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The Indian stock market ended last week in the red, with analysts flagging multiple factors that could keep pressure on Sensex and Nifty when trading resumes on Monday.On Friday, the Sensex closed 117 points lower at 74,243, while the Nifty 50 declined 50 points to settle at 23,367. Among the top laggards on the Sensex were Trent, TCS, Tata Steel, NTPC, HCL Tech, Bharti Airtel, Kotak Mahindra Bank and Reliance Industries, with losses of 1-2%.Here are five key factors likely to drive the stock market in the week ahead.1) Weak global cuesWall Street ended sharply lower on Friday, with the tech-heavy Nasdaq plunging more than 4% to log its steepest single-day decline since April 2025, after a stronger-than-expected US jobs report fuelled concerns that the Federal Reserve may keep interest rates higher for longer.The Nasdaq Composite tumbled 4.2%, dragged down by a more than 6% slide in Nvidia and an almost 8% drop in Broadcom. Broadcom’s weaker-than-expected guidance heightened concerns that AI-driven demand may not expand as rapidly as markets had anticipated. The Dow Jones fell 1.4%, while the S&P 500 dropped nearly 3%.European markets closed mixed, while Asian equities ended broadly lower. Japan’s Nikkei 225 and Hong Kong’s Hang Seng declined more than 1%, while South Korea’s Kospi plunged nearly 6%. China’s Shanghai Composite also ended about 1% lower.Also read: Why did Nasdaq plunge 4% to log worst day in over a year2) RBI policy impactReserve Bank of India (RBI) Governor Sanjay Malhotra on Friday announced that the central bank’s Monetary Policy Committee (MPC) unanimously decided to keep the policy repo rate unchanged at 5.25%, as it assessed the impact of rising energy prices and supply disruptions linked to the West Asia conflict. The RBI also increased the investment limit for Non-Resident Indians (NRIs) and Overseas Citizens of India (OCIs) in equity instruments.Indian equity markets are likely to remain range-bound next week amid a mix of domestic and global triggers, according to Siddhartha Khemka, Head of Research, Wealth Management, at Motilal Oswal Financial Services.“While the Reserve Bank of India’s measures to attract foreign capital and the government’s tax relief for foreign investors in government securities could support sentiment, we expect market movement to be driven largely by bottom-up stock picking and sector-specific action in the near term,” he said.Khemka noted that the central bank raised its FY27 inflation forecast to 5.1% and lowered its FY27 GDP growth projection to 6.6%, reinforcing concerns over energy prices, geopolitical tensions in West Asia and weather-related uncertainties.“If inflationary pressures remain elevated and external risks persist, the possibility of a future monetary tightening cycle could increase, keeping investors cautious. Going forward, investors will closely track energy prices, developments in the West Asia conflict, monsoon progress, FII flows and the impact of RBI’s policy measures for further market direction,” he added.3) FII selling continuesForeign Institutional Investors (FIIs) remained net sellers in the Indian market during the first week of June, offloading shares worth Rs 31,120 crore, according to Pabitro Mukherjee, Deputy Vice President – Research at Bajaj Broking. Domestic Institutional Investors (DIIs), meanwhile, continued to provide support as net buyers.“Investor sentiment remained subdued amid persistent geopolitical tensions, which kept crude oil prices elevated. Heightened global uncertainty, coupled with prevailing macroeconomic challenges, led to cautious market participation. Going forward, institutional flows are likely to remain highly sensitive to developments in US-Iran relations and movements in oil prices,” he said.4) Iran-US tensions US forces struck Iranian coastal radar sites on Saturday after intercepting drones launched by Iran toward the Strait of Hormuz, the US military said. Reuters, citing a US official, reported that the military believes the four Iranian drones were targeting regional maritime traffic. US Central Command said on X that it subsequently struck Iran’s surveillance sites in Goruk and Qeshm Island, both located along the Strait of Hormuz.Meanwhile, Iran’s Revolutionary Guard Corps said it had targeted US bases in Kuwait and Bahrain in retaliation for the strikes and fired on four tankers attempting to cross the strait without its permission. The developments renewed concerns over escalating tensions in the oil-rich Middle East.Also read: GIFT Nifty tumbles 1.5% as US stock market plunges. Will Dalal Street crash on Monday?5) Bond yields Rising inflation concerns pushed US Treasury yields higher. The yield on the 2-year Treasury note, which is highly sensitive to expectations around Federal Reserve policy, climbed to a 15-month high. Elevated interest rates typically make bonds more attractive relative to equities, weighing on stock market sentiment.Technical view on NiftyThe benchmark Nifty index ended lower for the second consecutive week, reflecting the cautious undertone prevailing in the market, said Sudeep Shah, Head of Technical and Derivatives Research at SBI Securities.According to Rupak De, Senior Technical Analyst at LKP Securities, Nifty 50 has been moving within a defined range as markets digest the RBI’s policy announcement. He noted that sentiment remains weak, with the index continuing to trade below key moving averages. The Relative Strength Index (RSI) also remains subdued, indicating a lack of positive momentum.“In the near term, the index is likely to consolidate within the 23,300–23,500 range. A decisive breakout above 23,500 could trigger an upmove towards 25,700 and beyond, while a break below the 23,300 support level may result in a sharper correction,” he said.(With inputs from agencies)(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
