Iraq Financial News

Hardeep Singh Puri said. «Whenever there is vulnerability and uncertainty in the market, the transition gets accelerated. No-one is looking at that», Puri told Reuters in an interview at this week's World Economic Forum in the Swiss ski resort of Davos, referring to attacks by the Houthis on ships in the Red Sea. Puri said that while OPEC+ nations have a right to decide on their energy production, supply cuts against such uncertainty, and the resulting adverse impact on global prices, will dent long term demand. It is «imperative» for India to accelerate its transition to green energy in this scenario, he added. Iraq followed Saudi Arabia in charging a premium for oil supplies to Asian markets which made their crude «more expensive than crude sourced elsewhere», the minister said, noting India is now buying from 37 countries up from 29 earlier.

Iran's Revolutionary Guard conducted a bold attack on militant bases in Pakistan's Balochistan province on Tuesday, escalating tensions in an already volatile region. The attack, which involved missiles and drones, targeted the Sunni militant group Jaish al-Adl.

Iran launches strikes on 'terrorist' targets in Iraq, Syria amid escalating regional tensions Describing Iran's attack as "unprovoked violation of its airspace", Pakistan said it “vehemently protest the violation of its sovereignty. It is completely unacceptable and it may have serious consequences". “Pakistan has always said terrorism is a common threat to all countries in the region that requires coordinated action.

Also Read: Government cuts windfall tax on crude petroleum to ₹1,700/tonne effective tomorrow Back home, on the Multi Commodity Exchange (MCX), crude oil futures due for a January 19 expiry, was last trading 0.72 per cent higher at ₹6,051 per bbl, having swung between ₹5,969 and ₹6,109 per bbl during the session, against a previous close of ₹6,008 per barrel. -Analysts say that oil prices may find a ceiling unless production is shut in. Oil markets are still sensitive to tensions in the Middle East, but the base case remains that we'll see no significant disruption to flows, according to OANDA analysts.

Brent crude futures gained 81 cents, or about 1.04%, to $78.96 a barrel at 1333 GMT. The contract had lost 14 cents on Monday. U.S.

US Navy SEALs seized Iranian-made missile parts and other weaponry from a ship bound for Yemen's Houthi rebels in a raid last week that saw two of its commandos go missing, the US military said Tuesday. The raid marks the latest seizure by the US Navy and its allies of weapon shipments bound for the rebels, who have launched a series of attacks now threatening global trade in the Red Sea and Gulf of Aden over Israel's war on Hamas in the Gaza Strip. The seized missile components included types likely used in those attacks.

strikes in Syria and Iraq, Iran has sought to «flex its muscles» in the fallout of the Israel-Hamas war without provoking a confrontation with the United States, analysts said. In neighbouring Iraq, the strikes by Iran's Revolutionary Guards targeted an alleged Israeli «spy headquarters» in the autonomous Kurdish region in response to the assassination of Iranian and pro-Iranian commanders in recent weeks. In Syria, the strikes targeted the Islamic State jihadist group in response to twin suicide bombings that killed around 90 people at an official memorial event in southern Iran earlier this month.

Qatar’s prime minister has warned of the massive destruction inflicted by Israel’s offensive on Gaza and criticized the Israeli defense minister’s rejection of a cease-fire in the battered enclave

died. The number of children among them, more than 3,000, exceeds the annual death toll for children in all wars in each of the preceding three years. The Economist estimates, from satellite imagery, that over a tenth of Gaza’s housing stock has been destroyed, leaving more than 280,000 people without homes to which they can return.

By Jana Choukeir, Ahmed Elimam and Robert Harvey

Israel on Sunday, killing two civilians and renewing concerns about the risk of a second front erupting in the Israel-Hamas war. The deadly strike near the border came on the 100th day of the conflict between Israel and Hamas that has killed nearly 24,000 Palestinians, devastated vast swaths of Gaza, driven around 85% of the territory's 2.3 million residents from their homes and pushed a quarter of the population into starvation. The war was triggered by Hamas' Oct. 7 surprise attack into southern Israel in which militants killed some 1,200 people, mostly civilians, and took around 250 hostages, about half of whom are still in captivity. Since then, tensions have soared across the region, with Israel trading fire almost daily with Lebanon's Hezbollah militant group and Iranian-backed militias attacking U.S.

