Iran, US harden their positions as Tehran keeps its grip on Strait of Hormuz

Iran, US harden their positions as Tehran keeps its grip on Strait of Hormuz


Iran and the United States hardened their positions as diplomacy aimed at reaching a ceasefire in the war in the Middle East appeared to be faltering on Thursday.

Tehran moved to formalise its control over the crucial Strait of Hormuz while Washington prepared for the arrival of US combat forces in the region that could be used on the ground in the Islamic Republic.

Iran is instituting a “de facto toll booth’ regime”, industry experts say, with some ships paying in Chinese yuan to pass through the strait, where 20 per cent of all traded oil and natural gas is transported in peacetime.

Meanwhile, a strike group anchored by the amphibious assault ship USS Tripoli drew closer to the Mideast with some 2,500 Marines. Also, at least 1,000 paratroopers from the 82nd Airborne have been ordered to the region.

The troop movements don’t guarantee US President Donald Trump will try to use force to compel Iran to open the strait and halt its attacks on Gulf Arab states.

Trump previously deployed a large force in the Caribbean before the American military captured former Venezuelan leader Nicolás Maduro in January. In the current situation, the US is seen as focused on possibly seizing Iran’s oil terminal at Kharg Island or other sites near the strait.

US Navy Adm. Brad Cooper, who commands the American military in the region, said his forces have hit more than 10,000 targets since Israel and the US started the war February 28, destroying 92 per cent of Iran’s largest ships and more than two-thirds of the country’s missile, drone and naval production facilities.

“We’re not done yet,” said Cooper, who heads the US Central Command, in a video message. “We are on a path to completely eliminate Iran’s wider military apparatus.” Iran seen as operating Strait of Hormuz as de facto toll booth With its stranglehold on traffic through the Strait of Hormuz, which leads from the Persian Gulf toward the open ocean, Iran has been blocking ships it perceives as linked to the US and Israeli war effort, but letting through a trickle of others.

The Fars and Tasnim news agencies, both close to Iran’s paramilitary Revolutionary Guard, quoted lawmaker Mohammadreza Rezaei Kouchi as saying that parliament was working to formalise the process of charging fees to let ships pass.

“We provide its security, and it is natural that ships and oil tankers should pay such fees,” he was quoted as saying.

Lloyd’s List Intelligence called it a “de facto toll booth’ regime”.

The shipping intelligence firm said vessels have to provide manifests, crew details and their destination to Iran’s Guard for sanctions screening, cargo alignment checks that currently prioritises oil over all other commodities, and for what is described as geopolitical vetting”.

“While not all ships are paying a direct toll, at least two vessels have and the payment is settled in yuan,” Lloyd’s List said, referring to China’s currency.

Iran’s grip on the strait and relentless attacks on Gulf regional energy infrastructure has sent oil prices skyrocketing and concerns of a global energy crisis surging. Brent crude, the international standard, traded at USD 104 early Thursday, up more than 40 per cent from the day the war started.

“To make it crystal clear, this war is a catastrophe for world’s economies,” German Defence Minister Boris Pistorius told reporters during a vist to Australia.

US maintains negotiations are ongoing but Iran says there are no talks Using Pakistan as an intermediary, Washington has delivered to Iran a 15-point ceasefire proposal, which includes the reopening of the Strait of Hormuz.

Trump, speaking at a fundraiser Wednesday night in Washington, insisted that Iran still wants to cut a deal.

“They are negotiating, by the way, and they want to make a deal so badly, but they’re afraid to say it because they figure they’ll be killed by their own people,” Trump said.

Iran’s Foreign Minister Abbas Araghchi said in an interview on state TV, however, that his government has not engaged in talks to end the war, “and we do not plan on any negotiations”.

Araghchi said the US had tried to send messages to Iran through other nations, “but that is not a conversation nor a negotiation”.

Press TV, the English-language broadcaster on Iranian state television, said Iran has its own five-point proposal, which includes “sovereignty over the Strait of Hormuz”.

