Page 4 - West Asia And The Gulf

ONGC hits 52-wk high, Oil India up 4%; what's driving upstream oil stocks?

ONGC and Oil India are key beneficiaries if Brent price remains elevated above USD 70/bbl as their CMP is discounting ~USD 65/bbl net crude realisation amidst low risk of windfall tax, said analysts.

Toyota Motor sales fall for second month in March on West Asia slump

Global sales shrank 7.3 per cent from the same month a year earlier to 897,871 vehicles, with overseas sales down 7.2 per cent and those in Japan falling 7.8 per cent

Luxury giants slump as West Asia demand seizes up due to prolonged war

Shoppers in the West Asia are some of the world's biggest spenders, splashing out at retail hubs like Dubai and other luxury destinations including Paris and Milan

India to buy urea at near double pre-war prices amid supply disruption

Urea from the West Asia, a major supplier to the South Asian nation, was quoted at $490 a ton before the war began, according to Green Markets data

India denies any payment to Iran for Hormuz passage, calls reports fake

India on Wednesday denied making any payments - either in cash or cryptocurrency - to Iran to secure safe passage for its vessels through the Strait of Hormuz amid heightened tensions in the region. The clarification came after two Indian vessels had to turn back from the Strait of Hormuz after Iranian forces fired upon them as they attempted to cross the crucial waterway on April 18. Before turning back, the captain of Indian tanker Sanmar Herald, in an audio recording that has surfaced, is heard pleading with Iranian forces to stop firing despite prior clearance to pass the Strait of Hormuz. "This is motor vessel, Sanmar Herald. You gave me clearance to go, my name is second on your list... You are firing now. Let me turn back." While New Delhi has consistently rejected claims of any financial arrangements with Tehran for ship movement through the critical energy corridors, some reports linked the April 18 incident to a crypto scam. Reports suggest scammers are offering shipowner

IRGC seizes two vessels in Strait of Hormuz, cites 'red line' breach

Iranian news agencies, citing an official statement from the IRGC Navy, said the vessels MSC Francesca and Epaminondas were seized and redirected towards Iranian territory

LPG reliance highlights gaps in India's piped gas expansion drive

India's dependence on LPG imports and slow expansion of piped gas networks highlight policy gaps, affordability challenges, and consumer behaviour issues hindering a transition to cleaner cooking fuel

Domestic production of oil, gas ramped up amid West Asia crisis: RBI Guv

The current crisis in West Asia significantly impacts India, as the region accounts for approximately one-sixth of the country's exports, half of its crude oil imports, and nearly two-fifths of the inward remittances, Reserve Bank of India (RBI) Governor Sanjay Malhotra said. During his address at Princeton University on April 18, 2026, the governor highlighted that the Indian economy has demonstrated resilient growth over the past decade, supported by robust policy frameworks, financial stability, and sound fiscal policies. He noted that, in response to the ongoing crisis, India is increasing its domestic production of oil and gas. "Sources of imports are being diversified. While there is no shortage of oil, given the reserves maintained by us, there is some rationing of gas for industrial purposes," he said. Malhotra emphasised that while oil marketing companies and the government have absorbed some of the price pressures in oil, a portion of the pressures on gas prices has been .

Iran reviewing US proposals, says Hormuz curbs to stay till war ends

Iran on saturday said that it is reviewing new proposals put forward by the US. Iran's Supreme National Security Council said in a statement that Pakistan's army chief Asim Munir, serving as an intermediary, presented the proposals to Iran when he recently visited Tehran, and they were still under review. It was not revealed what was in the proposals. The council said Iran has yet to respond, but further talks would require the US to abandon "excessive demands and adjust its requests to the realities on the ground." It also said that Iran will maintain full control over traffic through the Strait of Hormuz until "the war fully ends and lasting peace is achieved in the region," adding that it would collect detailed information on passing vessels, issue transit certificates and impose tolls. The council added that it considered the US naval blockade a violation of the ceasefire, and there would be no reopening of the Strait of Hormuz until that was lifted. Meanwhile, US President D

