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Oil prices jump past $100 as Iran conflict shakes markets

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Washington, March 9: Oil prices surged past $100 a barrel as the conflict involving Iran disrupted energy flows through the Strait of Hormuz and rattled global markets.

US President Donald Trump defended the spike. He said higher oil prices were a temporary cost tied to confronting Iran’s nuclear threat.

“Short-term oil prices, which will drop rapidly when the destruction of the Iran nuclear threat is over, is a very small price to pay for U.S.A., and World, Safety and Peace,” Trump wrote on Truth Social.

“ONLY FOOLS WOULD THINK DIFFERENTLY!”

Crude oil prices almost touched $110 per barrel after major Middle East producers reduced output while the Strait of Hormuz remained effectively closed due to the Iran conflict, CNBC reported Sunday.

West Texas Intermediate crude jumped about 20.75 per cent, or $18.83, to $109.75 per barrel. Brent crude rose more than 18 per cent to about $109.48 per barrel, according to the report.

The jump marks one of the biggest weekly gains in oil futures trading since the early 1980s, it said.

The rally reflects fears that the Strait of Hormuz could remain disrupted. The narrow waterway is one of the world’s most critical oil routes. A large share of global oil and liquefied natural gas shipments moves through the Strait.

The Wall Street Journal reported that tanker traffic through the Strait slowed sharply as ships avoided the region after threats and attacks linked to the conflict.

Gulf producers have begun cutting output. Storage tanks are filling up. Without export routes, some producers are shutting wells or slowing production.

Financial markets reacted quickly.

Stocks in Asia dropped sharply when trading opened. Japan’s benchmark index fell about five per cent. South Korea’s market dropped more than seven per cent, The New York Times reported. Both economies depend heavily on imported oil and gas.

Analysts warn that prices could rise further if the conflict drags on. Market forecasts cited by financial trackers suggest crude could reach $143 per barrel by the end of the year.

Energy historian Daniel Yergin told The Wall Street Journal the situation could become “by far the biggest disruption in world history in terms of daily oil production.”

The conflict is also disrupting global trade routes. The Washington Post reported that missile and drone attacks in the region have slowed commercial shipping and damaged trade corridors between Asia, Europe and the Middle East.

Economists say Asia and Europe could face stronger economic pressure than the United States. Both regions rely heavily on imported energy moving through the Persian Gulf.

The United States may be somewhat protected because of its large domestic oil production and growing energy exports. Still, higher global oil prices can affect American consumers. Rising fuel costs often lead to higher transport and food prices.

Oil shocks in the Persian Gulf have triggered major economic crises before. The 1973 Arab oil embargo and the 1979 Iranian revolution both caused dramatic price spikes and global recessions.

Business

Navi Mumbai Airport expands multimodal transport network ahead of winter flight schedule

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Ahmedabad, Oct 5: Navi Mumbai International Airport (NMIA) is strengthening its public transport and ground mobility infrastructure ahead of the Winter Schedule 2026-27, with a wider network of buses, taxis, autorickshaws, car rentals, and airport shuttles aimed at improving connectivity across Mumbai, Navi Mumbai, Pune and the wider Mumbai Metropolitan Region, it was announced on Monday.

The airport, operated by Adani Airport Holdings Limited (AAHL), is preparing for the Winter Schedule that will run from October 25, 2026, to March 27, 2027.

As part of the expansion, the Maharashtra State Road Transport Corporation (MSRTC) will launch e-Shivai electric bus services from NMIA on October 7.

The first phase of MSRTC services will connect the airport with Dadar, Borivali and Pune. Fares from NMIA have been set at Rs 450 for Pune, Rs 210 for Borivali, and Rs 170 for Dadar East. Children below 12 years and women travelling with a National Common Mobility Card will be eligible for a 50 per cent fare concession.

The Dadar-NMIA service will operate through Sion and Atal Setu, while the Borivali-NMIA route will connect CSMIA Terminal 1, Bandra, and Atal Setu. The Pune route will have two daily services, with one operating in the morning and another in the afternoon. MSRTC also plans to introduce services connecting NMIA with Thane and Nashik by mid-November.

Private bus operator Chalo Bus is already providing 21 daily services connecting NMIA with Marol in Andheri East, Bandra, Dadar, and the World Trade Centre in Colaba. The operator is also adding capacity during peak periods to cater to passenger and airport employee movement.

Within Navi Mumbai, Navi Mumbai Municipal Transport (NMMT) is operating seven dedicated airport routes, A1 to A7, linking Terminal 1 with Kharkopar, Targhar, Belapur, Nerul, Panvel, Khandeshwar and the Airport Project Office. Services between Belapur and Nerul are available every 15-20 minutes during peak hours, while further connectivity to Vashi and Panvel is planned.

The airport is also expanding taxi and last-mile connectivity. Uber Go and Uber Premier will provide app-based cab services, while Uber Auto will cater to passengers seeking on-demand autorickshaw services for shorter journeys. Prepaid taxi and autorickshaw facilities, along with car rental services, are also being introduced at the airport.

