Energy policy expert Narendra Taneja expects stability to return within 7 to 10 days, as he predicts the US and Israel would likely call for diplomatic negotiations after their objectives are met.
The European Union has expressed grave concern over the escalating situation in Iran and the Middle East, condemning Tehran's actions and reaffirming its commitment to regional stability, sanctions enforcement and diplomatic efforts to prevent Iran from acquiring a nuclear weapon.
In an official circular, the DCS asked the seafarers to follow official advisories issued by the Ministry of External Affairs and the Embassy of India, Tehran, and exercise utmost caution while operating in Iranian waters or nearby regions.
Following the reported deaths of Iran's Supreme Leader and top military chiefs in US-Israeli strikes, regional tensions have erupted. While an oil tanker was targeted off Oman, Iran has launched retaliatory strikes against US-linked targets in several Gulf states, sparking fears of an esc
Three vessels operated by the Pakistan National Shipping Corporation (PNSC) were stopped on Sunday by Iran from proceeding towards the Strait of Hormuz amid escalating tensions in West Asia, the ARY News reported.
Indian Rice Exporters Federation (IREF) has issued an advisory to its members in view of the deteriorating situation in Iran and parts of the Gulf, and reports that movements through the Strait of Hormuz could be restricted.
Crude oil prices could surge to as high as USD 95 to USD 110 per barrel if Iran's oil supply and the Strait of Hormuz face disruption amid ongoing tensions, according to a report by Equirus Securities.
The United States has issued new navigation guidelines for US-flagged vessels transiting the Strait of Hormuz, advising them to avoid Iran's territorial waters and exercise caution amid heightened tensions, following recent US-Iran indirect talks and ongoing regional security concerns.
The latest report by S&P Global highlights that geopolitical tensions and shifting trade policies could potentially have a negative impact on the global oil demand.
Amid rising tensions in the Middle East due to continued military action by Israel and Iran, experts have said that any closure of the Strait of Hormuz will hit global oil trade.
Amid the ongoing conflict in the Middle East and rising crude oil prices, energy experts have said that oil supply through the Strait of Hormuz is unlikely to be immediately affected, though risks remain if tensions escalate further.