Business
Oil holds above $100 as tensions escalates between Iran, US and Israel – SUCH TV
With the conflict heading towards its third week and showing no signs of ending, investors are growing increasingly worried about an extended crisis that could fan inflation and hammer the global economy.
Tehran has targeted energy facilities this week across the Gulf, with ships hit near Iraq, fuel tanks attacked in Bahrain and drones fired at oilfields in Saudi Arabia.
And it warned on Thursday that it would “set the region’s oil and gas on fire” if its own energy infrastructure and ports were targeted.
In his first public comments since succeeding his father four days ago, Ayatollah Mojtaba Khamenei said the Strait of Hormuz — through which a fifth of global oil and gas passes — must remain effectively shut. Khamenei also called for bases hosting US forces in region to close or attacks will continue.
“The lever of blocking the Strait of Hormuz must definitely be used,” Khamenei said in a message read by an anchor on state television.
He also said “studies have been conducted into opening other fronts where the enemy has little experience and would be highly vulnerable, and their activation will take place if the state of war persists”.
Khamenei vowed to avenge the Iranian casualties in the conflict.
Khamenei himself was wounded in the strikes, according to some Iranian officials and state TV. His whereabouts and details of his physical condition are unknown, prompting Israeli leader Benjamin Netanyahu to call on him to “show his face”.
Crude surged more than nine percent Thursday, with Brent ending above $100 for the first time since 2022 when Russia launched its invasion of Ukraine. Brent is up around 40 percent since the Middle East war began on February 28.
And it held there in early Friday business, with analysts saying the record 400 million barrels released from International Energy Agency stockpiles had little impact.
The IEA said Thursday that the war “is creating the largest supply disruption in the history of the global oil market”.
Meanwhile, Donald Trump has faced intense political pressure as the global economic fallout of the crisis has mounted, while markets have brushed off his assertions that the battle would be short-lived.
The US president struck a defiant tone in a social media post Thursday, writing that the United States “is the largest Oil Producer in the World, by far, so when oil prices go up, we make a lot of money”.
“BUT, of far greater interest and importance to me, as President, is stopping an evil Empire, Iran, from having Nuclear Weapons, and destroying the Middle East and, indeed, the World.”
However, Pepperstone’s Chris Weston said: “With crude closing near its highs, markets are increasingly pricing in a longer duration for the conflict and the continued impact of a potential closure of the Strait of Hormuz.
“Donald Trump may continue to explore the idea of assisting vessels through the strait, and if that were to materialise the market could see a strong relief rally.
“For now, however, the dominant features are higher energy prices and extremely elevated volatility markets.”
French soldier killed in Iraqi Kurdistan
A French soldier was killed in an attack in Iraq’s autonomous Kurdistan region, President Emmanuel Macron said on Friday, confirming the first French military death in the Middle East war.
Since US-Israeli strikes on Iran last month engulfed the Middle East in war, multiple attacks attributed to pro-Iranian factions have targeted the region where foreign forces are based as part of an international anti-jihadist coalition.
New missile wave targets Israel
The Israeli military said early Friday that Iran fired a new barrage of missiles toward Israel, with emergency services reporting that two were injured in the country’s north.
“A short while ago, the IDF identified missiles launched from Iran toward the territory of the State of Israel. Defensive systems are operating to intercept the threat,” the military posted on Telegram.
Saudi Arabia intercepts drones
Saudi Arabia intercepted dozens of drones entering its airspace, the defence ministry said Friday, as Iran carries out attacks on oil-rich Gulf countries in response to US-Israeli strikes.
“Twelve drones were intercepted and destroyed after entering Saudi airspace,” a ministry spokesperson posted on X, after authorities reported at least 16 other drones were also shot down.
Trump: war moving ‘rapidly’
US President Donald Trump told reporters the war against Iran was moving “very rapidly.”
“It’s doing very well, our military is unsurpassed,” he said at the White House, not directly responding to the latest comments from Iran’s new supreme leader.
Israel strikes Basij force
Israel’s military said it had struck checkpoints set up in the Iranian capital Tehran by the Basij paramilitary force of Iran’s Revolutionary Guards as part of efforts to undermine control by the authorities.
Later, the Israeli military said it launched a new broad wave of strikes in Tehran on Thursday evening, pressing ahead with its campaign against Iran for a 13th day.
Iraq-Syria border strikes
Air strikes killed at least 11 Iran-backed fighters in Iraq on Thursday near the Iraqi-Syrian border and in the capital Baghdad, senior security and armed faction officials told AFP.
Iraqi authorities denounced the “blatant attacks” on bases that belong to the Hashed al-Shaabi, a former paramilitary group now integrated into the regular army, which also encompasses brigades from Iran-backed armed groups.
Hormuz mines
Iran is not laying mines in the Strait of Hormuz, its deputy foreign minister said, after Trump said US forces had struck 28 Iranian mine-laying vessels in the waterway.
He told AFP that Iran was allowing ships from some countries to cross the narrow shipping lane that has remained effectively closed during the war.
Beirut strikes
Israel continued striking Beirut as it threatened to expand operations and seize territory in Lebanon if the militant group Hezbollah did not stop its attacks.
AFPTV footage showed dark smoke rising into the sky above Bashoura, in the heart of Beirut.
IEA: biggest oil shock ever
The war “is creating the largest supply disruption in the history of the global oil market”, as Iran’s chokehold on regional supplies forces Gulf producers to slash production, the International Energy Agency said.
An IEA market report said crude oil production was currently down by at least eight million barrels per day.
Israel moves deeper into Lebanon
The Israeli military moved further into southern Lebanon, telling residents to “move immediately north of the Zahrani River”, 40 kilometres (25 miles) from the Israeli border.
It said the Iran-backed Lebanese group Hezbollah had launched “approximately 200 rockets” towards it overnight, in what it said was the biggest barrage of the war so far.
Business
Ganga Expressway inaugurated by PM Modi: UP’s longest expressway between Meerut & Prayagraj; check travel time, route, speed limit – top facts & images – The Times of India
Ganga Expressway, the longest expressway so far in Uttar Pradesh, was inaugurated by Prime Minister Narendra Modi on Wednesday. The 594 kilometres long Ganga expressway is a six-lane expressway that aims to reduce the travel time between Meerut and Prayagraj to just 6 hours!Uttar Pradesh has over 60% of India’s total access-controlled expressway network. Recently, Chief Secretary Manoj Kumar pointed out that of the nearly 2,900 km of such highways across the country, close to 1,200 km are located in the state.Meerut District Magistrate and Collector Vijay Kumar Singh on Tuesday said the project has generated tremendous excitement among the public. He noted that the expressway will greatly enhance connectivity to Prayagraj as well as the state capital, Lucknow.Experts say the expressway’s length is particularly significant. According to the Department for Promotion of Industry and Internal Trade, road transport remains economically efficient for freight over distances of up to about 600 km, while rail becomes more viable beyond that point. At 594 km, the Ganga Expressway falls almost exactly within this crucial range for cargo movement.