A wave of Israeli airstrikes hits as Iran fires on Gulf neighbours Israel said it carried out a wave of attacks early on Thursday targeting Iranian infrastructure, and air defences were heard in Tehran, while heavy strikes were also reported around Isfahan, a city some 330 kilometers (205 miles) south of the Iranian capital.

Ifahan is home to a major Iranian air base and other military sites, as well as one of the nuclear sites bombed by the US during the 12-day war between Israel and Iran in June.

Sirens sounded very early on Thursday morning in parts of Tel Aviv and cities in central Israel. Rescue workers said two people were injured in a blast in Kfar Qasim.

Saudi Arabia’s Defence Ministry said it intercepted multiple drones over its oil-rich Eastern Province, the United Arab Emirates’ air defences also worked to intercept incoming fire, and Bahrain reported extinguishing a blaze in a neighbourhood that is home to the Bahrain International Airport.

Since the war began, more than 1,500 people have been killed in Iran, its Health Ministry says. Twenty people have been killed in Israel; two Israeli soldiers have also been killed in Lebanon. At least 13 US military members have been killed. More than a dozen civilians in the occupied West Bank and Gulf Arab states have also died.

Nearly 1,100 people have died in Lebanon, authorities said. In Iraq, where Iranian-supported militant groups have entered the conflict, 80 members of the security forces have been killed. (AP)

Published on March 26, 2026



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WazirX launches zero trading fee subscription model to shake up India crypto trading

WazirX launches zero trading fee subscription model to shake up India crypto trading


Crypto exchange WazirX introduced a flat-fee subscription model with its platform restart, aimed at reducing trading costs for retail investors, as digital asset adoption accelerates in India.

The platform’s ‘ZERO’ plan replaces traditional percentage-based brokerage fees with a fixed monthly charge of Rs 99, allowing users to execute unlimited trades for zero-fee across more than 300 tokens.

“WazirX’s ZERO model represents a structural shift from transaction-based pricing to access-based pricing. By introducing a flat Rs 99 monthly subscription, whether a trader executes a few trades or dozens within a month, the platform cost remains fixed, removing the uncertainty associated with per-trade charges,” said Founder Nischal Shetty.

Crypto exchanges typically charge users up to 0.5 per cent per transaction, costs that can compound significantly for frequent traders. For instance, a user trading Rs 10,000 ten times a month could incur annual costs of nearly Rs 25,000 when factoring in brokerage fees. In addition, there’s a 1 per cent tax deducted at source (TDS) on crypto transactions, which get added to the trading fees.

Shetty said the model was designed to rethink how exchanges serve retail participants by shifting revenue generation from transaction-based fees to subscriptions. “The idea behind the ZERO model was to rethink how exchanges serve retail participants… the platform aligns its incentives more closely with user access rather than trading activity revenue,” he added.

While exchanges must continue to comply with regulatory requirements such as TDS, industry participants say pricing innovations could improve accessibility for smaller investors by simplifying cost structures and enhancing transparency.

The move comes as competition intensifies in India’s crypto market, with other exchanges also exploring similar subscription-based models following WazirX’s announcement.

As adoption grows, such models could enable traders to focus less on transaction costs and more on market participation in the evolving crypto ecosystem.

Published on March 26, 2026



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Asian stocks mostly fall, oil climbs again over Iran war de-escalation uncertainties

Asian stocks mostly fall, oil climbs again over Iran war de-escalation uncertainties


Asian stocks were mostly lower and oil prices gained on Thursday as a de-escalation of the Iran war remained uncertain.

US futures were down 0.1 per cent.

Tokyo’s Nikkei 225 was trading 0.3 per cent lower at 53,607.75. South Korea’s Kospi lost 1.9 per cent to 5,537.30.

Hong Kong’s Hang Seng fell 1.4 per cent to 24,978.71, while the Shanghai Composite index was down 0.6 per cent to 3,909.16.

Oil prices were up again on Thursday after an earlier dip. Brent crude, the international standard, rose 1.3 per cent to USD 98.51 per barrel. It was below USD 95 on Wednesday. Benchmark US crude was 1.6 per cent higher at USD 91.75 a barrel.

