Turkey, Saudi Arabia and Pakistan have signed a major trilateral defence pact aimed at strengthening mutual security amid growing threats and instability across West Asia.

The Mecca Joint Defence Agreement brings together three strategically important countries and is being presented as a defensive arrangement rooted in the UN Charter. Officials have stressed that the pact is not intended to create a new military bloc or automatically commit the three countries to offensive operations.

The agreement comes amid escalating tensions involving Iran, the United States, Yemen and the wider Gulf region. Iranian officials have reacted sharply to the pact, with some warning Saudi Arabia that a security agreement with Turkey and Pakistan would not guarantee protection.

Turkey, Saudi Arabia and Pakistan Sign Trilateral Defence Pact Amid Iran Tensions

Iraq’s Prime Minister Mohammed Shia Al Sudani has made his first official visit to Iran since taking office, signaling efforts to strengthen ties between the two neighboring countries amid rising tensions in West Asia. During his visit to Tehran, Al Sudani met Iranian President Masoud Pezeshkian for talks focused on expanding political, economic, trade, transport, and security cooperation. The two nations signed four agreements aimed at improving bilateral coordination and strengthening relations. The Iraqi Prime Minister also stated that Iraq would not allow its territory to be used for actions threatening Iran, while emphasizing Baghdad’s commitment to regional stability and respect for neighboring countries’ sovereignty.

Iraq PM Ali Al Sudani meets Iran President Pezeshkian | New trade, security agreements signed

An Indian marine engineer from Pune has been confirmed dead after a merchant vessel was attacked in the Strait of Hormuz. The victim, who had gone missing following the strike, was part of the crew aboard the GFS Galaxy. The incident comes just a day after another Indian seafarer was killed in Iranian missile attacks on UAE-linked tankers in the region. India has strongly condemned the attacks, summoned Iran's Deputy Ambassador in New Delhi, and launched a new "Seafarer First" response system, including real-time vessel tracking, to protect Indian nationals working at sea. Authorities are coordinating with Oman to bring the deceased engineer's mortal remains back to India.

Indian marine engineer killed in Strait of Hormuz attack | MEA summons Iran, envoy 

India is set to host the Quad Foreign Ministers’ Meeting at a time of heightened tensions in West Asia, underscoring the growing importance of Indo-Pacific cooperation amid global geopolitical uncertainty. The high-level talks between India, the United States, Japan, and Australia are expected to focus on regional security, supply chain resilience, maritime stability, and strategic coordination.


India to Host Quad Foreign Minister's Meeting Amid West Asia Tension

The Government of Delhi on Saturday (May 16) announced a sharp reduction in Value Added Tax (VAT) on Aviation Turbine Fuel (ATF), bringing the rate down from 25 per cent to 7 per cent in a move aimed at reducing operational pressure on airlines and offering relief to passengers.&nbsp;According to the Chief Minister’s Office, the decision is expected to lower fuel costs for airlines at a time when the aviation sector is facing rising expenses due to high crude oil prices and disruptions linked to tensions in West Asia.&nbsp;“Delhi government has decided to reduce the value-added tax (VAT) on aviation turbine fuel (ATF) from the existing 25 per cent to 7 per cent, a move which is likely to benefit the airlines and common passengers,” the official statement said.&nbsp;Also Read: <a href="https://www.wionews.com/india-news/tamil-nadu-cm-vijay-allocates-cabinet-portfolios-keeps-home-and-urban-development-departments-1778936619878">Tamil Nadu CM Vijay allocates Cabinet portfolios, keeps Home and Urban Development departments</a>&nbsp;The announcement came a day after the Maharashtra government reduced VAT on ATF from 18 per cent to 7 per cent for a six-month period starting May 15.&nbsp;ATF accounts for nearly 30 to 40 per cent of an airline’s operating expenditure and has remained under pressure due to geopolitical instability, supply chain disruptions and volatility in global crude oil prices.&nbsp;The aviation industry has also been affected by continuing conflicts in West Asia and periodic airspace restrictions, which have pushed up fuel expenses and impacted airline finances. Several carriers have adjusted ticket prices on busy domestic routes to manage the rising costs.

The move aimed to ease the burden on passengers and airlines, which are reeling under pressure from rising fuel costs amid the continuing conflict in West Asia and the closure of the vital Strait of Hormuz.

The Government of Delhi on Saturday (May 16) announced a sharp reduction in Value Added Tax (VAT) on Aviation Turbine Fuel (ATF), bringing the rate down from 25 per cent to 7 per cent in a move aimed at reducing operational pressure on airlines and offering relief to passengers. According to the Chief Minister’s Office, the decision is expected to lower fuel costs for airlines at a time when the aviation sector is facing rising expenses due to high crude oil prices and disruptions linked to tensions in West Asia. “Delhi government has decided to reduce the value-added tax (VAT) on aviation turbine fuel (ATF) from the existing 25 per cent to 7 per cent, a move which is likely to benefit the airlines and common passengers,” the official statement said. Also Read: Tamil Nadu CM Vijay allocates Cabinet portfolios, keeps Home and Urban Development departments The announcement came a day after the Maharashtra government reduced VAT on ATF from 18 per cent to 7 per cent for a six-month period starting May 15. ATF accounts for nearly 30 to 40 per cent of an airline’s operating expenditure and has remained under pressure due to geopolitical instability, supply chain disruptions and volatility in global crude oil prices. The aviation industry has also been affected by continuing conflicts in West Asia and periodic airspace restrictions, which have pushed up fuel expenses and impacted airline finances. Several carriers have adjusted ticket prices on busy domestic routes to manage the rising costs.

The move aimed to ease the burden on passengers and airlines, which are reeling under pressure from rising fuel costs amid the continuing conflict in West Asia and the closure of the vital Strait of Hormuz.