How will the Ganga Expressway cut down travel time, what districts will it cover, what will be the toll policy, and what cost has it been constructed at? We take a look:
Ganga Expressway: Top Points About UP’s Longest Expressway
Travel time: One of its most noticeable benefits will be the sharp reduction in travel time. The trip between Meerut and Prayagraj, which currently takes around 10 to 12 hours, is likely to be cut to approximately 6 to 7 hours. Access from Delhi: For travellers from the Delhi-NCR region, access will be seamless through the Delhi-Meerut Expressway, followed by a short connecting link at Bijoli to join the Ganga Expressway.

Construction cost: Developed at an estimated cost of Rs 36,230 crore, the Ganga Expressway ranks among Uttar Pradesh’s most ambitious infrastructure initiatives. The Ganga Expressway stretches from Bijoli village in Meerut to Judapur Dandu village in Prayagraj.Speed limit: The expressway has been built for speeds of up to 120 kmph. The six-lane access-controlled expressway, has been designed with the provision for expansion to eight lanes.

Route & Districts covered: The expressway will pass through 12 districts: Meerut, Hapur, Bulandshahr, Amroha, Sambhal, Badaun, Shahjahanpur, Hardoi, Unnao, Rae Bareli, Pratapgarh and Prayagraj. In doing so, it will directly influence more than 500 villages along its alignment.Interchanges & amenities: Its connectivity is further strengthened by 21 interchanges that link the corridor with existing national highways and state roads.

The project also includes major river crossings, notably a 960-metre bridge over the Ganga and a 720-metre bridge across its tributary, the Ramganga. Both structures have been engineered to suit local flood conditions.To support travellers, the expressway will also feature nine public utility complexes equipped with fuel stations, rest areas and food courts.

Emergency Landing Strip: One of the expressway’s standout features is a 3.5-km emergency landing strip in Shahjahanpur district. Already tested by the Indian Air Force, this airstrip adds a strategic defence dimension to the project, enhancing national preparedness in addition to its economic significance, according to an official statement.Integration with other expressways: Ganga Expressway will eventually be integrated with existing and even upcoming corridors. These include the Agra-Lucknow Expressway, the Farrukhabad Link Expressway, the Jewar Link Expressway, and a proposed extension that will connect Meerut to Haridwar.According to reports, plans are underway to extend the expressway by around 146 kms up to Haridwar. This extension will pass through Amroha and Bijnor and cover more than 200 villages.

