Ten days into the war, Iran reacted to US President Donald Trump’s remark about ending the conflict “soon” and said it will be the one to “determine” when the military campaign against the US and Israel ends.
Trump’s statement came Monday, as oil prices world over hit four-year highs. Prices tumbled down soon after Trump suggested the war could end “very soon”, marking an extraordinary 24 hours in global trade.
Brent crude had surged beyond the $100 per barrel mark Monday for the first time since 2022, triggering sell-offs across Asian and European stock indices. Crude prices later fell sharply to settle at $98.96 per barrel.
The war began on 28 February, with the US and Israel jointly launching a military operation to bomb Tehran. The strikes killed Iran’s senior leadership, key among them its Supreme Leader Ayatollah Ali Khamenei. Iran Monday announced that his son Mojtaba Khamenei will take over the position.
Iran and US-Israel conflict | Live updates
10.25 am: Rupee & markets recover
Sensex rose 809.57 points to 78,375.73 in opening trade Tuesday while Nifty climbed 252.75 points to 24,280.80. Foreign institutional investors sold equities worth Rs 6,345.57 crore on a net basis on Monday, according to exchange data.
Rupee rebounded from its all-time low in early trade Tuesday, rising 7 paise to 92.14 as global oil prices fell after US President Donald Trump said the war with Iran may end soon.
A weaker greenback and a strong opening at the domestic equity markets supported the local unit while heavy FII outflows capped sharp gains, forex traders said.
At the interbank foreign exchange, the rupee opened at 91.92 but fell to 92.14, still up 7 paise from its previous close.
The rupee crashed to its all-time closing low of 92.21 against the US dollar Monday, losing 39 paise during the session.
10.15 am: Iran says ‘no room for diplomacy’
In a CNN interview, a top Iranian official said Tehran is prepared for a long war and signaled it is willing to continue attacking the Gulf countries.
9.30 am: India tells oil refiners to boost production
The Union Ministry of Petroleum and Natural Gas tweeted on Tuesday morning that it has asked refineries in the country to scale up LPG production. It has also introduced a 25-day booking period for LPG supply to avoid potential hoarding and illegal sales.
The full statement:
“In light of current geopolitical disruptions to fuel supply and constraints on supply of LPG, Ministry has issued orders to oil refineries for higher LPG production and using such extra production for domestic LPG use.
The ministry has prioritised domestic LPG supply to households and introduced 25 day inter- booking period to avoid hoarding/black marketing. Non domestic supplies from imported LPG is being prioritised to essential non domestic sectors such as hospitals and educational institutions.
For LPG supply to other non-domestic sectors, a committee of three EDs of OMCs have been constituted to review the representations for LPG supply to restaurants/hotels/other industries.”
9.00 am: The oil rebound
Brent crude futures jumped about 7 percent to settle at their highest price since 2022 after soaring by as much as 29 percent during Monday’s session, as Saudi Arabia and other OPEC members cut supplies. But prices fell in post-settlement trade.
The war has effectively shut the Strait of Hormuz, a chokepoint for global oil and liquefied natural gas transport, leaving tankers unable to sail for more than a week and forcing producers to halt pumping as storage fills.
Trump spoke with Russian President Vladimir Putin and later said the US will waive oil-related sanctions on “some countries” to ease the shortage. According to multiple sources quoted by Reuters, that could mean a further easing of sanctions on Russian oil, which could complicate efforts to punish Moscow for its war in Ukraine. Other options include a possible release of oil from strategic reserves or restricting US exports, sources said.
8.30 am: Trump’s vague statements on end of war, IRGC reaction
On Monday (local time), the US President made a 35-minute appearance at his resort in Miami, and claimed that America has destroyed Iran’s military. After saying the war was “very complete, pretty much” to a reporter in a phone call, he then evaded a reporter’s question about on when the war could wrap up. “Very soon,” he said.
Asked about US Defence Secretary Pete Hegseth saying the conflict was “just the beginning”, Trump said: “I think you could say both… It’s the beginning of building a new country.”
But Trump also warned that US attacks could rise sharply if Iran sought to block tanker traffic through the Strait of Hormuz, which handles one-fifth of the world’s oil supply.
“We will hit them so hard that it will not be possible for them or anybody else helping them to ever recover that section of the world,” Trump said at the news conference.
In response, Iran’s Revolutionary Guards said it would not allow “one litre of oil” to leave the region if attacks from the US and Israel continue.
“It is we who will determine the end of the war… The equations and future status of the region are now in the hands of our armed forces; American forces will not end the war,” it said.