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Oil prices fell sharply on Tuesday (Apr 7) after the United States and Iran agreed to a temporary ceasefire. Oil plunged, and Asian stock indices were surging within hours of the temporary relief announced on the 38th day of the Iran war, in a dramatic reversal of the anxiety that has gripped global markets since the conflict began in late February. West Texas Intermediate, the main US crude benchmark, plunged more than 17 per cent to around $93 a barrel by late Wednesday GMT. Brent Crude wasn't far behind, dropping nearly 16 per cent to $93.38. This comes as Iran allowed safe passage through the Strait of Hormuz for a period of two weeks.Also read | <a href="https://www.wionews.com/world/oil-lifeline-back-tehran-reopens-strait-of-hormuz-for-2-weeks-as-us-iran-agree-to-11th-hour-truce-1775608923236">Oil lifeline back? Tehran reopens Strait of Hormuz for 2 weeks as US-Iran agree to 11th-hour truce</a><h2>Markets breathe sigh of relief</h2>The relief on equity markets was equally sharp. Japan's Nikkei 225 jumped 4.38 per cent, while South Korea's Kospi rocketed 5.71 per cent. "As fears of an escalation in fighting dispelled, buying is likely to take the lead in the Japanese market," Tokai Tokyo Securities said ahead of the Tokyo open.Also read | <a href="https://www.wionews.com/world/-agree-to-suspend-bombing-of-iran-for-two-weeks-says-trump-calls-it-double-sided-ceasefire-1775601586850">'Agree to suspend bombing of Iran for two weeks', says Trump</a>Just hours earlier, &nbsp;in a post on X, Iranian Foreign Minister Seyed Abbas Araghchi announced a temporary reopening of the Strait of Hormuz, the chokepoint whose closure has rattled global energy markets, sent oil prices surging past $100 a barrel, and pushed several Asian nations toward fuel rationing in recent days.Disclaimer: WION takes utmost care to accurately and responsibly report ongoing conflicts in West Asia involving Israel, Iran, US, Gulf nations and non-state actors like Hezbollah, Hamas, Houthis, Islamic State, and others. Claims and counterclaims, disinformation and misinformation are being made online and offline. Given this context, WION cannot independently verify the authenticity of all statements, social media posts, photos and videos.

Oil prices crash after weeks of surge: A US-Iran ceasefire and reopening of the Strait of Hormuz have triggered a sharp market reversal, with crude plunging over 15%. Is this relief here to stay or just temporary?

Scroll down to read more.

Oil prices fell sharply on Tuesday (Apr 7) after the United States and Iran agreed to a temporary ceasefire. Oil plunged, and Asian stock indices were surging within hours of the temporary relief announced on the 38th day of the Iran war, in a dramatic reversal of the anxiety that has gripped global markets since the conflict began in late February. West Texas Intermediate, the main US crude benchmark, plunged more than 17 per cent to around $93 a barrel by late Wednesday GMT. Brent Crude wasn't far behind, dropping nearly 16 per cent to $93.38. This comes as Iran allowed safe passage through the Strait of Hormuz for a period of two weeks. Also read | Oil lifeline back? Tehran reopens Strait of Hormuz for 2 weeks as US-Iran agree to 11th-hour truce Markets breathe sigh of relief The relief on equity markets was equally sharp. Japan's Nikkei 225 jumped 4.38 per cent, while South Korea's Kospi rocketed 5.71 per cent. "As fears of an escalation in fighting dispelled, buying is likely to take the lead in the Japanese market," Tokai Tokyo Securities said ahead of the Tokyo open. Also read | 'Agree to suspend bombing of Iran for two weeks', says Trump Just hours earlier, in a post on X, Iranian Foreign Minister Seyed Abbas Araghchi announced a temporary reopening of the Strait of Hormuz, the chokepoint whose closure has rattled global energy markets, sent oil prices surging past $100 a barrel, and pushed several Asian nations toward fuel rationing in recent days. Disclaimer: WION takes utmost care to accurately and responsibly report ongoing conflicts in West Asia involving Israel, Iran, US, Gulf nations and non-state actors like Hezbollah, Hamas, Houthis, Islamic State, and others. Claims and counterclaims, disinformation and misinformation are being made online and offline. Given this context, WION cannot independently verify the authenticity of all statements, social media posts, photos and videos.

Oil prices crash after weeks of surge: A US-Iran ceasefire and reopening of the Strait of Hormuz have triggered a sharp market reversal, with crude plunging over 15%. Is this relief here to stay or just temporary?Scroll down to read more.

Oil prices fall below $100 as Iran-US ceasefire kicks in after last minute Strait of Hormuz deal

The S&amp;P 500 did something remarkable on Tuesday (April 7). It erased all its losses and turned green, not after a peace deal, not after a ceasefire, not even after a formal negotiation. It turned out because of a request. A request from Pakistan asking Donald Trump to extend his 8 pm deadline on Iran by two weeks. Both sides said they were ‘reviewing the proposal’. That was enough. No agreement. No resolution. Just the possibility of delay. And the market flipped.<h2>This isn’t normal market behaviour</h2>Markets are supposed to move on fundamentals, earnings, growth, inflation, interest rates. Even geopolitics, historically, needed events to trigger sustained reactions: invasions, sanctions, treaties. But this wasn’t an event. This was a signal.A sentence. A hint that a deadline might not be as hard as it sounded hours earlier. And suddenly, fear evaporated, at least for the day.<h2>The pattern is becoming familiar</h2>Watch closely, and a pattern begins to emerge. First, the escalation. Trump sets a hard deadline, wraps it in dramatic language, and raises the stakes around Iran. The message is clear: act, or face consequences. Markets react the only way they know how, by pricing in risk. They fall. Then, the intervention. A third party, this time Pakistan, steps in. Diplomacy enters the picture. Words like ‘extension’, ‘review’, and ‘backchannel’ begin to circulate. Nothing concrete changes, but the tone shifts. And then, the reversal. Markets recover. Sometimes sharply. Because the worst-case scenario, however briefly, feels less immediate. This is not a one-off reaction. It is a loop. Threat. Panic. Relief. Repeat.&nbsp;Also Read: <a href="https://www.wionews.com/world/how-donald-trump-took-the-us-into-war-with-iran-inside-the-white-house-decision-1775596078039">How Donald Trump took the US into war with Iran: Inside the White House decision</a><h2>The rise of the ‘Trump signal’</h2>What we are witnessing is something deeper than volatility. It is the emergence of what traders quietly understand as a signal-driven market. The signal, increasingly, is Trump himself. A deadline is not just a diplomatic tool; it is a market-moving variable. A tweet, a statement, a press briefing, each carries weight far beyond politics. They create micro-cycles of fear and relief that ripple across trillions of dollars. The market, in this case, did not wait for clarity. It moved on to probability. Not peace, but the chance of postponement.&nbsp;Here’s where it gets uncomfortable. Volatility, once seen as chaos, is starting to look… predictable. When markets fall on escalation and rise on de-escalation hints, a rhythm begins to form. And rhythm, in financial markets, is not just observed, it is traded.Those who recognize the pattern can position themselves accordingly:<ul><li>Exit when rhetoric spikes</li><li>Re-enter when diplomacy whispers</li></ul>No conspiracy is required. No master plan needs to be proven. All that is needed is a repeated structure, and participants who learn to anticipate it.<h2>Who really benefits?</h2>This is the question that lingers beneath the surface. Because while ordinary investors react, larger players often anticipate. Hedge funds, institutional desks, and algorithmic systems thrive on patterns. They don’t need certainty. They need signals with history. And if geopolitical rhetoric begins to behave like a cycle, then it stops being just a risk. It becomes an opportunity. At the same time, political incentives align in their own way. Strong rhetoric energizes a base. Crisis language dominates media cycles. A leader appears decisive, in control, central to the unfolding drama.The battlefield is not just geographic anymore. It is informational.&nbsp;<a href="https://www.wionews.com/videos/artemis-ii-mission-trump-speaks-to-artemis-ii-crew-after-historic-moon-flyby-1775547915916/embed">https://www.wionews.com/videos/artemis-ii-mission-trump-speaks-to-artemis-ii-crew-after-historic-moon-flyby-1775547915916/embed</a><h2>The bigger question</h2>At what point does this stop being a reaction and start becoming a dependence? When markets begin to hinge on the words of one leader, when trillions move on tone rather than outcome, the system itself begins to shift. Is this just modern geopolitics in a hyper-connected world? Or are we entering an era where crisis is not just managed, but priced in as a recurring feature?<h2>The final thought</h2>Maybe this isn’t a conspiracy. Maybe it’s something more complex and more troubling. A system where chaos has a pattern. A market that has learned the rhythm of fear. And a world where, sometimes, all it takes to move trillions is not action, but the suggestion that action can wait.&nbsp;Disclaimer: WION takes utmost care to accurately and responsibly report ongoing conflicts in West Asia involving Israel, Iran, the US, Gulf nations, and non-state actors like Hezbollah, Hamas, Houthis, Islamic State, and others. Claims and counterclaims, disinformation and misinformation are being made online and offline. Given this context, WION cannot independently verify the authenticity of all statements, social media posts, photos, and videos.

S&P 500 rebounds after Pakistan seeks Trump deadline extension on Iran

The S&P 500 did something remarkable on Tuesday (April 7). It erased all its losses and turned green, not after a peace deal, not after a ceasefire, not even after a formal negotiation. It turned out because of a request. A request from Pakistan asking Donald Trump to extend his 8 pm deadline on Iran by two weeks. Both sides said they were ‘reviewing the proposal’. That was enough. No agreement. No resolution. Just the possibility of delay. And the market flipped. This isn’t normal market behaviour Markets are supposed to move on fundamentals, earnings, growth, inflation, interest rates. Even geopolitics, historically, needed events to trigger sustained reactions: invasions, sanctions, treaties. But this wasn’t an event. This was a signal. A sentence. A hint that a deadline might not be as hard as it sounded hours earlier. And suddenly, fear evaporated, at least for the day. The pattern is becoming familiar Watch closely, and a pattern begins to emerge. First, the escalation. Trump sets a hard deadline, wraps it in dramatic language, and raises the stakes around Iran. The message is clear: act, or face consequences. Markets react the only way they know how, by pricing in risk. They fall. Then, the intervention. A third party, this time Pakistan, steps in. Diplomacy enters the picture. Words like ‘extension’, ‘review’, and ‘backchannel’ begin to circulate. Nothing concrete changes, but the tone shifts. And then, the reversal. Markets recover. Sometimes sharply. Because the worst-case scenario, however briefly, feels less immediate. This is not a one-off reaction. It is a loop. Threat. Panic. Relief. Repeat. Also Read: How Donald Trump took the US into war with Iran: Inside the White House decision The rise of the ‘Trump signal’ What we are witnessing is something deeper than volatility. It is the emergence of what traders quietly understand as a signal-driven market. The signal, increasingly, is Trump himself. A deadline is not just a diplomatic tool; it is a market-moving variable. A tweet, a statement, a press briefing, each carries weight far beyond politics. They create micro-cycles of fear and relief that ripple across trillions of dollars. The market, in this case, did not wait for clarity. It moved on to probability. Not peace, but the chance of postponement. Here’s where it gets uncomfortable. Volatility, once seen as chaos, is starting to look… predictable. When markets fall on escalation and rise on de-escalation hints, a rhythm begins to form. And rhythm, in financial markets, is not just observed, it is traded. Those who recognize the pattern can position themselves accordingly: Exit when rhetoric spikes Re-enter when diplomacy whispers No conspiracy is required. No master plan needs to be proven. All that is needed is a repeated structure, and participants who learn to anticipate it. Who really benefits? This is the question that lingers beneath the surface. Because while ordinary investors react, larger players often anticipate. Hedge funds, institutional desks, and algorithmic systems thrive on patterns. They don’t need certainty. They need signals with history. And if geopolitical rhetoric begins to behave like a cycle, then it stops being just a risk. It becomes an opportunity. At the same time, political incentives align in their own way. Strong rhetoric energizes a base. Crisis language dominates media cycles. A leader appears decisive, in control, central to the unfolding drama. The battlefield is not just geographic anymore. It is informational. https://www.wionews.com/videos/artemis-ii-mission-trump-speaks-to-artemis-ii-crew-after-historic-moon-flyby-1775547915916/embed The bigger question At what point does this stop being a reaction and start becoming a dependence? When markets begin to hinge on the words of one leader, when trillions move on tone rather than outcome, the system itself begins to shift. Is this just modern geopolitics in a hyper-connected world? Or are we entering an era where crisis is not just managed, but priced in as a recurring feature? The final thought Maybe this isn’t a conspiracy. Maybe it’s something more complex and more troubling. A system where chaos has a pattern. A market that has learned the rhythm of fear. And a world where, sometimes, all it takes to move trillions is not action, but the suggestion that action can wait. Disclaimer: WION takes utmost care to accurately and responsibly report ongoing conflicts in West Asia involving Israel, Iran, the US, Gulf nations, and non-state actors like Hezbollah, Hamas, Houthis, Islamic State, and others. Claims and counterclaims, disinformation and misinformation are being made online and offline. Given this context, WION cannot independently verify the authenticity of all statements, social media posts, photos, and videos.

S&amp;P 500 rebounds after Pakistan seeks a delay of two weeks in Trump’s Iran deadline, highlighting how geopolitical signals are driving market swings

India's aviation sector has witnessed significant pressure, impacting airline revenues and increasing operational costs amid the ongoing West Asia war, Civil Aviation Ministry Joint Secretary Asangba Chuba Ao said on Tuesday (April 7, 2026). In an inter-ministerial briefing on recent developments in West Asia, Ao stated that airlines experincing a two-fold challenge due to the crisis, which started a month ago.&nbsp;"50 per cent of all international operations by Indian carriers used to be to this region. International flights are a good source of revenue for airlines, so it has definitely impacted their revenue income, which affects their financials," he said, news agency ANI reported.&nbsp;He further noted that a key challenge is the rising cost of Aviation Turbine Fuel (ATF). Although prices have increased, the government has kept the hike moderate for domestic flights. Airlines have adjusted by incorporating these costs into ticket pricing, with many introducing distance-based surcharges to manage higher operating expenses.<h3>Capping the ATF price hike</h3>"That is basically to cover the difference between operational cost due to increasing ATF pricing," he said. On April 1, the government moved to shield domestic aviation from a global fuel shock by capping the ATF price hike at 25 per cent, despite international benchmarks suggesting a potential spike of over 100 per cent.&nbsp;The Ministry of Petroleum and Natural Gas stated that this step was taken due to an “extraordinary situation” in global energy markets following the closure of the Strait of Hormuz. To avoid a sharp rise in airfares, public sector oil companies, in coordination with the Ministry of Civil Aviation, implemented a partial and phased increase in fuel prices.&nbsp;During the briefing, Joint Secretary Asangba highlighted that passenger demand has remained resilient despite the challenges, particularly on domestic routes. He pointed out that daily travel recently exceeded 4,70,000 passengers, with more than 3,300 flights operating each day and consistently high load factors.&nbsp;Also read: <a href="https://www.wionews.com/business-economy/india-s-ev-sales-jump-24-6-in-fy26-as-oil-prices-climb-amid-west-asia-crisis-1775564843741">India’s EV sales jump 24.6% in FY26 as oil prices climb amid West Asia crisis</a>

Civil Aviation Ministry Joint Secretary Asangba Chuba Ao noted that a key challenge is the rising cost of Aviation Turbine Fuel (ATF). Although prices have increased, the government has kept the hike moderate for domestic flights. 

