global oil price surge Archives - Odisha Connect

Iran Sets Conditions to End War with Israel and US as Conflict Enters Day 13

OdishaConnect — Thu, 12 Mar 2026 12:52:33 +0000

War Continues with No Sign of Ceasefire

The ongoing conflict between Iran, Israel, and the United States has entered its 13th day with no clear signs of de-escalation. Military tensions remain high across the Middle East as Iran continues its attacks in the region.

The conflict has disrupted global energy markets, particularly after concerns emerged over the possible closure of the strategic Strait of Hormuz. The situation has caused oil prices to surge worldwide, affecting economies across the globe.

Iran President Announces Three Conditions for Peace

Iran’s President Masoud Pezeshkian has announced three key conditions that he says are necessary to end the war with Israel and the United States.

According to Pezeshkian, any peace agreement must include recognition of Iran’s legitimate rights, compensation for damages caused by the conflict, and strong international guarantees to prevent future attacks against the country.

He stated that these conditions are the only way to bring the current hostilities to an end.

Statement Shared on Social Media

In a statement posted on the social media platform X, Pezeshkian accused Israel and the United States of provoking the conflict.

He wrote that the only way to end the war allegedly instigated by what he described as the “Zionist regime” and the United States is to recognize Iran’s rights, provide compensation, and establish credible international guarantees against future aggression.

Russia and Pakistan Attempt Mediation

Meanwhile, Russia and Pakistan have reportedly begun diplomatic efforts to persuade Iran to de-escalate the conflict. Pezeshkian revealed that he had conveyed Iran’s conditions during telephone conversations with leaders from both countries.

The development indicates that nations maintaining close ties with Iran are exploring diplomatic solutions to bring an end to the conflict.

Rising Tensions in the Persian Gulf

The mediation efforts come at a time when military tensions continue to rise in the Persian Gulf. Reports suggest that Iranian attacks in the region have intensified even as global leaders call for restraint.

With oil prices rising and fears of further escalation growing, the international community is closely watching diplomatic moves aimed at preventing the conflict from turning into a larger regional war.

The post Iran Sets Conditions to End War with Israel and US as Conflict Enters Day 13 appeared first on Odisha Connect.

Opposition Stages Fiery Protest in Parliament Over LPG Shortage Amid Iran-Israel Tensions

OdishaConnect — Thu, 12 Mar 2026 12:21:53 +0000

Chaos in Parliament Forces Adjournment

Opposition leaders led by Congress MP Rahul Gandhi created an uproar in Parliament on Thursday over the growing scarcity of LPG cylinders across the country, forcing the House to be adjourned for the day. The protest took place during the ongoing Budget Session as opposition members demanded an immediate discussion on the nationwide cooking gas shortage and rising prices.

Members from several opposition parties gathered in the Parliament premises, raising slogans against Prime Minister Narendra Modi and accusing the government of failing to address the crisis affecting millions of households.

LPG Shortage Hits Cities Across India

Reports from multiple cities suggest a severe shortage of LPG cylinders. Long queues have been seen outside gas distribution centres, and delivery delays of up to a month have been reported in cities such as Bhopal. In Mumbai, commercial gas supply disruptions are threatening the hotel and restaurant industry, while rising prices are adding to the burden on ordinary households.

Experts say the shortage is linked to global oil market disruptions triggered by the ongoing tensions between Iran and Israel in the Middle East. The conflict has pushed up energy prices and created fears that the strategic Strait of Hormuz could face temporary closure, a move that would disrupt global energy supplies.

Rahul Gandhi Targets PM Modi

Speaking to reporters during the protest, Rahul Gandhi sharply criticised Prime Minister Modi.

“PM is saying there is no need to panic. But PM himself is panicked for completely different reasons. He is panicked because of the Adani case and Epstein. He cannot come inside the House. He is telling the country not to panic while he himself is panicked,” Gandhi said.

Shashi Tharoor Demands Parliamentary Discussion

Congress MP Shashi Tharoor also called for transparency and accountability from the government, stressing that such pressing issues should be debated in Parliament.

“Such issues should be discussed in Parliament. The government should be informed. You know how long the lines are for LPG cylinders and that prices have been increased. This is a platform to raise these concerns,” Tharoor said, adding that the government must address public problems openly instead of acting arbitrarily.

Opposition Seeks Immediate Government Response

The protest reflects mounting public frustration as the LPG shortage continues to affect households and businesses across India. Opposition leaders are demanding a detailed discussion in Parliament to clarify the government’s strategy for dealing with the crisis and to reassure citizens during a time of global geopolitical uncertainty.

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Iran Closes Strait of Hormuz, Threatens Oil Tankers Amid Escalating Middle East Conflict

OdishaConnect — Thu, 05 Mar 2026 10:41:51 +0000

Amid the escalating war in the Middle East, Iran’s powerful military wing, the Islamic Revolutionary Guard Corps (IRGC), has made a dramatic announcement that could have far-reaching global consequences. Iran has declared the closure of the strategically vital Strait of Hormuz and warned that any crude oil tanker attempting to pass through the route could be set ablaze.

The move is expected to significantly impact global oil supplies, including imports to India, and could trigger a sharp rise in fuel prices worldwide.

Iran Announces Closure of Strait of Hormuz

The IRGC stated that the Strait of Hormuz is now effectively closed and issued a stern warning that any vessel attempting to cross the passage would face “severe consequences.” The threat includes direct attacks on oil tankers navigating the waterway.

The announcement comes amid heightened tensions following reports of joint US-Israel strikes that allegedly led to the death of Iran’s Supreme Leader, Ali Khamenei. In retaliation, Iran has reportedly launched missile strikes targeting US military bases in Qatar, Kuwait, and Bahrain, and has also carried out attacks in the UAE, Saudi Arabia, and Oman.

Why the Strait of Hormuz Is Crucial

The Strait of Hormuz is one of the world’s most critical maritime chokepoints. Located between Iran and Oman, it connects the Persian Gulf with the Gulf of Oman and the Arabian Sea.

Nearly one-fifth of the world’s crude oil and a significant portion of global liquefied natural gas (LNG) shipments pass through this narrow waterway. Major oil-exporting nations—including Saudi Arabia, Kuwait, Iraq, Qatar, Bahrain, the UAE, and Iran—transport their energy supplies via this route.

India, which imports a substantial share of its crude oil from the Gulf region, is also heavily dependent on this maritime corridor.

Though Iran and Oman control the strait geographically, it is recognized internationally as a global shipping route with transit rights for vessels.

Oil Prices Likely to Soar

If tanker traffic is disrupted, global oil prices could surge dramatically. A similar, though limited, disruption during Iranian military drills in February had pushed oil prices up by nearly six percent.

Although Iran has repeatedly threatened to shut down the strait in the past, it has not fully closed it since the 1980s “Tanker War.” A prolonged blockade now could trigger an unprecedented spike in crude prices, fueling inflation across major economies.

Global Markets and Consumers on Edge

Energy analysts warn that supply disruptions would severely impact Asian markets, which rely heavily on Gulf oil exports. While Saudi Arabia and the UAE have some pipeline infrastructure that can bypass the Strait of Hormuz, transportation costs would rise significantly.

Higher shipping and insurance costs would inevitably translate into increased fuel prices, placing additional financial strain on consumers worldwide.

With tensions escalating rapidly, the potential closure of this vital energy artery has raised alarms across global markets, leaving governments and industries bracing for a possible energy shock.

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