State-run oil companies cut commercial LPG by Rs 183.5 and ATF by Rs 5/litre. Nayara Energy reduced petrol by Rs 5 and diesel by Rs 3/litre. Domestic LPG, CNG, and state-run petrol/diesel prices remain unchanged.
China and India reopened the Lipulekh Pass in the Himalayas for cross-border trade last week after a six-year closure. This move, following Chinese Foreign Minister Wang Yi's visit to New Delhi, signals a cautious warming of ties between the two nations.
Western Australia's landmark Gloucester Tree in Pemberton has reopened to visitors after a three-year closure for safety upgrades. The iconic karri tree now allows climbs to a reduced height of 37 meters, offering a new viewing platform and boosting the local tourism sector.
UNCTAD reports that the reopening of the Strait of Hormuz, while positive, will not end the global economic shock. The impact on transport and food systems will persist longer than on energy markets, affecting 61 vulnerable economies.
India's Supreme Court will hear a plea from Bharat Petroleum challenging a Karnataka High Court order to reopen ethanol allocation for 2025-26, arguing it destabilizes the national 20% ethanol blending policy and could disrupt the supply chain for 1,050 crore litres already allocated.
Iran's control over the Strait of Hormuz is its primary negotiation tool with the US. A dispute over its management and reopening, particularly concerning a southern route proposal, has stalled progress and increased tensions, complicating Oman's efforts to broker a long-term solution.
The Victoria Pass section of the Great Western Highway, connecting Sydney to NSW's central west, will remain closed until April-June next year due to critical cracks in the 194-year-old Mitchells Causeway. The NSW government announced a new structure, financial aid for businesses, and ongoing logistical support, facing community skepticism over the timeline and adequacy of support.
Iran's Revolutionary Guards attacked a Singapore-flagged vessel in the Strait of Hormuz, threatening US efforts to reopen the oil route. The strike, which damaged the ship's bridge off Oman, occurred as the US seeks to ensure free navigation and reassure Gulf allies amid tensions over potential Iranian tolls.
US farmers, including Ryan Poe, Kevin Deinert, and Dave Walton, are still grappling with high fertilizer and diesel prices despite global market drops and a tentative Iran peace deal. A USDA forecast predicts these costs won't substantially decrease until 2027, putting significant pressure on farm margins and the rural economy.
Qatar anticipates restoring normal LNG production within weeks as US-Iran peace negotiations show progress, aiming to reopen the Strait of Hormuz and ease global gas market pressures.
Oil prices rose Tuesday after a sharp decline, as investors balanced optimism from US-Iran peace talks with uncertainty over crude shipments via the Strait of Hormuz. Brent crude futures increased to $78.15 a barrel, and WTI gained to $74.19.
Iran will reopen the Strait of Hormuz only if a ceasefire is established in Lebanon, its foreign assets are unfrozen, all blockades are lifted, and oil sales permits are issued, according to Tasnim news agency.
US envoy Steve Witkoff and Iranian Foreign Minister Abbas Araqchi are heading to Switzerland for talks following a ceasefire in Lebanon. The talks aim to turn an interim Iran war pact into a lasting regional deal, potentially reviving efforts to reopen the Strait of Hormuz and stabilize oil supplies.
Global stock markets are generating significant wealth for investors, with Ed Yardeni raising his S&P 500 target. US companies report strong profits driven by AI and consumer giants. However, doomsayers point to slowing global GDP growth, rising oil prices, and high debt levels as potential risks.
Iran is waiving fees for security, safety, and environmental services for ships transiting the Strait of Hormuz. This comes as the strait saw 25 commercial vessel crossings on Thursday, the highest since mid-April, following its effective closure after February 28.
The reopening of the Strait of Hormuz eases immediate energy supply threats, but analysts warn economic damages like inflation will persist for months due to lingering price impacts on food and energy supply chains.
US drivers are seeing relief as national average gas prices dropped below $4 a gallon on Thursday, driven by falling oil prices and a tentative peace agreement between the US and Iran. Despite the decrease, prices remain higher than pre-war levels.
SCMP reports on a Pakistan-announced Iran-US peace deal reopening the Strait of Hormuz, alongside news of a Shein Paris store closing and other regional highlights.
The Strait of Hormuz is set to reopen after a deal between the U.S. and Iran, but clearing the backlog of ships and restoring full supply will take weeks, potentially months. Experts cite unresolved logistical and security questions, including permission requirements, tolls, naval escorts, and mine clearance, complicating the restart.
The US and Iran have signed a 14-point interim agreement to end hostilities for 60 days, including reopening the Strait of Hormuz to commercial vessels. The deal also addresses Iran's nuclear program and includes provisions for sanctions relief and reconstruction aid.
President Trump declared the Iran War over and the Strait of Hormuz open following Qatari mediation. A framework deal was reached, offering Iran sanctions relief for nuclear commitments, despite Israeli airstrikes. Trump signed the agreement in Versailles.
The Queensland government has leased Double Island, a tropical resort off the Far North Queensland coast, to the Morris Group for a $40 million redevelopment. Once a celebrity hotspot, the island fell into disrepair under its previous owner, Hong Kong billionaire Benny Wu. The new lease includes plans for luxury villas, a restaurant, and a public pontoon, with work set to begin this year.
Pakistan's PM Shehbaz Sharif announced a peace deal between Iran and the US, effective immediately. Iran will reopen the Strait of Hormuz, and the US will lift its naval blockade. A memorandum was signed by the presidents of both nations, with Sharif acting as mediator. Further negotiations for a final deal are expected within 60 days.
Pakistan's PM Shehbaz Sharif announced a peace deal between Iran and the US, effective immediately. Iran will reopen the Strait of Hormuz, and the US will lift its naval blockade. Sharif mediated the agreement.