Delhi govt cuts VAT on aviation turbine fuel from 25% to 7% amid rising airline costs

Kamal Haasan, cinema superstar and politician, has shared a letter appealing to the Indian film industry to cut unnecessary production spending amid the West Asia conflict. Haasan’s letter comes days after Prime Minister Narendra Modi appealed to citizens to help conserve petrol, diesel, and foreign exchange reserves amid the tough situation, as global supply chains have been severely hit by crises in the Middle East.&nbsp;Addressing the film industry, Haasan shared a detailed note with the caption, "My Appeal." The actor has been quite active on social media and in current politics, and time and again shares his views on the country and people’s matters.<h3>What Kamal Haasan shared in his appeal to the nation</h3>Late Friday night, the superstar shared a long note dedicated to the Indian film industry on his social media handles. He said the crisis in West Asia is deepening, and this comes at a time when Indian film budgets are already escalating while market recoveries remain uneven.&nbsp;Also read: <a href="https://www.wionews.com/india-news/-curb-fuel-use-avoid-foreign-travel-and-buying-gold-pm-modi-appeals-nation-to-help-tide-over-crisis-1778438565952">‘Curb fuel use, avoid foreign travel and buying gold,’ PM Modi appeals nation to help tide over crisis</a>&nbsp;''For the Indian film industry, this comes at a time when budgets are already escalating, and market recoveries remain uneven. Rising costs will not affect film production alone. Consumer spending patterns for entertainment may also change in the months ahead due to inflationary pressures,” he shared.&nbsp;Read his full statement below:

<blockquote class="twitter-tweet">My appeal to our Industry.<a href="https://twitter.com/ficci_india?ref_src=twsrc%5Etfw">@ficci_india</a> <a href="https://twitter.com/producers_guild?ref_src=twsrc%5Etfw">@producers_guild</a> <a href="https://twitter.com/tfpcin?ref_src=twsrc%5Etfw">@tfpcin</a> <a href="https://twitter.com/TFPCOffl?ref_src=twsrc%5Etfw">@TFPCOffl</a> <a href="https://twitter.com/kfpaofficial?ref_src=twsrc%5Etfw">@kfpaofficial</a> <a href="https://twitter.com/TFCCofficial?ref_src=twsrc%5Etfw">@TFCCofficial</a> <a href="https://twitter.com/imppa_official?ref_src=twsrc%5Etfw">@imppa_official</a> <a href="https://twitter.com/federation_film?ref_src=twsrc%5Etfw">@federation_film</a> <a href="https://twitter.com/fwicemum?ref_src=twsrc%5Etfw">@fwicemum</a> <a href="https://twitter.com/aifecsocial?ref_src=twsrc%5Etfw">@aifecsocial</a> <a href="https://twitter.com/aicwaofficial?ref_src=twsrc%5Etfw">@aicwaofficial</a> <a href="https://twitter.com/tfapatn?ref_src=twsrc%5Etfw">@tfapatn</a> <a href="https://twitter.com/hashtag/SouthIndianFilmChamberOfCommerce?src=hash&amp;ref_src=twsrc%5Etfw">#SouthIndianFilmChamberOfCommerce</a> <a href="https://twitter.com/hashtag/NorthernIndiaMotionPicturesAssociation?src=hash&amp;ref_src=twsrc%5Etfw">#NorthernIndiaMotionPicturesAssociation</a>… <a href="https://t.co/24WXgYlbHN">pic.twitter.com/24WXgYlbHN</a>&mdash; Kamal Haasan (@ikamalhaasan) <a href="https://twitter.com/ikamalhaasan/status/2055254665898742047?ref_src=twsrc%5Etfw">May 15, 2026</a></blockquote> <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>

Over the extravagant expenses on foreign trips and entourage culture and production delays, Haasan suggested,''" The correction we need is elsewhere: in avoidable waste, poor planning, inflated entourage culture, unnecessary foreign travel, production delays &nbsp;and the growing disconnect between spending and purpose. Why must every love story bloom only in Paris, and every honeymoon end in Switzerland?" Haasan wrote.&nbsp;The actor also called the moment the right time for an industry-wide conversation between producers, actors, unions, studios &nbsp;exhibitors, OTT platforms, financiers, and others to discuss the economic challenges.&nbsp;&nbsp;Also read:<a href="https://www.wionews.com/india-news/delhi-government-work-from-home-fuel-saving-measures-1778756615414"> Delhi announces mandatory 2-day WFH, suspend all non-essential foreign travel for government employees&nbsp;</a><h2>Kamal Haasan’s suggestions welcomed by producers</h2>As the country and the world continue to suffer amid the crisis, Kamal Haasan’s appeal has been welcomed by producers. Vyjayanthi Movies, one of the biggest production houses in Indian cinema and the banner behind Kalki 2898 AD, appreciated the veteran actor speaking about responsible measures.&nbsp;

<blockquote class="twitter-tweet">Incredible man. Incredible words. At a crucial time for the cinema industry, Mr. <a href="https://twitter.com/ikamalhaasan?ref_src=twsrc%5Etfw">@ikamalhaasan</a> is among the first to step forward and speak about responsible measures to control costs and protect the future of cinema. Truly appreciate it, sir. 🙏🏻 <a href="https://t.co/4MJI4ZY2Jk">https://t.co/4MJI4ZY2Jk</a>&mdash; Vyjayanthi Movies (@VyjayanthiFilms) <a href="https://twitter.com/VyjayanthiFilms/status/2055278456947257428?ref_src=twsrc%5Etfw">May 15, 2026</a></blockquote> <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>

Reposting the actor's post on X, Vyjayanthi Movies wrote,''Incredible man. Incredible words.At a crucial time for the cinema industry, Mr. &nbsp;@ikamalhaasan is among the first to step forward and speak about responsible measures to control costs and protect the future of cinema. Truly appreciate it, sir. ‘’&nbsp;Haasan's letter has received a raving response as netizens and industry people hailed him for speaking up.&nbsp;

Kamal Haasan has been working in the industry for over several decades now. In an open letter for the film fraternity, the veteran actor has urged the people to unite and discuss the rising costs in industry amidst rising tensions in West Asia. 

