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LPG is at the heart of India's domestic cooking solutions. Its availability is not a crisis until it is, because it has become overwhelmingly used in households and commercial outlets. As the Iran war is straining the LPG supply chain, it is interesting to ask: How did LPG become India's main cooking fuel? From where is India getting LPG? What percentage of India's cooking fuel is LPG? Does India produce LPG? Here is what you should know about India's tryst with LPG:<h2>How India embraced LPG as the main cooking fuel</h2>Liquefied Petroleum Gas became India's dominant cooking fuel as a result of long-term subsidies, the creation of infrastructure, and the massive government push through the Pradhan Mantri Ujjwala Yojana (PMUY) since 2016.Before the red cylinders became ever-present, rural cooking used wood, dung, crop residue, timber and coal, among others. Earlier, LPG was largely used in urban or middle-class households. But that changed in the last decade.Also read: <a href="https://www.wionews.com/photos/lpg-consumption-across-india-top-states-using-the-most-cylinders-from-uttar-pradesh-to-west-bengal-1773325207709">LPG consumption across India: Top states using the most cylinders, from Uttar Pradesh to West Bengal</a><h2>Burshane: The first brand of LPG</h2>LPG was introduced in India in December 1955 by Burmah Shell, from which evolved BPCL, under the brand Burshane. Mumbai saw the first packed LPG cylinders of Burshane, followed later by cities in Gujarat and Maharashtra. M/s L.D. Bhave &amp; Sons, India's first dedicated LPG distributor, began operations in Pune in January 1956.The first major LPG brand, Indane, was launched by Indian Oil in Kolkata in October 1965. India manufactured its first local gas cylinder in 1967.But these were the days when LPG was seen as an urban fuel. It was not so popular due to high costs, the lack of enough bottling plants, a shortage of cylinders, and challenges in distribution. There was also the fear of cylinder blasts, which made many people see LPG as unsafe.Also read: <a href="https://www.wionews.com/photos/india-lpg-cylinder-shortage-6-simple-alternatives-to-keep-your-kitchen-running-1773307213431">India LPG cylinder shortage: 6 simple alternatives to keep your kitchen running</a><h2>LPG usage grew in the 1990s</h2>With the liberalisation era of the 1990s, public sector oil marketing companies like Indian Oil, Bharat Petroleum, and Hindustan Petroleum expanded LPG networks.The two and a half decades between 2000 and 2015 saw the growth of rural usage of LPG. The 2009 Rajiv Gandhi Gramin LPG Vitaran Yojana (RGGLVY) set up rural LPG distributors even in remote areas.<h2>Direct Benefit Transfer for LPG changed the game</h2>Even though subsidies on LPG cylinders had existed for decades for domestic use, they were benefiting mostly higher-income urban users. The DBTL, known locally as ‘PAHAL’, short for Pratyaksh Hanstantrit Labh, was introduced by the Narendra Modi government to curb leakages through cash transfers of the government subsidy directly to beneficiary bank accounts. Equally important was the "GiveItUp" scheme aimed encouraging affluent users to voluntarily give up their subsidies. Once the subsidies were rationalised, millions of poor households also moved to LPG as their cooking fuel.Also read:<a href="https://www.wionews.com/photos/how-do-lpg-lng-png-and-cng-fuel-india-s-homes-transport-and-industry-know-the-differences-1773309737906"> How do LPG, LNG, PNG and CNG fuel India’s homes, transport and industry? Know the differences</a><h2>The Pradhan Mantri Ujjwala Yojana and the rural expansion of LPG in India</h2>Modi launched PMUY on 1 May 2016, giving deposit-free LPG connections to women from Below Poverty Line (BPL) households, including a gas stove and a first refill subsidy of 1,600 rupees. The scheme benefited lower castes and tribes, forest dwellers, migrants, and other marginalised groups.&nbsp;Ujjwala 2.0, launched in August 2021, simplified the eligibility criteria for LPG connections. Ujjwala reduced indoor air pollution, empowered women by saving time, and helped address air pollution and deforestation.By 2024, India had 328.3 million active domestic LPG consumers, nearly doubling from 166.3 million in 2016. National LPG coverage jumped from around 62 per cent in 2016 to near-saturation today.Household LPG consumption went up by more than 50 per cent by 2019 and has grown ever since.&nbsp;<a href="https://www.wionews.com/videos/us-iran-war-india-lpg-prices-surge-amid-west-asia-war-pm-modi-says-no-need-to-panic-wion-1773259205110/embed">https://www.wionews.com/videos/us-iran-war-india-lpg-prices-surge-amid-west-asia-war-pm-modi-says-no-need-to-panic-wion-1773259205110/embed</a><h2>LPG is now the primary cooking fuel for most Indians</h2>The National Sample Survey Office Comprehensive Annual Modular Survey of 2022–23 showed that 63 per cent of Indian households use clean fuels, overwhelmingly LPG, as their primary cooking fuel: 93 per cent in urban areas and around 50 per cent in rural areas.Nearly all LPG in India goes to household cooking, making it the nation's main cooking fuel by a wide margin. An estimated 16 per cent of LPG use is in commercial and industrial sectors.However, nearly 37 per cent of households, mostly in rural areas, still use solid biomass fuels. Many rural and urban households also mix their fuels, combining LPG with wood or other biomass fuels or induction cooking.<h2>India's LPG production capacity</h2>India produces LPG domestically as a by-product of crude oil refining at public sector refineries of IOCL, BPCL and HPCL, as well as at private facilities such as Reliance Industries' Jamnagar complex.In FY 2024–25, domestic LPG production was around 40 per cent, about 12.8 million metric tonnes (MMT) out of total consumption of 31.3 MMT.The government is confident about the supply amid the Iran war because it can boost domestic production of LPG when required by diverting refinery streams of propane and butane from petrochemicals. India can also diversify its LPG imports from sources such as the US Gulf Coast.<h2>Why the Iran war is affecting LPG supplies to India</h2>In different years, India imports between 59 and 67 per cent of LPG. The Middle East accounted for more than 90 per cent of LPG imports in 2024. Qatar is often the largest single supplier. Other major suppliers are the UAE and Saudi Arabia. A large percentage of LPG &nbsp;shipments from the Middle East to India pass through the Strait of Hormuz, which is a flashpoint in the Iran war. As tensions rose, several Gulf nations have either reduced production or curbed shipments of LPG. Indian LPG consumers are now slowly feeling the pinch.

It's only at crisis times like this that we wonder how LPG became India’s main cooking fuel. Once used mostly by urban and affluent households, LPG saw nationwide adoption through subsidies and schemes. Here is that story

LPG is at the heart of India's domestic cooking solutions. Its availability is not a crisis until it is, because it has become overwhelmingly used in households and commercial outlets. As the Iran war is straining the LPG supply chain, it is interesting to ask: How did LPG become India's main cooking fuel? From where is India getting LPG? What percentage of India's cooking fuel is LPG? Does India produce LPG? Here is what you should know about India's tryst with LPG: How India embraced LPG as the main cooking fuel Liquefied Petroleum Gas became India's dominant cooking fuel as a result of long-term subsidies, the creation of infrastructure, and the massive government push through the Pradhan Mantri Ujjwala Yojana (PMUY) since 2016. Before the red cylinders became ever-present, rural cooking used wood, dung, crop residue, timber and coal, among others. Earlier, LPG was largely used in urban or middle-class households. But that changed in the last decade. Also read: LPG consumption across India: Top states using the most cylinders, from Uttar Pradesh to West Bengal Burshane: The first brand of LPG LPG was introduced in India in December 1955 by Burmah Shell, from which evolved BPCL, under the brand Burshane. Mumbai saw the first packed LPG cylinders of Burshane, followed later by cities in Gujarat and Maharashtra. M/s L.D. Bhave & Sons, India's first dedicated LPG distributor, began operations in Pune in January 1956. The first major LPG brand, Indane, was launched by Indian Oil in Kolkata in October 1965. India manufactured its first local gas cylinder in 1967. But these were the days when LPG was seen as an urban fuel. It was not so popular due to high costs, the lack of enough bottling plants, a shortage of cylinders, and challenges in distribution. There was also the fear of cylinder blasts, which made many people see LPG as unsafe. Also read: India LPG cylinder shortage: 6 simple alternatives to keep your kitchen running LPG usage grew in the 1990s With the liberalisation era of the 1990s, public sector oil marketing companies like Indian Oil, Bharat Petroleum, and Hindustan Petroleum expanded LPG networks. The two and a half decades between 2000 and 2015 saw the growth of rural usage of LPG. The 2009 Rajiv Gandhi Gramin LPG Vitaran Yojana (RGGLVY) set up rural LPG distributors even in remote areas. Direct Benefit Transfer for LPG changed the game Even though subsidies on LPG cylinders had existed for decades for domestic use, they were benefiting mostly higher-income urban users. The DBTL, known locally as ‘PAHAL’, short for Pratyaksh Hanstantrit Labh, was introduced by the Narendra Modi government to curb leakages through cash transfers of the government subsidy directly to beneficiary bank accounts. Equally important was the "GiveItUp" scheme aimed encouraging affluent users to voluntarily give up their subsidies. Once the subsidies were rationalised, millions of poor households also moved to LPG as their cooking fuel. Also read: How do LPG, LNG, PNG and CNG fuel India’s homes, transport and industry? Know the differences The Pradhan Mantri Ujjwala Yojana and the rural expansion of LPG in India Modi launched PMUY on 1 May 2016, giving deposit-free LPG connections to women from Below Poverty Line (BPL) households, including a gas stove and a first refill subsidy of 1,600 rupees. The scheme benefited lower castes and tribes, forest dwellers, migrants, and other marginalised groups. Ujjwala 2.0, launched in August 2021, simplified the eligibility criteria for LPG connections. Ujjwala reduced indoor air pollution, empowered women by saving time, and helped address air pollution and deforestation. By 2024, India had 328.3 million active domestic LPG consumers, nearly doubling from 166.3 million in 2016. National LPG coverage jumped from around 62 per cent in 2016 to near-saturation today. Household LPG consumption went up by more than 50 per cent by 2019 and has grown ever since. https://www.wionews.com/videos/us-iran-war-india-lpg-prices-surge-amid-west-asia-war-pm-modi-says-no-need-to-panic-wion-1773259205110/embed LPG is now the primary cooking fuel for most Indians The National Sample Survey Office Comprehensive Annual Modular Survey of 2022–23 showed that 63 per cent of Indian households use clean fuels, overwhelmingly LPG, as their primary cooking fuel: 93 per cent in urban areas and around 50 per cent in rural areas. Nearly all LPG in India goes to household cooking, making it the nation's main cooking fuel by a wide margin. An estimated 16 per cent of LPG use is in commercial and industrial sectors. However, nearly 37 per cent of households, mostly in rural areas, still use solid biomass fuels. Many rural and urban households also mix their fuels, combining LPG with wood or other biomass fuels or induction cooking. India's LPG production capacity India produces LPG domestically as a by-product of crude oil refining at public sector refineries of IOCL, BPCL and HPCL, as well as at private facilities such as Reliance Industries' Jamnagar complex. In FY 2024–25, domestic LPG production was around 40 per cent, about 12.8 million metric tonnes (MMT) out of total consumption of 31.3 MMT. The government is confident about the supply amid the Iran war because it can boost domestic production of LPG when required by diverting refinery streams of propane and butane from petrochemicals. India can also diversify its LPG imports from sources such as the US Gulf Coast. Why the Iran war is affecting LPG supplies to India In different years, India imports between 59 and 67 per cent of LPG. The Middle East accounted for more than 90 per cent of LPG imports in 2024. Qatar is often the largest single supplier. Other major suppliers are the UAE and Saudi Arabia. A large percentage of LPG shipments from the Middle East to India pass through the Strait of Hormuz, which is a flashpoint in the Iran war. As tensions rose, several Gulf nations have either reduced production or curbed shipments of LPG. Indian LPG consumers are now slowly feeling the pinch.

It's only at crisis times like this that we wonder how LPG became India’s main cooking fuel. Once used mostly by urban and affluent households, LPG saw nationwide adoption through subsidies and schemes. Here is that story

India's tryst with LPG: How the red cylinders became nation's main cooking fuel. A lookback amid Iran war shortage news

A crude oil tanker captained by an Indian successfully navigated through the war-hit Strait of Hormuz and reached Mumbai by switching off its tracking system to enter “dark mode” while crossing the high-risk zone amid the ongoing conflict in the Middle East and Iran's warning to target vessels and not allow passage to oil tankers. Maritime tracking data showed the vessel’s signals were last visible on monitoring systems inside the Strait of Hormuz on March 8 before they disappeared.&nbsp;The Liberia-flagged tanker, Shenlong Suezmax, carrying crude oil loaded from Saudi Arabia’s Ras Tanura Port, arrived at Mumbai Port on Wednesday. It was carrying 135,335 metric tonnes of crude oil and has begun discharging the crude, which will be transported to refineries. The tanker had loaded crude at Ras Tanura Port in Saudi Arabia on March 1 and sailed two days later.&nbsp;Also Read: <a href="https://www.wionews.com/world/iran-threatens-to-strike-google-microsoft-nvidia-sites-banks-as-economic-infra-becomes-new-war-target-1773256316860">Iran threatens to strike Google, Microsoft, Nvidia sites, banks as economic infra becomes new war target</a>&nbsp;

<blockquote class="twitter-tweet"><a href="https://twitter.com/hashtag/WATCH?src=hash&amp;ref_src=twsrc%5Etfw">#WATCH</a> | Liberia-flagged tanker ship &#39;Shenlong&#39; enters Indian waters near Mumbai Port. It was captained by an Indian and was loaded with crude oil from the Saudi port Ras Tanura. Latest visuals from Mumbai Port <a href="https://t.co/4BWABAsZ88">pic.twitter.com/4BWABAsZ88</a>&mdash; ANI (@ANI) <a href="https://twitter.com/ANI/status/2031997649247965235?ref_src=twsrc%5Etfw">March 12, 2026</a></blockquote> <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>

&nbsp;<h2>Liberian-flagged oil tanker is first vessel to safely transit Hormuz amid war</h2>&nbsp;The Liberian-flagged oil tanker became the first vessel to safely transit the Gulf waterway and arrive in India amid the US-Israeli war against Iran.&nbsp;According to tanker-tracking platforms, Shenlong Suezmax’s last recorded signal in the Strait of Hormuz appeared on March 8, after which it switched off its Automatic Identification System (AIS) while passing through the strait. The vessel reappeared on tracking systems a day later before docking in Mumbai on Wednesday.TankerTrackers.com, a tanker tracking platform, shared that two Very Large Crude Carriers (VLCCs), three Suezmax tankers, capable of transiting the Suez Canal fully loaded, and a Panamax tanker designed to meet the maximum dimensions allowed for the original Panama Canal locks went offline from AIS tracking for at least 48 hours. The destinations of these ships were China, India, and Japan.&nbsp;Also Read: <a href="https://www.wionews.com/world/-practically-nothing-left-to-target-in-iran-war-will-end-soon-says-trump-1773246460317">‘Practically nothing left to target in Iran, war will end soon,’ says Trump</a>&nbsp;

<blockquote class="twitter-tweet">Sanctions-Compliant Tankers Gone Dark Of the oil- or fuel-laden, sanctions-compliant tankers situated west of the Strait of Hormuz, the following have been offline from AIS for at least 48 hours: 2 VLCCs 3 Suezmax tankers 1 Panamax tanker Their stated destinations are China,…&mdash; TankerTrackers.com, Inc. (@TankerTrackers) <a href="https://twitter.com/TankerTrackers/status/2030808251172835676?ref_src=twsrc%5Etfw">March 9, 2026</a></blockquote> <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>

&nbsp;<h2>AIS automatically transmits info about vessel’s identity, position, and movement</h2>&nbsp;&nbsp;The Automatic Identification System (AIS) is used on ships to automatically transmit information about a vessel’s identity, position, and movement to other ships and coastal authorities. It is primarily meant to enhance navigation safety, prevent collisions, and support maritime monitoring. Turning off the system makes the vessel effectively untraceable at sea.&nbsp;Shipping companies often use this tactic, also known as “going dark”, to avoid the risk of being targeted or tracked by hostile forces. However, the strategy is used only in exceptional circumstances, as international maritime rules require AIS to remain active for safety and tracking.&nbsp;Also Read: <a href="https://www.wionews.com/world/iran-s-lethal-black-clad-kill-squad-nopo-now-guards-new-supreme-leader-mojtaba-1773232310910">Iran’s lethal ‘black-clad’ kill squad NOPO now guards new supreme leader Mojtaba</a><h2>At least 16 ships attacked by Iran in past two weeks</h2>&nbsp;The Iranian military effectively closed the strategically vital Strait of Hormuz that handles more than 20 million barrels of crude oil per day after the US and Israel launched a military campaign against Iran.At least 16 ships have been attacked by Iran over the past two weeks, with Tehran warning of further strikes on vessels operating in the region.Meanwhile, the Indian government has said that 28 Indian-flagged vessels are currently operating in the Persian Gulf region. Of these vessels, 24 carrying 677 Indian seafarers are located west of the Strait of Hormuz, while four vessels with 101 Indian seafarers are positioned east of the strait.&nbsp;Also Read: <a href="https://www.wionews.com/india-news/-govt-won-t-leave-indians-stranded-says-pm-modi-slams-congress-for-politicising-iran-war-1773224945175">‘Govt won’t leave Indians stranded,’ says PM Modi, slams Congress for politicising Iran War</a>&nbsp;A Thai vessel bound for Kandla port in Gujarat was attacked in the strait on Wednesday, drawing strong criticism from New Delhi.&nbsp;Unrelenting attacks on shipping traffic and energy infrastructure pushed oil above $100 a barrel on Thursday.&nbsp;India, which is Asia’s third-largest economy, relies heavily on the Strait of Hormuz, as more than half of its crude oil and natural gas imports pass through the narrow maritime corridor.

The Automatic Identification System (AIS) automatically transmits information about a vessel’s identity, position, and movement to other ships and coastal authorities. The system helps enhance navigation safety, and turning it off makes the vessel effectively untraceable at sea.

A crude oil tanker captained by an Indian successfully navigated through the war-hit Strait of Hormuz and reached Mumbai by switching off its tracking system to enter “dark mode” while crossing the high-risk zone amid the ongoing conflict in the Middle East and Iran's warning to target vessels and not allow passage to oil tankers. Maritime tracking data showed the vessel’s signals were last visible on monitoring systems inside the Strait of Hormuz on March 8 before they disappeared. The Liberia-flagged tanker, Shenlong Suezmax, carrying crude oil loaded from Saudi Arabia’s Ras Tanura Port, arrived at Mumbai Port on Wednesday. It was carrying 135,335 metric tonnes of crude oil and has begun discharging the crude, which will be transported to refineries. The tanker had loaded crude at Ras Tanura Port in Saudi Arabia on March 1 and sailed two days later. Also Read: Iran threatens to strike Google, Microsoft, Nvidia sites, banks as economic infra becomes new war target

The Automatic Identification System (AIS) automatically transmits information about a vessel’s identity, position, and movement to other ships and coastal authorities. The system helps enhance navigation safety, and turning it off makes the vessel effectively untraceable at sea.

Oil tanker, with Indian captain, went ‘dark’ to cross high-risk Strait of Hormuz, reach Mumbai

The Indian rupee dipped to a record low on Thursday following a fresh surge in crude prices and a strengthening of the US dollar. The currency declined 0.3 per cent to 92.3575 per dollar, surpassing its previous all-time low of 92.3475 recorded earlier in the week.&nbsp;The decline of the rupee came alongside weakness in several other Asian currencies, which also dropped against the greenback. The rupee opened weaker at 92.25 per US dollar in the interbank foreign exchange market and later slipped further to 92.35, compared with its previous closing level of 92.01.&nbsp;Meanwhile, the US Dollar Index, which measures the dollar’s strength against a basket of six major currencies, rose 0.24 per cent to 99.47. A sharp rise in crude oil prices has revived concerns about the economic impact of possible disruptions to global energy supplies.&nbsp;As a major importer of crude oil, India faces the risk of widening twin deficits, the fiscal deficit and the current account deficit, when oil prices climb, adding pressure on the local currency. In the latest developments in the US–Iran conflict, Iran continued its strikes on oil and transport facilities across the Middle East, pushing Brent crude prices to around $100 per barrel. Later, Tehran also warned that global oil prices could potentially rise to $200 per barrel.<h3>Stock Market crashes</h3>The increasing oil prices have heightened inflation concerns and risked several dented investors. Amid the ongoing crisis, the Indian stock market crashed again, after weakness in global equities on Thursday. The benchmark index of BSE Sensex touched 528.47 points, or 0.69 per cent, at 76,335.24, while the NSE Nifty 50 dipped to 171.40 points, or 0.72 per cent, to 23,693.85.&nbsp;Meanwhile, the USD/INR pair is currently trading around the 92.00–92.50 zone, marking mounting pressure on the Indian rupee. “The chart structure remains bullish, supported by an upward trend and a pattern of higher highs and higher lows in recent months. A sustained move above 92.30 could strengthen bullish momentum toward fresh record highs. On the downside, 91.80 – 91.60 acts as immediate support, and a break below this zone may trigger short-term profit booking, although the broader bias remains positive amid global uncertainties,” said Ponmudi R, CEO of Enrich Money. &nbsp;Also read: <a href="https://www.wionews.com/world/down-by-8-million-barrels-a-day-iea-issues-ominous-warning-on-oil-supplies-amid-iran-war-hours-after-largest-ever-stock-release-iran-israel-us-war-1773308810190">Down by 8 million barrels a day: IEA issues ominous warning on oil supplies amid Iran war, hours after largest ever stock release</a>

The rupee opened weaker at 92.25 per US dollar in the interbank foreign exchange market and later slipped further to 92.35, compared with its previous closing level of 92.01.

The Indian rupee dipped to a record low on Thursday following a fresh surge in crude prices and a strengthening of the US dollar. The currency declined 0.3 per cent to 92.3575 per dollar, surpassing its previous all-time low of 92.3475 recorded earlier in the week. The decline of the rupee came alongside weakness in several other Asian currencies, which also dropped against the greenback. The rupee opened weaker at 92.25 per US dollar in the interbank foreign exchange market and later slipped further to 92.35, compared with its previous closing level of 92.01. Meanwhile, the US Dollar Index, which measures the dollar’s strength against a basket of six major currencies, rose 0.24 per cent to 99.47. A sharp rise in crude oil prices has revived concerns about the economic impact of possible disruptions to global energy supplies. As a major importer of crude oil, India faces the risk of widening twin deficits, the fiscal deficit and the current account deficit, when oil prices climb, adding pressure on the local currency. In the latest developments in the US–Iran conflict, Iran continued its strikes on oil and transport facilities across the Middle East, pushing Brent crude prices to around $100 per barrel. Later, Tehran also warned that global oil prices could potentially rise to $200 per barrel. Stock Market crashes The increasing oil prices have heightened inflation concerns and risked several dented investors. Amid the ongoing crisis, the Indian stock market crashed again, after weakness in global equities on Thursday. The benchmark index of BSE Sensex touched 528.47 points, or 0.69 per cent, at 76,335.24, while the NSE Nifty 50 dipped to 171.40 points, or 0.72 per cent, to 23,693.85. Meanwhile, the USD/INR pair is currently trading around the 92.00–92.50 zone, marking mounting pressure on the Indian rupee. “The chart structure remains bullish, supported by an upward trend and a pattern of higher highs and higher lows in recent months. A sustained move above 92.30 could strengthen bullish momentum toward fresh record highs. On the downside, 91.80 – 91.60 acts as immediate support, and a break below this zone may trigger short-term profit booking, although the broader bias remains positive amid global uncertainties,” said Ponmudi R, CEO of Enrich Money. Also read: Down by 8 million barrels a day: IEA issues ominous warning on oil supplies amid Iran war, hours after largest ever stock release

The rupee opened weaker at 92.25 per US dollar in the interbank foreign exchange market and later slipped further to 92.35, compared with its previous closing level of 92.01.