India's aviation sector has witnessed significant pressure, impacting airline revenues and increasing operational costs amid the ongoing West Asia war, Civil Aviation Ministry Joint Secretary Asangba Chuba Ao said on Tuesday (April 7, 2026). In an inter-ministerial briefing on recent developments in West Asia, Ao stated that airlines experincing a two-fold challenge due to the crisis, which started a month ago. "50 per cent of all international operations by Indian carriers used to be to this region. International flights are a good source of revenue for airlines, so it has definitely impacted their revenue income, which affects their financials," he said, news agency ANI reported. He further noted that a key challenge is the rising cost of Aviation Turbine Fuel (ATF). Although prices have increased, the government has kept the hike moderate for domestic flights. Airlines have adjusted by incorporating these costs into ticket pricing, with many introducing distance-based surcharges to manage higher operating expenses. Capping the ATF price hike "That is basically to cover the difference between operational cost due to increasing ATF pricing," he said. On April 1, the government moved to shield domestic aviation from a global fuel shock by capping the ATF price hike at 25 per cent, despite international benchmarks suggesting a potential spike of over 100 per cent. The Ministry of Petroleum and Natural Gas stated that this step was taken due to an “extraordinary situation” in global energy markets following the closure of the Strait of Hormuz. To avoid a sharp rise in airfares, public sector oil companies, in coordination with the Ministry of Civil Aviation, implemented a partial and phased increase in fuel prices. During the briefing, Joint Secretary Asangba highlighted that passenger demand has remained resilient despite the challenges, particularly on domestic routes. He pointed out that daily travel recently exceeded 4,70,000 passengers, with more than 3,300 flights operating each day and consistently high load factors. Also read: India’s EV sales jump 24.6% in FY26 as oil prices climb amid West Asia crisis

Civil Aviation Ministry Joint Secretary Asangba Chuba Ao noted that a key challenge is the rising cost of Aviation Turbine Fuel (ATF). Although prices have increased, the government has kept the hike moderate for domestic flights.&nbsp;

Indian airlines battle revenue Loss, fuel cost surge amid West Asia war: Civil Aviation Ministry

India's electric vehicle sales have jumped to 24.6 per cent in FY26, around 24.52 lakh units. The total EV retail sales include two-wheelers, three-wheelers, passenger vehicles and commercial vehicles, according to retail data shared by the Federation of Automobile Dealers Associations (FADA). The jump in EV adoption followed at a time when crude prices are floating around USD 100/barrel amid the West Asia war, as India remains highly dependent on importing crude oil from the Gulf region, accounting for nearly 88 per cent to meet its requirements. This makes New Delhi make a sustained shift toward electric mobility strategically as it play significant role for India's energy security, especially when oil markets are disrupted amid the West Asia crisis.<h3>Sales of electric two-wheeler &amp; three-wheelers&nbsp;</h3>According to FADA retail data, electric two-wheeler sales reached 14,01,818 units in FY26, marking a 21.81 per cent increase from 11,50,790 units in FY25. This pushed EV penetration in the segment up to 6.5 per cent, compared to 6.1 per cent the previous year. Electric three-wheelers maintained their dominance, with sales rising 18.87 per cent to 8,30,819 units from 6,98,914 units in FY25. Their market share grew to 60.9 per cent from 57.2 per cent, meaning six out of every ten units sold were electric. Electric passenger vehicles recorded the fastest growth among major segments, jumping 83.63 per cent to 1,99,923 units from 1,08,873 units in FY25. Their EV penetration increased to 4.2 per cent, up from 2.6 per cent. Meanwhile, electric commercial vehicle sales more than doubled to 19,454 units in FY26 from 8,820 units in FY25, reflecting a 120.57 per cent rise. Their market share also nearly doubled, reaching 1.83 per cent from 0.93 per cent.&nbsp;Also read:<a href="https://www.wionews.com/photos/-akshay-patra-of-power-how-new-advanced-atomic-reactor-is-key-to-india-s-1-000-year-energy-plan-1775559002801"> 'Akshay Patra of power': How new advanced atomic reactor is key to India’s 1,000-year energy plan</a>

FADA data indicates that electric two-wheeler sales reached 14,01,818 units in FY26, marking a 21.81 per cent increase from 11,50,790 units in FY25. This pushed EV penetration in the segment up to 6.5 per cent, compared to 6.1 per cent the previous year. 

India's electric vehicle sales have jumped to 24.6 per cent in FY26, around 24.52 lakh units. The total EV retail sales include two-wheelers, three-wheelers, passenger vehicles and commercial vehicles, according to retail data shared by the Federation of Automobile Dealers Associations (FADA). The jump in EV adoption followed at a time when crude prices are floating around USD 100/barrel amid the West Asia war, as India remains highly dependent on importing crude oil from the Gulf region, accounting for nearly 88 per cent to meet its requirements. This makes New Delhi make a sustained shift toward electric mobility strategically as it play significant role for India's energy security, especially when oil markets are disrupted amid the West Asia crisis. Sales of electric two-wheeler & three-wheelers According to FADA retail data, electric two-wheeler sales reached 14,01,818 units in FY26, marking a 21.81 per cent increase from 11,50,790 units in FY25. This pushed EV penetration in the segment up to 6.5 per cent, compared to 6.1 per cent the previous year. Electric three-wheelers maintained their dominance, with sales rising 18.87 per cent to 8,30,819 units from 6,98,914 units in FY25. Their market share grew to 60.9 per cent from 57.2 per cent, meaning six out of every ten units sold were electric. Electric passenger vehicles recorded the fastest growth among major segments, jumping 83.63 per cent to 1,99,923 units from 1,08,873 units in FY25. Their EV penetration increased to 4.2 per cent, up from 2.6 per cent. Meanwhile, electric commercial vehicle sales more than doubled to 19,454 units in FY26 from 8,820 units in FY25, reflecting a 120.57 per cent rise. Their market share also nearly doubled, reaching 1.83 per cent from 0.93 per cent. Also read: 'Akshay Patra of power': How new advanced atomic reactor is key to India’s 1,000-year energy plan

FADA data indicates that electric two-wheeler sales reached 14,01,818 units in FY26, marking a 21.81 per cent increase from 11,50,790 units in FY25. This pushed EV penetration in the segment up to 6.5 per cent, compared to 6.1 per cent the previous year.&nbsp;

India’s EV sales jump 24.6% in FY26 as oil prices climb amid West Asia crisis

Written by Salee S Nair, MD &amp; CEO, Tamilnad Mercantile Bank&nbsp;For banks with a deep-rooted legacy, change is never abrupt—it is deliberate, structured, and built on strengthening the core while preparing for the future. At Tamilnad Mercantile Bank (TMB), our technological journey has followed this very philosophy: purposeful, progressive, and consistently aligned with the evolving needs of our customers.&nbsp;Today, the most profound transformation in banking is not merely visible through mobile apps or digital transactions. It is unfolding at a much deeper level—within the foundational systems that power how transactions are processed, how decisions are made, and how customer experiences are delivered.&nbsp;This is where the true future of banking is taking shape: not just at the surface, but at the core.&nbsp;<h2>Reinforcing the Foundation for a Digital-First Age</h2>&nbsp;At Tamilnad Mercantile Bank (TMB), our technology strategy begins with strengthening the core. In recent years, we have undertaken a phased modernization journey focused on enhancing efficiency, scalability, and resilience across our operations.&nbsp;A key milestone in this transformation has been the deployment of enterprise-wide platforms such as Oracle Fusion, enabling critical functions including human capital management and customer engagement. These advancements have streamlined workflows, reduced manual dependencies, and led to faster decision-making along with improved operational visibility across the organization.&nbsp;To support this transformation, we have made significant investments in our technology infrastructure. For FY 2025–26, the Bank has earmarked ₹250 crore towards IT modernization initiatives—reflecting our long-term commitment to building a robust, future-ready digital foundation.&nbsp;<h2>Incorporating New Technologies into Banking Functions</h2>&nbsp;The integration of technology today is less about deploying standalone tools and more about building interconnected ecosystems. At Tamilnad Mercantile Bank (TMB), we are embedding new technologies into everyday banking operations to enhance both efficiency and reliability.&nbsp;A key example is the establishment of a modern call centre supported by AI-driven capabilities, designed to improve responsiveness and ensure consistent service across all customer interactions.&nbsp;We are also strengthening our credit ecosystem by upgrading our Loan Origination Systems and Loan Management Systems. These enhancements are reducing turnaround times and streamlining lending processes—particularly in the retail and MSME segments, which remain central to our growth strategy.&nbsp;Collaboration, too, has become a vital pillar of our technology approach. Through fintech partnerships and co-lending platforms, we are combining the trust and stability of traditional banking with the agility and innovation of emerging financial technologies.&nbsp;<h2>Facilitating a Phygital Banking Experience</h2>&nbsp;The future of banking lies in seamlessly blending digital convenience with physical accessibility. At Tamilnad Mercantile Bank (TMB), evolving customer behaviour clearly reflects this shift, with digital transactions now accounting for nearly 97% of total volumes—underscoring growing trust in digital platforms.&nbsp;In response, we have transformed our internet banking platform into a comprehensive Digital Engagement Hub and enhanced our mobile banking services with features such as UPI integration and digital onboarding. These initiatives are designed to deliver a seamless and intuitive customer experience, while maintaining the highest standards of security.&nbsp;At the same time, we are strengthening our backend operations. Reconciliation processes and treasury functions have been further automated, improving accuracy, enhancing operational reliability, and driving efficiency across the banking ecosystem.&nbsp;<h2>Technology Rooted in Trust</h2>&nbsp;The adoption of technology in banking must always be anchored in trust. At Tamilnad Mercantile Bank (TMB), our focus extends beyond rapid adoption to the strategic deployment of technology—enhancing customer experience, strengthening risk management, and supporting sustainable growth.&nbsp;Equally important is our investment in people. As part of our transformation journey, we have strengthened our technology talent pool by bringing in specialized expertise, ensuring that our digital initiatives are supported by deep technical capability and domain knowledge.&nbsp;As the banking sector continues to evolve, institutions that succeed will be those that embed technology into their core with clarity and purpose. At Tamilnad Mercantile Bank, this journey continues with a steadfast focus on building a resilient, intelligent, and customer-centric banking ecosystem—one that is well-prepared for the future.&nbsp;<h2>Integrating Modern Technologies into Banking Operations</h2>&nbsp;Technology integration today is increasingly centred on creating seamless, interconnected ecosystems rather than deploying isolated solutions. At Tamilnad Mercantile Bank (TMB), we are aligning technology adoption with business outcomes by embedding it into day-to-day operations to drive efficiency, consistency, and reliability.&nbsp;As part of this approach, we have introduced a next-generation call centre leveraging AI capabilities to deliver faster response times and a more uniform customer experience across all engagement channels.&nbsp;Simultaneously, we are advancing our credit delivery framework through the modernization of Loan Origination and Loan Management Systems. These enhancements are accelerating processing timelines and improving operational efficiency, particularly within the retail and MSME portfolios that are central to our growth.&nbsp;In addition, strategic collaboration remains a key enabler. By partnering with fintechs and leveraging co-lending models, we are enhancing our ability to deliver innovative, flexible financial solutions while maintaining the strength and trust of our traditional banking foundation.&nbsp;<h2>Enabling a Phygital Banking Experience</h2>&nbsp;At Tamilnad Mercantile Bank (TMB), we see the future of banking as a balance between digital convenience and the reassurance of physical presence. Our customers are leading this shift: digital channels now account for nearly 97% of transactions, reflecting increasing confidence in secure, technology-driven banking.&nbsp;To meet these expectations, we have redesigned our online and mobile platforms into a Digital Engagement Hub—offering seamless UPI payments, digital onboarding, and intuitive self-service options. This ensures customers can complete transactions efficiently while maintaining the highest standards of security.&nbsp;We are also modernizing back-office operations. Automation in reconciliation and treasury processes is streamlining workflows, enhancing reliability, and improving overall operational efficiency. By connecting front-end digital experiences with robust operational systems, TMB is building a banking ecosystem that is responsive, resilient, and ready for the future.

Today, the most profound transformation in banking is not merely visible through mobile apps or digital transactions. It is unfolding at a much deeper level—within the foundational systems that power how transactions are processed.

Written by Salee S Nair, MD & CEO, Tamilnad Mercantile Bank For banks with a deep-rooted legacy, change is never abrupt—it is deliberate, structured, and built on strengthening the core while preparing for the future. At Tamilnad Mercantile Bank (TMB), our technological journey has followed this very philosophy: purposeful, progressive, and consistently aligned with the evolving needs of our customers. Today, the most profound transformation in banking is not merely visible through mobile apps or digital transactions. It is unfolding at a much deeper level—within the foundational systems that power how transactions are processed, how decisions are made, and how customer experiences are delivered. This is where the true future of banking is taking shape: not just at the surface, but at the core. Reinforcing the Foundation for a Digital-First Age At Tamilnad Mercantile Bank (TMB), our technology strategy begins with strengthening the core. In recent years, we have undertaken a phased modernization journey focused on enhancing efficiency, scalability, and resilience across our operations. A key milestone in this transformation has been the deployment of enterprise-wide platforms such as Oracle Fusion, enabling critical functions including human capital management and customer engagement. These advancements have streamlined workflows, reduced manual dependencies, and led to faster decision-making along with improved operational visibility across the organization. To support this transformation, we have made significant investments in our technology infrastructure. For FY 2025–26, the Bank has earmarked ₹250 crore towards IT modernization initiatives—reflecting our long-term commitment to building a robust, future-ready digital foundation. Incorporating New Technologies into Banking Functions The integration of technology today is less about deploying standalone tools and more about building interconnected ecosystems. At Tamilnad Mercantile Bank (TMB), we are embedding new technologies into everyday banking operations to enhance both efficiency and reliability. A key example is the establishment of a modern call centre supported by AI-driven capabilities, designed to improve responsiveness and ensure consistent service across all customer interactions. We are also strengthening our credit ecosystem by upgrading our Loan Origination Systems and Loan Management Systems. These enhancements are reducing turnaround times and streamlining lending processes—particularly in the retail and MSME segments, which remain central to our growth strategy. Collaboration, too, has become a vital pillar of our technology approach. Through fintech partnerships and co-lending platforms, we are combining the trust and stability of traditional banking with the agility and innovation of emerging financial technologies. Facilitating a Phygital Banking Experience The future of banking lies in seamlessly blending digital convenience with physical accessibility. At Tamilnad Mercantile Bank (TMB), evolving customer behaviour clearly reflects this shift, with digital transactions now accounting for nearly 97% of total volumes—underscoring growing trust in digital platforms. In response, we have transformed our internet banking platform into a comprehensive Digital Engagement Hub and enhanced our mobile banking services with features such as UPI integration and digital onboarding. These initiatives are designed to deliver a seamless and intuitive customer experience, while maintaining the highest standards of security. At the same time, we are strengthening our backend operations. Reconciliation processes and treasury functions have been further automated, improving accuracy, enhancing operational reliability, and driving efficiency across the banking ecosystem. Technology Rooted in Trust The adoption of technology in banking must always be anchored in trust. At Tamilnad Mercantile Bank (TMB), our focus extends beyond rapid adoption to the strategic deployment of technology—enhancing customer experience, strengthening risk management, and supporting sustainable growth. Equally important is our investment in people. As part of our transformation journey, we have strengthened our technology talent pool by bringing in specialized expertise, ensuring that our digital initiatives are supported by deep technical capability and domain knowledge. As the banking sector continues to evolve, institutions that succeed will be those that embed technology into their core with clarity and purpose. At Tamilnad Mercantile Bank, this journey continues with a steadfast focus on building a resilient, intelligent, and customer-centric banking ecosystem—one that is well-prepared for the future. Integrating Modern Technologies into Banking Operations Technology integration today is increasingly centred on creating seamless, interconnected ecosystems rather than deploying isolated solutions. At Tamilnad Mercantile Bank (TMB), we are aligning technology adoption with business outcomes by embedding it into day-to-day operations to drive efficiency, consistency, and reliability. As part of this approach, we have introduced a next-generation call centre leveraging AI capabilities to deliver faster response times and a more uniform customer experience across all engagement channels. Simultaneously, we are advancing our credit delivery framework through the modernization of Loan Origination and Loan Management Systems. These enhancements are accelerating processing timelines and improving operational efficiency, particularly within the retail and MSME portfolios that are central to our growth. In addition, strategic collaboration remains a key enabler. By partnering with fintechs and leveraging co-lending models, we are enhancing our ability to deliver innovative, flexible financial solutions while maintaining the strength and trust of our traditional banking foundation. Enabling a Phygital Banking Experience At Tamilnad Mercantile Bank (TMB), we see the future of banking as a balance between digital convenience and the reassurance of physical presence. Our customers are leading this shift: digital channels now account for nearly 97% of transactions, reflecting increasing confidence in secure, technology-driven banking. To meet these expectations, we have redesigned our online and mobile platforms into a Digital Engagement Hub—offering seamless UPI payments, digital onboarding, and intuitive self-service options. This ensures customers can complete transactions efficiently while maintaining the highest standards of security. We are also modernizing back-office operations. Automation in reconciliation and treasury processes is streamlining workflows, enhancing reliability, and improving overall operational efficiency. By connecting front-end digital experiences with robust operational systems, TMB is building a banking ecosystem that is responsive, resilient, and ready for the future.