Kamal Haasan, cinema superstar and politician, has shared a letter appealing to the Indian film industry to cut unnecessary production spending amid the West Asia conflict. Haasan’s letter comes days after Prime Minister Narendra Modi appealed to citizens to help conserve petrol, diesel, and foreign exchange reserves amid the tough situation, as global supply chains have been severely hit by crises in the Middle East. Addressing the film industry, Haasan shared a detailed note with the caption, "My Appeal." The actor has been quite active on social media and in current politics, and time and again shares his views on the country and people’s matters. What Kamal Haasan shared in his appeal to the nation Late Friday night, the superstar shared a long note dedicated to the Indian film industry on his social media handles. He said the crisis in West Asia is deepening, and this comes at a time when Indian film budgets are already escalating while market recoveries remain uneven. Also read: ‘Curb fuel use, avoid foreign travel and buying gold,’ PM Modi appeals nation to help tide over crisis ''For the Indian film industry, this comes at a time when budgets are already escalating, and market recoveries remain uneven. Rising costs will not affect film production alone. Consumer spending patterns for entertainment may also change in the months ahead due to inflationary pressures,” he shared. Read his full statement below:

Kamal Haasan has been working in the industry for over several decades now. In an open letter for the film fraternity, the veteran actor has urged the people to unite and discuss the rising costs in industry amidst rising tensions in West Asia.&nbsp;

Kamal Haasan pens open letter on rising industry-wide costs amid crises in West Asia, receives support from a production house

Iran's Foreign Minister Seyed Abbas Araghchi will visit India's capital this week for a BRICS foreign ministers' meeting, as the grouping grapples with escalating tensions in West Asia and their ripple effects on global energy markets. The two-day gathering, scheduled for 14-15 May under India's BRICS chairmanship, comes at a sensitive moment. A fragile ceasefire between Iran and the United States, in April following direct conflict involving Israeli and US strikes, remains under strain amid accusations of violations in the Strait of Hormuz.&nbsp;&nbsp;Araghchi's visit, his first to India since the outbreak of the latest round of hostilities, shows Tehran's push for greater engagement within BRICS, where it has been a full member since 2024.The meeting is expected to focus on regional stability, multilateral cooperation, and economic resilience. Other participants are expected to include Russia's Sergey Lavrov, with China's Wang Yi absent due to clashing commitments- Trump's China visit.&nbsp;&nbsp;For India, the timing is delicate. New Delhi maintains strong energy ties with Iran, what it sees as "civilizational". But as EAM Jaishankar &amp; Iran FM Araghchi meet, focus will be on the movement of India-bound vessels via Hormuz. India imports a significant portion of its oil through the strait, making safe passage a priority.&nbsp;&nbsp;The BRICS meeting offers India a platform to advocate for de-escalation without alienating key partners. BRICS, expanded to include Iran, Egypt, Ethiopia, and others, has struggled to forge a unified stance on the West Asia conflict due to internal divisions, including between Iran and the UAE. A joint statement, if achieved, could signal the group's relevance as a voice for the Global South.&nbsp;&nbsp;For Tehran, engagement helps counter Western pressure and explore economic alternatives as it navigates ceasefire talks with Washington. Success in New Delhi could bolster preparations for the full BRICS leaders' summit later in 2026, but failure to bridge gaps risks exposing the group's fractures. Also read: <a href="https://www.wionews.com/world/starmer-delivers-major-speech-amid-uk-leadeship-crisis-from-nationalisation-of-british-steel-to-iran-war-what-he-said-1778480086499">Starmer delivers major speech amid UK leadership crisis: From nationalisation of British steel to Iran war — What he said</a>

The meeting is expected to focus on regional stability, multilateral cooperation, and economic resilience. Other participants are expected to include Russia's Sergey Lavrov, with China's Wang Yi absent due to clashing commitments- Trump's China visit. 

Iran's Foreign Minister Seyed Abbas Araghchi will visit India's capital this week for a BRICS foreign ministers' meeting, as the grouping grapples with escalating tensions in West Asia and their ripple effects on global energy markets. The two-day gathering, scheduled for 14-15 May under India's BRICS chairmanship, comes at a sensitive moment. A fragile ceasefire between Iran and the United States, in April following direct conflict involving Israeli and US strikes, remains under strain amid accusations of violations in the Strait of Hormuz. Araghchi's visit, his first to India since the outbreak of the latest round of hostilities, shows Tehran's push for greater engagement within BRICS, where it has been a full member since 2024. The meeting is expected to focus on regional stability, multilateral cooperation, and economic resilience. Other participants are expected to include Russia's Sergey Lavrov, with China's Wang Yi absent due to clashing commitments- Trump's China visit. For India, the timing is delicate. New Delhi maintains strong energy ties with Iran, what it sees as "civilizational". But as EAM Jaishankar & Iran FM Araghchi meet, focus will be on the movement of India-bound vessels via Hormuz. India imports a significant portion of its oil through the strait, making safe passage a priority. The BRICS meeting offers India a platform to advocate for de-escalation without alienating key partners. BRICS, expanded to include Iran, Egypt, Ethiopia, and others, has struggled to forge a unified stance on the West Asia conflict due to internal divisions, including between Iran and the UAE. A joint statement, if achieved, could signal the group's relevance as a voice for the Global South. For Tehran, engagement helps counter Western pressure and explore economic alternatives as it navigates ceasefire talks with Washington. Success in New Delhi could bolster preparations for the full BRICS leaders' summit later in 2026, but failure to bridge gaps risks exposing the group's fractures. Also read: Starmer delivers major speech amid UK leadership crisis: From nationalisation of British steel to Iran war — What he said

The meeting is expected to focus on regional stability, multilateral cooperation, and economic resilience. Other participants are expected to include Russia's Sergey Lavrov, with China's Wang Yi absent due to clashing commitments- Trump's China visit.&nbsp;

Iran's Foreign Minister set for key BRICS talks in India amid fragile West Asia truce

Amid West Asia tensions, LPG prices may be revised on May 1 after recent hikes. The government has tightened booking rules, introduced OTP-based delivery checks, and mandated Aadhaar eKYC for Pradhan Mantri Ujjwala Yojana users to ensure subsidy benefits.

