Page 26 - West Asia

Iran stopped over 14 India-bound ships in Hormuz, hit one by gunfire

A convoy of 14 India-bound ships carrying crude oil and gas were stopped by the Iranian Revolutionary Guard Corps (IRGC) by firing at two of them while they were transiting the Strait of Hormuz, leading to 13 of the vessels returning to different locations in the Persian Gulf, official sources privy to the development said. An Indian-flag carrying ship, which was hit by bullets fired by the IRGC while crossing the Strait of Hormuz, was carrying crude oil and a window pane was broken, forcing it to stop the journey and return. The extent of damage to the second vessel was not immediately known but it also had returned. However, another ship, which was Indian flagged and loaded with crude oil for the Hindustan Petroleum Corporation Limited, sailed through the Strait and is now heading towards India, the sources said. Two Iranian gunboats approached the targeted tanker and fired at it without warning. Gunboats approached the vessel 37 kilometres northeast of Oman, causing other vessels

Iran reimposes control over Strait of Hormuz as ships report gunfire

At least two vessels reported being hit by gunfire as they attempted to cross the strait, the sources said

No date set for next US talks: Iran deputy foreign minister Khatibzadeh

The highest-level US-Iran talks since the 1979 Islamic Revolution ended in Islamabad without agreement last weekend

Govt responds to West Asia shipping insurance spike with ₹13k cr pool

The pool would cover all maritime risks like Hull and Machinery, Cargo, P&I and War risk, a statement by the cabinet said

Iran gunboats fire on tanker in Strait of Hormuz as restrictions return

The duelling blockades in the Strait of Hormuz lurched into uncharted waters on Saturday as the United States pressed ahead with its campaign to choke off Iranian ports and Iran reversed an initial move to reopen the waterway, firing on a ship attempting to pass. Confusion over the critical chokepoint threatened to deepen the energy crisis roiling the global economy and push the two countries toward renewed conflict, even as mediators expressed confidence a new deal was within reach. Iran's joint military command said on Saturday that "control of the Strait of Hormuz has returned to its previous state ... under strict management and control of the armed forces." It warned that it would continue to block transit through the strait as long as the US blockade of Iranian ports remained in effect. Two gunboats from Iran's Revolutionary Guard opened fire on a tanker transiting the Strait of Hormuz, the British military's United Kingdom Maritime Trade Operations centre said on Saturday. It

India spreads LNG supply basket to Africa, barred Russian projects

Importers explore cargoes from Russia and Norway as Qatar supply disruptions and geopolitical tensions force diversification and raise questions over sanctioned LNG sourcing

The West Asia conflict and prospects for a multipolar monetary order

India must take a proactive stance on any alternative currency initiative, rather than remain on the sidelines

Iran war, early summer may trigger thirsty times for Bengaluru's beer mkt

West Asia tensions, rising input costs and early summer demand strain Bengaluru's beer supply, though industry says impact remains limited for now

Iran opens Strait of Hormuz; Donald Trump signals lasting deal to end war

Tehran has agreed to suspend N-programme indefinitely, says US President

FIEO urges RBI to provide liquidity support amid West Asia conflict

India's export sector has held up well despite a year marked by geopolitical tensions, tariff volatility, said SBI's Ghosh

LPG bookings edge toward normal as summer season eases demand

Cooking gas LPG demand is inching towards normalcy as domestic supplies increased as onset of summer chips away demand, a senior official said on Friday. With the war in West Asia disrupting global energy supplies, cooking gas availability in India, too, was impacted. Following this, the government prioritised supplies to domestic household kitchens by cutting supplies to commercial establishments such as hotels and restaurants. The cuts spark panic, prompting even domestic consumers to rush to secure LPG refills. Daily bookings exceeded 88 lakhs at peak last month as against pre-crisis bookings of about 45 lakh a day. Efforts to raise domestic output by diverting petrochemical pools into LPG production, led to a 40-50 per cent rise in output, prompting restoration of some of those supplies. At a news briefing, Sujata Sharma, Joint Secretary in the Ministry of Petroleum and Natural Gas, said daily bookings are in the range of 46-50 lakh currently. "Deliveries are normal. Yesterday

Indian refiners pay for Iran oil in yuan via ICICI Bank, says report

Indian refiners use yuan via ICICI to settle rare Iranian oil purchases under US waiver, as sanctions and payment hurdles complicate trade

West Asia crisis: More destinations added to RELIEF scheme for exporters

The government on Friday expanded the list of eligible destinations under RELIEF scheme for exporters amid the West Asia crisis, which has impacted the country's exports. On March 19, the government launched a Rs 497-crore RELIEF (Resilience and Logistics Intervention for Export Facilitation) scheme to assist exporters facing disruptions due to the conflict. "With this expansion, Egypt and Jordan have been added to the list of eligible countries for shipments meant for delivery or transhipment, under the relevant provisions of the RELIEF framework," the commerce ministry said. It also clarified that exporters obtaining a fresh ECGC whole turnover policy on or after March 16, 2026 would be eligible for support. This clarification is aimed at ensuring greater clarity and facilitating wider participation of exporters, particularly new policyholders. "In view of the evolving geopolitical situation in West Asia and its continuing impact on maritime logistics across the Gulf and adjoini

France, UK convene allies to plan Hormuz mission after conflict ends

Macron, Starmer call for 'full' reopening of Strait; Trump says Israel won't be bombing Lebanon

Shipping firms seek clarifications before crossing Strait of Hormuz

Iran says that the Strait of Hormuz was open to all commercial vessels during a 10-day Lebanon ceasefire accord

Iran says Strait of Hormuz open to all commercial vessels during ceasefire

The announcement's impact was almost immediately reflected in global crude prices, which crashed by almost 9%

Indian banks' credit portfolio resilient amid West Asia conflict: CRISIL

Domestic lenders likely to see GNPAs at 2-2.2% in FY27, with MSME segment facing some pressure while corporate and retail portfolios remain stable

Oil prices slump further after Iran's Araghchi declares Hormuz Strait open

Oil prices drop as Iran signals Strait of Hormuz remains open, easing supply fears amid US-Iran talks, though uncertainty over war and recovery keeps markets volatile

Iran has made key concessions, deal to end war 'fairly soon', says Trump

The US president said it may be unnecessary to renew a two-week ceasefire with the Islamic Republic before it expires next week

Pakistan says it will keep backing US-Iran talks, urges ceasefire to hold

Pakistan on Sunday said it will continue to facilitate talks between the US and Iran, while urging both sides to uphold the ceasefire. In a brief statement to the media after marathon negotiations between the US and Iran ended without a breakthrough, Deputy Prime Minister and Foreign Minister Ishaq Dar said Pakistan has helped mediate several rounds of "intense and constructive" discussions over the past 24 hours. "I, along with the Defence Forces Army Chief Field Marshal Syed Sim Munir, helped mediate several rounds of intense and constructive negotiations between the two sides that continued through the last 24 hours and ended this morning," he said. Expressing hope for progress, Dar said both sides should maintain a positive spirit to achieve durable peace and regional stability. "It is imperative that the parties continue to uphold their commitment to the ceasefire," he said. Dar said Pakistan would continue to play its role in facilitating engagement and dialogue between Iran