Today, the most profound transformation in banking is not merely visible through mobile apps or digital transactions. It is unfolding at a much deeper level—within the foundational systems that power how transactions are processed.

How technology is shaping the future of banking at Tamilnad Mercantile Bank

Dire predictions are being made about rising oil prices amid escalating rhetoric around the Iran-US war, with no end in sight to disruptions in the Strait of Hormuz. Depending on the source, forecast prices range from $250 per barrel to as high as $372 per barrel.<h2>What could drive the worst oil prices?</h2>Scenarios include further escalation of the war, particularly in the context of US President Donald Trump warning of potential attacks on power facilities and bridges in Iran. A prolonged closure of the Strait of Hormuz and supply losses from various facilities, including Iranian ones, are also key factors. There are additional concerns that, if the Houthis disrupt Red Sea routes for oil transit, another critical supply corridor could be affected.The base-case consensus for 2026 averages, such as the Reuters poll of 38 analysts, stands at around $89 per barrel for Brent crude. However, the upper end of predictions is significantly higher.<a href="https://www.wionews.com/videos/us-iran-war-oil-power-food-chains-under-pressure-1775454301502/embed">https://www.wionews.com/videos/us-iran-war-oil-power-food-chains-under-pressure-1775454301502/embed</a><h2>Worst-case predictions for 2026 crude oil</h2>Among the most extreme forecasts is that of Nobel Prize-winning economist Paul Krugman. In a Substack article, he predicted prices could reach $372 per barrel in a “high disruption” scenario. This would involve a global supply drop of nearly 16 per cent, potentially caused by major attacks on Iranian export facilities or Red Sea shipping routes, combined with low demand elasticity.CNBC host Jim Cramer suggested prices could reach $250 per barrel by the third quarter of 2026 in the event of a prolonged US–Iran war and sustained disruptions.Dave Ernsberger, President of S&amp;P Global Energy, also estimated a range of $200–$250 per barrel if war-related disruption of the Strait of Hormuz persists.Macquarie Group strategists, led by Vikas Dwivedi, expect prices to exceed $200 per barrel if the conflict continues into the summer.Stratas Advisors projects prices could rise towards $190 per barrel if the Strait remains closed for another full month.Rystad Energy analyst Janiv Shah, Vice President of oil markets, predicted prices could reach $135 per barrel, or remain above $110 if current conditions persist for four months.Also read: <a href="https://www.wionews.com/business-economy/us-crude-oil-price-jumps-to-115-per-barrel-after-trump-s-profane-threat-to-iran-details-here-1775461003647">US crude oil price jumps to $115 per barrel after Trump’s profane threat to Iran – Details here</a><h2>Oil prices rise despite US output strength</h2>Oil prices are already rising, even if they have not yet reached the worst-case scenarios outlined above, despite US confidence in its status as a top producer. The broad consensus price range currently sits between $100 and $190 per barrel. Some US officials and Wall Street analysts have flagged $200 per barrel as a possibility in worst-case scenarios involving prolonged conflict beyond three to four months. The average conditional forecast remains around $134–$135 per barrel.Analysts note that even short-term disruptions have already driven significant upward revisions to 2026 price forecasts. Ultimately, the trajectory of oil prices will depend on the duration of the conflict, diplomatic resolutions, and the reopening of the Strait of Hormuz.

Oil price forecasts are surging amid Iran war escalation fears and Strait of Hormuz disruptions. The worst-case predictions have crossed $370 per barrel.

Dire predictions are being made about rising oil prices amid escalating rhetoric around the Iran-US war, with no end in sight to disruptions in the Strait of Hormuz. Depending on the source, forecast prices range from $250 per barrel to as high as $372 per barrel. What could drive the worst oil prices? Scenarios include further escalation of the war, particularly in the context of US President Donald Trump warning of potential attacks on power facilities and bridges in Iran. A prolonged closure of the Strait of Hormuz and supply losses from various facilities, including Iranian ones, are also key factors. There are additional concerns that, if the Houthis disrupt Red Sea routes for oil transit, another critical supply corridor could be affected. The base-case consensus for 2026 averages, such as the Reuters poll of 38 analysts, stands at around $89 per barrel for Brent crude. However, the upper end of predictions is significantly higher. https://www.wionews.com/videos/us-iran-war-oil-power-food-chains-under-pressure-1775454301502/embed Worst-case predictions for 2026 crude oil Among the most extreme forecasts is that of Nobel Prize-winning economist Paul Krugman. In a Substack article, he predicted prices could reach $372 per barrel in a “high disruption” scenario. This would involve a global supply drop of nearly 16 per cent, potentially caused by major attacks on Iranian export facilities or Red Sea shipping routes, combined with low demand elasticity. CNBC host Jim Cramer suggested prices could reach $250 per barrel by the third quarter of 2026 in the event of a prolonged US–Iran war and sustained disruptions. Dave Ernsberger, President of S&P Global Energy, also estimated a range of $200–$250 per barrel if war-related disruption of the Strait of Hormuz persists. Macquarie Group strategists, led by Vikas Dwivedi, expect prices to exceed $200 per barrel if the conflict continues into the summer. Stratas Advisors projects prices could rise towards $190 per barrel if the Strait remains closed for another full month. Rystad Energy analyst Janiv Shah, Vice President of oil markets, predicted prices could reach $135 per barrel, or remain above $110 if current conditions persist for four months. Also read: US crude oil price jumps to $115 per barrel after Trump’s profane threat to Iran – Details here Oil prices rise despite US output strength Oil prices are already rising, even if they have not yet reached the worst-case scenarios outlined above, despite US confidence in its status as a top producer. The broad consensus price range currently sits between $100 and $190 per barrel. Some US officials and Wall Street analysts have flagged $200 per barrel as a possibility in worst-case scenarios involving prolonged conflict beyond three to four months. The average conditional forecast remains around $134–$135 per barrel. Analysts note that even short-term disruptions have already driven significant upward revisions to 2026 price forecasts. Ultimately, the trajectory of oil prices will depend on the duration of the conflict, diplomatic resolutions, and the reopening of the Strait of Hormuz.

Oil price forecasts are surging amid Iran war escalation fears and Strait of Hormuz disruptions. The worst-case predictions have crossed $370 per barrel.

Oil price to hit $250, or even go beyond $370? Worst-case scenarios amid Iran war and Strait of Hormuz disruptions, listed

US crude oil prices have rapidly risen after US President Donald Trump’s fresh warning to Iran, as the war in West Asia cripples the global energy supply. On Monday (Apr 6), the US benchmark West Texas Intermediate climbed to $115.48 per barrel, up by 3.5 per cent. Meanwhile, International benchmark Brent crude oil futures spiked 2.6 per cent before paring gains to trade 0.7 per cent higher at $109.65 per barrel as of 12:02 am ET. North Sea Brent crude also rose sharply at the week’s market opening, jumping 1.16 per cent to $110.30 a barrel.This comes after Trump posted a profanity-laden warning to Iran, threatening to target its power plants and bridges if the Strait of Hormuz is not opened. He has also extended his prior 48-hour deadline till Tuesday, 8 pm Eastern time.What did Trump threaten?Threatening Iran’s civilian infrastructure, Trump wrote on his Truth Social platform, “Tuesday will be Power Plant Day, and Bridge Day, all wrapped up in one, in Iran. There will be nothing like it!!! Open the F****n’ Strait, you crazy b*****ds, or you’ll be living in Hell - JUST WATCH! Praise be to Allah.” Extending his prior deadline, Trump made a short post, “Tuesday, 8:00 P.M. Eastern Time!”Shortly after the post was made, the US president received huge backlash over his profane language, which is unusual for a head of state. He was also slammed for saying ‘Praise be to Allah’ on the Christian holiday of Easter Sunday.Iran vows ‘much more devastating’ retaliation In response, Iran has vowed “much more devastating” retaliation if its enemies hit civilian targets. While the Deputy Foreign Minister Kazem Gharibabadi said that Trump’s threats to strike the country’s infrastructure could amount to war crimes, citing provisions of international law that could be breached.Why are global fuel prices surging? Since the war broke out in West Asia after the US and Israel launched strikes on Iran on February 28, hostilities have continued to rise for over a month now. Iran responded by retaliating across the Gulf, striking US and Israeli targets. Tehran has also blocked the strategic Strait of Hormuz, which is vital for global oil supplies. The Strait of Hormuz is the only maritime outlet for ports located in the Persian Gulf. Its blockage has significantly affected global energy supply, triggering a sharp rise in oil prices. &nbsp;

Oil prices surged as US President Donald Trump’s Iran threat and Strait of Hormuz tensions rattled markets, with Tehran warning of harsher retaliation amid escalating conflict.

US crude oil prices have rapidly risen after US President Donald Trump’s fresh warning to Iran, as the war in West Asia cripples the global energy supply. On Monday (Apr 6), the US benchmark West Texas Intermediate climbed to $115.48 per barrel, up by 3.5 per cent. Meanwhile, International benchmark Brent crude oil futures spiked 2.6 per cent before paring gains to trade 0.7 per cent higher at $109.65 per barrel as of 12:02 am ET. North Sea Brent crude also rose sharply at the week’s market opening, jumping 1.16 per cent to $110.30 a barrel. This comes after Trump posted a profanity-laden warning to Iran, threatening to target its power plants and bridges if the Strait of Hormuz is not opened. He has also extended his prior 48-hour deadline till Tuesday, 8 pm Eastern time. What did Trump threaten? Threatening Iran’s civilian infrastructure, Trump wrote on his Truth Social platform, “Tuesday will be Power Plant Day, and Bridge Day, all wrapped up in one, in Iran. There will be nothing like it!!! Open the F****n’ Strait, you crazy b*****ds, or you’ll be living in Hell - JUST WATCH! Praise be to Allah.” Extending his prior deadline, Trump made a short post, “Tuesday, 8:00 P.M. Eastern Time!” Shortly after the post was made, the US president received huge backlash over his profane language, which is unusual for a head of state. He was also slammed for saying ‘Praise be to Allah’ on the Christian holiday of Easter Sunday. Iran vows ‘much more devastating’ retaliation In response, Iran has vowed “much more devastating” retaliation if its enemies hit civilian targets. While the Deputy Foreign Minister Kazem Gharibabadi said that Trump’s threats to strike the country’s infrastructure could amount to war crimes, citing provisions of international law that could be breached. Why are global fuel prices surging? Since the war broke out in West Asia after the US and Israel launched strikes on Iran on February 28, hostilities have continued to rise for over a month now. Iran responded by retaliating across the Gulf, striking US and Israeli targets. Tehran has also blocked the strategic Strait of Hormuz, which is vital for global oil supplies. The Strait of Hormuz is the only maritime outlet for ports located in the Persian Gulf. Its blockage has significantly affected global energy supply, triggering a sharp rise in oil prices.

Oil prices surged as US President Donald Trump’s Iran threat and Strait of Hormuz tensions rattled markets, with Tehran warning of harsher retaliation amid escalating conflict.

US crude oil price jumps to $115 per barrel after Trump’s profane threat to Iran – Details here

The Reserve Bank of India (RBI) is expected to keep policy rates unchanged in its upcoming Monetary Policy Committee (MPC) meeting scheduled to be held from April 6 to 8. The development comes amid an increase in global uncertainty triggered by the ongoing West Asia war, according to a report by SBI Research. "As the situation is still evolving, we expect RBI to maintain the status quo in the upcoming policy," the report said. It also highlighted that this will be the first policy meeting since the tensions begin the Gulf region. The report added that the war has turned the entire world into chaos due to disruptions in global energy markets, which has emerged as a major concern. It noted that the de facto blockage of the Strait of Hormuz has severely disrupted the global oil market in its history since 1973.<h3>India is not immune to economic uncertainty</h3>A recent report also warned that India is not immune to the uncertainty of global economic developments. "Rupee is already hovering above 93 per dollar and crude oil is adamant above $100/bbl, resulting in a jump in imported inflation," it said, adding that it could worsen further by a possible Super El Niño, impacting inflation dynamics. Domestically, SBI Research highlighted mounting inflationary pressures, noting that imported inflation has already reached 5.4 per cent and could rise further. It also projected that CPI inflation may stay above 4.5 per cent over the next three quarters. Amid this uncertain environment, the Reserve Bank of India is expected to adopt a cautious tone in its communication, especially as this will be its first policy response since the onset of the war. The report further pointed to external challenges, including strain on the rupee and capital outflows. It noted that FY26 recorded the highest foreign institutional investor (FII) outflows since 1991 at $16.6 billion, while the balance of payments is likely to remain in deficit in FY27. SBI also suggested that, more than policy rates, the central bank may focus on liquidity and market functioning. Further, recent regulatory developments to stabilise the rupee may pose challenges for lenders. "Some of the norms may pose operational challenges for Banks," the report observed, particularly in relation to curbs on speculative positions in currency markets.&nbsp;Also read: <a href="https://www.wionews.com/world/india-confirms-it-is-importing-iranian-crude-and-lpg-1775302997381">India confirms it is importing Iranian crude and LPG</a> &nbsp;

The SBI report indicated that the war has turned the entire world into chaos due to disruptions in global energy markets, which has emerged as a major concern. It also warned that India is not immune to the uncertainty of global economic developments.

The Reserve Bank of India (RBI) is expected to keep policy rates unchanged in its upcoming Monetary Policy Committee (MPC) meeting scheduled to be held from April 6 to 8. The development comes amid an increase in global uncertainty triggered by the ongoing West Asia war, according to a report by SBI Research. "As the situation is still evolving, we expect RBI to maintain the status quo in the upcoming policy," the report said. It also highlighted that this will be the first policy meeting since the tensions begin the Gulf region. The report added that the war has turned the entire world into chaos due to disruptions in global energy markets, which has emerged as a major concern. It noted that the de facto blockage of the Strait of Hormuz has severely disrupted the global oil market in its history since 1973. India is not immune to economic uncertainty A recent report also warned that India is not immune to the uncertainty of global economic developments. "Rupee is already hovering above 93 per dollar and crude oil is adamant above $100/bbl, resulting in a jump in imported inflation," it said, adding that it could worsen further by a possible Super El Niño, impacting inflation dynamics. Domestically, SBI Research highlighted mounting inflationary pressures, noting that imported inflation has already reached 5.4 per cent and could rise further. It also projected that CPI inflation may stay above 4.5 per cent over the next three quarters. Amid this uncertain environment, the Reserve Bank of India is expected to adopt a cautious tone in its communication, especially as this will be its first policy response since the onset of the war. The report further pointed to external challenges, including strain on the rupee and capital outflows. It noted that FY26 recorded the highest foreign institutional investor (FII) outflows since 1991 at $16.6 billion, while the balance of payments is likely to remain in deficit in FY27. SBI also suggested that, more than policy rates, the central bank may focus on liquidity and market functioning. Further, recent regulatory developments to stabilise the rupee may pose challenges for lenders. "Some of the norms may pose operational challenges for Banks," the report observed, particularly in relation to curbs on speculative positions in currency markets. Also read: India confirms it is importing Iranian crude and LPG

The SBI report indicated that the war has turned the entire world into chaos due to disruptions in global energy markets, which has emerged as a major concern. It also warned that India is not immune to the uncertainty of global economic developments.

RBI likely to keep policy rates unchanged in first policy since West Asia war: SBI

New Delhi: India has confirmed it is sourcing crude oil and liquefied petroleum gas (LPG) from Iran amid the ongoing energy supply disruptions in West Asia caused by war in the region. The Ministry of Petroleum and Natural Gas issued a statement on Saturday addressing rumours of supply problems. “Amid Middle East supply disruptions, Indian refiners have secured their crude oil requirements, including from Iran; and there is no payment hurdle for Iranian crude imports,” it said.&nbsp;&nbsp;It directly rejected reports and social media claims that an Iranian crude cargo had been diverted from Vadinar port in Gujarat to China due to “payment issues”.&nbsp;“The news reports and social media posts of an Iranian crude cargo being diverted from Vadinar, India to China due to ‘payment issues’ are factually incorrect,” the ministry stated.&nbsp;India imports crude oil from more than 40 countries, the statement noted, adding that companies have “full flexibility to source oil from different sources and geographies based on commercial considerations.” It explained how oil trade operates: “Claims on vessel diversion ignore how oil trade works. Bills of Lading often carry indicative discharge ports destinations and on-sea cargoes can change destinations mid-voyage based on trade optimisation and operational flexibility.”&nbsp;The ministry added, “It is reiterated that India’s crude oil requirements remain fully secured for the coming months.”&nbsp;On LPG, the government dismissed similar concerns. “On LPG too, some claims being made are incorrect as LPG vessel Sea Bird carrying around 44 TMT Iranian LPG berthed at Mangalore, India on April 2 and is currently discharging,” the statement said.&nbsp;This marks the first time in years that India has openly confirmed buying energy supplies from Iran. Before 2019, Iran was a major supplier, accounting for up to 11-12% of India’s total crude imports in some years. Imports largely stopped after the United States withdrew from the JCPOA nuclear deal and reimposed sanctions, ending waivers for many countries, including India.