Tehran: Iran's Revolutionary Guards denied responsibility on Wednesday for an attack on Kuwait's international airport that officials said left an Indian national dead and 63 people wounded."Our investigation and review into the Kuwait passenger terminal attack shows that the IRGC Air Force did not fire any shots at this target," said Guards spokesman Hossein Mohebi, according to the IRGC's official Telegram channel.He said that "the destruction of the Kuwait airport passenger terminal was caused by an error in the American Patriot systems, which landed on the terminal after failing to intercept Iranian missiles".The Guards earlier said they had targeted a different location, "the Ali Al Salem Air Base in Kuwait, which hosts helicopters" for the US.The attack on Kuwait's airport on Wednesday temporarily halted operations, but air traffic resumed later in the day with all Kuwait Airways flights operating again.The Gulf nation's ministry of defence said 30 ballistic missiles and drones were launched as part of the "heinous Iranian aggression", which caused "significant material damage to the building".The Indian foreign ministry confirmed one of its citizens was killed at the airport and condemned the strike."We again call on all parties to cease such attacks" on civilian targets, it said in a statement.An airport source told AFP the deceased was a traveller.Kuwaiti health ministry spokesman Abdullah al-Sanad said 63 people were treated for injuries "including head wounds, cerebral hemorrhages, amputations and injuries resulting from explosions".Kuwait's international airport was targeted several times during the war, and had only fully resumed operations on June 1.
India is seeking to safeguard exporters’ interests in trade negotiations with the US and UK this week, with implications for trade deals with two of its major partners.India will ask for exemptions from any tariffs that may arise from ongoing US trade investigations during talks with a US team led by Brendan Lynch in New Delhi starting Tuesday. Separately, India’s Commerce Minister Piyush Goyal will hold talks with his UK counterpart Peter Kyle in New Delhi to seek exemptions for Indian steel exports from British safeguard duties due to take effect next month. New Delhi has warned it could scale back some concessions under the free trade agreement it signed with the UK last year if it does not receive relief.The talks come at a difficult moment for India. The war in Iran, which has severely disrupted shipping through the Strait of Hormuz, has hit not only energy supplies but also access to a key export market for Indian goods. While the government has moved to cushion the impact on exporters, concerns are growing that a prolonged conflict could weigh on trade this fiscal year. Trade agreements with the US and the UK could help cushion some of those headwinds while attracting foreign investment at a time when the rupee is under pressure. They are also a key part of Prime Minister Narendra Modi’s strategy to diversify India’s export markets amid growing geopolitical uncertainty.In the case of the US, however, some analysts argue that New Delhi has less reason to rush.The rationale for quickly concluding a trade deal weakened after the US Supreme Court struck down the reciprocal tariff framework, according to Ajay Srivastava, founder of the New Delhi-based Global Trade Research Initiative.“More importantly, a bilateral trade agreement would offer no guarantee against future US trade actions,” Srivastava said. “It would be wise to wait for US trade policy to stabilize than to lock itself into long-term expensive obligations.”Last year, the White House imposed some of the world’s highest tariffs on Indian goods, partly in response to New Delhi’s purchases of Russian oil. The two countries reached an agreement on an interim trade pact earlier this year, before the US Supreme Court struck down President Donald Trump’s sweeping reciprocal tariffs.Soon afterward, however, the Office of the US Trade Representative launched investigations under Section 301 of the Trade Act into several countries, including India, over concerns about forced labor and excess production capacity. If the investigations result in adverse findings, additional tariffs could be imposed.New Delhi has urged Washington to address the issue within the framework of ongoing trade negotiations rather than through unilateral measures. The matter is likely to feature in talks this week between Indian officials and a US trade delegation visiting New Delhi.“Our approach with the US needs a rethink,” said Abhijit Das, a New Delhi-based independent trade expert who has also worked with the Indian government. Also on Tuesday, UK’s Kyle is scheduled to meet Indian officials to discuss speeding up the implementation of the India-UK trade pact. The UK discussions are expected to focus on New Delhi’s concerns over Britain’s recent steel safeguard measures, which India says could restrict market access for its steel exports. On Monday, a senior Indian government official said New Delhi could scale back tariff concessions on a range of British products, including Scotch whisky, under the trade agreement signed last year if the issue is not resolved.