LPG rule changes: Price hike likely from May 1? New booking and eKYC rules kick in: All you need to know

Amid rising geopolitical tensions and energy shocks, the slowdown in the US economy has highlighted concerns with limited but notable implications for India, according to a report by SBI Research. The report suggests that the current situation could unfold differently from previous recession cycles, though it may still carry some limited yet meaningful consequences for India. It highlights that historically, major global oil shocks have typically been followed by a recession in the United States. Instances such as the 1973 oil embargo, the 1979 Iran crisis, the Gulf War, and the 2008 global financial crisis all witnessed sharp surges in crude prices preceding economic contractions in the US.<h3>US Economy in the past</h3>However, the report emphasises that the current scenario is structurally different. Unlike in the past, the US economy is now more energy self-sufficient and has evolved into a net exporter of energy. The changes indicate that increased oil prices may not exhaust domestic resources, as increased energy spending resides within the country. In addition, US households are getting benefits from substantial tax refunds, which could shield consumption and delay any downturn. The report warns that although risks remain high due to the ongoing West Asia crisis and disruptions in global supply chains, the usual strong link between oil shocks and US recessions may not be as pronounced this time. Regarding India, SBI Research noted that the country is approaching this period of global uncertainty from a relatively strong position. India posted a solid GDP growth of 7.6 per cent in FY26 and is expected to expand by around 6.5–6.8 per cent in FY27 despite challenging global conditions. It added that India’s strong macroeconomic fundamentals, such as healthy domestic demand, a robust banking system, and stable financial conditions, act as a cushion against external shocks. The report also compared the current situation to the Russia-Ukraine conflict period, when India managed to sustain strong growth. However, it cautioned that indirect impacts, like rising crude oil prices, inflationary pressures, and global trade disruptions, could slow growth. It also stressed the importance of policy measures, particularly to manage the balance of payments and support currency stability.&nbsp;Also read: <a href="https://www.wionews.com/world/-there-will-be-consequences-india-warns-iran-after-attack-on-2-tankers-in-hormuz-1776597009259">‘There will be consequences,’ India warns Iran after attack on 2 tankers in Hormuz</a>

The report also warns that although risks remain high due to the ongoing West Asia crisis and disruptions in global supply chains, the usual strong link between oil shocks and US recessions may not be as pronounced this time.

Amid rising geopolitical tensions and energy shocks, the slowdown in the US economy has highlighted concerns with limited but notable implications for India, according to a report by SBI Research. The report suggests that the current situation could unfold differently from previous recession cycles, though it may still carry some limited yet meaningful consequences for India. It highlights that historically, major global oil shocks have typically been followed by a recession in the United States. Instances such as the 1973 oil embargo, the 1979 Iran crisis, the Gulf War, and the 2008 global financial crisis all witnessed sharp surges in crude prices preceding economic contractions in the US. US Economy in the past However, the report emphasises that the current scenario is structurally different. Unlike in the past, the US economy is now more energy self-sufficient and has evolved into a net exporter of energy. The changes indicate that increased oil prices may not exhaust domestic resources, as increased energy spending resides within the country. In addition, US households are getting benefits from substantial tax refunds, which could shield consumption and delay any downturn. The report warns that although risks remain high due to the ongoing West Asia crisis and disruptions in global supply chains, the usual strong link between oil shocks and US recessions may not be as pronounced this time. Regarding India, SBI Research noted that the country is approaching this period of global uncertainty from a relatively strong position. India posted a solid GDP growth of 7.6 per cent in FY26 and is expected to expand by around 6.5–6.8 per cent in FY27 despite challenging global conditions. It added that India’s strong macroeconomic fundamentals, such as healthy domestic demand, a robust banking system, and stable financial conditions, act as a cushion against external shocks. The report also compared the current situation to the Russia-Ukraine conflict period, when India managed to sustain strong growth. However, it cautioned that indirect impacts, like rising crude oil prices, inflationary pressures, and global trade disruptions, could slow growth. It also stressed the importance of policy measures, particularly to manage the balance of payments and support currency stability. Also read: ‘There will be consequences,’ India warns Iran after attack on 2 tankers in Hormuz

The report also warns that although risks remain high due to the ongoing West Asia crisis and disruptions in global supply chains, the usual strong link between oil shocks and US recessions may not be as pronounced this time.

Oil shocks may slowdown US economy amid geopolitical tensions, India to remain resilient: SBI

The Central has announced the creation of the ‘Bharat Maritime Insurance Pool’ (BMI pool) on Saturday (April 18, 2026), with a sovereign guarantee of Rs 12,980 crore to ensure uninterrupted maritime insurance coverage for Indian trade. The coverage includes hull, machinery, cargo, protection and indemnity (P&amp;I) and war. The decision was taken at a meeting of the Union Cabinet, chaired by Prime Minister Narendra Modi. Following the move, Union Information and Broadcasting Minister Ashwini Vaishnaw briefed reporters after the Cabinet meeting, saying, “A big factor of insurance, which the world understood during the West Asia conflict, is that insurers and reinsurers were not ready to insure the ships going to West Asia… In view of this, a decision has been taken to create a sovereign guarantee fund of Rs 12,980 crore to facilitate maritime insurance. It will cover all maritime risks including hull, machinery, cargo, P&amp;I and war. Vessels with the India flag will be covered under this.”<h3>BMI pool</h3>The initiative comes amid growing global volatility and geopolitical tensions that have increased risks for ships and cargo, driving up insurance premiums and creating uncertainty around coverage. The domestic pool aims to reduce India’s reliance on foreign insurers and ensure smoother trade flows even through volatile maritime corridors. The BMI pool will provide coverage across a wide range of maritime risks, including Hull and Machinery, Cargo, Protection and Indemnity (P&amp;I), and War-related risks. It will apply to Indian-flagged vessels as well as ships transporting goods to and from Indian ports, regardless of their origin. At present, Indian vessels largely depend on global insurers, such as the International Group of Protection and Indemnity (IGP&amp;I) Clubs, for third-party liability coverage, including risks such as oil spills, wreck removal, cargo damage, crew injuries, and collisions. The government has highlighted that such dependence can be risky, especially during sanctions or geopolitical conflicts that may disrupt access to coverage.&nbsp;Also read:<a href="https://www.wionews.com/photos/-they-are-bold-trump-praises-great-ally-israel-after-iran-tells-him-to-block-bibi-then-goes-on-to-post-39-times-in-minutes-1776570630538/1776570630541"> 'They are bold': Trump praises 'great ally' Israel after Iran tells him to 'block Bibi', then goes on to post 39 times in minutes</a>

