Iran-Israel tensions updates | India will decide policy step once impact of Iran-Israel conflict understood: Trade Secretary

Italy, which holds the rotating presidency of the Group of Seven major democracies (G7), is open to new sanctions against individuals engaged against Israel following the weekend Iranian drone and missile attack, its foreign minister said.

Italian Foreign Minister Antonio Tajani said fresh sanctions would need the backing of all the G7, which includes Italy, France, Germany, Canada, Japan, Britain and the United States. He also suggested that any new measures would be focused on individuals rather than whole nations.

“If we need to have more sanctions for people clearly engaged against Israel, supporting for example terrorism, supporting Hamas, it is possible to do it. But we need to be very serious and to work all together,” Tajani said.

- Reuters

President Joe Biden is set to host Iraq’s leader this week for talks that come as tensions across the Middle East have soared over the war in Gaza and Iran’s unprecedented weekend attack on Israel in retaliation for an Israeli military strike against an Iranian facility in Syria.

In addition, Iranian proxies have initiated attacks against US interests throughout the region from inside Iraq, making Monday’s meeting between Biden and Iraqi Prime Minister Mohammed Shia al-Sudani all the more critical. The talks will include a discussion of regional stability and future US troop deployments but will also focus on economic, trade and energy issues that have become a major priority for Iraq’s government, according to US officials.

Biden and Defence Secretary Lloyd Austin are both expected to address the US troop presence in meetings with al-Sudani. “It is not the primary focus of the visit … but it is almost certainly going to come up,” one senior US official said last week.

- AP

Shipping company Maersk has not made any deployment changes after a Portuguese-flagged container ship was seized by Iran in the Strait of Hormuz, the Danish company said on Monday.

“We find recent events in the Gulf of Hormuz and the hijacking of a commercial container ship deeply concerning,” a spokesperson said in an emailed comment.

While the company will monitor the situation and available intelligence to assess the risk level in the region, it has so far made no deployment changes, the spokesperson added.

- Reuters

Israel is “strong and resilient” and, if needed, it will “confront Iran” after the recent attack, the Israeli envoy here asserted on Monday and said India should play a role in bringing stability in the West Asia region.

In an interview to PTI at the Israeli Embassy here, the country’s ambassador to India Naor Gilon said that Israeli defence forces with the support of the US and “other friends in the region” were able to “intercept 99 per cent” of the UAVs and missiles fired by Iranians.

Ambassador Gilon, in the interview, said India as a “very respected player in the international arena should put its influence and weight” in bringing things back to normal.

He was asked what role he expected from India in the present situation, given the telephonic conversations of Jaishankar with his counterparts in Israel and Iran.

- PTI

Britain rejects an assertion by Iran that it provided advance notice before attacking Israel, a spokesman for British Prime Minister Rishi Sunak said.

Iranian Foreign Minister Hossein Amirabdollahian said on Sunday that Iran gave neighbouring countries and Israel’s ally the United States 72 hours’ notice it would launch the strikes.

“I would reject that chracterisation,” Sunak’s spokesman told reporters. “And more broadly we condemn in the strongest possible terms their direct attack against Israel.”

- Reuters

Qatar Airways has resumed its scheduled services to Iran, the airline said in a post on X. The airline has resumed its scheduled services to Iran, including 20 weekly flights to four gateways - Tehran, Mashhad, Shiraz and Isfahan, it said.

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Iran and Israel -- the Middle East’s most implacable foes -- have a long history of shadow wars and clandestine attacks by land, sea, air and cyberspace. Here’s a timeline of events.

Timeline: a look at Iran and Israel’s decades of war

Timeline: a look at Iran and Israel’s conflict as Israel shoots down Iranian drones and missiles

Crude oil futures declined 1.57% to ₹7,074 per barrel as participants trimmed their positions after Iran’s attack on Israel. On the Multi Commodity Exchange, crude oil for April delivery fell ₹113 or 1.57% to Rs 7,074 per barrel with a business volume of 6,469 lots. “Oil prices are trading lower on profit-booking and as risk premium due to Israel-Iran tussle eased after the weekend developments,” Pranav Mer, Vice President, EBG - Commodity & Currency Research at JM Financial Services Ltd, said.

Globally, West Texas Intermediate crude oil traded 1.04% lower at $84.77 per barrel, while Brent crude was trading 0.95% lower at $89.59 per barrel in New York. - PTI

The Indian Government will take a policy decision to mitigate any effect on its trade from the conflict between Iran and Israel after it has fully understood the impact, Trade Secretary Sunil Barthwal said. “Policy interventions will only come after we understand the issues traders are facing. Based on that exercise, whatever is needed, definitely, the government will address that,” he told reporters. India, the world’s third-largest oil importer and consumer, imports a significant chunk of its petroleum purchases from the Middle East. Oil prices have slipped, with the market downplaying the risk of broader regional conflagration after Iran’s weekend attack on Israel. - Reuters

Russia said it was very worried by the increasing tensions in the Middle East. ”We are extremely concerned about the escalation of tensions in the region,” Kremlin spokesman Dmitry Peskov told reporters. “We call on all countries in the region to exercise restraint.” 

