In a big relief for Indian oil companies, Iran on Thursday allowed India-flagged tankers to pass through the Strait of Hormuz after External Affairs Minister S. Jaishankar spoke to Iranian Foreign Minister Syed Abbas Araghchi thrice. Reports said that two Indian tankers - MT Pushpak oil tanker and MT Parimal oil tanker - are passing safely through the Strait of Hormuz.
Iran continues to disallow ships from the US, Europe and Israel to pass through the Strait of Hormuz. On Thursday, Brent crude prices crossed $100 a barrel after reports came of explosives-laden boats from Iran hitting two oil tankers in Iraq. US forces on Tuesday sank 16 mine-laying Iranian ships near the Strait of Hormuz.
Iran attacked Israel and several Gulf countries with missiles and drones. It attacked a container ship off Dubai, triggered a fire near Bahrain airport and targeted a major Saudi oil field with a drone.
Iraq was forced to halt operations at all its oil terminals after Iran attacked the port of Basra. Sirens were sounded in Jerusalem on Thursday morning as the Israeli army scrambled to counter Iranian missiles.
Iran has threatened to prolong the war, saying it can destroy the world economy, even as US President Donald Trump claimed Iran is facing imminent defeat.
Iranian President Masoud Pezeshkian set three main conditions for ending the war.
One, Iran must be paid compensation for war damages, the US must give guarantees against future attacks, and Iran’s legitimate rights must be recognised.
Already, there is panic in Gulf countries as the war entered its 13th day today. Gulf countries were considered a safe haven till two weeks ago. Dubai, Doha and Abu Dhabi were being projected as the safest cities with luxurious lifestyles. Several Indian billionaires began residing in Dubai after shifting from London due to high rates of taxes.
But recent missile and drone attacks by Iran have dented the image of Dubai and other Gulf cities. Several billionaires are leaving Dubai and moving towards Europe and India.
Meanwhile, in India, hotels, restaurants and several industries are facing challenges due to controls on the supply of commercial LPG and natural gas.
The government is trying to keep the prices of LPG, petroleum products and natural gas in check. A committee of three ministers headed by Home Minister Amit Shah has been set up to monitor supplies of petrol, diesel and gas.
The other two ministers in the committee are Petroleum Minister Hardeep Singh Puri and External Affairs Minister S. Jaishankar.
Long queues of people outside LPG gas agencies have been noticed in different cities. Panic booking of domestic LPG cylinders from Delhi, UP, Bihar, West Bengal, Jharkhand, MP, Maharashtra, Punjab and Rajasthan is taking place.
Panic set in when the government extended the booking duration for LPG cylinders from 21 days to 25 days.
Despite the government’s reiterations that there are adequate stocks of LPG and fuel, grape vines are working overtime.
People are resorting to panic buying by relying on baseless rumours.
The hotel industry is facing a crisis because of the disruption in supplies of commercial LPG cylinders. Thousands of small restaurants and dhabas in UP, Delhi, Punjab, Maharashtra, Karnataka, Kerala and Tamil Nadu are on the verge of closure because of a shortage of cylinders.
There is complete normalcy at petrol pumps where there is no shortage of fuel.
Nobody knows till what time this war will continue. US President Donald Trump claims that the war with Iran may end "soon", because there is “practically nothing left” for the US forces to bomb.
Trump has even said, "Any time I want it (the war) to end, it will end."
The fact is, it is difficult to comprehend what exactly Trump wants. On Monday, he said that the war could end soon. In reply, Iran said that since the US started this war, Iran will decide when to end it. Two days ago, Trump said, the war will continue so long as there is no unconditional surrender by Iran.
The question is, Israel has been pummelling Hamas strongholds in Gaza for the last two years, and Hamas has not yet surrendered. How can anybody expect Iran to surrender easily?
Iran has threatened that if the war continues, it will not allow a litre of oil to be exported from the Gulf. Both Trump and European countries are worried about rising crude prices, and there is tremendous pressure on Trump to end the war.
It may be that Trump may one day announce that, now that the US has caused much damage to Iran, there is no need to continue with the war. This could give Iran a breather to lick its wounds, and it may agree to cease attacks on Gulf countries. But this truce will be temporary. A ceasefire. Not the end of the war.
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