Income tax overhaul: Key changes you should watch for from April 1, 2026
One of the most notable changes is the introduction of a unified ‘Tax Year’. (AI image) By Sunil BadalaAs we approach FY 2026-27, the country stands at the cusp of one of the most significant overhauls of its income-tax framework in decades. With the introduction of the new Income-tax Act, 2025 and the Income-tax Rules, 2026, the Government aims to make the system even further simplified, streamlined, transparent, and taxpayer-friendly.For salaried individuals, this transition marks more than just a procedural change. It signals quite a shift in how income is reported, assessed, and taxed. The reforms seek to simplify compliance, reduce ambiguity, and align India’s tax administration with global best practices.Some key changes that salaried individuals should look out for are mentioned below:A unified ‘Tax Year’ conceptOne of the most notable changes is the introduction of a unified ‘Tax Year’, replacing the long-standing distinction between Previous Year (PY) and Assessment Year (AY). This move is expected to eliminate confusion, particularly among individual taxpayers, by aligning income earnings, assessment periods and other aspects (like due dates, time limits etc.) with a single reference point.Expanded house rent allowance (HRA) benefits and disclosure normsThe HRA benefits have also been expanded. Salaried taxpayers residing in rented premises in cities such as Bengaluru, Hyderabad, Pune, and Ahmedabad may now be eligible for higher exemption limits (reference amount being increased from 40 per cent of basic salary to 50 per cent of basic salary), bringing them at par with traditionally classified metro cities like Mumbai, Delhi, Chennai, and Kolkata.Additionally, a stricter disclosure requirement has been introduced. Taxpayers must now declare their relationship with the landlord. This measure is aimed at curbing potential misuse and improving transparency in claims.Enhanced allowances for education and meal expensesIn a move likely to benefit middle-class households, the tax exemption limits for children’s education and hostel allowances have been significantly increased. Education allowance limits have been increased from Rs 100 per month to Rs 3,000 per month per child, while hostel allowance limits have been increased from Rs 300 to Rs 9,000 per month per child. While this may still be only a fraction of the cost of education in certain cities and towns it is a welcome move to enhance these age-old limits.Similarly, the tax-free limit for employer provided meals and non-alcoholic beverages as well as food coupons has been enhanced from Rs 50 per meal to Rs 200 per meal. This increase reflects inflationary trends and aims to improve employees’ take-home pay.Revised perquisite valuation for employer provided carsThe valuation of perquisites for employer provided cars has also been substantially revised and a valuation mechanism has been introduced for electric vehicles as well. Monthly taxable values range from Rs 2,000 to Rs 7,000 per month, with an additional Rs 3,000 per month where a chauffeur is provided. These updated slabs replace the earlier valuations of Rs 600 to Rs 2,400 (plus Rs 900 for chauffeur), potentially increasing the tax liability for employees availing such benefits.Broader changes to perquisites and exemptionsSeveral employee related exemptions and perquisite thresholds have been revised upward. These include higher transport allowances for differently abled employees, increased limits for tax-free employer provided gifts and vouchers, updated valuation rules for education benefits, and expanded exemptions for employer provided loans.Procedural overhaul and new compliance requirementsThe reforms are not just limited to tax computation, they also introduce procedural changes. Key tax forms have been replaced or consolidated, for instance, Form 130 has replaced Form 16 (popularly known as salary certificate), while Form 124 has taken the place of Form 12BB (employee declaration). Additionally, various TDS forms and PAN application processes have been streamlined.A new declaration requirement under Form 157 has been introduced for individuals leaving India, enhancing reporting obligations in cross-border scenarios where either no PAN or income below taxable limit. Furthermore, taxpayers claiming foreign tax credit exceeding Rs 100,000 would now need certification from a Chartered Accountant in Form 44 which is a replacement of Form 67 under the current law required when a taxpayer is claiming foreign tax credit.Additionally, certain Budget 2026 recommendations (which is yet to receive the Presidential assent) are also noteworthy, which are expected to impact the salaried taxpayers effective 1 April 2026:Extended timelines for filing ReturnsTo provide greater flexibility, revised tax returns filing deadline is proposed to be extended to March 31 of the next tax year, instead of the earlier December 31 deadline, subject to a nominal fee.Similarly, the due date for filing original returns for taxpayers with non-audit business income is proposed to be extended from July 31 to August 31, offering additional time for compliance.Rationalisation of TCS and relief measuresIt is also proposed that for overseas tour packages and education/ medical purposes remittances, TCS rates may be reduced to 2% from the current 5% or 20%. This change is expected to provide cash flow relief to families incurring such expenses.Foreign Assets Disclosure SchemeAnother noteworthy initiative is the proposed Foreign Assets Disclosure Scheme for small taxpayers. This would offer a six-month window for voluntary disclosure of previously unreported foreign assets, allowing taxpayers to regularise their filings upon payment of applicable taxes and levies.The proposed reforms signal a decisive shift toward simplification, transparency, and improved compliance. While the transition may require adjustment, these changes are aimed to reduce complexity and enhance efficiency, ultimately aimed at creating a more streamlined and taxpayer friendly system aligned with India’s evolving economic landscape.(Sunil Badala is Partner and National Head of Tax, KPMG in India)
Petrol, diesel price today: Global crude oil prices rise; what’s the situation in India?