Indian rupee slides to record low of 92.35 per dollar amid Iran war: More details inside

Iran war is causing the largest ever disruption of global oil supplies, the International Energy Agency (IEA) warned on Thursday (Mar 12). The IEA's dire projections came in its monthly Oil Market Report (OMR), which provides data on supply, demand, stocks, prices and refinery activity. The otherwise routine report is being watched closely this month, amid the unprecedented crisis in global oil markets. The ominous predictions came a day after the largest-ever release of global emergency oil stocks.<h2>What was the International Energy Agency warning on oil supply?</h2>In the report, the IEA cut its daily oil supply growth forecast sharply. It said the supply is likely to plunge by 8 million barrels a day in March. The Paris-based organisation, which includes several Western nations, now expects global supply to grow by 1.1 million barrels a day this year, the Wall Street Journal reported. This is a dramatic reduction from the earlier forecast of 2.4 million barrels a day.All supply growth is expected to come from outside the OPEC+ alliance, as the conflict forces major Gulf producers to curb output.Also read: <a href="https://www.wionews.com/world/world-s-largest-oil-company-ceo-warns-of-catastrophic-consequences-of-iran-war-as-nations-impose-emergency-measures-1773141477127">World’s largest oil company CEO warns of 'catastrophic consequences' of Iran war as nations impose emergency measures</a><h2>Oil prices surge after wild swings as war disrupts global flows</h2>After several wild swings, Brent crude has breached the $100 mark. Earlier, it had touched $120 a barrel.Further attacks on shipping and energy facilities, along with uncertainty over when the war will end, could push prices even higher.Oil trade flows have been severely affected since the February 28 US–Israel strike on Iran triggered the ongoing war, which is now entering its second week.Iran’s missile and drone attacks on oil sites in Saudi Arabia and Kuwait, along with its threats to block tankers passing through the Strait of Hormuz, have dirsupted traffic through one of the world’s most critical energy routes.The Strait of Hormuz is a key chokepoint for around 20 per cent of global oil supply and significant volumes of liquefied natural gas. Attacks on ships, closures by major shipping companies, and reduced regional production and export capacity are creating shortages.Flows through the strait have fallen to less than 10 per cent of normal levels, amounting to a disruption of roughly 15 million barrels per day.<a href="https://www.wionews.com/videos/energy-crisis-india-first-approach-guides-decision-to-keep-oil-reserves-intact-1773138558351/embed">https://www.wionews.com/videos/energy-crisis-india-first-approach-guides-decision-to-keep-oil-reserves-intact-1773138558351/embed</a><h2>IEA's report came hours after largest ever emergency oil stock release</h2>Just before the IEA report was released, its 32 member nations unanimously agreed on Wednesday (Mar 11) to release 400 million barrels from their emergency stockpiles.This marked the largest coordinated release in IEA history—more than double the 182 million barrels released in 2022 following the Russia–Ukraine war.The move is aimed at curbing oil price spikes and stabilising markets in the near term.Also read: <a href="https://www.wionews.com/world/with-hormuz-in-its-grip-iran-ships-more-oil-even-as-war-halts-others-1773255260129">With Hormuz in its grip, Iran ships more oil even as war halts others</a>&nbsp;<h2>But strategic stock release may not be enough</h2>However, the IEA warned that the strategic reserve release may not be sufficient if the war continues.The emergency stocks could cover only about 20 days of lost supply. If the conflict continues to disrupt production and the Strait of Hormuz is not fully reopened, the reserves could quickly prove inadequate.The war has already triggered one of the most severe oil market shocks in decades. Some industry observers have described it as the biggest disruption ever, while others say it could rank among the worst since the oil shocks of the 1970s.<h2>March IEA report more ominous than February</h2>IEA's March OMR paints a far darker picture than the February 12 report. The earlier report projected global oil demand growth of 850,000 barrels per day in 2026. It also forecast supply growth of around 2.4 million barrels per day and a surplus of roughly 3.73 million barrels per day.

In its latest monthly report, the International Energy Agency warned global oil supply could go down by 8 million barrels a day in March as the Iran war disrupts flows through the Strait of Hormuz. Brent crude is above $100 despite a record 400-million-barrel emergency release by IAE members.

Iran war is causing the largest ever disruption of global oil supplies, the International Energy Agency (IEA) warned on Thursday (Mar 12). The IEA's dire projections came in its monthly Oil Market Report (OMR), which provides data on supply, demand, stocks, prices and refinery activity. The otherwise routine report is being watched closely this month, amid the unprecedented crisis in global oil markets. The ominous predictions came a day after the largest-ever release of global emergency oil stocks. What was the International Energy Agency warning on oil supply? In the report, the IEA cut its daily oil supply growth forecast sharply. It said the supply is likely to plunge by 8 million barrels a day in March. The Paris-based organisation, which includes several Western nations, now expects global supply to grow by 1.1 million barrels a day this year, the Wall Street Journal reported. This is a dramatic reduction from the earlier forecast of 2.4 million barrels a day. All supply growth is expected to come from outside the OPEC+ alliance, as the conflict forces major Gulf producers to curb output. Also read: World’s largest oil company CEO warns of 'catastrophic consequences' of Iran war as nations impose emergency measures Oil prices surge after wild swings as war disrupts global flows After several wild swings, Brent crude has breached the $100 mark. Earlier, it had touched $120 a barrel. Further attacks on shipping and energy facilities, along with uncertainty over when the war will end, could push prices even higher. Oil trade flows have been severely affected since the February 28 US–Israel strike on Iran triggered the ongoing war, which is now entering its second week. Iran’s missile and drone attacks on oil sites in Saudi Arabia and Kuwait, along with its threats to block tankers passing through the Strait of Hormuz, have dirsupted traffic through one of the world’s most critical energy routes. The Strait of Hormuz is a key chokepoint for around 20 per cent of global oil supply and significant volumes of liquefied natural gas. Attacks on ships, closures by major shipping companies, and reduced regional production and export capacity are creating shortages. Flows through the strait have fallen to less than 10 per cent of normal levels, amounting to a disruption of roughly 15 million barrels per day. https://www.wionews.com/videos/energy-crisis-india-first-approach-guides-decision-to-keep-oil-reserves-intact-1773138558351/embed IEA's report came hours after largest ever emergency oil stock release Just before the IEA report was released, its 32 member nations unanimously agreed on Wednesday (Mar 11) to release 400 million barrels from their emergency stockpiles. This marked the largest coordinated release in IEA history—more than double the 182 million barrels released in 2022 following the Russia–Ukraine war. The move is aimed at curbing oil price spikes and stabilising markets in the near term. Also read: With Hormuz in its grip, Iran ships more oil even as war halts others But strategic stock release may not be enough However, the IEA warned that the strategic reserve release may not be sufficient if the war continues. The emergency stocks could cover only about 20 days of lost supply. If the conflict continues to disrupt production and the Strait of Hormuz is not fully reopened, the reserves could quickly prove inadequate. The war has already triggered one of the most severe oil market shocks in decades. Some industry observers have described it as the biggest disruption ever, while others say it could rank among the worst since the oil shocks of the 1970s. March IEA report more ominous than February IEA's March OMR paints a far darker picture than the February 12 report. The earlier report projected global oil demand growth of 850,000 barrels per day in 2026. It also forecast supply growth of around 2.4 million barrels per day and a surplus of roughly 3.73 million barrels per day.

In its latest monthly report, the International Energy Agency warned global oil supply could go down by 8 million barrels a day in March as the Iran war disrupts flows through the Strait of Hormuz. Brent crude is above $100 despite a record 400-million-barrel emergency release by IAE members.

Down by 8 million barrels a day: IEA issues ominous warning on oil supplies amid Iran war, hours after largest ever stock release

Atlassian, the software company, has announced to lay off nearly 10 per cent of its workers, marking roughly 1,600 positions, along with the replacement of its chief technology officer, in order to invest further in artificial intelligence. A company spokesperson said that over 900 positions in software research and development have been affected, accounting for more than 50 per cent of its 13,813 full-time workforce in June 2025. In addition, around 640 affected employees are in North America, 480 in Australia, and 250 in India, with the rest from Japan, the Philippines, Europe, the Middle East, and Africa, the spokesperson said, The Guardian reported. Mike Cannon-Brookes, the company’s co-founder, stated that the decision to lay off was “the right move for Atlassian” in a note circulated late Wednesday, US time. “But that doesn’t mean it’s easy,” he said. “Far from it. I know this has a huge impact on each of you, and it weighs heavily on me and Atlassian today," Mike said.<h3>Atlassian loses market value</h3>Atlassian has seen its market value drop by more than half since the beginning of 2026, as investors worry that advances in AI could make some of the software company’s services less relevant. The sharp fall in the share price has also slashed the personal fortunes of its Australian co-founders, Mike Cannon-Brookes and Scott Farquhar. Cannon-Brookes indicated that the growing adoption of AI has reshaped the types of skills and roles the company requires. According to him, the restructuring aims to improve Atlassian’s financial position and enable it to fund further investments in AI and enterprise sales. Answering the query whether AI had replaced the 1,600 sacked employees, he said, “Our approach is not ‘AI replaces people’. But it would be disingenuous to pretend AI doesn’t change the mix of skills we need or the number of roles required in certain areas.” He also said the company kept its Slack work chat channels open for about six hours longer than usual so employees could say goodbye to colleagues. “To Atlassians who are leaving us – I’m sorry for the impact this will have on you,” he wrote. “Thank you for everything you have contributed to our epic story.” Meanwhile, Professionals Australia, the union representing Atlassian employees, said affected workers were informed on Thursday. The consultation process is expected to continue until March 19, with final job terminations likely on April 2. Union director Paul Inglis said staff were made redundant without prior consultation or warning that a restructuring could threaten their roles.&nbsp;Also read:<a href="https://www.wionews.com/world/india-s-crude-vessel-reaches-mumbai-port-after-iran-s-nod-two-more-allowed-to-pass-strait-of-hormuz-1773292223873"> India's crude vessel reaches Mumbai port after Iran's nod, two more ships allowed to pass Strait of Hormuz</a>

The software giant, Atlassian, has also seen its market value drop by more than half since the beginning of 2026, as investors worry that advances in AI could make some of the software company’s services less relevant.

Atlassian, the software company, has announced to lay off nearly 10 per cent of its workers, marking roughly 1,600 positions, along with the replacement of its chief technology officer, in order to invest further in artificial intelligence. A company spokesperson said that over 900 positions in software research and development have been affected, accounting for more than 50 per cent of its 13,813 full-time workforce in June 2025. In addition, around 640 affected employees are in North America, 480 in Australia, and 250 in India, with the rest from Japan, the Philippines, Europe, the Middle East, and Africa, the spokesperson said, The Guardian reported. Mike Cannon-Brookes, the company’s co-founder, stated that the decision to lay off was “the right move for Atlassian” in a note circulated late Wednesday, US time. “But that doesn’t mean it’s easy,” he said. “Far from it. I know this has a huge impact on each of you, and it weighs heavily on me and Atlassian today," Mike said. Atlassian loses market value Atlassian has seen its market value drop by more than half since the beginning of 2026, as investors worry that advances in AI could make some of the software company’s services less relevant. The sharp fall in the share price has also slashed the personal fortunes of its Australian co-founders, Mike Cannon-Brookes and Scott Farquhar. Cannon-Brookes indicated that the growing adoption of AI has reshaped the types of skills and roles the company requires. According to him, the restructuring aims to improve Atlassian’s financial position and enable it to fund further investments in AI and enterprise sales. Answering the query whether AI had replaced the 1,600 sacked employees, he said, “Our approach is not ‘AI replaces people’. But it would be disingenuous to pretend AI doesn’t change the mix of skills we need or the number of roles required in certain areas.” He also said the company kept its Slack work chat channels open for about six hours longer than usual so employees could say goodbye to colleagues. “To Atlassians who are leaving us – I’m sorry for the impact this will have on you,” he wrote. “Thank you for everything you have contributed to our epic story.” Meanwhile, Professionals Australia, the union representing Atlassian employees, said affected workers were informed on Thursday. The consultation process is expected to continue until March 19, with final job terminations likely on April 2. Union director Paul Inglis said staff were made redundant without prior consultation or warning that a restructuring could threaten their roles. Also read: India's crude vessel reaches Mumbai port after Iran's nod, two more ships allowed to pass Strait of Hormuz

The software giant, Atlassian, has also seen its market value drop by more than half since the beginning of 2026, as investors worry that advances in AI could make some of the software company’s services less relevant.

Atlassian to lay off 1,600 employees amid push for AI transformation

Iran has now threatened to target banks and other economic sites like the premises of Google, Microsoft, and Nvidia linked to the US and Israel in the Gulf region, said an Al Jazeera report on Wednesday. A spokesperson for the Khatam al-Anbiya Headquarters, which the UN describes as being owned by Iran’s Islamic Revolutionary Guard Corps, issued the warning. He said, “The enemy left our hands open to targeting economic centres and banks belonging to the United States and the Zionist regime in the region.”&nbsp;The spokesperson also warned that “people of the region should not be within a one-kilometre radius of banks.”&nbsp;&nbsp;Also Read: <a href="https://www.wionews.com/world/-practically-nothing-left-to-target-in-iran-war-will-end-soon-says-trump-1773246460317">‘Practically nothing left to target in Iran, war will end soon,’ says Trump</a><h2>‘The scope of Iran’s legitimate targets expands…’</h2>&nbsp;The Tasnim news agency, an outlet affiliated with the IRGC, also published a list of offices and infrastructure tied to major US technology companies with Israeli links. It described them as “Iran’s new targets.”&nbsp;&nbsp;The report includes Google, Microsoft, Palantir, IBM, Nvidia, and Oracle.The list of locations includes offices and cloud infrastructure in several Israeli cities and in some Gulf countries.&nbsp;Tasnim further wrote that “as the scope of the regional war expands to infrastructure war, the scope of Iran’s legitimate targets expands.”&nbsp;Also Read: <a href="https://www.wionews.com/world/iran-s-lethal-black-clad-kill-squad-nopo-now-guards-new-supreme-leader-mojtaba-1773232310910">Iran’s lethal ‘black-clad’ kill squad NOPO now guards new supreme leader Mojtaba</a><h2>PwC closes offices in several Gulf countries; Deloitte evacuates Dubai office staff&nbsp;</h2>&nbsp;After the warning, PwC (PricewaterhouseCoopers), a leading global professional services network recognised as one of the ‘Big Four’ accounting firms, on Wednesday closed its offices in several Gulf countries for the remainder of the week as a ‘precaution,’ reported AFP, citing a source.&nbsp;The offices of the British consulting group will be closed in Saudi Arabia, Qatar, the UAE, and Kuwait, the source said, seeking anonymity, as Iran threatened to hit US- and Israel-linked economic targets in the Middle East.&nbsp;Another ‘Big Four’ firm, Deloitte, also evacuated staff at its Dubai office after Iran’s threat.&nbsp;Also Read: <a href="https://www.wionews.com/india-news/-govt-won-t-leave-indians-stranded-says-pm-modi-slams-congress-for-politicising-iran-war-1773224945175">‘Govt won’t leave Indians stranded,’ says PM Modi, slams Congress for politicising Iran War</a>&nbsp;Deloitte told its staff on Wednesday to vacate their offices in the Dubai International Financial Centre, a source told AFP.&nbsp;Standard Chartered, headquartered in London, maintains a significant presence in the United Arab Emirates, with offices located in the Dubai International Financial Centre (DIFC), a financial center that hosts numerous major international banks and law firms.&nbsp;Iran has already attempted to threaten the global economy by blocking the Strait of Hormuz, a vital conduit that enables the transportation of almost 20% of the world's oil.&nbsp;Also Read: <a href="https://www.wionews.com/india-news/no-confidence-motion-against-speaker-om-birla-defeated-by-voice-vote-in-lok-sabha-1773238380651">No-confidence motion against speaker Om Birla defeated by voice vote in Lok Sabha</a><h2>Iran cites attack on Bank Sepah linked to its military as trigger</h2>&nbsp;US-Israeli forces allegedly attacked Bank Sepah, an Iranian bank with ties to the military, in Tehran.&nbsp;The central military command of the Islamic Republic said, “Following their failed campaign, the terrorist US army and cruel Zionist regime have targeted one of the country’s banks.”&nbsp;“With this illegitimate and uncommon action, the enemy is forcing our hand to target economic centres and banks linked to the US and Zionist regime in the region.”&nbsp;According to Iranian state media, multiple bank employees lost their lives in the assault on a bank located in northern Tehran.&nbsp;After the warning, all HSBC branches were shut in Qatar until further notice, while Citi also evacuated Dubai employees after Iran’s threat.

A list of offices and infrastructure tied to major US technology companies with Israeli links was published describing them as Iran’s new targets. The list includes Google, Microsoft, Palantir, IBM, Nvidia, and Oracle premises besides banks in several Gulf countries.

Iran has now threatened to target banks and other economic sites like the premises of Google, Microsoft, and Nvidia linked to the US and Israel in the Gulf region, said an Al Jazeera report on Wednesday. A spokesperson for the Khatam al-Anbiya Headquarters, which the UN describes as being owned by Iran’s Islamic Revolutionary Guard Corps, issued the warning. He said, “The enemy left our hands open to targeting economic centres and banks belonging to the United States and the Zionist regime in the region.” The spokesperson also warned that “people of the region should not be within a one-kilometre radius of banks.” Also Read: ‘Practically nothing left to target in Iran, war will end soon,’ says Trump ‘The scope of Iran’s legitimate targets expands…’ The Tasnim news agency, an outlet affiliated with the IRGC, also published a list of offices and infrastructure tied to major US technology companies with Israeli links. It described them as “Iran’s new targets.” The report includes Google, Microsoft, Palantir, IBM, Nvidia, and Oracle. The list of locations includes offices and cloud infrastructure in several Israeli cities and in some Gulf countries. Tasnim further wrote that “as the scope of the regional war expands to infrastructure war, the scope of Iran’s legitimate targets expands.” Also Read: Iran’s lethal ‘black-clad’ kill squad NOPO now guards new supreme leader Mojtaba PwC closes offices in several Gulf countries; Deloitte evacuates Dubai office staff After the warning, PwC (PricewaterhouseCoopers), a leading global professional services network recognised as one of the ‘Big Four’ accounting firms, on Wednesday closed its offices in several Gulf countries for the remainder of the week as a ‘precaution,’ reported AFP, citing a source. The offices of the British consulting group will be closed in Saudi Arabia, Qatar, the UAE, and Kuwait, the source said, seeking anonymity, as Iran threatened to hit US- and Israel-linked economic targets in the Middle East. Another ‘Big Four’ firm, Deloitte, also evacuated staff at its Dubai office after Iran’s threat. Also Read: ‘Govt won’t leave Indians stranded,’ says PM Modi, slams Congress for politicising Iran War Deloitte told its staff on Wednesday to vacate their offices in the Dubai International Financial Centre, a source told AFP. Standard Chartered, headquartered in London, maintains a significant presence in the United Arab Emirates, with offices located in the Dubai International Financial Centre (DIFC), a financial center that hosts numerous major international banks and law firms. Iran has already attempted to threaten the global economy by blocking the Strait of Hormuz, a vital conduit that enables the transportation of almost 20% of the world's oil. Also Read: No-confidence motion against speaker Om Birla defeated by voice vote in Lok Sabha Iran cites attack on Bank Sepah linked to its military as trigger US-Israeli forces allegedly attacked Bank Sepah, an Iranian bank with ties to the military, in Tehran. The central military command of the Islamic Republic said, “Following their failed campaign, the terrorist US army and cruel Zionist regime have targeted one of the country’s banks.” “With this illegitimate and uncommon action, the enemy is forcing our hand to target economic centres and banks linked to the US and Zionist regime in the region.” According to Iranian state media, multiple bank employees lost their lives in the assault on a bank located in northern Tehran. After the warning, all HSBC branches were shut in Qatar until further notice, while Citi also evacuated Dubai employees after Iran’s threat.

A list of offices and infrastructure tied to major US technology companies with Israeli links was published describing them as Iran’s new targets. The list includes Google, Microsoft, Palantir, IBM, Nvidia, and Oracle premises besides banks in several Gulf countries.

Iran threatens to strike Google, Microsoft, Nvidia sites, banks as economic infra becomes new war target

The real gross domestic product (GDP) growth of India may slow down to 7.1 per cent in fiscal 2027, compared with 7.6 per cent in the previous year, according to a report by Crisil Intelligence. The outlook, shared during the 10th India Outlook Conclave, suggests that growth will remain strong even as the global environment faces challenges such as geopolitical tensions and increasing protectionist policies. In addition, domestic demand is expected to remain the main driver of expansion, supported by solid consumption and a gradually strengthening cycle of private investment. The forecast is based on four key assumptions: a normal monsoon, manageable food inflation despite a low-base effect, Brent crude prices hovering around $75–$80 per barrel, and stable global economic growth. While government spending on infrastructure, estimated at around 3.1 per cent of GDP, continues to play a major role, private investment is also gaining traction, particularly in emerging sectors such as electronics, semiconductors and electric vehicles. Amish Mehta, Managing Director and CEO, Crisil, told news agency ANI, "India has grown steadily in an environment buffeted by exogenous uncertainties. Our fiscal 2027 forecast reflects its strong domestic counterweights, especially consumption, infrastructure capex, an uptick in the private investment cycle led by emerging sectors, and gradually improving trade competitiveness. However, continuing geopolitical conflicts, the proliferation of technology-driven disruptions, public debt levels and climate vagaries will need close monitoring."<h3>Private consumption remains the main pillar of the economy</h3>Private consumption, which makes up nearly 57 per cent of India’s GDP, remains the main pillar supporting the economy, although its growth may slow as temporary tax benefits begin to fade. Consumer Price Index (CPI) inflation is expected to rise to about 4.3 per cent as food prices stabilise, but the reduced share of food items in the new 2024 base-year inflation index is likely to keep overall price pressures under control. Industries such as automobiles, consumer durables, and hospitality are projected to perform strongly, driven by improved affordability and long-term structural shifts, including rising incomes and greater participation of women in the workforce. Dharmakirti Joshi, Chief Economist, Crisil, said, "Domestic demand is expected to stay supportive in fiscal 2027, with fiscal measures lifting disposable incomes and private investment seeing a mild pick-up. That said, risks remain tilted to the downside, given renewed geopolitical flare-ups and lingering trade-related uncertainty that can transmit through commodity prices, trade and capital flows." Meanwhile, industrial capital expenditure is expected to increase significantly, with annual investments projected to reach around Rs 9.1 lakh crore between fiscals 2027 and 2031, marking roughly a 1.5-times jump. Much of this expansion will come from emerging sectors: semiconductor and electronics manufacturing could grow 4.7 times, while electric vehicle production and charging infrastructure may expand by about 3.1 times.&nbsp;Also read: <a href="https://www.wionews.com/world/irgc-expands-conflict-targets-to-include-us-and-israeli-financial-infrastructure-in-gulf-details-inside-1773232808446">IRGC expands conflict targets to include US and Israeli financial infrastructure in Gulf. Details inside</a>

The forecast of India's GDP is based on four key assumptions: a normal monsoon, manageable food inflation despite a low-base effect, Brent crude prices hovering around $75–$80 per barrel, and stable global economic growth. 

