US Seizes Iran-Linked Skywave Tanker In Indian Ocean The United States has seized the Iran-linked oil tanker Skywave in the Indian Ocean, marking another significant enforcement action under US sanctions against Tehran. Officials said the tanker, sanctioned in March for allegedly transporting Iranian crude oil, was intercepted west of Malaysia on May 19 after passing through the Strait of Malacca. Ship-tra

India’s 1991 gold pledge remains one of the clearest examples of how a financial crisis reshaped the country’s economic direction. The episode matters again in 2026 as India holds larger foreign exchange and gold reserves, signaling preparation rather than panic. India’s 1991 gold pledge and the Gulf shock India’s balance-of-payments crisis deepened after Iraq invaded Kuwait on Thursday, August 2, 1990, triggering a Gulf crisis that added pressur

The United States has extended its sanctions waiver on Russian seaborne oil by 30 days, allowing continued imports to key global partners like India. This temporary extension reverses previous plans to let the waiver lapse, aiming to provide flexibility for nations managing critical energy needs. Treasury officials stated the extension ensures that stranded Russian crude and petroleum products can reach markets without violating US sanctions on major Russian oil firms. This marks th

Iranian Foreign Minister Seyyed Abbas Araghchi confirmed that the Strait of Hormuz remains open to international shipping, except for vessels from countries currently at war with Iran. Speaking in New Delhi, Araghchi emphasized that Tehran prioritizes safe navigation through this vital maritime corridor. Strategic Importance of the Strait The minister highlighted the strait’s significance for oil, gas, and global trade. With a substantial share of worl

During the BRICS Foreign Ministers’ Meeting in India, Russian Foreign Minister Sergey Lavrov held extensive discussions with Indian leaders, focusing on defence cooperation, fertiliser trade, and space collaboration. The meetings reinforced the India-Russia strategic partnership, building on previous agreements from the India-Russia summit and bilateral discussions between Prime Minister Narendra Mo

The Indian rupee has reached a historic low of 96 against the US dollar, affecting household budgets, imported goods, and fuel prices. With each dollar costing more in rupees, daily expenses are rising for families across India. Why the Rupee Is Weak Today Several factors are driving the rupee’s decline: Rising Oil Prices Global tensions near key oil routes have pushed crude prices above $

The petrol, diesel, and CNG price hike in India took effect on Friday, May 15, 2026. This was the first retail fuel price increase in four years, following the surge in global crude oil prices due to the Iran war.   Fuel Price Hike Overview in Major Cities The government raised petrol, diesel, and CNG prices following a surge in global crude oil prices triggered by the Iran war. This is the first retail fuel price hike in four years. The increase is expected to affect transportation costs, household spending, and overall inflation. City Petrol Price (Rs/Litre) Petrol Hike (Rs) Diesel Price (Rs/Litre) Diesel Hike (Rs) CNG Price (Rs/Kg) CNG Hike (Rs) Delhi 97.77 3.00 90.67 3.00 79.09 2.00 Kolkata 108.74 3.29 95.13 3.11 — — Mumbai 106.68 3.14 93.14 3.11 84.00 2.00 Chennai 103.67 2.83 95.25 2.86 — — Hyderabad 104.50 3.10 94.20 3.05 80.50 2.00 Economic Implications and Expert Insights India’s state-run oil companies, IOCL, BPCL, and HPCL, were absorbing high crude costs for months, incurring daily losses of around Rs 1,600 crore. Imported crude prices jumped from $69 per barrel in February to $113-114 per barrel after the Iran war began on February 28. Economists, including Finance Commission Chair Dr Arvind Panagariya, recommended that retail prices be adjusted to prevent further losses and sustain OMC operations. Prime Minister Modi has appealed to citizens to conserve fuel and encouraged work-from-home practices to reduce foreign outflows. The Delhi government initiated a 90-day campaign promoting fuel-saving habits and limited office days. The fuel price increase is expected to push up transportation and logistics costs, which may drive inflation in essential commodities like milk and vegetables. Household savings could shrink, and discretionary spending may reduce, potentially slowing consumption, production, and GDP growth. While consumers will feel the immediate impact, this step was unavoidable given the international crude price surge.

Trump Discusses Meeting with Xi Jinping US President Donald Trump spoke on Thursday, May 14, in his first interview following a high-stakes meeting with Chinese President Xi Jinping. The President described the discussion as a significant diplomatic achievement, asserting that his administration is treated with a heightened level of seriousness by the Chinese leadership. He contrasted his approach to foreign relations with

Wall Street Surges on Tech Strength Global stock markets climbed on Thursday, May 14, 2026, with major Wall Street indices reaching new record highs. Investor enthusiasm centered on technology shares, including Cisco Systems, which soared 13.4 percent following an upward earnings revision. Semiconductor startup Cerebras Systems made a strong Nasdaq debut, rising 68.2 percent on its first day of trading. The S&P 500 and N