Chennai: VCK chief Thol Thirumavalavan on Tuesday announced that he will not contest in the Tiruchirappalli East Assembly constituency vacated by Tamil Nadu Chief Minister C Joseph Vijay, as he has no desire to become a minister in the TVK cabinet.He would not contest in any by-elections and would not be influenced by anyone, the Viduthalai Chiruthaigal Katchi founder said following speculation that the TVK's ally leader will make it to the Assembly from Tiruchirappalli East seat that was won by Vijay in the April 23 Assembly polls. Following his victory from two constituencies, Vijay vacated Tiruchirappalli East and retained Perambur constituency in Chennai."I am saying this 100 per cent that I will not contest in any by-elections nor will I be influenced by anyone," Thirumavalavan said in a video message and revealed that he was offered a chance to contest from the constituency, which was vacated by Vijay, as per ECI norms, with the promise of a ministerial berth upon his victory.Also Read: Congress seeks Rajya Sabha seat from ally Vijay's TVK"I have denied it from my side and I thank Chief Minister Vijay for the offer," he said.Thirumavalavan's VCK, along with the Left parties and IUML, had extended support to the Vijay-led TVK in forming the government while the Congress had joined Tamilaga Vettri Kazhagam in a post-poll pact. Apart from the Congress, both VCK and IUML legislators have been accommodated in the newly formed government.Explaining that his support to the TVK was extended only after consulting DMK president M K Stalin, he stressed that the support was mainly to prevent the implementation of the President's rule in Tamil Nadu."I have been a harshest critic of Vijay before the election and even accused him of attempting to divide the minority votes and hindering the progress of Secular Progress Alliance," the VCK chief said and rejected the TVK offer, stating that he was not power hungry and has always been committed to safeguarding the DMK-led alliance. Also, he stated that he need not become an MLA to get a role in the Cabinet.He has already communicated his decision to the TVK chief and said he earlier withdrew from the race when he was asked to contest from Kattumannarkoil in April this year in order to preserve the DMK-led combine's unity.Putting to rest speculation about his poll contest, Thirumavalavan said he was committed to the people, social justice and ideological integrity and appealed to his cadres and public not to pay attention to any rumours on contesting byelections.
