Page 51 - Israel Iran Conflict

Nomura cuts India FY27 GDP forecast to 7% amid West Asia conflict

Tensions in West Asia, if sustained, could test the goldilocks mix of robust growth and stable inflation, Nomura said in a recent note.

EAM Jaishankar speaks to Sergey Lavrov after US' Russian oil waiver

External Affairs Minister S Jaishankar held talks with Russia's Sergey Lavrov and EU foreign policy chief Kaja Kallas as the West Asia conflict disrupts energy supplies

Risk-reward ratio favorable for long-term investors: Rahul Singh, Tata AMC

Strategy for 2026, he said, is shifting toward sectors with a probable growth visibility such as Banking, Consumer, Resources and Manufacturing.

Standard Chartered evacuates staff from offices in Dubai: Report

British bank Standard Chartered has a large presence in the United Arab Emirates, with Dubai now a large financial hub for leading international banks including JPMorgan and HSBC

Iran warns oil could hit $200 a barrel amid threat of continuous strikes

"We won't allow even one litre of oil to reach the US, Zionists (Israel) and their partners. Any vessel or tanker bound to them will be a legitimate target," Ebrahim Zolfaqari said

IEA to release record 400 million barrels of oil from stockpiles

The IEA, which co-ordinates stockpile releases for OECD countries, has said its 32 members hold more than 1.2 billion barrels in public emergency stockpiles

India's Russian oil buy surges 50% amid scramble to replace lost barrels

India's purchase of Russian crude oil has surged 50 per cent in March as New Delhi tapped alternate sources to make up for the shortfall arising from disruption in the Middle East amid a widening military conflict. India bought about 1.5 million barrels of Russian oil this month, up from 1.04 million bpd in February, ship tracking data showed. India, the world's third-largest crude importer, sources 88 per cent of its oil needs from abroad. It consumes 5.8 million barrels per day, of which 2.5-2.7 million barrels came from Middle East countries like Saudi Arabia, Iraq, and the UAE via the Strait of Hormuz. The chokepoint also carried 55 per cent of India's cooking gas (LPG) and 30 per cent of liquefied natural gas (LNG), used for power, fertilizers, CNG, and household cooking. The ongoing conflict has largely halted shipments through the strait, forcing India to seek alternative crude sources from Russia. "India was expected to import around 2.6 million barrels per day of crude vi

Oil prices rise as supply fears linger despite IEA reserve release plan

Brent futures traded up $3.31, or 3.8%, at $91.11 a barrel by 1159 GMT. US West Texas Intermediate (WTI) traded $3.13 higher, also 3.8%, at $86.58 a barrel

Shell declares force majeure on Asia LNG deals after Qatar plant shutdown

Shell has an equity partnership with QatarEnergy in the massive Ras Laffan LNG plant, the largest single plant in the world, which shut down last week following a drone attack on the facility

India's low energy stockpiles pose risk amid West Asia conflict: S&P

S&P Global Ratings warns India's limited strategic energy reserves and heavy import dependence heighten vulnerability to supply disruptions in West Asia

IRCTC shares fall on reports of halting train catering amid LPG shortage

IRCTC shares slipped nearly 3 per cent intraday after reports suggested the company may temporarily halt cooked meal services on trains due to LPG shortages caused by supply disruptions in West Asia

Moody's warns of margin, cash-flow pressures for Indian fuel retailers

State-owned fuel retailers Indian Oil Corporation (IOC), Bharat Petroleum Corporation Ltd (BPCL) and Hindustan Petroleum Corporation Ltd (HPCL) absorbing the impact of elevated global energy prices will lead to heightened margin and cash-flow volatility, Moody's Ratings said on Wednesday. "Domestic retail prices of fuels have remained largely steady since April 2022, despite swings in global oil and gas prices and the country's high dependence on imports," Moody's said in a note. "The companies will bear rising input costs from higher energy prices without corresponding increases in selling prices because the government's influence over retail pricing prevents timely cost pass-throughs." The three firms control nearly 90 per cent of retail fuel outlets in the country. Global benchmark Brent crude rose sharply and hit a high of USD 119 per barrel on March 9 before settling just under USD 90 the following day, reflecting a heightened geopolitical risk premium. However, retail pump r

IRCTC may temporarily halt cooked meals on trains amid LPG supply crunch

IRCTC may pause cooked meal services on trains due to an LPG supply shortage arising out of the conflict in West Asia. It has directed kitchens to use alternate methods to meet demand

Iran conflict may pressure cash flows of OMCs, GAIL: Fitch Ratings

Fitch says Indian oil marketing companies and GAIL could face cash flow pressure if disruptions linked to the Iran conflict persist, though government support may cushion credit profiles

West Asia conflict: Bengaluru LPG consumers engage in panic booking

Panic enquiries for domestic LPG cylinders have risen at several gas agencies in Bengaluru in the past few days amid concerns over supply disruptions due to the widening West Asia conflict, though dealers said on Wednesday that stocks are adequate as of now. However, there is an acute shortage of commercial LPG cylinders, forcing several hotels and restaurants in the city to operate under strain, an LPG dealer told PTI. Hotel and restaurant owners reiterated that they would be forced to shut down once their stock is exhausted. A representative of Indane distributor, Sri Giridhar Agencies, said there has been no disruption in the supply of LPG cylinders for domestic use. "Every day we have been receiving loads. There is no disruption in supply. However, we have been getting numerous panic calls from customers enquiring whether there is sufficient stock. Calls for bookings have also gone up," the representative, who did not wish to be identified, said. He assured customers that adeq

Iran's joint military command says banks now major target in West Asia

A joint Iranian military command said on Wednesday that banks and financial institutions are now a target in the Middle East. The Khatam al-Anbiya Headquarters issued a statement identifying the targets. It came after Iranian media reported staff at a bank in Tehran had been killed in Israeli-American airstrikes. The threat would put at risk, particularly Dubai, in the United Arab Emirates, which is home to many international financial institutions, as well as Saudi Arabia and the island kingdom of Bahrain.

India's Russian oil purchases helping stabilise markets: US ambassador

US Ambassador Sergio Gor said India's ongoing Russian oil purchases are helping stabilise global oil markets amid volatility triggered by the escalating West Asia conflict

LPG shortage fears trigger panic buying; eateries warn of shutdowns

Fears of an LPG shortage sparked panic buying at gas agencies in Lakhimpur Kheri, while restaurants in Goa warned of possible closures as commercial cylinder supply slows amid the West Asia conflict

Bank stocks fall as Iran war fuels inflation fears, Nifty Bank drops 2%

Banking stocks witnessed a sharp decline today as West Asia conflict raised oil-linked inflation risks. Nifty Bank index fell 1.8 per cent on the NSE led by Axis Bank, HDFC Bank, and ICICI Bank

4 injured after Iranian drones hit near Dubai Airport; operations continue

Two Iranian drones hit near Dubai International Airport on Wednesday, wounding four people, though flights continue, authorities said. The Dubai Media Office, which issues statements on behalf of the city-state's government, said the attack caused "minor injuries to two Ghanaian nationals and one Bangladeshi national, and moderate injuries to one Indian national." It said flights continued. Dubai International Airport, home to the long-haul carrier Emirates, is the world's busiest for international travel. Authorities have been trying to build up their flight schedule, though the airport has been targeted in the war.