The real gross domestic product (GDP) growth of India may slow down to 7.1 per cent in fiscal 2027, compared with 7.6 per cent in the previous year, according to a report by Crisil Intelligence. The outlook, shared during the 10th India Outlook Conclave, suggests that growth will remain strong even as the global environment faces challenges such as geopolitical tensions and increasing protectionist policies. In addition, domestic demand is expected to remain the main driver of expansion, supported by solid consumption and a gradually strengthening cycle of private investment. The forecast is based on four key assumptions: a normal monsoon, manageable food inflation despite a low-base effect, Brent crude prices hovering around $75–$80 per barrel, and stable global economic growth. While government spending on infrastructure, estimated at around 3.1 per cent of GDP, continues to play a major role, private investment is also gaining traction, particularly in emerging sectors such as electronics, semiconductors and electric vehicles. Amish Mehta, Managing Director and CEO, Crisil, told news agency ANI, "India has grown steadily in an environment buffeted by exogenous uncertainties. Our fiscal 2027 forecast reflects its strong domestic counterweights, especially consumption, infrastructure capex, an uptick in the private investment cycle led by emerging sectors, and gradually improving trade competitiveness. However, continuing geopolitical conflicts, the proliferation of technology-driven disruptions, public debt levels and climate vagaries will need close monitoring." Private consumption remains the main pillar of the economy Private consumption, which makes up nearly 57 per cent of India’s GDP, remains the main pillar supporting the economy, although its growth may slow as temporary tax benefits begin to fade. Consumer Price Index (CPI) inflation is expected to rise to about 4.3 per cent as food prices stabilise, but the reduced share of food items in the new 2024 base-year inflation index is likely to keep overall price pressures under control. Industries such as automobiles, consumer durables, and hospitality are projected to perform strongly, driven by improved affordability and long-term structural shifts, including rising incomes and greater participation of women in the workforce. Dharmakirti Joshi, Chief Economist, Crisil, said, "Domestic demand is expected to stay supportive in fiscal 2027, with fiscal measures lifting disposable incomes and private investment seeing a mild pick-up. That said, risks remain tilted to the downside, given renewed geopolitical flare-ups and lingering trade-related uncertainty that can transmit through commodity prices, trade and capital flows." Meanwhile, industrial capital expenditure is expected to increase significantly, with annual investments projected to reach around Rs 9.1 lakh crore between fiscals 2027 and 2031, marking roughly a 1.5-times jump. Much of this expansion will come from emerging sectors: semiconductor and electronics manufacturing could grow 4.7 times, while electric vehicle production and charging infrastructure may expand by about 3.1 times. Also read: IRGC expands conflict targets to include US and Israeli financial infrastructure in Gulf. Details inside

The forecast of India's GDP is based on four key assumptions: a normal monsoon, manageable food inflation despite a low-base effect, Brent crude prices hovering around $75–$80 per barrel, and stable global economic growth.&nbsp;

India's GDP growth projected to ease to 7.1% in FY27 amid global uncertainty: CRISIL

Opposition leaders take a dig at the Centre after reports on Wednesday indicated the cooking-gas crisis, which has been sparked by the Iran war intensifying across India, with restaurants, hotels and eateries from Bangalore to Bihar. The development folded after the movement of tankers through the Strait of Hormuz affected about 60 mmscmd of supply from the Middle East. The disruption in LPG supply amid the conflicts has exposed a hidden operational risk in the food service sector of India, as independent restaurants are facing immediate closure risks along with the large chains, which are facing margin pressures. The price range of LPG gas in the different states is different. Sachin Jain, founder of The Benne Mane, a South Indian restaurant in Bengaluru, stated that in the past few days, gas distributors have nearly doubled the price. “We are now having to buy cylinders for around Rs 3,500–Rs 4,000 each, and distributors are saying the price may increase further,” he said, Deccan Herald reported. He added that all the restaurants already function on very tight margins, and those increased prices make it difficult to manage day-to-day activities. The Founder and Director of Khan Saheb Foods Pvt Ltd, a popular fast-food chain in Bengaluru, Shorab Choudhary, said, “This situation is unprecedented for us. Our gas vendors, who have been supplying us reliably for the past 10 years, have informed us that they currently have no stock available. We completely ran out of gas yesterday and had to urgently source cylinders from alternative vendors at almost double the usual price." He stated that generally commercial gas cylinders cost around Rs 1,800 – Rs 1,900 per cylinder, but yesterday it cost them Rs 3,500 per cylinder. At this price also, there is no guarantee that suppliers is going to provide continuous stock in the coming days. Restaurants are more exposed to disruptions than households because they depend heavily on 19-kg commercial LPG cylinders to operate high-volume cooking equipment such as ovens, fryers, grills and fast-paced kitchen lines. The effects differ across restaurant chains: smaller outlets may be forced to shut down quickly, while larger chains could face reduced operating capacity. Rising LPG costs may also push quick-service restaurants (QSRs) to raise menu or delivery prices, putting additional pressure on their profit margins.<h3>LPG gas price in different states and cities</h3>Domestic and commercial LPG prices vary across major Indian cities and states. In New Delhi, a domestic cylinder costs Rs 913 while a commercial cylinder is priced at Rs 1,884.50. In Kolkata, the rates are Rs 939 for domestic LPG and Rs 1,988.50 for commercial cylinders, while in Mumbai they stand at Rs 912.50 and Rs 1,836 respectively. In Chennai, domestic LPG costs Rs 928.50 and commercial cylinders Rs 2,043.50. Prices are higher in cities such as Hyderabad (Rs 965 domestic, Rs 2,105.50 commercial), Lucknow (Rs 950.50 domestic, Rs 2,007 commercial), Patna (Rs 1,002.50 domestic, Rs 2,133.50 commercial), and Bengaluru (Rs 915.50 domestic, Rs 1,958 commercial). Across states, LPG prices also differ due to local taxes and transportation costs. In Maharashtra, domestic LPG costs Rs 912.50 and commercial cylinders Rs 1,836, while in Tamil Nadu the prices are Rs 928.50 and Rs 2,043.50 respectively. In Uttar Pradesh, domestic LPG is priced at Rs 950.50 and commercial LPG at Rs 2,007. In Kerala, the rates are Rs 922 for domestic and Rs 1,912 for commercial cylinders, while in Gujarat they stand at Rs 920.50 and Rs 1,946 respectively. Prices are significantly higher in some north-eastern states and island territories. For instance, domestic LPG costs over Rs 1,060 in Mizoram and Manipur, while in Tripura it is around Rs 1,073.50.<h3>Ministers react to the LPG crisis</h3>Following the rise in LPG gas price, AAP chief Arvind Kejriwal squarely accused Prime Minister Modi. “Modi has made a mistake by demolishing India's non-aligned policy of 75 years. We should not have aligned with anyone. He stood by Israeli Prime Minister Benjamin Netanyahu a day before the war began. We have made Iran our enemy,” he said, a new agency PTI reported. Kejriwal also warned, highlighting that hotels and restaurants could shut if the situation worsened. On Wednesday, the AAP government in Punjab passed a resolution in the state Assembly against the Centre over the rising LPG prices and shortage of commercial cylinders, noting that it would lead to the shutdown of restaurants, eateries and other sectors. In Bengal, minister and TMC spokesperson Shashi Panja indicated that it was a pan-India crisis. “It is the lack of foresight of the BJP government at the Centre. The common people are in distress, suffering,” she said. Chief Minister of Tamil Nadu, MK Stalin, said he had written to the prime minister and the Union petroleum minister highlighting the ongoing cooking-gas shortage. Pinarayi Vijayan, chief minister of Kerala, cautioned that supply uncertainties could disrupt hotels and restaurants, particularly during the period of increased demand in Ramadan. Meanwhile, Siddaramaiah, chief minister of Karnataka, has also appealed to Union petroleum and natural gas minister Hardeep Singh Puri for immediate intervention. In Delhi, the Lawyers’ Canteen at Delhi High Court has temporarily stopped serving main courses because of the LPG shortage. A notice issued on Wednesday said the absence of gas cylinders had made it impossible to prepare regular meals. Uttarakhand has begun exploring alternative solutions. Forest minister Subodh Uniyal said the government could allow firewood to be used commercially if the shortage worsens. In Puducherry, hotel owners warned they might have to shut operations if commercial LPG supplies are not restored soon. Many establishments have started using firewood, cutting working hours, or partially shifting to electric cookers to keep kitchens running. The price of firewood has jumped to about Rs 1,000 per “kundu”, up from the usual Rs 300. Even so, it can only be used for certain South Indian dishes and is unsuitable for items such as Chinese cuisine. In addition, commercial kitchens in Chennai, Bengaluru, Kolkata, and other cities have also switched to wood fires. They are mostly using scrap lumber as fuel to ensure the availability of some food. In some places, the situation has worsened to the point where restaurants have stopped serving certain dishes or replaced items that require more gas to cook with quick fast-food options.&nbsp;Also read:<a href="https://www.wionews.com/india-news/govt-urges-calm-as-lpg-supply-concerns-mount-amid-iran-conflict-1773237259673"> Indian govt urges calm as LPG supply concerns mount amid Iran conflict</a>

The disruption in LPG supply amid the conflicts has exposed a hidden operational risk in the food service sector of India, as independent restaurants are facing immediate closure risks along with the large chains, which are facing margin pressures. 

Opposition leaders take a dig at the Centre after reports on Wednesday indicated the cooking-gas crisis, which has been sparked by the Iran war intensifying across India, with restaurants, hotels and eateries from Bangalore to Bihar. The development folded after the movement of tankers through the Strait of Hormuz affected about 60 mmscmd of supply from the Middle East. The disruption in LPG supply amid the conflicts has exposed a hidden operational risk in the food service sector of India, as independent restaurants are facing immediate closure risks along with the large chains, which are facing margin pressures. The price range of LPG gas in the different states is different. Sachin Jain, founder of The Benne Mane, a South Indian restaurant in Bengaluru, stated that in the past few days, gas distributors have nearly doubled the price. “We are now having to buy cylinders for around Rs 3,500–Rs 4,000 each, and distributors are saying the price may increase further,” he said, Deccan Herald reported. He added that all the restaurants already function on very tight margins, and those increased prices make it difficult to manage day-to-day activities. The Founder and Director of Khan Saheb Foods Pvt Ltd, a popular fast-food chain in Bengaluru, Shorab Choudhary, said, “This situation is unprecedented for us. Our gas vendors, who have been supplying us reliably for the past 10 years, have informed us that they currently have no stock available. We completely ran out of gas yesterday and had to urgently source cylinders from alternative vendors at almost double the usual price." He stated that generally commercial gas cylinders cost around Rs 1,800 – Rs 1,900 per cylinder, but yesterday it cost them Rs 3,500 per cylinder. At this price also, there is no guarantee that suppliers is going to provide continuous stock in the coming days. Restaurants are more exposed to disruptions than households because they depend heavily on 19-kg commercial LPG cylinders to operate high-volume cooking equipment such as ovens, fryers, grills and fast-paced kitchen lines. The effects differ across restaurant chains: smaller outlets may be forced to shut down quickly, while larger chains could face reduced operating capacity. Rising LPG costs may also push quick-service restaurants (QSRs) to raise menu or delivery prices, putting additional pressure on their profit margins. LPG gas price in different states and cities Domestic and commercial LPG prices vary across major Indian cities and states. In New Delhi, a domestic cylinder costs Rs 913 while a commercial cylinder is priced at Rs 1,884.50. In Kolkata, the rates are Rs 939 for domestic LPG and Rs 1,988.50 for commercial cylinders, while in Mumbai they stand at Rs 912.50 and Rs 1,836 respectively. In Chennai, domestic LPG costs Rs 928.50 and commercial cylinders Rs 2,043.50. Prices are higher in cities such as Hyderabad (Rs 965 domestic, Rs 2,105.50 commercial), Lucknow (Rs 950.50 domestic, Rs 2,007 commercial), Patna (Rs 1,002.50 domestic, Rs 2,133.50 commercial), and Bengaluru (Rs 915.50 domestic, Rs 1,958 commercial). Across states, LPG prices also differ due to local taxes and transportation costs. In Maharashtra, domestic LPG costs Rs 912.50 and commercial cylinders Rs 1,836, while in Tamil Nadu the prices are Rs 928.50 and Rs 2,043.50 respectively. In Uttar Pradesh, domestic LPG is priced at Rs 950.50 and commercial LPG at Rs 2,007. In Kerala, the rates are Rs 922 for domestic and Rs 1,912 for commercial cylinders, while in Gujarat they stand at Rs 920.50 and Rs 1,946 respectively. Prices are significantly higher in some north-eastern states and island territories. For instance, domestic LPG costs over Rs 1,060 in Mizoram and Manipur, while in Tripura it is around Rs 1,073.50. Ministers react to the LPG crisis Following the rise in LPG gas price, AAP chief Arvind Kejriwal squarely accused Prime Minister Modi. “Modi has made a mistake by demolishing India's non-aligned policy of 75 years. We should not have aligned with anyone. He stood by Israeli Prime Minister Benjamin Netanyahu a day before the war began. We have made Iran our enemy,” he said, a new agency PTI reported. Kejriwal also warned, highlighting that hotels and restaurants could shut if the situation worsened. On Wednesday, the AAP government in Punjab passed a resolution in the state Assembly against the Centre over the rising LPG prices and shortage of commercial cylinders, noting that it would lead to the shutdown of restaurants, eateries and other sectors. In Bengal, minister and TMC spokesperson Shashi Panja indicated that it was a pan-India crisis. “It is the lack of foresight of the BJP government at the Centre. The common people are in distress, suffering,” she said. Chief Minister of Tamil Nadu, MK Stalin, said he had written to the prime minister and the Union petroleum minister highlighting the ongoing cooking-gas shortage. Pinarayi Vijayan, chief minister of Kerala, cautioned that supply uncertainties could disrupt hotels and restaurants, particularly during the period of increased demand in Ramadan. Meanwhile, Siddaramaiah, chief minister of Karnataka, has also appealed to Union petroleum and natural gas minister Hardeep Singh Puri for immediate intervention. In Delhi, the Lawyers’ Canteen at Delhi High Court has temporarily stopped serving main courses because of the LPG shortage. A notice issued on Wednesday said the absence of gas cylinders had made it impossible to prepare regular meals. Uttarakhand has begun exploring alternative solutions. Forest minister Subodh Uniyal said the government could allow firewood to be used commercially if the shortage worsens. In Puducherry, hotel owners warned they might have to shut operations if commercial LPG supplies are not restored soon. Many establishments have started using firewood, cutting working hours, or partially shifting to electric cookers to keep kitchens running. The price of firewood has jumped to about Rs 1,000 per “kundu”, up from the usual Rs 300. Even so, it can only be used for certain South Indian dishes and is unsuitable for items such as Chinese cuisine. In addition, commercial kitchens in Chennai, Bengaluru, Kolkata, and other cities have also switched to wood fires. They are mostly using scrap lumber as fuel to ensure the availability of some food. In some places, the situation has worsened to the point where restaurants have stopped serving certain dishes or replaced items that require more gas to cook with quick fast-food options. Also read: Indian govt urges calm as LPG supply concerns mount amid Iran conflict

The disruption in LPG supply amid the conflicts has exposed a hidden operational risk in the food service sector of India, as independent restaurants are facing immediate closure risks along with the large chains, which are facing margin pressures.&nbsp;

From Delhi to Bihar, LPG crisis panic India’s hotels & restaurants as Iran War disrupts supply: Check price in different states

The ongoing Iran war has disrupted global oil supplies and pushed energy costs higher, making a sharp difference in petrol prices across South Asian countries. Currently, India has managed to keep fuel prices unchanged, but Pakistan has increased, and Bangladesh is facing supply disruptions.

The ongoing Iran war has disrupted global oil supplies and pushed energy costs higher, making a sharp difference in petrol prices across South Asian countries. Currently, India has managed to keep fuel prices unchanged, but Pakistan has increased, and Bangladesh is facing supply disruptions.

Fuel price check: Latest petrol, diesel rates in India & South Asia amid Iran war-Know who pays more?

As the war between the United States, Israel, and Iran rages on in West Asia, Indians starting Thursday (Mar 12) would have to shell out extra money for Air India flight tickets as fuel prices rise. The flight operator in a press release said that since early March 2026, the price of aviation turbine fuel (ATF) has "escalated" due to "supply interruptions" and fliers will now face an added surcharge. How much extra would you have to pay for an Air India ticket? All you need to know.Also read | <a href="https://www.wionews.com/world/breaking-news-iran-s-new-supreme-leader-mojtaba-khamenei-safe-and-sound-despite-war-injuries-says-president-pezeshkian-s-son-1773210931273">Iran’s new Supreme Leader Mojtaba Khamenei ‘safe and sound’ despite war injuries, says President Pezeshkian's son</a><h2>Customers have to pay as ATF prices rise</h2>Air India said that the surcharge will be applicable for both domestic and international routes, and also on the flights operated on Air India Express routes. "Since early March 2026, aviation turbine fuel (ATF), which accounts for nearly 40% of an airline's operating costs, has seen significant price escalation due to supply interruptions. In India, this pressure is amplified by high Excise Duty and VAT on ATF in major metro cities such as Delhi and Mumbai, magnifying the impact and placing substantial strain on airline operating economics," said Air India in its Tuesday (Mar 10) release.<h2>How much extra would Air India fliers pay now?</h2>According to the press release, the price increase will be imposed in multiple phases. Here's a breakdown:<h3>Phase 1: Air India fuel surcharge hike</h3>In the first phase, starting March 12, 2026, domestic air travel and flights to SAARC countries, which were previously free of any additional levies, will now attract a surcharge of INR 399.Those flying to the Middle East will have to pay a $10 surcharge. Meanwhile, travellers to Southeast Asia, who earlier paid a $40 levy, will now face an additional $20 levy, bringing the total to $60. Travel to Africa will see the levy increase to $90 from $60.<figure class="table"><table><thead><tr><th>Route</th><th>New Surcharge</th><th>Previous Surcharge</th></tr></thead><tbody><tr><td>Domestic flights</td><td>₹399</td><td>None</td></tr><tr><td>SAARC countries</td><td>₹399</td><td>None</td></tr><tr><td>Middle East</td><td>$10</td><td>Not specified</td></tr><tr><td>Southeast Asia</td><td>$60</td><td>$40</td></tr><tr><td>Africa</td><td>$90</td><td>$60</td></tr></tbody></table></figure>Also read | <a href="https://www.wionews.com/world/-nobel-cannibal-khamenei-s-x-account-posts-ghastly-trump-cartoon-after-potus-floats-twisted-tomahawk-theory-on-minab-school-strike-1773194272348">'Nobel Cannibal': Khamenei’s X account posts ghastly Trump cartoon after POTUS floats Tomahawk theory on Iran school strike</a><h3>Phase 2: Air India fuel surcharge hike</h3>The second phase, starting March 18, will introduce higher fuel surcharges for long-haul routes. Travel to Europe will include an additional $125 levy, up from the earlier $100. Passengers flying to Australia and North America will face a $200 surcharge, compared with the previous $150.<figure class="table"><table><thead><tr><th>Route</th><th>New Surcharge</th><th>Previous Surcharge</th></tr></thead><tbody><tr><td>Europe</td><td>$125</td><td>$100</td></tr><tr><td>North America</td><td>$200</td><td>$150</td></tr><tr><td>Australia</td><td>$200</td><td>$150</td></tr></tbody></table></figure><h2>Phase 3: Air India fuel surcharge hike</h2>A third phase, covering routes to Far East destinations such as Hong Kong, Japan and South Korea, will be announced later.<figure class="table"><table><thead><tr><th>Route</th><th>Status</th></tr></thead><tbody><tr><td>Hong Kong</td><td>To be announced</td></tr><tr><td>Japan</td><td>To be announced</td></tr><tr><td>South Korea</td><td>To be announced</td></tr></tbody></table></figure><h2>I have already booked my Air India tickets; will I also need to pay an additional surcharge?</h2>Air India clarified that tickets booked before the new surcharge dates will not be affected, unless passengers change their travel dates or itineraries, which would require the fare to be recalculated.

Indian fliers will face an immediate increase in Air India ticket costs starting Thursday (Mar 12). The airline has confirmed that escalating aviation turbine fuel (ATF) prices, exacerbated by supply interruptions from the Strait of Hormuz conflict, are forcing an increase in levy.

As the war between the United States, Israel, and Iran rages on in West Asia, Indians starting Thursday (Mar 12) would have to shell out extra money for Air India flight tickets as fuel prices rise. The flight operator in a press release said that since early March 2026, the price of aviation turbine fuel (ATF) has "escalated" due to "supply interruptions" and fliers will now face an added surcharge. How much extra would you have to pay for an Air India ticket? All you need to know. Also read | Iran’s new Supreme Leader Mojtaba Khamenei ‘safe and sound’ despite war injuries, says President Pezeshkian's son Customers have to pay as ATF prices rise Air India said that the surcharge will be applicable for both domestic and international routes, and also on the flights operated on Air India Express routes. "Since early March 2026, aviation turbine fuel (ATF), which accounts for nearly 40% of an airline's operating costs, has seen significant price escalation due to supply interruptions. In India, this pressure is amplified by high Excise Duty and VAT on ATF in major metro cities such as Delhi and Mumbai, magnifying the impact and placing substantial strain on airline operating economics," said Air India in its Tuesday (Mar 10) release. How much extra would Air India fliers pay now? According to the press release, the price increase will be imposed in multiple phases. Here's a breakdown: Phase 1: Air India fuel surcharge hike In the first phase, starting March 12, 2026, domestic air travel and flights to SAARC countries, which were previously free of any additional levies, will now attract a surcharge of INR 399. Those flying to the Middle East will have to pay a $10 surcharge. Meanwhile, travellers to Southeast Asia, who earlier paid a $40 levy, will now face an additional $20 levy, bringing the total to $60. Travel to Africa will see the levy increase to $90 from $60. Route New Surcharge Previous Surcharge Domestic flights ₹399 None SAARC countries ₹399 None Middle East $10 Not specified Southeast Asia $60 $40 Africa $90 $60 Also read | 'Nobel Cannibal': Khamenei’s X account posts ghastly Trump cartoon after POTUS floats Tomahawk theory on Iran school strike Phase 2: Air India fuel surcharge hike The second phase, starting March 18, will introduce higher fuel surcharges for long-haul routes. Travel to Europe will include an additional $125 levy, up from the earlier $100. Passengers flying to Australia and North America will face a $200 surcharge, compared with the previous $150. Route New Surcharge Previous Surcharge Europe $125 $100 North America $200 $150 Australia $200 $150 Phase 3: Air India fuel surcharge hike A third phase, covering routes to Far East destinations such as Hong Kong, Japan and South Korea, will be announced later. Route Status Hong Kong To be announced Japan To be announced South Korea To be announced I have already booked my Air India tickets; will I also need to pay an additional surcharge? Air India clarified that tickets booked before the new surcharge dates will not be affected, unless passengers change their travel dates or itineraries, which would require the fare to be recalculated.

Indian fliers will face an immediate increase in Air India ticket costs starting Thursday (Mar 12). The airline has confirmed that escalating aviation turbine fuel (ATF) prices, exacerbated by supply interruptions from the Strait of Hormuz conflict, are forcing an increase in levy.