In the national capital, petrol continued to be priced at Rs 94.77 per litre, while diesel held steady at Rs 87.67 per litre. (AI image) Petrol, diesel prices today: Amid US-Iran war and continued transit issues via the Strait of Hormuz, countries around the world have been forced to either raise petrol, diesel, gas prices or announce rationing measures. In India, so far petrol and diesel prices have not been hiked by state-run refiners despite global crude oil prices climbing to around $120 per barrel.Last week, the government announced a big excise duty cut on petrol and diesel prices, in effect cushioning consumers from a hike, while also reducing the blow for oil marketing companies.To strengthen domestic supply, the government has reduced excise duty on petrol and diesel by Rs 10 per litre and introduced export duties of Rs 21.50 per litre on diesel and Rs 29.50 per litre on aviation turbine fuel. Petrol, diesel prices today Despite a rise in global oil prices on Monday amid growing concerns over escalating tensions in the Middle East, retail prices of petrol and diesel in major Indian cities remained unchanged on March 30, 2026. In the national capital, petrol continued to be priced at Rs 94.77 per litre, while diesel held steady at Rs 87.67 per litre. In Mumbai, petrol was unchanged at Rs 103.54 per litre and diesel at Rs 90.03 per litre.With the excise duty cut in place, retail prices of petrol and diesel will remain unchanged. The reduction is aimed at easing the financial burden on public sector oil marketing companies such as Indian Oil Corporation, Bharat Petroleum Corporation and Hindustan Petroleum Corporation. These companies have been selling fuel domestically at prices significantly below their cost of supply. At prevailing global crude levels, their losses are estimated at about Rs 26 per litre on petrol and Rs 81.90 per litre on diesel, translating into a combined daily under-recovery of nearly Rs 2,400 crore. The excise duty cut of Rs 10 per litre helps absorb part of these losses, allowing continued supply without altering pump prices.In comparison with global trends, the situation stands out. Fuel prices have climbed between 30 and 50 per cent across South and South-East Asia, risen by around 30 per cent in North America, and increased by about 20 per cent in Europe since the current crisis began. Meanwhile, the government has intensified efforts to ensure steady availability of fuel and gas following the disruption at the Strait of Hormuz, while appealing to the public not to engage in panic buying after isolated surges were reported at some fuel stations.In an official update on the evolving situation linked to the West Asia conflict, the oil ministry said on Sunday that domestic refineries are operating at elevated capacity levels with sufficient crude stocks, and supplies of petrol and diesel remain adequate across the country. Fuel outlets continue to function normally, although misinformation led to brief spikes in demand in certain regions.“There were certain rumours, which led to panic buying at some retail outlets in a few states, resulting in unusually high sales and heavy crowding at retail outlets. However, it is informed that there are adequate stocks of petrol and diesel available at all petrol pumps in the country,” the ministry said. LPG, LNG availability In the natural gas segment, priority allocation has been given to essential sectors, with full supply directed towards piped natural gas and CNG consumers, while industrial and commercial users are receiving around 80 per cent of their usual consumption. Fertiliser units are being supplied at 70 to 75 per cent levels, alongside efforts to procure additional LNG cargoes.The ministry also noted that expansion of city gas networks is being fast-tracked by simplifying approvals and encouraging a transition from LPG to piped natural gas. Over 2,90,000 new PNG connections were added in March, with companies such as Indraprastha Gas, Mahanagar Gas, GAIL Gas and BPCL offering incentives to accelerate adoption.While LPG supply has been affected by geopolitical developments, distribution continues without reported shortages. Daily refill deliveries have exceeded 55 lakh cylinders, and monitoring measures have been tightened to prevent diversion. Supply of commercial LPG has recovered to about 70 per cent of pre-crisis levels, with priority given to hospitality, food services and key industrial users.Additionally, kerosene allocations to states have been increased, and enforcement action against hoarding and black marketing has been stepped up, with nearly 2,900 inspections carried out and around 1,000 cylinders seized recently.State governments have been instructed to enhance oversight, conduct daily reviews, counter misinformation and expedite approvals for gas infrastructure.“The government reiterates its advice to the public not to believe rumours,” the statement said.“The government is making all efforts to ensure the availability of petrol, diesel and LPG. Avoid panic purchases of petrol, diesel and booking of LPG.”