₹6,045 per bbl, having swung between ₹6,007 and ₹6,236 per bbl during the session, against a previous close of ₹6,033 per barrel. -While the diversions by oil tankers were expected to push up the cost and time it take to transport oil, supplies have not yet been impacted, analysts and industry experts noted, easing some of the earlier gains in prices. Analysts said that if the conflict were to spread to the other side of the Arabian peninsula, oil markets may react much more significantly.

By Jana Choukeir, Ahmed Elimam and Robert Harvey

Investing.com-- Oil prices rose sharply in Asian trade on Friday after U.S.-led forces launched airstrikes against the Iran-backed Houthi group in Yemen, ramping up concerns over more disruptions to Middle East supplies.

By Sudarshan Varadhan

Donald Trump has said that he has already settled on his running mate for the US Presidential Election 2024 if he gets the Republican nomination. But he has refused to name the person. In a televised town hall in Des Moines, Iowa, he said, «Well, I can’t tell you that. I mean, I know who it’s going to be.» Talking to Fox News hosts Bret Baier and Martha MacCallum, he claimed that he has received numerous calls from people eager to work in his potential new administration.

Henley Passport Index, released on Tuesday, India's passport has ascended to the 80th position worldwide. This elevated ranking now affords Indian citizens the privilege of unhindered exploration across 62 countries, alleviating the burden of intricate visa application procedures. The assessment of this ranking aligns with visa regulations effective as of January 11, as sourced from data provided by the International Air Transport Association (IATA). A cornerstone in displaying, organizing, and ranking global passports, the Henley Passport Index, reveals six countries — France, Germany, Italy, Japan, Singapore, and Spain — jointly holding the prestigious title of the world's most potent visa. Citizens from these nations enjoy the unprecedented freedom to traverse over 194 countries without dealing with pesky visa requirements. On the flip side, Afghanistan sits at the bottom rung of the list, granting its passport holders access to a mere 28 countries without a visa. Syria closely follows with visa-free entry to 29 destinations, trailed by Iraq with 31, and Pakistan with 34. Indian passport bearers can now revel in the liberty of visiting 62 countries, including Oman and Qatar, without the encumbrance of a visa. These destinations extend either visa-free entry or the convenience of visa-on-arrival for Indian travelers, as elucidated by the Henley Passport Index 2024. Here is the full list of destinations Indians can visit without getting a visa before travel:

unidentified flying object (UFO) over a U.S. joint operations base in Iraq has internet users scratching their heads over what it could be.The footage, released by journalist Jeremy Corbell this week, was apparently filmed by the U.S.

AP. Donald Trump'sattorneys presented arguments that presidents have immunity from prosecution for official business. To a panel of three federal judges, Trump's lawyers said, “It’s the opening of a Pandora’s box and it’s a very, very sad thing that’s happened with this whole situation." Trump pointed out that during Obama administration drone strikes in the Middle East, a US citizen was killed who was identified as a leader of the terrorist group al-Qaida and that man's 16-year-old son is also a US citizen.

By Arathy Somasekhar

India paid an average of $85.42 per barrel for Russian oil in November, the highest since the Group of Seven (G7) advanced economies imposed a price cap of $60 per barrel to cut Moscow's revenue, preliminary government data shows. India paid 1.4% more for Russian oil in November compared to $84.20 per barrel in October, Reuters calculations based on government data show. The data also showed declining discounts for Russian oil narrowed the price gap with India's second largest oil supplier Iraq in November. India paid an average $85.73 per barrel for supplies from Iraq and $93.32/barrel for Saudi oil, the data showed. Since the imposition of the price cap in December 2022, India has mostly paid above the $60 ceiling for Russian oil that had still proved cheaper than the similar grades from elsewhere. June was an exception when prices were lower. Indian refiners buy Russian oil on delivered basis from from ports in Greece, South Korea and Spain, as well as directly from Russia. Sales from Russian ports at more than $60/barrel led to the U.S.