 84 cents, or 0.8 per cent, to $107.17 per barrel as of 0353 GMT, while US West Texas Intermediate futures lost $1.02, or 1.1 per cent, to $93.46 per barrel

Why India cut fuel excise duty now and what it means for petrol prices

India's excise duty cut on petrol, diesel comes amid rising global oil risks linked to West Asia tensions; here's why the move matters, how fuel prices are calculated, and what it means for consumers

F1's Japanese Grand Prix will be last for 5 weeks amid West Asia war

The Japanese Grand Prix is only the third race of the new Formula 1 season, but it will be last one for five weeks with events in Bahrain and Saudi Arabia called off because of the war in Iran. The next F1 race is not until May 3 in Miami. Here's what we've learned so far from races in Australia and China with the Japanese GP set for Sunday: Mercedes and Ferrari have adapted best to Formula's 1 most radical change in power and chassis in more than a decade. George Russell and Kimi Antonelli have won each of the first two races, and Ferrari's Lewis Hamilton and Charles Leclerc have flip-flopped finishing third and fourth. Mercedes and Ferrari are the favorites on Suzuka's figure-eight circuit, located in central Japan and among F1's most storied venues. Suzuka is a vastly different circuit from Australia - a street course in Melbourne - and Shanghai, which resembles many of the newer Formula 1 venues. Suzuka is old-school - narrow, twisting with only one major straightaway for ...

Govt cuts excise duties on petrol, diesel by ₹10/litre each amid Iran war

The move comes against the backdrop of a global energy crisis triggered by the US-Israel conflict with Iran and Tehran's blockade of the Strait of Hormuz

Indian Embassy condoles demise of Indian national in Abu Dhabi incident

The Indian national was among the two people who tragically lost their lives following a ballistic missile interception over Abu Dhabi on Thursday

West Asia war sparks global fertiliser shortage, threatens food prices

Farmers around the world are feeling the squeeze of the Iran war. Gas prices have shot up and fertiliser supplies are waning due to Tehran's near shutdown of the Strait of Hormuz in retaliation for US and Israeli bombing. The fertiliser shortage is putting the livelihood of farmers in developing countries - already troubled by rising temperatures and erratic weather systems - further at risk, and could lead to people everywhere paying more for food. The poorest farmers in the Northern Hemisphere rely on fertiliser imports from the Gulf, and the shortage comes just as planting season begins, said Carl Skau, deputy executive director of the World Food Programme. "In the worst case, this means lower yields and crop failures next season. In the best case, higher input costs will be included in food prices next year." The war halts supplies of key nutrients ----------------------------------------------- Iran is seriously limiting shipments through the Strait of Hormuz, a narrow passa