PSU OMCs slide as crude oil boils
Shares of three state-run oil marketing companies fell 1.2% to 2.6% after Brent crude prices flared up following an Israeli airstrike on Iran that sharply escalated tensions in the Middle East.
In commodities, Brent crude (August 2025 contract) soared $5.59, or 8.06%, to $74.95 per barrel amid heightened geopolitical tensions.
Meanwhile, the Nifty 50 index was down 203.45 points, or 0.82% at 24,685.25.
BPCL (down 2.59%), HPCL (down 2.24%) and Indian Oil Corporation (down 1.2%) edged lower.
The heightened geopolitical unrest has sparked fears of potential disruptions to global oil supplies, especially through key transit points like the Strait of Hormuz.
Higher crude oil prices could increase under-recoveries of PSU OMCs on domestic sale of LPG and kerosene at controlled prices. The government has freed pricing of petrol and diesel.
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Time of India
an hour ago
- Time of India
Israel Targets Iran's Nuclear Sites, Kills Top Generals
Live Events Israel launched strikes across Iran on Friday morning , targeting nuclear facilities and killing top military commanders in a major escalation against its chief adversary that risks sparking a broad war in the West strikes were far more extensive than those Israel carried out against Iran last President Donald Trump urged Iran to accept a nuclear deal with Washington to avoid further attacks, which Prime Minister Benjamin Netanyahu vowed would probably happen over the coming days as Israel looks to deal a severe blow to Tehran's nuclear programme. Tehran must make a deal 'before it is too late,' he said it struck around 100 targets across Iranian cities on Friday morning, using 200 fighter attacks caused oil to surge as much as 13%, though it later pared its gains, and investors to buy havens such as gold and US were heard across Tehran, Natanz—home to a key atomic site—and other cities, according to local and social media. Netanyahu said Israel 'struck at the heart of Iran's nuclear-enrichment programme.'The head of the Islamic Revolutionary Guard Corps, Hossein Salami, and the military's chief of staff, Mohammad Bagheri, were both killed, according to Iranian media. At least two other senior IRGC members also quickly responded by calling the attack 'a declaration of war" and sending a wave of drones toward Israel, though it was unclear if they caused any damage. Some were intercepted over Friday, Iran's Revolutionary Guards said they carried out more attacks against targets in Israel in retaliation for the latter's biggest attacks ever against responders said 7 people were injured in central Israel after an Iran missile state TV said at least one Israeli fighter jet was downed by air defence and its pilot expects Iran to retaliate with more drone strikes and also by firing ballistic missiles, according to a military official speaking on condition of evening fell on Friday, Iranian media reported explosions on the northern and southern outskirts of Tehran and at Fordow, near the holy city of Qom, a second nuclear site which had been spared in the first wave of attacks. 'The risk of this conflict expanding is real,' said Bilal Bassiouni, head of risk forecasting at advisory firm Pangea-Risk. 'Iran is under intense pressure to respond beyond drones, and a strike on Israeli military or strategic infrastructure, including energy or nuclear-linked facilities, is plausible.' The UN's atomic watchdog said there were no indications of increased radiation levels at Iran's main uranium-enrichment site of Natanz, an early sign the strikes haven't penetrated the layers of steel and concrete protecting the Islamic Republic's nuclear in the region condemned Israel's attack, while leaders around the globe called for immediate de-escalation from both sides. The Israeli Air Force said the Natanz strike hit an underground multi-story chamber with centrifuges and other infrastructure, causing 'significant damage'.Netanyahu said the strikes 'will continue for as many days as it takes to remove this threat.' Israel's UN ambassador said it was possible that the operation takes nuclear facilities, the initial phase of the strikes targeted Iran's air defenses and missile-production media said at least 95 people were wounded and that several residential buildings in the capital's suburbs were hit. Iran hasn't yet released an official death said Friday's strikes were 'very successful,' adding that Israelis would need to prepare for a retaliation and prepare to spend long periods in Supreme Leader Ayatollah Ali Khamenei said Israel will 'pay a very heavy price' and should 'expect a severe response from Iran's armed forces'. While Trump said he knew about Israel's operations in advance, it's unclear if he had much notice. As recently as Thursday he'd suggested he was against strikes, saying his administration remained 'committed to a Diplomatic Resolution to the Iran Nuclear Issue!Yet speaking to an ABC reporter on Friday, he said Israel's attack had 'been excellent'. 