US-Israel-Iran war: Oil prices soar after attacks on Iranian oil depotsUS-Israel-Iran War LIVE updates: As the US-Israel's war on Iran enters Day 10, oil prices surged over 20 per cent on Monday to their highest levels since July 2022. The price soared amid supply disruptions and fears that intensified over the security of the Strait of Hormuz, a critical route for global oil shipments. Adding to it, bonds across global markets dropped sharply on Monday. Rise in oil prices unsettled investors and led to a broad sell-off in government bonds.
External Affairs minister S Jaishankar said that the well-being of the Indian community is of priority. "We advocate de-escalation, restraint and ensuring the safety of civilians," he said, while making a suo motu statement on the conflict in the Lower House.
At the same time, Iran confirmed a major leadership transition after the country's Assembly of Experts named Mojtaba Khamenei as the new Supreme Leader following the killing of Ayatollah Ali Khamenei in joint US-Israeli strikes. The succession emerges as a crucial shift inside Iran's power structure even as missile and drone exchanges continue across the region.
The conflict also spilt into neighbouring Gulf states, affecting civilian populations. In Saudi Arabia’s Al Kharj governorate, a projectile strike killed two people and injured several others, prompting initial reports of an Indian casualty. India’s embassy has now clarified that the only Indian national involved survived the attack and is currently receiving treatment.
US-Israel Attack Iran LIVE Updates: Capitalmind founder Deepak Shenoy said not only on markets, there's blood in the street too. He said that even though market drops provide opportunities, there's no way to say what the bottom is.
US-Israel-Iran War LIVE Updates: Bonds across international markets dropped sharply on Monday after conflict near the Strait of Hormuz pushed oil prices above $115 per barrel. This rise intensified investor concerns about increasing inflation risks and the outlook for interest rates. The surge in oil prices followed supply cuts by key producers and fears of prolonged disruption to shipping through this vital waterway. This unsettled investors and led to a broad sell-off in government bonds.
Oil prices climbed more than 20 per cent to their highest level since July 2022, causing a significant rise in global yields. Australian government bonds saw notable increases, with three-year yields up 16 basis points to 4.592 per cent, the highest since mid-2011, and ten-year yields rising 13 basis points to 4.977 per cent. In Tokyo, Japanese government bond yields also rose across the curve, while the yen weakened due to the higher oil costs.
US-Israel-Iran War LIVE Updates: Bahrain's state oil company declared force majeure on Monday for its shipments following an Iranian attack that caused a fire at its refinery. The announcement was made by the state-run Bahrain News Agency. Force majeure is a legal measure that releases a company from its contractual obligations due to extraordinary circumstances. The agency said the company's operations have been affected by the ongoing regional conflict in the Middle East and the recent attack on its refinery complex. Despite the disruption, the company added that local demand could still be met.
US Iran War Live Updates: Unless crude prices reduce back to $75, it will be difficult for the markets to go up from here, said Stock Market Expert Sunil Shah. "The reason is that 70-75% of our energy needs we import, and high energy prices have a direct correlation with the GDP growth of our country, and if GDP growth is not what we have estimated, in that event and in that case, it has an impact on the overall corporate India and corporate earnings and corporate top lines, and if they come down because of these inflationary energy prices, then certainly the markets will come down," he said.
US-Israel Attack Iran LIVE Updates: UAE's Ministry of Defence said that their air defences were currently dealing with incoming missiles and drone threats from Iran. The sounds heard in some areas of the country are the result of air defence systems intercepting ballistic missiles, as well as fighter jets intercepting drones and loitering munitions.
US-Israel-Iran War LIVE Updates: External Affairs Minister S Jaishankar said the crisis could trigger "serious supply chain disruption". "We will continue to work with the governments in the region towards the end. Our national interest, including energy security and trade goals, will always be paramount. For us, the interest of Indian consumers has and will always be in the overriding priority. Where required, Indian diplomacy has supported the endeavours of our energy enterprises in this volatile situation."