Fliers to pay up to $200 extra for Air India flights amid ATF price hike during Iran war. All you need to know

The Iran–Israel conflict of June 2025 lasted 12 days, ending after American B-2 bombers targeted alleged Iranian nuclear sites. The new US-Israel joint strikes on Iran started exactly 12 days ago, but there is no sign of it ending as fast as last time. Neither has the Islamic Republic regime fallen, nor is Iran waving the white flag, having declared a pause to all negotiations. Regime change and the capitulation of Iran were the supposed aims of the war. The US now seems to have changed the goalposts, suggesting that regime change was not the aim. But Israeli Prime Minister Benjamin Netanyahu’s government will not let the regime be, with his officials suggesting that the new Supreme Leader, Mojtaba Khamenei, is a ‘legitimate’ target for assassination. If the US and Israel were thinking it would be an ‘in and out’ war, they are being proven wrong. Direct war was not the only card Iran had. It has used a number of tactics that could force the international community to pressure the US and Israel to end the war.<h2>16 ways in which Iran is still staying in the war</h2>The following are the key ways in which Iran’s war strategy is helping it not to lose. This goes beyond actual ground or air offensives, with Tehran incorporating regional expansion of the conflict and the choking of global energy supplies for strategic edge over adversaries.1. Iran attacked specific targets in regional countries, making them indirect ‘party to the conflict’: The UAE, Qatar, Bahrain, Kuwait and Iraq were attacked with Iranian drones and missiles, bringing both their defence systems and economies under stress. This is putting pressure on the Gulf nations to bring back normalcy fast through diplomatic means as their defence systems slowly wear out.2. Iranian attacks targeted both oil and gas sites and military bases of the Gulf nations: The Iranian calculation was not off the mark, as the cascading effect is now felt in everything from oil and gas prices to food and living costs in the region and all the way to Europe and Asia.3. Iran made tactical use of the Strait of Hormuz: It had only threatened to block the global fuel trade chokepoint without much action, and yet shocks are being felt in fuel prices because big container carriers have partially or fully suspended operations through the waterway.4. Iran is making the best use of the asymmetry of cost in this war: Its thousands of cheap Shahed drones and missiles are slowly exhausting million-dollar defence systems of the Gulf nations.5. The Iranian regime has made sure that there are no large-scale street protests : The ostensible trigger point for the joint US–Israel decapitation strikes was the massive nationwide protests against the regime. But all of a sudden, the political opposition that many thought would replace the Islamic Republic is nowhere in sight.Also read: <a href="https://www.wionews.com/world/live-blog-iran-us-israel-war-news-live-west-asia-crisis-uae-qatar-nahrain-gulf-trump-netanyahu-khamenei-mojtaba-hezbollah-hamas-china-russia-india-middle-east-1773196724144">US-Iran-Israel war LIVE | Four injured after drones fall near Dubai airport</a>6. The Islamic Republic system is still intact : It stands in spite of the decapitation strike that killed Supreme Leader Ayatollah Ali Khamenei on Day One of the war. A new Supreme Leader has now been named, and secondary leadership is still running the country.7. &nbsp;‘All systems running’ for Iran in spite of airstrikes: Iran's military bases, airports, oil installations, warships, nuclear and ballistic missile sites were targeted. But the Iranian regime continues to operate, and post propaganda on social media. It still has the on-and-off switch of the Iranian internet, which has gone dark for several days for everyone except the regime.8. Iran's military doctrine is designed to function despite leadership losses and disruption: Iran’s ‘mosaic defence’ has decentralised command and control structures. Local units of IRGC are capable of continued fighting even if senior leadership or communications are destroyed. The expectations was that the commanders would be killed and infrastructure bombed, but combat operations must continue.&nbsp;9. Terrain makes a decisive military victory against Iran extremely difficult: From a war analysis point of view, Iran is ‘blessed by geography’. It is a vast country with mountainous terrain, underground facilities, and dispersed military infrastructure. Missile sites, command bunkers, and storage depots are spread across a large territory rather than concentrated in a few locations, many of them underground, making it hard to destroy only through strikes from above. 10. Ground invasion of Iran is yet to happen: Large-scale ground operations would be needed to completely destroy Iran's nuclear, missile and drone sites. The US and Israel appear reluctant, given the troop commitments and potential casualties.Also read: <a href="https://www.wionews.com/world/live-blog-iran-us-israel-war-news-live-west-asia-crisis-uae-qatar-nahrain-gulf-trump-netanyahu-khamenei-mojtaba-hezbollah-hamas-china-russia-india-middle-east-1773196724144">Iran’s new Supreme Leader Mojtaba Khamenei ‘safe and sound’ despite war injuries, says President Pezeshkian's son</a>&nbsp;11. Iran missile and drone arsenal can confront long-term pressure: Iran still possesses thousands of ballistic missiles and possibly tens of thousands of drones. Having one of the largest missile forces in the Middle East helps Iran strike intermittently for extended periods, preventing the conflict from ending quickly.12. Iranian regime is accustomed to operating under extreme sanctions and isolation: The US, the West and Israel used sanctions for decades against Iran as a ‘war by other means’. This meant Iran always functioned under economic siege conditions with its smuggling networks, informal trade channels, and state control mechanisms to cushion shocks. 13. War fatigue and political constraints in the attacking countries: There are domestic political limits on long wars, in a world that is worn out by continuing wars since the start of the new decade. Iran is deliberately making this conflict prolonged and costly for the other parties, even those who are not direct belligerents.14. Ambiguity around Iran’s nuclear capability is a deterrent: Iran insists it does not have a nuclear weapon, but not many are sure. Can it quickly develop and use a nuclear weapon? That doubt raises the stakes for adversaries, as a desperate Iran could accelerate nuclear weaponisation.15. Attackers not sure of the final desired outcome of the war: A military campaign can succeed only when objectives are defined. What do Israel and US want to achieve in Iran — territorial control, destruction of nuclear and missile capabilities, destruction of armed forces, or regime change? Their lack of clarity on this is helping Iran.&nbsp; 16. Survival itself is strategic victory for Iran: For all practical purposes, not losing fast can itself amount to winning for Iran. Iran is facing a test of survival against much stronger adversaries. The burden of expectations of victory is on US and Israel, not Iran.Also read: <a href="https://www.wionews.com/photos/-oil-markets-and-security-at-risk-did-us-iran-conflict-expose-economic-fault-lines-across-the-middle-east-1773151045233">'Oil, markets and security at risk': Did US–Iran conflict expose economic fault lines across the Middle East?</a><h2>Global realities are helping Iran not to lose, though not winning the war</h2>For much of the global community, including India, the Islamic Republic is still the government. The Indian external affairs minister, for instance, held at least three phone calls with his Iranian counterpart. Other global players like China and Russia consider it the legitimate government. Iranian ethnic factions like the Kurds are not having much of an impact in the actual war. European nations are yet to fully rally behind either the US or Israel and more worried about continued fuel supply from the region. The US-led military alliance NATO has not invoked the ‘one for all, all for one’ clause in its Article 5, which would have seen them enter the war militarily. Even the US is being forced to acknowledge the need for global energy flows to continue, exemplified in the de-sanctioning of Russian oil supplies to India. Globalisation is helping Iran in odd ways, as fuel supply disruptions caused by the war would affect economies, including that of the US.Iran, which is accused of raising proxies like Hamas, the Houthis and Hezbollah, does not seem to need them to stay in the war. Most of them are not even fully active in the war to support Iran, yet.<h2>Domestic concerns of Trump and Netanyahu may have led to the war. Now they don't know how to get out</h2>For the past three decades, Netanyahu has been talking about Iran being ‘very near to building a nuclear bomb’. But there is no sign of Iran detonating a bomb. Iran has threatened to target Israel’s nuclear facility. Many observers believe Israel probably has nuclear weapons, or at least the capability to develop them. Iran went ahead and threatened the main Dimona nuclear site, a message pretty similar to the gangsters’ phrase: ‘we know where you live’.<a href="https://www.wionews.com/videos/us-iran-war-us-midterms-2026-republicans-fear-iran-war-could-hurt-election-prospects-wion-1773192585039/embed">https://www.wionews.com/videos/us-iran-war-us-midterms-2026-republicans-fear-iran-war-could-hurt-election-prospects-wion-1773192585039/embed</a>The war happened at pivotal points for the political survival of both Trump and Netanyahu. Trump was facing the fallout from the Epstein files, which could affect the Republican Party’s prospects in this year's US midterm elections. If his party loses its majority in the US Congress, he would become a ‘lame-duck’ president for the next two years, opening a Pandora’s box of further legal scrutiny of his actions. He is yet to get congressional approval for the war. He needs something to show as having been achieved through the Iran operation. He could go deeper into Iran, including even boots on the ground to ‘secure uranium’ and prevent Iran from acquiring the nuclear bomb. Even that could probably not lead to total regime change in Iran.Netanyahu is facing corruption cases, and Trump even publicly pleaded with the Israeli president to pardon him, which is yet to happen. He is currently leading a minority government, essentially clinging to power thanks to the war situation. In fact, the last elections did not give him a clear majority, but he managed to stay in office largely because most of his tenure has been about the war on Hamas and now on Iran. He is also facing the next general elections, scheduled this year. The elections could make both Trump and Netanyahu less powerful. But Iran’s own specific form of elections has no such burdens.Ultimately, both the US and Israel are realising that this war is not going to get over in 12 days, like the last one did.

As the war enters 12th day, Iran is not losing. Geography, decentralised military, missile and drone capabilities, resilience under sanctions, and political constraints on its adversaries are helping Tehran turn mere survival into a strategic advantage

The Iran–Israel conflict of June 2025 lasted 12 days, ending after American B-2 bombers targeted alleged Iranian nuclear sites. The new US-Israel joint strikes on Iran started exactly 12 days ago, but there is no sign of it ending as fast as last time. Neither has the Islamic Republic regime fallen, nor is Iran waving the white flag, having declared a pause to all negotiations. Regime change and the capitulation of Iran were the supposed aims of the war. The US now seems to have changed the goalposts, suggesting that regime change was not the aim. But Israeli Prime Minister Benjamin Netanyahu’s government will not let the regime be, with his officials suggesting that the new Supreme Leader, Mojtaba Khamenei, is a ‘legitimate’ target for assassination. If the US and Israel were thinking it would be an ‘in and out’ war, they are being proven wrong. Direct war was not the only card Iran had. It has used a number of tactics that could force the international community to pressure the US and Israel to end the war. 16 ways in which Iran is still staying in the war The following are the key ways in which Iran’s war strategy is helping it not to lose. This goes beyond actual ground or air offensives, with Tehran incorporating regional expansion of the conflict and the choking of global energy supplies for strategic edge over adversaries. 1. Iran attacked specific targets in regional countries, making them indirect ‘party to the conflict’: The UAE, Qatar, Bahrain, Kuwait and Iraq were attacked with Iranian drones and missiles, bringing both their defence systems and economies under stress. This is putting pressure on the Gulf nations to bring back normalcy fast through diplomatic means as their defence systems slowly wear out. 2. Iranian attacks targeted both oil and gas sites and military bases of the Gulf nations: The Iranian calculation was not off the mark, as the cascading effect is now felt in everything from oil and gas prices to food and living costs in the region and all the way to Europe and Asia. 3. Iran made tactical use of the Strait of Hormuz: It had only threatened to block the global fuel trade chokepoint without much action, and yet shocks are being felt in fuel prices because big container carriers have partially or fully suspended operations through the waterway. 4. Iran is making the best use of the asymmetry of cost in this war: Its thousands of cheap Shahed drones and missiles are slowly exhausting million-dollar defence systems of the Gulf nations. 5. The Iranian regime has made sure that there are no large-scale street protests : The ostensible trigger point for the joint US–Israel decapitation strikes was the massive nationwide protests against the regime. But all of a sudden, the political opposition that many thought would replace the Islamic Republic is nowhere in sight. Also read: US-Iran-Israel war LIVE | Four injured after drones fall near Dubai airport 6. The Islamic Republic system is still intact : It stands in spite of the decapitation strike that killed Supreme Leader Ayatollah Ali Khamenei on Day One of the war. A new Supreme Leader has now been named, and secondary leadership is still running the country. 7. ‘All systems running’ for Iran in spite of airstrikes: Iran's military bases, airports, oil installations, warships, nuclear and ballistic missile sites were targeted. But the Iranian regime continues to operate, and post propaganda on social media. It still has the on-and-off switch of the Iranian internet, which has gone dark for several days for everyone except the regime. 8. Iran's military doctrine is designed to function despite leadership losses and disruption: Iran’s ‘mosaic defence’ has decentralised command and control structures. Local units of IRGC are capable of continued fighting even if senior leadership or communications are destroyed. The expectations was that the commanders would be killed and infrastructure bombed, but combat operations must continue. 9. Terrain makes a decisive military victory against Iran extremely difficult: From a war analysis point of view, Iran is ‘blessed by geography’. It is a vast country with mountainous terrain, underground facilities, and dispersed military infrastructure. Missile sites, command bunkers, and storage depots are spread across a large territory rather than concentrated in a few locations, many of them underground, making it hard to destroy only through strikes from above. 10. Ground invasion of Iran is yet to happen: Large-scale ground operations would be needed to completely destroy Iran's nuclear, missile and drone sites. The US and Israel appear reluctant, given the troop commitments and potential casualties. Also read: Iran’s new Supreme Leader Mojtaba Khamenei ‘safe and sound’ despite war injuries, says President Pezeshkian's son 11. Iran missile and drone arsenal can confront long-term pressure: Iran still possesses thousands of ballistic missiles and possibly tens of thousands of drones. Having one of the largest missile forces in the Middle East helps Iran strike intermittently for extended periods, preventing the conflict from ending quickly. 12. Iranian regime is accustomed to operating under extreme sanctions and isolation: The US, the West and Israel used sanctions for decades against Iran as a ‘war by other means’. This meant Iran always functioned under economic siege conditions with its smuggling networks, informal trade channels, and state control mechanisms to cushion shocks. 13. War fatigue and political constraints in the attacking countries: There are domestic political limits on long wars, in a world that is worn out by continuing wars since the start of the new decade. Iran is deliberately making this conflict prolonged and costly for the other parties, even those who are not direct belligerents. 14. Ambiguity around Iran’s nuclear capability is a deterrent: Iran insists it does not have a nuclear weapon, but not many are sure. Can it quickly develop and use a nuclear weapon? That doubt raises the stakes for adversaries, as a desperate Iran could accelerate nuclear weaponisation. 15. Attackers not sure of the final desired outcome of the war: A military campaign can succeed only when objectives are defined. What do Israel and US want to achieve in Iran — territorial control, destruction of nuclear and missile capabilities, destruction of armed forces, or regime change? Their lack of clarity on this is helping Iran. 16. Survival itself is strategic victory for Iran: For all practical purposes, not losing fast can itself amount to winning for Iran. Iran is facing a test of survival against much stronger adversaries. The burden of expectations of victory is on US and Israel, not Iran. Also read: 'Oil, markets and security at risk': Did US–Iran conflict expose economic fault lines across the Middle East? Global realities are helping Iran not to lose, though not winning the war For much of the global community, including India, the Islamic Republic is still the government. The Indian external affairs minister, for instance, held at least three phone calls with his Iranian counterpart. Other global players like China and Russia consider it the legitimate government. Iranian ethnic factions like the Kurds are not having much of an impact in the actual war. European nations are yet to fully rally behind either the US or Israel and more worried about continued fuel supply from the region. The US-led military alliance NATO has not invoked the ‘one for all, all for one’ clause in its Article 5, which would have seen them enter the war militarily. Even the US is being forced to acknowledge the need for global energy flows to continue, exemplified in the de-sanctioning of Russian oil supplies to India. Globalisation is helping Iran in odd ways, as fuel supply disruptions caused by the war would affect economies, including that of the US. Iran, which is accused of raising proxies like Hamas, the Houthis and Hezbollah, does not seem to need them to stay in the war. Most of them are not even fully active in the war to support Iran, yet. Domestic concerns of Trump and Netanyahu may have led to the war. Now they don't know how to get out For the past three decades, Netanyahu has been talking about Iran being ‘very near to building a nuclear bomb’. But there is no sign of Iran detonating a bomb. Iran has threatened to target Israel’s nuclear facility. Many observers believe Israel probably has nuclear weapons, or at least the capability to develop them. Iran went ahead and threatened the main Dimona nuclear site, a message pretty similar to the gangsters’ phrase: ‘we know where you live’. https://www.wionews.com/videos/us-iran-war-us-midterms-2026-republicans-fear-iran-war-could-hurt-election-prospects-wion-1773192585039/embed The war happened at pivotal points for the political survival of both Trump and Netanyahu. Trump was facing the fallout from the Epstein files, which could affect the Republican Party’s prospects in this year's US midterm elections. If his party loses its majority in the US Congress, he would become a ‘lame-duck’ president for the next two years, opening a Pandora’s box of further legal scrutiny of his actions. He is yet to get congressional approval for the war. He needs something to show as having been achieved through the Iran operation. He could go deeper into Iran, including even boots on the ground to ‘secure uranium’ and prevent Iran from acquiring the nuclear bomb. Even that could probably not lead to total regime change in Iran. Netanyahu is facing corruption cases, and Trump even publicly pleaded with the Israeli president to pardon him, which is yet to happen. He is currently leading a minority government, essentially clinging to power thanks to the war situation. In fact, the last elections did not give him a clear majority, but he managed to stay in office largely because most of his tenure has been about the war on Hamas and now on Iran. He is also facing the next general elections, scheduled this year. The elections could make both Trump and Netanyahu less powerful. But Iran’s own specific form of elections has no such burdens. Ultimately, both the US and Israel are realising that this war is not going to get over in 12 days, like the last one did.

As the war enters 12th day, Iran is not losing. Geography, decentralised military, missile and drone capabilities, resilience under sanctions, and political constraints on its adversaries are helping Tehran turn mere survival into a strategic advantage

Not so fast: Iran war reaches 12 days, and Tehran is not losing - 16 reasons why

Iran’s Islamic Revolutionary Guard Corps (IRGC) on Tuesday (Mar 10) announced that it will grant certain countries unrestricted passage through the Strait of Hormuz, but that this safe passage will be conditional. The IRGC said that only those Arab or European nations that expel Israeli and American ambassadors from their territory will be granted the right to transit through the strategic waterway, which accounts for roughly 20 per cent of the global oil supply passing through it daily. This comes as US President Donald Trump threatened to hit Iran ‘terror regime’ with a much larger attack if Tehran tries to blocks supplies of oil.&nbsp;Also read | <a href="https://www.wionews.com/world/trump-reveals-secret-3-month-head-start-on-exquisite-class-weapon-production-to-fuel-operation-epic-fury-against-iran-bae-lockheed-and-raytheon-1772844959324">Trump reveals US had secret 3-month head start on 'exquisite class' weapon production before Iran war</a><h2>Iran will give 'full right and freedom' but...</h2>According to a report by Iran’s state broadcaster IRIB, the IRGC said that only those countries that sever diplomatic ties with both Israel and the United States will have the "full right and freedom" to transit the strategic waterway.This comes amid the Iran war, as oil prices soared to over $100 per barrel because of multiple reasons, including the near shutdown of the Strait of Hormuz and a slowdown in oil production in the Middle East.<h2>Will Trump remove some sanctions on oil?</h2>US President Donald Trump on Monday threatened to hit Iran with a much larger attack if Tehran blocks supplies of oil. "I will not allow a terrorist regime to hold the world hostage and attempt to stop the globe's oil supply. And if Iran does anything to do that, they'll get hit at a much, much harder level," Trump said at a news conference in Florida. Also read | <a href="https://www.wionews.com/world/-expel-us-israeli-ambassadors-irgc-offers-full-freedom-in-strait-of-hormuz-to-arab-european-nations-on-one-condition-1773107488099">'Expel US &amp; Israeli ambassadors': IRGC offers 'full freedom' in Strait of Hormuz to Arab, European nations on one condition</a> In a separate statement, the POTUS also announced that he will waive some sanctions on oil due to market turmoil. "We're also waiving certain oil-related sanctions to reduce prices," he told reporters after talks with Russian President Vladimir Putin and as he mentioned Chinese President Xi Jinping."We're going to take those sanctions off till this straightens out." &nbsp;&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. &nbsp;

The Islamic Revolutionary Guard Corps says countries will get safe passage through the Strait of Hormuz on one condition: they expel US and Israeli ambassadors.

With oil prices surging, what could this mean for global trade? Scroll down to read more.

Iran’s Islamic Revolutionary Guard Corps (IRGC) on Tuesday (Mar 10) announced that it will grant certain countries unrestricted passage through the Strait of Hormuz, but that this safe passage will be conditional. The IRGC said that only those Arab or European nations that expel Israeli and American ambassadors from their territory will be granted the right to transit through the strategic waterway, which accounts for roughly 20 per cent of the global oil supply passing through it daily. This comes as US President Donald Trump threatened to hit Iran ‘terror regime’ with a much larger attack if Tehran tries to blocks supplies of oil. Also read | Trump reveals US had secret 3-month head start on 'exquisite class' weapon production before Iran war Iran will give 'full right and freedom' but... According to a report by Iran’s state broadcaster IRIB, the IRGC said that only those countries that sever diplomatic ties with both Israel and the United States will have the "full right and freedom" to transit the strategic waterway. This comes amid the Iran war, as oil prices soared to over $100 per barrel because of multiple reasons, including the near shutdown of the Strait of Hormuz and a slowdown in oil production in the Middle East. Will Trump remove some sanctions on oil? US President Donald Trump on Monday threatened to hit Iran with a much larger attack if Tehran blocks supplies of oil. "I will not allow a terrorist regime to hold the world hostage and attempt to stop the globe's oil supply. And if Iran does anything to do that, they'll get hit at a much, much harder level," Trump said at a news conference in Florida. Also read | 'Expel US & Israeli ambassadors': IRGC offers 'full freedom' in Strait of Hormuz to Arab, European nations on one condition In a separate statement, the POTUS also announced that he will waive some sanctions on oil due to market turmoil. "We're also waiving certain oil-related sanctions to reduce prices," he told reporters after talks with Russian President Vladimir Putin and as he mentioned Chinese President Xi Jinping. "We're going to take those sanctions off till this straightens out." 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.

The Islamic Revolutionary Guard Corps says countries will get safe passage through the Strait of Hormuz on one condition: they expel US and Israeli ambassadors.With oil prices surging, what could this mean for global trade? Scroll down to read more.