Stocks to buy: What’s the outlook for Nifty for March 30-April 3 week? Check list of top stock recommendations
Top stocks to buy (AI image) Stock market recommendations: Aster DM Healthcare, and Karur Vysya Bank are the top stocks that have been recommended by Sudeep Shah, Head – Technical Research and Derivatives, SBI Securities for the week starting March 30, 2026. He also explains his outlook for Nifty and Bank Nifty:Nifty View:Since geopolitical tensions escalated, market behaviour has settled into a predictable yet deceptive rhythm. Periodic relief rallies lasting a couple of sessions have repeatedly surfaced, only to be abruptly negated by sharp downside gaps. These short recoveries have encouraged traders to prematurely assume a turnaround, drawing in participation driven by fear of missing out. However, each attempt at recovery has lacked durability, with sellers quickly regaining control and pushing markets lower once again. As a result, every bounce increasingly resembles a bull trap rather than a genuine opportunity.This pattern—where optimism is swiftly followed by renewed selling—has amplified market volatility and caused substantial capital erosion, especially for short-term traders and leveraged positions. The market’s repeated inability to build on rebounds underscores how fragile sentiment remains. In an environment devoid of strong conviction, even marginal news flows or triggers are proving sufficient to spark outsized reactions, reinforcing the importance of prudence, position sizing, and disciplined risk management.From a broader perspective, Nifty has fallen more than 9% so far this month, registering its most severe monthly decline since the pandemic era selloff. Adding to the pressure, interruptions in global gas supply have introduced fresh challenges for several sectors, particularly those with high energy dependence. Rising input costs, margin uncertainty, and deferred corporate spending are becoming more visible, collectively dimming expectations of an earnings recovery and weakening overall investor confidence. This backdrop raises an uncomfortable question around whether earnings downgrades may still have room to deepen.On the technical front, the setup remains largely unchanged from last week. The index continues to trade below all key moving averages, while momentum indicators persist in bearish territory, signalling that selling pressure is still dominant. That said, the Nifty Midcap 100 and Nifty Smallcap 100 have shown relatively better performance compared to the frontline indices. Despite this relative resilience, the broader risk environment warrants caution, and price action in the mid and smallcap segment needs close observation over the next two to three weeks to determine whether strength can be sustained or proves fleeting.In terms of key levels, the 22650–22600 band represents a critical support zone for Nifty. A decisive breakdown below 22600 could lead to an extension of the decline towards 22400, and thereafter 22200 in the near term. On the upside, recovery attempts are likely to encounter stiff resistance in the 23150–23200 zone, which remains a key hurdle for any meaningful reversal.Bank Nifty ViewBank Nifty has emerged as one of the weakest performers among the frontline indices in March, exerting notable drag on overall market sentiment. Monthtodate, the index has declined by more than 13%, and the formation of a large bearish candle on the monthly chart clearly reflects aggressive selling activity and sustained distribution at higher levels. Adding to the concern, the Bank Nifty–to–Nifty relative strength ratio continues to trend lower, forming successive lower highs and lower lows, signalling persistent underperformance versus the broader market.From a trend perspective, the deterioration is becoming more pronounced. The index is currently positioned approximately 8% below its 200day EMA and nearly 9% below its 100day EMA, confirming a decisive breakdown of medium and long term support. Momentum indicators echo this weakness: the daily RSI has slipped into a superbearish regime as per RSI rangeshift theory, while the weekly RSI remains entrenched in bearish territory and is still trending lower, pointing to downside pressure across multiple timeframes.Given this combination of weak price structure and deteriorating momentum, the nearterm outlook for Bank Nifty remains tilted to the downside. On the levels front, the 51700–51800 zone is likely to provide initial support. However, a decisive violation of 51800 could accelerate the decline towards 51000, with the risk of further extension towards 50400 in the near term.On the upside, any rebound is likely to be corrective rather than structural. The 53400–53500 zone is expected to act as a strong supply area, where selling pressure could reemerge and restrict