The Times of India

Industrial diesel prices surged by Rs 22 per litre due to global oil spikes amid Middle East conflict, while regular petrol and diesel rates remain unchanged. Oil companies are absorbing current cost pressures, with the government prioritizing energy availability for consumers. Retail fuel prices have been frozen since April 2022.

Iran has established a new safe shipping corridor in the Strait of Hormuz. Only ships with prior approval from Iranian authorities can use this route. Several countries are in talks with Tehran for their vessels. This controlled passage offers an alternative amid ongoing regional disruptions. Some Indian ships have already used this supervised route.

Gold price prediction today: Gold prices are range-bound and highly volatile in the current scenario, says Jateen Trivedi, VP Research Analyst - Commodity and Currency, LKP Securities.

Premium petrol prices have seen a hike of over Rs 2 per litre across state-run oil companies, while regular fuel and diesel rates remain steady. This adjustment comes amidst global energy market volatility fueled by the Middle East crisis, impacting India's significant oil import dependence and potentially widening the import bill.

As per an S&P Global Energy report, India is moving to broaden its sources of LPG imports, stepping up refinery output and intensifying diplomatic engagement as it works to maintain a steady supply of cooking fuel for households.

India has strongly condemned unacceptable attacks on commercial shipping in the Strait of Hormuz, urging de-escalation through dialogue. Ambassador Vikram Doraiswamy highlighted the deep concern for seafarers' safety, with India contributing significantly to the global workforce. The International Maritime Organization called for coordinated action to protect civilian vessels and ensure freedom of navigation.

Asian markets saw a mixed trading day as oil prices retreated from a sharp spike fueled by Iran-Israel tensions. While South Korea and China edged higher, Hong Kong and Australia experienced declines. Wall Street also closed with modest losses. The easing of oil prices offered some market stability, though ongoing conflict concerns persist.

With the latest slide, the stock has fallen around 7.5 per cent over the past two trading sessions. The sustained pressure on ADRs points to ongoing investor unease after the sudden resignation of chairman Atanu Chakraborty.

The Indian rupee hit a record low of 93.12 against the US dollar on Friday, driven by escalating Middle East tensions and soaring crude oil prices. Despite this currency weakness, domestic equity markets staged a significant recovery. Analysts anticipate continued pressure on the rupee as foreign investors withdraw funds, potentially impacting India's growth and inflation.

Stock market today: Benchmark indices Nifty50 and BSE Sensex opened in green on Friday after a big selloff on Thursday that saw markets tank over 3%. While Nifty50 opened above 23,200, BSE Sensex rose over 700 points, just shy of 75,000.

Global crude prices saw a dip on Friday. Statements from US President Donald Trump and Israeli prime minister Benjamin Netanyahu helped calm fears of more attacks on energy facilities. Brent crude moved towards $107 a barrel. West Texas Intermediate for May hovered around $94. This follows a sharp rally due to supply disruptions in the Persian Gulf region.

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As Eid ul Fitr nears, UAE workers can be asked to work but are entitled to either a compensatory day off or at least 50% extra pay on top of their regular wage. This ensures businesses can operate during peak periods while protecting employee rights. Uncompensated work is a violation, with recourse through the Ministry of Human Resources and Emiratisation.

Gold prices in the UAE have seen a significant drop, falling over Dh50 from recent peaks, just in time for Eid ul Fitr. This price relief has spurred a rush of last-minute shoppers to Dubai's gold souks, eager to capitalise on the dip. The market experienced hesitation followed by a sudden surge in demand, driven by global factors and profit-taking.

Six major powers, including Britain and France, have pledged support for safe passage through the Strait of Hormuz, condemning Iran's recent attacks on commercial vessels and energy infrastructure. While ready to contribute to maritime security, immediate naval deployment is not planned due to high threat levels. They also back emergency oil releases to stabilize global energy markets.

India has not been buying crude oil from Iran since mid-2019 after the US ended waiver for sanctions on Iran crude. Around 35-40% of Indias crude oil needs are met through cargoes that make their way towards Asia through the Strait of Hormuz.

Under normal conditions, roughly one-fifth of the worlds LNG supply originates from Ras Laffan, which is a sprawling industrial hub developed over three decades at a cost of hundreds of billions of dollars and covering an area nearly three times that of Paris.

India gets around 40% of its LNG requirements from Qatar. Reacting to the damage to key energy infrastructure in the Middle East, External Affairs Ministry spokesperson Randhir Jaiswal said, India had previously called for the avoidance of targeting civilian infrastructure, including energy infrastructure, across the region.

The Trump administration is considering releasing 140 million barrels of Iranian oil to stabilize global prices amid escalating Gulf conflict. US Treasury Secretary Scott Bessent indicated a potential move within days to boost physical supply, describing it as a reak the glass plan.

Global conflicts, from the Middle East to Ukraine, are directly impacting Indian households. Expect higher grocery bills due to rising LPG, cooking oil, and pulse prices. Commuting costs are increasing with fuel surcharges on flights. Even education abroad and consumer electronics are becoming more expensive, while stock market losses affect savings. The ripple effects are undeniable.

India has launched the Rs 497 crore RELIEF scheme to aid exporters facing Middle East conflict disruptions. The initiative, managed by ECGC, offers extended export obligations, enhanced insurance cover, and crucial support for MSMEs grappling with increased freight and insurance costs. This aims to maintain India's market share and prevent shipment delays.

Indian stock markets experienced a significant downturn on Thursday, with both Sensex and Nifty plunging over 3%. Surging crude oil prices due to escalating West Asia attacks, coupled with weak global cues, triggered a broad market rout. Financials, autos, and industrials were heavily impacted, while ONGC was the sole gainer.

India is mandating detailed operational data from its entire oil and gas sector, classifying it as a national security matter. This move aims to enhance government oversight of energy supplies amid Middle East war disruptions. The new order requires real-time reporting on production, imports, and consumption, enabling faster responses to crises and better procurement decisions.

Gold prices experienced a significant drop in futures trade, influenced by a stronger US dollar and global market weakness. Rising US Treasury yields and inflation data further pressured the precious metal, making it less attractive as a safe-haven asset. This decline was reflected across major Indian cities, with varying degrees of reduction in gold rates.

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Qatar expelled key Iranian military and security officials following missile strikes on its energy infrastructure. The Qatari Foreign Ministry declared the attachs and their staff persona non grata, citing repeated Iranian aggression and violations of sovereignty. This diplomatic fallout follows significant damage to the Ras Laffan Industrial City, a critical gas processing hub.

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Experts had said that fears of oil prices stoking inflation were unlikely to push the Federal Reserve toward raising interest rates at this weeks meeting. hile markets and economists had earlier anticipated that the next move would be a rate cut, that conviction has weakened since the United States and Israel launched airstrikes on Iran on February 28.