'Expel US & Israeli ambassadors': IRGC offers 'full freedom' in Strait of Hormuz to Arab, European nations on one condition

Before the US and Israel started bombarding Iran in late February, European leaders were often vocal critics of the Islamic Republic regime's alleged human rights violations and protest suppressions. But there has been a conspicuous absence of united rhetoric or action on the ground to change the regime since the war began. What accounts for Europe's muted response, particularly stark when compared with the high-pitched rhetoric during the Russia–Ukraine war? How did European leaders respond to the war, essentially started by US President Donald Trump and Israeli Prime Minister Benjamin Netanyahu? Is Europe only worried about the continuous flow of heating oil, crude oil products and gas, and not so much about democracy or human rights in Iran?<h2>Europe's cautious, balanced language on the Iran war</h2>Official statements from the European Union or specific European leaders condemned Iranian actions such as retaliatory strikes on Gulf states. The statements mostly urged de-escalation and restraint without either endorsing or directly criticising the US–Israeli airstrikes. They paid lip service to democracy and human rights in Iran while expressing solidarity with the Iranian people. European leaders called for a “credible transition” or peaceful change rather than offering any justification for US-Israel military action.<h2>Europe engages in diplomatic hedging on Iran war</h2>Europe's response is best described as diplomatic hedging. Many of its 27 member states are also part of the security alliance NATO, of which the US is the main partner. European leaders do not want to alienate the Trump administration, which could affect ongoing Russia–Ukraine negotiations and broader security cooperation. At the same time, they are worried about how trade flows could be affected, for instance if Iran blocks ships carrying goods to Europe via the Strait of Hormuz — something Tehran has repeatedly threatened to do.The European Union's High Representative for Foreign Affairs, Kaja Kallas, described Iran as an “exporter of war” and accused it of seeking to escalate the conflict by attacking regional neighbours. But Kallas stopped short of supporting the US–Israeli strikes, instead stressing the need for de-escalation.A European Union joint statement on March 1 urged Iran to end its nuclear and ballistic missile programmes and stop repression against its citizens. But again, the emphasis was on “maximum restraint” from all parties, without naming the US or Israel as aggressors.EU Council President António Costa and European Commission President Ursula von der Leyen held a videoconference with Middle Eastern leaders on Monday (Mar 9) in which they condemned “indiscriminate attacks by Iran” and expressed solidarity with affected Gulf states. There too, they stressed diplomatic solutions without endorsing the war launched by the US and Israel.This is a sharp contrast with Europe’s collective fury over Russia’s actions in Ukraine, where terms like “unprovoked aggression” were regularly used.<h2>Mixed message from the European Union on Iran war?</h2>Analysts also pointed to internal leadership tussles and turf wars between Kallas and von der Leyen, which could be contributing to mixed messaging from Europe on the Iran war.&nbsp;Von der Leyen, in a post on X, said: “Europe stands with the people of Iran in their legitimate fight for freedom,” and called for a “credible transition in Iran.”Kallas appeared to explicitly oppose another war, saying Europe should use Iran’s “weakest point” to pursue a “diplomatic solution”.Overall, the tone of EU statements has been one of supporting the Iranian people’s “right to determine their own future” and condemning regime violence. But European leaders appear reluctant to endorse the use of force for regime change, which Israel and the US are widely believed to be attempting.Also read: <a href="https://www.wionews.com/world/centcom-5000-targets-iran-operation-epic-fury-strike-video-1773119657977">CENTCOM claims 5,000 targets hit in Iran during first 10 days of ‘Operation Epic Fury’, releases strike video</a><h2>No major European leader openly supported US–Israel attacks on Iran</h2>No top European leaders spoke in favour of the war or endorsed the US–Israeli strikes as a means to promote democracy or human rights in Iran. The statements were carefully calculated, choreographed and deliberately neutral. French President Emmanuel Macron called the strikes an “outbreak of war” with serious consequences for international peace. He sought an urgent UN Security Council meeting while urging negotiations on Iran’s nuclear programme. He also offered French military assistance to Middle Eastern partners. However, he did not praise the US–Israel offensive.German Chancellor Friedrich Merz, who before the war had predicted that the regime in Iran would fall soon, made statements such as “international law is no longer respected” and said Germany must prioritise its own interests. This implied a reluctance to openly support the Israel–US offensive, as Merz also expressed hope that the war would “end quickly”.In a joint statement with France and Germany, UK Prime Minister Keir Starmer warned Iran against missile attacks. But there too the call was for intensive diplomacy and military coordination in a defensive context rather than support for offensive action.Also read: <a href="https://www.wionews.com/photos/from-four-weeks-to-war-is-very-complete-to-not-won-enough-trump-contradicts-himself-about-endgame-of-iran-war-khamenei-dead-netanyahu-israel-1773117026231">From 'four weeks' to 'war is very complete' to 'not won enough': Trump contradicts himself on endgame of Iran war</a><h2>Some European leaders openly opposed the war</h2>Contrary to the general expectation that the West would stand united with the US, some European leaders openly opposed the war. They warned that it could cause global instability, trigger more migration and disrupt energy supplies.Spanish Prime Minister Pedro Sánchez, one of the most vocal critics of the war, rejected the US–Israel strikes on Iran outright. “The world has seen this type of conflict before when the US attacked Iraq, promising democracy and stability. The conflict only led to a rise in jihadist terrorism, a migration crisis in Europe and higher energy prices,” he said.Sánchez went one step further, accusing Trump and Netanyahu of using the war to “hide their own failures” domestically, even as he rejected US requests for assistance.&nbsp;Reportedly, Italy, the UK, Germany and France excluded Sánchez from some discussions because of his stance.Europe’s stress appears to be on de-escalation. While von der Leyen and Costa jointly urged “maximum restraint” to avoid undermining global nuclear non-proliferation efforts, French Foreign Minister Jean-Noël Barrot, in talks with China, agreed to work towards de-escalation and a political solution while respecting Iranian aspirations.<a href="https://www.wionews.com/videos/iran-strikes-back-irgc-warns-gulf-states-of-200-oil-if-attacks-continue-wion-1773102593952/embed">https://www.wionews.com/videos/iran-strikes-back-irgc-warns-gulf-states-of-200-oil-if-attacks-continue-wion-1773102593952/embed</a><h2>So what is Europe’s worry — gas and oil, or more?</h2>It would not be far off the mark to say Europe appears to be more worried about uninterrupted gas and oil supplies than spreading Western ideas of human rights and democracy in Iran. Energy security for Europe has become a central concern in discussions because of the continent’s vulnerability if supplies are disrupted.The Strait of Hormuz is a critical chokepoint through which roughly one-fifth of global oil and liquefied natural gas (LNG) shipments pass. Any disruption there immediately affects global markets, including Europe. Oil prices have been hovering around $100 per barrel after jumping sharply during the escalation, while European natural gas prices have also risen significantly.Disruptions to Qatar’s LNG exports are affecting Europe at a time when gas storage levels remain relatively low.All this could lead to a cascading effect in Europe, including stagflation, higher inflation and economic slowdown — especially in gas-dependent economies such as Germany.<h2>If the war continues, food costs would rise for Europe</h2>Western ideas such as freedom for Iranians have now become secondary to more pragmatic concerns about energy shocks, new waves of migration and broader economic fragility. Europe is already dealing with the economic consequences of the Ukraine war. Energy-import-dependent economies in Europe cannot easily afford to endorse yet another war in the Middle East.Europe is vulnerable to high energy prices and is not well placed to cushion a major shock, according to analysts. The best course for Europe, therefore, may be a more pragmatic rather than ideological approach to the situation. That is why the entire region now appears cautious and largely silent about any bolder approach towards “regime change” in Iran.

European leaders responded cautiously to the US–Israel war on Iran, urging restraint and diplomacy. But why? Their own energy security, trade risks and geopolitical calculations seem to have outweighed usual paeans to democracy or regime change

Before the US and Israel started bombarding Iran in late February, European leaders were often vocal critics of the Islamic Republic regime's alleged human rights violations and protest suppressions. But there has been a conspicuous absence of united rhetoric or action on the ground to change the regime since the war began. What accounts for Europe's muted response, particularly stark when compared with the high-pitched rhetoric during the Russia–Ukraine war? How did European leaders respond to the war, essentially started by US President Donald Trump and Israeli Prime Minister Benjamin Netanyahu? Is Europe only worried about the continuous flow of heating oil, crude oil products and gas, and not so much about democracy or human rights in Iran? Europe's cautious, balanced language on the Iran war Official statements from the European Union or specific European leaders condemned Iranian actions such as retaliatory strikes on Gulf states. The statements mostly urged de-escalation and restraint without either endorsing or directly criticising the US–Israeli airstrikes. They paid lip service to democracy and human rights in Iran while expressing solidarity with the Iranian people. European leaders called for a “credible transition” or peaceful change rather than offering any justification for US-Israel military action. Europe engages in diplomatic hedging on Iran war Europe's response is best described as diplomatic hedging. Many of its 27 member states are also part of the security alliance NATO, of which the US is the main partner. European leaders do not want to alienate the Trump administration, which could affect ongoing Russia–Ukraine negotiations and broader security cooperation. At the same time, they are worried about how trade flows could be affected, for instance if Iran blocks ships carrying goods to Europe via the Strait of Hormuz — something Tehran has repeatedly threatened to do. The European Union's High Representative for Foreign Affairs, Kaja Kallas, described Iran as an “exporter of war” and accused it of seeking to escalate the conflict by attacking regional neighbours. But Kallas stopped short of supporting the US–Israeli strikes, instead stressing the need for de-escalation. A European Union joint statement on March 1 urged Iran to end its nuclear and ballistic missile programmes and stop repression against its citizens. But again, the emphasis was on “maximum restraint” from all parties, without naming the US or Israel as aggressors. EU Council President António Costa and European Commission President Ursula von der Leyen held a videoconference with Middle Eastern leaders on Monday (Mar 9) in which they condemned “indiscriminate attacks by Iran” and expressed solidarity with affected Gulf states. There too, they stressed diplomatic solutions without endorsing the war launched by the US and Israel. This is a sharp contrast with Europe’s collective fury over Russia’s actions in Ukraine, where terms like “unprovoked aggression” were regularly used. Mixed message from the European Union on Iran war? Analysts also pointed to internal leadership tussles and turf wars between Kallas and von der Leyen, which could be contributing to mixed messaging from Europe on the Iran war. Von der Leyen, in a post on X, said: “Europe stands with the people of Iran in their legitimate fight for freedom,” and called for a “credible transition in Iran.” Kallas appeared to explicitly oppose another war, saying Europe should use Iran’s “weakest point” to pursue a “diplomatic solution”. Overall, the tone of EU statements has been one of supporting the Iranian people’s “right to determine their own future” and condemning regime violence. But European leaders appear reluctant to endorse the use of force for regime change, which Israel and the US are widely believed to be attempting. Also read: CENTCOM claims 5,000 targets hit in Iran during first 10 days of ‘Operation Epic Fury’, releases strike video No major European leader openly supported US–Israel attacks on Iran No top European leaders spoke in favour of the war or endorsed the US–Israeli strikes as a means to promote democracy or human rights in Iran. The statements were carefully calculated, choreographed and deliberately neutral. French President Emmanuel Macron called the strikes an “outbreak of war” with serious consequences for international peace. He sought an urgent UN Security Council meeting while urging negotiations on Iran’s nuclear programme. He also offered French military assistance to Middle Eastern partners. However, he did not praise the US–Israel offensive. German Chancellor Friedrich Merz, who before the war had predicted that the regime in Iran would fall soon, made statements such as “international law is no longer respected” and said Germany must prioritise its own interests. This implied a reluctance to openly support the Israel–US offensive, as Merz also expressed hope that the war would “end quickly”. In a joint statement with France and Germany, UK Prime Minister Keir Starmer warned Iran against missile attacks. But there too the call was for intensive diplomacy and military coordination in a defensive context rather than support for offensive action. Also read: From 'four weeks' to 'war is very complete' to 'not won enough': Trump contradicts himself on endgame of Iran war Some European leaders openly opposed the war Contrary to the general expectation that the West would stand united with the US, some European leaders openly opposed the war. They warned that it could cause global instability, trigger more migration and disrupt energy supplies. Spanish Prime Minister Pedro Sánchez, one of the most vocal critics of the war, rejected the US–Israel strikes on Iran outright. “The world has seen this type of conflict before when the US attacked Iraq, promising democracy and stability. The conflict only led to a rise in jihadist terrorism, a migration crisis in Europe and higher energy prices,” he said. Sánchez went one step further, accusing Trump and Netanyahu of using the war to “hide their own failures” domestically, even as he rejected US requests for assistance. Reportedly, Italy, the UK, Germany and France excluded Sánchez from some discussions because of his stance. Europe’s stress appears to be on de-escalation. While von der Leyen and Costa jointly urged “maximum restraint” to avoid undermining global nuclear non-proliferation efforts, French Foreign Minister Jean-Noël Barrot, in talks with China, agreed to work towards de-escalation and a political solution while respecting Iranian aspirations. https://www.wionews.com/videos/iran-strikes-back-irgc-warns-gulf-states-of-200-oil-if-attacks-continue-wion-1773102593952/embed So what is Europe’s worry — gas and oil, or more? It would not be far off the mark to say Europe appears to be more worried about uninterrupted gas and oil supplies than spreading Western ideas of human rights and democracy in Iran. Energy security for Europe has become a central concern in discussions because of the continent’s vulnerability if supplies are disrupted. The Strait of Hormuz is a critical chokepoint through which roughly one-fifth of global oil and liquefied natural gas (LNG) shipments pass. Any disruption there immediately affects global markets, including Europe. Oil prices have been hovering around $100 per barrel after jumping sharply during the escalation, while European natural gas prices have also risen significantly. Disruptions to Qatar’s LNG exports are affecting Europe at a time when gas storage levels remain relatively low. All this could lead to a cascading effect in Europe, including stagflation, higher inflation and economic slowdown — especially in gas-dependent economies such as Germany. If the war continues, food costs would rise for Europe Western ideas such as freedom for Iranians have now become secondary to more pragmatic concerns about energy shocks, new waves of migration and broader economic fragility. Europe is already dealing with the economic consequences of the Ukraine war. Energy-import-dependent economies in Europe cannot easily afford to endorse yet another war in the Middle East. Europe is vulnerable to high energy prices and is not well placed to cushion a major shock, according to analysts. The best course for Europe, therefore, may be a more pragmatic rather than ideological approach to the situation. That is why the entire region now appears cautious and largely silent about any bolder approach towards “regime change” in Iran.

European leaders responded cautiously to the US–Israel war on Iran, urging restraint and diplomacy. But why? Their own energy security, trade risks and geopolitical calculations seem to have outweighed usual paeans to democracy or regime change

Europe's reluctance to support US-Israel military operations on Iran. What about democracy, human rights, etc.?

Petrol and diesel prices in India are unlikely to increase unless global crude oil prices cross the $130 per barrel mark, suggest reports citing government sources. Talking to WION on Tuesday (Mar 10), Government of India sources cautioned that petrol and diesel prices may be hiked, but only if the price of crude oil crosses the USD 130 per barrel mark. They confirmed that "Petrol and diesel prices in India are unlikely to rise unless crude oil breaches $130 per barrel," with expectations of prices stabilising around $100. The sources also confirmed that India currently has sufficient fuel supplies.Also read | <a href="https://www.wionews.com/world/top-secret-sleeper-asset-trigger-intercepted-us-intel-warns-iran-planning-global-retaliation-after-khamenei-assassination-iran-war-1773115872567">US intelligence intercepts TOP-SECRET signal linked to Iranian sleeper cells</a><h2>No shortage of petrol, diesel in India</h2>A senior Indian government official told WION that they expect crude oil prices to be around USD 100 per barrel, and insisted that there was no shortage of petrol and diesel at any pump in the country. “India faces no shortage of petrol, diesel, or Aviation Turbine Fuel (ATF), with sufficient stocks and ongoing exports of ATF positioning the country better than many others amid global disruptions,” government sources said.To further lessen the risk of supply restrictions, India has also accelerated sourcing from routes outside the Strait of Hormuz, reported ANI.<h2>No need to worry: Minister Hardeep Puri</h2>Previously, India's Petroleum Minister Hardeep Puri also stated that the nation was not facing any energy shortage and insisted that there was no cause for worry for energy consumers. Following an interaction with members of the media, the minister on X posted: “Our priority is to ensure availability of affordable and sustainable fuel for our citizens, and we are doing it comfortably. There is no shortage of energy in India and there is no cause of worry for our energy consumers”.

<blockquote class="twitter-tweet">In my regular interaction with members of the fourth estate today, we discussed various aspects of India’s uninterrupted energy imports despite geopolitical challenges. Our priority is to ensure availability of affordable and sustainable fuel for our citizens, and we are doing… <a href="https://t.co/u4QCfSVgQo">pic.twitter.com/u4QCfSVgQo</a>&mdash; Hardeep Singh Puri (@HardeepSPuri) <a href="https://twitter.com/HardeepSPuri/status/2029909849589567987?ref_src=twsrc%5Etfw">March 6, 2026</a></blockquote> <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>

Also read | <a href="https://www.wionews.com/world/-expel-us-israeli-ambassadors-irgc-offers-full-freedom-in-strait-of-hormuz-to-arab-european-nations-on-one-condition-1773107488099">Iran ready to give countries 'full freedom' in Strait of Hormuz, but ONLY IF...</a>Rubbishing reports of a fuel shortage, Indian Oil Corporation also echoed Puri's statement and took to X to say, “India has sufficient fuel stocks, and supply and distribution networks are functioning normally. IndianOil is committed to maintaining uninterrupted fuel supply across the country. Citizens are requested not to panic or crowd fuel stations and to rely only on official sources for accurate information”.

<blockquote class="twitter-tweet">सोशल मीडिया पर पेट्रोल और डीज़ल की कमी को लेकर फैल रही खबरें पूरी तरह निराधार हैं। भारत में ईंधन का पर्याप्त भंडार उपलब्ध है और आपूर्ति व वितरण नेटवर्क सामान्य रूप से कार्य कर रहे हैं। इंडियनऑइल निर्बाध ईंधन आपूर्ति बनाए रखने के लिए पूरी तरह प्रतिबद्ध है। नागरिकों को आश्वस्त…&mdash; Indian Oil Corp Ltd (@IndianOilcl) <a href="https://twitter.com/IndianOilcl/status/2029904002574589958?ref_src=twsrc%5Etfw">March 6, 2026</a></blockquote> <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>

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.

Will petrol and diesel prices rise in India as global oil prices surge during the Iran war? Reports suggest fuel prices are unlikely to increase unless crude crosses $130 per barrel. India currently has adequate supplies, but what happens if oil prices keep climbing? Scroll down to find out.

Petrol and diesel prices in India are unlikely to increase unless global crude oil prices cross the $130 per barrel mark, suggest reports citing government sources. Talking to WION on Tuesday (Mar 10), Government of India sources cautioned that petrol and diesel prices may be hiked, but only if the price of crude oil crosses the USD 130 per barrel mark. They confirmed that "Petrol and diesel prices in India are unlikely to rise unless crude oil breaches $130 per barrel," with expectations of prices stabilising around $100. The sources also confirmed that India currently has sufficient fuel supplies. Also read | US intelligence intercepts TOP-SECRET signal linked to Iranian sleeper cells No shortage of petrol, diesel in India A senior Indian government official told WION that they expect crude oil prices to be around USD 100 per barrel, and insisted that there was no shortage of petrol and diesel at any pump in the country. “India faces no shortage of petrol, diesel, or Aviation Turbine Fuel (ATF), with sufficient stocks and ongoing exports of ATF positioning the country better than many others amid global disruptions,” government sources said. To further lessen the risk of supply restrictions, India has also accelerated sourcing from routes outside the Strait of Hormuz, reported ANI. No need to worry: Minister Hardeep Puri Previously, India's Petroleum Minister Hardeep Puri also stated that the nation was not facing any energy shortage and insisted that there was no cause for worry for energy consumers. Following an interaction with members of the media, the minister on X posted: “Our priority is to ensure availability of affordable and sustainable fuel for our citizens, and we are doing it comfortably. There is no shortage of energy in India and there is no cause of worry for our energy consumers”.

Will petrol and diesel prices rise in India as global oil prices surge during the Iran war? Reports suggest fuel prices are unlikely to increase unless crude crosses $130 per barrel. India currently has adequate supplies, but what happens if oil prices keep climbing? Scroll down to find out.

India to hike petrol and diesel prices? Your fuel cost might increase if crude oil crosses THIS mark

Global markets staged a dramatic turnaround on Monday (March 9) after comments from Donald Trump suggested the conflict with Iran may be nearing an end. Speaking to CBS News, Trump said the war was “very complete, pretty much,” sparking a sharp reversal in both oil prices and stock markets after a day of intense volatility. Earlier in the day, oil prices had surged amid fears that the conflict could disrupt supplies through the critical Strait of Hormuz, a key shipping route for global crude exports. US crude oil prices briefly jumped as much as 32% overnight to $119 per barrel before sharply reversing.&nbsp;By the close of trading, US crude had dropped about 5% to around $86 per barrel. International benchmark Brent crude also pulled back more than 3.5%, falling below $89 per barrel. US stock markets also rebounded strongly. The S&amp;P 500, which had earlier fallen as much as 1.5%, ended the session up 0.83%. The Nasdaq Composite reversed a 1.4% drop to close 1.38% higher. Meanwhile, the Dow Jones Industrial Average recovered from a drop of more than 880 points to finish the day up 239 points.&nbsp;Also Read: <a href="https://www.wionews.com/world/trump-says-he-had-a-very-good-call-with-putin-here-s-what-russian-president-said-about-middle-east-war-1773096489961">Trump says he had 'a very good call' with Putin. Here’s what Russian president said about Middle East war</a>&nbsp;Despite Monday’s pullback, oil prices remain sharply higher. US crude has surged more than 50% since the beginning of the year and more than 30% in the past five days alone. Rising energy costs are also hitting consumers. According to fuel-tracking service GasBuddy, the average price of gasoline in the United States climbed to $3.49 per gallon Monday afternoon, up more than 50 cents since the conflict began.<h2>How global markets reacted?</h2>Global markets were hit earlier in the day before the rebound in the US. Japan’s Nikkei 225 suffered its worst decline since last year’s tariff-driven sell-off, plunging 5.2% and entering correction territory after falling more than 10% from its recent high. South Korea’s KOSPI dropped 6%, triggering a 20-minute trading halt during heavy selling.&nbsp;In Europe, the STOXX Europe 600 closed 0.6% lower as markets in Germany, France, Italy and Spain fell roughly 1%.Bond markets also reversed course. The yield on the US 10‑Year Treasury slipped to 4.10%, while the U.S. 30‑Year Treasury yield fell to 4.71%. Energy markets showed similar volatility. Natural gas futures traded in New York dropped about 4%, while European contracts eased after an earlier surge and were trading about 5% higher.&nbsp;<a href="https://www.wionews.com/videos/india-indonesia-to-buy-india-s-brahmos-missile-in-major-defence-deal-wion-1773098060808/embed">https://www.wionews.com/videos/india-indonesia-to-buy-india-s-brahmos-missile-in-major-defence-deal-wion-1773098060808/embed</a>&nbsp;Heating oil, often viewed as a proxy for jet fuel, fell more than 8% after earlier jumping as much as 23%. Finance ministers from major industrialized nations also held emergency talks Monday to discuss the possibility of releasing strategic oil reserves to calm markets. However, no coordinated release was announced for now.&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.

Oil prices, stocks stage dramatic reversal after Trump says Iran war ‘very complete’

Global markets staged a dramatic turnaround on Monday (March 9) after comments from Donald Trump suggested the conflict with Iran may be nearing an end. Speaking to CBS News, Trump said the war was “very complete, pretty much,” sparking a sharp reversal in both oil prices and stock markets after a day of intense volatility. Earlier in the day, oil prices had surged amid fears that the conflict could disrupt supplies through the critical Strait of Hormuz, a key shipping route for global crude exports. US crude oil prices briefly jumped as much as 32% overnight to $119 per barrel before sharply reversing. By the close of trading, US crude had dropped about 5% to around $86 per barrel. International benchmark Brent crude also pulled back more than 3.5%, falling below $89 per barrel. US stock markets also rebounded strongly. The S&P 500, which had earlier fallen as much as 1.5%, ended the session up 0.83%. The Nasdaq Composite reversed a 1.4% drop to close 1.38% higher. Meanwhile, the Dow Jones Industrial Average recovered from a drop of more than 880 points to finish the day up 239 points. Also Read: Trump says he had 'a very good call' with Putin. Here’s what Russian president said about Middle East war Despite Monday’s pullback, oil prices remain sharply higher. US crude has surged more than 50% since the beginning of the year and more than 30% in the past five days alone. Rising energy costs are also hitting consumers. According to fuel-tracking service GasBuddy, the average price of gasoline in the United States climbed to $3.49 per gallon Monday afternoon, up more than 50 cents since the conflict began. How global markets reacted? Global markets were hit earlier in the day before the rebound in the US. Japan’s Nikkei 225 suffered its worst decline since last year’s tariff-driven sell-off, plunging 5.2% and entering correction territory after falling more than 10% from its recent high. South Korea’s KOSPI dropped 6%, triggering a 20-minute trading halt during heavy selling. In Europe, the STOXX Europe 600 closed 0.6% lower as markets in Germany, France, Italy and Spain fell roughly 1%. Bond markets also reversed course. The yield on the US 10‑Year Treasury slipped to 4.10%, while the U.S. 30‑Year Treasury yield fell to 4.71%. Energy markets showed similar volatility. Natural gas futures traded in New York dropped about 4%, while European contracts eased after an earlier surge and were trading about 5% higher. https://www.wionews.com/videos/india-indonesia-to-buy-india-s-brahmos-missile-in-major-defence-deal-wion-1773098060808/embed Heating oil, often viewed as a proxy for jet fuel, fell more than 8% after earlier jumping as much as 23%. Finance ministers from major industrialized nations also held emergency talks Monday to discuss the possibility of releasing strategic oil reserves to calm markets. However, no coordinated release was announced for now. 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 and global stocks reversed sharply after Trump signaled the Iran conflict may be nearing its end, easing fears of supply disruption

US stocks tumbled at the opening bell on Monday (March 9), wiping out more than $900 billion in market value in early trading as investors reacted to a sharp surge in oil prices and rising geopolitical tensions. Crude oil briefly rose above $100 per barrel, fueling fears that the expanding Middle East conflict could drive inflation higher and weigh on global economic growth. According to reports from Reuters and Yahoo Finance, the Dow Jones Industrial Average fell more than 800 points shortly after the market opened, while the S&amp;P 500 and Nasdaq also dropped sharply as investors moved to reduce risk exposure.&nbsp;&nbsp;Travel and banking stocks led the declines, with major airline and cruise companies posting steep losses. Energy stocks, however, held up better as higher oil prices supported the sector. The spike in oil prices is being driven by instability linked to the widening Iran conflict, which has disrupted supply expectations and pushed global markets into risk-off mode. Investors are now closely watching whether oil prices continue to climb and whether renewed inflation pressures could force central banks to delay anticipated interest-rate cuts.&nbsp;Also Read: <a href="https://www.wionews.com/world/anthropic-sues-pentagon-over-ai-warfare-dispute-seeks-to-undo-supply-chain-risk-designation-1773072313870">Anthropic sues Pentagon over AI warfare dispute; seeks to undo 'supply chain risk' designation</a>&nbsp;Goldman Sachs analysts are warning that even a modest slowdown in economic growth could significantly impact corporate profits, highlighting rising risks for US equities as geopolitical tensions intensify. According to the bank’s analysts, a 1% decline in economic growth could reduce earnings for companies in the S&amp;P 500 by roughly 4%, underscoring how sensitive corporate profits are to changes in the broader economy.&nbsp;<a href="https://www.wionews.com/videos/war-after-khamenei-mojtaba-khamenei-takes-power-as-us-israel-war-with-iran-escalates-1773076467980/embed">https://www.wionews.com/videos/war-after-khamenei-mojtaba-khamenei-takes-power-as-us-israel-war-with-iran-escalates-1773076467980/embed</a>&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.