The rise in oil prices came as Tehran on Wednesday dismissed a ceasefire plan by the US, after the administration of US President Donald Trump offered a 15-point proposal to Iran and Trump this week delayed a self-imposed deadline to “obliterate” its power plants in order to force Iran to reopen the Strait of Hormuz.

Iran also launched more attacks on Israel and Gulf Arab countries as Israel launched airstrikes on Tehran and the US prepared to deploy more American troops to the region.

With the Strait of Hormuz, a crucial waterway between Iran and Oman where roughly a fifth of the world’s oil typically passes through, remaining largely closed after the Iran war began, oil prices have fluctuated, climbing around 40 per cent since the beginning of the war, which is now in its fourth week.

US-listed shares of Arm Holdings jumped 16.4 per cent, following an announcement by the UK company that it would be launching and selling its own chips which is expected to drive future revenue.

On Holding, the Swiss sportswear company selling On running shoes, fell 11.2 per cent in the US. Its CEO Martin Hoffmann is stepping down and the company has named two co-founders as co-CEOs.

In other dealings early Thursday, gold and silver prices fell. Gold prices dropped 0.8 per cent to USD 4,513.90 per ounce. Silver prices lost 0.9 per cent to USD 71.97 an ounce.

The US dollar fell to 159.42 Japanese yen from 159.47 yen. The euro was trading at USD 1.1570, up from USD 1.1559. (AP)

Published on March 26, 2026



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Saudi oil sales to top Asia buyers China and India to drop on Hormuz disruptions

Saudi oil sales to top Asia buyers China and India to drop on Hormuz disruptions


The global oil market has been upended by the conflict between the US, Israel and Iran, which is nearing the one-month mark.

Saudi Arabia’s oil sales to Asia’s two biggest importers are set to come in at lower-than-usual levels next month, as the war raging across the Middle East disrupts supplies from the energy powerhouse.

Saudi Aramco, the world’s top exporter, is due to ship about 40 million barrels of crude to customers in China in April, according to traders familiar with the matter. That’s lower than usual — exports were set at 48 million barrels in February. Flows to buyers in India are also set to come in lower.

Crude spike

The global oil market has been upended by the conflict between the US, Israel and Iran, which is nearing the one-month mark. Crude has spiked as Tehran launched attacks against energy infrastructure across the region and also forced the near-total closure of the Strait of Hormuz, the waterway that links the Persian Gulf to global markets, including Asia’s largest economies.

The prospect of lower crude volumes going from Saudi Arabia to some of its principal buyers highlights the growing economic fallout from the war, with importers facing higher costs, as well as a need to source alternative barrels.

BlackRock Inc President Rob Kapito warned on Thursday that investors may be underestimating the risks stemming from the war, which are likely to hurt economic growth and boost inflation even if the conflict were to end soon.

Arab Light grade

The disruption at Hormuz prompted Saudi Aramco to reroute some crude supplies, channeling a portion of production via a pipeline across the Arabian peninsula to the alternative port of Yanbu on its Red Sea coast. However, the ambitious measure is only a partial workaround. 

Yanbu has an export capacity of around 5 million barrels a day. That’s lower than the 7.2 million barrels a day shipped last month before the war, mainly from facilities within the Persian Gulf. The oil that the Asian refiners are being offered via Yanbu is only the Arab Light grade, the traders said.

For India, exports were set at roughly 23 million barrels for next month, the traders said, asking not to be identified due to the sensitivity of the matter. That’s also slightly lower than recent months. Flows in February were seen at 25 million to 28 million barrels, according to Kpler Ltd and Vortexa Ltd.

Earlier, Saudi Arabia had given long-term oil customers the option of receiving their so-called allocated supply from Yanbu, instead of from within the Persian Gulf. Meanwhile, at least two European refiners had their April-loading volumes cut, with one of them receiving nothing at all.

Aramco didn’t respond to a request for comment.