meaningful upside traction. Stock recommendations: Aster DM HealthcareAster DM Healthcare has staged a strong rebound from its 200-day EMA, coinciding with the 613–603 support zone, highlighting strong buying interest. The stock has moved above the midline of the Bollinger Bands, indicating a shift towards a bullish bias and potential for further upside. The RSI has rebounded from 44 to 58, signaling improving momentum. Overall price structure suggests strength, and as long as it sustains above support levels, the ongoing pullback is likely to extend further. Hence, we recommend to accumulate the stock in the zone of 665-670 with a stoploss of 645. On the upside, it is likely to test the level of 715 in the short term.Karur Vysya BankKarur Vysya Bank has staged a strong rebound from its prior support zone of 255–250 on the daily chart, indicating strong buying interest at lower levels. The RSI has recovered sharply from oversold levels of 29 to 58, signaling renewed bullish momentum. The DI lines on the ADX are on the verge of a crossover, suggesting that selling pressure is easing.Additionally, the recent 3-days pullback has been supported by a healthy rise in volumes, reinforcing the strength of the ongoing recovery. Hence, we recommend to accumulate the stock in the zone of 293-298 with a stoploss of 283. On the upside, it is likely to test the level of 320 in the short term.(Disclaimer: Recommendations and views on the stock market, other asset classes or personal finance management tips given by experts are their own. These opinions do not represent the views of The Times of India)
Gold price prediction today: Is gold in bearish territory? Key levels to watch out for March 30, 2026 week
Gold is witnessing sharp swings in a broad range amidst mixed signals. (AI image) Gold price prediction today: Gold prices seem to be exhibiting a corrective phase with a bearish tone, feels Manav Modi, Senior Analyst, Commodity Research at Motilal Oswal Financial Services Ltd. The analyst shares his outlook on the yellow metal:Gold is witnessing sharp swings in a broad range amidst mixed signals around a potential US–Iran ceasefire, with optimism fading after Iran denied negotiations despite positive remarks from Donald Trump. Prices later rebounded on bargain buying following a sharp 15% monthly decline driven by ETF outflows and reduced investor exposure. While geopolitical tensions and risks around the Strait of Hormuz offered support, gains remained capped by a stronger dollar and elevated bond yields amid “higher-for-longer” rate expectations. Physical demand showed slight improvement in India, while China stayed subdued. Focus now shifts US consumer confidence and jobs market data later this weekGold on MCX daily chart reflects a corrective phase after a steep rally, forming a potential bearish continuation structure with volatility still elevated. Immediate resistance is seen at 148,500–150,000 (near the middle Bollinger Band), while stronger resistance lies at 158,000; on the downside, support is placed at 136,000, followed by a crucial level at 128,500. Fibonacci retracement of the broader up move highlights 143,000 as a key pivot (38.2%), 135,000 as strong support (50%), and 127,000 as major demand (61.8%). Price recently touched the lower Bollinger Band and is attempting a mean reversion, but wide bands suggest continued high volatility. Overall bias remains sell-on-rise unless gold sustains above 150,000, while a break below 136,000 could accelerate downside pressure toward deeper support zones.(Disclaimer: Recommendations and views on the stock market, other asset classes or personal finance management tips given by experts are their own. These opinions do not represent the views of The Times of India)
Rupee rebounds from record low: Currency rises 128 paise to 93.57 against US dollar
Rupee opened the week in green, recovering sharply in early trade after regulatory intervention aimed at curbing banks’ currency exposure. The currency climbed to 93.57 against the US dollar, on Monday, gaining 128 paise from its previous close, after opening at 93.62 in the interbank foreign exchange market. This comes days after the currency had hit a record low of 94.85 on Friday, following a steep fall of 89 paise. The turnaround follows a directive issued by the Reserve Bank of India on March 27, 2026, which placed a cap of $100 million on the Net Open Position (NOP-INR) that banks can hold overnight. Lenders have been asked to comply with the new limit by April 10. Market participants said the move is prompting banks to reassess their positions, particularly those with long dollar holdings in the onshore market. As these positions are reduced, dollar sales are expected to increase, lending short-term support to the rupee. “As banks begin adjusting their positions, they are