Kuwait crude oil up USD 2.07 to USD 77.11 pb

Oman Air confirmed that flights to and from Amman (AMM), Dubai (DXB), Bahrain (BAH), Doha (DOH), Dammam (DMM), Kuwait (KWI), Copenhagen (CPH), Baghdad (BGW), and Khasab (KHS) are cancelled until March 22.

In a post by the White House, President Trump, while acknowledging that the United States is currently the world's leading oil producer and stands to benefit financially from higher crude prices, emphasised that his administration's overriding mission remains the permanent dismantling of Iran's nuclear program.

Sibal argued that the US is unlikely to risk a naval operation to forcibly "reopen" the Strait of Hormuz as the deep-water channel necessary for large vessels lies within Iranian territorial waters. Iran does not need sophisticated long-range missiles to defend this corridor; short-range missiles, torpedoes, and mines can easily sink high-value naval assets.

Speaking to journalists, Silveira said the country's fuel supply remains stable and the government is closely monitoring developments in the international oil market as well as domestic price movements.

"India is a major exporter of petroleum products, especially to our neighbourhood. We have been supplying diesel to Bangladesh through waterways, rail and the India-Bangladesh Friendship Pipeline in partnership with Bangladesh Petroleum Corporation. Diesel exports to Bangladesh have continued since then," he said.