Page 6 - West Asia

Need of hour is to use petro products with restraint, says PM Modi

Prime Minister Narendra Modi on Sunday said that the need of the hour, in the wake of the West Asia crisis, is to use petro products with restraint. Speaking at an event here where he virtually laid the foundation stone and inaugurated development projects worth around Rs 9,400 crore in Telangana, he said the imported petro products should be used only as per need, as it will not only save foreign exchange but also reduce the adverse impact of war. Observing that, over the past few years, India has reached a spot among the top countries in the world in terms of solar power, he said, unprecedented work has been done in ethanol blending in petrol. First, the government is focused on 100 per cent LPG coverage, and now, it is focused on the supply of piped gas economically. The government is also promoting a CNG-based system. Due to all these efforts, India is dealing with the major energy crisis in the world, he said. "But, today, the need of the hour is also to use petrol, gas, dies

Iran sends its response to US proposal aimed at ending the war: Report

Iran has responded to a US peace proposal via Pakistan, with talks currently focused on halting regional hostilities and reopening the Strait of Hormuz

Iran ceasefire tested as cargo ship catches fire, Kuwait says drone attack

The shaky ceasefire in the Iran war was tested again on Sunday when a cargo ship caught fire after being hit by an unknown projectile off Qatar's coast, and Kuwait's military reported an attack by drones, without specifying where they came from. The attacks were the latest threats to a month-old ceasefire, which the Trump administration says remains in effect. It has faced difficulties, with Iran restricting traffic through the Strait of Hormuz, a strategic waterway key to the global flow of oil, and the US imposing a blockade of Iranian ports. Washington has been awaiting Iran's response to a new proposal for a deal to end the war, reopen the strait to shipping and roll back Iran's nuclear programme. One of the main sticking points in the negotiations is the fate of Iran's stockpile of highly enriched uranium. The UN nuclear agency says Iran has more than 440 kg (970 pounds) of uranium that is enriched up to 60% purity, a short, technical step from weapons-grade levels. In an ...

Air India to cut costs, reduce flights as war worsens financial struggles

Air India plans cost cuts and flight reductions as the Iran war, soaring fuel prices and weak demand deepen the airline's financial troubles

₹1 trn in 10 weeks: Cost of insulating India from global energy shock

About Rs 1,600-1,700 crore per day, over Rs 1 lakh crore in 10 weeks. That's the cost that state-owned oil firms incur for insulating Indian consumers from the global energy shock but ever-widening losses are now raising questions on how long they can continue bearing the cost without financially capitulating. Since the war broke out in the Middle East 10 weeks ago, state-owned oil marketing companies (OMCs) have ensured uninterrupted supplies of petrol, diesel and cooking gas LPG at rates that are way below cost, unlike many global energy systems that imposed rationing or passed through steep price increases. This has resulted in the three OMCs - Indian Oil Corporation (IOC), Bharat Petroleum Corporation Ltd (BPCL) and Hindustan Petroleum Corporation Ltd (HPCL) - running record high under-recoveries (the difference between cost and retail selling price), two sources with direct knowledge of the matter said. The combined under-recovery on petrol, diesel and cooking gas LPG is Rs 1,6

1 bn barrels lost due to Iran war will slow oil market recovery: Aramco CEO

Global energy supplies have been sharply squeezed by Iran's blockade of the Strait of Hormuz, which has curtailed shipping and driven prices higher following the US-Israeli war

West Asia situation, crude prices likely to steer stock markets this week

Stock markets are expected to remain sensitive to geopolitical developments this week, with investor attention firmly focused on events surrounding the ongoing USIran situation and crude oil prices, analysts said. Besides, the rupee-dollar trend and trading activity of foreign investors would influence trading in the markets, they noted. "Markets this week are expected to remain highly volatile and largely driven by geopolitical headlines, with investor attention firmly focused on developments surrounding the ongoing USIran situation," Ponmudi R, CEO - Enrich Money, an online trading and wealth tech firm, said. Brent crude oil will remain a critical macro variable for market direction, he said. "A sustained decline in crude prices below the USD 90 mark, or meaningful progress towards de-escalation, could support relief rallies across risk assets. Conversely, prolonged geopolitical uncertainty or renewed tensions may continue to weigh on sentiment and keep volatility elevated," Ponm

