Page 6 - West Asia And The Gulf

21 hours in Pakistan: How Vance tried and failed to end a war he opposed

JD Vance leaves Pakistan without a deal as US-Iran talks collapse, deepening uncertainty over ceasefire and escalating tensions in the Strait of Hormuz

Govt acted swiftly, but more support needed to cushion war impact

Strait of Hormuz disruption strains India's trade, prompting swift policy action, but experts call for a targeted support package to ease logistics and cost pressures

US-Iran talks in Islamabad likely to proceed via indirect channels: Reports

The process is expected to follow a facilitated format aimed at "keeping dialogue alive", with mediators shuttling between delegations, rather than seeking an immediate breakthrough

Oil rebounds above $100 as Hormuz remains blocked, supply fears linger

Iranian Parliament Speaker Mohammad-Bagher Ghalibaf said in a statement on X that three clauses of the ceasefire proposal have been violated

India caps refinery margins after windfall export tax to curb losses

After imposing a windfall tax on fuel exports, India has moved to cap refinery margins in a bid to offset losses on domestic fuel sales, sources said. The war in West Asia has had two prolonged impacts - spike in international oil prices that has led to record losses on petrol and diesel sales as retail rates have not changed in tandem. Secondly, it has given bumper margins to refineries, who irrespective of retail price freeze, price their products at imported cost. The government last month imposed a Special Additional Excise Duty (SAED) on exports of diesel and aviation turbine fuel (ATF), as part of efforts to curb windfall gains by refiners and boost domestic fuel availability amid tight global markets. Alongside, refining margins have been capped at USD 15 per barrel, with any earnings above that threshold treated as a discount on fuel sold to state-run marketing companies, effectively transferring excess gains to offset retail losses, sources said. The oil marketing companie

Early signs of stress from West Asia crisis visible across sectors: FICCI

Early signs of stress are visible across sectors, warranting proactive measures to mitigate immediate risks as well as to build long-term resilience, industry lobby FICCI said in a report on the implications of the West Asia conflict released on Thursday. The report emphasises that this crisis, while being challenging, also presents an opportunity for India to accelerate structural reforms aimed at strengthening economic resilience and reducing external vulnerabilities. The government may consider the provision of emergency financing for MSMEs and issuance of advisories to address force majeure-related risks in public procurement contracts, ensuring that businesses are not penalised for delays caused by factors beyond their control, says the report. The report also suggests that the government may initiate consultations within the GST Council to explore a roadmap for the inclusion of petroleum products under GST. This would help reduce cost burdens, improve supply chain efficiency a

Govt ramps up feedstock supplies to pharma sector amid West Asia crisis

The government has stepped up supplies of critical petrochemical feedstock to the pharmaceutical industry to ensure uninterrupted production of essential medicines, as global supply chains remain strained due to the crisis in West Asia. Prior to the West Asia conflict, the pharmaceutical industry imported a bulk of its petrochemical feedstock, mostly in Kandla, Gujarat, from where the logistics chain took them to factories. The war, however, has disrupted those imports, which are now being substituted by Indian refiners, tweaking production lines to make available specialised feedstock to the pharma sector. Key inputs such as propylene, ammonia and methanol are being allocated on a pro-rata basis to meet industry requirements, said Satyaprakash TL, Joint Secretary in the Department of Pharmaceutical, at a news briefing. Propylene, the most critical feedstock, is being supplied from domestic refiners, including Bharat Petroleum Corp Ltd, and used to produce intermediates, such as ...

India well placed to handle energy shock, backed by strong buffers: WB

The World Bank on Thursday said India is well placed to weather the current global energy shock with ample buffers, including high foreign exchange reserves, fiscal space and low inflation, which will support growth despite global headwinds. Addressing a conference a day after raising India's GDP growth projections for the current fiscal to 6.6 per cent, the World Bank said India had dealt well the trade turbulence last fiscal and the Indian economy entered the current Middle East crisis, which has led to volatility in oil markets, "from a position of strength". World Bank Regional Practice Director, Prosperity, for South Asia, Sebastian Eckardt said, "India has strong policy buffers, high Forex reserves, fiscal space, to provide support as needed, as well as low inflation, and strong goals moment going into this current shock. And that strong growth momentum is supported by gross positive policies, including the EU FTA the new labour, all of these things, of course, reinforced and

Hormuz remains open, JD Vance to hold talks with Pak on Sat: White House

Press Secretary Karoline Leavitt described the ceasefire as a "historically swift and successful military triumph," saying US operations had weakened Iran's military capabilities

Oil, gas flows through Strait of Hormuz may take months to recover

Even as the Strait of Hormuz reopens, damaged oil and gas infrastructure across the Gulf could delay supply recovery and keep global energy prices elevated

Iran truce excludes Lebanon, strikes on Hezbollah to continue: Netanyahu

Netanyahu said a ceasefire with Iran does not apply to Hezbollah, indicating that Israeli military operations against the group would continue despite the truce

Iran's 10-point ceasefire plan not what Trump agreed to, says White House

Many of these demands are likely to conflict with a 15-point proposal US mediators laid out last month

No toll for transit through Hormuz: Oman contradicts Iran's truce demand

An Omani minister said the country remains bound by existing agreements that prohibit levying charges on ships transiting the key waterway

Iran hits neighbours with missiles, drones hours after 'ceasefire' with US

The fresh strikes were launched in response to attacks on the country's oil facilities earlier in the day, Iranian state television was quoted as saying

Suspending operations for two weeks, says Iraq's Islamic Resistance

Iran-backed Islamic Resistance in Iraq has suspended its operations in Iraq and across the region for two weeks

Rewiring power for a new era: India's energy transition is too cautious

India imports more than 90 per cent of its oil needs and roughly half its gas requirements

Govt doubles 5-kg LPG cylinder supply for migrant labourers amid shortage

Move aims to ease LPG shortage for migrant workers as supply disruptions from West Asia prompt the government to prioritise domestic consumption

Stay indoors, avoid military sites for 48 hours: India to citizens in Iran

The Indian Embassy in Iran has advised Indian nationals to remain indoors for the next 48 hours, avoid military and electrical installations, and stay in close contact with embassy

Gold rises 0.6% as dollar eases, oil dips amid hopes of de-escalation

The US dollar edged 0.2 per cent lower, making greenback-priced gold slightly cheaper for holders of other currencies