$900 Billion wiped out at opening bell as oil spike jolts Wall Street before markets rebound

US stocks tumbled at the opening bell on Monday (March 9), wiping out more than $900 billion in market value in early trading as investors reacted to a sharp surge in oil prices and rising geopolitical tensions. Crude oil briefly rose above $100 per barrel, fueling fears that the expanding Middle East conflict could drive inflation higher and weigh on global economic growth. According to reports from Reuters and Yahoo Finance, the Dow Jones Industrial Average fell more than 800 points shortly after the market opened, while the S&P 500 and Nasdaq also dropped sharply as investors moved to reduce risk exposure. Travel and banking stocks led the declines, with major airline and cruise companies posting steep losses. Energy stocks, however, held up better as higher oil prices supported the sector. The spike in oil prices is being driven by instability linked to the widening Iran conflict, which has disrupted supply expectations and pushed global markets into risk-off mode. Investors are now closely watching whether oil prices continue to climb and whether renewed inflation pressures could force central banks to delay anticipated interest-rate cuts. Also Read: Anthropic sues Pentagon over AI warfare dispute; seeks to undo 'supply chain risk' designation Goldman Sachs analysts are warning that even a modest slowdown in economic growth could significantly impact corporate profits, highlighting rising risks for US equities as geopolitical tensions intensify. According to the bank’s analysts, a 1% decline in economic growth could reduce earnings for companies in the S&P 500 by roughly 4%, underscoring how sensitive corporate profits are to changes in the broader economy. https://www.wionews.com/videos/war-after-khamenei-mojtaba-khamenei-takes-power-as-us-israel-war-with-iran-escalates-1773076467980/embed 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.

US stocks dropped at the open, wiping out $900B as oil surged past $100 amid Middle East tensions, before markets attempted to stabilize

G7 countries will hold an emergency meeting on Monday (March 9) to address soaring oil prices after crude surged 30% to $119.48, crashed 19% to $96.45, and later settled near $103.32, a massive $23 intraday swing, one of the biggest single-day reversals in crude oil market history. The sharp volatility came as the escalating US-Israel conflict with Iran rattled global markets. Finance ministers from major industrialised economies, including UK Chancellor Rachel Reeves, are expected to discuss the economic consequences of the conflict and its impact on energy markets and inflation.&nbsp;Oil prices spiked as traders feared prolonged disruptions to energy shipments through the crucial Strait of Hormuz, a narrow maritime route that normally carries about 20% of the world’s oil supply. Traffic through the strait has slowed dramatically since the conflict intensified more than a week ago. Global benchmark Brent crude briefly climbed close to $120 per barrel during Asian trading on Monday before retreating to around $107. US West Texas Intermediate (WTI) crude followed similar movements and traded near $104 per barrel.&nbsp;According to a report by the Financial Times, the G7 meeting may consider a coordinated release of petroleum reserves through the International Energy Agency (IEA). If implemented, it would mark the first such intervention since 2022, when reserves were released following Russia’s invasion of Ukraine. The possibility of major supply disruptions has raised fears of higher energy costs for households and businesses worldwide. Persistent energy inflation could also limit the scope for central banks to cut interest rates.&nbsp;Also Read: <a href="https://www.wionews.com/world/mirror-of-power-will-mojtaba-khamenei-follow-his-father-ali-khamenei-s-path-or-build-a-harder-line-for-iran-1773057882409">Mirror of power: Will Mojtaba Khamenei follow his father Ali Khamenei’s path or build a harder line for Iran?</a>&nbsp;Geopolitical tensions escalated over the weekend. The US and Israel carried out fresh airstrikes across Iran targeting several sites, including oil storage facilities. Meanwhile, Iran reportedly launched attacks on energy infrastructure in nearby Gulf states. Saudi Arabia said it intercepted two waves of drones heading toward a major oilfield overnight.Political developments inside Iran also added to uncertainty after Mojtaba Khamenei was named successor to Supreme Leader Ali Khamenei, signalling that hardline leadership remains firmly in control during the conflict.<h2>How global markets reacted to Israel-Iran war?</h2>Financial markets reacted sharply. European stock markets fell after steep declines across Asia. Germany’s DAX dropped 1.6% while France’s CAC 40 fell 2%. In London, the FTSE 100 slipped 1.3%, although energy companies BP and Shell gained as oil prices surged. Asian markets saw deeper losses earlier in the day. Japan’s Nikkei 225 fell 5.2%, while South Korea’s Kospi dropped 6%, triggering a temporary circuit breaker to halt trading and prevent panic selling. Natural gas prices also surged. UK gas for month-ahead delivery jumped nearly 25% to 171p per therm at the start of trading before easing to about 156p. Despite the spike, prices remain far below the 2022 peak of 640p reached after Russia’s invasion of Ukraine.&nbsp;<a href="https://www.wionews.com/videos/israel-iran-war-us-uneasy-after-israel-hits-iranian-fuel-depot-1773052202181/embed">https://www.wionews.com/videos/israel-iran-war-us-uneasy-after-israel-hits-iranian-fuel-depot-1773052202181/embed</a>&nbsp;Rising geopolitical risks have also pushed up government borrowing costs. The yield on UK two-year government bonds climbed to 4.12% from 3.87%, while the benchmark 10-year yield rose to 4.76%, up from around 4.3% before the conflict began. US President Donald Trump downplayed concerns over rising oil prices. Posting on his Truth Social platform, he said temporary price increases were a small cost for global security and predicted oil prices would fall once Iran’s nuclear threat was eliminated. However, higher fuel costs are already hitting American consumers. Data from the motorists group AAA shows the average price of regular gasoline in the US rose 11% last week to $3.32 per gallon.&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.

'Oil' is not well: G7 countries, Japan weigh strategic reserve release as price hovers around $100

G7 countries will hold an emergency meeting on Monday (March 9) to address soaring oil prices after crude surged 30% to $119.48, crashed 19% to $96.45, and later settled near $103.32, a massive $23 intraday swing, one of the biggest single-day reversals in crude oil market history. The sharp volatility came as the escalating US-Israel conflict with Iran rattled global markets. Finance ministers from major industrialised economies, including UK Chancellor Rachel Reeves, are expected to discuss the economic consequences of the conflict and its impact on energy markets and inflation. Oil prices spiked as traders feared prolonged disruptions to energy shipments through the crucial Strait of Hormuz, a narrow maritime route that normally carries about 20% of the world’s oil supply. Traffic through the strait has slowed dramatically since the conflict intensified more than a week ago. Global benchmark Brent crude briefly climbed close to $120 per barrel during Asian trading on Monday before retreating to around $107. US West Texas Intermediate (WTI) crude followed similar movements and traded near $104 per barrel. According to a report by the Financial Times, the G7 meeting may consider a coordinated release of petroleum reserves through the International Energy Agency (IEA). If implemented, it would mark the first such intervention since 2022, when reserves were released following Russia’s invasion of Ukraine. The possibility of major supply disruptions has raised fears of higher energy costs for households and businesses worldwide. Persistent energy inflation could also limit the scope for central banks to cut interest rates. Also Read: Mirror of power: Will Mojtaba Khamenei follow his father Ali Khamenei’s path or build a harder line for Iran? Geopolitical tensions escalated over the weekend. The US and Israel carried out fresh airstrikes across Iran targeting several sites, including oil storage facilities. Meanwhile, Iran reportedly launched attacks on energy infrastructure in nearby Gulf states. Saudi Arabia said it intercepted two waves of drones heading toward a major oilfield overnight. Political developments inside Iran also added to uncertainty after Mojtaba Khamenei was named successor to Supreme Leader Ali Khamenei, signalling that hardline leadership remains firmly in control during the conflict. How global markets reacted to Israel-Iran war? Financial markets reacted sharply. European stock markets fell after steep declines across Asia. Germany’s DAX dropped 1.6% while France’s CAC 40 fell 2%. In London, the FTSE 100 slipped 1.3%, although energy companies BP and Shell gained as oil prices surged. Asian markets saw deeper losses earlier in the day. Japan’s Nikkei 225 fell 5.2%, while South Korea’s Kospi dropped 6%, triggering a temporary circuit breaker to halt trading and prevent panic selling. Natural gas prices also surged. UK gas for month-ahead delivery jumped nearly 25% to 171p per therm at the start of trading before easing to about 156p. Despite the spike, prices remain far below the 2022 peak of 640p reached after Russia’s invasion of Ukraine. https://www.wionews.com/videos/israel-iran-war-us-uneasy-after-israel-hits-iranian-fuel-depot-1773052202181/embed Rising geopolitical risks have also pushed up government borrowing costs. The yield on UK two-year government bonds climbed to 4.12% from 3.87%, while the benchmark 10-year yield rose to 4.76%, up from around 4.3% before the conflict began. US President Donald Trump downplayed concerns over rising oil prices. Posting on his Truth Social platform, he said temporary price increases were a small cost for global security and predicted oil prices would fall once Iran’s nuclear threat was eliminated. However, higher fuel costs are already hitting American consumers. Data from the motorists group AAA shows the average price of regular gasoline in the US rose 11% last week to $3.32 per gallon. 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.

G7 countries to hold emergency talks as oil swings wildly amid US-Israel-Iran conflict. Crude surged to $119 before retreating, raising fears of supply disruption

Let me give you both the most pessimistic and optimistic views of where the middle classes of countries like the US and India will end up if AI adoption does not go beyond merely asking ChatGPT for answers, or Grok for funny images and videos. Companies at the forefront of artificial intelligence are warning about how jobs across industries could be wiped out by AI. This could potentially lead to a middle-class collapse in these countries if action does not match the situation. How bad can it get? And what is the way out?<h2>A disturbing discussion led by AI leaders on the impending fall of jobs</h2>The starting point for this article is a disturbing series of discussions on a future fall in jobs, ironically led by AI leaders themselves. Anthropic CEO Dario Amodei is ‘leading the charge’ in bluntly saying how traditional jobs, including ‘secure’ jobs in the legacy IT sector, are going to be wiped out. In recent interviews and public remarks, Amodei indicated that up to 50 per cent of entry-level work in fields such as law, consulting, and finance could be disrupted or replaced by AI systems within the next one to five years.Reacting to this, Damian Player, CEO of the AI consulting firm Agent Integrator, recently posted on X: “This is f***ing insane! The CEO of Anthropic said what most C-suites only say behind closed doors… this is the head of one of the biggest AI companies alive telling ordinary people to wake up.”<h2>A dystopian scenario if India does not adapt to AI beyond current levels</h2>The situation being described below is only a simulation of the future, taking cues from the ongoing K-shaped growth in the US, underway since the Covid pandemic. K-shaped growth is when certain sections of society and the economy show exponential growth, while other sections race to the bottom, making the resultant image resemble the letter K. In a future scenario where AI eats up jobs, large sections of Indians could be pushed towards poverty. This could happen as early as the next five years in the absence of even foundational-level skills in AI.<a href="https://www.wionews.com/videos/anthropic-vows-court-battle-after-pentagon-flags-ai-firm-as-security-risk-wion-1772880262306/embed">https://www.wionews.com/videos/anthropic-vows-court-battle-after-pentagon-flags-ai-firm-as-security-risk-wion-1772880262306/embed</a><h2>What is the level of AI adoption in India? Identifying the problem</h2>It is quite possible that a large majority of Indians have never actively used AI tools in a meaningful way. Even among the digitally savvy population, many have little knowledge of AI apart from using the free version of ChatGPT and the like. Contrast this with the current world, where agentic and ‘copilot’ systems such as Anthropic’s Claude integrations and automated workflow tools are slowly entering enterprise environments.Only a small fraction of users subscribe to paid AI platforms that typically cost around ₹2,000 per month or more. An even smaller proportion use coding interfaces, APIs, or automated workflows to interact with AI systems.<figure class="image"><img src="https://cdn1.wionews.com/prod/wion/images/2026/20260309/image-1773050725928.jpg"></figure>An infographic showing the level of AI adoption in the world (Image Courtesy: LinkedIn/ Benjamin T, co-Founder at Aiso)<h2>Why K-shaped growth in the US should be a wake-up call to India</h2>The K-shaped growth pattern is already visible in the US economy. In the current scenario, this is partly a function of AI adoption too. Many Americans are forcing themselves to learn AI use cases in order to remain competitive in the workplace. In terms of AI adoption, analysts often describe four levels of participation, known as AI maturity models: Elite, Augmented, Middle, and Struggling. It is projected that around 30 per cent of American citizens could remain in the Elite and Augmented categories, while 50 per cent could fall into the Middle group, and about 20 per cent may Struggle to keep up.Also read: <a href="https://www.wionews.com/photos/-end-of-ias-7-reasons-why-ai-will-make-upsc-exam-useless-in-2-years-1772938793987">'End of IAS': 7 reasons why AI will make UPSC exam useless in 2 years</a><h2>Indians are ‘consumers’ of AI, and that is prelude to potential digital colonisation</h2>There is a clear danger in Indians becoming consumers of international AI companies, essentially paying for subscription packages ranging anywhere from ₹2,000 or upwards to use their AI models. This is because India has yet to build globally competitive AI tools at scale, in spite of several initiatives at the government (India AI mission) and corporate (Infosys, TCS and others incoporating AI in workflows) levels. Even ‘localisation efforts’ are largely being driven by global technology companies such as Google, Microsoft, and OpenAI.&nbsp;In several ways, this echoes patterns seen during colonial economic structures, when the British Raj turned large sections of the Indian population into consumers of value-added goods produced elsewhere.If this trajectory continues, India could risk a form of neo-digital colonisation, where countries ahead of the AI curve — particularly the US and China — dominate the virtual and technological landscape.Indians would, in effect, end up paying US or Chinese companies for AI services, revenue that could ultimately support these countries' domestic technology ecosystems and economic programmes.Also read: <a href="https://www.wionews.com/business-economy/at-92-per-cent-india-s-ai-adoption-rate-highest-in-the-asia-pacific-region-key-figures-1762333628812">India AI Impact Summit: $300 billion worth of AI investments committed in India, say reports</a>&nbsp;<figure class="image"><img src="https://cdn1.wionews.com/prod/wion/images/2026/20260309/image-1773051163876.jpeg"></figure>A three-year price drop of Nifty IT stocks&nbsp;<h2>Indian IT stocks crash, HNIs trickle out: A fever indicating worse possible outcomes in the near future</h2>Not too far away in the future, full-stack AI companies could enter India aggressively, resulting in a dramatic rise in layoffs and a stock market correction led by the decline of traditional IT service firms. And in some ways, the warning signs are already visible when it comes to IT stocks.The Nifty IT index has already shown significant volatility when viewed across recent multi-year patterns. At one point, it fell around 30–34 per cent from its peak within a span of several months (see image above).For some observers, this evokes memories of the early stages of the 2007 downturn that eventually led to the global financial crisis triggered by the US mortgage market collapse.A prolonged slowdown could potentially spill over into banking and other industries.&nbsp;Layoffs, which have already been seen periodically in the global technology sector, could hit traditional IT jobs in India particularly hard.A major downturn could also affect the Indian rupee, which has gradually weakened against the US dollar over the past decade.Another indicator often cited in this context is the growing number of high-net-worth individuals (HNIs) exploring migration. According to various global wealth reports, several thousand millionaires are estimated to leave India annually, often relocating to countries such as the UK, United Arab Emirates, Singapore, Australia, and Canada.<h2>So what is the way out? Adopt AI or die</h2>Damian Player’s post that I mentioned earlier, also offers a possible cure for the problem. To paraphrase him, the good news is that the playbook has not changed.There is still a pathway for AI adoption for those who are currently ‘AI-illiterate’. As Player said, pick an industry, learn the workflows. Become the ‘AI person’ these companies need.As Player puts it, you do not need a degree. “You sure as hell don’t need to be a McKinsey consultant. You need Claude, a vertical, and the hunger to learn a business better than anyone else. God speed! I’ll be rooting for ya,” Player wrote.Godspeed is all I can say to those standing at the edge of the AI cliff — and staring downwards.

AI company leaders are warning that generative AI could disrupt entry-level white-collar jobs, deepen inequality and cause economic collapse. If adoption lags, countries like India risk a widening AI divide shaping the future of work and the middle class. Here are the worst and best cases

Let me give you both the most pessimistic and optimistic views of where the middle classes of countries like the US and India will end up if AI adoption does not go beyond merely asking ChatGPT for answers, or Grok for funny images and videos. Companies at the forefront of artificial intelligence are warning about how jobs across industries could be wiped out by AI. This could potentially lead to a middle-class collapse in these countries if action does not match the situation. How bad can it get? And what is the way out? A disturbing discussion led by AI leaders on the impending fall of jobs The starting point for this article is a disturbing series of discussions on a future fall in jobs, ironically led by AI leaders themselves. Anthropic CEO Dario Amodei is ‘leading the charge’ in bluntly saying how traditional jobs, including ‘secure’ jobs in the legacy IT sector, are going to be wiped out. In recent interviews and public remarks, Amodei indicated that up to 50 per cent of entry-level work in fields such as law, consulting, and finance could be disrupted or replaced by AI systems within the next one to five years. Reacting to this, Damian Player, CEO of the AI consulting firm Agent Integrator, recently posted on X: “This is f***ing insane! The CEO of Anthropic said what most C-suites only say behind closed doors… this is the head of one of the biggest AI companies alive telling ordinary people to wake up.” A dystopian scenario if India does not adapt to AI beyond current levels The situation being described below is only a simulation of the future, taking cues from the ongoing K-shaped growth in the US, underway since the Covid pandemic. K-shaped growth is when certain sections of society and the economy show exponential growth, while other sections race to the bottom, making the resultant image resemble the letter K. In a future scenario where AI eats up jobs, large sections of Indians could be pushed towards poverty. This could happen as early as the next five years in the absence of even foundational-level skills in AI. https://www.wionews.com/videos/anthropic-vows-court-battle-after-pentagon-flags-ai-firm-as-security-risk-wion-1772880262306/embed What is the level of AI adoption in India? Identifying the problem It is quite possible that a large majority of Indians have never actively used AI tools in a meaningful way. Even among the digitally savvy population, many have little knowledge of AI apart from using the free version of ChatGPT and the like. Contrast this with the current world, where agentic and ‘copilot’ systems such as Anthropic’s Claude integrations and automated workflow tools are slowly entering enterprise environments. Only a small fraction of users subscribe to paid AI platforms that typically cost around ₹2,000 per month or more. An even smaller proportion use coding interfaces, APIs, or automated workflows to interact with AI systems. An infographic showing the level of AI adoption in the world (Image Courtesy: LinkedIn/ Benjamin T, co-Founder at Aiso) Why K-shaped growth in the US should be a wake-up call to India The K-shaped growth pattern is already visible in the US economy. In the current scenario, this is partly a function of AI adoption too. Many Americans are forcing themselves to learn AI use cases in order to remain competitive in the workplace. In terms of AI adoption, analysts often describe four levels of participation, known as AI maturity models: Elite, Augmented, Middle, and Struggling. It is projected that around 30 per cent of American citizens could remain in the Elite and Augmented categories, while 50 per cent could fall into the Middle group, and about 20 per cent may Struggle to keep up. Also read: 'End of IAS': 7 reasons why AI will make UPSC exam useless in 2 years Indians are ‘consumers’ of AI, and that is prelude to potential digital colonisation There is a clear danger in Indians becoming consumers of international AI companies, essentially paying for subscription packages ranging anywhere from ₹2,000 or upwards to use their AI models. This is because India has yet to build globally competitive AI tools at scale, in spite of several initiatives at the government (India AI mission) and corporate (Infosys, TCS and others incoporating AI in workflows) levels. Even ‘localisation efforts’ are largely being driven by global technology companies such as Google, Microsoft, and OpenAI. In several ways, this echoes patterns seen during colonial economic structures, when the British Raj turned large sections of the Indian population into consumers of value-added goods produced elsewhere. If this trajectory continues, India could risk a form of neo-digital colonisation, where countries ahead of the AI curve — particularly the US and China — dominate the virtual and technological landscape. Indians would, in effect, end up paying US or Chinese companies for AI services, revenue that could ultimately support these countries' domestic technology ecosystems and economic programmes. Also read: India AI Impact Summit: $300 billion worth of AI investments committed in India, say reports A three-year price drop of Nifty IT stocks Indian IT stocks crash, HNIs trickle out: A fever indicating worse possible outcomes in the near future Not too far away in the future, full-stack AI companies could enter India aggressively, resulting in a dramatic rise in layoffs and a stock market correction led by the decline of traditional IT service firms. And in some ways, the warning signs are already visible when it comes to IT stocks. The Nifty IT index has already shown significant volatility when viewed across recent multi-year patterns. At one point, it fell around 30–34 per cent from its peak within a span of several months (see image above). For some observers, this evokes memories of the early stages of the 2007 downturn that eventually led to the global financial crisis triggered by the US mortgage market collapse. A prolonged slowdown could potentially spill over into banking and other industries. Layoffs, which have already been seen periodically in the global technology sector, could hit traditional IT jobs in India particularly hard. A major downturn could also affect the Indian rupee, which has gradually weakened against the US dollar over the past decade. Another indicator often cited in this context is the growing number of high-net-worth individuals (HNIs) exploring migration. According to various global wealth reports, several thousand millionaires are estimated to leave India annually, often relocating to countries such as the UK, United Arab Emirates, Singapore, Australia, and Canada. So what is the way out? Adopt AI or die Damian Player’s post that I mentioned earlier, also offers a possible cure for the problem. To paraphrase him, the good news is that the playbook has not changed. There is still a pathway for AI adoption for those who are currently ‘AI-illiterate’. As Player said, pick an industry, learn the workflows. Become the ‘AI person’ these companies need. As Player puts it, you do not need a degree. “You sure as hell don’t need to be a McKinsey consultant. You need Claude, a vertical, and the hunger to learn a business better than anyone else. God speed! I’ll be rooting for ya,” Player wrote. Godspeed is all I can say to those standing at the edge of the AI cliff — and staring downwards.