The Ministry of Petroleum and Natural Gas denied reports that an Iranian crude cargo had been diverted from Vadinar port in Gujarat to China due to “payment issues” and termed them factually incorrect. India imports crude oil from more than 40 countries, the ministry added.

New Delhi: India has confirmed it is sourcing crude oil and liquefied petroleum gas (LPG) from Iran amid the ongoing energy supply disruptions in West Asia caused by war in the region. The Ministry of Petroleum and Natural Gas issued a statement on Saturday addressing rumours of supply problems. “Amid Middle East supply disruptions, Indian refiners have secured their crude oil requirements, including from Iran; and there is no payment hurdle for Iranian crude imports,” it said. It directly rejected reports and social media claims that an Iranian crude cargo had been diverted from Vadinar port in Gujarat to China due to “payment issues”. “The news reports and social media posts of an Iranian crude cargo being diverted from Vadinar, India to China due to ‘payment issues’ are factually incorrect,” the ministry stated. India imports crude oil from more than 40 countries, the statement noted, adding that companies have “full flexibility to source oil from different sources and geographies based on commercial considerations.” It explained how oil trade operates: “Claims on vessel diversion ignore how oil trade works. Bills of Lading often carry indicative discharge ports destinations and on-sea cargoes can change destinations mid-voyage based on trade optimisation and operational flexibility.” The ministry added, “It is reiterated that India’s crude oil requirements remain fully secured for the coming months.” On LPG, the government dismissed similar concerns. “On LPG too, some claims being made are incorrect as LPG vessel Sea Bird carrying around 44 TMT Iranian LPG berthed at Mangalore, India on April 2 and is currently discharging,” the statement said. This marks the first time in years that India has openly confirmed buying energy supplies from Iran. Before 2019, Iran was a major supplier, accounting for up to 11-12% of India’s total crude imports in some years. Imports largely stopped after the United States withdrew from the JCPOA nuclear deal and reimposed sanctions, ending waivers for many countries, including India.

The Ministry of Petroleum and Natural Gas denied reports that an Iranian crude cargo had been diverted from Vadinar port in Gujarat to China due to “payment issues” and termed them factually incorrect. India imports crude oil from more than 40 countries, the ministry added.

India confirms it is importing Iranian crude and LPG

A US-sanctioned tanker carrying Iranian crude oil that had been heading to India has now changed its destination and is going to China. If the ship hadn't rerouted, it would have been the first Iranian crude shipment to India in nearly seven years. The Aframax tanker Ping Shun, built in 2002 and sanctioned by the US in 2025, is now signalling Dongying in China as its destination instead of Vadinar in Gujarat, which it had indicated earlier this week, according to ship-tracking firm Kpler.However, it is not yet confirmed that the destination that the ship’s Automatic Identification System (AIS) transponder is indicating is final.&nbsp;Also Read: <a href="https://www.wionews.com/world/gulf-states-seek-unsc-mandate-for-force-to-protect-hormuz-china-france-russia-may-veto-move-1775160810714">Gulf states seek UNSC mandate for force to protect Hormuz; China, France, Russia may veto move</a>&nbsp;The oil on Ping Shun would have been the first Iranian crude that India would have purchased since 2019. Indian refiners have been showing interest in buying a few cargoes of Iranian oil on water following the recent sanctions waiver by Washington.&nbsp;Some analysts say the reason for Pin Shun’s destination change appears to be some payment-related issue, as sellers have been tightening terms, moving away from the earlier 30–60 day credit window to an upfront or near-term settlement.&nbsp;&nbsp;Also Read: <a href="https://www.wionews.com/world/trump-fires-attorney-general-pam-bondi-after-criticism-over-epstein-files-releases-1775150955840">Trump fires Attorney General Pam Bondi after criticism over Epstein files releases</a>&nbsp;Iran remains cut off from SWIFT (Society for Worldwide Interbank Financial Telecommunication)—a global messaging network used by banks and financial institutions to securely send and receive information about financial transactions.&nbsp;Vadinar has a 20 million-tonne-a-year oil refinery run by Russian oil giant Rosneft-backed Naraya Energy.However, if the payment issue is sorted out, the cargo could still make its way to an Indian refinery.&nbsp;&nbsp;Also Read: <a href="https://www.wionews.com/world/-world-on-edge-of-wider-war-people-are-already-struggling-says-un-chief-antonio-guterres-1775149940522">‘World on edge of wider war, people are already struggling,’ says UN chief Antonio Guterres</a>&nbsp;India used to be a major buyer of Iranian crude and imported significant volumes of Iranian light and heavy grades due to strong refinery compatibility and favourable commercial terms.However, imports ceased in May 2019 after the tightening of sanctions in 2018. At the peak time, Iranian crude accounted for 11.5 per cent of India’s total imports.&nbsp;Also Read: <a href="https://www.wionews.com/india-news/malda-sir-judicial-officers-hostage-case-mastermind-moffakkerul-islam-arrested-nia-takes-over-probe-1775219518033">Malda SIR judicial officers hostage mastermind Moffakkerul Islam arrested; NIA takes over probe</a>&nbsp;Last month, the US waived sanctions on the purchase of Iranian oil at sea for 30 days in an attempt to ease oil prices. The window is set to expire on April 19.An estimated 95 million barrels of Iranian oil are on vessels at sea, of which around 51 million barrels could be sold to India, while the remaining are better suited for buyers in China and Southeast Asia.Ping Shun is estimated to be carrying about 600,000 barrels of oil that was loaded from Kharg Island around March 4.&nbsp;&nbsp;&nbsp;

India used to be a major buyer of Iranian crude and imported significant volumes of Iranian light and heavy grades due to strong refinery compatibility and favourable commercial terms. However, imports ceased in May 2019 after the tightening of sanctions in 2018.

A US-sanctioned tanker carrying Iranian crude oil that had been heading to India has now changed its destination and is going to China. If the ship hadn't rerouted, it would have been the first Iranian crude shipment to India in nearly seven years. The Aframax tanker Ping Shun, built in 2002 and sanctioned by the US in 2025, is now signalling Dongying in China as its destination instead of Vadinar in Gujarat, which it had indicated earlier this week, according to ship-tracking firm Kpler. However, it is not yet confirmed that the destination that the ship’s Automatic Identification System (AIS) transponder is indicating is final. Also Read: Gulf states seek UNSC mandate for force to protect Hormuz; China, France, Russia may veto move The oil on Ping Shun would have been the first Iranian crude that India would have purchased since 2019. Indian refiners have been showing interest in buying a few cargoes of Iranian oil on water following the recent sanctions waiver by Washington. Some analysts say the reason for Pin Shun’s destination change appears to be some payment-related issue, as sellers have been tightening terms, moving away from the earlier 30–60 day credit window to an upfront or near-term settlement. Also Read: Trump fires Attorney General Pam Bondi after criticism over Epstein files releases Iran remains cut off from SWIFT (Society for Worldwide Interbank Financial Telecommunication)—a global messaging network used by banks and financial institutions to securely send and receive information about financial transactions. Vadinar has a 20 million-tonne-a-year oil refinery run by Russian oil giant Rosneft-backed Naraya Energy. However, if the payment issue is sorted out, the cargo could still make its way to an Indian refinery. Also Read: ‘World on edge of wider war, people are already struggling,’ says UN chief Antonio Guterres India used to be a major buyer of Iranian crude and imported significant volumes of Iranian light and heavy grades due to strong refinery compatibility and favourable commercial terms. However, imports ceased in May 2019 after the tightening of sanctions in 2018. At the peak time, Iranian crude accounted for 11.5 per cent of India’s total imports. Also Read: Malda SIR judicial officers hostage mastermind Moffakkerul Islam arrested; NIA takes over probe Last month, the US waived sanctions on the purchase of Iranian oil at sea for 30 days in an attempt to ease oil prices. The window is set to expire on April 19. An estimated 95 million barrels of Iranian oil are on vessels at sea, of which around 51 million barrels could be sold to India, while the remaining are better suited for buyers in China and Southeast Asia. Ping Shun is estimated to be carrying about 600,000 barrels of oil that was loaded from Kharg Island around March 4.

India used to be a major buyer of Iranian crude and imported significant volumes of Iranian light and heavy grades due to strong refinery compatibility and favourable commercial terms. However, imports ceased in May 2019 after the tightening of sanctions in 2018.

Ship carrying Iranian crude to Indian port in Gujarat reroutes to China

India’s defence exports hit ₹38,424 crore in FY2025-26. India is now selling missiles, drones, armoured vehicles, EW systems, and munitions to over 80 countries, in a vote of confidence for ‘Make in India’ products.

India’s defence exports hit ₹38,424 crore in FY2025-26. India is now selling missiles, drones, armoured vehicles, EW systems, and munitions to over 80 countries, in a vote of confidence for ‘Make in India’ products.

₹384.24 billion Indian defence export industry breaks records: What is India selling, and to whom?

SpaceX has confidentially filed for an initial public offering (IPO) that could value the space exploration, satellite internet and AI company led by world's richest person Elon Musk at around $2 trillion. The IPO could raise as much as $75 billion, potentially making it the largest listing in history.&nbsp;<h2>Listing imminent: SpaceX confidential SEC filing</h2>The filing with the US Securities and Exchange Commission (SEC) was made on April 1, according to Bloomberg and other reports. The company could go public as early as June, subject to regulatory review and market conditions, said the reports.Reports indicate SpaceX is targeting a valuation above $1.75 trillion, with some estimates approaching $2 trillion. At this level, it would rank among the world’s largest companies, alongside Nvidia, Apple, Alphabet (Google), Microsoft, and Amazon. It could also surpass Meta and Tesla, the electric vehicle company also led by Musk.<a href="https://www.wionews.com/videos/spacex-crew-12-docks-at-international-space-station-four-new-astronauts-arrive-via-spacex-rocket-1771128001120/embed">https://www.wionews.com/videos/spacex-crew-12-docks-at-international-space-station-four-new-astronauts-arrive-via-spacex-rocket-1771128001120/embed</a><h2>SpaceX expecting the biggest IPO ever</h2>The IPO could raise between $50 billion and $75 billion, surpassing the previous record set by Saudi Aramco. The Saudi Aramco IPO in 2019 raised about $29.4 billion and valued the company at roughly $1.7 trillion at listing.Also read: <a href="https://www.wionews.com/technology/-google-will-win-the-ai-race-in-the-west-china-on-earth-and-spacex-in-space-says-elon-musk-1773990362750">‘Google will win the AI race in the West, China on Earth, and SpaceX in space,’ says Elon Musk</a><h2>Starlink, the real star of SpaceX</h2>SpaceX develops rockets, space exploration systems but Starlink, its satellite internet service, is the primary revenue driver. It generates more than two-thirds of the company’s total revenue by providing internet connectivity via low-Earth orbit satellites. SpaceX is estimated to have generated around $15–16 billion in revenue in 2025, with EBITDA of approximately $7.5 billion. The company recently entered into a $19.6 billion spectrum deal with EchoStar to expand its direct-to-cell capabilities.Reusable rockets such as Falcon 9 underpin SpaceX’s dominance in commercial and government launches. Future growth is expected to depend heavily on the success of Starship, the company’s next-generation rocket designed for Mars missions and large-scale satellite deployment.<h2>xAI deal adds AI angle to SpaceX products and services</h2>SpaceX’s integration with xAI, the artificial intelligence venture behind the popular Grok chatbot, values the combined entity at approximately $1.25 trillion and adds an AI dimension to its broader space and communications strategy.Also read: <a href="https://www.wionews.com/world/what-is-autonomous-drone-swarming-tech-musk-s-spacex-xai-place-bids-in-secret-pentagon-competition-wion-explains-1771301948635">What is autonomous drone swarming tech? Musk's SpaceX, xAI bid in secret Pentagon competition | WION Explains</a><h2>Analysts think the stock could perform well long term, but risks remain</h2>SpaceX is expected to list at a high valuation, with analysts such as PitchBook and Morningstar suggesting it could trade at more than 90 times revenue. However, they argue that over a five to seven year period, the valuation could be justified if Starship development succeeds and Starlink continues its rapid expansion.Risks include delays in Starship development, regulatory challenges, limited public financial disclosure. The broader market volatility and selling pressure from early investors after the IPO could also hit the stock.SpaceX’s IPO could mark a historic moment, bringing its combined strengths in space launch, satellite internet, and AI-linked infrastructure into public markets, provided it delivers on its ambitious growth expectations.

SpaceX has confidentially filed for IPO that could value the company near $2 trillion and raise up to $75 billion, reports said. The valuation is being driven by Starlink internet growth and long-term space and AI ambitions that includes Mars exploration

SpaceX has confidentially filed for an initial public offering (IPO) that could value the space exploration, satellite internet and AI company led by world's richest person Elon Musk at around $2 trillion. The IPO could raise as much as $75 billion, potentially making it the largest listing in history. Listing imminent: SpaceX confidential SEC filing The filing with the US Securities and Exchange Commission (SEC) was made on April 1, according to Bloomberg and other reports. The company could go public as early as June, subject to regulatory review and market conditions, said the reports. Reports indicate SpaceX is targeting a valuation above $1.75 trillion, with some estimates approaching $2 trillion. At this level, it would rank among the world’s largest companies, alongside Nvidia, Apple, Alphabet (Google), Microsoft, and Amazon. It could also surpass Meta and Tesla, the electric vehicle company also led by Musk. https://www.wionews.com/videos/spacex-crew-12-docks-at-international-space-station-four-new-astronauts-arrive-via-spacex-rocket-1771128001120/embed SpaceX expecting the biggest IPO ever The IPO could raise between $50 billion and $75 billion, surpassing the previous record set by Saudi Aramco. The Saudi Aramco IPO in 2019 raised about $29.4 billion and valued the company at roughly $1.7 trillion at listing. Also read: ‘Google will win the AI race in the West, China on Earth, and SpaceX in space,’ says Elon Musk Starlink, the real star of SpaceX SpaceX develops rockets, space exploration systems but Starlink, its satellite internet service, is the primary revenue driver. It generates more than two-thirds of the company’s total revenue by providing internet connectivity via low-Earth orbit satellites. SpaceX is estimated to have generated around $15–16 billion in revenue in 2025, with EBITDA of approximately $7.5 billion. The company recently entered into a $19.6 billion spectrum deal with EchoStar to expand its direct-to-cell capabilities. Reusable rockets such as Falcon 9 underpin SpaceX’s dominance in commercial and government launches. Future growth is expected to depend heavily on the success of Starship, the company’s next-generation rocket designed for Mars missions and large-scale satellite deployment. xAI deal adds AI angle to SpaceX products and services SpaceX’s integration with xAI, the artificial intelligence venture behind the popular Grok chatbot, values the combined entity at approximately $1.25 trillion and adds an AI dimension to its broader space and communications strategy. Also read: What is autonomous drone swarming tech? Musk's SpaceX, xAI bid in secret Pentagon competition | WION Explains Analysts think the stock could perform well long term, but risks remain SpaceX is expected to list at a high valuation, with analysts such as PitchBook and Morningstar suggesting it could trade at more than 90 times revenue. However, they argue that over a five to seven year period, the valuation could be justified if Starship development succeeds and Starlink continues its rapid expansion. Risks include delays in Starship development, regulatory challenges, limited public financial disclosure. The broader market volatility and selling pressure from early investors after the IPO could also hit the stock. SpaceX’s IPO could mark a historic moment, bringing its combined strengths in space launch, satellite internet, and AI-linked infrastructure into public markets, provided it delivers on its ambitious growth expectations.