Shares of Coforge rose more than 2% to their day’s high of Rs 1,495 on the BSE on Tuesday after the company announced the launch of its "Nexa Agentic AI Platform", a business platform that aims to cater to the global insurance industry.According to the company, the platform is designed to help insurers derive greater value from their existing insurance platforms and speed up time-to-market without replacing core systems. Instead, it layers AI orchestration capabilities over incumbent platforms while operating within the guardrails of leading platform providers.Built on the Coforge One AI platform, Nexa Agentic AI Platform offers a marketplace of more than 30 insurance AI assets covering underwriting, claims, product development, customer service and platform modernisation. The company said the platform is modular and composable, allowing insurers to deploy specific capabilities or adopt the full suite through an Insurance-in-a-Box model.Coforge said the platform is purpose-built for the global insurance market across Property & Casualty, Life & Annuities, Specialty insurance, as well as managing general agents (MGAs) and intermediaries. It incorporates human-in-the-loop oversight, full auditability and measurable outcomes.The platform includes six flagship orchestrators spanning the insurance value chain. These include an AI-enabled Submission Centre, which the company said can increase underwriting capacity by more than 30% through automated data extraction, validation and prioritisation.Another offering, the Agentic State Rollout Factory, is designed to automate rates, forms and filings across jurisdictions, enabling more than 25% faster realisation of new revenue. The AI-enabled Product Rollout Factory aims to accelerate product launches by 30% while improving quality and responsiveness to regulatory changes.Coforge also introduced an Agentic AI Global Expansion capability to support market entry across geographies, a Core Platform Modernisation capability that it said can reduce total cost of ownership by more than 30%, and an Agentic Claims Triaging Centre that can enable more than 35% faster claims triaging and higher straight-through processing.Rajeev Batra, Executive Vice President and Global Practice Head of Insurance at Coforge, said the platform combines the company's AI engineering capabilities with its insurance domain expertise to help clients scale AI adoption and business outcomes.Also read: Morgan Stanley says Indian stock market poised for strong year ahead. Here’s whyThe company said the platform is designed around key insurance stakeholders, including brokers, underwriters, claims adjudicators and customer service agents. Looking ahead, Coforge plans to progressively integrate insurance knowledge graphs into the platform to enhance insurance-specific reasoning across submissions, policies, claims and customer interactions.Coforge said Nexa Agentic AI Platform will form a key part of its insurance go-to-market strategy, helping clients accelerate AI adoption while preserving existing technology investments and complying with platform guardrails.(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
New York: About 30 individuals from India, found to be living in the US illegally and working as commercial truck drivers, have been arrested as part of a federal operation and will soon be deported.The US Customs and Border Protection said in a statement Monday that during the week of May 11-15, Border Patrol agents from Yuma Sector in Arizona arrested 52 individuals during 'Operation Checkmate' for being in the US illegally, including 36 who were found to be driving semi-trucks.Out of the 36 illegal semi-truck drivers arrested, 30 were from India, while the remaining six were from Mexico, El Salvador, and Russia. They had commercial driver's licenses from states such as California, New York, Washington and Virginia, while some did not possess any form of driver's license. Most possessed employment authorisation documents, which were obtained during the Joe Biden administration and were no longer valid. All individuals were processed in accordance with federal law and will be deported.Also read: India-US meet to resolve final 'commas and full stops' of bilateral trade pactOperation Checkmate is aimed at enhancing public safety through enforcement of immigration statutes to detect and arrest illegal persons operating commercial motor vehicles in the country."Operation Checkmate reflects our commitment to safeguarding communities and roads from unlawfully present drivers who pose significant risks to public safety," Acting Chief Patrol Agent of the US Border Patrol's Yuma Sector Dustin Caudle said. Federal agents are on patrol every day to "ensure we stop these individuals and prevent more deadly crashes from occurring on the road across the United States."Under the administration of President Donald Trump, the Department of Transportation issued an order to stop unqualified foreign drivers from obtaining licenses to drive commercial trucks and buses.Over the past several months, there have been instances of Indian-origin truck drivers arrested and charged with causing fatal crashes while driving commercial vehicles in the US.