AI company leaders are warning that generative AI could disrupt entry-level white-collar jobs, deepen inequality and cause economic collapse. If adoption lags, countries like India risk a widening AI divide shaping the future of work and the middle class. Here are the worst and best cases

This is f***ing insane!: AI’s dystopian future is K-shaped, and could decimate the middle classes from India to the US

After Iranian missiles struck the Gulf region in retaliation for the US and Israel attack, it resulted in widespread disruption across some of the world’s busiest aviation routes. The severely affected airports include Dubai International Airport, the world’s second busiest airport, which typically handles around 92 million passengers annually, with a takeoff or landing roughly every 72 seconds around the clock.&nbsp;The Dubai International Airport first came to a halt on Saturday (February 28, 2026), and within hours, major Gulf aviation hubs, including Dubai, Doha, and Abu Dhabi, were forced offline. &nbsp;Over the following three days, at least 12,000 flights were cancelled, accounting for around 40 per cent of scheduled departures, leaving more than one million passengers stranded, according to a report by Al Jazeera.<h3>Why does Iraq's and Iran's airspace matter?</h3>In addition to airports in the region, the airspace above Iraq and Iran also acts as a crucial corridor connecting Europe with South and Southeast Asia. The centre of this route containing three major Gulf airports handle around 90,000 transit passengers each day. Airlines, including Emirates, Qatar Airways, and Etihad Airways, together generate more than $68 billion in annual revenue.&nbsp;When the conflict escalated, dozens of airlines withdrew from the region almost immediately. At least 145 aircraft already in the air were forced to turn back mid-flight, while the skies above Iran quickly emptied. While stranded passengers faced immediate disruption, the impact extended far beyond airport terminals. Although air cargo accounts for less than one per cent of global trade by weight, it represents about 35 per cent of global trade by value, transporting more than $8 trillion worth of goods annually.&nbsp;Air freight carries goods that require rapid delivery, including vaccines with expiry dates, semiconductors for just-in-time manufacturing, and fresh produce with limited shelf life. Rerouting flights to avoid airspace above Iran has become very costly. Meanwhile, alternative routes can add up to 90 minutes to flight times, increasing operating expenses by roughly $6,000 per hour.&nbsp;Following the airstrikes, Brent crude prices rose by 4.5 per cent, while airline stocks declined across Asia and Australia. Airlines typically pass such rising costs to passengers, meaning fares could remain elevated for months.<h3>How closure of flights and airspace affect remittance?</h3>In the United Arab Emirates, more than 60 per cent of migrant workers earn less than $1,360 per month, including construction workers, drivers, and domestic workers who support families back home. Remittances from Gulf workers form a major financial lifeline for several countries.&nbsp;&nbsp;Indian workers in the Gulf send home about $49 billion annually, while Pakistani workers in Saudi Arabia and the UAE transfer more than $17 billion. Bangladeshi workers in the region send around $11 billion each year. When Gulf aviation hubs shut down, the impact extends far beyond disrupted travel. The consequences reach households thousands of miles away, families waiting for remittances that may never arrive.&nbsp;Also read: <a href="https://www.wionews.com/photos/who-was-zahra-haddad-adel-mojtaba-khamenei-s-wife-killed-in-us-israel-strike-on-iran-know-more-about-family-kids-1773036204637">Who Was Zahra Haddad-Adel? Mojtaba Khamenei’s wife killed in US-Israel strike on Iran: Know more about family, kids</a>

Over the following three days after the war broke out, at least 12,000 flights were cancelled, accounting for around 40 per cent of scheduled departures, leaving more than one million passengers stranded.

After Iranian missiles struck the Gulf region in retaliation for the US and Israel attack, it resulted in widespread disruption across some of the world’s busiest aviation routes. The severely affected airports include Dubai International Airport, the world’s second busiest airport, which typically handles around 92 million passengers annually, with a takeoff or landing roughly every 72 seconds around the clock. The Dubai International Airport first came to a halt on Saturday (February 28, 2026), and within hours, major Gulf aviation hubs, including Dubai, Doha, and Abu Dhabi, were forced offline. Over the following three days, at least 12,000 flights were cancelled, accounting for around 40 per cent of scheduled departures, leaving more than one million passengers stranded, according to a report by Al Jazeera. Why does Iraq's and Iran's airspace matter? In addition to airports in the region, the airspace above Iraq and Iran also acts as a crucial corridor connecting Europe with South and Southeast Asia. The centre of this route containing three major Gulf airports handle around 90,000 transit passengers each day. Airlines, including Emirates, Qatar Airways, and Etihad Airways, together generate more than $68 billion in annual revenue. When the conflict escalated, dozens of airlines withdrew from the region almost immediately. At least 145 aircraft already in the air were forced to turn back mid-flight, while the skies above Iran quickly emptied. While stranded passengers faced immediate disruption, the impact extended far beyond airport terminals. Although air cargo accounts for less than one per cent of global trade by weight, it represents about 35 per cent of global trade by value, transporting more than $8 trillion worth of goods annually. Air freight carries goods that require rapid delivery, including vaccines with expiry dates, semiconductors for just-in-time manufacturing, and fresh produce with limited shelf life. Rerouting flights to avoid airspace above Iran has become very costly. Meanwhile, alternative routes can add up to 90 minutes to flight times, increasing operating expenses by roughly $6,000 per hour. Following the airstrikes, Brent crude prices rose by 4.5 per cent, while airline stocks declined across Asia and Australia. Airlines typically pass such rising costs to passengers, meaning fares could remain elevated for months. How closure of flights and airspace affect remittance? In the United Arab Emirates, more than 60 per cent of migrant workers earn less than $1,360 per month, including construction workers, drivers, and domestic workers who support families back home. Remittances from Gulf workers form a major financial lifeline for several countries. Indian workers in the Gulf send home about $49 billion annually, while Pakistani workers in Saudi Arabia and the UAE transfer more than $17 billion. Bangladeshi workers in the region send around $11 billion each year. When Gulf aviation hubs shut down, the impact extends far beyond disrupted travel. The consequences reach households thousands of miles away, families waiting for remittances that may never arrive. Also read: Who Was Zahra Haddad-Adel? Mojtaba Khamenei’s wife killed in US-Israel strike on Iran: Know more about family, kids

Over the following three days after the war broke out, at least 12,000 flights were cancelled, accounting for around 40 per cent of scheduled departures, leaving more than one million passengers stranded.

Iran war in numbers: 92 million passengers affected as flights, airspace disrupted in Gulf region; remittances take a hit

Kuwait Petroleum Corporation started cutting oil output on Saturday and declared force majeure, adding to further supply pressure after earlier oil and gas reductions announced by Iraq and Qatar as the Iran war blocked shipments from the Middle East for the eighth consecutive day. The ongoing war has blocked the world’s most important oil artery, the Strait of Hormuz, through which about 20% of ⁠the global oil and LNG supply takes place. Analysts predict the United Arab Emirates and Saudi Arabia will also have to cut their outputs soon as they run out of oil storage.&nbsp;Also Read: <a href="https://www.wionews.com/world/hours-after-president-s-apology-iran-vows-to-continue-attacking-neighbours-aiding-enemies-1772909440087">Hours after president’s apology, Iran vows to continue attacking neighbours aiding enemies</a>&nbsp;Kuwait Petroleum Corporation (KPC) declared force majeure, according to a trade notice, reported Reuters.&nbsp;Kuwait had announced a reduction in crude oil production and refining output because of the conflict in the Middle East.In February, Kuwait produced around 2.6 million barrels of crude oil per day.&nbsp;It said the reduction was precautionary and would be reviewed as per the developments and added that it will be ready to restore production levels when conditions allow.&nbsp;Also Read: <a href="https://www.wionews.com/world/iran-s-hardline-clerics-get-restless-demand-quick-naming-of-new-supreme-leader-1772887605398">Iran’s hardline clerics get restless, demand quick naming of new supreme leader</a>&nbsp;KPC declared force majeure because of the explicit threats by Iran against the safe passage of ships through the Strait of Hormuz, continuing attacks by Iran on Kuwait and the “almost total absence” of vessels available to ship crude oil and products in ⁠the Arabian Gulf, the notice said.KPC is a major exporter of naphtha to Asia and a major jet ⁠fuel exporter to northwest Europe.&nbsp;&nbsp;Also Read: <a href="https://www.wionews.com/world/is-iran-using-decoys-to-fool-enemies-internet-says-israel-bombed-a-helicopter-painting-1772792063782">Is Iran using decoys to fool enemies? Internet says Israel bombed a helicopter painting</a>&nbsp;The ongoing war has already spilled beyond Iran’s borders, as Tehran has responded by also hitting Gulf ⁠Arab states hosting US military installations.&nbsp;Iranian forces are targeting regional energy infrastructure, including refineries and terminals, forcing them to shut down.&nbsp;Also Read: <a href="https://www.wionews.com/world/-assaulted-by-trump-when-i-was-minor-reveals-woman-s-interview-in-new-epstein-files-1772823182801">‘Assaulted by Trump when I was minor,’ reveals woman’s interview in new Epstein files</a>&nbsp;Qatar declared force majeure on its huge volumes of gas exports on Wednesday after Iranian drone attacks, and it may take at least a month to return to normal production levels. Qatar supplies 20% of global LNG.Saudi Aramco’s mammoth Ras Tanura refinery and crude export terminal has also closed due to attacks.

Kuwait Petroleum Corporation declared force majeure because of the explicit threats by Iran against the safe passage of ships through the Strait of Hormuz, continuing attacks on Kuwait and the “almost total absence” of vessels available to ship crude oil and products in ⁠the Arabian Gulf.

Kuwait Petroleum Corporation started cutting oil output on Saturday and declared force majeure, adding to further supply pressure after earlier oil and gas reductions announced by Iraq and Qatar as the Iran war blocked shipments from the Middle East for the eighth consecutive day. The ongoing war has blocked the world’s most important oil artery, the Strait of Hormuz, through which about 20% of ⁠the global oil and LNG supply takes place. Analysts predict the United Arab Emirates and Saudi Arabia will also have to cut their outputs soon as they run out of oil storage. Also Read: Hours after president’s apology, Iran vows to continue attacking neighbours aiding enemies Kuwait Petroleum Corporation (KPC) declared force majeure, according to a trade notice, reported Reuters. Kuwait had announced a reduction in crude oil production and refining output because of the conflict in the Middle East. In February, Kuwait produced around 2.6 million barrels of crude oil per day. It said the reduction was precautionary and would be reviewed as per the developments and added that it will be ready to restore production levels when conditions allow. Also Read: Iran’s hardline clerics get restless, demand quick naming of new supreme leader KPC declared force majeure because of the explicit threats by Iran against the safe passage of ships through the Strait of Hormuz, continuing attacks by Iran on Kuwait and the “almost total absence” of vessels available to ship crude oil and products in ⁠the Arabian Gulf, the notice said. KPC is a major exporter of naphtha to Asia and a major jet ⁠fuel exporter to northwest Europe. Also Read: Is Iran using decoys to fool enemies? Internet says Israel bombed a helicopter painting The ongoing war has already spilled beyond Iran’s borders, as Tehran has responded by also hitting Gulf ⁠Arab states hosting US military installations. Iranian forces are targeting regional energy infrastructure, including refineries and terminals, forcing them to shut down. Also Read: ‘Assaulted by Trump when I was minor,’ reveals woman’s interview in new Epstein files Qatar declared force majeure on its huge volumes of gas exports on Wednesday after Iranian drone attacks, and it may take at least a month to return to normal production levels. Qatar supplies 20% of global LNG. Saudi Aramco’s mammoth Ras Tanura refinery and crude export terminal has also closed due to attacks.

Kuwait Petroleum Corporation declared force majeure because of the explicit threats by Iran against the safe passage of ships through the Strait of Hormuz, continuing attacks on Kuwait and the “almost total absence” of vessels available to ship crude oil and products in ⁠the Arabian Gulf.

Iran War impact: Kuwait declares force majeure, announces crude oil output reduction

The price of domestic cooking gas LPG was hiked on Saturday by Rs 60 per cylinder, as the ongoing West Asia crisis disrupts global energy supply. The LPG rate hike led to fears of an impending hike in petrol and diesel prices, but government sources scotched the rumours. Government sources said no increase in petrol and diesel prices is in the offing as state-owned oil firms have enough financial muscle to absorb the warranted increase.&nbsp;&nbsp;As per the Indian Oil Corporation (IOC) website, after the Saturday hike, the non-subsidised LPG that households use in kitchens will now cost Rs 913 per 14.2-kg cylinder in Delhi as against Rs 853 previously.&nbsp;In Mumbai, non-subsidised LPG now costs Rs 912.50, Rs 939 in Kolkata, and Rs 928.50 in Chennai, according to the website. Rates differ from state to state depending on the incidence of local sales tax or VAT.&nbsp;Also Read: <a href="https://www.wionews.com/world/balendra-shah-becomes-giant-slayer-defeats-ex-pm-kp-sharma-oli-by-nearly-50-000-votes-1772889748034">Balendra Shah becomes giant slayer, defeats ex-PM KP Sharma Oli by nearly 50,000 votes</a>&nbsp;Meanwhile, over 10 crore Ujjwala Yojana beneficiaries who got free LPG connections since 2016 will now have to pay Rs 613 per 14.2 kg cylinder after accounting for a subsidy of Rs 300 per bottle they get for up to 12 refills in a year.&nbsp;&nbsp;<h2>‘Price increase necessitated because of spike in global energy rates’</h2>&nbsp;Top government sources said the LPG price increase was necessitated because of a spike in global energy prices. Despite the increase, the price is less than the Rs 1,050 per 14.2-kg cylinder rate required to break even at cost.&nbsp;&nbsp;Even at the increased prices, LPG in India is cheaper than most countries in the world, said government sources, adding it costs Rs 1,207 per bottle in Kathmandu, Rs 1,241 in Sri Lanka, and Rs 1,046 in Pakistan.&nbsp;&nbsp;Also Read: <a href="https://www.wionews.com/world/iran-s-hardline-clerics-get-restless-demand-quick-naming-of-new-supreme-leader-1772887605398">Iran’s hardline clerics get restless, demand quick naming of new supreme leader</a>&nbsp;The LPG price rise of Saturday is the second increase in rate in 11 months. The price was last hiked by Rs 50 in April last year.&nbsp;&nbsp;The price of commercial LPG used by establishments like hotels and restaurants was increased by Rs 114.5 per 19-kg cylinder.&nbsp;<h2>Govt rules out increase in petrol and diesel prices</h2>&nbsp;The government sources also ruled out any increase in petrol and diesel price for now, as the three fuel marketing companies, Indian Oil Corporation (IOC), Bharat Petroleum Corporation Ltd (BPCL), and Hindustan Petroleum Corporation Ltd (HPCL), have enough financial muscle to absorb the impact.&nbsp;Also Read: <a href="https://www.wionews.com/india-news/karnataka-home-to-india-s-silicon-valley-to-ban-social-media-for-children-under-16-cm-siddaramaiah-1772795908734">Karnataka, home to India’s Silicon Valley, to ban social media for children under 16</a>&nbsp;Retail petrol and diesel prices have been on a freeze since April 2022, with fuel retailers absorbing losses when crude prices are high and making profits when rates are low.&nbsp;The increase follows a steep rise in global energy prices since the US and Israel’s attack on Iran triggered a wider military conflict in the oil and gas-rich Middle East. The conflict has led to a near halt in tanker movement through the Strait of Hormuz, the critical sea lane between Iran and Oman used by Middle Eastern producers to export oil and gas to global markets.&nbsp;

After the LPG price hike that came into effect on Saturday, government sources said it was necessitated because of a spike in global energy prices. Despite the increase, the price is less than the Rs 1,050 per 14.2-kg cylinder rate required to break even at cost.

The price of domestic cooking gas LPG was hiked on Saturday by Rs 60 per cylinder, as the ongoing West Asia crisis disrupts global energy supply. The LPG rate hike led to fears of an impending hike in petrol and diesel prices, but government sources scotched the rumours. Government sources said no increase in petrol and diesel prices is in the offing as state-owned oil firms have enough financial muscle to absorb the warranted increase. As per the Indian Oil Corporation (IOC) website, after the Saturday hike, the non-subsidised LPG that households use in kitchens will now cost Rs 913 per 14.2-kg cylinder in Delhi as against Rs 853 previously. In Mumbai, non-subsidised LPG now costs Rs 912.50, Rs 939 in Kolkata, and Rs 928.50 in Chennai, according to the website. Rates differ from state to state depending on the incidence of local sales tax or VAT. Also Read: Balendra Shah becomes giant slayer, defeats ex-PM KP Sharma Oli by nearly 50,000 votes Meanwhile, over 10 crore Ujjwala Yojana beneficiaries who got free LPG connections since 2016 will now have to pay Rs 613 per 14.2 kg cylinder after accounting for a subsidy of Rs 300 per bottle they get for up to 12 refills in a year. ‘Price increase necessitated because of spike in global energy rates’ Top government sources said the LPG price increase was necessitated because of a spike in global energy prices. Despite the increase, the price is less than the Rs 1,050 per 14.2-kg cylinder rate required to break even at cost. Even at the increased prices, LPG in India is cheaper than most countries in the world, said government sources, adding it costs Rs 1,207 per bottle in Kathmandu, Rs 1,241 in Sri Lanka, and Rs 1,046 in Pakistan. Also Read: Iran’s hardline clerics get restless, demand quick naming of new supreme leader The LPG price rise of Saturday is the second increase in rate in 11 months. The price was last hiked by Rs 50 in April last year. The price of commercial LPG used by establishments like hotels and restaurants was increased by Rs 114.5 per 19-kg cylinder. Govt rules out increase in petrol and diesel prices The government sources also ruled out any increase in petrol and diesel price for now, as the three fuel marketing companies, Indian Oil Corporation (IOC), Bharat Petroleum Corporation Ltd (BPCL), and Hindustan Petroleum Corporation Ltd (HPCL), have enough financial muscle to absorb the impact. Also Read: Karnataka, home to India’s Silicon Valley, to ban social media for children under 16 Retail petrol and diesel prices have been on a freeze since April 2022, with fuel retailers absorbing losses when crude prices are high and making profits when rates are low. The increase follows a steep rise in global energy prices since the US and Israel’s attack on Iran triggered a wider military conflict in the oil and gas-rich Middle East. The conflict has led to a near halt in tanker movement through the Strait of Hormuz, the critical sea lane between Iran and Oman used by Middle Eastern producers to export oil and gas to global markets.

After the LPG price hike that came into effect on Saturday, government sources said it was necessitated because of a spike in global energy prices. Despite the increase, the price is less than the Rs 1,050 per 14.2-kg cylinder rate required to break even at cost.

Domestic LPG price hiked by Rs 60; no hike in petrol or diesel rates, says govt

BlackRock Inc. have limited the withdrawal from the $26 billion HPS Corporate Lending Fund (HLEND) to 5 per cent of its net assets. The Gating mechanism was activated following a massive surge in redemption requests at 9.3 per cent of their share, as investors became increasingly wary. This is the first time in 4 years that the fund's redemption requests have exceeded the 5 per cent limit, hinting at retail anxiety in the private credit industry.The firm said on Friday that its investor requested redemptions for 9.3 per cent of their shares, totalling approximately $1.2 billion. But the fund has enforced a cap of 5 per cent, effectively paying approximately $620 million to investors, as per the Bloomberg calculation. The firm said it was a "foundational feature" of the fund.&nbsp;“Without it, there would be a structural mismatch between investor capital and the expected duration of the private credit loans in which HLEND invests,” said the company in a statement. BlackRock is the world's largest asset manager, and the $26 billion HPS Corporate Lending Fund is one of the industry’s largest non-traded business development companies.Also Read: <a href="https://www.wionews.com/world/us-merops-anti-drone-system-shahed-drones-1772860918197">How the Merops anti-drone system could counter Iranian Shahed drones?</a><h2>Is the withdrawal panic because of the US-Iran war?</h2>The US-Iran conflict is the major contributing factor; also, there were hints of macroeconomic stress with recent weak jobs data in the US. 92,000 jobs were lost in February 2026, and unemployment was at 4.4 per cent. Other funds have taken similar measures, like BlueOwl Capital, which permanently froze all its retail capital redemption, and Black Stone also witnessed record withdrawals in its $82 billion fund. The war puts stress on the oil trade of the Gulf countries, and the Gulf sovereign wealth fund is the backbone of the AI investment, providing long-term capital required to build infrastructure at scale. For example, Abu Dhabi's Sovereign Wealth Fund is a pivotal player in private credit, where Western Banks have stepped back; it has $100-$200 billion in direct and leveraged AI exposure. Funds like MGX, Mubadala, ADIA and PIF build the backbone of the private credit and AI Infrastructure. BlackRock itself is also structurally intertwined with AI Infrastructure, equity, private credit, commitments and their internal technology, so that any prolonged stress in the oil capital pipeline will create a domino effect.&nbsp;

BlackRock capped withdrawals from its $26B HLEND private credit fund after redemption requests surged to 9.3%. Rising geopolitical tensions and weak US data add pressure.

BlackRock Inc. have limited the withdrawal from the $26 billion HPS Corporate Lending Fund (HLEND) to 5 per cent of its net assets. The Gating mechanism was activated following a massive surge in redemption requests at 9.3 per cent of their share, as investors became increasingly wary. This is the first time in 4 years that the fund's redemption requests have exceeded the 5 per cent limit, hinting at retail anxiety in the private credit industry. The firm said on Friday that its investor requested redemptions for 9.3 per cent of their shares, totalling approximately $1.2 billion. But the fund has enforced a cap of 5 per cent, effectively paying approximately $620 million to investors, as per the Bloomberg calculation. The firm said it was a "foundational feature" of the fund. “Without it, there would be a structural mismatch between investor capital and the expected duration of the private credit loans in which HLEND invests,” said the company in a statement. BlackRock is the world's largest asset manager, and the $26 billion HPS Corporate Lending Fund is one of the industry’s largest non-traded business development companies. Also Read: How the Merops anti-drone system could counter Iranian Shahed drones? Is the withdrawal panic because of the US-Iran war? The US-Iran conflict is the major contributing factor; also, there were hints of macroeconomic stress with recent weak jobs data in the US. 92,000 jobs were lost in February 2026, and unemployment was at 4.4 per cent. Other funds have taken similar measures, like BlueOwl Capital, which permanently froze all its retail capital redemption, and Black Stone also witnessed record withdrawals in its $82 billion fund. The war puts stress on the oil trade of the Gulf countries, and the Gulf sovereign wealth fund is the backbone of the AI investment, providing long-term capital required to build infrastructure at scale. For example, Abu Dhabi's Sovereign Wealth Fund is a pivotal player in private credit, where Western Banks have stepped back; it has $100-$200 billion in direct and leveraged AI exposure. Funds like MGX, Mubadala, ADIA and PIF build the backbone of the private credit and AI Infrastructure. BlackRock itself is also structurally intertwined with AI Infrastructure, equity, private credit, commitments and their internal technology, so that any prolonged stress in the oil capital pipeline will create a domino effect.

BlackRock capped withdrawals from its $26B HLEND private credit fund after redemption requests surged to 9.3%. Rising geopolitical tensions and weak US data add pressure.

Liquidity Squeeze: BlackRock caps withdrawals from $26B HLEND fund amid investor anxiety

Gold traders in Dubai are offering bullion at steep discounts after the conflict in the Middle East disrupted flights and stranded shipments in one of the world’s key trading hubs.<h2>How much discount is Dubai offering on Gold?</h2>According to a Bloomberg report citing traders familiar with the situation, some dealers are selling gold at discounts of up to $30 an ounce compared with the global benchmark set in London. The unusual pricing reflects mounting logistical problems as suppliers struggle to move bullion out of the region.Many buyers have paused new orders for now. With air travel disrupted and delivery timelines uncertain, traders say customers are unwilling to pay higher shipping and insurance costs without a clear guarantee the gold will arrive on time.Also read | <a href="https://www.wionews.com/world/trump-reveals-secret-3-month-head-start-on-exquisite-class-weapon-production-to-fuel-operation-epic-fury-against-iran-bae-lockheed-and-raytheon-1772844959324">Trump reveals secret weapon production started 3-months before Iran war</a><h2>Flights grounded, shipments delayed</h2>Several gold shipments were still stuck in Dubai as of Friday, traders said. Some cargo began moving again only in the middle of the week as limited flights resumed.The United Arab Emirates, and particularly Dubai, plays a central role in the global gold trade. The city is a major refining and export hub for bullion moving to buyers across Asia and also handles shipments arriving from Switzerland, the UK and several African producers.But airspace in the region has been partially restricted amid a wave of Iranian missile attacks during the ongoing conflict between the United States, Israel and Iran.<h2>Gold Shipments Stranded</h2>Gold is usually transported in the cargo holds of passenger planes. With flights severely limited, traders have been reluctant to move high-value shipments overland to airports in neighbouring countries such as Saudi Arabia or Oman, citing security and logistical risks.Also read | <a href="https://www.wionews.com/world/pakistani-man-asif-raza-merchant-conviction-trump-assassination-plot-soleimani-revenge-irgc-hitman-joe-biden-nikki-haley-napkin-plan-1772855367186">Pak man found guilty of Iran Revolutionary Guard backed revenge plot to assassinate Trump</a><h2>Why is the discounted gold bad news for Indians?</h2>The disruption has been felt in India, one of the biggest destinations for gold shipped out of Dubai.Renisha Chainani, head of research at Augmont Enterprises Ltd., said "several cargo shipments have been delayed or stranded, leading to short-term tightness in the availability of physical bullion in India".For now, however, Indian buyers appear in no hurry. Chirag Sheth, principal consultant for South Asia at Metals Focus, said India's domestic inventories remain comfortable after heavy imports in January. "As of now, there is ample stock," he said. "But if this drags on for a few months, then there will be a problem." &nbsp;

Why are gold traders in Dubai suddenly offering heavy discounts? Bullion is reportedly selling up to $30 per ounce below global prices amid the Iran war.