More stories like this are available on bloomberg.com

Published on March 26, 2026



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Cairn looks to hire Americans to build India’s shale sector

Cairn looks to hire Americans to build India’s shale sector


Anil Agarwal, founder and chairman of Vedanta Group, at the CERAWeek by S&P Global conference in Houston, Texas, US, on Wednesday, March 25, 2026.
| Photo Credit:
AARON M. SPRECHER

Vedanta Ltd’s Cairn Oil & Gas is looking to quadruple daily output to the equivalent of 1 million barrels over the better part of the next decade as India’s largest private sector oil producers basks in the war-driven surge in crude prices.

Cairn executives are in Houston this week looking to spend as much as $5 billion with oilfield contractors who will help the company develop fields at home that include shale formations, Vedanta Chairman Anil Agarwal said during an interview. 

Cairn’s aim is to hire 10 Americans to apply the US shale playbook in India, where the company hopes to shave drilling and completion times by one-third to accelerate the ramp up of output, he said. It’s a significant move for the broader India economy, which is almost wholly reliant on imported cargoes for crude.

“They produce the fastest shale in the world — they’re the master — so we would like to take that also to India,” Agarwal said on the sidelines of the CERAWeek by S&P Global conference on Wednesday. “If we are not at least 50 per cent energy secured, we are in bad shape. So we are friendly with everybody.”

Cairn’s outreach to the hired hands of the North American crude sector dovetails with efforts by oil contractors to expand internationally as activity in the US shale patch decelerates.

Cairn has drilled four shale wells that are awaiting completion, said Agarwal, the 72-year-old founder of Vedanta. War in the Middle East that has closed the vital Strait of Hormuz to most tanker traffic for weeks has left Agarwal feeling “definitely miserable.”

“Our prime minister is very focused to make sure there is not a single day you have a gas connection that goes away or there is no petrol in the petrol pump,” he said.

More stories like this are available on bloomberg.com

Published on March 26, 2026



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Crude oil futures gain as West Asia ceasefire uncertainty continues

Crude oil futures gain as West Asia ceasefire uncertainty continues


Meanwhile, petroleum status report by the US EIA for the week ending March 20 showed an increase in crude oil inventories in the US.

Crude oil futures traded higher on Thursday morning due to conflicting statements about the ceasefire proposal to end the war in West Asia.

At 9.28 am on Thursday, June Brent oil futures were at $98.54, up by 1.32 per cent, and May crude oil futures on WTI (West Texas Intermediate) were at $91.76, up by 1.59 per cent.

On Wednesday, US President Donald Trump said: “Iranian leaders are negotiating, by the way, and they want to make a deal ⁠so badly, but they’re afraid to say it because they will be killed by their own people. They’re also afraid they’ll be killed by us.”

Speaking on state television, Iranian Foreign Minister Abbas Araqchi said the exchange of messages through mediators does not mean negotiations with the US. “They put forward ideas in their messages that were conveyed to top authorities, and if necessary, a position will be announced by them,” he said.

Earlier Iran had denied holding talks with the US, and it had set its own conditions that included sovereign control over the Strait of Hormuz.

A Reuters report, which quoted sources, said Israel was sceptical Iran would agree to the terms, and that Israel was concerned US negotiators might make concessions. Israel also wants any agreement to preserve its option to conduct pre-emptive strikes, the report said.

US inventories up

Meanwhile, petroleum status report by the US EIA (Energy Information Administration) for the week ending March 20 showed an increase in crude oil inventories in the US.

According to EIA, US commercial crude oil inventories increased by 6.9 million barrels for the week ending March 20. Total motor gasoline inventories decreased by 2.6 million barrels from last week, and distillate fuel inventories increased by 3 million barrels last week.

Total products supplied in the US over the last four-week period averaged 20.7 million barrels per day, up by 2.4 per cent from the same period last year.

US crude oil refinery inputs averaged 16.6 million barrels per day during the week ending March 20, which was 366,000 barrels per day more than the previous week’s average. Refineries operated at 92.9 per cent of their operable capacity last week.

US crude oil imports averaged 6.5 million barrels per day for the week ending March 20, a decrease of 730,000 barrels per day from the previous week. Over the past four weeks, US crude oil imports averaged about 6.6 million barrels per day, 15.5 per cent more than the same four-week period last year.

Published on March 26, 2026



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