likely to sell dollars in the market, which can temporarily support the rupee. This creates a phase of relief, driven by position unwinding, not by a major shift in fundamentals, but still meaningful in the near term,” Amit Pabari, Managing Director at CR Forex Advisors told PTI. Even so, the broader environment remains challenging for the Indian currency. The dollar continues to draw strength from safe-haven demand, keeping the dollar index above the 100 mark and restricting any sustained appreciation in the rupee. The dollar index was last seen marginally lower by 0.06% at 100.09. At the same time, rising crude oil prices are adding to pressure, with Brent crude trading 2.16% higher at $115 per barrel in futures. Geopolitical tensions have played a key role in pushing oil prices higher amid concerns over supply disruptions. “For India, this is critical. Being a major oil importer, higher oil prices increase dollar demand, which directly puts pressure on the rupee,” Pabari said. He added that despite the current relief, the rupee’s outlook remains sensitive to global factors such as oil price movements, geopolitical developments and the strength of the US dollar. Dalal Street also reflected the cautious mood, with the BSE Sensex dropping 1,191.24 points to 72,391.98 in early deals, and the Nifty 50 declining 349.45 points to 22,470.15. Foreign institutional investors were also seen pulling back, having sold equities worth Rs 4,367.30 crore on a net basis on Friday, as per exchange data.
Hormuz energy crunch: Centre rolls out PDS kerosene in 60-day relief push to ease LPG pressure on consumers
As global energy supplies come under strain due to the ongoing Middle East conflict, the Centre has introduced a temporary measure to ease pressure on cooking fuel availability in the country. Under the 60-day emergency plan, announced on Monday, states and Union Territories will receive additional kerosene for essential household use, including cooking and lighting.The decision also signals a short-term reintroduction of kerosene in 21 regions where it had previously been phased out or classified as PDS SKO-free. This step is intended to ensure that households facing shortages of LPG continue to have access to a basic source of energy. Watch India Secures Vital LPG Supply as BW Tyr and BW Elm Successfully Cross Tense Hormuz Route To facilitate this, the ministry of petroleum and natural gas has authorised selected fuel stations in kerosene-free regions to store and distribute Superior Kerosene Oil for household consumption. According to the notification, up to two fuel stations in each district, preferably company-owned outlets run by public sector oil firms, will be allowed to stock up to five thousand litres of kerosene.In order to speed up the process, certain licensing requirements for dealers and transporters have been relaxed, although safety and monitoring standards will continue to be enforced. The ministry has clarified that this provision is strictly for kerosene meant for household cooking and lighting.This move comes after the government sanctioned an additional 48,000 kilolitres of kerosene over and above regular allocations for all States and Union Territories. Local administrations have been asked to identify district-level distribution points. Earlier, 17 States and Union Territories received SKO allocation orders, while Himachal Pradesh and Ladakh maintained that they do not require any such allocation. These include regions like Delhi, Uttar Pradesh, Gujarat, and Rajasthan.At the same time, enforcement efforts have been stepped up to curb irregularities in the energy supply chain. Authorities have carried out nearly 2,900 raids in recent days, seizing close to 1,000 cylinders as part of action against hoarding and black marketing. States have also been instructed to intensify monitoring, conduct daily briefings, counter misinformation, and speed up approvals for gas-related infrastructure. “The government reiterates its advice to the public not to believe rumours,” the statement said.Amid these developments, a section of consumers has begun shifting away from LPG. As of Saturday, 6,000 piped natural gas (PNG) users had surrendered their LPG connections. “6000 PNG consumers surrendered their LPG till yesterday! A big thanks to them!!” said the secretary, ministry of petroleum and natural gas Neeraj Mittal on X.In terms of supply management, the government has prioritised domestic and transport needs, ensuring full allocation for PNG and CNG segments. Industrial and commercial users are currently receiving around 80% of their average consumption, while fertiliser plants are operating at 70–75% capacity. Additional LNG cargoes are also being arranged, as part of efforts to secure fuel and gas supplies, according to a government statement reported by PTI.