What does this mean for global markets and Indian buyers? Scroll down to read.

Gold traders in Dubai are offering bullion at steep discounts after the conflict in the Middle East disrupted flights and stranded shipments in one of the world’s key trading hubs. How much discount is Dubai offering on Gold? According to a Bloomberg report citing traders familiar with the situation, some dealers are selling gold at discounts of up to $30 an ounce compared with the global benchmark set in London. The unusual pricing reflects mounting logistical problems as suppliers struggle to move bullion out of the region. Many buyers have paused new orders for now. With air travel disrupted and delivery timelines uncertain, traders say customers are unwilling to pay higher shipping and insurance costs without a clear guarantee the gold will arrive on time. Also read | Trump reveals secret weapon production started 3-months before Iran war Flights grounded, shipments delayed Several gold shipments were still stuck in Dubai as of Friday, traders said. Some cargo began moving again only in the middle of the week as limited flights resumed. The United Arab Emirates, and particularly Dubai, plays a central role in the global gold trade. The city is a major refining and export hub for bullion moving to buyers across Asia and also handles shipments arriving from Switzerland, the UK and several African producers. But airspace in the region has been partially restricted amid a wave of Iranian missile attacks during the ongoing conflict between the United States, Israel and Iran. Gold Shipments Stranded Gold is usually transported in the cargo holds of passenger planes. With flights severely limited, traders have been reluctant to move high-value shipments overland to airports in neighbouring countries such as Saudi Arabia or Oman, citing security and logistical risks. Also read | Pak man found guilty of Iran Revolutionary Guard backed revenge plot to assassinate Trump Why is the discounted gold bad news for Indians? The disruption has been felt in India, one of the biggest destinations for gold shipped out of Dubai. Renisha Chainani, head of research at Augmont Enterprises Ltd., said "several cargo shipments have been delayed or stranded, leading to short-term tightness in the availability of physical bullion in India". For now, however, Indian buyers appear in no hurry. Chirag Sheth, principal consultant for South Asia at Metals Focus, said India's domestic inventories remain comfortable after heavy imports in January. "As of now, there is ample stock," he said. "But if this drags on for a few months, then there will be a problem."

Why are gold traders in Dubai suddenly offering heavy discounts? Bullion is reportedly selling up to $30 per ounce below global prices amid the Iran war.What does this mean for global markets and Indian buyers? Scroll down to read.

Amid Iran war Dubai selling gold at discount, but it’s bad news for India. Here’s why

Global oil prices surged on Friday (March 6), pushing the international benchmark Brent crude above the $90-per-barrel level for the first time in nearly two years, as escalating conflict in the Middle East raised fears of supply disruptions and wider economic fallout. The sharp rise came as attacks targeted oil fields in Iraq and tensions deepened in the ongoing war involving the United States, Israel and Iran. At the same time, fresh economic data from the United States showing an unexpected decline in employment weighed on global stock markets.&nbsp;Brent crude climbed more than six per cent at one point to $91.89 per barrel, while US benchmark West Texas Intermediate (WTI) jumped over 11 per cent to trade above $90. The surge follows growing concerns that the conflict could drag on after US President Donald Trump demanded Iran’s “unconditional surrender,” a stance analysts say reduced expectations of a quick diplomatic resolution. The war and retaliatory attacks across the Gulf region have already disrupted energy and shipping routes. Maritime traffic through the Strait of Hormuz, a critical chokepoint through which roughly one-fifth of the world’s crude oil and liquefied natural gas passes, has dropped sharply as shipping companies avoid the region.&nbsp;Also Read: <a href="https://www.wionews.com/world/is-russia-giving-iran-satellite-intel-on-us-troops-amid-war-here-s-what-the-report-suggests-1772818141335">Russia giving Iran satellite intel on US troops amid war? Here's what report suggests</a>&nbsp;Oil prices have climbed dramatically over the past week, with Brent gaining more than 25 per cent and WTI rising by roughly one-third. Market analysts warn that prolonged disruptions to energy infrastructure or shipping lanes could push prices even higher and create serious consequences for the global economy. Concerns also intensified after reports that attacks struck oil facilities in southern Iraq and the autonomous Kurdistan region, forcing a US-operated oil field to halt production.&nbsp;While the United States has pledged to protect commercial vessels in the Strait of Hormuz, many shipping companies remain cautious. US Energy Secretary Chris Wright said the US Navy was preparing to escort ships through the vital waterway when conditions allow. Iranian state television also reported a drone strike on a vessel in the Strait of Hormuz on Friday, which triggered a fire aboard the ship.&nbsp;The spike in energy prices is raising fears of renewed inflation globally. Higher oil costs could limit the ability of central banks to cut interest rates in order to support economic growth. Meanwhile, economic data from the United States added to market uncertainty. The Labor Department reported that the economy lost 92,000 jobs in February, reversing the revised gain of 126,000 jobs recorded in January. Unemployment also ticked higher.&nbsp;<a href="https://www.wionews.com/videos/israel-us-war-israel-pounds-beirut-suburbs-as-iran-war-expands-into-lebanon-1772821780436/embed">https://www.wionews.com/videos/israel-us-war-israel-pounds-beirut-suburbs-as-iran-war-expands-into-lebanon-1772821780436/embed</a>&nbsp;Additional data showed US retail sales slipped 0.2 percent in January, signaling weakening consumer demand.Although slowing economic data can increase expectations for interest rate cuts by the Federal Reserve, analysts say the situation is complicated by rising wages and surging energy prices. As a result, markets are now betting the Fed will delay any interest rate cuts until September rather than June. Global stock markets reacted negatively. Major indices on Wall Street fell more than one per cent in late morning trading, while European markets closed the day with losses of around one per cent.&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.

Brent crude crosses $90 mark for first time in nearly two years as Middle East war jolts markets

Global oil prices surged on Friday (March 6), pushing the international benchmark Brent crude above the $90-per-barrel level for the first time in nearly two years, as escalating conflict in the Middle East raised fears of supply disruptions and wider economic fallout. The sharp rise came as attacks targeted oil fields in Iraq and tensions deepened in the ongoing war involving the United States, Israel and Iran. At the same time, fresh economic data from the United States showing an unexpected decline in employment weighed on global stock markets. Brent crude climbed more than six per cent at one point to $91.89 per barrel, while US benchmark West Texas Intermediate (WTI) jumped over 11 per cent to trade above $90. The surge follows growing concerns that the conflict could drag on after US President Donald Trump demanded Iran’s “unconditional surrender,” a stance analysts say reduced expectations of a quick diplomatic resolution. The war and retaliatory attacks across the Gulf region have already disrupted energy and shipping routes. Maritime traffic through the Strait of Hormuz, a critical chokepoint through which roughly one-fifth of the world’s crude oil and liquefied natural gas passes, has dropped sharply as shipping companies avoid the region. Also Read: Russia giving Iran satellite intel on US troops amid war? Here's what report suggests Oil prices have climbed dramatically over the past week, with Brent gaining more than 25 per cent and WTI rising by roughly one-third. Market analysts warn that prolonged disruptions to energy infrastructure or shipping lanes could push prices even higher and create serious consequences for the global economy. Concerns also intensified after reports that attacks struck oil facilities in southern Iraq and the autonomous Kurdistan region, forcing a US-operated oil field to halt production. While the United States has pledged to protect commercial vessels in the Strait of Hormuz, many shipping companies remain cautious. US Energy Secretary Chris Wright said the US Navy was preparing to escort ships through the vital waterway when conditions allow. Iranian state television also reported a drone strike on a vessel in the Strait of Hormuz on Friday, which triggered a fire aboard the ship. The spike in energy prices is raising fears of renewed inflation globally. Higher oil costs could limit the ability of central banks to cut interest rates in order to support economic growth. Meanwhile, economic data from the United States added to market uncertainty. The Labor Department reported that the economy lost 92,000 jobs in February, reversing the revised gain of 126,000 jobs recorded in January. Unemployment also ticked higher. https://www.wionews.com/videos/israel-us-war-israel-pounds-beirut-suburbs-as-iran-war-expands-into-lebanon-1772821780436/embed Additional data showed US retail sales slipped 0.2 percent in January, signaling weakening consumer demand. Although slowing economic data can increase expectations for interest rate cuts by the Federal Reserve, analysts say the situation is complicated by rising wages and surging energy prices. As a result, markets are now betting the Fed will delay any interest rate cuts until September rather than June. Global stock markets reacted negatively. Major indices on Wall Street fell more than one per cent in late morning trading, while European markets closed the day with losses of around one per cent. 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 surged above $90 as Middle East conflict and attacks on Iraqi oilfields raised supply fears, while weak US jobs data pushed global stocks lower

German firm Flender inaugurated a facility with equipment to test gearboxes that go into 13.5Megawatt-class windmills (wind turbines) at their factory near the Southern Indian city of Chennai, in Tamil Nadu. 13.5Megawatt-class windmills are among the largest types of windmills in terms of power generation capacity.Flender was recently recognized by the Tamil Nadu government for investing and generating employment opportunities in the state. Tamil Nadu has been an early adopter of wind energy technology in India and continues to be among the leading states in wind energy generation in the country.&nbsp;&nbsp;This is a significant upgrade from the earlier testing facility that could accommodate only gearboxes that went into 6Megawatt-class windmills, the firm said. Gearboxes are a crucial component that convert the low rotational speed of the windmill blades to a high rotational speed, which is necessary for the generator to generate electricity. A windmill gearbox test rig is a facility that simulates the mechanical loads that a gearbox would experience when installed in an actual windmill.&nbsp;The Indian Government is working towards generating 500 Gigawatts of renewable energy by 2030, in which wind energy will play a major part by contributing 100 Gigawatts. India presently has an installed wind energy capacity of over 54Gigawatt, and projects for another 30Gigawatt are in progress. In recent times, India has been adding between 3 and 4 Gigawatts of wind energy generation capacity annually. In Financial year 2024-25, wind energy generated 3.35 billion units of electricity, which is about 5 per cent of India’s total generation.&nbsp;&nbsp;As per Indian Government data, the country reached its highest-ever power generation from renewable energy sources on 29th July 2025. That day, renewables met 51.5 % of the country’s total electricity demand of 203 GW: 44.50 GW of Solar power; 29.89GW of Wind power; 30.29GW of hydroelectric power, official data says. The government says, for the first time, more than half of India’s power came from green sources in a single day.&nbsp;Referring to the newly unveiled 13.5Megawatt test rig at their Tamil Nadu facility, Flender said that it is the largest in India. “Our team of experts commenced this milestone project in January 2025 at the Voerde site in Germany and successfully accomplished the schedule within 13 months of development and construction. Converters, motors, centre blocks, and motor slides were successfully manufactured in China, while transformers, colling systems, and steel and shell construction were supplied from India,” the company said, highlighting their operations across India, Europe, and China.&nbsp;In recent years, we have scaled up our annual output capacity from 800Megawatt to 16Gigawatt, and these components we make in India cater to the local market and exports markets such as the US, Europe, Australia, said Andreas Evertz, Group CEO, Flender GmbH, Germany. He added that his firm, which makes gearboxes, couplings and generators for windmills, has invested over €100mn for capacity expansion in India, in the recent past, and continues to scale up capacity.

The Indian government is working towards generating 500 Gigawatts of renewable energy by 2030, in which wind energy will play a major part by contributing 100 Gigawatts. India has an installed wind energy capacity of over 54 Gigawatt, and projects for another 30 Gigawatts are in progress.

German firm Flender inaugurated a facility with equipment to test gearboxes that go into 13.5Megawatt-class windmills (wind turbines) at their factory near the Southern Indian city of Chennai, in Tamil Nadu. 13.5Megawatt-class windmills are among the largest types of windmills in terms of power generation capacity. Flender was recently recognized by the Tamil Nadu government for investing and generating employment opportunities in the state. Tamil Nadu has been an early adopter of wind energy technology in India and continues to be among the leading states in wind energy generation in the country. This is a significant upgrade from the earlier testing facility that could accommodate only gearboxes that went into 6Megawatt-class windmills, the firm said. Gearboxes are a crucial component that convert the low rotational speed of the windmill blades to a high rotational speed, which is necessary for the generator to generate electricity. A windmill gearbox test rig is a facility that simulates the mechanical loads that a gearbox would experience when installed in an actual windmill. The Indian Government is working towards generating 500 Gigawatts of renewable energy by 2030, in which wind energy will play a major part by contributing 100 Gigawatts. India presently has an installed wind energy capacity of over 54Gigawatt, and projects for another 30Gigawatt are in progress. In recent times, India has been adding between 3 and 4 Gigawatts of wind energy generation capacity annually. In Financial year 2024-25, wind energy generated 3.35 billion units of electricity, which is about 5 per cent of India’s total generation. As per Indian Government data, the country reached its highest-ever power generation from renewable energy sources on 29th July 2025. That day, renewables met 51.5 % of the country’s total electricity demand of 203 GW: 44.50 GW of Solar power; 29.89GW of Wind power; 30.29GW of hydroelectric power, official data says. The government says, for the first time, more than half of India’s power came from green sources in a single day. Referring to the newly unveiled 13.5Megawatt test rig at their Tamil Nadu facility, Flender said that it is the largest in India. “Our team of experts commenced this milestone project in January 2025 at the Voerde site in Germany and successfully accomplished the schedule within 13 months of development and construction. Converters, motors, centre blocks, and motor slides were successfully manufactured in China, while transformers, colling systems, and steel and shell construction were supplied from India,” the company said, highlighting their operations across India, Europe, and China. In recent years, we have scaled up our annual output capacity from 800Megawatt to 16Gigawatt, and these components we make in India cater to the local market and exports markets such as the US, Europe, Australia, said Andreas Evertz, Group CEO, Flender GmbH, Germany. He added that his firm, which makes gearboxes, couplings and generators for windmills, has invested over €100mn for capacity expansion in India, in the recent past, and continues to scale up capacity.

The Indian government is working towards generating 500 Gigawatts of renewable energy by 2030, in which wind energy will play a major part by contributing 100 Gigawatts. India has an installed wind energy capacity of over 54 Gigawatt, and projects for another 30 Gigawatts are in progress.

Amid renewables push, India’s largest facility to test windmill gearboxes unveiled

Qatar has halted the liquefaction of natural gas and declared force majeure on exports after missile and drone strikes from Iran damaged key energy facilities amid the Islamic Republic’s ongoing conflict with the US and Israel. Qatar's gas production and supply shutdown coincides with disruptions to tanker traffic in the Strait of Hormuz, a key route handling about 20 per cent of global LNG trade, worsening the supply crunch.<h2>Qatar halts liquefaction of gas</h2>State-owned QatarEnergy shut down liquefaction operations on Wednesday (4 March) at Ras Laffan Industrial City, the world’s largest LNG export hub, and Mesaieed Industrial City following the Iranian attacks. Liquefaction is the industrial process of cooling natural gas to about -162 degrees Celsius to convert it into liquefied natural gas. LNG takes up about 1/600th the volume of gaseous natural gas, making it easier and more economical to store and transport using specialised ships to global markets.&nbsp;Qatar, one of the world’s largest LNG producers, relies heavily on the liquefaction process at facilities such as Ras Laffan Industrial City to export gas.<h2>Force majeure declared on Qatar gas supplies</h2>Force majeure is a standard mechanism in energy contracts used to handle “acts of God” or geopolitical crises. It is a legal clause that excuses a party from fulfilling its contractual obligations if an unforeseen and uncontrollable event such as war, natural disasters or strikes prevents it from doing so. QatarEnergy has formally notified buyers that it cannot deliver contracted LNG shipments due to external disruptions, without facing penalties or legal liability. Force majeure therefore allows the company to suspend LNG delivery obligations because of the extraordinary circumstances.<a href="https://www.wionews.com/videos/breaking-qatar-begins-evacuating-residents-near-us-embassy-after-iranian-strikes-1772683204311/embed">https://www.wionews.com/videos/breaking-qatar-begins-evacuating-residents-near-us-embassy-after-iranian-strikes-1772683204311/embed</a><h2>Qatar gas supply halt will hit India, Pakistan and Bangladesh hard</h2>Qatar supplies nearly half of India’s annual LNG imports of around 27 million tonnes. India’s city gas distribution sector, which relies on LNG for compressed natural gas (CNG) and piped cooking gas, could face a crisis with supply cuts of up to 40 per cent if alternatives are not secured fast enough. India is seeking cargoes from the spot market, where prices have surged by up to 50 per cent and shipping rates have doubled to about $200,000 per tanker. If the situation persists, inflation and disruption to industrial output could follow.Bangladesh depends on Qatar and the UAE for nearly 72 per cent of its LNG imports. Severe shortages could lead to prolonged power outages in the country and greater use of coal. Bangladesh may also need to import more electricity from India to mitigate the impact.Nearly all of Pakistan’s LNG imports come from Qatar and the UAE, making it extremely vulnerable to supply disruptions from Gulf producers. Increasing domestic natural gas production and reducing regasification demand are possible responses. Greater use of solar energy could help prevent daytime power cuts, but overall shortages could still lead to outages and economic strain for Pakistan.Also read:<a href="https://www.wionews.com/world/meanwhile-us-oil-production-surpasses-saudi-russia-combined-natural-gas-output-crosses-total-of-russia-china-and-iran-1772641899332"> Meanwhile, US oil production surpasses Saudi, Russia combined; natural gas output crosses total of Russia, China and Iran</a><h2>How global LNG supplies will be hit by Qatar moves</h2>The shutdown will be a major shock to global energy markets as Qatar supplies roughly 20 per cent of the world’s LNG. The crisis has already pushed up gas prices in Europe and Asia by as much as 93 per cent.Asia, which accounts for nearly 82 per cent of Qatar’s LNG exports, will be the hardest hit, particularly Japan, South Korea and China besides India, Pakistan and Bangladesh.European buyers including the UK, Italy and Belgium also face supply pressure and higher prices.Analysts said other major producers such as the US and Australia, have limited spare capacity to quickly replace Qatar’s lost exports.Also read: <a href="https://www.wionews.com/world/india-has-25-days-of-fuel-stock-japan-refiners-plead-to-open-strategic-reserves-oil-importing-nations-scramble-as-iran-conflict-causes-supply-woes-1772715167936">India has 25 days of fuel stock, Japan refiners plead to open strategic reserves: Oil-importing nations scramble as Iran conflict causes supply woes</a><h2>When is Qatar LNG supply likely to resume?</h2>The halt in liquefaction is intended to allow initial repairs and safety checks at the affected production facilities. Reports say this process is expected to take at least two weeks.&nbsp;Another two weeks will likely be required to restore full production after liquefaction resumes. In total, the supply disruption could last around one month or longer.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. &nbsp;

Amid the Iran conflict, Qatar halted LNG production and declared force majeure on gas trade. The shutdown threatens global supply, sending prices soaring and hitting major importers in Asia and Europe. India, Pakistan and Bangladesh are among countries that would be hit hard

Qatar has halted the liquefaction of natural gas and declared force majeure on exports after missile and drone strikes from Iran damaged key energy facilities amid the Islamic Republic’s ongoing conflict with the US and Israel. Qatar's gas production and supply shutdown coincides with disruptions to tanker traffic in the Strait of Hormuz, a key route handling about 20 per cent of global LNG trade, worsening the supply crunch. Qatar halts liquefaction of gas State-owned QatarEnergy shut down liquefaction operations on Wednesday (4 March) at Ras Laffan Industrial City, the world’s largest LNG export hub, and Mesaieed Industrial City following the Iranian attacks. Liquefaction is the industrial process of cooling natural gas to about -162 degrees Celsius to convert it into liquefied natural gas. LNG takes up about 1/600th the volume of gaseous natural gas, making it easier and more economical to store and transport using specialised ships to global markets. Qatar, one of the world’s largest LNG producers, relies heavily on the liquefaction process at facilities such as Ras Laffan Industrial City to export gas. Force majeure declared on Qatar gas supplies Force majeure is a standard mechanism in energy contracts used to handle “acts of God” or geopolitical crises. It is a legal clause that excuses a party from fulfilling its contractual obligations if an unforeseen and uncontrollable event such as war, natural disasters or strikes prevents it from doing so. QatarEnergy has formally notified buyers that it cannot deliver contracted LNG shipments due to external disruptions, without facing penalties or legal liability. Force majeure therefore allows the company to suspend LNG delivery obligations because of the extraordinary circumstances. https://www.wionews.com/videos/breaking-qatar-begins-evacuating-residents-near-us-embassy-after-iranian-strikes-1772683204311/embed Qatar gas supply halt will hit India, Pakistan and Bangladesh hard Qatar supplies nearly half of India’s annual LNG imports of around 27 million tonnes. India’s city gas distribution sector, which relies on LNG for compressed natural gas (CNG) and piped cooking gas, could face a crisis with supply cuts of up to 40 per cent if alternatives are not secured fast enough. India is seeking cargoes from the spot market, where prices have surged by up to 50 per cent and shipping rates have doubled to about $200,000 per tanker. If the situation persists, inflation and disruption to industrial output could follow. Bangladesh depends on Qatar and the UAE for nearly 72 per cent of its LNG imports. Severe shortages could lead to prolonged power outages in the country and greater use of coal. Bangladesh may also need to import more electricity from India to mitigate the impact. Nearly all of Pakistan’s LNG imports come from Qatar and the UAE, making it extremely vulnerable to supply disruptions from Gulf producers. Increasing domestic natural gas production and reducing regasification demand are possible responses. Greater use of solar energy could help prevent daytime power cuts, but overall shortages could still lead to outages and economic strain for Pakistan. Also read: Meanwhile, US oil production surpasses Saudi, Russia combined; natural gas output crosses total of Russia, China and Iran How global LNG supplies will be hit by Qatar moves The shutdown will be a major shock to global energy markets as Qatar supplies roughly 20 per cent of the world’s LNG. The crisis has already pushed up gas prices in Europe and Asia by as much as 93 per cent. Asia, which accounts for nearly 82 per cent of Qatar’s LNG exports, will be the hardest hit, particularly Japan, South Korea and China besides India, Pakistan and Bangladesh. European buyers including the UK, Italy and Belgium also face supply pressure and higher prices. Analysts said other major producers such as the US and Australia, have limited spare capacity to quickly replace Qatar’s lost exports. Also read: India has 25 days of fuel stock, Japan refiners plead to open strategic reserves: Oil-importing nations scramble as Iran conflict causes supply woes When is Qatar LNG supply likely to resume? The halt in liquefaction is intended to allow initial repairs and safety checks at the affected production facilities. Reports say this process is expected to take at least two weeks. Another two weeks will likely be required to restore full production after liquefaction resumes. In total, the supply disruption could last around one month or longer. 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.

Amid the Iran conflict, Qatar halted LNG production and declared force majeure on gas trade. The shutdown threatens global supply, sending prices soaring and hitting major importers in Asia and Europe. India, Pakistan and Bangladesh are among countries that would be hit hard

How India, Pakistan, Bangladesh will be affected as Qatar halts gas liquefaction and declares force majeure in LNG trade