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The Iran war has left seafarers in the Gulf stranded
Ankit Yadav is an Indian seafarer who has been stuck on a boat in an Iranian port inland for two-and-a half weeks. He and his three fellow mariners have survived on a limited ration of potatoes and tomatoes. The war in Iran has left thousands of Indian and other'seafarers' stranded around the Strait of Hormuz. Ankit, a man in his 30s, was aboard a small vessel that carried steel between Iran, Kuwait, and Oman. He claimed he would have been able to leave the conflict zone if the vessel had received permission to sail from Iran to Oman, and then be repatriated back to India. But that was not possible because of the U.S. Navy's blockade. "The shipping company that I work for is not willing to sign off on our request because they don't want to pay the higher prices of air tickets, and we can't afford to purchase them ourselves." He told me by phone that the only way to get out of this situation is with government help. Salman Siddiqui is another Indian seafarer who has also arrived in an Iranian port aboard a cargo vessel flying the Comoros flag that was heading for Oman. Siddiqui, who spoke from the vessel currently anchored at Khorramshahr, said: "The only thing that we do is pray to God not to be hit by an attack and plan how we will spend the night." He told me by phone that it was a relief to hear the ceasefire and not be bombarded with explosions as we were used to. "SCARY WHEN you see projectiles flying" India is one of the top three seafarer suppliers in the world, with more than 300,000. Seafarers are reluctant to return to the sea after recent attacks on ships. "We've heard more than 100 explosives." Siddiqui said, "It is frightening to see projectiles exploding and flying near your vessel." Surindra Chaurasia is one of the lucky ones to have been repatriated back to India. When the conflict erupted, he was on a ship near Sharjah with?20 crew members who were waiting for permission to load urea. We were stuck in the Persian Gulf about four days. Our shipping company was able negotiate with Iran to ensure safe passage. We saw drones attacking ships, and received warnings from the Islamic Revolutionary Guard Corps via VHF radio. He said that his captain had received a route for sailing from the IRGC. They sailed near Iranian and Omani water because there were mines on the opposite side. India's Shipping Ministry has helped to repatriate 2,680 Indian Seafarers since conflict began. The ongoing conflict has resulted in the deaths of three Indian sailors. On April 18, two Indian flagged vessels were attacked by the IRGC as they attempted to pass through the Strait of Hormuz. (Saurabh Singh; Editing by Sharon Singleton).
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Russia claims new EU sanctions will harm developing countries
On 'Friday, Russia warned that the new European Union sanctions on its oil and gas would hurt developing countries as well as the EU. It also promised to take retaliatory action. On Thursday, the EU adopted its 20th set of sanctions against Russia for Moscow's "war" in Ukraine. These include further restrictions on?transporting Russian oil and gas and sanctions against refineries and oil producers. At her weekly press conference, Russian Foreign Ministry spokesperson Maria Zakharova informed reporters that "all this is happening amid a global?energy?crisis? and resource shortages?that are acutely felt throughout the world." Brussels' attempts to further destabilize the energy markets hurt both it and developing countries who are no longer able to afford energy prices that have been artificially inflated. She added that the sanctions also threatened food security as they included restrictions regarding fertilisers. "We will take retaliatory measures." Zakharova said that the measures would be "tough" and designed to?serve our interests. Reporting by FilippLebedev, Writing by MarkTrevelyan and Anastasia Teterevleva
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Sources say that US-Iran peace talks may resume in Pakistan, and the Iranian foreign minister is due to arrive.
Three Pakistani sources said that peace talks between Iran, the United States, and Pakistan could resume on Saturday night when?Iranian foreign minister Abbas Araqchi arrives in Pakistan. Two sources from the Pakistani government said that a U.S. security and logistics team was already on the ground for possible talks. Washington and Tehran did not immediately respond to the report. The last round of peace talks was expected to take place on Tuesday, but they never took place. Iran said that it wasn't ready to attend and a U.S. delegation led by Vice-President JD Vance didn't leave Washington. Reporting by? (Reporting by?