'We gave them a chance and they didn't take it,' Trump said of Iran and its nuclear talks with the US. 'They got hit about as hard as you're going to get hit. And there's more to come.'The US was 'not involved' in Israel's strikes, Secretary of State Marco Rubio said. He warned Iran against targeting US interests or personnel in US and Iran were meant to meet for their next round of nuclear talks on Sunday in Oman. It's unclear if those negotiations will still happen. Oman's government — in the first comments from a Gulf state — said Israel's actions were reckless and would undermine regional Arab states echoed those comments, including Saudi Arabia, the United Arab Emirates and UK's Prime Minister Keir Starmer urged 'all parties to step back and reduce tensions urgently' and said 'escalation serves no one in the region'.Regional crisisThe attacks risk plunging the Middle East — which has been mired in various conflicts since militant group Hamas attacked Israel from Gaza in October 2023 — even deeper into crisis and hitting the global countries closed their airspace, including Israel, Iran, Iraq, Syria, and Jordan. That's forcing airlines to fly longer routes, adding to fuel costs and disrupting schedules.'Risks are high this will escalate into a broader regional conflict,' say Bloomberg Economics analysts including Jennifer Welch, Adam Farrar and Tom Orlik. The clearest hit to the global economy will come via higher energy prices, they said.'Israel's alarming decision to launch airstrikes on Iran is a reckless escalation that risks igniting regional violence,' Senator Jack Reed, the top Democrat on the Senate Armed Services Committee, said in a statement. He said Trump and other nations need to push for 'diplomatic de-escalation before this crisis spirals further out of control.'Republican politicians refrained from criticising Israel and largely said the country was provoked by Defense Minister Israel Katz said it was a 'preemptive strike,' with the country's officials saying they had evidence Iran was planning an has repeatedly insisted that its atomic activities are for peaceful, civilian purposes only. But it has significantly expanded uranium enrichment since 2019 — a response to Trump's withdrawal the year before from a 2015 nuclear deal signed under Barack Obama's administration.
Time of India
2 hours ago
- Time of India
Tel Aviv Thumps Tehran
Iran is weak. Even then, oil price, trade routes are at risk Israel's stunning strikes on Iran put West Asia back on the edge. These strikes were deep into Iran, hitting nuclear facilities and ballistic missile sites, and heads of its armed forces and IRGC were taken out. Tehran has vowed harsh response, but its options may be constrained today. Israel already battered its Lebanese proxy Hezbollah last year and brought on the downfall of the pro-Tehran Assad regime in Syria. Plus, Israel claims that the latest strikes involved a covert Mossad cell that operated from within Iran to take out Iranian air defence and ballistic missile launchers. This would mean Tehran's counter-intelligence network has failed on multiple fronts. Meanwhile, Trump appears to be threatening more Israeli military action against Iran if Tehran doesn't do a fresh deal with Washington on its nuclear programme. US and Iran have been engaging in talks over the matter. But Washington's position that Tehran abandon its nuclear programme hasn't cut ice with the Iranian regime. But if the strikes were meant to be a harsh message to the Ayatollahs, they may end up having the opposite effect – Tehran could accelerate a nuclear weapons programme and quit NPT. That in turn would increase tensions with the Gulf Arab states, and the Saudis may push their case for a nuclear programme. The impact of all this on energy prices could be acute. Price of crude has already leapt by 9% and could head further north. Supply chains may again take a hit given important sea lanes in the region. Not to forget undersea cables that could be targeted or weaponised. For India too things get complicated. Iran provides our potential alternative trade route to Afghanistan via Chabahar port. The same route links up to International North-South Transport Corridor for Central Asia. But prolonged chaos in the region puts all of this under a cloud. An escalatory military conflict between Tel Aviv and Tehran is not in the world's interest. But Netanyahu, the Ayatollahs and Trump may have other ideas. Facebook Twitter Linkedin Email This piece appeared as an editorial opinion in the print edition of The Times of India.