The Comprehensive Economic Partnership Agreement (CEPA) between India and Oman is set to come into force on June 1, marking a significant milestone in bilateral economic relations. Both nations will formally announce the decision on Monday.This marks the fifth free trade agreement (FTA) implemented under the Modi government since 2014. It follows trade pacts rolled out with Mauritius (April 2021), the UAE (May 2022), Australia (December 2022), and the European Free Trade Association (EFTA—comprising Switzerland, Iceland, Liechtenstein, and Norway in October 2025). India has also signed deals with the UK (July 2025) and New Zealand (April 2026), alongside concluding trade talks with the 27-nation European Union (EU) on January 27 this year.CEPA vs FTAModern trade pacts typically span around 20 chapters. These encompass comprehensive regulations across trade in goods, trade in services, investment, intellectual property rights, customs procedures, and dispute settlement mechanisms.Similar bilateral frameworks are also designated as Comprehensive Economic Cooperation Agreements (CECA), Comprehensive Economic Trade Agreements (CETA), or Economic Cooperation and Trade Agreements (ECTA).Also read: India-Oman CEPA to strengthen energy security, trade resilience and export growthIndia-Oman tradeBilateral trade between the two nations reached USD 11.18 billion during 2025-26, up from USD 10.61 billion in 2024-25. India’s exports stood at USD 4.02 billion, while imports from Oman were valued at USD 7.16 billion.In the services domain, India's exports to Oman expanded from USD 397 million in 2020 to USD 665 million in 2024, driven primarily by telecommunications, computer and information, transport, and travel sectors. Conversely, services imports from Oman grew from USD 101 million to USD 197.7 million over the same period, led by transport, travel, telecom, and other business services.What does India gain? The deal unlocks 100% duty-free market access for Indian exports to Oman, covering 98.08% of Oman’s tariff lines, which represents 99.38% of the trade value (based on the 2022-23 average).Immediate Concessions: All zero-duty access comes into effect from "Day One" of the agreement. Currently, only 15.33% of India’s export value (11.34% of tariff lines) enters Oman duty-free under the Most Favoured Nation (MFN) regime.Price Competitiveness: The pact eliminates the current 5% import duty on Indian goods worth USD 3.64 billion.Growth Drivers: Key sectors poised for immediate advantages include textiles, agricultural products, transport equipment, precision instruments, processed food, and gems & jewellery.New Horizons: The agreement unlocks fresh export windows for Indian minerals, chemicals, base metals, machinery, plastic, rubber, automobiles, clocks, instruments, glass, ceramics, marble, and paper.India-Oman CEPA: Key sectoral gainsOman will grant immediate zero-duty access to crucial Indian industrial segments, including:Iron and steelElectrical and industrial machineryMarine products and copper goodsFurthermore, the removal of the 5% tariff is set to directly bolster the competitiveness of Indian vehicles in the Omani market, while securing binding zero-duty access for key finished medicines and vaccines.India protects sensitive sectorsTo insulate local industries and farming communities, India has placed 2,789 tariff lines on its exclusion list.Excluded Categories: Key domestic sectors shielded from tariff concessions include transport equipment, major chemicals, cereals, fruits, vegetables, spices, coffee, tea, and products of animal origin.Manufacturing Safeguards: High-value manufacturing chains including rubber, leather, textiles, footwear, petroleum oils, and mineral-based products remain protected.Agricultural Shielding: Strategic segments such as dairy products, meat, oilseeds, vegetable oils, sugar, and food-processing residues are entirely kept out of the liberalisation purview.Service sector stands to gainWith Oman’s total global services imports standing at USD 12.52 billion in 2024, India’s current share of 5.31% presents significant room for expansion.Oman has made robust commitments regarding the temporary entry and stay of Indian service professionals. Notably, the Intra-Corporate Transferees (ICT) ceiling has been raised from 20% to 50%, allowing Indian firms to deploy a higher volume of managerial and specialist personnel.Additionally, for the first time in any FTA, Oman has locked in specific commitments for professional service providers, benefitting Indian talent in IT, accounting, engineering, medical, education, construction, and consulting fields.Gains for India's agri sectorIndian agricultural exports such as natural honey, potatoes, cashews, boneless meat, and bakery items will secure immediate duty-free entry into Oman.Oman has agreed to dismantle tariffs—which currently range from 5% to 100%—on an array of items. These include cheese, curd, milk, cream, frozen fish, butter, meat, yoghurt, pastries, cakes, chocolate, sugar confectionery, mineral water, alongside animal and vegetable fats and oils.In return, Indian consumers will benefit from cheaper imports of Omani dates, with India