West Asia

West Asian oil producers step up plans to bypass Strait of Hormuz

Before the war in Iran, roughly 15 million barrels of Persian Gulf oil were shipped each day through the Strait of Hormuz. Within a few years, much of that oil could bypass the strait. As Iran's chokehold over the strait drags on and oil prices surge, countries across the Gulf are planning to spend billions of dollars to build pipelines enabling them to redirect more supplies to ports along the Red Sea, Suez Canal and Gulf of Oman. At least seven major pipeline projects are under construction, in the planning stage or being discussed as possibilities, according to government officials, oil companies and analysts. Even alternatives to Hormuz can become vulnerable, as Iran-backed Houthi rebels in Yemen have shown this week with a stated blockade on Saudi-linked vessels attempting to transit the Red Sea. But the war has been a wake-up call for Gulf oil producers, who are determined to become less dependent on a transit point that hugs Iran's coast. Some alternative routes will take th

US-Iran war: Why desalination plants are critical to Gulf and under threat

Iranian strikes have exposed the Gulf's dependence on desalination plants. Here's why these facilities are vital, vulnerable during conflict, and what a disruption could mean for the region

BPCL, HPCL post Q1 losses amid crude oil spike, weak fuel margins

State-run oil refiners reported quarterly losses as higher crude oil prices, weak fuel marketing margins and LPG under-recoveries weighed on earnings

Adverse developments in West Asia, US, Russia: India may be worst-hit

The legislation allows US President Donald Trump to impose tariffs of as much as 100 per cent on the top five purchasers of Russian oil and natural gas, essentially targeting China and India

Why US strikes on southern Iran are putting the Gulf's sea lanes on edge

Fighting is spreading across West Asia as the US intensifies strikes on southern Iran, Tehran retaliates across the Gulf, and key energy and shipping routes come under growing threat

What is Iran's Pickaxe Mountain and why has Trump threatened to attack it?

Trump has threatened to attack Iran's Pickaxe Mountain after reports claimed Tehran moved centrifuges to the underground site near its Natanz nuclear facility

Q1 results preview: West Asia war may weigh on state-run OMCs' margins

Higher crude prices, a weaker rupee, elevated insurance costs and delayed fuel price hikes are expected to weigh on the June-quarter earnings of state-run oil marketing companies

Forex strategy must go beyond short-term flows and import substitution

The basic idea behind the liberalised FCNR (B) scheme and other such measures is to attract foreign-currency flows, which will help RBI build foreign-exchange buffers at a time of global uncertainty

Yemen's Houthis announce Saudi naval blockade: What it means for oil trade

The Houthis have declared a naval blockade on Saudi Arabia, a move that could affect oil exports, shipping through the Bab el-Mandeb Strait and global energy markets

India's crude oil import bill rose 48% to $14.7 billion in June

India's crude oil import bill climbed to $14.7 billion in June as elevated global crude prices amid supply disruptions outweighed a decline in import volumes

Rupee weakens to 2-month intraday low on crude rally; RBI likely intervenes

The rupee slipped to a two-month intraday low as higher crude oil prices and West Asia tensions weighed on sentiment, with likely RBI intervention helping limit losses

India advises citizens to postpone travel to Iran amid rising instability

India on Sunday advised its nationals to postpone travel to Iran until the security situation improves and urged those already in the country to consider leaving through available commercial flights amid rising instability and conflict. In a revised travel advisory, the Indian Embassy in Tehran underlined that the "recent days have seen an increase in levels of instability and conflict in Iran", necessitating heightened caution for Indian nationals. "Indian nationals intending to travel to Iran for any purpose should postpone travel for the time being, until the security environment improves," the mission said. It advised Indians already in Iran to consider temporarily exiting the country using available flight options. Those choosing to remain in Iran have been asked to exercise the "highest possible level of caution", the embassy said. "They should carefully monitor the news to maintain full situational awareness, and should avoid locations seeing higher levels of military activ

