Global oil prices dropped and stock markets surged as optimism grew for a US-Iran peace deal, potentially reopening the Strait of Hormuz and ending a major energy supply crisis. Brent crude fell below $84/barrel, while European and Asian markets rallied.
Global oil prices dropped significantly as optimism grew for a US-Iran peace deal, potentially reopening the Strait of Hormuz and restoring Gulf oil exports. Brent crude fell below $84 a barrel, reaching its lowest since early March.
US President Donald Trump urged restraint from all sides after Israel launched fresh airstrikes on Beirut, killing three. Mediators are seeking to finalize a preliminary peace deal between Iran and the US to end a three-month war, but Iranian officials threatened retaliation.
US President Donald Trump urged restraint from all sides after Israel launched fresh airstrikes on Beirut, which killed three people. The strikes occurred as mediators sought to finalize a preliminary peace deal between Iran and the US, aiming to end a three-month war in the Middle East. Iranian officials threatened retaliation, while Israeli forces claimed to target Hezbollah commanders.
Rahul Gandhi criticized PM Modi and EAM Jaishankar for their response to the deaths of three Indian mariners in a US military strike. Gandhi accused the US of showing no remorse and dictating terms, while questioning the government's silence and lack of a strong protest.
Prospects for an immediate end to the US-Iran war remain uncertain amid conflicting claims about ongoing negotiations. While a senior US official indicated an 80-85% likelihood of an agreement, Iranian news agencies denied full agreement, and President Trump expressed frustration with Iran's negotiating tactics.
Pro-Palestine activists anticipate a significant shift in the Labour party's stance on the Israel-Palestine crisis, potentially leading to a tougher UK government policy. Factors include Green party electoral gains, upcoming leadership changes, and member polling favouring an arms embargo.
Donald Trump announced on Truth Social that he has cancelled scheduled strikes on Iran, claiming a peace agreement is imminent and approved by Iranian leadership and allies. This comes amid ongoing exchanges of fire and despite Iranian news agency Tasnim urging dismissal of Trump's claims.
Donald Trump threatened to seize Iran's oil and gas infrastructure, including Kharg Island, and launch further strikes. The US and Iran exchanged fire for a second day, despite a nominal ceasefire, with both sides accusing the other of violations. Talks on a preliminary deal are ongoing.
Indian refiners have secured sufficient crude oil and LPG supplies to last through August and mid-July, respectively, by increasing purchases from suppliers like ADNOC and through spot tenders, amid ongoing Middle East energy supply disruptions.
India has waived excise duty on E22, E25, E27, and E30 ethanol-petrol blends to promote ethanol usage. This move supports the government's plan to establish 500 ethanol fuel stations by 2026, amid rising fuel prices due to the Middle East crisis.
As political negotiations near a potential agreement, the language of power re-emerges. Trump escalates threats, Iran maintains its deterrence, and the world watches anxiously as Gulf states await the outcome of a crisis that transcends the immediate parties involved.
India's government provided Rs 1.23 lakh crore to oil companies to freeze fuel prices for 78 days amid the Middle East crisis. The fertilizer minister seeks to double the FY27 subsidy, while LPG cylinder entitlements for PMUY beneficiaries were cut from 9 to 4 due to rising import costs.
Hezbollah has rejected a US-brokered ceasefire plan agreed by Lebanese and Israeli governments, demanding a full Israeli withdrawal. The group's leader, Naim Qassem, called the plan a "roadmap to annihilate part of the Lebanese people." Fighting continues despite the agreement, raising questions about regional peace efforts.
India is set to eliminate capital gains tax on foreign portfolio investors' holdings in government securities to attract overseas investment and cushion its economy from the Middle East crisis. The move, cleared by the Union Cabinet, aims to counter significant foreign capital outflows and rupee depreciation.
Japan's food sector is experiencing severe shortages of plastic bags, trays, and gloves due to dwindling naphtha supplies from the Middle East. This has led to price hikes, customer incentives for reusable items, and government pressure.
Iran launched a drone strike on Kuwait's international airport, killing one and wounding 63. This follows US and Iran exchanging missile and drone strikes, jeopardizing ceasefire efforts. Israeli PM Netanyahu criticized European leaders and warned Iran is "playing with fire."
Iran launched a drone strike on Kuwait's international airport, killing one and injuring 63, amid escalating US-Iran tensions. The attack follows exchanges of missile and drone strikes between the two nations, jeopardizing ceasefire efforts.
Iran launched drone strikes on Kuwait's international airport, causing significant damage and casualties, amid escalating US-Iran military exchanges over the Strait of Hormuz and ongoing conflict in Lebanon.
India's government approved a $1.2 billion fund to stabilize Aviation Turbine Fuel (ATF) prices for airlines, shielding them from Middle East conflict-driven surges. The fund aims to prevent fare spikes, protect jobs, and maintain connectivity.
The Russian consumer market has largely avoided significant consequences from the Middle East crisis, according to Dmitry Vostrikov of Rusprodsoyuz. While indirect effects on logistics and some imported goods are noted, domestic production and imports from friendly nations mitigate shortages. Alternative supply routes are being utilized for traditional imports like tea and coffee, with countries like Turkey, Morocco, Egypt, and Azerbaijan replacing some fruit and vegetable supplies.
Donald Trump reportedly yelled at Benjamin Netanyahu during a phone call on Monday, demanding to know why Israel was threatening to resume airstrikes on Beirut's southern suburbs. The call followed an order by Netanyahu to bomb the Dahiya area targeting Hezbollah.
Israel has captured Beaufort Castle in south Lebanon, a symbolic victory that carries significant psychological weight. The ancient fortress, a symbol of resistance, was taken after advancing Israeli soldiers used white phosphorus smoke. The capture, announced by Netanyahu, evokes memories of Israel's past occupation and signals an escalation of the conflict, with airstrikes hitting Tyre and threats to Beirut.
Benjamin Netanyahu has ordered the Israeli military to bomb Beirut's southern suburbs, escalating the conflict in Lebanon despite a supposed ceasefire. This move follows repeated alleged violations by Hezbollah and comes after Israel captured Beaufort castle, signaling a deeper military push into the country.
