Page 4 - Latest Updates on West Asia Conflict

India Inc profit hit from West Asia crisis to halve if truce holds: Crisil

The profitability impact of the recent West Asia conflict on corporate India is likely to be about half as severe as initially feared if the US-Iran ceasefire holds and energy supplies continue to normalise, Crisil Ratings said. The ratings agency said it now expects the conflict to shave around 100 basis points off India Inc's operating margins in fiscal 2027, compared with its earlier estimate of a 200-basis-point hit under a prolonged conflict scenario that included disruption to shipping through the Strait of Hormuz. The revised outlook follows a sharp correction in crude oil prices after the reopening of the Strait of Hormuz under a fragile US-Iran memorandum of understanding, although Crisil cautioned that geopolitical risks remain elevated and gas supplies could take longer to normalise. "If the armistice sustains, two-thirds of the 34 sectors (we assessed) will see minimal disruption, with margin recovery in the second half mostly offsetting pressures of the first half," sai

Hormuz reopening quickly floods oil markets with supply, weighing on prices

An increase in crude shipments from the Persian Gulf, combined with weak Chinese demand and inventory releases, is putting downward pressure on oil prices worldwide

US would reject Iran deal with shipping tolls on Hormuz: Trump warns Tehran

Iran sought to claim control of the strait after US and Israel launched strikes, denying passage to ships that hadn't been pre-authorised and effectively shutting down the waterway

White House seeks $87.6 bn for Iran war, farmers' aid and Ebola response

The White House has formally requested USD 87.6 billion mostly to replenish the Pentagon after the US war against Iran, submitting the request to Congress at a politically difficult time as a majority of lawmakers have objected to any further military action. The Office of Management and Budget sent the supplemental spending request Wednesday. It arrived just hours after President Donald Trump assailed Republican senators during a private lunch -- engaging in a shouting match with one -- over their votes to approve a war powers resolution that would halt further hostilities. The request is mostly for Operation Epic Fury, but it also includes a range of other items including aid to American farmers, help for the Ebola crisis in Africa and other needs closer to home, including restoration projects in Washington, D.C. "I urge the Congress to take action on these important and urgent requests as soon as possible," said OMB Director Russ Vought in a letter to House Speaker Mike ...

Oil prices fall towards pre-war levels as tankers exit Strait of Hormuz

Brent crude futures for August delivery fell 40 cents, or 0.54 per cent, ‌to $73.34 a barrel as of 0004 GMT, while US West Texas Intermediate fell 27 cents, or 0.38 per cent, to $70.07 a barrel

India advises against non-essential travel to Iran despite easing situation

India on Wednesday advised its people to continue avoiding all non-essential travel to Iran until further notice, despite recent improvements in the security situation. The Indian Embassy in Tehran said it has been closely monitoring the prevailing security situation in Iran and was issuing a revised advisory in light of recent positive developments and improvements in the overall situation. "Notwithstanding the recent improvements, Indian nationals are advised to continue to avoid all non-essential travel to Iran until further notice," the mission said in its advisory - a copy of which was posted on social media. The mission further advised Indian citizens presently residing in Iran, as well as those who may be required to travel to the country for unavoidable reasons, to exercise a high degree of caution, remain vigilant at all times and maintain constant awareness. It urged them to closely follow local developments through credible sources of information and comply with ...

Israel, Lebanon discuss plan for transfer of some land to Lebanese army

The Israeli officials said the Lebanese troops involved would undergo US training and vetting to ensure they are not linked to Iran-backed Hezbollah

Trump says Iran agrees to long-term nuclear checks, Hormuz stays open

Trump asserted that the Iranian leadership had conceded significant ground during the ongoing diplomatic talks

US, Iran agree on roadmap for final deal in 60 days: Why India is watching

The breakthrough could ease pressure on oil markets, secure shipping through the Strait of Hormuz, and help shield India from higher import costs and inflation

US, Iran want a deal but uncertainty persists over Israeli intentions

Early progress in US-Iran talks offers hope for a deal, but tensions involving Israel, Lebanon and the Strait of Hormuz could still derail negotiations

Iranian crude prices slashed as more shipments exit Strait of Hormuz

At least 11 tankers carrying a combined 20 million barrels were detected leaving the Iranian port of Chabahar in recent days, Bloomberg shipping data show

What changed after almost four months of US-Iran war? Analysts say not much

Neither the war nor the agreement terminated the main threats emanating from Iran, many analysts said

V-P JD Vance arrives in Switzerland for first peace talks with Iran

A high-level Iranian team arrived in Switzerland for peace talks with the US, as US Vice President JD Vance departed Washington for meetings that Pakistan said will begin