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Norfolk Southern's first-quarter profits slip as fuel costs and costs rise
Norfolk Southern's first-quarter profits fell?on Friday as rising fuel and operating costs combined with higher operating expenses weighed down on the railroad operator's earnings. Fuel prices have increased'sharply' in the wake of U.S. and Israeli war against Iran, putting pressure on margins for energy-intensive industries such as transportation and logistics. The average U.S. gasoline price rose to $4 per gallon for the first time in over three years in March, the largest monthly increase in decades. Mark George, the Chief Executive of the company, said that the company had navigated the quarter. However, he noted the impact from the "dramatic increase" in fuel prices during March and the severe winter weather. U.S. railroad operators have seen their operating costs increase as labor and maintenance expenditures remain high, safety expenses rise and severe weather disrupts networks. Operating revenue from the railways for the first three months of this year was $3 billion, which is flat compared to a year ago. Rail volumes fell 1% on an annual basis. Norfolk, an Atlanta-based company in Georgia, reported a profit adjusted of $2.65 for the quarter. This compares to $2.69 a share compared to?the same period last year. The company's operating rate, which is a key measure for efficiency, has deteriorated 80 basis points from a year ago to 68.7%. Union Pacific, who signed a $85 billion deal last year to buy Norfolk, said on Thursday that it "expects" a spike in fuel prices triggered by conflict in the Middle East to put pressure on the railroad operator's profit margins.
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Trump extends Jones Act waiver 90 days to reduce energy costs
The White House announced on Friday that President Donald Trump had granted a 90 day extension to the?shipping?waiver which?makes?it?easier for oil, fuel, and fertilizer to be moved around the United States. This is the latest attempt to reduce rising energy costs related to the 'war with Iran. The decision extends the waiver by approximately three months, which was due to expire on May 17. This will allow foreign-flagged ships to transport goods between U.S. ports until mid-August. Taylor Rogers, a White House spokesperson, confirmed on Friday that Donald Trump had issued the extension. Rogers stated that the waiver extension would provide certainty and stability to both U.S. economies and the global economy. The Jones Act is a long-standing flashpoint in the conflict between competing economic and national security interests. Some supporters, such as U.S. shipbuilders and maritime unions, and some lawmakers, say the law is essential to maintain a domestic shipping industry and merchant navy that can support military logistic and 'national security. Critics, including energy producers, refiners, and agricultural groups, say that the requirement to use U.S. built and crewed vessels increases shipping costs and limits capacity. This, they claim, drives up fuel prices and other goods. (Reporting by Jarrett Renshaw. Editing by William Maclean, Tomaszjanowski and Tomasz Janowski).
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Urals crude price at Russian ports drops below $100 per barrel
The price of Urals crude in Russia's western ports fell below $100 per barrel late last week. This was a drop from the 14-year high but still at their highest level since mid-2022. Urals were trading above $100 per barrel during most of April, amid a global shortage of energy due to the Iran War. The average Urals prices on a FOB basis (free on board), however, have increased this week at Primorsk, and Novorossiisk The price of a barrel fell to about $90, following the decline in Brent oil prices. This was due to a fragile truce between Iran and the United States. Iran. The average Urals barrel price between the beginning of the year and?April 24, was $65 compared to an average?of $45 prior to the outbreak of the war on February 28. Traders said that the average Urals discount on FOB basis to Brent dated in Russia's west ports was $18 in April. This is down from $22 per barrel in March and $24 per barrel in February. Prices for cargoes delivered in Indian ports have risen by about $18 per barrel since end-March. They went from a?discount of around $10 to a?premium of?roughly 8 per barrel?to Brent. Exporters' margins were trimmed by higher freight rates, but the increased global crude prices due to tensions in the Gulf more than offset those costs. In the first half of April, the Russian oil price in roubles that is used to calculate tax exceeds the level assumed by the federal budget by 46%. This was due to the rise in global oil prices. The budget for Russia in 2026 assumes a price per barrel of oil of $59 Reporting by Mark Potter Mark Potter (Editing by Mark Potter).
