Page 3 - West Asia

Tea industry on edge as Iran-Israel tensions threaten export revival

The biggest worry for Indian tea exporters when the Israel-Hamas conflict flared up in October 2023 was that it would spill over to other West Asian countries, particularly Iran

Over Rs 9 trillion wiped out as Sensex and Nifty crash over 2% each

Tensions in West Asia, FPI selling lead to biggest 1-day fall in 2 months

West Asia tensions may disrupt oil supplies if attacks reach Hormuz Strait

At present, the prospects for oil are looking better for consumers like India despite the escalating hostilities

Amid West Asia crisis PM Modi chairs Cabinet Committee on Security meet

Prime Minister Narendra Modi chaired a meeting of the Cabinet Committee on Security on Thursday to discuss the outbreak of fresh hostilities in West Asia, sources said. The sources said the West Asia conflict and its impact on trade and supply of petroleum products was discussed in the meeting. India has voiced deep concern over the escalation of the security situation in West Asia and said the conflict must not take a wider regional dimension. It has also called for addressing all issues through dialogue and diplomacy.

West Asia conflict escalation poses significant economic risks: IMF

IMF spokesperson Julie Kozack told a regular news briefing that the Washington-based global lender is closely monitoring the situation in southern Lebanon with "grave concern"

Bitcoin falls 4.7% as West Asia tension spurs caution across markets

The digital asset fell 4.7 per cent on Tuesday, the most in nearly a month, after Iran fired about 200 ballistic missiles at Israel in a sharp but brief escalation of hostilities between 2 adversaries

Airlines squeeze into Saudi airspace as West Asian conflict flares

Flying more circuitous routes increases flight times and fuel expenses for airlines, and complicates schedules that depend on aircraft being in the right place at the right time

US stocks hit two-week low as caution reigns over West Asia tensions

Markets were wary as Israel and the US vowed to strike back after Iran attacked Israel on Tuesday, following which the S&P 500 and the Nasdaq logged their biggest one-day drops in nearly a month

Ongoing West Asia war, US strike keep Indian exporters under pressure

Among the other West Asian countries-Iran, Iraq, Israel, Jordan, Lebanon, Syria and Yemen-the value of the trade with Iraq and Israel is the highest.

'Conflict escalation in West Asia likely to push logistics cost up'

The escalation of conflict in the West Asian region is expected to push already high logistics costs besides hurting trade in sectors such as oil, electronics and agriculture, according to exporters. They said that insurance costs for exports to the countries directly involved in the war could also go up, which will impact Indian exporters' working capital. Think tank Global Trade Research Initiative (GTRI) stated that the conflict is already hurting India's trade with countries like Israel, Jordan, and Lebanon. The Federation of Indian Export Organisations (FIEO) said the Iran-Israel conflict has the potential to significantly impact world trade and the global economy in several ways. "Iran is a key player in the oil market. Any escalation in conflict could disrupt oil supplies, leading to higher prices, which would impact global economies, especially those reliant on oil imports. Oil prices have already moved up by USD 4 per barrel," FIEO DG Ajay Sahai said. Expressing concerns,

Oil prices increases by more than 3% as West Asia tensions escalate

Tehran said any Israeli response to the attack, which Israel said involved more than 180 ballistic missiles, would be met with "vast destruction"

Conflict in West Asia impacting trade with Israel, Jordan, Lebanon: GTRI

The escalating conflict in West Asia is hurting India's trade with countries like Israel, Jordan, and Lebanon that are involved directly in the war, think tank GTRI said on Tuesday. To navigate these turbulent times, India must stay vigilant and adaptable to the fast-changing geopolitical and trade landscape in West Asia, the Global Trade Research Initiative (GTRI) said. During January-July 2024, India's trade with countries directly impacted by the conflict has faced significant challenges. "Exports to Israel dropped sharply by 63.5 per cent, Jordan saw a 38.5 per cent decline due to spillover effects, and Lebanon experienced a 6.8 per cent decrease," GTRI Founder Ajay Srivastava said. He added that the Israel-Hamas war, which erupted in October 2023, has now extended to Lebanon, Syria, and is indirectly impacting Jordan and Iran. Key regional players like Saudi Arabia, the UAE, Kuwait, and Qatar have thus far remained uninvolved in the conflict. "This neutrality has allowed Ind

Houthis claim responsibility for drone attack targeting Tel Aviv, Eilat

The Israel Defence Forces confirmed intercepting a UAV several kilometres off the coast of Tel Aviv

