A disruption in oil and gas shipments from West Asia looks improbable at this point of hostility between Israel and Iran, but it could lead to inflationary pressure as speculators play on risk premia to keep prices on the boil. Benchmark Brent had surged past $90 per barrel in the wake of Iran’s April 13 missile attack on Israel but soon slipped to $87. On Friday, Brent declined further to $86.4 after Tehran played down reported Israeli attacks on Isfahan, raising hope against escalation of hostilities in the region.
The Ministry of Ports, Shipping, and Waterways has established a task force to oversee the establishment of the Indian Maritime Centre. The task force aims to provide policy direction for the smooth operationalization of the IMC and build global credibility for the Indian maritime sector. The IMC Secretariat will be built as a world-class facility. This move is aimed at bringing a unified approach to maritime policy across different sub-sectors.