3 Indian tankers reemerge in Gulf of Oman, signalling Hormuz traffic uptick

Desh Vibhor, Desh Vaibhav and Sanmar Herald were observed in Gulf of Oman and the Arabian Sea on Sunday, after having been last seen signaling their attempt to cross the Strait of Hormuz late Friday

Pak PM Sharif, Army Chief Munir leave for Switzerland for US-Iran talks

Pakistan Prime Minister Shehbaz Sharif and its Army Chief Asim Munir left for Switzerland early Sunday to participate in the technical-level talks between the US and Iran. As a follow-up to the signing of the Islamabad MoU, technical-level talks will be held in Burgenstock, Switzerland, on Sunday, according to the prime minister's office. "The prime minister, along with a high-level delegation, has departed from Islamabad for Switzerland," the PMO said in its statement issued after midnight. It added that Prime Minister Sharif and Field Marshal Munir will participate in these talks. Earlier, Pakistan had announced that the talks would be held in Switzerland after they were postponed on Friday. The talks are aimed at adding key details to the preliminary accord to halt the nearly four-month war between the US and Iran signed earlier this week by US President Donald Trump and Iranian President Masoud Pezeshkian. US Vice President J D Vance was initially supposed to hold a first rou

Iran negotiators, Vance head for Switzerland as Lebanon fighting continues

The IRGC warned ships would be at risk ​if they approached the waterway, a vital conduit for global oil and gas supplies

US to charge tolls in Hormuz if Iran deal not reached in 60 days: Trump

US President Donald Trump on Saturday threatened to impose US tolls in the Strait of Hormuz if a final deal with Iran isn't reached in 60 days. Trump, spending the weekend at Camp David, underscored that the initial agreement to end the war with Iran calls for toll-free travel through the vital waterway for 60 days. Then he said: "there will be NO TOLLS after the 60 day period has expired, unless they are imposed by and for the United States of America, should the deal not be completed." Trump said the money would be for "services rendered as the Guardian Angel to the countries of the Middle East for purposes of both past, present, and future reimbursement of costs." The US president has faced a lot of blowback domestically for how the memorandum of understanding with Iran addresses the issue of tolls in the Strait of Hormuz. The deal only secures toll-free passage for 60 days and doesn't preclude future fees.

Iran resumes crude exports from Kharg Island after US lifts blockade

Iran has been the early winner from the easing of tensions with the US following the signing of an interim peace deal and has wasted no time in resuming oil exports

Three India-flagged oil tankers cross Hormuz with 94 crew onboard

Three Indian-flagged crude oil tankers carrying over 8.6 lakh million tonnes of cargo with 94 crew members from the country transited through the Strait of Hormuz on Saturday and are en route to India, Union Minister Sarbananda Sonowal said. The three crude oil tankers -- Desh Vaibhav, Desh Vibhor, and Sanmar Herald -- are expected to arrive in India between June 24 and July 1. While Desh Vaibhav is expected to reach Vadinar Port on June 24, Desh Vibhor is likely to arrive at Sikka Port the same day. Sanmar Herald, the third Indian-flagged oil tanker to cross the Strait of Hormuz on Saturday, is scheduled to reach Paradip on July 1. "3 Indian-flagged crude oil tankers, Desh Vaibhav, Desh Vibhor and Sanmar Herald carrying over 8.6 Lakh MT of cargo with 94 Indian crew members have successfully transited the Strait of Hormuz today and are en route to India," Minister of Ports, Shipping & Waterways Sonowal said in a post on X. "Under the decisive leadership of Hon'ble PM Shri ...

Peace talks with Iran on track; Witkoff, Kushner in Switzerland: Vance

US Vice President J D Vance said on Saturday the peace talks with Iran were on and negotiators Steve Witkoff and Jared Kushner were already in Switzerland. In an interview with Fox News, Vance said he also planned to join the talks in Switzerland in the next few days, contending that the US has all the cards. "We'll plan the talks when the principals from the Iranian government, also the Qatari and the Pakistani governments arrive. That may happen as soon as tomorrow, but these things are always a little bit in flux," Vance said. "Jared and Steve have been on the ground now for a few hours, dealing with some of the technical elements of this negotiation," Vance added. US President Donald Trump and Iran President Masoud Pezeshkian signed the Memorandum of Understanding to end the over three-month war and technical aspects of the agreement were to be discussed by negotiators in Switzerland beginning Friday. However, there was a delay due to a fresh round of firing between Israel and