Gold, Silver Rate Today Live Updates: Gold, silver futures rise, but gains capped on rising oil prices amid continuing US-Iran war; what’s the outlook?
Gold and silver prices began Monday’s session on a weaker note on the Multi Commodity Exchange of India (MCX), as an appreciating U.S. dollar, driven by escalating tensions in the oil-rich Middle East, weighed on bullion. Gold futures for June delivery slipped 0.68%, or Rs 1,000 per 10 grams, to trade at Rs 1,46,255 per 10 grams in early deals on Multi Commodity Exchange of India. Contracts for April and August maturities also declined by around 0.6% each. Silver futures for May delivery on the same exchange fell about 0.5%, or Rs 1,059 per kilogram, to trade at Rs 2,26,895 per kg.
Top stocks to buy: Stock recommendations for March 30, 2026 week – check list
Top stocks to buy (AI image) Stock market recommendations: Ipca Laboratories, and AU Small Finance Bank are the stocks that Motilal Oswal Wealth Management Research Desk recommends buying for the week starting March 30, 2026. Target prices and potential upsides are listed below: Stock Name CMP (Rs) Target (Rs) Upside (%) Ipca Laboratories 1595 1820 14% AU Bank 883 1250 42% Ipca LaboratoriesIpca Laboratories is witnessing improving growth visibility driven by a recovery in its domestic formulations business and a gradual pickup in exports. The company is strengthening its domestic portfolio through therapy expansion in cardiology, pain management, and entry into high-end dermatology, while reinforcing key brands like Zerodol. Export growth is supported by increasing traction in branded markets and a steady ramp-up in generics, aided by product relaunches in the United States and participation in European tenders. The integration of the Unichem business is progressing, with focus on improving cost efficiencies through API integration and rebuilding the product pipeline, although near-term performance remains impacted by pricing pressure. Overall, improving operating leverage, portfolio optimization, and better execution across segments position the company for steady earnings growth.AU Small Finance BankAU Small Finance Bank’s transition from a SFB to a universal bank expands its addressable market across retail, MSME, and mid-corporate lending, while lower priority sector requirements and broader product capabilities improve portfolio flexibility, cross-selling opportunities, & long-term return potential. A granular deposit base, improving CASA mix, and expanding network of 2,700+ touchpoints support liability growth and operating leverage. The secured-heavy loan portfolio and disciplined underwriting are expected to keep credit costs contained, supporting sustainable long-term profitability. Loans are expected to grow at ~24% CAGR over FY26-28, driven by a strong branch-led distribution network and expansion across secured lending segments. This, along with moderating funding costs and stable asset quality, is likely to drive ~36% earnings CAGR over FY26-28.(Disclaimer: Recommendations and views on the stock market, other asset classes or personal finance management tips given by experts are their own. These opinions do not represent the views of The Times of India)
Asian stocks today (March 30, 2026): Kospi down 4%, Nikkei sheds 2,400 points; markets sink as Middle East crisis intensifies
Asian markets opened the week on a weak footing, with investor sentiment weighed down by surging oil prices and escalating tensions in the ongoing US-Iran conflict. While Nikkei slid 5%, South Korea’s Kospi fell over 4%, though the indices later pared some of the losses.On Monday, Hong Kong’s Hang Seng Index fell 412 points or 1.65% to 24,539 as of 7:50 am IST. Shanghai and Shenzhen also traded in red, down 0.75% and 1.29%, respectively. In Japan, Nikkei was down 2,467 points or 4.6% to 50,905. South Korea’s Kospi also extended its fall, reaching 5,251 shedding 177 points or 3.5%.Meanwhile in commodity markets, oil extended its rally as the conflict entered its second month with no clear resolution in sight. West Texas Intermediate (WTI) climbed to $103.1, up $3.44 or 3.45%, after posting a 5.5% gain last week.Brent crude also surged past $110, reaching $116.4 per barrel, up $3.84 or 3.41%, building on gains of over 4% in the previous session.The strong momentum in oil