“Further escalation is in no one’s interests. Therefore, of course, we advocate that all disagreements be resolved exclusively by political and diplomatic methods,” he said.

Russia has refrained from criticising its ally Iran in public over the strikes. 

On April 14, Moscow noted that Tehran had said the attack was made within the right to self-defence after Israel’s strike on the Iranian embassy compound, which Moscow condemned. Russian Foreign Minister Sergei Lavrov also spoke to Iranian Foreign Minister Hossein Amirabdollahian by telephone on Sunday. - Reuters

The global maritime industry is set for tougher and more challenging times, causing supply chain disruption and increasing the probability of choking shipping routes, experts say. Read the report here.

European shares inched up today, with defence stocks among the top gainers, as investors assessed the wider implications of escalating tensions in the Middle East, while optimism around imminent interest rate cuts also aided sentiment.

The pan-European STOXX 600 gained 0.1%. The defence sector was up 0.6% by 0713 GMT.

Among top movers, Temenos jumped 15.6% after the Swiss software firm said a “special committee” formed by its board found that accusations in a report by Hindenburg Research were incorrect and misleading.

Ageas climbed 3.6% as France’s BNP Paribas said it reached an agreement with China’s Fosun Group to acquire its 9% stake in the Belgian insurer for around 730 million euros ($777.60 million).

Adidas rose 3.5% after brokerage Morgan Stanley double-upgraded the German sportswear maker to “overweight” from “underweight”. - Reuters

France will do all it can to avoid further escalation in the conflict between Israel and Iran in the Middle East, President Emmanuel Macron has said, urging Israel to show restraint in any response.

“We are all worried about a possible escalation,” Mr. Macron told BFM TV and RMC radio. “We will do all we can to avoid things flaring up, escalating, “ he said, urging Israel to aim to isolate Iran rather than escalate the situation. - Reuters

Britain would consider more sanctions against Iran, foreign minister David Cameron said, following its drone and missile attack on Israel.

Asked whether the government would consider more sanctions on Iran, Mr. Cameron told the BBC: “Yes, absolutely. We already have 400 sanctions on Iran. We put in place a whole new sanctions regime at the end of last year, which is proving very effective.

“We’ve sanctioned the IRGC, the Iranian Revolutionary Guard, in its entirety, and we’ll continue to look at what further steps we can do,” he added.

He also said Britain would keep under review whether it should proscribe the IRGC.

- Reuters

Japan’s blue-chip Nikkei index dropped on Monday as investors sold equities following an escalation of violence in the Middle East and a sell-off on Wall Street at the end of last week.

- Reuters

The European Union Aviation Safety Agency (EASA) continues to reccommend caution in the Iranian airspace.

The agency also still recommends caution in Israel and up to 100 nautical miles surrounding the country.

- Reuters

French President Emmanuel Macron said that he will talk to Israeli Prime Minister Netanyahu on April 15.

France is also in touch with other countries in the region, Mr. Macron added.

- Reuters

France will do all it can to avoid further escalation in the conflict between Israel and Iran in the Middle East, President Emmanuel Macron said.

“We are all worried about a possible escalation,” Mr. Macron told BFM TV and RMC radio in an interview.

- Reuters

Iran’s unprecedented attack on Israel marked a change in approach for Tehran, which had relied on proxies across the Middle East since the start of the Israel-Hamas war in October. All eyes are now on whether Israel chooses to take further military action, while Washington seeks diplomatic measures instead to ease regional tensions.

Iran says the attack was in response to an airstrike widely blamed on Israel that destroyed what Iran says were consular offices in Syria and killed two generals with its paramilitary Revolutionary Guard earlier this month.

Israel said almost all the over 300 drones and missiles launched overnight by Iran were shot down by its anti-missile defense system, backed by the U.S. and Britain. The sole reported casualty was a wounded girl in southern Israel, and a missile struck an Israeli airbase, causing light damage.

Still, the chief of Iran’s Revolutionary Guard called the operation successful.

- AP

President Joe Biden is set to host Iraq’s leader this week for talks that come as tensions across the Middle East have soared over the war in Gaza and Iran’s unprecedented weekend attack on Israel in retaliation for an Israeli military strike against an Iranian facility in Syria.

The sharp rise in security fears has raised further questions about the viability of the two-decade American military presence in Iraq, through which portions of Iran’s Saturday drone and missile attack on Israel flew or were launched from. A U.S. Patriot battery in Irbil, Iraq, knocked down at least one Iranian ballistic missile, according to American officials. 

In addition, Iranian proxies have initiated attacks against U.S. interests throughout the region from inside Iraq, making Monday’s meeting between Biden and Iraqi Prime Minister Shia al-Sudani all the more critical. 

AP

Indian shares opened lower Monday as investors sold riskier assets after Iran’s retaliatory attack on Israel over the weekend spurred fears of a wider regional conflict. 