The BMI pool will provide coverage across a wide range of maritime risks, including Hull and Machinery, Cargo, Protection and Indemnity (P&I), and War-related risks. It will apply to Indian-flagged vessels as well as ships transporting goods to and from Indian ports.

The Central has announced the creation of the ‘Bharat Maritime Insurance Pool’ (BMI pool) on Saturday (April 18, 2026), with a sovereign guarantee of Rs 12,980 crore to ensure uninterrupted maritime insurance coverage for Indian trade. The coverage includes hull, machinery, cargo, protection and indemnity (P&I) and war. The decision was taken at a meeting of the Union Cabinet, chaired by Prime Minister Narendra Modi. Following the move, Union Information and Broadcasting Minister Ashwini Vaishnaw briefed reporters after the Cabinet meeting, saying, “A big factor of insurance, which the world understood during the West Asia conflict, is that insurers and reinsurers were not ready to insure the ships going to West Asia… In view of this, a decision has been taken to create a sovereign guarantee fund of Rs 12,980 crore to facilitate maritime insurance. It will cover all maritime risks including hull, machinery, cargo, P&I and war. Vessels with the India flag will be covered under this.” BMI pool The initiative comes amid growing global volatility and geopolitical tensions that have increased risks for ships and cargo, driving up insurance premiums and creating uncertainty around coverage. The domestic pool aims to reduce India’s reliance on foreign insurers and ensure smoother trade flows even through volatile maritime corridors. The BMI pool will provide coverage across a wide range of maritime risks, including Hull and Machinery, Cargo, Protection and Indemnity (P&I), and War-related risks. It will apply to Indian-flagged vessels as well as ships transporting goods to and from Indian ports, regardless of their origin. At present, Indian vessels largely depend on global insurers, such as the International Group of Protection and Indemnity (IGP&I) Clubs, for third-party liability coverage, including risks such as oil spills, wreck removal, cargo damage, crew injuries, and collisions. The government has highlighted that such dependence can be risky, especially during sanctions or geopolitical conflicts that may disrupt access to coverage. Also read: 'They are bold': Trump praises 'great ally' Israel after Iran tells him to 'block Bibi', then goes on to post 39 times in minutes

The BMI pool will provide coverage across a wide range of maritime risks, including Hull and Machinery, Cargo, Protection and Indemnity (P&amp;I), and War-related risks. It will apply to Indian-flagged vessels as well as ships transporting goods to and from Indian ports.

Big move: India launches Rs 12,980 Cr ‘Bharat Maritime Insurance Pool’ amid West Asia conflict - Here's why

US President-elect Donald Trump on Tuesday (7 January) issued a stern warning to Hamas, demanding the release of hostages before his inauguration on 20 January, 2025.

West Asia tensions: Trump reiterates hostage warning to Hamas

India's Petroleum and Natural Gas Minister Hardeep Singh Puri has expressed confidence in the country's ability to manage potential disruptions in oil supply stemming from escalating tensions in West Asia. This assurance comes as crude oil prices have surged to nearly $80 per barrel, driven by recent missile attacks on Israel attributed to Iran, raising concerns about a broader conflict that could jeopardise oil supplies from the region as detailed in a report by Reuters.

India, the world's third-biggest oil importer and consumer, imports about 85 per cent of its over 5 million barrels per day of oil needs, with a significant part of that coming from producers in West Asia.

Hardeep Puri further stated that, "We are watching the situation very, very carefully. Energy availability can get affected if there is an exacerbation - that goes without saying." He emphasised that India's energy security is a priority and that the nation is prepared to navigate any challenges that may arise.

The increase in global benchmark prices has also prompted Saudi Arabia, one of the largest oil producers, to slightly raise its supply rates for Asian customers. However, Puri reassured that there is no shortage of oil globally. "There is enough oil available, and we have enough choices to exercise," he noted. This statement reflects a broader optimism about the resilience of the global oil market amidst geopolitical uncertainties.

The minister highlighted the importance of cooperation among state and non-state actors in mitigating risks associated with potential conflicts. "I'm also counting on the goodwill of all the state actors and non-state actors to carefully weigh the consequences of any actions that might be contemplated," he added.

As India continues to monitor developments in West Asia closely, Puri's remarks underline a proactive approach towards energy management. The country remains one of the largest importers of crude oil, making it particularly vulnerable to fluctuations in global supply and pricing.

In light of these developments, industry analysts are keeping a close eye on how geopolitical tensions might influence not only oil prices but also broader economic conditions globally. The potential for increased volatility in energy markets could impact various sectors within India’s economy, particularly those reliant on stable energy supplies.

Therefore, while the geopolitical landscape remains uncertain, stakeholders across industries will be watching closely to see how these dynamics unfold and what measures will be taken to safeguard India's energy interests.

