Iran Financial News

By Florence Tan

Dubai marina, almost 1,000 pieces of coral, trimmed a month ago, are being grown in four aquariums in a laboratory. A land-based laboratory in the Arabian Desert may seem like an unlikely spot for regenerating coral reefs. But, already, the corals are brighter than when they were cut in mid-November. «We can start to see the sign that the coral is starting to grow slowly from the top,» Ahmed Hamdy, a coral farm manager, said.

Investing.com-- Oil prices kept to a tight range in holiday-thinned Asian trade on Tuesday, as markets weighed the prospect of continued supply disruptions in the Red Sea against fears of higher production in 2024. 

MV Chem Pluto on its arrival at Mumbai harbor. Officials said the Navy deployed P-8I long-range patrol aircraft for surveillance, and warships INS Mormugao, INS Kochi, and INS Kolkata in the region to maintain a “deterrent presence. This came given the spate of attacks on commercial vessels in the Arabian Sea.

Oil prices were little changed on Tuesday as investors focused on geopolitical tensions in the Middle East and optimism the U.S. Federal Reserve would soon start cutting interest rates, lifting global economic growth and fuel demand. Brent crude futures fell 26 cents, or 0.3%, to $79.13 a barrel by 0115 GMT while U.S.

MV Chem Pluto, off the coast of India in Arabian Sea, Iran's foreign ministry rejected "worthless" Washington's accusations. "We declare these claims as completely rejected and worthless," said foreign ministry spokesman Nasser Kanani when asked about the US accusations.

Iran denied on Monday a U.S. claim that a drone launched from Iran had struck a chemical tanker in the Indian ocean. The Pentagon said at the weekend that the Liberia-flagged, Japanese-owned and Netherlands-operated Chem Pluto ship was hit 200 nautical miles off the coast of India.

Red Sea with the help of a new security initiative, the world’s largest shipping firm has announced.Maersk said in a press release Sunday that it has received confirmation that U.S.-led Operation Prosperity Guardian (OPG) has been set up and deployed, allowing commerce to safely pass through the Red Sea using the Suez Canal as a gateway between Asia and Europe.“This is most welcome news for the entire industry and indeed the functionality of global trade,” Maersk said in the release.U.S. defence secretary Lloyd Austin announced the multi-national security initiative earlier this month, saying in a release that OPG is necessary to tackle the “recent escalation in reckless Houthi attacks originating from Yemen.”The operation is meant to protect commercial vessels traversing the Red Sea amid escalating missile and drone attacks by Iran-backed Houthi rebels in Yemen that have threatened global trade.A Canadian government official told Global News last week that Canada will be deploying “a handful of personnel” to the region “in the coming days” as part of the mission.The Iran-backed Houthis have targeted Israeli-linked vessels since Israel began its military response to Hamas’ brutal attacks on Oct.

Red Sea, the latest shipping companies to do so after attacks by Yemen's Houthi group on vessels disrupted global trade, prompting the establishment of a naval task force. The hostilities have put a chokehold on ship passages through the Suez Canal, which handles about 12% of worldwide trade. The Suez Canal is most vital to the movement of goods between Asia and Europe, but global logistics executives warned that sending ships on alternate routes could roil global supply chains, causing backups at ports and shortages of vessels, containers and equipment that are suddenly in the wrong place. «The situation remains fluid, things could change quickly, which is why contingency plans that include a plan A, B and C are critical to keeping supply chains moving,» said Matthew Burgess, vice president of global ocean services at C.H.

Are ripples of hostility from the Gaza War reaching Indian shores? Over the weekend, an oil tanker with 25 Indians on board—all confirmed safe—was struck by a drone in the Red Sea, according to the US, which is patrolling this trade route being disrupted by Yemen’s Iran-sponsored Houthi militia. Hours earlier, a Mangalore-bound ship suffered a drone attack off the coast of Gujarat, making India rush armed forces to its defence.

