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
November 4,2024

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Hundreds of Israeli settlers conducted a brutal attack in the occupied West Bank city of Ramallah.

The settlers set fire to numerous homes and vehicles of Palestinians and then moved to the main road connecting Ramallah to other cities, targeting Palestinian cars passing by.

They stormed the city of al-Bireh, near Ramallah, and burned Palestinian property and vehicles.

A woman sustained injuries after the settlers hurled stones at her vehicle, according to Palestinian news outlets.

Tension has been running high across the West Bank because of Israel’s genocidal war in the Gaza Strip, which has killed at least 43,341 people, mostly women and children, since last year’s October.

The Monday settler attack came as the Palestinian resistance movement Hamas warned of Israel’s plans to annex the West Bank and drive Palestinians out.

“We warn of the grave danger posed by the plans led by the extremist occupation regime and illegal settler groups to displace the residents of Palestinian villages in the occupied West Bank,” Hamas official Mahmoud Mardawi said.

Israel's far-right minister Bezalel Smotrich called for the full annexation of the West Bank and the Gaza Strip last week.

Smotrich asserted that Israel should unequivocally declare there would be no Palestinian state.

He repeated his proposal of expanding Israeli settlements within the West Bank and other occupied territories.

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News Network
November 7,2024

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In his victory speech, President-elect Donald Trump showered praise on Elon Musk, calling him an "amazing guy" and "super genius." The SpaceX CEO’s satellite internet project, Starlink, received special attention for its role in providing critical connectivity after Hurricane Helene. With Starlink’s success making waves, speculation grows: will Musk bring his revolutionary tech to India’s vast, underserved areas?

In India, Musk’s increasing proximity to Trump and the President-elect’s endorsement has sparked curiosity and anticipation. Although regulatory barriers have delayed Starlink’s entry since 2021, recent policy shifts by India’s Communications Ministry could turn the tide. Minister Jyotiraditya Scindia recently announced plans to allocate satellite spectrum administratively, a move welcomed by Musk, who pledged to "serve the people of India" through Starlink.

What Makes Starlink Unique?
Unlike traditional broadband reliant on cables, Starlink uses thousands of low-earth orbit satellites to provide high-speed internet. This innovative approach bypasses the need for miles of overhead or underground wiring, making it ideal for remote and rural areas. Launched in 2019, Starlink now serves over 4 million users globally, and its entry into India could be transformative in bridging the digital divide.

Starlink’s India Journey So Far
Musk’s ambitions for India began in 2021 with pre-order invitations, but the government halted progress, citing licensing requirements. However, with Scindia’s recent announcement, Starlink may soon navigate the regulatory landscape, potentially setting the stage for a significant market entry.

Showdown with India’s Telecom Titans
If Starlink is allowed in, it could mean intense competition for Indian telecom leaders Mukesh Ambani’s Jio and Sunil Bharti Mittal’s Airtel. Both companies argue that satellite spectrum should be auctioned to maintain a level playing field, especially if Starlink expands to urban areas, challenging their established services.

While Starlink advocates for affordable, widespread access, Indian telecom giants claim global players often leverage rural connectivity narratives for favorable conditions, potentially overshadowing local providers in urban markets. As the government’s decisions unfold, a tech-driven tug-of-war could reshape India’s telecom landscape, with Musk’s Starlink poised as a powerful new player.

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News Network
November 5,2024

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Bengaluru: In a major legal twist, an FIR has been filed against Union Minister H.D. Kumaraswamy, his son Nikhil Kumaraswamy, and their close associate Suresh Babu. The trio is accused of threatening a senior IPS officer and making false allegations against him. The FIR, registered by the Sanjaynagar police, follows a complaint by Additional Director General of Police (ADGP) M. Chandrasekhar, who heads the Special Investigation Team (SIT) under the Karnataka Lokayukta.

Allegations Against Kumaraswamy
The crux of the case revolves around ADGP Chandrasekhar's investigation into Kumaraswamy's alleged illegal approval of a mining lease to Sri Sai Venkateshwara Minerals (SSVM). Kumaraswamy, currently serving as Union Minister for Steel and Heavy Industries, has been accused of bypassing legal procedures in favor of SSVM, prompting Chandrasekhar to seek the Karnataka Governor's approval to pursue legal action.

In response, Chandrasekhar claims that Kumaraswamy lashed out publicly. On September 28 and 29, the former Karnataka Chief Minister held press conferences, accusing the officer of bribery, misuse of medical records, and personal misconduct. According to the ADGP, Kumaraswamy also issued a threat of transferring him to another cadre outside Karnataka.

Nikhil and Aide Suresh Babu Involved
Kumaraswamy’s son Nikhil Kumaraswamy is also implicated in the controversy. On September 29, Nikhil allegedly echoed his father’s accusations against Chandrasekhar. The third individual named in the FIR, Suresh Babu, a close aide to Kumaraswamy, is accused of escalating the issue by writing a letter to the Karnataka Chief Secretary. This letter, containing further allegations, was made public on social media, adding to the pressure on the senior officer.

Legal Action and Charges
Though Chandrasekhar's complaint was filed in October, formal legal proceedings began on November 4 after securing approval from the 42nd Additional Chief Metropolitan Magistrate (ACMM). The charges include Section 224 (threat of injury to a public servant) of the Bharatiya Nyaya Sanhita (BNS). A police source familiar with the case confirmed the charges.

ADGP Chandrasekhar's Response
In a strong rebuttal, ADGP Chandrasekhar addressed his team and the media, branding Kumaraswamy as an accused person trying to intimidate the SIT. He emphasized that these attacks were intended to undermine his officers' morale and interfere with the investigation.

“An accused, no matter how powerful, remains an accused. This attempt to instill fear in the minds of officers is meant to hinder justice," Chandrasekhar said in a written statement. Referring to Kumaraswamy, he added, "This accused, who is currently out on bail, has resorted to such tactics to shake our resolve."

Quoting Shaw to Drive the Point Home
In a dramatic conclusion, Chandrasekhar cited playwright George Bernard Shaw, saying, “Never wrestle with pigs. You both get dirty, and the pig likes it,” signaling his intent to remain unshaken in the face of public accusations and personal threats.

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