Page 38 - Latest Updates on West Asia Conflict

Rival nations seize choke points to counter Trump's global strategy

From Iran to China, President Trump's global aggression has encouraged other countries to search for new ways to pressure the US economy

RBI's measures can delay the slide, but may not steady the rupee at 93

RBI faces a tough trade-off between defending Rupee and supporting growth, as oil shocks and global pressures make balancing exchange rate stability and domestic interest rates increasingly untenable

UNSC set to vote on watered-down proposal to open Strait of Hormuz

The UN Security Council is scheduled to vote Friday on a proposal to secure the Strait of Hormuz after it was significantly watered down in the face of opposition from China and Russia about allowing force to reopen the critical waterway that Iran has largely cut off to global shipping. The final draft of Bahrain's resolution, obtained Thursday by The Associated Press, authorises the use of defensive - but not offensive - action to ensure vessels can safely transit the strait. One-fifth of the world's oil typically passes through the waterway where Iran's stranglehold during the war has sent energy prices soaring. Bahrain's initial draft resolution would have allowed countries "to use all necessary means" - UN language that would include possible military action - "in the Strait of Hormuz, the Gulf and the Gulf of Oman" to secure passage and deter attempts to interfere with navigation. Russia, China and France, all veto-wielding countries of the 15-member Security Council, had ...

US allies working on plan B for Strait of Hormuz if Trump walks away

Virtual meeting of around 40 nations showed the coalition of countries deem it necessary to begin preparations for having to reopen the strait without the US

8 killed, 95 injured after US-Israeli strikes hit Iran's B1 Bridge

The victims of the strike reportedly include Iranian travellers and residents of the local village who were near the infrastructure at the time of the attack

'Civilisation cannot be destroyed by bombing': Iran slams Trump's threat

Iranian Mission to the UN said US President Trump's threat reflects 'ignorance, not strength'

Iran remains resolute against US-Israeli aggression: President Pezeshkian

Detailing the impact of the ongoing hostilities, Pezeshkian briefed his Azerbaijani counterpart on destruction of 'vital and industrial infra,' as well as strikes targeting 'schools' and 'hospitals'

Amazon to slap 3.5% fuel surcharge on third-party sellers in US, Canada

Amazon is slapping a 3.5 per cent fuel and logistics surcharge on third-party sellers using its platform starting later this month amid a spike in fuel prices since the war in Iran started. The temporary charge is effective April 17 for many of the sellers who use Amazon's fulfillment services, the online behemoth confirmed to The Associated Press in an email Thursday. "Elevated costs in fuel and logistics have increased the cost of operating across the industry," Amazon said in the emailed statement. The Seattle-based company said it has absorbed these increases so far but similar to other major carriers, when costs remain elevated, it implements temporary surcharges to partially recover these costs. It noted the charge is "meaningfully" lower than surcharges applied by other major carriers. "We remain committed to our selling partners' success and to maintaining broad selection and low prices for customers," Amazon added. Amazon's fuel and logistics-related surcharge will apply

US crude jumps over 11%, Brent nearly 8% as Trump vows more attacks on Iran

US West Texas Intermediate ​crude futures rose $11.42, or 11.41 per cent, at $111.54 per barrel, settling at their biggest absolute price rise since 2020

Best of BS Opinion: From war to AI, new pressures build on India's economy

Here are the best of Business Standard's opinion pieces for today

Foreign Secretary Vikram Misri attends UK-led meet on reopening Hormuz

No talks with Iran on payments for Indian ships to transit via Hormuz: MEA

Macron says military option to reopen Strait of Hormuz is 'unrealistic'

French President Emmanuel Macron on Thursday said France considers it "unrealistic" to reopen the Strait of Hormuz through a military operation. "There are people who advocate the idea of the reopening of the Strait of Hormuz by force, through a military operation, a position that has at times been expressed by the United States," Macron told reporters during a visit to South Korea. "That has never been the option we have chosen, and we consider it unrealistic." Macron said a military operation "would take an infinite amount of time and would expose anyone passing through the strait to coastal threats from (Iran's) Revolutionary Guard, who has capabilities, ballistic missiles and many other risks." The reopening of the Strait "can only be done in coordination with Iran," through negotiations that would follow a potential ceasefire, Macron said. France is pushing for an international mission involving European and non-European nations to escort oil and gas tankers and reopen the Str

