Qatar's Energy Minister Saad al-Kaabi spooked the markets this morning, predicting that a prolonged shutdown could result in a high of $150 a barrel, which could in his view "bring down the economies of the world".US-Israel-Iran War: The Brent crude benchmark oil price has passed $90 (£67) a barrel for the first time since October 2022. Qatar's Energy Minister Saad al-Kaabi spooked the markets this morning, predicting that a prolonged shutdown could result in a high of $150 a barrel, which could in his view "bring down the economies of the world".
US President Donald Trump on March 6 escalated his rhetoric against Iran, declaring there will be “no deal” with Tehran unless it agrees to “unconditional surrender”, as the ongoing conflict in the Middle East intensifies.
As the West Asia crisis continues to rage on for the seventh straight day, the Israeli military bombed Ayatollah Ali Khamenei's underground bunker in Tehran after it claimed that around 50 jets struck the bunker and several Iranian leaders are using it after Khamenei's death.
Moreover, Iranian President Masoud Pezeshkian has said that the country is committed to lasting peace in the region, but it won't come at the expense of the country's dignity and sovereignty.
Previously, the International Energy Agency (IEA) executive director Fatih Birol said that looking towards Russia for gas supplies could be economically and politically wrong, given the incoming global supply of liquefied natural gas (LNG).
Due to the war, Qatar was forced to halt liquefied natural gas (LNG) production at its Ras Laffan plant. In the meantime, India has instructed its oil refiners to increase the production of liquefied petroleum gas (LPG) due to the worsening crisis in West Asia.
Middle East Conflict: Check the latest developments on BusinessToday.In
Israel-Iran War LIVE Updates: El Al, Israel’s flag carrier, said it expects to start flying stranded travelers out of Israel at 8 a.m. local time on Sunday.
Under the government-backed plan, the recovery flights will initially carry no more than 70 passengers each. The airline said it is contacting passengers who are not residents of Israel to return them home at no additional cost, and that flights will depart to 22 destinations.
Israel-Iran War LIVE Updates: The airline in a post on social media wrote, "As situation continues to be volatile in and around the Middle East, we understand that many customers are still waiting to reach the places and the people that matter most to them. Our teams remain by your side, doing everything possible to help you continue your journey, while keeping the safety and wellbeing of our customers and crew at the heart of every decision we make."
Israel-Iran War LIVE Updates: The State Department said Friday that nearly 24,000 Americans have returned to the United States from West Asia since the start of US-Israeli military operations against Iran that have sparked fierce Iranian retaliation in the region.
The vast majority of the 24,000 were able to make their way home on their own through commercial means, although the department has arranged and is continuing to organize charter flights for Americans who have sought assistance in leaving.
Israel-Iran War LIVE Updates: The Ministry of Civil Aviation said flight operations have been affected due to ongoing developments in West Asia and related airspace restrictions. A total of 96 flights were scheduled today by Indian domestic carriers to and from destinations in West Asia, while 278 flights scheduled for March 6 have been cancelled.
The ministry said its Passenger Assistance Control Room (PACR) is operating round-the-clock to assist travellers and coordinate with airlines and other stakeholders. So far, 1,881 passenger grievances have been resolved through AirSewa, social media platforms and helpline calls.
Passengers seeking assistance can contact the PACR helpline numbers: 011-24604283 or 011-24632987.
Israel-Iran War LIVE Updates: Ambassador’s message to the Indian community in view of the current situation.
Israel-Iran War LIVE Updates: Donald J. Trump said the US is quietly moving thousands of people out of several Middle Eastern countries, adding that the State Department under Secretary Marco Rubio is managing the operation.
Israel-Iran War LIVE Updates: These violations of their sovereignty are unacceptable and we condemn them. But this is nothing new. This is who the Islamic Republic has always been. And this is why it must end," he wrote in a post on X (formally twitter).
Israel-Iran War LIVE Updates: The White House says representatives from six defense contractors will meet with the president later on March 6. They are: Lockheed Martin, Northrop Grumman, RTX Corporation, Boeing, Honeywell and L3Harris Technologies.
Israel-Iran War LIVE Updates: In a post on social media. Indian Oil Corp Ltd said, "Reports on social media suggesting a shortage of petrol and diesel are baseless. India has sufficient fuel stocks, and supply and distribution networks are functioning normally... Citizens are requested not to panic or crowd fuel stations and to rely only on official sources for accurate information."
Israel-Iran War LIVE Updates: Union Minister for Petroleum and Natural Gas Hardeep Singh Puri on Friday said India is not facing shortage of energy despite ongoing geopolitical volatility in West Asia. Addressing concerns over potential disruptions to crude oil supplies, Puri highlighted that the government’s priority remains the provision of affordable and sustainable fuel for citizens.
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Israel-Iran War LIVE Updates: Spanish prime minister Pedro Sánchez has again criticised the US-Israeli strikes against Iran, saying they were an “extraordinary mistake” and “not in accordance with international law”. Sanchez said “loyal cooperation” should prevail over “confrontation” in relations with the US after tensions over Madrid’s opposition to Washington’s use of its bases against Iran.
Israel-Iran War LIVE Updates: 50 Israeli Air Force fighter jets dismantled Ali Khamenei’s underground military bunker beneath the Iranian regime’s leadership compound in Tehran.
Israel-Iran War LIVE Updates: US Central Command in a post on X wrote, "Iranian targets are being decimated by US forces, paving the way for continued delivery of overwhelming American military firepower."
Israel-Iran War LIVE Updates: Ministry of Information and Broadcasting has observed that amidst the ongoing Israel-Iran conflict, certain News TV Channels are displaying unwarranted sensationalism and speculative content, which may potentially create panic among the general public, especially those having friends and family in the affected areas or residing in the affected areas...In the public interest, the Ministry of Information and Broadcasting hereby directs M/s BARC to immediately withhold reporting the Television Rating Points(TRPs) for News TV Channels for a period of four (4) weeks or until further directions, whichever is earlier: Ministry of Information and Broadcasting
Israel military bombs Ayatollah Ali Khamenei's underground bunker in Tehran
On Friday, IEA Executive Director Fatih Birol argued that returning to Russia for gas supplies is an ill-advised move both politically and economically, especially with an influx of liquefied natural gas (LNG) hitting the global market.
Addressing the shift in discourse, Birol remarked to reporters after a meeting with EU leadership on energy markets: "The current crisis in the Middle East has led to questions in some quarters about whether to go back to Russia or not."
In contrast, Russia maintains that interest in its energy exports has spiked since the onset of the Middle East conflict. This reported rise in demand follows a 30-day waiver granted by the United States, allowing India to continue its purchases of Russian oil.
The BSE Sensex and NSE Nifty resumed their slide on Friday as banking sell-offs, Middle East tensions, high oil prices, and foreign outflows dampened sentiment. A late-session plunge saw the Sensex drop 1097 points (1.37 per cent) to 78,918.90, and the Nifty lost 315.45 points (1.27 per cent) to close at 24,450.45, marking losses in five of the last six sessions.
Under its military action 'Operation True Promise 4', Iran launched fresh Khaibar missiles and drone attacks targeting central Tel Aviv, Reuters reported.
Some supermarkets in Dubai have issued notices to customers regarding limits on fruit and vegetable purchases due to the ongoing conflict, according to a report in Khaleej Times. The notice read, "Kindly note that the quantity is limited to 2-3 kg per item per customer for fruits and vegetables."