India's Petroleum and Natural Gas Minister Hardeep Singh Puri has expressed confidence in the country's ability to manage potential disruptions in oil supply stemming from escalating tensions in West Asia.

India's Petroleum and Natural Gas Minister Hardeep Singh Puri has expressed confidence in the country's ability to manage potential disruptions in oil supply stemming from escalating tensions in West Asia. This assurance comes as crude oil prices have surged to nearly $80 per barrel, driven by recent missile attacks on Israel attributed to Iran, raising concerns about a broader conflict that could jeopardise oil supplies from the region as detailed in a report by Reuters. India, the world's third-biggest oil importer and consumer, imports about 85 per cent of its over 5 million barrels per day of oil needs, with a significant part of that coming from producers in West Asia. Hardeep Puri further stated that, "We are watching the situation very, very carefully. Energy availability can get affected if there is an exacerbation - that goes without saying." He emphasised that India's energy security is a priority and that the nation is prepared to navigate any challenges that may arise. The increase in global benchmark prices has also prompted Saudi Arabia, one of the largest oil producers, to slightly raise its supply rates for Asian customers. However, Puri reassured that there is no shortage of oil globally. "There is enough oil available, and we have enough choices to exercise," he noted. This statement reflects a broader optimism about the resilience of the global oil market amidst geopolitical uncertainties. The minister highlighted the importance of cooperation among state and non-state actors in mitigating risks associated with potential conflicts. "I'm also counting on the goodwill of all the state actors and non-state actors to carefully weigh the consequences of any actions that might be contemplated," he added. As India continues to monitor developments in West Asia closely, Puri's remarks underline a proactive approach towards energy management. The country remains one of the largest importers of crude oil, making it particularly vulnerable to fluctuations in global supply and pricing. In light of these developments, industry analysts are keeping a close eye on how geopolitical tensions might influence not only oil prices but also broader economic conditions globally. The potential for increased volatility in energy markets could impact various sectors within India’s economy, particularly those reliant on stable energy supplies. Therefore, while the geopolitical landscape remains uncertain, stakeholders across industries will be watching closely to see how these dynamics unfold and what measures will be taken to safeguard India's energy interests.

India poised to navigate West Asia tensions, says petroleum minister Hardeep Singh Puri

Amid growing concerns that an Iranian retaliation on Israel may lead to a full-scale conflict in the Middle East, US President Joe Biden met with his national security team on Monday to discuss crisis management.

Joe Biden meets national security chiefs as fears of retaliation by Iran grows

Iran's Supreme Leader Ayatollah Ali Khamenei said Israel had provided the grounds for "harsh punishment for itself" and it was Tehran's duty to avenge Haniyeh's death. Iranian forces have already made strikes directly on Israel earlier in the Gaza war.

Israel-Iran war: Iran's asserts legal right to punish Zionist regime

Yemen's Iran-aligned Houthi movement downed US drone “MQ-9” over the country's northern Saada province, two sources from the group told Reuters on Sunday. The attack would be the first to be claimed by the Houthis since Israel carried out a retaliatory airstrike against the group in the port of Hodeidah.

Bangladesh on the boil | Yemen's Houthis down US Drone

White House has clearly stated that the United States is "preparing for every possibility" in regards to possible reprisal from Iran following the assassination of a prominent Hamas political leader in Tehran last week.

Israel-Iran war: US 'preparing for every possibility' on potential Iran retaliation

Jordan's Foreign Minister Ayman Safadi concluded a rare visit to Iran on Sunday with a plea for an end to the escalation of violence and for the region to be able to live in "peace, security and stability".

West-Asia tensions: Jordan's Safadi urges de-escalation of regional tensions in rare Iran visit, Iran denies

‘There’s no security reason to delay deal,’ Gallant quoted as telling PM, whose office claims that Hamas, rather than the premier, has been introducing new demands to hinder progress.

Israel-Hamas war: Security chiefs, negotiators, US all blaming Netanyahu for tanking hostage talks

Top Iranian officials will meet the representatives of Iran's regional allies from Lebanon, Iraq and Yemen on Thursday to discuss potential retaliation against Israel after the killing of the Hamas leader in Tehran

West Asia Tensions: Iran and its proxies will meet to discuss retaliation against Israel

The United States believes that an Iranian attack on Israel is imminent, and the only question is when exactly will it happen, Bloomberg reported on Wednesday (Apr 10). The report coincided with Tehran's warning as supreme leader, Ayatollah Ali Khamenei, also said on Wednesday that Israel "must be punished and it shall be" for attacking the Iranian embassy compound in Syria.&nbsp;

Suspected Israeli warplanes bombed Iran's consulate in the Syrian capital on April 1 in a strike that Iran said killed seven military advisers. It was seen as a major escalation.&nbsp;

"When they attack the consulate, it is as if they have attacked our soil. The evil regime made a mistake and must be punished and it shall be," Khamenei said in a speech marking the end of the Muslim holy month of Ramadan.&nbsp;

Also read:&nbsp;<a href="https://www.wionews.com/world/lufthansa-extends-tehran-flight-suspension-amid-middle-east-security-concerns-710165">Lufthansa extends Tehran flight suspension amid middle east security concerns</a>&nbsp;

The Bloomberg report cited people familiar with US and Israeli intelligence assessments, saying that Iran or its proxies could launch strikes.&nbsp;

The strike&nbsp;could involve high-precision missile&nbsp;and drone attacks&nbsp;at&nbsp;military and government sites in Israel with the source telling the media outlet that the strikes were a matter of when, not if.&nbsp;

In another report published by the Axios news site, Gen. Michael Kurilla, who is head of the US Central Command, was expected to visit Israel on Thursday. He will consult with Defense Minister Yoav Gallant and other officials to discuss the Iranian threat.&nbsp;

Also read:&nbsp;<a href="https://www.wionews.com/world/rwanda-genocide-envoy-mukangira-shares-personal-tale-of-loss-pays-homage-to-victims-710129">Rwanda genocide: Envoy Mukangira shares personal tale of loss, pays homage to victims in Delhi</a>&nbsp;

Watch:&nbsp;Israel and US fear Iran might attack Israel using missiles and&nbsp;drones&nbsp;

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Experts have raised concerns over the ongoing war between Israel and Hamas spreading and entering&nbsp;adjacent regions as the situation in West Asia continues to escalate. The situation&nbsp;has therefore called for and immediate ceasefire.

