Trump Launches ‘Project Freedom’ to Secure Shipping in Strait of Hormuz Donald Trump has announced a new maritime initiative, “Project Freedom,” aimed at escorting foreign vessels stranded in the strategically vital

May 1, 2026 | Global: Jet Fuel Prices Rise 5%, Mark Second Consecutive Monthly Increase International prices of Aviation Turbine Fuel (ATF), commonly known as jet fuel, have risen by around 5%, marking the second consecutive monthly increase. The hike reflects sustained pressure in global energy markets, with oil companies gradually passing on higher costs to international carriers. According to state-owned oil firms, ATF prices for foreign airlines have b

Stock markets in Mumbai fell sharply as the Sensex dropped over 800 points on April 30, 2026, amid rising oil prices and global concerns.   Indian stock markets opened sharply lower on April 30, 2026, as benchmark indices faced heavy selling pressure amid weak global and domestic cues. The BSE Sensex fell over 800 points in early tra

A luxury superyacht valued at over $500 million and linked to Russian billionaire and Kremlin aide Alexey Mordashov has passed through the Strait of Hormuz, drawing global attention. The rare movement comes at a time when vessel

China has broken its silence on the escalating Iran crisis, issuing a sharp warning against what it called a return to the “law of the jungle” amid mounting pressure from the United States. After weeks of maintaining a cautious and restrained stance, Beijing has now openly criticised Washington’s actions, signalling a noticeable shift in tone and approach. The change came after the United States moved to impose a naval blockade targeting Iran’s oil exports. China’s Foreign

Rising tensions between Iran and the United States are creating fresh economic and diplomatic challenges for

Iran has signaled a shift in its approach to the Strait of Hormuz during ongoing talks with the United States, proposing safe passage for ships through the Omani side of the strategic waterway. The move suggests a potential de-escalation after weeks of hardline rhetoric from Tehran. The development comes amid heightened tensions, with the U.S. military reportedly imposing restrictions on Iranian ports, disrupting global oil and LNG shipping. Against this backdrop, Iran’s proposal

Iran has announced plans to impose a $1-per-barrel toll on oil tankers passing through the Strait of Hormuz, with payments to be made in cryptocurrency. Under the proposed system, vessels will be required to share cargo details electronically, following which authorities will calculate the applicable toll. The payments are expected to be settled in di

In response to concerns over rising fuel prices amid global tensions, the Indian government has announced a significant reduction in excise duties on petrol and diesel. Starting Friday, the excise duty on petrol has been slashed to Rs 3 per litre, while the excise on diesel has been reduced to zero. This move comes after fears that the ongoing US-Israel conflict with Iran could lead to higher fuel prices, especially as global crude prices surged past $100 per barrel. Despite the dut

India is accelerating the signing of contracts for crude oil and LPG imports, aiming to diversify its supply sources amidst disruptions caused by the ongoing conflict in the Middle East. The country's need for oil has been rising, with daily imports averaging 5.5 to 6 million barrels. After Russia's oil imports were reduced as part of an agreement with the U.S., India has been exploring new avenues to ensure stable oil supplies, including from Russia, despite the geopolitical tensions.

Iran has stated that the Strait of Hormuz, a key route for global oil transport, will remain open for select countries, including India, despite ongoing tensions in the Middle East. The strait is crucial for international trade,

The global economy faces significant risks if oil prices reach $150 per barrel, warns Larry Fink, CEO of BlackRock. In recent days, Brent crude surpassed $110 per barrel, causing a substantial market reaction, and a new report suggests that prices could climb even further, especially if the ongoing U.S.-Iran conflict escalates. Fink emphasized that if oil prices continue to rise, the world would face a major economic shock rather than a gradual adjustment. The impact would be felt a

  Amid rising geopolitical tensions in West Asia and growing concerns over possible disruptions in the Strait of Hormuz, the government has reassured citizens that India’s oil reserves and fuel supply remain stable. Officials said there is no need for panic buying or hoarding of petrol, diesel or LPG cylinders, as adequate stocks are available to meet domestic demand. According to government sources, India currently maintains around 25 days of crude oil and petroleu

Russia has said it has not received any formal communication from India indicating that the country plans to stop purchasing Russian oil, casting doubt on recent claims by U.S. President Donald Trump that New Delhi had agreed to halt such imports as part of a new trade agreement with Washington. Kremlin spokesperson Dmitry Peskov stated that Moscow has yet to hear any official statement from the Indian government suggesting that energy flows between the two countries are being curtail