India summons Iranian envoy after firing on its vessels in Hormuz

As per reports, Iran's Islamic Revolutionary Guard Corps (IRGC) had carried out at least three attacks on commercial ships in the strait since Saturday morning

Tensions high in Hormuz as Iran hits ships, US blockade turns back vessels

Tensions gripped West Asia as uncertainty over the Strait of Hormuz deepened, with Iran claiming control and hitting vessels, while the US military moved in parallel to regulate traffic

Indian vessels turn back as Iran gunboats fire on tanker in Hormuz: Report

Two Indian vessels have had to reverse course in the Strait of Hormuz following reports of gunfire from Iran's Revolutionary Guard, a vessel-tracker said. TankerTrackers.com said the vessels include an Indian-flagged super tanker, carrying 2 million barrels of Iraqi oil. Earlier, the British military said two gunboats from Iran's Revolutionary Guard opened fire on a tanker transiting the Strait of Hormuz after Iran said it had reimposed restrictions on the vital waterway. The United Kingdom Maritime Trade Operations Centre said the tanker and crew were reported safe, without identifying the vessel or its destination. Iran said earlier it was reimposing restrictions on the strait in response to a US blockade on Iranian shipping and ports. Iran has prevented vessels from crossing throughout the seven-week-long war, except for ones it authorises.

Modi, Macron discuss West Asia, stress navigation freedom in Hormuz

Prime Minister Narendra Modi spoke with French President Emmanuel Macron and discussed the situation in West Asia, with both leaders emphasising the need to urgently restore safety and freedom of navigation in the Strait of Hormuz. In a post on X about his telephonic conversation with Macron, Prime Minister Modi said on Thursday, "We will continue our close cooperation to advance peace and stability in the region and beyond." On March 5, Modi and Macron had spoken over the phone, and discussed their "shared concerns" over the evolving situation in West Asia, and the need for a return to dialogue and diplomacy. The conflict in West Asia has now stretched to nearly 50 days. "Received a phone call from my dear friend President Emmanuel Macron. We discussed the situation in West Asia and agreed on the need to urgently restore safety and freedom of navigation in the Strait of Hormuz. "We will continue our close cooperation to advance peace and stability in the region and beyond," Modi

Iran proposes letting ships exit safely through Oman side of Hormuz: Report

The US-Israeli war with Iran has resulted in the largest-ever disruption of global oil and gas supplies due to Iran's interruption of traffic through the strait

L&T up 26% from March low, nears pre-West Asia conflict price; here's why

L&T's long-term outlook for the Middle East business remains robust with no news of project cancellations or payment delays, says brokerage firm JM Financial.

US, Iran agree 'in principle' to extend ceasefire amid tensions: Report

As per a report, both sides - the US and Iran - are making progress and appear willing to prolong the truce to create space for continued diplomatic engagement

Xi says rule of law must be upheld for West Asia peace, stability

The visit comes amid heightened tensions in the Middle East after weekend talks between Washington and Tehran failed to reach a deal to end the war

Modi, Trump hold 40-min call, discuss Hormuz blockade, energy deals

This marked the first interaction between the two leaders since the initial round of peace talks in Islamabad failed without an agreement after nearly 21 hours of negotiations

Lebanon, Israel hold first direct diplomatic talks in decades in Washington

Lebanon and Israel opened their first direct diplomatic talks in decades on Tuesday in Washington following more than a month of war between Israel and the Hezbollah militant group. Secretary of State Marco Rubio called it a "historic opportunity" and made it clear no breakthrough agreement was immediately expected. Rubio said the Trump administration is "very happy" to be facilitating the discussions, while noting that "we understand we're working against decades of history and complexities" that will not be quickly resolved. Hezbollah opposes the direct talks and was not represented, and the group appeared to step up its fire on northern Israel as the talks began. "But we can begin to move forward with a framework where something can happen, something very positive, something very permanent, so that the people of Lebanon can have the kind of future they deserve, and so that the people of Israel can live without fear," Rubio said. Rubio and US Ambassador to the United Nations Mike