granting zero-duty access for up to 2,000 tonnes of the commodity annually. New Delhi is also extending tariff concessions to Oman’s traditional products: Gum Arabica (utilised in food, pharmaceuticals, and cosmetics) and Frankincense (utilised in the incense and perfume sectors).Oman to benefit from tariff concessionsIndia is extending tariff concessions across 77.79% of its total tariff lines (equivalent to 12,556 lines), which encapsulates 94.81% of India’s total imports from Oman by value.For items that hold significant export value for Oman but remain sensitive for domestic industries in India—such as dates, marbles, and specific petrochemical products—liberalisation will be managed via a controlled Tariff-Rate Quota (TRQ) mechanism.India strengthening presence in Middle EastThe Oman CEPA serves as another pillar in India's deepening trade ties with the Gulf Cooperation Council (GCC), following its May 2022 pact with the UAE. New Delhi is set to commence trade talks with Qatar soon, and has already inked terms of reference (TOR) to initiate broader trade pact negotiations with the entire GCC bloc (comprising Saudi Arabia, UAE, Qatar, Kuwait, Oman, and Bahrain).Despite its size, Oman commands vast geopolitical importance as it borders the Strait of Hormuz, a critical maritime chokepoint heavily relied upon by Asian enterprises for oil trade. The nation serves as a strategic gateway for Indian goods and services into the broader Middle Eastern and African markets.Currently, nearly 7 lakh Indian nationals reside in Oman, sending home approximately USD 2 billion in annual remittances. Over 6,000 Indian establishments operate within Oman, and India has clocked USD 615.54 million in foreign direct investment (FDI) from Oman between April 2000 and September 2025. Notably, this CEPA is the first bilateral trade pact Oman has signed with any nation since its agreement with the United States in 2006, cementing its position as India’s third-largest export market within the GCC.
New Delhi: Outgoing Chief of Defence Staff Gen Anil Chauhan on Saturday described his tenure as "very satisfying" as he wrapped up a three-year-and-eight-month stint at the top military post, during which he focused on bringing synergy among the three services.Lt Gen NS Raja Subramani (retd) will take charge as India's next Chief of Defence Staff (CDS) on Sunday."I had a very satisfying and excellent tenure," the outgoing CDS told reporters after he was accorded a ceremonial tri-services guard of honour.Gen Chauhan, a former Eastern Army Commander, took charge as the country's senior-most military commander in September 2022, over nine months after the first CDS General Bipin Rawat died in a helicopter crash in Tamil Nadu.As Chief of Defence Staff, Gen Chauhan played a key role in planning and implementation of Operation Sindoor along with the three service chiefs.During his tenure, he focused on ensuring tri-services synergy to enhance India's military prowess in view of the evolving regional security scenario.The Chief of Defence Staff also initiated a number of measures towards India's plan to roll out the theaterisation model by creating integrated military commands."It's a matter of great honour for me to superannuate with a tri-services guard of honour. I thank the three services and Headquarters IDS (Integrated Defence Staff) for it. With the conclusion of the guard of honour, I bid farewell to my colleagues in uniform, comrades in arms," Gen Chauhan said."I just laid the wreath at the War Memorial for the last time in uniform, as a humble tribute to those who laid down their lives in the line of duty. After the wreath laying, I was welcomed by friends, relatives and well-wishers. This is symbolic of my transition from uniform to civilian life," he said.Gen Chauhan's tenure was to end on September 30 last year, but he was given an extension.He had retired from service in May 2021 in the rank of lieutenant general, but assumed the rank of a four-star General after taking charge as India's second Chief of Defence Staff.Gen Chauhan was the Director General of Military Operations (DGMO) when Indian fighter jets pounded a Jaish-e-Mohammad terrorist training camp deep inside Pakistan's Balakot in February 2019. He was known to have provided key inputs for the operation.Born on May 18, 1961, Gen Chauhan was commissioned into the 11 Gorkha Rifles of the Indian Army in 1981.In his distinguished career, Gen Chauhan held several command, staff and instrumental appointments and had extensive experience in counter-insurgency operations in Jammu and Kashmir and Northeast India.The officer is an alumnus of the National Defence Academy, Khadakwasla, and the Indian Military Academy, Dehradun.In the rank of Maj General, the officer had commanded an Infantry Division in the critical Baramulla sector in the Northern Command.Later, he commanded a corps in the Northeast and subsequently went on to become the General Officer Commanding-in-Chief of the Eastern Command.Gen Chauhan was awarded with the Param Vishisht Seva Medal, Uttam Yudh Seva Medal, Ati Vishisht Seva Medal, Sena Medal and Vishisht Seva Medal for his exemplary services to the Indian Army.