The S&P BSE Sensex fell 692.91 points or 0.93 to 73,511.99 due to selling pressure. It was before 9.30 a.m. The NSE Nifty-50 index too fell 182.90 or 0.82 to 22,335.50. 

The Nifty stocks which led the losses included BPCL, Tata Motors, Adani Enterprises, Tata Consumers and Coal India. 

The Indian Rupee (INR) has also come under pressure in the interbank forex market. The Indian unit is now trading at 83.42 per U.S. Dollar (spot rate) as against its overnight close of 83.38 per U.S. dollar.

Equities tumbled Monday in Asia after Iran ramped up Middle East tensions by launching a barrage of rockets at Israel over the weekend, fuelling fears of a wider conflict in the volatile region. 

The analysts said there was hope among traders that the crisis could be contained.

That sliver of optimism helped drag oil prices lower. 

Asian markets mostly fell Monday, though they pared their initial big losses.

Tokyo, Singapore, Seoul, Taipei and Manila were at least 1% down, while there were also losses in Hong Kong, Sydney and Wellington.

Shanghai rose more than 1% after China on Friday unveiled fresh market regulatory measures that one analyst said could help its long-term performance.

U.S. futures rose, having dropped sharply on Friday as investors went nervously into the weekend.

“The muted market response likely stems from the highly intricate sentiment in the market at this stage,” said IG Markets’ Hebe Chen.

“Market participants are certainly not giving up hope that the past weekend’s events were just a one-off occurrence while holding their breath for what could happen next.”

With worries about an escalation subsiding for now, oil prices dipped, though observers warned they could spike back above $100 if the crisis worsens. 

AFP

Japan’s Foreign Minister is preparing to shelve a trip to Bahrain planned for later this week amid escalating tensions in the Middle East following Iran’s mass drone and missile attack on Israel, three government officials said.

Yoko Kamikawa had notified parliament of her plans to visit Bahrain following the G7 foreign ministers summit in Italy between April 17-19, according to Sankei newspaper. The Foreign Ministry had not officially announced her trip.

One of the officials, speaking on condition of anonymity, said the planned cancellation was to add more flexibility in the Minister’s schedule to respond to the crisis.

Japan has strongly condemned the attacks and joined other global powers and Arab nations in calling for restraint. 

Reuters

Iran said that it will allow Indian officials to meet with the 17 Indian crew members detained after its forces seized an Israel-linked ship MSC Aries “soon” after the issue was raised by External Affairs Minister S. Jaishankar, who spoke to Foreign Ministers of both Iran and Israel on Sunday night. 

In a readout of the conversation between Mr. Jaishankar and Iranian Foreign Minister Amir Abdollahian released on Monday, the Iranian Foreign Ministry said that they had discussed Iran’s drone and missile attack on Israel in what it called a response to Israel’s attack on the Iranian embassy on April 1 in which 7 Iranian diplomats and commanders died, as well as the situation in Gaza, and the Red Sea. 

In a post about his conversation earlier, Mr. Jaishankar said that he had taken up the release of the Indian crew members during his conversation and also discussed the strikes.

“Discussed the current situation in the region. Stressed the importance of avoiding escalation, exercising restraint and returning to diplomacy. Agreed to remain in touch,” he wrote on a social media platform.

“Dr. Amir Abdollahian mentioned that they are following up on the details related to the detained ship and the possibility of representatives of the Indian government meeting with the crew of the mentioned ship will be provided soon,” a translated version of the Iranian Ministry of Foreign Affairs statement said. 

U.S. Secretary of State Antony Blinken on Sunday reached out over the phone to the foreign ministers of Jordan, Saudi Arabia, Turkey and Egypt, while Defense Secretary Lloyd Austin had calls with his Saudi and Israeli counterparts, amid signs of an escalating crisis in the Middle East following Iran’s strikes on Israel. 

The diplomatic overdrive to fight the crisis came soon after US President Joe Biden had a conference call with G-7 leaders and had separate telephonic conversations with King Abdullah of Jordan and Prime Minister Benjamin Netanyahu of Israel.

In all the calls, the American leadership emphasised on the need to avoid further escalation in the region and reaffirmed America’s ironclad commitment to the security of Israel. 

PTI

Schools were set to reopen across Israel on Monday, the army announced, after they were ordered closed due to Iran’s unprecedented aerial attack over the weekend. 

After a “situational assessment”, the military said in a statement early Monday, “it was decided to restore educational activities across Israel”.

“In the areas of the northern border (with Lebanon) and communities near the Gaza Strip, educational activities will resume... with restrictions,” the statement continued, adding that curbs on large gatherings would also be lifted in most places. 

AFP

Israel’s UN Ambassador Gilad Erdan asked the Security Council to designate the Revolutionary Guards, the Islamic Republic’s ideological army, as a terrorist organization and to “impose all possible sanctions on Iran before it’s too late.” 

In the coming days the United States will “explore additional measures to hold Iran accountable.” 

AFP