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The Moldovan parliament has voted to end the energy state of Emergency
The Moldovan parliament has voted to lift the energy'state of emergency' from Saturday. This was 'imposed' after Russian 'attacks' in neighbouring Ukraine knocked down a powerline that provided most of Moldova's electricity needs. Officials in Moldova have stated that the Russians attacked in March, putting out of action the Isaccea - Vulcanesti power line. This line carries electricity?from Romania into Moldova, passing 40 km (25 miles) through Ukrainian territory. This line is responsible for up to 70% of Moldova's electrical needs. The 101-member chamber of deputies voted 69 times in favor of lifting the emergency measure. The declaration of an emergency was not made on a whim. It was "a carefully considered, crucial decision made at a critical time," said Prime Minister Alexandru Munteanu. He said that at the time, Moldova was facing two serious threats - disruptions on the fuel market and pressure on the electricity grid. He said that the government was able to?avert a shortage of fuel? thanks to this measure. However, opposition parties had earlier questioned the merits of it.
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Kenyan plane skids from runway, but passengers are unharmed
An aviation official reported that a passenger plane smashed into roadside shrubs at a remote airstrip located in northeastern Kenya, but all 36 passengers escaped unharmed. A source with the Kenya Airports Authority confirmed that an Embraer operated by Kenyan carrier EBB Air took off at 6:56 am from Nairobi's Jomo Kenyatta International Airport carrying 32 passengers and 4 crew members. A spokesperson for the airline stated that they had no immediate comment. Source: The plane skidded off the runway after landing on the Mandera airstrip around 8:30 am, then overshot it and plunged into thicket. Images shared online showed that the tail end of the plane was sticking out, while the rest of its body was buried under the bush. The pictures have not been verified. The aviation source said, "Everyone is accounted for and we're waiting for the authorities to investigate the cause of this accident which caused significant damage on the aircraft." Daily Nation, a local media outlet, also reported that all passengers escaped without injury. The police commander of Mandera County was cited as the source. Mandera Airstrip is near Kenya's borders with Somalia and Ethiopia. It is used by humanitarian flights that deliver aid to refugee camp hosting Somalis who have been displaced, and also for chartered services. EBB?Air primarily operates domestic flights between Nairobi and Mandera County. (Reporting and writing by Edwin Okoth, Elias Biryabarema, Editing by Bate Felice and Alia Williams).
Indian shares fall by a week's worth due to high oil prices and poor IT forecasts
Indian shares dropped on Friday. They posted a 'weekly loss' as Middle East tensions led to higher oil prices. IT stocks also fell after Infosys and HCLTech issued weaker forecasts.
The BSE Sensex fell 1.27%, while the Nifty 50 dropped?1.14%?to 23,897.95.
After two weeks of gains, the benchmark indexes have lost 1,9% and 2,3% respectively.
Iran has demonstrated its control over the Strait of Hormuz by releasing a video of commandos storming an?ship after the collapse of the peace negotiations, and the indefinite extension of the ceasefire?by U.S. president Donald Trump.
Brent crude was hovering around $107 per barrel.
The rally over the past two weeks, driven by hopes for progress in U.S.Iran talks, indicates some buying support. However, sentiment and markets will remain subdued if crude oil remains above $100 per barrel, said Aishvarya Dadheech.
HSBC and J.P.Morgan cited the impact of higher crude prices on India, citing factors such as inflation, a swollen import bill and a drag on corporate earnings and growth.
11 of 16 major sectors posted losses for the week. Small-caps and mid-caps both fell 0.9%.
The IT index fell 5.3% in a single day, and 10.3% over the course of a week. HCLTech and Infosys both suffered losses of 16.6% and 12.4% respectively on the back of their poor fiscal 2027 revenue estimates, due to macro-uncertainty and subdued consumer spending.
This week, the market value of IT index constituents fell by over $26 billion.
Dadheech said that "muted earnings and the cautious comments of IT companies reinforce concerns about AI-driven deflationary pressure on revenues."
Nestle India, a consumer giant, jumped 10.6% in this 'week despite the general weakness. This was after it posted a sharp increase?in its quarterly profit due to strong demand.
Reliance Industries, the index heavyweight, fell 2.7% in this week's trading ahead of its quarterly report due at Friday's close.
(source: Reuters)