SpaceX has confidentially filed for IPO that could value the company near $2 trillion and raise up to $75 billion, reports said. The valuation is being driven by Starlink internet growth and long-term space and AI ambitions that includes Mars exploration

'$2 trillion valuation': SpaceX blockbuster IPO could raise $75 billion, say reports

US President Donald Trump on Thursday (April 2) imposed new tariffs on certain medicines and overhauled metal duties, reinforcing his trade agenda a year after launching trade wars with nearly all partners. The orders pressure pharmaceutical companies to manufacture more in the US, while targeting firms accused of "artificially manipulating" metals prices. Finished products with significant steel, aluminum, or copper will face a simplified 25% tariff on full value instead of a metal-content calculation.&nbsp;&nbsp;A senior official said they did not expect these measures to affect affordability. The moves coincide with the anniversary of Trump’s “Liberation Day,” when he first announced broad tariffs that disrupted markets and supply chains. One order imposes a 100% tariff on patented pharmaceuticals made abroad unless trade deals are struck or companies commit to building US plants. Large firms have 120 days, smaller ones 180 days, to submit reshoring plans.&nbsp;Also Read: <a href="https://www.wionews.com/world/pentagon-shake-up-defense-secretary-pete-hegseth-asks-army-chief-gen-randy-george-to-immediately-retire-reports-1775161003663">Pentagon shake-up: Defense Secretary Pete Hegseth asks Army Chief Gen. Randy George to 'immediately' retire</a>&nbsp;"We expect the lion's share of the world's patented pharmaceuticals to be built in America," said a senior official. Companies building US plants will face a 20% tariff. The EU, Japan, South Korea, and Switzerland face 15% due to prior trade deals. The UK secured tariff-free access for three years. Exemptions exist for firms reaching "Most Favored Nation" pricing deals. Generic drugs remain untaxed.&nbsp;<a href="https://www.wionews.com/videos/india-s-defence-exports-surge-62-to-4-1-billion-1775148284425/embed">https://www.wionews.com/videos/india-s-defence-exports-surge-62-to-4-1-billion-1775148284425/embed</a>&nbsp;The second order reshapes 50% tariffs on steel, aluminum, and copper, targeting foreign price manipulation and simplifying tariffs on products with over 15% metal content. "It's a simplification and a fairness issue," the official said.Asked about household costs, the official said, "These will not have an impact on the price of the good on the shelf." It is set to take effect from 12:01 am Eastern Time on Monday, a White House official told new agency AFP.

Trump doubles down on trade agenda with new pharma and steel tariffs

US President Donald Trump on Thursday (April 2) imposed new tariffs on certain medicines and overhauled metal duties, reinforcing his trade agenda a year after launching trade wars with nearly all partners. The orders pressure pharmaceutical companies to manufacture more in the US, while targeting firms accused of "artificially manipulating" metals prices. Finished products with significant steel, aluminum, or copper will face a simplified 25% tariff on full value instead of a metal-content calculation. A senior official said they did not expect these measures to affect affordability. The moves coincide with the anniversary of Trump’s “Liberation Day,” when he first announced broad tariffs that disrupted markets and supply chains. One order imposes a 100% tariff on patented pharmaceuticals made abroad unless trade deals are struck or companies commit to building US plants. Large firms have 120 days, smaller ones 180 days, to submit reshoring plans. Also Read: Pentagon shake-up: Defense Secretary Pete Hegseth asks Army Chief Gen. Randy George to 'immediately' retire "We expect the lion's share of the world's patented pharmaceuticals to be built in America," said a senior official. Companies building US plants will face a 20% tariff. The EU, Japan, South Korea, and Switzerland face 15% due to prior trade deals. The UK secured tariff-free access for three years. Exemptions exist for firms reaching "Most Favored Nation" pricing deals. Generic drugs remain untaxed. https://www.wionews.com/videos/india-s-defence-exports-surge-62-to-4-1-billion-1775148284425/embed The second order reshapes 50% tariffs on steel, aluminum, and copper, targeting foreign price manipulation and simplifying tariffs on products with over 15% metal content. "It's a simplification and a fairness issue," the official said. Asked about household costs, the official said, "These will not have an impact on the price of the good on the shelf." It is set to take effect from 12:01 am Eastern Time on Monday, a White House official told new agency AFP.

Trump orders 100% pharma tariffs and revamps metal duties, aiming to boost US manufacturing. Officials say, ‘These will not have an impact on the price of the good on the shelf’

The Iran war has shown that the Strait of Hormuz is no longer a fully reliable route for global oil trade. Oil-producing nations in the Gulf, caught in tensions involving the US, Israel and Iran, are now urgently advancing plans for new pipelines, transport corridors and infrastructure to bypass the chokepoint. These projects had been discussed for years, but were repeatedly delayed. Now, they are being treated as a strategic necessity despite high costs and political complexities.<h2>Existing pipelines are operating at full capacity</h2>Saudi Arabia’s East-West Petroline, stretching 1,200 km from Abqaiq to the Red Sea port of Yanbu, is operating at its full capacity of roughly 7 million barrels per day (mbpd). The UAE’s Abu Dhabi Crude Oil Pipeline (ADCOP), which carries up to 1.8 mbpd from Habshan to Fujairah outside the strait, is also at maximum capacity. Together, these routes provide around 8–9 mbpd of bypass capacity—far short of the estimated 17–21 mbpd that typically transits through the Strait of Hormuz.<h2>Alternative plans in the UAE, Oman and Iraq</h2>One key proposal is the expansion of the UAE’s Fujairah corridor. Plans include an additional pipeline that could add about 1.5 mbpd and link offshore fields directly to export terminals outside Hormuz. Another proposal is a pipeline to Oman’s Duqm port on the Arabian Sea, likely to cost around $10 billion. This would provide a direct outlet for Gulf crude beyond the Strait of Hormuz.There are also plans to expand the Iraq–Turkey pipeline from Kirkuk to the Mediterranean port of Ceyhan, which has a nominal capacity of 1.6 mbpd. The project was delayed by political disputes, but possible extensions to southern Iraqi or Gulf-linked supplies make it a candidate for increased use. The long-dormant Iraq Pipeline through Saudi Arabia (IPSA), which runs to the Red Sea, is also being reconsidered for reactivation.Also read: <a href="https://www.wionews.com/world/-indian-friends-are-safe-says-iran-on-strait-of-hormuz-transit-as-irgc-reportedly-charges-1-per-oil-barrel-in-yuan-and-stablecoins-iran-war-update-1775112816765">‘Indian friends are safe’, says Iran on Strait of Hormuz transit as IRGC reportedly charges $1 per oil barrel in yuan and stablecoins</a><h2>New overland energy corridors</h2>Several proposed corridors aim to link Gulf producers directly to the Mediterranean and possibly beyond. These include pipelines from Qatar and the UAE across Saudi Arabia, and potentially through Iraq or Jordan, to terminals in Israel or Egypt. Such routes would bypass not only Hormuz but also the Bab el-Mandeb strait in the Red Sea—another flashpoint during Iran-linked conflicts—as well as the Suez Canal. The India–Middle East–Europe Economic Corridor is another ambitious initiative with potential energy components.<h2>Rail and logistics networks</h2>Governments in the region are also examining rail and logistics corridors. Projects include Saudi Arabia’s planned landbridge and the UAE’s Etihad Rail. These could transport refined products and support pipeline distribution to alternative export hubs, including Oman’s Sohar and Duqm ports.<a href="https://www.wionews.com/videos/us-israel-war-with-iran-tehran-tightens-grip-on-hormuz-demonstrates-capabilities-to-strike-gulf-1775124006365/embed">https://www.wionews.com/videos/us-israel-war-with-iran-tehran-tightens-grip-on-hormuz-demonstrates-capabilities-to-strike-gulf-1775124006365/embed</a><h2>Costs, terrain and political barriers still persist</h2>Despite growing momentum, major obstacles remain. Many routes pass through countries that have political tensions with one another. Terrain challenges and regional rivalries add further complications. Approvals could take years for some projects. Tens of billions of dollars in investment will be required. Cross-border agreements and security guarantees will be difficult to secure.Also read: <a href="https://www.wionews.com/world/uk-talks-reopen-strait-of-hormuz-oil-crisis-1775120014544">UK to lead talks on reopening Strait of Hormuz amid rising tensions with Iran</a><h2>Shift away from Hormuz dependence is the need of the hour</h2>In spite of these challenges, the Iran conflict has highlighted how easily threats to the Strait of Hormuz can disrupt global energy markets. This has pushed governments and industries to prioritise alternative routes and logistics. Contingency plans are now being treated as core investments in energy security. While change will take time, reliance on the Strait of Hormuz as the primary artery of global oil trade is set to decline.

Days of dependency on Strait of Hormuz for global oil trade will be over, even if it takes several years, as the Iran war has proven how Tehran can put a chokehold on the chokepoint. Gulf states are accelerating pipeline and transport plans to bypass the strait. But will they succeed?

The Iran war has shown that the Strait of Hormuz is no longer a fully reliable route for global oil trade. Oil-producing nations in the Gulf, caught in tensions involving the US, Israel and Iran, are now urgently advancing plans for new pipelines, transport corridors and infrastructure to bypass the chokepoint. These projects had been discussed for years, but were repeatedly delayed. Now, they are being treated as a strategic necessity despite high costs and political complexities. Existing pipelines are operating at full capacity Saudi Arabia’s East-West Petroline, stretching 1,200 km from Abqaiq to the Red Sea port of Yanbu, is operating at its full capacity of roughly 7 million barrels per day (mbpd). The UAE’s Abu Dhabi Crude Oil Pipeline (ADCOP), which carries up to 1.8 mbpd from Habshan to Fujairah outside the strait, is also at maximum capacity. Together, these routes provide around 8–9 mbpd of bypass capacity—far short of the estimated 17–21 mbpd that typically transits through the Strait of Hormuz. Alternative plans in the UAE, Oman and Iraq One key proposal is the expansion of the UAE’s Fujairah corridor. Plans include an additional pipeline that could add about 1.5 mbpd and link offshore fields directly to export terminals outside Hormuz. Another proposal is a pipeline to Oman’s Duqm port on the Arabian Sea, likely to cost around $10 billion. This would provide a direct outlet for Gulf crude beyond the Strait of Hormuz. There are also plans to expand the Iraq–Turkey pipeline from Kirkuk to the Mediterranean port of Ceyhan, which has a nominal capacity of 1.6 mbpd. The project was delayed by political disputes, but possible extensions to southern Iraqi or Gulf-linked supplies make it a candidate for increased use. The long-dormant Iraq Pipeline through Saudi Arabia (IPSA), which runs to the Red Sea, is also being reconsidered for reactivation. Also read: ‘Indian friends are safe’, says Iran on Strait of Hormuz transit as IRGC reportedly charges $1 per oil barrel in yuan and stablecoins New overland energy corridors Several proposed corridors aim to link Gulf producers directly to the Mediterranean and possibly beyond. These include pipelines from Qatar and the UAE across Saudi Arabia, and potentially through Iraq or Jordan, to terminals in Israel or Egypt. Such routes would bypass not only Hormuz but also the Bab el-Mandeb strait in the Red Sea—another flashpoint during Iran-linked conflicts—as well as the Suez Canal. The India–Middle East–Europe Economic Corridor is another ambitious initiative with potential energy components. Rail and logistics networks Governments in the region are also examining rail and logistics corridors. Projects include Saudi Arabia’s planned landbridge and the UAE’s Etihad Rail. These could transport refined products and support pipeline distribution to alternative export hubs, including Oman’s Sohar and Duqm ports. https://www.wionews.com/videos/us-israel-war-with-iran-tehran-tightens-grip-on-hormuz-demonstrates-capabilities-to-strike-gulf-1775124006365/embed Costs, terrain and political barriers still persist Despite growing momentum, major obstacles remain. Many routes pass through countries that have political tensions with one another. Terrain challenges and regional rivalries add further complications. Approvals could take years for some projects. Tens of billions of dollars in investment will be required. Cross-border agreements and security guarantees will be difficult to secure. Also read: UK to lead talks on reopening Strait of Hormuz amid rising tensions with Iran Shift away from Hormuz dependence is the need of the hour In spite of these challenges, the Iran conflict has highlighted how easily threats to the Strait of Hormuz can disrupt global energy markets. This has pushed governments and industries to prioritise alternative routes and logistics. Contingency plans are now being treated as core investments in energy security. While change will take time, reliance on the Strait of Hormuz as the primary artery of global oil trade is set to decline.

Days of dependency on Strait of Hormuz for global oil trade will be over, even if it takes several years, as the Iran war has proven how Tehran can put a chokehold on the chokepoint. Gulf states are accelerating pipeline and transport plans to bypass the strait. But will they succeed?

Strait of Hormuz crisis: Gulf states rush with alternative pipelines, infra to bypass chokepoint amid Iran war. What can they do, what are problems?

Iran has indicated that Indians and Indian shipping interests are secure amid war-linked tensions on the Strait of Hormuz, while reports claimed that the Islamic Revolutionary Guard Corps (IRGC) is charging vessels around $1 per barrel of oil for safe passage using non-dollar payment methods. The message to Indians followed remarks by Iranian Foreign Minister Abbas Araghchi that only Iran and Oman would determine the future of the strait through which about 20 per cent of global oil and LNG trade flows.&nbsp;<h2>‘Our Indian friends are in safe hands’: Iran</h2>“Our Indian friends are in safe hands, no worries,” Iran’s embassy in New Delhi said in a post on X, along with a wink emoji. This is a possible signal of preferential treatment for India as the Strait of Hormuz faces disruption due to the US-Israel war on Iran. Despite the global tensions, India has not reported major supply concerns for oil and gas. This is significant, as India is one of the world’s largest oil importers. Indian officials have reassured the public that fuel stocks remain adequate, and the government has intervened in cases of black marketing of LPG and increases in aviation turbine fuel prices.Also read: <a href="https://www.wionews.com/world/indian-lpg-tanker-escaped-strait-of-hormuz-mines-via-new-route-did-not-pay-fee-for-transit-1775028249692">Indian LPG tanker escaped Strait of Hormuz mines via new route; did not pay fee for transit</a><h2>Iran claims full control of Strait of Hormuz</h2>The reassurance comes as Iran claims “full and decisive control” over the critical chokepoint, describing its actions as self-defence following US and Israeli strikes from February 28. It has repeatedly said that friendly nations like India, China, Russia, Pakistan, and Iraq are being granted safe transit through the waterway. Several Indian-flagged vessels have already passed through after coordination with Iran.Also read: <a href="https://www.wionews.com/world/-will-consider-when-hormuz-is-open-trump-says-iran-asked-for-ceasefire-1775042630435">'Will consider when Hormuz is open..': Trump says Iran asked for ceasefire as West Asia war escalates</a><h2>Iran de-dollarising oil trade? Payments reportedly made in yuan and stablecoins</h2>A report by Bloomberg claimed that the IRGC has effectively established a toll system for commercial shipping along the strait. It said oil tankers are being charged $1 per barrel. This means large vessels carrying about 2 million barrels could pay up to $2 million per transit. Payments are required in Chinese yuan or stablecoins such as USDT, bypassing US-dominated financial systems, the report said.<h2>How vessels are being allowed to pass via Strait of Hormuz</h2>According to reports, vessels seeking passage must contact IRGC-linked intermediaries and submit detailed documentation. This includes details of ownership, cargo and crew. A vetting process follows, based on the perceived geopolitical alignment of the nations linked to the vessels with Iran. Friendly nations receive more favourable terms, while others risk denial or even attack, the reports claimed.Once approved, the ships are issued permits, assigned routes, and in some cases escorted by Iranian patrol boats.Some tankers have paid in Chinese currency, yuan, and others in crypto. The reports state that this toll system has been formalised by Iran’s parliamentary National Security Committee.&nbsp;<a href="https://www.wionews.com/videos/pakistan-china-call-for-restoring-navigation-in-strait-of-hormuz-1775051996141/embed">https://www.wionews.com/videos/pakistan-china-call-for-restoring-navigation-in-strait-of-hormuz-1775051996141/embed</a><h2>Shipping traffic along Strait of Hormuz is still low</h2>Despite the assurances from Iran, overall shipping traffic via the Strait of Hormuz remains below pre-conflict levels. Several major carriers are staying away from the route, as insurance costs have surged, particularly following incidents such as the recent drone strike on a Kuwaiti tanker.The legal basis for Iranian tolls under international maritime law is not yet clear. International law typically limits territorial control to 12 nautical miles.&nbsp;Disclaimer: WION takes utmost care to accurately and responsibly report ongoing conflicts in West Asia involving Israel, Iran, US, Gulf nations and non-state actors like Hezbollah, Hamas, Houthis, Islamic State, and others. Claims and counterclaims, disinformation and misinformation are being made online and offline. Given this context, WION cannot independently verify the authenticity of all statements, social media posts, photos and videos.