It was a strong week for global markets as oil prices tumbled to their lowest levels in seven weeks, easing concerns over energy-driven inflation after reports suggested the United States, Israel and Iran were nearing a much-awaited peace deal agreement. Oil prices this weekBrent crude tumbled about 11% during the week, marking its steepest weekly decline in seven weeks, while U.S. West Texas Intermediate (WTI) fell more than 9%, its biggest weekly drop in six weeks. Both benchmarks touched their lowest levels since mid-April. On Friday, Brent crude futures for July, which expired on Friday, settled at $92.05 a barrel, down $1.66 or 1.8%. WTI crude futures closed at $87.36 a barrel, a decline of $1.54 or 1.7%.The three-month conflict involving the U.S. and Iran has repeatedly seen expectations of a potential resolution that could lead to the reopening of the Strait of Hormuz, a key shipping route through which roughly one-fifth of the world's oil and gas supplies pass. While both sides indicated that an agreement may be near, their descriptions of the proposed deal continued to differ.U.S. President Donald Trump once again urged Iran to immediately reopen the strait. The closure of the vital waterway has pushed energy prices higher across global markets. This week, trading has remained highly volatile, with both Brent and WTI swinging by as much as $6 on changing signals surrounding the possibility of the strait reopening.Geopolitical tensions escalated on Thursday after fresh U.S. strikes targeted an Iranian military facility overnight, despite ongoing diplomatic engagement between Washington and Tehran.Iran's Revolutionary Guards later claimed responsibility for a strike on a U.S. airbase, according to the semi-official Tasnim news agency. The location of the base was not disclosed.Where is oil headed?Market analysts noted that even if a ceasefire is agreed upon, restoring normal shipping activity through the Strait of Hormuz could take several months. Any damaged energy infrastructure may require an even longer period to return to full operation.Earlier this month, Saudi Aramco Chief Executive Officer Amin Nasser warned that disruptions in the Strait of Hormuz could postpone stability in global oil markets until 2027. He said nearly 100 million barrels of oil supply per week could be affected by continued disruptions. Saudi Aramco is the world's largest oil producer.Morgan Stanley described the oil market as being in "a race against time," saying the factors that have so far prevented a more pronounced rise in crude prices could begin to fade if the Strait of Hormuz remains closed through June.According to the brokerage, higher U.S. crude exports and softer demand from China have helped absorb part of the supply shock. However, it cautioned that an extended shutdown of the strait could tighten global oil supplies again if disruptions persist beyond the levels that the U.S. and China can comfortably offset.(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
US President Donald Trump will only make a peace deal with Iran if it meets all of his conditions, a White House official told AFP on Friday, as questions swirled about the state of negotiations to end the war.The White House had indicated Trump was close to a decision on a potential deal, even as Tehran insisted there was still "no final agreement" on ending the Middle East conflict.Also read: To the Situation Room, now! With new message, Trump stirs Iran cauldron again An Iranian state media report also rebutted several key elements of Trump's characterization of the deal, with sources calling his remarks a "mixture of truth and lies."US sources had told AFP the deal was waiting on Trump's sign-off following weeks of halting negotiations over a conflict that has engulfed the Middle East and shaken the global economy. Trump attended a two-hour meeting in the White House Situation Room on Friday but did not reach a decision."President Trump will only make a deal that is good for America and satisfies his red lines," a White House official told AFP afterward. "Iran can never possess a nuclear weapon," the official added.Trump had announced the meeting in a lengthy social media post, reiterating long-held demands that Iran agree never to develop nuclear weapons and reopen the vital Strait of Hormuz shipping lane. Iranian foreign ministry spokesman Esmaeil Baqaei pushed back, telling state media that the Islamic republic "said goodbye to the language of 'must' 47 years ago." Exchanges of messages were continuing, he added, but "no final agreement has been reached yet."In a phone call with the Emir of Qatar, Iranian President Masoud Pezeshkian said Iran was ready to achieve a "dignified framework" to end the war, according to state news agency IRNA.In his post, Trump said Tehran would remove mines from the Strait of Hormuz and end its blockade of the waterway with "no tolls," while the US would