Global oil prices surge after suspected attacks on two tankers in Gulf of Oman

Agencies
June 14, 2019

New York, Jun 14: World oil prices have risen following suspected attacks on two tankers in the Gulf of Oman, worsening frayed tensions in the crude-rich Middle East region.

The rise in oil prices - jumping as much as 4.5 per cent before pulling back somewhat - boosted share prices of energy companies, while global stock markets also won some support from the prospect of US interest rate cuts this year. The Gulf of Oman lies at the other end of the strategic Strait of Hormuz from the Gulf, part of a vital shipping lane through which at least 15 million barrels of crude oil and hundreds of millions of dollars of non-oil imports pass each day.

US Secretary of State Mike Pompeo accused Iran of responsibility for the incidents and said the United States would raise the attacks at a UN Security Council meeting scheduled for later Thursday. Iran labelled the attacks "suspicious." US oil benchmark West Texas Intermediate for July delivery finished up 2.2 per cent at USD 52.28.

The advance marked a reversal from a sharp fall on Wednesday following a bearish US oil inventory report. "Tension across the Middle East is high - and the attacks on two tankers has further exacerbated the situation, even though there does not appear to have been any damage to the cargos," said John Hall, chairman of British-based consultancy Alfa Energy.

A note from Eurasia Group said the "incidents appear aimed at demonstrating the vulnerability of Gulf shipping while damaging confidence in the US ability to protect freedom of navigation." Gains in oil prices have been "constrained by high inventories and concerns about the global economy," it added. In equity markets, gains by petroleum-linked shares lifted Wall Street shares.

The S&P 500 finished up 0.4 percent, snapping a two-day losing streak. "From a broader perspective, the stock market has traded sideways over the last four sessions as it waits for further policy guidance from the Fed and for any updates on the US-China trade front," said Briefing.com Stocks elsewhere were mixed, with Frankfurt gaining, Tokyo retreating and London and Paris flat.

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News Network
June 16,2020

New Delhi, Jun 16: Congress president Sonia Gandhi on Tuesday demanded a rollback of hike in fuel prices, saying the government's decision to increase the prices of petrol and diesel during the coronavirus crisis is "wholly insensitive" and "ill-advised".

The government is doing nothing short of "profiteering off its people" when they are down and out, she said in a letter to Prime Minister Narendra Modi.

Petrol and diesel prices were hiked for the 10th day in a row on Tuesday.

"I am deeply distressed that in these exceedingly difficult times since the beginning of March, the government has taken the wholly insensitive decision to increase petrol and diesel prices on no less than ten separate occasions," Gandhi said in her letter.

She accused the government of earning an additional revenue of nearly Rs 2.6 lakh crore through these "ill-advised" hikes in excise duty and increase in prices of petrol and diesel.

"I urge you to roll back these increases and pass on the benefit of low oil prices directly to the citizens of this country.

"If you wish for them to be 'self-reliant' then do not place financial fetters on their ability to move forward," the Congress president said.

Gandhi also urged the government to use its resources to put money directly into the hands of those in need in these times of severe hardship.

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News Network
February 27,2020

New Delhi, Feb 27: Congress leader Priyanka Gandhi Vadra on Thursday attacked the government over the transfer of Delhi High Court Judge S Muralidhar, saying the Centre's attempts to "muzzle" justice and "break people's faith in an upright judiciary are deplorable".

Delhi HC Judge S Muralidhar was transferred to the Punjab and Haryana High Court, days after the Supreme Court collegium made the recommendation.

"The midnight transfer of Justice Muralidhar isn't shocking given the current dispensation, but it is certainly sad & shameful," Priyanka Gandhi tweeted. "Millions of Indians have faith in a resilient & upright judiciary, the government’s attempts to muzzle justice & break their faith are deplorable," she said.

The judge was hearing the Delhi violence case and the late evening notification came on the day when a bench headed by him expressed "anguish" over the Delhi Police's failure to register FIRs against alleged hate speeches by three BJP leaders.

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News Network
January 8,2020

Dubai, Jan 8: A Ukrainian airliner crashed soon after taking off from Tehran's Imam Khomeini airport on Wednesday, killing all 176 people aboard, Iran's state television and Ukraine's leaders said.

The Boeing 737 belonging to Ukraine International Airlines crashed near the airport and burst into flames. Ukraine's embassy in Iran, citing preliminary information, said the plane had suffered engine failure and the crash was not caused by "terrorism".

Ukraine President Volodymyr Zelenskiy said there were no survivors.

"My sincere condolences to the relatives and friends of all passengers and crew," Zelenskiy said in a statement, adding that Ukraine was seeking to establish the circumstances of the crash and the death toll.

Iranian TV said the crash was due to technical problems but did not elaborate. State broadcaster IRIB said on its website that one of the plane's two black boxes - the flight data recorder and the cockpit voice recorder - had been found.

Iranian media quoted an Iranian aviation official as saying the pilot of the airliner did not declare an emergency.

There was no official word from Ukraine International Airlines. It was the Kiev-based airline's first fatal crash.

"The fire is so heavy that we cannot (do) any rescue... we have 22 ambulances, four bus ambulances and a helicopter at the site," Pirhossein Koulivand, head of Iran's emergency services, told Iranian state television.

Ukraine's prime minister and Iranian state TV said 167 passengers and 9 crew were on board. Iranian TV said 32 of those on board were foreigners.

Television footage showed debris and smouldering engine parts strewn across a field, and rescue workers with face masks retrieving bodies of the victims.

According to air tracking service FlightRadar24, the plane that crashed was Flight PS 752 and was flying to Kiev. The plane was three years old and was a Boeing 737-800NG, it said.

The model's twin engines are made by CFM International, a U.S.-French venture co-owned by General Electric and France's Safran.

Modern aircraft are designed and certified to cope with an engine failure shortly after take-off and to fly for extended periods on one engine. However, an uncontained engine failure releasing shrapnel can cause damage to other aircraft systems.

A spokesman for Boeing said the company was aware of media reports of a plane crash in Iran and was gathering more information. The plane manufacturer grounded its 737 MAX fleet in March after two crashes that killed 346 people.

The 737-800 is one of the world's most-flown models with a good safety record and which does not have the software feature implicated in crashes of the 737 MAX.

Under international rules overseen by the United Nations, Iran is responsible for leading the crash investigation.

Ukraine would be involved and the United States would usually be accredited as the country where the Boeing jet was designed and built. France, where the engine maker CFM has half its activities, may also be involved.

There was no immediate word on whether the U.S. National Transportation Safety Board would be involved in the probe amid escalating tensions between the U.S. and Iran. The NTSB usually invites Boeing to give technical advice in such investigations.

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