Iran has reassured India on safe passage of its vessels via Strait of Hormuz. Reports meanwhile claim that the IRGC is charging $1 per barrel toll in yuan and cryptocurrency like stablecoins. But the situation is far from normal

Iran has indicated that Indians and Indian shipping interests are secure amid war-linked tensions on the Strait of Hormuz, while reports claimed that the Islamic Revolutionary Guard Corps (IRGC) is charging vessels around $1 per barrel of oil for safe passage using non-dollar payment methods. The message to Indians followed remarks by Iranian Foreign Minister Abbas Araghchi that only Iran and Oman would determine the future of the strait through which about 20 per cent of global oil and LNG trade flows. ‘Our Indian friends are in safe hands’: Iran “Our Indian friends are in safe hands, no worries,” Iran’s embassy in New Delhi said in a post on X, along with a wink emoji. This is a possible signal of preferential treatment for India as the Strait of Hormuz faces disruption due to the US-Israel war on Iran. Despite the global tensions, India has not reported major supply concerns for oil and gas. This is significant, as India is one of the world’s largest oil importers. Indian officials have reassured the public that fuel stocks remain adequate, and the government has intervened in cases of black marketing of LPG and increases in aviation turbine fuel prices. Also read: Indian LPG tanker escaped Strait of Hormuz mines via new route; did not pay fee for transit Iran claims full control of Strait of Hormuz The reassurance comes as Iran claims “full and decisive control” over the critical chokepoint, describing its actions as self-defence following US and Israeli strikes from February 28. It has repeatedly said that friendly nations like India, China, Russia, Pakistan, and Iraq are being granted safe transit through the waterway. Several Indian-flagged vessels have already passed through after coordination with Iran. Also read: 'Will consider when Hormuz is open..': Trump says Iran asked for ceasefire as West Asia war escalates Iran de-dollarising oil trade? Payments reportedly made in yuan and stablecoins A report by Bloomberg claimed that the IRGC has effectively established a toll system for commercial shipping along the strait. It said oil tankers are being charged $1 per barrel. This means large vessels carrying about 2 million barrels could pay up to $2 million per transit. Payments are required in Chinese yuan or stablecoins such as USDT, bypassing US-dominated financial systems, the report said. How vessels are being allowed to pass via Strait of Hormuz According to reports, vessels seeking passage must contact IRGC-linked intermediaries and submit detailed documentation. This includes details of ownership, cargo and crew. A vetting process follows, based on the perceived geopolitical alignment of the nations linked to the vessels with Iran. Friendly nations receive more favourable terms, while others risk denial or even attack, the reports claimed. Once approved, the ships are issued permits, assigned routes, and in some cases escorted by Iranian patrol boats. Some tankers have paid in Chinese currency, yuan, and others in crypto. The reports state that this toll system has been formalised by Iran’s parliamentary National Security Committee. https://www.wionews.com/videos/pakistan-china-call-for-restoring-navigation-in-strait-of-hormuz-1775051996141/embed Shipping traffic along Strait of Hormuz is still low Despite the assurances from Iran, overall shipping traffic via the Strait of Hormuz remains below pre-conflict levels. Several major carriers are staying away from the route, as insurance costs have surged, particularly following incidents such as the recent drone strike on a Kuwaiti tanker. The legal basis for Iranian tolls under international maritime law is not yet clear. International law typically limits territorial control to 12 nautical miles. Disclaimer: WION takes utmost care to accurately and responsibly report ongoing conflicts in West Asia involving Israel, Iran, US, Gulf nations and non-state actors like Hezbollah, Hamas, Houthis, Islamic State, and others. Claims and counterclaims, disinformation and misinformation are being made online and offline. Given this context, WION cannot independently verify the authenticity of all statements, social media posts, photos and videos.

Iran has reassured India on safe passage of its vessels via Strait of Hormuz. Reports meanwhile claim that the IRGC is charging $1 per barrel toll in yuan and cryptocurrency like stablecoins. But the situation is far from normal

‘Indian friends are safe’, says Iran on Strait of Hormuz transit as IRGC reportedly charges $1 per oil barrel in yuan and stablecoins

The rupee achieved its biggest gain in more than 12 years on April 2, a day after the Reserve Bank of India (RBI) rolled out additional measures to curb currency volatility. The Indian currency surged up to 1.8 per cent to &nbsp;93.53 against the dollar, marking the strongest rise since September 2013, when currency trading resumed after a two-day break. The RBI barred banks from offering rupee non-deliverable forwards to both resident and non-resident clients on April 1. It also directed that companies cannot rebook cancelled foreign exchange derivative contracts. “In the near term, this is likely to trigger unwinding of such positions, reducing artificial demand for dollars and providing support to the rupee, potentially leading to appreciation bias or at least enhanced stability,” said Amit Pabari, managing director at CR Forex Advisory. In over a ten years, FY26 was the worst year for the rupee due to the spike in Brent crude prices and persistent outflows from foreign investors, among others. The currency briefly crossed the key 95-dollar mark on March 30, even as the RBI stepped in to curb banks’ exposure to net open positions in the rupee.<h3>Trump’s warning to Iran</h3>Crude oil prices also jumped around 4 per cent after US President Donald Trump, while addressing the nation, indicated a possible escalation in the Iran war without indicating a timeline to end the war, which is in its second month. While stating that the US had achieved its objectives, Trump warned that the situation could intensify if Iran’s leadership does not agree to American terms in ongoing negotiations, with potential strikes targeting Iran’s energy and oil infrastructure. Following his remarks, Brent crude surged to $106 per barrel. He said the US “does not need the Strait of Hormuz” and asked allies to “grab Hormuz”, indicating the world to buy oil from the US. He added that the US could hit Iran “extremely hard” within weeks, and added that military objectives are about achieved and the war was nearing its end. However, he has not provided any timeline to exit from the Middle East.&nbsp;Also read: <a href="https://www.wionews.com/business-economy/india-has-enough-crude-oil-supply-for-2-months-says-govt-amid-west-asia-crisis-1775067317953">India has enough crude oil supply for 2 months, says govt amid West Asia crisis</a>

The RBI barred banks from offering rupee non-deliverable forwards to both resident and non-resident clients on April 1. It also directed that companies cannot rebook cancelled foreign exchange derivative contracts.

The rupee achieved its biggest gain in more than 12 years on April 2, a day after the Reserve Bank of India (RBI) rolled out additional measures to curb currency volatility. The Indian currency surged up to 1.8 per cent to 93.53 against the dollar, marking the strongest rise since September 2013, when currency trading resumed after a two-day break. The RBI barred banks from offering rupee non-deliverable forwards to both resident and non-resident clients on April 1. It also directed that companies cannot rebook cancelled foreign exchange derivative contracts. “In the near term, this is likely to trigger unwinding of such positions, reducing artificial demand for dollars and providing support to the rupee, potentially leading to appreciation bias or at least enhanced stability,” said Amit Pabari, managing director at CR Forex Advisory. In over a ten years, FY26 was the worst year for the rupee due to the spike in Brent crude prices and persistent outflows from foreign investors, among others. The currency briefly crossed the key 95-dollar mark on March 30, even as the RBI stepped in to curb banks’ exposure to net open positions in the rupee. Trump’s warning to Iran Crude oil prices also jumped around 4 per cent after US President Donald Trump, while addressing the nation, indicated a possible escalation in the Iran war without indicating a timeline to end the war, which is in its second month. While stating that the US had achieved its objectives, Trump warned that the situation could intensify if Iran’s leadership does not agree to American terms in ongoing negotiations, with potential strikes targeting Iran’s energy and oil infrastructure. Following his remarks, Brent crude surged to $106 per barrel. He said the US “does not need the Strait of Hormuz” and asked allies to “grab Hormuz”, indicating the world to buy oil from the US. He added that the US could hit Iran “extremely hard” within weeks, and added that military objectives are about achieved and the war was nearing its end. However, he has not provided any timeline to exit from the Middle East. Also read: India has enough crude oil supply for 2 months, says govt amid West Asia crisis

The RBI barred banks from offering rupee non-deliverable forwards to both resident and non-resident clients on April 1. It also directed that companies cannot rebook cancelled foreign exchange derivative contracts.

Rupee jumps to 93.53 against dollar, logs biggest gain in 12 years amid West Asia war

Oil prices surged on Thursday (April 2) after Donald Trump addressed the nation but failed to calm investor concerns over the closure of the strategic Strait of Hormuz. The president urged other countries to step in and help reopen the key shipping route. Brent crude jumped over 4%, reaching as high as $105.55, while West Texas Intermediate rose 3% to $103.16. Both benchmarks had been declining before the speech started.&nbsp;Sentiment shifted sharply after the president’s prime-time address. Rather than signaling a move toward de-escalation, Trump called on other nations to intervene and reopen the Strait of Hormuz, a critical global oil passage that remains closed. Asian markets reacted negatively in volatile morning trading.&nbsp;Also Read: <a href="https://www.wionews.com/world/-the-baby-s-shot-7-month-old-killed-in-nyc-as-motorbike-gunman-opens-fire-one-suspect-in-custody-another-at-large-1775092472531">'The baby’s shot!': 7-month-old killed in NYC as motorbike gunman opens fire; one suspect in custody, another at large</a>&nbsp;South Korean stocks, reflecting the region’s heavy reliance on Middle Eastern energy imports, fell 3 per cent, marking the steepest drop in the region. In the United States, S&amp;P 500 futures indicated a 0.8 per cent decline ahead of the market open. In his remarks, Donald Trump said the conflict could continue for another ‘two to three weeks’ and warned that the US would target Iranian power plants if no agreement is reached. He added that key strategic goals are ‘close to completion’ and stated that the US could ‘bring Iran back to the stone age’.&nbsp;<a href="https://www.wionews.com/videos/us-israel-war-with-iran-more-than-2-000-iranians-have-been-killed-in-us-israeli-attacks-1775096076660/embed">https://www.wionews.com/videos/us-israel-war-with-iran-more-than-2-000-iranians-have-been-killed-in-us-israeli-attacks-1775096076660/embed</a>&nbsp;Disclaimer: WION takes utmost care to accurately and responsibly report ongoing conflicts in West Asia involving Israel, Iran, the US, Gulf nations, and non-state actors like Hezbollah, Hamas, Houthis, Islamic State, and others. Claims and counterclaims, disinformation and misinformation are being made online and offline. Given this context, WION cannot independently verify the authenticity of all statements, social media posts, photos, and videos.

Trump's speech fails to ease market fears: Oil surges past $105, WTI tops $103

Oil prices surged on Thursday (April 2) after Donald Trump addressed the nation but failed to calm investor concerns over the closure of the strategic Strait of Hormuz. The president urged other countries to step in and help reopen the key shipping route. Brent crude jumped over 4%, reaching as high as $105.55, while West Texas Intermediate rose 3% to $103.16. Both benchmarks had been declining before the speech started. Sentiment shifted sharply after the president’s prime-time address. Rather than signaling a move toward de-escalation, Trump called on other nations to intervene and reopen the Strait of Hormuz, a critical global oil passage that remains closed. Asian markets reacted negatively in volatile morning trading. Also Read: 'The baby’s shot!': 7-month-old killed in NYC as motorbike gunman opens fire; one suspect in custody, another at large South Korean stocks, reflecting the region’s heavy reliance on Middle Eastern energy imports, fell 3 per cent, marking the steepest drop in the region. In the United States, S&P 500 futures indicated a 0.8 per cent decline ahead of the market open. In his remarks, Donald Trump said the conflict could continue for another ‘two to three weeks’ and warned that the US would target Iranian power plants if no agreement is reached. He added that key strategic goals are ‘close to completion’ and stated that the US could ‘bring Iran back to the stone age’. https://www.wionews.com/videos/us-israel-war-with-iran-more-than-2-000-iranians-have-been-killed-in-us-israeli-attacks-1775096076660/embed Disclaimer: WION takes utmost care to accurately and responsibly report ongoing conflicts in West Asia involving Israel, Iran, the US, Gulf nations, and non-state actors like Hezbollah, Hamas, Houthis, Islamic State, and others. Claims and counterclaims, disinformation and misinformation are being made online and offline. Given this context, WION cannot independently verify the authenticity of all statements, social media posts, photos, and videos.

Oil prices surged as Donald Trump’s address failed to ease concerns over the Strait of Hormuz closure, raising fears of global supply disruption

Joint Secretary in the Ministry of Petroleum and Natural Gas, Sujata Sharma, said on Wednesday that the crude oil inventories of India remain adequate, with sufficient supplies for the next two months. Her statement came amid an inter-ministerial briefing during the ongoing West Asia crisis. Sharma reassured that fuel supplies remain stable, stating that refineries are running at full capacity and there have been no reports of shortages at retail outlets. Highlighting global price trends, she noted: "Around two months ago, Brent crude was trading in the range of $70 per barrel, and today it has crossed $100 per barrel." Despite this sharp rise, she emphasised, "No increase has been made in petrol and diesel prices for domestic consumers."&nbsp;She added, "Petrol and diesel prices have not been increased since April 6, 2022, and in March 2024, prices were reduced by Rs 2, which continues to remain in effect." "To protect domestic consumers from international price volatility, the Government of India reduced excise duty to ensure that there is no increase in prices." However, she acknowledged, "Prices have been maintained, resulting in under-recoveries for our Oil Marketing Companies (OMCs) on both petrol and diesel, Sharma responded to the government measures.<h3>Sufficient stock of petrol and diesel</h3>She further stated that the Indian government has imposed an export levy in order to ensure the availability of ATF and diesel in the domestic market. Sharma also urged citizens to remain calm, as India has sufficient petrol and diesel in stock.&nbsp;When Sharma was asked about natural gas supply, she responded, "100 per cent supply has been ensured for domestic consumers and CNG transport, adding that efforts to extend the amount are underway. "Around 325,000 connections were supplied with gas in March, 285,000 new connections were provided, and 350,000 new consumers registered for connections," she said.&nbsp;On LPG, Sharma said India’s import dependence is around 60 per cent. She also noted that international LPG prices (Saudi CP benchmark) have risen sharply from $522 to $780. Despite this increase, domestic LPG cylinder prices have remained unchanged for consumers.&nbsp;She added, "Due to this price rise, Oil Marketing Companies (OMCs) will face under-recoveries, as they have in the past." Noting government support, she said, "In 2023, the government provided around Rs 22,000 crore to OMCs, and for 2025-26, approximately Rs 30,000 crore has been approved to cover such losses."&nbsp;On supply status, Sharma said, “No dry-out has been reported at any LPG distributorship. Around 60 lakh cylinders were delivered yesterday.” She also noted, "For commercial LPG, the government has ensured about 70 per cent of supplies," adding, "Additional kerosene has also been allocated to states and Union Territories as an alternative fuel."&nbsp;Also read: <a href="https://www.wionews.com/india-news/pm-chairs-key-meeting-orders-steps-to-ensure-supplies-curb-price-hike-risks-amid-conflict-1775065138114">PM chairs key meeting, orders steps to ensure supplies, curb price hike risks amid conflict</a> &nbsp;

Joint Secretary in the Ministry of Petroleum and Natural Gas, Sujata Sharma, reassured that fuel supplies remain stable, stating that refineries are running at full capacity and there have been no reports of shortages at retail outlets.