US launches fresh strikes on Iran after death of another service member

The United States began a new round of airstrikes early Monday targeting Iran after announcing the death of another American service member, and Iran fired missiles toward Jordan that risked widening the conflict into neighboring Israel. Step by step, the US and Iran have inched closer to all-out war as last month's interim deal meant to permanently end the fighting has crumbled and shipping traffic in the Strait of Hormuz has largely stalled. Both sides have targeted civilian infrastructure relied on by millions of people. The U.S. military said the service member was killed in Iraq on Saturday during the "controlled detonation" of a downed Iranian drone. US launches ninth night of Iran strikes ---------------------------------------- Earlier, the military said its strikes targeted Iran's paramilitary Revolutionary Guard to retaliate for Friday's killing of troops in Jordan. One service member was missing after that attack, and the military's new statement said "unidentified rema

US military says 2 troops dead, 1 missing after Iran attack on Jordan base

The US military says two troops are dead and one is missing after Iranian attacks on a base in Jordan. They are the first US deaths due to direct Iranian fire since the opening days of the war. A statement says they were killed Friday as the US and partner forces defended against Iranian ballistic missile and drone attacks. These are the first US deaths due to Iranian fire since the opening days of the war. It says four other service members who were were medically evacuated to Jordanian hospitals were later discharged. The dead were not identified.

Mojtaba Khamenei warns of 'unforgettable lessons' if US continues attacks

Iran's supreme leader, Mojtaba Khamenei, in a new statement warned of "unforgettable lessons" if US continues attacks. The statement attributed to Khamenei, still unseen since the war began, was read out on state television. He also called US President Donald Trump's signature "worthless and invalid," after an Iranian negotiator earlier Saturday said Tehran was suspending its commitments to the interim deal signed by both countries about a month ago. The deal was aimed at permanently ending the war.

Iran suspends interim deal commitments with US amid exchange of attacks

The United States and Iran exchanged strikes aimed at infrastructure and military targets on Saturday as an Iranian negotiator said Tehran had suspended its commitments under the interim deal with the US -- snapping another fragile thread as the war shows no end in sight. The battle over the Strait of Hormuz intensified in a conflict increasingly focused on control of the essential waterway that previously carried a fifth of the world's crude oil. The widening strikes threatened civilians and services to them, while the global economy again was on alert. The US Central Command said early Saturday that its seventh straight night of strikes hit "surveillance sites, military logistics infrastructure, underground weapons storage, and maritime capabilities." The US has violated its commitments under the deal that was signed about a month ago and now Iran is "no longer implementing them," Kazem Gharibabadi, Iran's deputy foreign minister, told state TV. Kuwait sees the most striking ...

US, Iran trade strikes over Hormuz; Kuwait suffers infrastructure damage

The United States and Iran exchanged strikes aimed at infrastructure and military targets on Saturday as their battle over the Strait of Hormuz intensified. The region has endured days of back-and-forth attacks in a conflict increasingly focused on control of the strait, an essential waterway that used to carry a fifth of the world's crude oil. The collapse of an interim ceasefire leaves no clear end in sight for the war that the US and Israel began more than four months ago. The US Central Command said early Saturday that its seventh straight night of strikes had hit "surveillance sites, military logistics infrastructure, underground weapons storage, and maritime capabilities." The most significant damage on Saturday occurred in Kuwait after Iran struck a water desalination plant and an oil facility, according to the Kuwait authorities and the Kuwait Petroleum Corporation. Both declined to provide locations. The strikes injured several people at the oil facility and caused a fire

West Asia war a blow to Kerala's remittance-backed economy: CM Satheesan

Satheesan speaks about the impact of the West Asia war, a proposed high-speed rail project in the state and the Adani group's stake sale plan in the Vizhinjam port project

Iran's Red Sea threat likely to deepen energy supply risks for India

A closure of the Bab el-Mandeb Strait could disrupt Saudi crude shipments, forcing India to rely more on alternative suppliers and increasing risks to LPG supplies

Iran threatens to shut Bab el-Mandeb: What it means for India and the world

Iran has asked Yemen's Houthis to prepare for a possible closure of the Bab el-Mandeb Strait, raising concerns over its impact on global shipping, energy markets and trade