Bharat Taxi is scheduled to begin operations at NMIA from October 10 with a dedicated fleet of up to 40 vehicles, adding another option for passengers travelling to and from the airport.

A complimentary inter-airport shuttle service is also being introduced between NMIA and Chhatrapati Shivaji Maharaj International Airport (CSMIA). Operated by Cityflo, Aarya and Chalo, the shuttle will run every hour and provide passengers with a direct transfer option between Mumbai’s two airports.

Overall ground transport capacity at NMIA is being scaled up to 4,594 vehicles and services, including 3,787 app-based taxis, 184 car rentals, 171 autorickshaws and 547 buses. The airport is also deploying mobility signage, improved wayfinding systems and on-ground passenger assistance, with designated areas for buses, shuttles, arrivals, departures and private vehicles.

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Indian markets open higher amid positive global cues; PSU bank stocks lead

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Mumbai, Oct 5: Indian equity benchmarks opened sharply higher on Monday, tracking gains across Asian markets after softer-than-expected US jobs data tempered expectations of an immediate Federal Reserve rate hike.

Nifty opened at 22,532.40, an increase of more than 100 points or 0.49 per cent.

Similarly, Sensex began the trading session up over 400 points or 0.6 per cent at 72,340.95.

Moreover, the broader market sentiment was positive with most sectoral indices trading in the green in early deals. Nifty PSU Bank, Nifty Media, and Nifty Metal gained up to 1 per cent.

Nifty Realty advanced 0.93 per cent, while Nifty Chemicals, Nifty FMCG and Nifty Oil & Gas gained between 0.8 per cent and 0.85 per cent.

Nifty Private Bank and Nifty Consumer Durables were also trading higher in morning trade. While Nifty IT, Nifty Auto and Nifty Pharma were seen flat.

On the other hand, healthcare stocks were only trading marginally lower as Nifty 500 Healthcare and Nifty Healthcare Index declined 0.07 per cent and 0.12 per cent, respectively.

Market experts said markets could see a near-term rebound after eight consecutive weeks of declines.

However, elevated crude oil prices, high US bond yields and continued foreign institutional investor selling remain key headwinds, they said.

“Valuations have turned attractive, particularly for large-caps,” the experts said and added that the market may be better placed to withstand the prevailing headwinds.

Positive September automobile sales data also point to continued resilience in the domestic economy, according to them.

The Reserve Bank of India is widely expected to raise its policy rate by 25 basis points on Wednesday with the move largely priced into the market, according to the experts.

Banks could benefit from the rate hike as higher floating lending rates may support margins, they added.

In addition, foreign institutional investors (FIIs) remained net sellers in the previous trading session with a net outflow of Rs 9,484 crore, while domestic institutional investors (DIIs) continued to provide support with net purchases of Rs 10,041 crore.

Additionally, crude oil prices eased with international benchmark Brent crude trading nearly 1 per cent lower at $101.27 a barrel.

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Piyush Goyal highlights India’s growing strengths as global hub for talent, innovation

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New Delhi, Oct 3: Commerce and Industry Minister Piyush Goyal on Saturday said he highlighted India’s growing strengths as a global hub for talent, innovation and business services, and the potential for deeper India-US business partnerships.

During his US visit, the minister met several global leaders and CEOs.

“Met Greg Case, CEO of Aon, and discussed the company’s operations in India and the opportunities for further expansion,” Goyal posted on social media platform X.

He also met Paul Grewal, Chief Legal and Global Affairs Officer at Cognition, and exchanged views on leveraging Cognition’s pioneering AI solutions and deepening its presence in India.

“Highlighted how India’s rich engineering ecosystem and dynamic startup culture provide a strong launchpad for building and deploying next-generation technologies for the world,” said Goyal.

During an engaging interaction with the Institute of Chartered Accountants of India (ICAI) leadership and members from Chicago, Michigan, and Ohio Chapters, the minister discussed the expanding opportunities in the India-US economic partnership and “highlighted how India’s economic momentum, marked by record FDI inflows and strong GDP growth, reflects PM Narendra Modi’s vision of a confident, self-reliant and globally competitive India”.

“Chartered Accountants have a pivotal role in strengthening this partnership by helping businesses navigate cross-border taxation, regulatory compliance and financial governance, while making Indian enterprises investment-ready for global capital,” the minister noted.

Goyal also delivered the keynote address at the USIBC Roundtable in Chicago.

“Discussed venture investment, commercialisation, and corporate partnerships to help Indian and US startups scale across markets. Explored opportunities to deepen India–US innovation linkages and foster the next generation of high-growth enterprises,” Goyal said.

He met Juan Ricardo Luciano, Chair of the Board and CEO of Archer Daniels Midland (ADM).

They discussed avenues to expand ADM’s presence and investment opportunities in India.

“With our rapidly expanding food processing sector, modernising agricultural value chains, and massive consumer base, India offers tremendous potential for sustainable growth and long-term collaboration,” said Goyal.

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