Page 6 - West Asia

Oil and gas prices rapidly rise as Iran war shows no signs of letting up

The price of oil surged higher and showed no signs of halting its rapid climb a week after the US and Israel launched major attacks on Iran that escalated into a war in the Middle East. The conflict, in which nearly every country in the Middle East has sustained damage from missiles or drone strikes, has left ships that carry roughly 20 million barrels of oil a day stranded in the Persian Gulf, unable to safely pass through the Strait of Hormuz, the narrow mouth of the Gulf that is bordered on its north side by Iran. The disruption and damage to key oil and gas facilities in the Middle East has led to an interruption in the supply of oil and gas. Oil prices surpassed $90 a barrel Friday, with American crude settling at $90.90, up 36% from a week ago, and Brent, the international standard, climbing 27% over the course of the week to land at $92.69. The fallout is ratcheting up what consumers and business will pay for gasoline, diesel and jet fuel, with some drivers already feeling i

CBSE postpones Class 12 board exams in West Asia amid Iran-Israel war

The Central Board of Secondary Education (CBSE) on Saturday postponed the Class 12 board exams scheduled on March 9, 10 and 11 in the Middle East region amid the Iran-Israel conflict, officials said. "Due to the current situation in parts of the Middle East--Bahrain, Iran, Kuwait, Oman, Qatar, Saudi Arabia and UAE, the board has decided to postpone 12 exams on March 9, 10 and 11," said CBSE Examination Controller Sanyam Bhardwaj. The new dates will be announced later, and for further exams, the situation will be reviewed on March 10, Bhardwaj added. Previously, the board had postponed the exam scheduled on March 2, March 5 and March 7 in the region. The board has cancelled Class 10 exams till March 11 and said mode of declaration of results will be announced separately. The US and Israel launched military strikes on Iran on February 28, killing Iranian Supreme Leader Ayatollah Ali Khamenei. Following the military offensive, Iran has carried out a wave of attacks mainly targeting

West Asia conflict puts $11.8 bn of India's agri exports at risk: GTRI

India's agri and food products exports worth USD 11.8 billion to West Asia are at risk as the conflict in the region is disrupting shipping routes, raising insurance costs and creating uncertainty in logistics, think tank GTRI said on Saturday. In 2025, India exported about USD 11.8 billion of agricultural and food products such as cereals, fruits, vegetables, dairy products, and spices to West Asia, accounting for 21.8 per cent of India's total exports in this sector. "The Gulf region's geographic proximity and large expatriate Indian population have historically made it a natural market for India's food exports. "However, the conflict in the region is disrupting shipping routes, raising insurance costs and creating uncertainty in logistics," the Global Trade Research Initiative (GTRI) said. India exported USD 7.48 billion of cereals, fruits, vegetables and spices to West Asia in 2025, with the region accounting for 29.2 per cent of India's global exports in this category. Key ..

West Asia crisis: Govt asks ports to consider waiving charges, issues SoP

Union Shipping, Ports and Waterways Ministry has proposed that ports may consider requests regarding reduction, waiver or remission of charges, including change of vessel charge, and also rolled out a standard operating procedure (SoP) for them to deal with issues arising from the West Asia crisis. As part of the SoP that followed extensive consultations with all stakeholders on Friday, each port will appoint a nodal officer at the level of head of department or deputy head of department, who will be the single point of contact for addressing the issues coming up for consideration at ports. The nodal officer will be responsible for taking up the matter with the competent authority and ensure that the action is taken within 24-72 hours. Also, as per the SoP, port chairpersons should have periodical meetings with stakeholders such as shipping lines, exporters, terminal operators, customs, among others to closely monitor the situation and ascertain and address legitimate concerns. The

Govt grants exporters relief on export obligations amid West Asia crisis

The government has granted certain relaxations to exporters in fulfilling their export obligations, as the trading community is facing difficulties in the movement of goods due to the ongoing West Asia crisis, according to a notification. "In view of the prevailing geo-political developments affecting international shipping routes and global supply chains, and with a view to facilitating exporters, the export obligation (EO) period/block wise EO period in respect of specified advance authorisations and EPCG authorisations expiring between March 1, 2026 and May 31, 2026 has been automatically extended up to August 31, 2026 without payment of composition fee," the Directorate General of Foreign Trade (DGFT) has said in a public notice. Under Export Promotion Capital Goods (EPCG) scheme, domestic firms are allowed to import duty-free machines but they have to meet certain export obligations against that. This relaxation is in addition to the existing facility already available under ..

Shipper MSC to impose emergency fuel surcharge on cargo from March 16

It said the surcharge would be $30 per twenty-foot equivalent unit (TEU) from the Mediterranean and Black Sea to the Red Sea for dry containers, and $50 per TEU for refrigerated containers

West Asia war: Better placed than 1991, but impact may be longer, say govt

A prolonged conflict in the region can be detrimental to the economy, placing pressure on inflation, exchange rate, trade and capital flows, the balance of payments, and the current account deficit

Farmers' earnings may come under pressure if West Asia exports stay stuck

Centre says India is sitting on 36.5 per cent more fertiliser stocks as on March 6, compared to last year; farmers fully insulated from global shocks

Energy shocks from West Asia will have knock-on effects on India's economy

The Strait of Hormuz is currently closed to shipping, choking off 20 per cent of global oil and gas supply

ADB flags India's oil vulnerability amid rising West Asia tensions

ADB says India's crude oil reserves of about 100 million barrels-enough for 40-45 days-leave the country exposed to potential supply disruptions through the Strait of Hormuz

The world must ensure Iran retains a functioning post-war state machinery

On February 28, the United States and Israel launched a large-scale and unprovoked air and missile attack against Iran, killing Ayatollah Khamenei, Iran's supreme leader

Will formalise ways to give comfort to Indian exporters, says Piyush Goyal

Piyush Goyal says the government is formalising steps to support exporters facing disruptions from the West Asia crisis, with an inter-ministerial group tracking risks and logistics challenges

All Indian ships in West Asia safe, says government amid rising tensions

Government says all 35 Indian-flagged vessels in the Persian Gulf region remain safe as enhanced monitoring continues; port operations stable despite cargo pile-up concerns

Before IRIS Dena sank, India allowed another Iran warship to dock at Kochi

Approval was granted on March 1 for IRIS Lavan to dock at Kochi after a request from the Iranian government

Iranian ship IRIS Lavan docks at Kochi after India heeds request from Iran

183 crew members of the ship accommodated at naval facilities in Kochi

War shadow dims Brand Dubai's glitter amid rising West Asia tensions

With $250 billion property deals in 2025, property market may continue to show resilience

West Asia crisis triggers severe LNG, LPG supply shock for Indian firms

LNG tenders fail, tankers stranded, storage at 30%; naphtha back in the mix

Rice exporters seek urgent relief as Iran crisis disrupts exports, shipping

International freight rates have risen by an estimated 15-20 per cent, while war-risk surcharges and insurance premiums for Gulf-bound shipments have increased significantly

Additional war-risk insurance lifts Gulf airfares three to four times

Airfares between India and the West Asia have jumped three to four times as airlines face steep war-risk insurance premiums, higher ATF prices and severe operational disruptions

Indian gas firms may cut industrial supply if Qatar halt persists

QatarEnergy has halted production of liquefied natural gas (LNG) amid attacks on its facilities as tensions rise in West Asia