Toll: The project will be operated under a toll-based public-private partnership model. Adani Enterprises and IRB Infrastructure Developers have been awarded concession rights for a period of 30 years.For toll collection, two primary toll plazas will be set up at the main entry points in Meerut and Prayagraj. The final toll charges have not yet been announced, however officials have indicated that they are likely to be in line with other expressways in Uttar Pradesh. At present, four-wheelers pay around Rs 2 to Rs 3 per kilometre.
Business
Oil prices decline after UAE says it will exit Opec amid Iran war energy crisis
Stocks mostly advanced in Asia on Wednesday despite losses on Wall Street, while oil prices fell after the United Arab Emirates said it would leave Organisation of the Petroleum Exporting Countries (OPEC) in a blow to the powerful oil cartel.
US futures edged higher. Markets in Japan were closed for a holiday.
Elsewhere in Asia, South Korea’s Kospi rose 0.3 per cent to 6,657.40 and the Hang Seng in Hong Kong gained 1.4 per cent to 26,029.02. The Shanghai Composite index traded 0.3 per cent higher at 4,091.01.
Australia’s S&P/ASX 200 slipped 0.3 per cent, to 8,689.50.
Taiwan’s Taiex lost 0.6 per cent, and India‘s Sensex gained 0.4 per cent.
The price of a barrel of Brent crude oil to be delivered in June fell 0.5 per cent to $110.71 early Wednesday. Brent to be delivered in July dropped 0.6 per cent to $103.74. Brent oil was around $70 per barrel before the war began in late February.
Benchmark US crude fell 0.6 per cent to $99.32 a barrel.
The UAE’s departure from Opec, due to happen on Friday, has been closely watched by oil markets. Opec accounts for roughly 40 per cent of global oil output, and the UAE is one of Opec’s largest oil producers. It has pushed back against Opec production quotas in recent years, wanting to sell more oil to the rest of the world.
“The UAE’s exit will increase (oil) output,” ING Bank strategists Warren Patterson and Ewa Manthey wrote in a research note on Wednesday. “The UAE has been increasingly frustrated over recent years by its output being constrained by Opec production quotas, which have kept it well below its potential.”
But as US-Iran negotiations for a permanent end to the Iran war stalled and the Strait of Hormuz, where roughly one fifth of the world’s oil passed through before the war, was still largely closed, short term impacts on oil prices will still depend mainly on prospects for reopening the waterway, analysts said.
The UAE was the third largest oil producer within Opec before the Iran war. ING said its departure “will reduce Opec’s effectiveness in managing and influencing the global oil market through supply measures.”
Investors are also awaiting more updates on US-Iran peace talks, although limited progress has been made. Iran has offered to reopen the Strait of Hormuz if the United States lifts its blockade on its ports. So far, the US appears to be ruling out a deal that excludes the Islamic Republic’s nuclear programme.
The Federal Reserve is expected to announce a decision on interest rates later Wednesday.
On Tuesday, Wall Street retreated from its recent record highs. The benchmark S&P 500 fell 0.5 per cent from its latest all-time high to 7,138.80. The Dow Jones Industrial Average edged down 0.1 per cent to 49,141.93, and the technology-heavy Nasdaq composite dropped 0.9 per cent to 24,663.80.
Artificial intelligence-related stocks led the losses. Chip company Broadcom lost 4.4 per cent, Nvidia fell 1.6 per cent and Micron Technology lost 3.9 per cent. Alphabet, Amazon, Microsoft and Meta Platforms are reporting quarterly results on Wednesday.
In other dealings early Wednesday the US dollar rose slightly to 159.63 Japanese yen from 159.62 yen. The euro was trading at $1.1708, down from $1.1712.
The yield on the US 10-year Treasury remained at 4.35 per cent.
Business
Maruti profit slips 6.4% in Q4, revenue jumps 29% – The Times of India
New Delhi: Maruti Suzuki had a record year in 2025-26 in terms of revenue and sales, but rising costs took a bite out of profits. The automaker posted consolidated revenue of over Rs 1.8 lakh crore, up 19.9% from the previous year, with total sales of 24.2 lakh vehicles. Net profit, however, barely moved – rising 1.2% to Rs 14,680 crore – as higher material, employee and depreciation costs ate into margins.The March quarter told a similar story: Revenue jumped 28.6% to Rs 52,462 crore, but net profit slipped 6.4% to Rs 3,659 crore.R C Bhargava, chairman, Maruti Suzuki India, said the auto industry is back in a growth phase, helped by stronger consumer demand and govt support, including lower taxes on small cars. He said Maruti expects to roll out about 2.5 lakh more vehicles this year as supply bottlenecks ease and new capacity comes online. The bigger constraint right now, he said, is not whether people want to buy cars but how many the company can actually make. Maruti is adding new production lines that will bring roughly 5 lakh additional units of annual capacity this year.
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