US President Donald Trump is now considering delaying his high-stakes meeting with his Chinese counterpart, Xi Jinping, amid the ongoing conflict in the Middle East, the BBC reported. Speaking to reporters at the White House on Monday, Trump said that he might delay the meeting by a month or so, stressing that it is crucial…
Days after US President Donald Trump asked Europe and other allies to send their warships to keep the Strait of Hormuz “open and safe”, Europe has made it clear that it will not help him secure the narrow waterway, responsible for 20% of the world’s oil supply. According to a politics report, foreign ministers of…
The closure of the Strait of Hormuz could potentially increase global inflation by about 1–2 percentage points and reduce global GDP by roughly 0.5–1.0 percentage points, believes wealth advisory firm, ASK Private Wealth in its Newsletter. In the equity markets, this scenario is not entirely negative, highlighted ASK Private Wealth. Non-Gulf oil producers (like ExxonMobil,…
As the tensions in the Middle East continue, uncertainty looms over supply of domestic Liquefied Petroleum Gas (LPG). The recent price hike has further created panic and fear among consumers anticipating future shortage. Indian Oil Corporation issued an advisory on Tuesday, urging customers to book LPG cylinders only in case of need to curtail hoarding,…
17 days after the war between America, Israel and Iran, today the world is standing at the brink of an energy crisis that has never happened before. The main route for oil and LPG supply was the Strait of Hormuz; tanker traffic on it has almost reduced to zero. About 400 ships are anchored outside…
US President Donald Trump has vented his anger on his allies. He said that in the ongoing war with Iran, he appealed to send warships to secure and open the Strait of Hormuz again, but most of the countries refused. Trump said, ‘We don’t need anyone. We are the strongest nation in the world. Our…
The Iranian Embassy has completely refuted the Reuters news, which claimed that Iran has asked to give safe passage to Indian ships from Hormuz on the condition of releasing three oil tankers seized from India. While talking to ABP News, the Iranian Embassy clearly said that this report is not true and there is no…
Iran has given indications regarding the passage of Indian ships through the Strait of Hormuz. Iranian Foreign Ministry spokesman Ismail Bagai said that Iran does not intend to disrupt the world’s oil supply, although ships of the countries involved in the war will not be allowed to pass through the Strait of Hormuz. He told…
LPG prices saw an uptick as a ripple effect of West Asia conflict. A steady upward rally in oil prices across the globe was witnessed as geopolitical situation in the Middle East impacted supply. In the national capital — New Delhi — a 14.2 kg cylinder containing domestic Liquefied Petroleum Gas (LPG) is priced at…
Petrol and diesel prices across several Indian cities remained largely unchanged on Tuesday, 17 March. Steady rates for petrol and diesel are holding in India, even as global oil markets see volatility, driven by tensions linked to the conflict in the Middle East, an effective halt to the trade through the Strait of Hormuz, and…