NDTV
3 hours ago
- NDTV
Middle East Airspace Shut After Israel Strikes Iran, Airlines Cancel Flights
Airlines steered clear of much of the Middle East on Friday after Israeli attacks on Iranian sites forced carriers to cancel or divert thousands of flights in the latest upheaval to travel in the region. Proliferating conflict zones around the world are becoming an increasing burden on airline operations and profitability, and more of a safety concern. Detours add to airlines' fuel costs and lengthen journey times. Israel on Friday said it targeted Iran's nuclear facilities, ballistic missile factories and military commanders at the start of what it warned would be a prolonged operation to prevent Tehran from building an atomic weapon. Tel Aviv's Ben Gurion Airport was closed and Israel's air defence units stood on high alert for possible retaliatory strikes from Iran. Israel's El Al Airlines said it had suspended flights to and from Israel as did Air France KLM and budget carriers Ryanair and Wizz. Delta Air Lines suspended flights to Tel Aviv through the end of August. Wizz said it had re-routed flights affected by closed airspace in the region for the next 72 hours. Israeli airlines El Al, Israir and Arkia were moving planes out of the country. FlightRadar data showed airspace over Iran, Iraq and Jordan was empty, with flights directed towards Saudi Arabia and Egypt instead. About 1,800 flights to and from Europe had been affected so far on Friday, including approximately 650 cancelled flights, according to Eurocontrol. With Russian and Ukrainian airspace closed due to war, the Middle East region has become an even more important route for international flights between Europe and Asia. The escalation of the Middle East conflict knocked shares in airlines around the world with British Airways owner IAG down 4.6%, Delta Air Lines down 4%, and Ryanair off 3.5%. A surge in oil prices after the attack also stirred concerns about jet fuel prices. Many global airlines had already halted flights to and from Tel Aviv after a missile fired by Yemen's Houthi rebels towards Israel on May 4 landed near the airport. Iranian airspace has been closed until further notice, according to state media and notices to pilots. Air India, which flies over Iran on its Europe and North American flights, said several flights were being diverted or returned to their origin, including ones from New York, Vancouver, Chicago and London. Germany's Lufthansa said its flights to Tehran have been suspended and that it would avoid Iranian, Iraqi and Israeli airspace for the time being. Emirates also cancelled flights to and from Iraq, Jordan, Lebanon, and Iran while Qatar Airways axed flights to Iran, Iraq and Syria. Iraq early on Friday closed its airspace and suspended all traffic at its airports, Iraqi state media reported. Eastern Iraq near its border with Iran contains one of the world's busiest air corridors, with dozens of flights crossing between Europe and the Gulf, many on routes from Asia to Europe, at any one moment. Jordan, which sits between Israel and Iraq, also closed its airspace several hours after the Israeli campaign began. Russia's civil aviation authority Rosaviatsia said it had instructed Russian airlines to stop using the airspace of Iran, Iraq, Israel and Jordan until June 26. It said flights to airports in Iran and Israel were also off limits for civil carriers. FlyDubai has cancelled 22 flights scheduled for June 13-14 to Dubai from 10 Russian airports, Russia's RIA news agency said, citing Rosaviatsia. FLIGHT DIVERSIONS "Traffic is now diverting either south via Egypt and Saudi Arabia, or north via Turkey, Azerbaijan and Turkmenistan," according to Safe Airspace, a website run by OPSGROUP, a membership-based organisation that shares flight risk information. The Israeli-Palestinian conflict in the Middle East since October 2023 led to commercial aviation sharing the skies with short-notice barrages of drones and missiles across major flight paths – some of which were reportedly close enough to be seen by pilots and passengers. Six commercial aircraft have been shot down unintentionally and there have been three near misses since 2001, according to aviation risk consultancy Osprey Flight Solutions. Last year, planes were shot down in Kazakhstan and in Sudan. These incidents followed the downing of Malaysia Airlines flight MH17 over eastern Ukraine in 2014 and of Ukraine International Airlines flight PS752 en route from Tehran in 2020.