While speaking about the direction and location from where the attack might come, the source said that US and Western intelligence have indicated an attack may not necessarily come from Israel's north, where Tehran's ally Hezbollah in Lebanon is located.&nbsp;

US President also weighed in as he said on Wednesday, "We also want to address the Iranian threat to launch a significant - they're threatening to launch a significant attack in Israel. As I told Prime Minister Netanyahu, our commitment to Israel's security against these threats from Iran and its proxies is ironclad. Let me say it again, iron-clad - all we can to protect Israel's security."&nbsp;

As per the report, Israel appears to have knowledge of such potential attack, with&nbsp;Foreign Minister of Israel Katz saying on Wednesday that his country will respond if Iran attacks from its own soil.&nbsp;

"If Iran attacks from its own territory, Israel will respond and attack in Iran," Katz said in a post on the social media platform X.

Disclaimer: A number of claims and counterclaims are being made on Ukraine-Russia war on the ground and online. While WION takes utmost care to accurately and responsibly report ongoing developments, we cannot independently verify the authenticity of all statements, photos and videos&nbsp;

(With inputs from agencies)&nbsp;

The United States believes that an Iranian attack on Israel is imminent, and the only question is when exactly will it happen, Bloomberg reported on Wednesday (Apr 10).

The United States believes that an Iranian attack on Israel is imminent, and the only question is when exactly will it happen, Bloomberg reported on Wednesday (Apr 10). The report coincided with Tehran's warning as supreme leader, Ayatollah Ali Khamenei, also said on Wednesday that Israel "must be punished and it shall be" for attacking the Iranian embassy compound in Syria. Suspected Israeli warplanes bombed Iran's consulate in the Syrian capital on April 1 in a strike that Iran said killed seven military advisers. It was seen as a major escalation. "When they attack the consulate, it is as if they have attacked our soil. The evil regime made a mistake and must be punished and it shall be," Khamenei said in a speech marking the end of the Muslim holy month of Ramadan. Also read: Lufthansa extends Tehran flight suspension amid middle east security concerns The Bloomberg report cited people familiar with US and Israeli intelligence assessments, saying that Iran or its proxies could launch strikes. The strike could involve high-precision missile and drone attacks at military and government sites in Israel with the source telling the media outlet that the strikes were a matter of when, not if. In another report published by the Axios news site, Gen. Michael Kurilla, who is head of the US Central Command, was expected to visit Israel on Thursday. He will consult with Defense Minister Yoav Gallant and other officials to discuss the Iranian threat. Also read: Rwanda genocide: Envoy Mukangira shares personal tale of loss, pays homage to victims in Delhi Watch: Israel and US fear Iran might attack Israel using missiles and drones × Experts have raised concerns over the ongoing war between Israel and Hamas spreading and entering adjacent regions as the situation in West Asia continues to escalate. The situation has therefore called for and immediate ceasefire. While speaking about the direction and location from where the attack might come, the source said that US and Western intelligence have indicated an attack may not necessarily come from Israel's north, where Tehran's ally Hezbollah in Lebanon is located. US President also weighed in as he said on Wednesday, "We also want to address the Iranian threat to launch a significant - they're threatening to launch a significant attack in Israel. As I told Prime Minister Netanyahu, our commitment to Israel's security against these threats from Iran and its proxies is ironclad. Let me say it again, iron-clad - all we can to protect Israel's security." As per the report, Israel appears to have knowledge of such potential attack, with Foreign Minister of Israel Katz saying on Wednesday that his country will respond if Iran attacks from its own soil. "If Iran attacks from its own territory, Israel will respond and attack in Iran," Katz said in a post on the social media platform X. Disclaimer: A number of claims and counterclaims are being made on Ukraine-Russia war on the ground and online. While WION takes utmost care to accurately and responsibly report ongoing developments, we cannot independently verify the authenticity of all statements, photos and videos (With inputs from agencies)

US warns of major Iranian strikes on Israel, raises concerns of war escalating

Global oil prices experienced a notable uptick on Friday, poised to conclude the week with a modest increase, as ceasefire talks in Gaza faced complications following the deaths of over 100 Palestinians awaiting aid delivery. <o:p></o:p>

Brent futures for April delivery climbed by 29 cents, reaching $82.20 a barrel, while US West Texas Intermediate (WTI) rose 22 cents to $78.48. <o:p></o:p>

WTI is anticipated to see a 4 per cent weekly surge, with Brent maintaining proximity to last week's settlement price. <o:p></o:p>

Despite West Asia conflict's limited impact on crude flows, concerns surrounding the situation continue to influence the energy market.<o:p></o:p>

President Joe Biden expressed concern over reports of Israeli troops firing on people awaiting food aid in Gaza, stating that the incident could complicate ceasefire talks. Israel, in response, attributed the deaths to crowds around the aid trucks, suggesting victims were trampled or run over. <o:p></o:p>

Even before this incident, talks between Israel and Hamas in Qatar displayed a gap, with no breakthrough reported by Qatari mediators. <o:p></o:p>

The unresolved issues further complicate the negotiation of a 40-day truce in the Gaza war.<o:p></o:p>

In addition to West Asia tensions, China's manufacturing activity faced challenges in February, contracting for the fifth consecutive month according to an official factory survey. <o:p></o:p>

This downturn in manufacturing adds pressure on Chinese policymakers to consider additional stimulus measures. <o:p></o:p>

Meanwhile, the US Federal Reserve's preferred inflation gauge, the US personal consumption expenditures (PCE) index, showed January inflation aligning with economists' expectations, keeping the possibility of a June interest rate cut on the table.<o:p></o:p>

On the supply side, a recent Reuters survey revealed that the Organisation of the Petroleum Exporting Countries (OPEC) increased its daily output to 26.42 million barrels in February, a 90,000 bpd rise from January. <o:p></o:p>

Libyan output also surged by 150,000 bpd month-on-month. Looking ahead, a survey of 40 economists and analysts predicts an average oil price of $81.13 per barrel for the front-month contract throughout the year, indicating expectations for continued market volatility and potential disruptions.<o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

Global oil prices experienced a notable uptick on Friday, poised to conclude the week with a modest increase, as ceasefire talks in Gaza faced complications following the deaths of over 100 Palestinians awaiting aid delivery.