Joint Secretary in the Ministry of Petroleum and Natural Gas, Sujata Sharma, said on Wednesday that the crude oil inventories of India remain adequate, with sufficient supplies for the next two months. Her statement came amid an inter-ministerial briefing during the ongoing West Asia crisis. Sharma reassured that fuel supplies remain stable, stating that refineries are running at full capacity and there have been no reports of shortages at retail outlets. Highlighting global price trends, she noted: "Around two months ago, Brent crude was trading in the range of $70 per barrel, and today it has crossed $100 per barrel." Despite this sharp rise, she emphasised, "No increase has been made in petrol and diesel prices for domestic consumers." She added, "Petrol and diesel prices have not been increased since April 6, 2022, and in March 2024, prices were reduced by Rs 2, which continues to remain in effect." "To protect domestic consumers from international price volatility, the Government of India reduced excise duty to ensure that there is no increase in prices." However, she acknowledged, "Prices have been maintained, resulting in under-recoveries for our Oil Marketing Companies (OMCs) on both petrol and diesel, Sharma responded to the government measures. Sufficient stock of petrol and diesel She further stated that the Indian government has imposed an export levy in order to ensure the availability of ATF and diesel in the domestic market. Sharma also urged citizens to remain calm, as India has sufficient petrol and diesel in stock. When Sharma was asked about natural gas supply, she responded, "100 per cent supply has been ensured for domestic consumers and CNG transport, adding that efforts to extend the amount are underway. "Around 325,000 connections were supplied with gas in March, 285,000 new connections were provided, and 350,000 new consumers registered for connections," she said. On LPG, Sharma said India’s import dependence is around 60 per cent. She also noted that international LPG prices (Saudi CP benchmark) have risen sharply from $522 to $780. Despite this increase, domestic LPG cylinder prices have remained unchanged for consumers. She added, "Due to this price rise, Oil Marketing Companies (OMCs) will face under-recoveries, as they have in the past." Noting government support, she said, "In 2023, the government provided around Rs 22,000 crore to OMCs, and for 2025-26, approximately Rs 30,000 crore has been approved to cover such losses." On supply status, Sharma said, “No dry-out has been reported at any LPG distributorship. Around 60 lakh cylinders were delivered yesterday.” She also noted, "For commercial LPG, the government has ensured about 70 per cent of supplies," adding, "Additional kerosene has also been allocated to states and Union Territories as an alternative fuel." Also read: PM chairs key meeting, orders steps to ensure supplies, curb price hike risks amid conflict

Joint Secretary in the Ministry of Petroleum and Natural Gas, Sujata Sharma, reassured that fuel supplies remain stable, stating that refineries are running at full capacity and there have been no reports of shortages at retail outlets.

India has enough crude oil supply for 2 months, says govt amid West Asia crisis

Multiple reports suggest that Gulf nations are slowly running out of air defence capacity amid a barrage of Iranian missile and drone strikes in retaliation for US–Israel attacks on the Islamic Republic in the ongoing war. This is forcing nations such as Saudi Arabia and the UAE to consider joining the war against Iran after remaining on the defensive for the first month. Here is how the air defence systems are holding up against the Iranian strikes.<h2>Iran fired thousands of missiles and drones at Gulf nations</h2>A report in Bloomberg claimed that Iran has launched 1,200 ballistic missiles and 4,000 Shahed drones and cruise missiles at US bases and military assets in Gulf countries since the war began on 28 February. Iran also targeted oil and gas facilities in several nations, including Saudi Arabia, Qatar and Kuwait. This past weekend alone, around 40 Iranian missiles were launched in a single wave, which is twice the daily average, the report said.<a href="https://www.wionews.com/videos/us-president-says-securing-the-strait-of-hormuz-is-not-our-job-1775022284664/embed">https://www.wionews.com/videos/us-president-says-securing-the-strait-of-hormuz-is-not-our-job-1775022284664/embed</a><h2>Gulf countries ended up firing double the number of interceptors</h2>The air defence systems of Gulf nations, mostly bought from the US, have fired more than 2,400 interceptors. This has nearly exhausted their pre-war stockpiles of these missiles, according to the Bloomberg report.This is because the defence systems often have to fire at least twice at each missile or drone based on the ‘shoot, shoot, look’ doctrine. This means interceptors are launched twice and then the results are assessed. By implication, it can be estimated that at least 2,400 interceptors were fired over the course of the war, perhaps more. This is because, at times, additional interceptor missiles are needed to defend against incoming projectiles, the Bloomberg report noted.Most of these interceptors were Patriot PAC-3 and GEM-T (Guidance Enhanced Missile–Tactical) missiles. Before the war, Gulf nations had fewer than 2,800 of these.Also read: <a href="https://www.wionews.com/world/uae-to-join-iran-war-report-claims-gulf-nation-to-help-us-allies-force-open-strait-of-hormuz-1775023984485">UAE to join Iran war? Report claims Gulf nation to help US, allies force open Strait of Hormuz</a><h2>Iran targeted crucial military and fuel facilities of Gulf nations; layered defence under strain</h2>Iran has targeted US bases such as Prince Sultan in Saudi Arabia, Al Udeid in Qatar and Al Dhafra in the UAE, among others. Its missiles and drones have also hit ports and oil infrastructure.Gulf states intercepted most of the threats, but the volume of attacks from Iran has created significant pressure.&nbsp;Also read: <a href="https://www.wionews.com/world/-expect-destruction-irgc-threatens-attacks-on-us-firms-in-gulf-after-iran-leader-killings-which-companies-are-on-the-target-list-1774971791262">'Expect destruction': IRGC threatens attacks on US firms in Gulf after Iran leader killings. Which companies are on target list</a><h2>Interceptor missiles are expensive</h2>There is heavy dependence on US-supplied defence systems. Pre-war stockpiles of these specific interceptors were fewer than 2,800, whereas at least 2,400 have already been fired, leaving limited reserves.They are not quickly replaceable in large quantities during active conflict, with Patriot PAC-3 missiles alone costing millions of dollars each.Countries such as the UAE also use the US-made THAAD defence system, as well as fighter jets for intercepting drones and cruise missiles.&nbsp;However, high-end ballistic interceptors are reserved for the most dangerous threats.<h2>Iranian strikes are getting through despite interceptions</h2>Some Iranian missiles or drones have managed to land in Gulf states and cause damage despite interception efforts.Iran’s long-range missiles are harder to fully suppress.&nbsp;Iran has managed to launch them from dispersed sites despite claims that US–Israel airstrikes have degraded two-thirds of these launchers.<h2>Gulf defence is running dry. Offence may be the next option</h2>Sustained Iranian attacks risk Gulf nations running out of key defensive munitions.Some officials are privately questioning the security guarantees offered by the US, while others have reportedly asked it to ‘finish the job’ in order to deprive Iran of the ability to carry out such strikes in future.This could eventually force them to join the war.Disclaimer: WION takes utmost care to accurately and responsibly report ongoing conflicts in West Asia involving Israel, Iran, the US, Gulf nations and non-state actors like Hezbollah, Hamas, Houthis, Islamic State, and others. Claims and counterclaims, disinformation and misinformation are being made online and offline. Given this context, WION cannot independently verify the authenticity of all statements, social media posts, photos and videos.

Gulf nations are facing air defence strain as Iranian missile and drone attacks intensify. Interceptor stockpiles are depleting, raising concerns over security. This might force them to join the war 

Multiple reports suggest that Gulf nations are slowly running out of air defence capacity amid a barrage of Iranian missile and drone strikes in retaliation for US–Israel attacks on the Islamic Republic in the ongoing war. This is forcing nations such as Saudi Arabia and the UAE to consider joining the war against Iran after remaining on the defensive for the first month. Here is how the air defence systems are holding up against the Iranian strikes. Iran fired thousands of missiles and drones at Gulf nations A report in Bloomberg claimed that Iran has launched 1,200 ballistic missiles and 4,000 Shahed drones and cruise missiles at US bases and military assets in Gulf countries since the war began on 28 February. Iran also targeted oil and gas facilities in several nations, including Saudi Arabia, Qatar and Kuwait. This past weekend alone, around 40 Iranian missiles were launched in a single wave, which is twice the daily average, the report said. https://www.wionews.com/videos/us-president-says-securing-the-strait-of-hormuz-is-not-our-job-1775022284664/embed Gulf countries ended up firing double the number of interceptors The air defence systems of Gulf nations, mostly bought from the US, have fired more than 2,400 interceptors. This has nearly exhausted their pre-war stockpiles of these missiles, according to the Bloomberg report. This is because the defence systems often have to fire at least twice at each missile or drone based on the ‘shoot, shoot, look’ doctrine. This means interceptors are launched twice and then the results are assessed. By implication, it can be estimated that at least 2,400 interceptors were fired over the course of the war, perhaps more. This is because, at times, additional interceptor missiles are needed to defend against incoming projectiles, the Bloomberg report noted. Most of these interceptors were Patriot PAC-3 and GEM-T (Guidance Enhanced Missile–Tactical) missiles. Before the war, Gulf nations had fewer than 2,800 of these. Also read: UAE to join Iran war? Report claims Gulf nation to help US, allies force open Strait of Hormuz Iran targeted crucial military and fuel facilities of Gulf nations; layered defence under strain Iran has targeted US bases such as Prince Sultan in Saudi Arabia, Al Udeid in Qatar and Al Dhafra in the UAE, among others. Its missiles and drones have also hit ports and oil infrastructure. Gulf states intercepted most of the threats, but the volume of attacks from Iran has created significant pressure. Also read: 'Expect destruction': IRGC threatens attacks on US firms in Gulf after Iran leader killings. Which companies are on target list Interceptor missiles are expensive There is heavy dependence on US-supplied defence systems. Pre-war stockpiles of these specific interceptors were fewer than 2,800, whereas at least 2,400 have already been fired, leaving limited reserves. They are not quickly replaceable in large quantities during active conflict, with Patriot PAC-3 missiles alone costing millions of dollars each. Countries such as the UAE also use the US-made THAAD defence system, as well as fighter jets for intercepting drones and cruise missiles. However, high-end ballistic interceptors are reserved for the most dangerous threats. Iranian strikes are getting through despite interceptions Some Iranian missiles or drones have managed to land in Gulf states and cause damage despite interception efforts. Iran’s long-range missiles are harder to fully suppress. Iran has managed to launch them from dispersed sites despite claims that US–Israel airstrikes have degraded two-thirds of these launchers. Gulf defence is running dry. Offence may be the next option Sustained Iranian attacks risk Gulf nations running out of key defensive munitions. Some officials are privately questioning the security guarantees offered by the US, while others have reportedly asked it to ‘finish the job’ in order to deprive Iran of the ability to carry out such strikes in future. This could eventually force them to join the war. Disclaimer: WION takes utmost care to accurately and responsibly report ongoing conflicts in West Asia involving Israel, Iran, the US, Gulf nations and non-state actors like Hezbollah, Hamas, Houthis, Islamic State, and others. Claims and counterclaims, disinformation and misinformation are being made online and offline. Given this context, WION cannot independently verify the authenticity of all statements, social media posts, photos and videos.

Gulf nations are facing air defence strain as Iranian missile and drone attacks intensify. Interceptor stockpiles are depleting, raising concerns over security. This might force them to join the war&nbsp;

Iran war: Gulf states' air defences are under strain. It might force them to go on offensive

The war in West Asia between the US, Israel and Iran has caused widespread disruption in crude oil trade, as Iran started attacking facilities in Gulf States and disrupted the trade via Strait of Hormuz. Beyond the obvious products, each gallon of crude oil results in multiple products

The war in West Asia between the US, Israel and Iran has caused widespread disruption in crude oil supply, as Iran started attacking facilities in Gulf States and disrupted the trade via Strait of Hormuz. Beyond the obvious products, each gallon of crude oil results in multiple products

Crude oil is Black Gold: Iran war made us understand its importance, the hard way. How each barrel gives products we use daily

US-based tech giant Oracle has laid off thousands of employees to cut costs, reported suggested, with more layoffs expected within a month. About 12,000 people were fired by the company in India, while about 30,000 were laid off globally. According to the laid-off employees, the company sent an email stating they were being relieved from duty, without any prior communication.According to a PTI report citing people impacted by the retrenchment, “In India, around 12,000 employees have been laid off. The company is planning another mass layoff within a month.” LinkedIn posts from laid-off employees suggested that the cuts have affected staff across Oracle Cloud, Health, Sales, Customer Success, and NetSuite.In the email, the company cited organisational changes as the reason behind firing employees. It added that “because of these changes, a decision has been taken to streamline the operations, and as a result, unfortunately, the position you currently hold will become redundant.”In its severance package, Oracle has offered 15 days of salary to those employees who have completed a year of service in India. It will also add one month of unpaid wages till the termination date, leave encashment, gratuity based on eligibility and pay for a one-month notice period. The company has also offered a two-month salary as a top-up. The package is available for the employees who voluntarily and amicably resign.<h2>What did the email say?</h2>According to the email received by an employee and posted on social media, it read, “We are sharing some difficult news regarding your position. After careful consideration of Oracle's current business needs, we have made the decision to eliminate your role as part of a broader organizational change. As a result, today is your last working day.”“We are grateful for your dedication, hard work, and the impact you have made during your time with us,” it added. “After signing your termination paperwork, you will be eligible to receive a severance package subject to the terms and conditions of the severance plan. You will receive an email from DocuSign to your Oracle email address with details on your severance and termination date.”The email also included details of separation-related information and severance agreements and was signed by “Oracle Leadership”.

Oracle has laid off about 30,000 employees globally, including 12,000 in India, citing restructuring. More cuts may follow, with affected staff receiving severance packages after sudden notices.

US-based tech giant Oracle has laid off thousands of employees to cut costs, reported suggested, with more layoffs expected within a month. About 12,000 people were fired by the company in India, while about 30,000 were laid off globally. According to the laid-off employees, the company sent an email stating they were being relieved from duty, without any prior communication. According to a PTI report citing people impacted by the retrenchment, “In India, around 12,000 employees have been laid off. The company is planning another mass layoff within a month.” LinkedIn posts from laid-off employees suggested that the cuts have affected staff across Oracle Cloud, Health, Sales, Customer Success, and NetSuite. In the email, the company cited organisational changes as the reason behind firing employees. It added that “because of these changes, a decision has been taken to streamline the operations, and as a result, unfortunately, the position you currently hold will become redundant.” In its severance package, Oracle has offered 15 days of salary to those employees who have completed a year of service in India. It will also add one month of unpaid wages till the termination date, leave encashment, gratuity based on eligibility and pay for a one-month notice period. The company has also offered a two-month salary as a top-up. The package is available for the employees who voluntarily and amicably resign. What did the email say? According to the email received by an employee and posted on social media, it read, “We are sharing some difficult news regarding your position. After careful consideration of Oracle's current business needs, we have made the decision to eliminate your role as part of a broader organizational change. As a result, today is your last working day.” “We are grateful for your dedication, hard work, and the impact you have made during your time with us,” it added. “After signing your termination paperwork, you will be eligible to receive a severance package subject to the terms and conditions of the severance plan. You will receive an email from DocuSign to your Oracle email address with details on your severance and termination date.” The email also included details of separation-related information and severance agreements and was signed by “Oracle Leadership”.

Oracle has laid off about 30,000 employees globally, including 12,000 in India, citing restructuring. More cuts may follow, with affected staff receiving severance packages after sudden notices.

Oracle lays off 12,000 in India: Company sends email overnight – Here’s what it said

India will roll out the Income-Tax Act 2025 from April 1, 2026, keeping tax rates unchanged but tightening reporting rules. Meal benefits rise, HRA norms expand with stricter checks, & PAN use widens, to improve transparency and compliance in tax filing. Read the article to know more.

India will roll out the Income-Tax Act 2025 from April 1, 2026, keeping tax rates unchanged but tightening reporting rules. Meal benefits rise, HRA norms expand with stricter checks, &amp; PAN use widens, to improve transparency and compliance in tax filing. Read the article to know more.

From HRA to Meal Cards: Key tax changes salaried taxpayers must know from April 1

What defines a truck today? Payload, power, profitability or protection, or everything with protection at the core? When crashes happen, only one thing truly matters: survival space.&nbsp;Across Tata Motors’ truck range, one idea is becoming central: Life above load. A shift in thinking calls for bold moves that shape industries. Earlier, trucks were built to carry more. Now, they are also being built to protect better.<h2>Beyond features… Cabins that stand tall</h2>A remarkable and dependable transformation across Tata Motors CV’s mainstream and heavy-duty truck lineup goes beyond ECE R29.03 and AIS-029 standards. India-tuned engineering is the need of the hour, given how trucks shoulder the country’s freight load amid rising speeds and crash risks. And Tata’s heavy-duty evolution proves that strong cabins carry the future, and safely!<h2>From Ultra to Azura -- a common safety thread</h2>Whether it’s the Ultra for distribution or the Azura for heavy-duty haulage, the approach is consistent. A crash in a mid-duty truck can be just as severe as one in a heavy-duty vehicle, that’s why Tata Motors CV has ensured:<ul><li>·Cabins are engineered as protective shells</li><li>Not just driver spaces, but survival structures</li><li>This consistency across platforms is important</li><li>Because risk does not depend on segment</li></ul>

<h2>High-energy impact safety at the core of transformation</h2>ECE R29.03 demands cabins withstand brutal tests: frontal slams, roof crushes and rear loads. Tata’s heavy-duty range -- Ultra for urban grit, Signa and Prima for mid-haul muscle, and Azura for the premium long-haul -- nails it all. High-strength steels beef up A-pillars and roof rails, optimising load paths to absorb crash energy without folding into the driver’s space.<h2>Learning from real crashes</h2>Tata didn’t stop at certifications. Instead of relying only on global templates, engineers studied Indian crash scenarios. What did they find?<ul><li>Offset collisions are common</li><li>Multi-vehicle impacts are frequent</li><li>Rollovers occur in high-speed corridors</li></ul>These insights shaped additional validation tests.&nbsp;Its teams pored over Indian N2/N3 truck accidents -- collision angles, intrusion spots and failure point. This birthed “due-care” simulations for offset hits and rollovers, pushing beyond global norms. The outcome was plain and simple: Cabins that handle India’s multi-directional mayhem.So the cabins are not only globally compliant but also locally relevant.