WASHINGTON (Reuters) — Denmark's Maersk is preparing to resume shipping operations in the Red Sea and the Gulf of Aden, the company said on Sunday, citing the deployment of a U.S.-led military operation designed to ensure the safety of commerce in the area.

(Reuters) — A drone launched from Iran struck a chemical tanker in the Indian ocean early on Saturday, the U.S. Department of Defense said.

India is set to step up presence in the Arabian Sea after a tanker ferrying goods to Mangalore was attacked by a drone off the Porbandar coast. Additional deployments to ensure the safety of commercial shipping in the region are likely to take place shortly. Officials said that Indian warships are already present in the area and are conducting searches on nearby vessels, while the stricken MV Chem Pluto is being escorted to Mumbai by a coast guard vessel.

Mint looks at the crisis, efforts taken to contain it, and its implication for India and the world. The Yemen-based and Iran-backed Houthi militants have fired over 100 drones and missiles at ships belonging to over 35 countries plying the Red Sea. They are doing so ostensibly in support of the Palestinian cause.

India is set to step up presence in the Arabian Sea after a tanker ferrying goods to Mangalore was attacked by a drone off the Porbandar coast. Additional deployments to ensure the safety of commercial shipping in the region are likely to take place shortly. Officials said that Indian warships are already present in the area and are conducting searches on nearby vessels, while the stricken MV Chem Pluto is being escorted to Mumbai by a coast guard vessel.

Red Sea crisis, shipping giant AP Moller-Maersk Sunday decided to resume voyages through the Suez Canal. This followed the setting up of the multi-national security initiative Operation Prosperity Guardian (OPG), led by the US. “As of Sunday 24 December 2023, we have received confirmation that the previously announced multi-national security initiative Operation Prosperity Guardian (OPG) has now been set up and deployed to allow maritime commerce to pass through the Red Sea / Gulf of Aden and once again return to using the Suez Canal as a gateway between Asia and Europe, the shipper said in an advisory to its customers. “This is most welcome news for the entire industry and indeed the functionality of global trade. With the OPG initiative in operation, we are preparing to allow for vessels to resume transit through the Red Sea both eastbound and westbound,” it added.

Asian Para Games 2023 in Hangzhou. They ended their campaign in fifth place on the medals table with 111 medals — 29 gold, 31 silver and 51 bronze. The Asian Para Games 2023 was India's best-ever medal tally at the continental multi-sport event after passing the previous record of the 2018 Asian Para Games, where they clinched 72 medals, including 15 gold, from the 2018 Asian Para Games. Only China, Iran, Japan and the Republic of Korea were ahead of India in the medal tally of the multi-sport event.

Iran's navy on Sunday added domestically produced sophisticated cruise missiles to its arsenal, state TV reported. The TV said both Talaeieh and Nasir cruise missiles have arrived at a naval base near the Indian Ocean in the southern Iranian port of Konarak, some 1,400 kilometers (850 miles) southeast of the capital, Tehran.

drone attack on an Indian cargo vessel on the high seas, defence expert Wg Cdr (retd) Praful Bakshi on Sunday said the incident marks a security concern for the country and the entire world as the ship came under fire in an 'innocent area' outside the conflict zone. Speaking on Sunday, the former Indian Air Force (IAF) officer said the suspected drone strike spells concern as it was carried out within the Exclusive Economic Zone of the subcontinent and there were several Indians on board the vessel. «It is very surprising because now you can see the action that was going on around Israel and Gaza, the Red Sea, etc., is now spilling over into the Arabian Sea. That doesn't augur well for the security of this area.

By Nidal al-Mughrabi and Emily Rose

Indian Navy warship INS Mormugao reached MV Chem Pluto, the India-bound merchant vessel, which was 'attacked' by an Iranian drone, on Saturday night and ascertained details of the attack, officials informed on Sunday. According to officials, the Indian Navy has opened an investigation into whether the drone used to attack the vessel was launched from long range or from a nearby vessel. «The vessels operating in the area where the attack took place are being checked,» an official told ANI.