Global oil prices experienced a notable uptick on Friday, poised to conclude the week with a modest increase, as ceasefire talks in Gaza faced complications following the deaths of over 100 Palestinians awaiting aid delivery. Brent futures for April delivery climbed by 29 cents, reaching $82.20 a barrel, while US West Texas Intermediate (WTI) rose 22 cents to $78.48. WTI is anticipated to see a 4 per cent weekly surge, with Brent maintaining proximity to last week's settlement price. Despite West Asia conflict's limited impact on crude flows, concerns surrounding the situation continue to influence the energy market. President Joe Biden expressed concern over reports of Israeli troops firing on people awaiting food aid in Gaza, stating that the incident could complicate ceasefire talks. Israel, in response, attributed the deaths to crowds around the aid trucks, suggesting victims were trampled or run over. Even before this incident, talks between Israel and Hamas in Qatar displayed a gap, with no breakthrough reported by Qatari mediators. The unresolved issues further complicate the negotiation of a 40-day truce in the Gaza war. In addition to West Asia tensions, China's manufacturing activity faced challenges in February, contracting for the fifth consecutive month according to an official factory survey. This downturn in manufacturing adds pressure on Chinese policymakers to consider additional stimulus measures. Meanwhile, the US Federal Reserve's preferred inflation gauge, the US personal consumption expenditures (PCE) index, showed January inflation aligning with economists' expectations, keeping the possibility of a June interest rate cut on the table. On the supply side, a recent Reuters survey revealed that the Organisation of the Petroleum Exporting Countries (OPEC) increased its daily output to 26.42 million barrels in February, a 90,000 bpd rise from January. Libyan output also surged by 150,000 bpd month-on-month. Looking ahead, a survey of 40 economists and analysts predicts an average oil price of $81.13 per barrel for the front-month contract throughout the year, indicating expectations for continued market volatility and potential disruptions. (With inputs from Reuters)

Oil prices surge amid Gaza ceasefire talks complications and tensions in West Asia

Pakistan Foreign Minister Shah <a href="https://www.wionews.com/south-asia/pakistani-foreign-minister-meets-newly-elected-sri-lankan-president-in-colombo-visit-265764">Mahmood Qureshi</a> said that Pakistan will not allow its soil to be used in any kind of religious conflict.&nbsp; 
 
The Pakistan foreign minister's comments came after <a href="https://www.wionews.com/opinions/the-killing-of-iranians-general-qasem-soleimani-and-its-consequences-271884">Qasem Soleimani</a>, 62, the head of Iran's al-Quds force was killed in a US drone strike in <a href="https://www.wionews.com/world/rocket-attack-on-baghdad-airport-top-iran-commander-killed-271756">Baghdad</a> on Friday amid heightened <a href="https://www.wionews.com/opinions/us-iran-tensions-and-why-india-should-care-271967">US-Iran tensions</a>.

Pakistan's Foreign Office said that Qureshi had held telephonic conversations with the foreign ministers of Iran, Saudi Arabia, UAE, and Turkey on Sunday while asserting that Pakistan was ready to continue to play a role in preventing further escalation and maintaining regional peace and stability.

"Highlighting Pakistan's deep concern over the recent developments, the foreign minister underscored the imperative of avoidance of conflict, the exercise of maximum restraint, and de-escalation of tensions," the Pakistan foreign office said in a statement.

According to the official statement by Pakistan's ministry of foreign affairs, there was a wide-ranging exchange of views between Qureshi and the four foreign ministers on "the unfolding situation in the region".

Qureshi renewed call to all concerned parties to abide by the UN Charter and principles of international law to settle differences through peaceful means.

(Inputs: ANI)

Pakistan Foreign Minister Shah Mahmood Qureshi said that Pakistan will not allow its soil to be used in any kind of religious conflict. The Pakistan foreign minister's comments came after Qasem Soleimani, 62, the head of Iran's al-Quds force was killed in a US drone strike in Baghdad on Friday amid heightened US-Iran tensions.

Pakistan Foreign Minister Shah Mahmood Qureshi said that Pakistan will not allow its soil to be used in any kind of religious conflict. The Pakistan foreign minister's comments came after Qasem Soleimani, 62, the head of Iran's al-Quds force was killed in a US drone strike in Baghdad on Friday amid heightened US-Iran tensions. Pakistan's Foreign Office said that Qureshi had held telephonic conversations with the foreign ministers of Iran, Saudi Arabia, UAE, and Turkey on Sunday while asserting that Pakistan was ready to continue to play a role in preventing further escalation and maintaining regional peace and stability. "Highlighting Pakistan's deep concern over the recent developments, the foreign minister underscored the imperative of avoidance of conflict, the exercise of maximum restraint, and de-escalation of tensions," the Pakistan foreign office said in a statement. According to the official statement by Pakistan's ministry of foreign affairs, there was a wide-ranging exchange of views between Qureshi and the four foreign ministers on "the unfolding situation in the region". Qureshi renewed call to all concerned parties to abide by the UN Charter and principles of international law to settle differences through peaceful means. (Inputs: ANI)

Pak foreign minister Shah Mahmood Qureshi calls for 'maximum restraint' amid West Asia tensions

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