prices comes against the backdrop of an escalating regional conflict. Iran has stepped up retaliatory strikes targeting Gulf states and the Strait of Hormuz shipping lane, a critical artery for global energy supplies. The widening hostilities have sent energy markets into a tailspin, fuelling fears for the broader world economy.Tensions heightened further after Iran’s parliamentary speaker, Mohammad Bagher Ghalibaf, accused the United States of planning a ground offensive, despite its public push for negotiations. His remarks followed the arrival of a US warship carrying around 3,500 military personnel to the region. The developments come after more than a month of aerial bombardments of Iran by US and Israeli forces. The situation has grown more complex with Yemen’s Iran-aligned Houthis entering the fray, launching their first attacks on Israel since the conflict began, adding another layer of uncertainty to an already volatile region.On the diplomatic front, Pakistan said it is preparing to host “meaningful talks” in the coming days aimed at resolving the conflict. This comes even as Tehran earlier accused Washington of gearing up for a land assault. Poll Do you think the tensions between the US and Iran will escalate further? Meanwhile, The Financial Times reported that US President Donald Trump said that the United States could seize Kharg Island in the Persian Gulf, a key hub for Iran’s oil exports, while also indicating that a ceasefire could come quickly.
Oil prices today: Crude jumps as Houthis enter Iran war; US boosts troop presence in Middle East
Oil prices surged sharply on Monday, with Brent crude crossing the $110 mark and West Texas Intermediate (WTI) climbing past $100 a barrel, as the Middle East conflict completed its one month. Markets remained on edge as Houthis enter the Iran war and US plans to extend onground presence in the region, further fueling uncertainty over the trajectory of the war.Around 7 am IST, Brent Crude stood at $116.4 per barrel, up 3.84 or 3.41%, after gaining over 4% in its previous session on Friday. WTI Crude followed the rally, jumping to $103.1, up 3.44 or 3.45%, after recording a gain of 5.5% last week. Watch ‘Petrol, Diesel Crisis Developing Worldwide’: PM Modi Urges Unity Amid West Asia Conflict So far this month, Brent has climbed 59%, marking its steepest monthly rise and exceeding gains seen during the 1990 Gulf War. The surge comes after Iran tightened its noose on the Strait of Hormuz effectively disrupting the strategically crucial route that sees around one-fifth of global oil and gas supplies pass.The conflict, which began on February 28 with US and Israeli strikes on Iran, has expanded across the Middle East. Over the weekend, Yemen’s Iran-aligned Houthis carried out their first attacks on Israel since the start of the war, raising further concern over key shipping lanes in the Arabian Peninsula and the Red Sea. The US also stepped up its military footprint in the Middle East, with around 3,500 Marines and sailors aboard the USS Tripoli deployed to the region. The move, described as potentially the largest US buildup there in nearly two decades, was confirmed by US Central Command. It comes after almost a month of conflict involving Iran and is being viewed as part of Washington’s effort to expand its operational options in the region.Meanwhile, according to data from Kpler, cited by Reuters, Saudi crude exports redirected from the Strait of Hormuz to the Yanbu port in the Red Sea reached 4.658 million barrels per day last week.JP Morgan analysts said that if exports from Yanbu were disrupted, Saudi oil flows could be forced to shift towards Egypt’s Suez-Mediterranean (SUMED) pipeline to the Mediterranean.Tensions in the region intensified further over the weekend after attacks damaged Oman’s Salalah terminal, despite ongoing attempts to advance ceasefire discussions.Iran has said it is prepared to respond to a US ground offensive, accusing Washington of planning a land attack while simultaneously pursuing negotiations. Poll Which factor do you think is most responsible for the recent spike in oil prices? Meanwhile, Pakistan’s foreign minister Ishaq Dar said that efforts had been discussed on possible ways to achieve an early and lasting end to the conflict, along with potential US-Iran talks in Islamabad.