Titan unfazed about gold supply issues as exchange programmes aid sourcing

Leading branded jeweller maker Titan Company is unconcerned about short-term gold supply issues due to West Asia conflict as its gold exchange programme and contingency sourcing plans are helping mitigate risks. Titan, whose FY26 topline crossed Rs 75,000 crore, said the company's gold exchange programme has been running successfully since the third quarter and it has further strengthened sourcing flexibility for its jewellery businesses. "...our gold exchange programme is very, very successfully being run from the last quarter three onwards. We always used to run this but now we have another level," CFO Ashok Sonthalia said while responding to a query around gold supply. He said the company has measures in place to respond to any supply-related challenges if required."On a short notice we can, if required, further ratchet it. Some of the other Plan Bs are also ready," he said. "We are at least not concerned in the short term as far as gold supply is concerned for Titan, Tanishq an

Pidilite signals further price hike as West Asia war fuels input inflation

Adhesives and construction chemicals maker Pidilite Industries is considering another round of price hike due to inflation in raw materials from the ongoing geopolitical tensions in West Asia, the company's Managing Director, Sudhanshu Vats, said. The company, which owns popular brands such as Fevicol, Dr Fixit, FeviKwik and M-Seal, had announced a price hike in April, followed by a second round in May. The company's raw material basket, which is closely linked to crude derivatives, has seen a weighted-average increase of around 40-50 per cent due to geopolitical tensions in West Asia, Vats said. "The West Asia crisis, like for many other businesses, has had an impact on our business as well. It came towards the end of the quarter. So therefore, we were able to manage a bit of it, and I think it did not reflect in the numbers, but I think moving forward, our raw material prices have gone up indeed," said Vats in a post-earnings briefing. In line with its philosophy, Pidilite will l

Nalco's alumina exports to West Asia hit by geopolitical tensions: CMD

State-run National Aluminium Company Ltd's exports to West Asia have been affected by geopolitical tensions in the region, according to its CMD, Brijendra Pratap Singh. West Asia accounts for 40-50 per cent of the company's alumina shipments. National Aluminium Company (Nalco) also said that a shift in export destinations due to supply disruptions in West Asia has contributed to a decline in global spot alumina prices, which have now fallen to USD 305-310 per tonne. Alumina is a white, granular material refined from bauxite ore, primarily used as the feedstock for producing aluminium. The Nalco Chairman and Managing Director, in the earnings conference call, said, "Our alumina export to the Middle East ... a lot of around 40 per cent, 50 per cent of our export was going to the Middle East, which has been affected. But now, from Indonesia and other places also, orders are there. Of course, that has resulted in a reduction in the spot prices." Nalco further said that smelters in Wes

Crude prices to stay higher for longer due to Iran war: ADB chief economist

Crude oil prices are likely to stay higher for longer due to the disruption caused by the longer-than-expected Middle East crisis, ADB Chief Economist Albert Park has said. "With a higher oil price expectation, we actually have it as USD 96 per barrel as average for 2026 as per the new reference scenario. It should stay elevated at USD 80 per barrel in 2027. So, our idea is that the oil prices are likely to stay higher for longer," Park told PTI in an interview. Future prices are showing higher prices farther out into next year than they did before, he said. However, he said, "We have also seen always a kind of a premium of the spot market prices and the nearby futures market because there is such a shortage currently." Speaking about the impact of the ongoing Middle East crisis on India, Park said it is going to shave off 0.6 per cent from the country's GDP growth, bringing it to 6.3 per cent, and also stoke inflation significantly in the current financial year. The Asian Develop

Long overlooked, Caspian Sea provides strategic trade route for Iran

The landlocked body of water has taken on new significance, with Russia shipping military and commercial goods to bolster Tehran's ability to withstand the US assault

Iran warns US against attacks on its ships as ceasefire appears to hold

Iran's Revolutionary Guard navy has warned that any attack on Iranian oil tankers or commercial vessels would be met with a "heavy assault" on one of the US bases in the region and enemy ships. Iranian state TV reported the warning on Saturday, a day after the United States struck two Iranian oil tankers, while a tenuous ceasefire appeared to be holding. Meanwhile Bahrain, which hosts the US Navy's regional headquarters, said it arrested dozens of people it alleged had links to Iran's Revolutionary Guard. Friday's attacks cast doubt on the month-old ceasefire that the US has insisted is still in effect. Washington awaits Iran's response to its latest proposal for a deal to end the war, reopen the Strait of Hormuz to shipping and roll back Tehran's disputed nuclear program. The US military said Friday its forces disabled two Iranian tankers that were trying to breach its blockade of Iran's ports. Hours earlier, the military said it thwarted attacks on three Navy ships and struck ...

Rupee settles lower at 94.48 against US dollar in choppy trade

The rupee settled weaker against the US dollar amid renewed tensions in West Asia, while RBI intervention helped curb further losses in the domestic currency

West Asia war dampens India's music tourism surge after Coldplay highs

Geopolitical tensions disrupt big-ticket concerts, but India's fast-growing music tourism industry continues to adapt and expand