RBI's rupee challenge: Policymakers should not be swayed by absolute levels

While the war is affecting macroeconomic dynamics in various ways, requiring intervention, economic management has become significantly complex for the Reserve Bank of India (RBI)

'No money to buy cylinder': Migrant workers leave metros amid LPG shortage

As an LPG shortage linked to the West Asia conflict disrupts cooking gas supply in Indian cities, many migrant workers are leaving metros and returning to their hometowns

Iran war disrupts US small businesses with shipping complications

The Iran war is making life more difficult for small business owners across the country, who are grappling with shipping complications, higher costs and consumers tightening their grip on their wallets. A shoe designer is struggling to import its shoes from Vietnam; a pistachio grower has millions of dollars worth of pistachio exports sitting in the water; a home landscaper in Kansas City is stockpiling fertilizer as prices skyrocket; and a Chicago electronics store owner is facing pain at the pump. Small business owners say the severe supply chain disruptions during the pandemic were worse - but they fear that if the war stretches on for months, it might start to come close. "The costs are rising, the routes are changing, and capacity is tightening. It's all happening at the same time, and that's a perfect storm for small businesses," said Brandon Fried, executive director of the Airforwarders Association, a trade group for US companies that move cargo through the supply chain on a

China in talks with 'all parties' on need to restore Strait of Hormuz

China on Thursday said that it is in communication "with all parties" about the need to restore stability in the Strait of Hormuz, and that everyone should work toward that end. "We believe that an early ceasefire and restoration of peace and stability in the Strait of Hormuz and its adjacent waters is a common aspiration of the international community, and all sides should work towards this end," Chinese Foreign Ministry spokesperson Mao Ning said. "China is maintaining communication and coordination with all parties," she said. Mao said that "the root cause of the disruption to navigation in the Strait of Hormuz lies in the illegal military actions taken by the US and Israel against Iran," and said the way to restore safety in the area is to end the hostilities. "Military means cannot fundamentally resolve the issue, and an escalation of the conflict is not in the interest of any party," she said. China and Pakistan agreed this week to promote a five-point proposal, which includ

South Korea President seeks swift parliamentary nod for $17 bn energy plan

Lee highlighted that disruptions in global energy supply--particularly due to virtual blockades around the Strait of Hormuz have significantly pushed up fuel prices

War will continue till US faces 'permanent humiliation', surrenders: Iran

Washington is unaware of the Islamic Republic's 'vast strategic capabilities', a spokesperson said, dismissing Trump's claims of 'dramatically curtailing' Iran's ability to launch missiles and drones

Iran hits Haifa port after Trump says Tehran's missile programme destroyed

Israel Defense Forces (IDF) confirmed the missile launches in a statement on Telegram, noting that defensive systems were actively operating to intercept the threat

Iraq's oil hub slows to crawl as Strait of Hormuz closure strangles exports

Iraqi oil fields once alive with the buzz of workers are nearly deserted. Ports that pulsed with the churn of cargo have fallen still, the din of commerce replaced by the soft rhythm of waves. A month after the war in Iran started, workers at ports and oil fields in the province of Basra, where almost all of Iraq's crude is produced and exported, have grown accustomed to rockets streaking across the sky, aimed at US air bases and other strategic facilities. The war, which began with US-Israeli strikes, is dealing a heavy blow to Iraq's economy. Iraq relies on oil revenues for roughly 90% of its budget, and most of its oil is exported through the Strait of Hormuz, the narrow mouth of the Persian Gulf where Iran has effectively stopped cargo traffic during the conflict. The war also has led to a sharp reduction in the volume of imported goods reaching southern Iraq's ports, while attacks have halted traffic at the border it shares with Iran. Unlike other countries in the Middle East