Across Tata Motors’ truck range, one idea is becoming central: Life above load. A shift in thinking calls for bold moves that shape industries. Earlier, trucks were built to carry more. Now, they are also being built to protect better.

What defines a truck today? Payload, power, profitability or protection, or everything with protection at the core? When crashes happen, only one thing truly matters: survival space. Across Tata Motors’ truck range, one idea is becoming central: Life above load. A shift in thinking calls for bold moves that shape industries. Earlier, trucks were built to carry more. Now, they are also being built to protect better. Beyond features… Cabins that stand tall A remarkable and dependable transformation across Tata Motors CV’s mainstream and heavy-duty truck lineup goes beyond ECE R29.03 and AIS-029 standards. India-tuned engineering is the need of the hour, given how trucks shoulder the country’s freight load amid rising speeds and crash risks. And Tata’s heavy-duty evolution proves that strong cabins carry the future, and safely! From Ultra to Azura -- a common safety thread Whether it’s the Ultra for distribution or the Azura for heavy-duty haulage, the approach is consistent. A crash in a mid-duty truck can be just as severe as one in a heavy-duty vehicle, that’s why Tata Motors CV has ensured: ·Cabins are engineered as protective shells Not just driver spaces, but survival structures This consistency across platforms is important Because risk does not depend on segment

Across Tata Motors’ truck range, one idea is becoming central: Life above load. A shift in thinking calls for bold moves that shape industries. Earlier, trucks were built to carry more. Now, they are also being built to protect better.

Life above load: From Ultra to Azura, high-energy crash cabin safety runs through Tata heavy-duty DNA

US President Donald Trump's White House ballroom project has been halted, for now. A judge has ordered the stoppage of construction of the project, reported to cost $400 million. Trump had ordered the demolition of the historic White House East Wing in order to build the ballroom in a 90,000 square foot area. The Trump administration has appealed against the order issued by a judge who had been appointed by his fellow Republican predecessor, George W Bush.<h2>What the judge said about the Trump White House ballroom</h2>US District Judge Richard Leon in Washington was ruling on a plea by the National Trust for Historic Preservation for a preliminary injunction on the project. Granting the injunction sought by the NGO, the judge wrote: “Unless and until Congress blesses this project through statutory authorisation, construction has to stop!”“But here is the good news. It is not too late for Congress to authorise the continued construction of the ballroom project,” Leon added.“The president may at any time go to Congress to obtain express authority to construct a ballroom and to do so with private funds,” Leon wrote adding, “Indeed, Congress may even choose to appropriate funds for the ballroom, or at least decide that some other funding scheme is acceptable. Either way, Congress will thereby retain its authority over the nation’s property and its oversight over the government’s spending.”<a href="https://www.wionews.com/videos/white-house-trump-ballroom-plan-faces-legal-heat-as-critics-flag-design-flaws-wion-1774859401547/embed">https://www.wionews.com/videos/white-house-trump-ballroom-plan-faces-legal-heat-as-critics-flag-design-flaws-wion-1774859401547/embed</a><h2>Why is there opposition to Trump ballroom project?</h2>The NGO had opposed the destruction of the historic East Wing without congressional approval. In doing so, it alleged in the petition that Trump exceeded his authority.The judge, in his opionion, wrote: “The National Trust’s interests in a constitutional and lawful process will be vindicated. And the American people will benefit from the branches of government exercising their constitutionally prescribed roles. Not a bad outcome, that!”Also read: <a href="https://www.wionews.com/trending/-staircase-to-nowhere-leavitt-slams-report-revealing-white-house-ballroom-design-flaws-1774846838825">'Staircase to nowhere': Leavitt slams report revealing White House ballroom design 'flaws'</a><h2>Trump hits out at judge over his pet project&nbsp;</h2>Trump claimed in a Truth Social post that the ballroom project is “under budget, ahead of schedule, being built at no cost to the taxpayer, and will be the finest building of its kind anywhere in the world”.He attacked the National Trust as “a radical left group of lunatics” and said of the judge: “He is WRONG! Congressional approval has never been given on anything, in these circumstances, big or small, having to do with construction at the White House.”That is factually wrong, as the last renovation of the White House by President Harry Truman in 1949–52 took place after congressional approval.According to reports, the project is privately funded. Donors include tech firms like Meta, Apple, Amazon, Microsoft, Palantir, Google and Comcast, besides defence firm Lockheed Martin

A US judge halted Trump’s $400 million White House ballroom project. Trump is furious after the Judge asked for approval from Congress. 

US President Donald Trump's White House ballroom project has been halted, for now. A judge has ordered the stoppage of construction of the project, reported to cost $400 million. Trump had ordered the demolition of the historic White House East Wing in order to build the ballroom in a 90,000 square foot area. The Trump administration has appealed against the order issued by a judge who had been appointed by his fellow Republican predecessor, George W Bush. What the judge said about the Trump White House ballroom US District Judge Richard Leon in Washington was ruling on a plea by the National Trust for Historic Preservation for a preliminary injunction on the project. Granting the injunction sought by the NGO, the judge wrote: “Unless and until Congress blesses this project through statutory authorisation, construction has to stop!” “But here is the good news. It is not too late for Congress to authorise the continued construction of the ballroom project,” Leon added. “The president may at any time go to Congress to obtain express authority to construct a ballroom and to do so with private funds,” Leon wrote adding, “Indeed, Congress may even choose to appropriate funds for the ballroom, or at least decide that some other funding scheme is acceptable. Either way, Congress will thereby retain its authority over the nation’s property and its oversight over the government’s spending.” https://www.wionews.com/videos/white-house-trump-ballroom-plan-faces-legal-heat-as-critics-flag-design-flaws-wion-1774859401547/embed Why is there opposition to Trump ballroom project? The NGO had opposed the destruction of the historic East Wing without congressional approval. In doing so, it alleged in the petition that Trump exceeded his authority. The judge, in his opionion, wrote: “The National Trust’s interests in a constitutional and lawful process will be vindicated. And the American people will benefit from the branches of government exercising their constitutionally prescribed roles. Not a bad outcome, that!” Also read: 'Staircase to nowhere': Leavitt slams report revealing White House ballroom design 'flaws' Trump hits out at judge over his pet project Trump claimed in a Truth Social post that the ballroom project is “under budget, ahead of schedule, being built at no cost to the taxpayer, and will be the finest building of its kind anywhere in the world”. He attacked the National Trust as “a radical left group of lunatics” and said of the judge: “He is WRONG! Congressional approval has never been given on anything, in these circumstances, big or small, having to do with construction at the White House.” That is factually wrong, as the last renovation of the White House by President Harry Truman in 1949–52 took place after congressional approval. According to reports, the project is privately funded. Donors include tech firms like Meta, Apple, Amazon, Microsoft, Palantir, Google and Comcast, besides defence firm Lockheed Martin

A US judge halted Trump’s $400 million White House ballroom project. The US president reacted furiously after the judge asked for approval from Congress.&nbsp;

'Construction has to stop': Trump ordered to halt his $400 million White House ballroom project

Wall Street stocks extended their rally on Tuesday (March 31) after Iran’s President Masoud Pezeshkian signaled a willingness to end the conflict with the United States and Israel under certain conditions. As of around 1720 GMT, the Dow Jones Industrial Average rose 2.1% to 49,164.55. The S&amp;P 500 climbed 2.5% to 6,503.08, while the Nasdaq Composite surged 3.6% to 21,533.15.&nbsp;The equities market gained momentum following a report suggesting the president is open to ending the conflict with Iran, even if the Strait of Hormuz remains partially closed, according to Briefing.com analyst Patrick O'Hare. He described the market’s reaction as unusual, noting that such a scenario would not necessarily guarantee the resumption of oil shipments. However, he added that stocks are currently oversold in the short term.&nbsp;Also Read: <a href="https://www.wionews.com/world/iran-expresses-necessary-will-to-end-war-with-us-and-israel-seeks-guarantees-1774978731220">Iran expresses ‘necessary will’ to end war with US and Israel, seeks guarantees</a>&nbsp;"The equities 'market has been energized by a report that the president is willing to end the war with Iran, even if the Strait of Hormuz is not fully open," said O'Hare. "The headline material suggesting the US is traveling toward an off-ramp is enough to prompt some short-covering activity and some speculation wrapped up in the thought of not wanting to miss a rebound effort," said O'Hare.&nbsp;He explained that investors who short stocks, betting on price declines, often rush to buy shares when they anticipate a rebound, aiming to limit potential losses. O'Hare emphasized that oil prices will be the key signal in determining whether the potential de-escalation is genuine or temporary. "The US may want to be done with Iran, but if the Strait of Hormuz is not fully open, the Iran issue will not be done with upsetting the global economy," he said.&nbsp;<a href="https://www.wionews.com/videos/italy-has-reportedly-disallowed-some-us-aircraft-from-using-its-base-in-sicily-1774979959073/embed">https://www.wionews.com/videos/italy-has-reportedly-disallowed-some-us-aircraft-from-using-its-base-in-sicily-1774979959073/embed</a>&nbsp;Disclaimer: WION takes utmost care to accurately and responsibly report ongoing conflicts in West Asia involving Israel, Iran, the US, Gulf nations, and non-state actors like Hezbollah, Hamas, Houthis, Islamic State, and others. Claims and counterclaims, disinformation and misinformation are being made online and offline. Given this context, WION cannot independently verify the authenticity of all statements, social media posts, photos, and videos.

US stocks rally after Iran expresses 'will' to end war

Wall Street stocks extended their rally on Tuesday (March 31) after Iran’s President Masoud Pezeshkian signaled a willingness to end the conflict with the United States and Israel under certain conditions. As of around 1720 GMT, the Dow Jones Industrial Average rose 2.1% to 49,164.55. The S&P 500 climbed 2.5% to 6,503.08, while the Nasdaq Composite surged 3.6% to 21,533.15. The equities market gained momentum following a report suggesting the president is open to ending the conflict with Iran, even if the Strait of Hormuz remains partially closed, according to Briefing.com analyst Patrick O'Hare. He described the market’s reaction as unusual, noting that such a scenario would not necessarily guarantee the resumption of oil shipments. However, he added that stocks are currently oversold in the short term. Also Read: Iran expresses ‘necessary will’ to end war with US and Israel, seeks guarantees "The equities 'market has been energized by a report that the president is willing to end the war with Iran, even if the Strait of Hormuz is not fully open," said O'Hare. "The headline material suggesting the US is traveling toward an off-ramp is enough to prompt some short-covering activity and some speculation wrapped up in the thought of not wanting to miss a rebound effort," said O'Hare. He explained that investors who short stocks, betting on price declines, often rush to buy shares when they anticipate a rebound, aiming to limit potential losses. O'Hare emphasized that oil prices will be the key signal in determining whether the potential de-escalation is genuine or temporary. "The US may want to be done with Iran, but if the Strait of Hormuz is not fully open, the Iran issue will not be done with upsetting the global economy," he said. https://www.wionews.com/videos/italy-has-reportedly-disallowed-some-us-aircraft-from-using-its-base-in-sicily-1774979959073/embed Disclaimer: WION takes utmost care to accurately and responsibly report ongoing conflicts in West Asia involving Israel, Iran, the US, Gulf nations, and non-state actors like Hezbollah, Hamas, Houthis, Islamic State, and others. Claims and counterclaims, disinformation and misinformation are being made online and offline. Given this context, WION cannot independently verify the authenticity of all statements, social media posts, photos, and videos.

Wall Street surged as Iran expressed openness to ending conflict with the US and Israel, boosting investor confidence across major indices

McCormick is set to buy the food business of Unilever for a combination of cash and equity, with a value of the Unilever unit at around $45 billion. McCormick will pay $15.7 billion in cash to acquire most of Unilever Foods’ portfolio, including brands like Hellmann’s Mayo and UK favourite Marmite. Following the deal, Unilever shareholders will own 55.1 per cent of the merged entity, while Unilever itself will retain a 9.9 per cent stake. The acquisition is expected to significantly boost McCormick’s annual revenue and broaden its presence in spreads and condiments. The company already owns brands such as Frank’s RedHot, Cholula, and French’s mustard. A large portion of Unilever Foods’ revenue, around 70 per cent, comes from key brands like Hellmann’s and Knorr. For Unilever, selling a major part of its food business allows the company to concentrate on its fast-growing personal care business. In December, it had also spun off its ice cream unit, now operating separately as Magnum Ice Cream Company. The deal is anticipated to close by mid-2027, subject to approvals. Unilever will nominate four members to the 12-member board, including one executive for the first two years. McCormick intends to keep its global headquarters in Hunt Valley, Maryland, while establishing an international headquarters in the Netherlands, which has long served as the base for Unilever Foods. The merged entity will also pursue a secondary stock listing in Europe. This deal reflects a wider trend in the food industry, where major packaged food and beverage companies are streamlining operations through divestitures and spin-offs as consumer demand declines. In 2024, divestitures accounted for nearly half of all mergers and acquisitions activity in the consumer products sector, according to Bain. In early trading, McCormick’s shares rose by about 1 per cent, while Unilever’s stock remained largely unchanged, indicating cautious investor sentiment toward the large-scale merger. “We acknowledge the significant strategic merit and likely compelling [earnings per share] accretion from this potential transaction, but also concede the hefty likely deal value, execution risk, and resultant majority ownership of the combined entity by Unilever shareholders could dampen initial investor enthusiasm,” Barclays analyst Andrew Lazar wrote in a note to clients on March 20.

The acquisition is expected to significantly boost McCormick’s annual revenue and broaden its presence in spreads and condiments. The company already owns brands such as Frank’s RedHot, Cholula, and French’s mustard. 

McCormick is set to buy the food business of Unilever for a combination of cash and equity, with a value of the Unilever unit at around $45 billion. McCormick will pay $15.7 billion in cash to acquire most of Unilever Foods’ portfolio, including brands like Hellmann’s Mayo and UK favourite Marmite. Following the deal, Unilever shareholders will own 55.1 per cent of the merged entity, while Unilever itself will retain a 9.9 per cent stake. The acquisition is expected to significantly boost McCormick’s annual revenue and broaden its presence in spreads and condiments. The company already owns brands such as Frank’s RedHot, Cholula, and French’s mustard. A large portion of Unilever Foods’ revenue, around 70 per cent, comes from key brands like Hellmann’s and Knorr. For Unilever, selling a major part of its food business allows the company to concentrate on its fast-growing personal care business. In December, it had also spun off its ice cream unit, now operating separately as Magnum Ice Cream Company. The deal is anticipated to close by mid-2027, subject to approvals. Unilever will nominate four members to the 12-member board, including one executive for the first two years. McCormick intends to keep its global headquarters in Hunt Valley, Maryland, while establishing an international headquarters in the Netherlands, which has long served as the base for Unilever Foods. The merged entity will also pursue a secondary stock listing in Europe. This deal reflects a wider trend in the food industry, where major packaged food and beverage companies are streamlining operations through divestitures and spin-offs as consumer demand declines. In 2024, divestitures accounted for nearly half of all mergers and acquisitions activity in the consumer products sector, according to Bain. In early trading, McCormick’s shares rose by about 1 per cent, while Unilever’s stock remained largely unchanged, indicating cautious investor sentiment toward the large-scale merger. “We acknowledge the significant strategic merit and likely compelling [earnings per share] accretion from this potential transaction, but also concede the hefty likely deal value, execution risk, and resultant majority ownership of the combined entity by Unilever shareholders could dampen initial investor enthusiasm,” Barclays analyst Andrew Lazar wrote in a note to clients on March 20.

The acquisition is expected to significantly boost McCormick’s annual revenue and broaden its presence in spreads and condiments. The company already owns brands such as Frank’s RedHot, Cholula, and French’s mustard.&nbsp;

Unilever food business signed deal to join McCormick in $45 billion mega deal