US-Israel-Iran war LIVE Updates: Airfares likely to rise due to higher war risk premiums for West Asia flights

Indian airlines are paying high war risk premiums for Middle East flights, adding to costs. Sources say narrow-body round trips cost an extra ₹30 lakh. While airlines are absorbing most costs, higher fares are likely. Air India already added fuel surcharges.

(With inputs from Amit Bharadwaj)

Andhra Pradesh Chief Minister N Chandrababu Naidu said that there is no shortage of LPG in the southern state at present. His comments came as officials briefed him on gas stocks during a collectors' meeting. 

(With inputs from Apoorva Jayachandran)

Bangladesh has formally requested the US government to grant a temporary waiver that would allow the country to purchase Russian oil in a bid to safeguard its energy supplies and support its economy. Dhaka has sought an arrangement similar to the one that was given for India, The Daily Star reported. 

Bangladesh Finance and Planning Minister Amir Khosru Mahmud Chowdhury said that the request was made during discussions with the US officials while covering broader issues of energy cooperation, investment and trade.

“India has already been given a temporary waiver to buy Russian oil. We have said that if such an opportunity is available for India, Bangladesh should also receive it,” he told reporters after a meeting with US Ambassador Brent Christensen. 

The Indian Embassy in Iraq on Thursday said that a US-owned crude oil tanker, Safesea Vishnu, sailing under the Marshall Islands flag, was attacked near Basra. It mentioned that one Indian crew member lost his life as a result of the incident and the remaining 15 Indian crew have been evacuated to a safe place. 

It added, "Embassy of India Baghdad is in regular contact with Iraqi authorities and rescued Indian sailors and is offering all possible assistance. Embassy extends its deepest condolences to the family members of the deceased crew member."

Prime Minister Narendra Modi asked the Union ministers to closely monitor attempts to create panic over the LPG supply situation and counter any misinformation strongly. The PM told ministers to keep a close watch on people trying to convert the situation into one of panic during the Cabinet meeting on Tuesday, sources told India Today. 

He also asked ministers to respond aggressively to what he called "opposition propaganda" related to the issue on social media. Ministers were advised to maintain confidence while responding to these claims. PM Modi reportedly said that the situation was not just limited to one country and the entire world is facing these challenges due to the West Asia conflict. 

He said that the government is well equipped to deal with the situation. 

(With inputs from Himanshu Mishra)

The Tamil Nadu IT Hostel and PG Owners Welfare Association on Thursday issued a notice to hostel operators, asking them to reduce gas usage in kitchens due to a shortage of LPG cylinders. The notice asked hostel operators to stop tea and coffee services for now to conserve cooking gas. 

High gas-consuming items like chapati and dosa have also been temporarily stopped, and hostels have been advised to avoid preparing additional side dishes like sambar or kurma. The notice said that chutney will be served with meals instead to reduce LPG consumption, adding that hostels are exploring alternate ways to minimise gas usage tull the situation improves. 

Brent crude back to over $100 a barrel, global benchmark at $101.59 per barrel

China has suspended refined fuel exports and directed oil refineries to pause cargoes, Bloomberg reported, citing people aware of the matter. Oil refiners in the country have started cancelling agreed refined fuel export cargoes, including gasoline and diesel. 

Last week, China's largest oil processors were told to stop signing new export contracts and to negotiate the cancellation of cargoes that had already been agreed. 

Iran's semi-official Fars News Agency said on Thursday that the Iranian-backed Houthis in Yemen and other "resistance groups" are on full alert and may join Tehran's ongoing fight against the US and its partners, the Wall Street Journal reported. 

The agency warned that the involvement of such militia groups could lead to closure of the Bab el-Mandeb Strait, the narrow passage at the southern tip of the Arabian Peninsula that controls traffic for sea vessels accessing the Suez Canal via the Red Sea.

Houthi leader Abdul Malik al-Houthi signaled last week that his group could escalate militarily in support of Iran, calling it "a battle for the entire nation against the American and Israeli enemy."

"Our hands are on the trigger when it comes to military escalation and action whenever developments require it', said al-Houthi.

The Strait of Hormuz faces effective closure amid the Iraqi and US war with Iran, forcing most traffic to avoid the route. This disruption has caused oil prices to exceed $100 a barrel, with tanker traffic falling to approximately 20% of pre-war levels.

The Ministry of External Affairs (MEA) on Thursday debunked reports of a massive fire in a joint India-Israel facility in Delhi, claiming the lives of several workers from both countries. Sharing the posts that amplified the claims, the official MEA fact-check handle wrote, "Fake News Alert! This is fake news. Please stay alert against such false and baseless claims on social media!"

In a significant breakthrough for India's energy security, Iran has agreed to allow Indian oil tankers safe passage through the crucial Strait of Hormuz.

This development follows a high-stakes phone call between India's External Affairs Minister, S. Jaishankar, and his newly appointed Iranian counterpart, Abbas Araghchi. The primary objective of Jaishankar's discussions was to ensure the unhindered flow of crude oil and natural gas to India.

Iraq's oil chief Farhan al-Fartousi said that all oil terminal operations are fully suspended after explosive-laden boats attacked 2 crude tankers at the Umm Qasr port in Basra. Commercial ports, however, continue to operate normally, Al Jazeera reported. 

Fair price shop dealers in India have appealed to the Union government for the restoration of kerosene distribution through the Public Distribution System (PDS).

In light of the rising energy cost and the geopolitical tensions in West Asia, the availability of fuel has also been one of the biggest concerns for the dealer and the nation.

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Trump administration officials said during a congressional briefing that the first 6 days of war on Iran cost the US at least $11.3 billion. Lawmakers are continuing to seek more detailled information on the financial and strategic outlook of the ongoing US military campaign, according to Reuters. 

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Oil prices skyrocketed on Thursday, with Brent crude oil, the international standard, topping $100 a barrel for the first time since 2014. This surge comes just days after the price nearly reached $120 a barrel, a stark reminder of the volatility in the energy market and its potential impact on the global economy.

The primary driver behind the price hike appears to be concerns over supply disruption. Iranian attacks on commercial shipping in the Strait of Hormuz, a critical oil transit route, have significantly heightened tensions in the Middle East and cast a shadow over oil supplies.

US benchmark crude oil also jumped to around $95 a barrel, further emphasizing the global impact of these events. The ongoing volatility in oil prices is a significant concern for financial markets and could have far-reaching implications for the global economy, from inflation to consumer spending.

As the situation in the Middle East continues to unfold, it is crucial to stay informed about the latest developments and their potential impact on the energy market. We will continue to monitor the situation and provide updates as they become available.

-- Associated Press