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Oil prices spiked sharply on Tuesday as the Iran war disrupted supplies, with the Strait of Hormuz effectively closed and key energy infrastructure hit, AFP reported.The Brent North Sea crude contract, the international benchmark, jumped more than eight per cent to $85.12 a barrel, its highest level since July 2024.The main US oil contract, West…
Deadly fighting across the Middle East intensified on Tuesday as Washington urged its citizens to leave much of the region and President Donald Trump signalled the conflict with Iran could last far longer than initially projected.Powerful explosions rocked Tehran overnight as US and Israeli strikes continued for a third day. Fighter jets were heard over…
Iran’s Revolutionary Guards have declared the Strait of Hormuz closed, warning that any vessel attempting to pass will be attacked. Ebrahim Jabari, a senior adviser to the commander-in-chief of the Islamic Revolutionary Guard Corps (IRGC), said ships trying to transit the narrow waterway would be “set ablaze”.The strait, which lies between Iran and Oman, is…
Oil prices surged sharply on Monday as disruptions to tanker traffic through the Strait of Hormuz heightened concerns over global energy supply amid US and Israeli attacks on Iran. US crude jumped 7.6 per cent to $72.12 per barrel, while Brent crude rose 8.6 per cent to $79.11 per barrel. European natural gas futures also…
Recent military actions have led to reports of Iran effectively restricting movement through the Strait of Hormuz, a critical global oil and gas transit route. This has caused oil prices to surge and airlines to adjust flight paths, highlighting the strait’s immense economic significance. The Strait of Hormuz has suddenly moved from geography textbooks to…
Shipments to Africa and the Middle East together account for nearly half of India’s total rice exports. (AI image) India’s rice exports may take a hit in wake of the deteriorating situation in the Middle East – the country’s five leading export destinations are in the area! After US and Israel’s strikes on Iran, the…
Representative image (Picture credit: ANI) An oil tanker was attacked off the coast of Oman in the strategic Strait of Hormuz, injuring four crew members and forcing a full evacuation, as tensions continue to escalate after US–Israel strikes on Iran.Oman’s Maritime Security Centre said the Palau-flagged tanker Skylight was targeted about five nautical miles north…
NEW DELHI: The military strikes on Saturday put the spotlight on the Strait of Hormuz, a critical global shipping route for India and other Asian countries, prompting officials here to activate contingency plans to safeguard energy supplies, reports Atul Mathur.While keeping a close watch on the unfolding situation, they also have an eye on crude…
India’s exposure to oil procurement via Strait of Hormuz has increased in the last few months. (AI image) The growing tensions in the Middle East after Israel and United States’ strikes on Iran and the latter’s retaliation has implications for India as well. India imports approximately 90% of its crude oil and the tensions in…
An official with the European Union’s naval mission Operation Aspides said on Saturday that vessels transiting the Strait of Hormuz have been receiving radio messages stating that “no ship is allowed to pass the Strait of Hormuz”.The official, who spoke to Reuters on condition of anonymity, said the warnings were transmitted over VHF radio and…