lift its parallel blockade of Iranian ports. The two countries would also coordinate on removing and destroying Iran's enriched uranium, he said, adding that "no money will be exchanged, until further notice."Iran's Fars news agency, however, cited sources as saying Tehran was demanding "the immediate release of $12 billion in frozen Iranian assets" before moving to the next phase of negotiations. On the toll-free reopening of Hormuz, the sources said "no such clause appears in the text of the agreement," while Trump's comment on destroying Iran's nuclear material "is fundamentally baseless."Also read: ‘Tehran said goodbye to “must” 47 years ago’: Iran rejects Trump’s claims of imminent dealBaqaei also told state TV there were currently "no negotiations" taking place on Iran's nuclear program, as Iran's top diplomat suggested the US was holding up a deal with its approach to the talks.'Telling the truth'? Ali, a resident of the city of Tonekabon north of Tehran, said that whatever the deal was, there would likely be more strife to come."Both sides are speaking in a way that keeps their supporters satisfied. It's not clear who is telling the truth," the 49-year-old said.Hopes of an agreement had risen on Thursday after US officials voiced optimism about the diplomatic progress.Energy markets have whipsawed this week as investors parse the chances of an agreement that could potentially resume normal shipping through the crucial Strait of Hormuz.Washington and Tehran have accused each other of violating the truce in and around the strait as recently as this week, with US strikes on the southern Iranian port of Bandar Abbas countered by retaliatory Iranian fire.Iranian state TV said Friday that 24 ships had transited the strait in the past 24 hours, in coordination with the Revolutionary Guards and the foreign ministry.But it warned that "ships from hostile countries face a severe response" from Iran's military.Lebanon fighting On the war's Lebanon front, Israeli Prime Minister Benjamin Netanyahu said Friday that his country's forces had pushed deeper inside Lebanon, while Iran-backed Lebanese group Hezbollah claimed responsibility for a series of drone attacks on military targets in northern Israel, including troop gatherings and barracks.It also said its forces were attacking Israeli troops trying to advance in the area of the medieval Beaufort fortress, near the city of Nabatieh.The attacks came as Israeli and Lebanese military delegations held security talks in Washington, which were called "productive" by Elbridge Colby, the Pentagon's second-in-command.Israel kept up its heavy bombardment of southern Lebanon, where the Lebanese health ministry said a rescuer was among the 11 killed.A ceasefire between Israel and Hezbollah was supposed to have taken effect on April 17, but has never been observed.Both sides accuse each other of violating it and justify their attacks by the other camp's alleged breaches.Lebanon was drawn into the war in early March when Hezbollah launched rockets at Israel over the killing of Iran's supreme leader in US-Israeli attacks, prompting Israeli strikes and a ground invasion.
New Delhi: The Delhi government will recruit 15,000 home guards, taking their total number to 25,000, an official statement said on Wednesday. Delhi LG VK Saxena on Tuesday distributed letters of enrolment to 1669 home guards out of 10,000, for which the recruitment process was started in January, said the statement from the Raj Niwas. Addressing the newly recruited home guards at an event, the LG said that in the near future additional 15,000 home guards will be added, taking their total strength to over 25,000 it said. The newly recruited home guards included 226 former civil defence volunteers (CDVs) who were working as bus marshals when they were removed in November last year. The new recruits also included 181 women, the statement said. The LG in January this year cleared enrolment of 10,285 home guards and directed that the CDVs be given preference in the form of extra credit points in the selection process. However, some candidates approached the court, and as a result, the appointment on 7,939 posts of home guards was kept pending as the matter became sub-judice. The LG, had however, directed appointment of 2,346 home guards who qualified physical measurement and efficiency, and written tests. Out of 2,346 posts, 1669 cleared the medical test and were handed over their appointment letters. In response to the advertisement for 10,285 vacancies, total 1.09 lakh applications were received but only 32,511 reported for the physical test. Meanwhile, the some applicants moved the high court over various issues and a status quo was ordered by the court. The LG has also directed the director general (home guards) to ensure that the remaining 7,939 vacancies are also filled up at the earliest after taking cognizance of the court matters, added the statement.