US Middle East crisis: US President Donald Trump said that the conflict could end soon.Donald Trump said that the conflict could end soon.West Asia crisis: As the conflict raging around the Middle East enters its 10th day, flight arrivals to Dubai are being held due to the threat of a potential missile attack. Among the flight arrivals impacted are Madrid-Dubai, Frankfurt-Dubai, New York-Dubai, London-Dubai, Paris-Dubai, and Beijing-Dubai, according to FlightRadar24.
Previously, Iran and the US issued warnings to each other over the further course of the war. Iran launched strikes across the Gulf, including on a petroleum complex in Bahrain.
Bahrain's Al Ma'ameer oil facility was hit in one of the strikes, causing a fire and massive damage. The country's state-owned energy company Bapco invoked force majeure. Previously, the Israeli military said that it conducted a wave of "broad strikes" against "terror targets" in Iran.
US President Donald Trump said that the Iran war was "very complete" and that Tehran did not have anything left militarily. He added that both the US and Israel were ahead of schedule in terms of the conflict's timeline.
Trump also revealed that 46 Iranian ships were sunk. He said, "The navy is gone, it's all lying in the bottom of the ocean." “They like sinking them better, they say it’s safer to sink them, I guess it’s probably true.”
Iran's Revolutionary Guards (IRGC) then said that they would "determine the end of the war", warning that Tehran would not allow "one litre of oil" to be exported from the region if US and Israel continue to launch strikes.
The war has rattled global markets, causing a rise in oil prices to as high as over $100 per barrel.
Also Read: Donald Trump says: ‘I think the war is very complete; if you look, Iran has nothing left’
US-Israel-Iran War: Check out the latest developments on BusinessToday.In
Bengaluru's iconic Vidyarthi Bhavan is staring at a shutdown due to a severe commercial gas shortage. Of the 4 dosa tawas, 2 have already been switched off to reduce gas costs.
Sensex and Nifty opened higher on Tuesday, pausing a sharp two-session decline, as easing crude oil prices and buying in key sectors lifted investor sentiment.
The rebound comes after Brent crude cooled to around $89 per barrel, sharply lower from its near $120 peak in the previous session amid tensions in West Asia involving Iran, the US and Israel. Banking, financial, automobile, pharma, and metal stocks were among the early gainers.
US President Donald Trump claimed that Iran has initiated construction on a fresh facility intended to restart its nuclear weapons development. This move follows the destruction of three previous locations, which Trump described as being "obliterated." He asserted that because the original sites were no longer viable, the regime shifted focus to a new, more resilient installation.
Trump detailed the extreme measures being taken to safeguard the site, noting it was being carved deep underground and shielded by thick layers of granite to ensure maximum protection.
“They couldn’t go back to where they were — the three sites that we obliterated. But they were starting work at another site, a different kind of site,” Trump stated. “That was protected by granite. They wanted to protect it, granite is pretty good, but they wanted it protected a lot deeper. They wanted to go much deeper, and they had started the process.”
He also cautioned that the nuclear expansion is occurring alongside a rapid build-up of Iran's conventional missile capabilities. He warned that these combined advancements pose a significant risk to American military bases abroad and could eventually threaten the United States itself.
Given the disruptions to fuel supply and constraints on the supply of liquefied petroleum gas (LPG) due to the ongoing conflict, the Ministry of Petroleum and Natural Gas has issued orders to oil refiners to prioritise the supply of domestic LPG to households.
It also introduced a 25-day inter-booking period to avoid hoarding/black marketing. Non-domestic supplies from imported LPG have also been prioritised for hospitals and educational institutions.
Amid the rising uncertainty around oil prices due to the worsening conflict in West Asia, the Mumbai Hotels Association has claimed that around 20 per cent of hotels have been shut down in the city so far due to gas supply issues. Sounding an alarm, the association said that around 50 per cent of the metropolis' hotels can get closed if the situation does not improve.
The Vietnamese trade ministry has urged local businesses to encourage their employees to work from home in order to save on fuel amid the supply disruption and oil price rise triggered by the US and Israeli war on Iran. The statement by the trade ministry said that businesses need to "encourage work-from-home when possible to reduce the need for travel and transportation".
Businesses and individuals have also been requested not to hoard or speculate on fuel. Prices of gasoline in Vietnam have gone up by 32 per cent, diesel by 56 per cent, and kerosene by 80 per cent since the end of last month, as per Petrolimex data.
A shortage of commercial LPG cylinders has started to impede restaurant kitchens across major Indian cities, including Mumbai and Bengaluru. The development comes as global markets remain volatile due to the escalation of the West Asia war after the US and Israel launched strikes on Iran.
US President Donald Trump's administration is mulling easing the sanctions on Russian oil to curb a sharp surge in global energy prices caused by the US and Israeli war on Iran. Speaking to reporters in Florida, he said that his administration was lifting sanctions on some countries as part of efforts to stabilise the oil market.
"So we have sanctions on some countries. We're going to take those sanctions off until the Strait is up," he said. The move would be aimed at boosting global oil supplies amid massive disruptions to Middle East shipments from the raging conflict.
