Live: Iran sets conditions to end war with US, Israel

Sensex tumbles 992.53 points

Sensex tumbles 992.53 points to 75,871.18 in early trade; Nifty dives 310.55 points to 23,556.30.

Brent crude oil jumps above $100 a barrel

The price of a barrel of Brent crude oil, the international standard, topped $100 a barrel early Thursday, just days after it spiked near $120.

Oil prices shot more than 9% higher as supply concerns worsened with Iranian attacks on commercial shipping around the Strait of Hormuz.

US benchmark crude oil jumped to about $95 a barrel.

LPG shortage in Kerala: LDF to launch statewide protests today

The Left Democratic Front (LDF) will launch statewide protests today over the worsening LPG shortage in Kerala, accusing the Union government of failing to act despite early warnings about supply disruptions linked to tensions in West Asia.

The LDF has called for demonstrations in front of Central government offices in all Assembly constituencies on March 12, demanding urgent steps to restore adequate supply of cooking gas cylinders and provide relief to consumers.

“The crisis has arisen because the Centre failed to take timely steps despite clear warnings about possible supply disruptions due to the West Asia conflict. Kerala, where almost every household depends on LPG, will be severely affected. The protests are meant to mobilise public opinion and force the Centre to ensure adequate supply of cylinders and provide relief to the people,” said TP Ramakrishnan, convenor of the LDF.

The LDF convenor said the crisis could have a deeper impact in Kerala compared to many other states, as almost all households in the state depend on LPG for cooking. The shortage has already begun affecting the hospitality sector, with several hotels shutting down or cutting down operations due to the scarcity of commercial cylinders.

Kerala requires around two lakh commercial LPG cylinders daily, but their availability has sharply declined, affecting hotels and eateries that cater to a large section of people who rely on them for daily meals.

The situation is expected to worsen with the Centre restricting the booking interval for domestic LPG connections to 27 days and with the recent price hikes adding to the burden on consumers. Demand is also likely to rise further during the holy month of Ramadan.

The LPG distribution disruption has pushed the hotel sector into a severe crisis, with several establishments in cities such as Thiruvananthapuram, Kochi and Kozhikode already shutting down temporarily. Many hotels have also begun removing fuel-intensive items such as biriyani, parotta, dosa and Chinese dishes from their menus.

Industry estimates suggest that nearly 8,000 hotels in Kochi alone could be directly affected if the shortage continues. The impact is also being felt in hostels across the state, with several stopping cooking services for students and employees.

India cosponsors UN resolution condemning ‘egregious’ attacks by Iran against GCC nations, Jordan

India co-sponsored a resolution in the UN Security Council that condemned the “egregious” attacks by Iran against Gulf Cooperation Council countries and Jordan and demanded immediate cessation of all attacks by Tehran while denouncing its threats of closure of the Strait of Hormuz.

The 15-nation Security Council, currently under the presidency of the United States, adopted the resolution on Wednesday with 13 votes in favour, none against and abstentions by veto-wielding permanent members China and Russia.

India cosponsored the Bahrain-led resolution along with over 130 nations, including Australia, Austria, Bangladesh, Bhutan, Canada, Egypt, France, Germany, Greece, Italy, Japan, Kuwait, Malaysia, Maldives, Myanmar, New Zealand, Norway, Oman, Pakistan, Qatar, Saudi Arabia, Singapore, Spain, Ukraine, United Arab Emirates, United Kingdom, United States, Yemen and Zambia.

The resolution, which had a total of 135 co-sponsors, reiterated its strong support for the territorial integrity, sovereignty and political independence of Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, the United Arab Emirates and Jordan.

It condemned in the “strongest terms the egregious attacks” by Iran against the territories of Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, the United Arab Emirates and Jordan and determined that such acts constitute a breach of international law and are a serious threat to international peace and security.

The resolution demanded immediate cessation of all attacks by Iran against the GCC countries and Jordan and that Tehran “immediately and unconditionally” cease from any provocation or threats to neighbouring states, including the use of proxies.

Iraq says one killed in Basra port attack as country halts operations at oil ports

An attack on Iraq's Basra port killed at least one person and forced authorities to halt operations at all the country's oil terminals, officials said Thursday.

Farhan al-Fartousi, the director-general of the General Company for Ports of Iraq, made the announcement in a statement carried by the state-run Iraqi News Agency. Al-Fartousi said the attack targeted a vessel in a ship-to-ship transfer area at the Basra port on the Persian Gulf.

He said it remained unclear if the ship was targeted by a flying or seaborne drone or a missile.

Rescuers recovered one dead body and helped 38 others after the attack.

He said commercial ports in Iraq remained open, though the oil terminals had been shut.

It marked the latest oil infrastructure to be targeted in the Iran war. AP

US will permanently close consulate in Peshawar, Pakistan, its closest mission to Afghanistan

The State Department will permanently close the US consulate in Peshawar, Pakistan, which has been America's closest diplomatic mission to the Afghan border and was a primary operations and logistics point before, during and after the 2001 invasion of Afghanistan.

The department notified Congress this week of its intent to close the consulate and said it would save USD 7.5 million per year, while not adversely affecting its ability to advance US national interests in Pakistan, according to a copy of the notification obtained by  Associated Press (AP) on Wednesday.

Death toll in Lebanon climbs over 600 in the spiralling Israel-Hezbollah conflict

Ninety-one children — nearly one in seven dead — were among the 634 people killed by Israeli fire since fighting broke out last week, Lebanon's Health Ministry said. At least 47 women have been killed and more than 1,500 people wounded.

That's up from 570 people the ministry reported killed as of Tuesday.

More than 800,000 people have been displaced, mostly from southern Lebanon and the capital's southern suburbs, according to the Lebanese government, which is strapped for cash and has struggled to secure adequate shelter and aid for evacuees.

Israel's widespread strikes in Lebanon are intensifying, while Iran-backed Hezbollah vows to keep firing missiles and drones into Israel and refuses to disarm.

Trump says will tap Strategic Petroleum Reserve to try to reduce gasoline prices

US President Donald Trump says his administration will tap the United States' Strategic Petroleum Reserve to try and reduce gasoline prices that have risen due to the Iran war.

During an interview Wednesday with WKRC Local 12 in Cincinnati, Trump was asked about tapping the reserve and said, “Well, we'll do that and then we'll fill it up.” He added, “Right now we'll reduce it a little bit, and that brings the prices down.” He didn't specify how many barrels of oil the US would release.

Trump frequently criticised the administration of Joe Biden for tapping the reserve to try and bring down gas prices.