Iraq and Pakistan Secure Oil and Gas Transport Deals Amid the ongoing conflict in the Middle East, Iraq and Pakistan have reached separate agreements with Iran to allow the transport of oil and liquefied natural gas (LNG) through the critical Strait of Hormuz. According to multiple sources, these agreements reflect Iran’s growing control over one of the world’s most important energy corridors, a situation that has intensified due to the ongoing

Iran oil shipments are continuing despite tighter U.S. sanctions, with satellite imagery and maritime tracking data suggesting Tehran is still moving crude through covert sea transfers. The findings point to an active shadow shipping network that allows Iranian oil to reach buyers in Asia even as Washington works to restrict crude exports from the Persian Gulf. Satellite Data Points To Covert Tanker Transfers Maritime tracking records and satel

President Donald Trump is scheduled to arrive in Beijing on Wednesday, May 13, 2026, for high-level talks with Chinese President Xi Jinping as tensions over Iran, oil trade and regional stability continue to grow.

Iran’s Foreign Minister Seyed Abbas Araghchi will visit New Delhi this week to attend the BRICS foreign ministers’ meeting, where discussions are expected to focus on the growing West Asia crisis, regional stability, and global energy security. The two-day meeting, scheduled for May 14 and 15 under India’s BRICS chairmanship, comes at a time when tensions involving Iran, the United States, and Israel continue to affect the Strait of Hormuz and international oil markets. India, which dep

May 11: Prime Minister Narendra Modi has called on companies to adopt work-from-home policies and reduce unnecessary travel as the Iran war continues to affect global fuel supplies and economic stability. Following the Prime Minister’s appeal, IT employee body NITES has written to the labour ministry seeking an official advisory for remote work in the IT and IT-enabled services sector. The request

Prime Minister Narendra Modi on Sunday urged citizens to adopt responsible economic habits to help India manage the impact of rising global oil prices and supply chain disruptions linked to tensions in the Middle East. Addressing a gathering in Hyderabad, the prime minister appealed to the public to reduce petrol and diesel consumption, avoid unnecessary foreign travel, and limit non-essential gold purchases in order to protect the nation’s foreign exchange reserves and economic stability.

Iran on Sunday warned Britain and France against deploying warships to the Strait of Hormuz, escalating tensions around one of the world’s most critical maritime trade routes. Iranian Deputy Foreign Minister Kazem Gharibabadi said Tehran would respond immediately and decisively if foreign powers attempted to interfere in the security of the strategic waterway. His remarks came after reports that both Britain and France had sent vessels toward the Gulf region amid ongoing concerns over marit

US Sanctions Target Iran Military Supply Network The United States has imposed new sanctions on companies and individuals accused of helping Iran’s military programs, including drone, missile and satellite-support networks. Officials said the penalties target entities linked to Iran, China, Belarus and the United Arab Emirates, widening Washington’s pressure campaign as tensions continue around the Strait of Hormuz. China Firms Acc

US Iran Tanker Strike Raises Gulf Tensions US forces disabled two Iranian-flagged tankers near the Gulf of Oman on Friday, May 8, 2026, after CENTCOM said the vessels violated an ongoing maritime blockade. The tankers, identified as M/T Sea Star III and M/T Sevda, were stopped before entering an Iranian port. US Central Command said both vessels were empty at the time and were no longer heading toward Iran after the strike. CENTCOM Says Blockade Enforcement Is Continuing Officials said the operation was carried out as part of wider US efforts to enforce maritime restrictions around Iranian ports. The action follows a similar incident earlier in the week, when another Iranian-linked vessel was disabled while attempting to reach Iran. The latest strike comes as US Navy assets remain active across the Gulf region, including carrier-based aircraft supporting blockade enforcement and maritime security operations. Why the Strait of Hormuz Matters The Strait of Hormuz is one of the world’s most important energy corridors, making any military escalation there a direct concern for oil markets, shipping companies, and regional governments. Reports of sporadic clashes and rising naval activity have increased fears of wider disruption. While US officials describe the strikes as limited enforcement action, the incident adds fresh pressure to already fragile diplomatic efforts between Washington and Tehran. For global markets, the key question is whether the confrontation remains contained—or turns into a longer Gulf shipping crisis.

US-Iran Hormuz Tanker Strike Deepens Gulf Crisis US forces struck two Iranian tankers near the Strait of Hormuz on May 8, 2026, as fragile Gulf ceasefire talks stalled. The move has raised fresh fears over oil shipping, regional security and the next step in Washington-Tehran diplomacy. What Happened Near the Strait of Hormuz? US Central Command said American forces d

In a dramatic escalation of tensions in the Middle East, Iran's central military command has accused the United States of violating a ceasefire agreement by launching attacks on vessels in the Strait of Hormuz. According to a statement from the Khatam Al Anbiya headquarters, Iranian forces retaliated by targeting U.S. military ships. The statement, broadcasted on Iranian state television, claimed that the U.S. had attacked an Iranian oil tanker traveling from Iran's Jask region toward t