NEW DELHI: Global oil prices rose about 1% in early trading on Wednesday after President Donald Trump announced that the US would provide insurance cover for ships in West Asia at a “reasonable price” amid the ongoing conflict, analysts said. The modest rise followed a more than 15% jump over the past two sessions. On…
Consequently, Indian firms with meaningful exposure to the Middle East are facing heightened near-term volatility. The impact is particularly acute for the engineering, procurement and construction (EPC) sector, alongside oil & gas services, power transmission, and infrastructure. According to a PL Capital note, the extent of the damage will depend on project concentration, contract terms,…
Gold rate today: Despite tensions in the Middle East intensifying, precious metals have pulled back sharply in Tuesday’s session, March 3, weighed down by a strong US dollar, which has made greenback-priced commodities more expensive for holders of other currencies. Gold, often deemed a safe-haven asset by investors during times of crisis, fell $230 per…
The US stock market is likely to open with sharp cuts in Tuesday’s trading session, March 3, as the futures of the three key averages, including the S&P 500, Dow Jones Industrial Average, and Nasdaq, are trading lower by 2%, 2%, and 2.5%, respectively, in pre-market trade. The weakness comes as tensions between the US,…
India currently has around 100 million barrels of commercial crude oil secured. This oil is not all stored in one place. Some of it is kept in large storage tanks, some in underground strategic reserves, while the rest is already loaded on ships voyaging towards the country. This becomes important if oil flows through the…
The impact of the increasing war in the Middle East is now directly visible on the global energy market. Especially the situation has become more serious due to the closure of the Strait of Hormuz. This sea route is very important for the world, because about 20 percent of global crude oil and LNG trade…
US-Iran war: Oil prices extended gains to a third straight session on Tuesday, March 3, as the escalating conflict between the US and Israel with Iran, along with threats to shipping via the Strait of Hormuz, which stoked concerns over potential supply disruptions from the crucial Middle East oil-producing region. Brent crude futures climbed to…
Oil tanker traffic through the Strait of Hormuz has declined as security risks have increased amid escalating tensions in West Asia after the US-Israel strikes on Iran and the Islamic nations’ retaliatory strikes. Shipping activities have almost halted due to a conflict involving more than 700 ships gathered on both sides of the strategic route,…
The direct impact of the increasing conflict in the Middle East is visible on the Strait of Hormuz. Earlier this waterway was an important trade route of the world, now it has become a high risk zone. In the last few days, there have been drone and missile attacks on many ships here. Some tankers…
In his first live address since authorizing direct strikes on Iran, President Donald Trump said the United States initially prepared for four to five weeks of sustained combat, but asserted that the campaign is already progressing “substantially ahead” of schedule. The remarks signal an intensifying US-Israel military effort across the Middle East, even as officials…