PM Modi calls for ceasefire in West Asia, release of hostages, dialogue

Prime Minister Narendra Modi has called for a ceasefire in West Asia, the release of hostages and a return to the path of dialogue and diplomacy as he stressed that only a two-state solution will deliver enduring peace and stability in the volatile region. Modi expressed deep concern at the humanitarian crisis unfolding in Gaza and the deteriorating security situation in the region during his meeting with Palestinian President Mahmoud Abbas on the margins of the Summit of the Future here on Monday. He reaffirmed India's unwavering support to the people of Palestine, including continued humanitarian assistance, the Ministry of External Affairs said in a statement. Prime Minister Modi "reiterated India's time-tested principled position on the Israel-Palestine issue, and called for a ceasefire, the release of hostages and return to the path of dialogue and diplomacy," it said. He stressed that only a two-state solution will deliver enduring peace and stability in the region. Recallin

US is more hands-off than usual in West Asia with fear of worsening things

The Biden administration is taking a more hands-off approach than usual during a week of dramatic escalation between Israel and Hezbollah militants in Lebanon, with top US officials holding back from full-on crisis diplomacy for fear of making matters worse. The public restraint follows explosions of the militant group's pagers and walkie-talkies and an Israeli airstrike targeting a senior Hezbollah operative in Beirut, which threaten to spur all-out war between Israel and its enemies in the Middle East and doom already faltering negotiations for a cease-fire in the Hamas conflict in Gaza. The escalation came even as two Biden administration officials stopped in the region this week to appeal for calm. It heightens the impression that Israeli Prime Minister Benjamin Netanyahu's hard-right government is paying ever less attention to the mediation efforts of its key ally, despite depending on the US for weapons and military support. The United States looks like a deer in the headlight

Pager, walkie-talkie blasts in Lebanon: Who is targeting Hezbollah and why?

A day after large-scale pager explosions targeting Hezbollah, Lebanon was shaken by blasts from walkie-talkies and solar equipment on Wednesday. The militant group blames Israel for the attacks

Why Palestine dies: Powerful reflections on the conflict and call for peace

Raja Shehadeh's latest book provides a profound analysis of Israel-Palestine conflict, combining personal stories with political history, while critiquing global inaction and exposing false narratives

Conflict in West Asia resulting in disruptions in trade flow: Jaishankar

The disruptions in crucial shipping routes and trade flows triggered by the ongoing conflict in West Asia strengthened the case for de-risking, External Affairs Minister S Jaishankar said on Friday. In an address at an India-Mediterranean business conclave, Jaishankar, referring to the proposed India-Middle East-Europe Economic Corridor (IMEC), said it aims to become a "cornerstone of global connectivity". "The ongoing conflict in West Asia understandability has generated concerns about some of the contemporary initiatives," he said. "Disruptions in crucial shipping routes that have increased shipping costs and necessitated the rerouting of trade flows, have added to our collective worries," Jaishankar said at the conference hosted by Confederation of Indian Industries (CII). "But if you reflect on these happenings, they only strengthen the case for derisking. As the three hubs of India, Europe and the Middle East step up their interactions, connectivity will be more needed, not ..

India shares with Israel its concern over escalating situation in West Asia

India and Israel on Wednesday held a key meeting during which the two sides reviewed the entire gamut of bilateral endeavours even as New Delhi shared its concern over the "escalating situation" in West Asia and emphasised "restraint, dialogue, and diplomacy", an official statement said. During the 17th India-Israel Foreign Office Consultations (FOC) hosted here, the two sides also shared views on the prevailing situation in the Indo-Pacific, the Ministry of External Affairs said in the statement. The Indian side was led by Foreign Secretary Vikram Misri, and the Israeli side by the Director General of the Israeli Ministry of Foreign Affairs, Yaakov Blitshtein. "Reiterating India's strong and unequivocal condemnation of the October 7 terror attacks on Israel, the Foreign Secretary called for the unconditional and immediate release of all hostages, ceasefire, the need for continued humanitarian assistance, and adherence to international humanitarian law," it said. "At the same time,

Oil prices jump 1% on West Asia escalation fears, US rate cut expectations

Brent crude futures climbed 79 cents, or 1 per cent, to $79.81 a barrel by 0910 GMT, while US crude futures were at $75.63 a barrel, up 80 cents, or 1.07 per cent