Oil prices spiked near $120 per barrel before falling back slightly on Monday as the Iran war intensified, threatening production and shipping in the Middle East and pummelling financial markets.

The price for a barrel of Brent crude, the international standard, surged to $119.50 per barrel but later was trading at $112.98.

West Texas Intermediate, the light, sweet crude oil produced in the United States, spiked at $119.48 per barrel but fell back to $110.17.

The war’s toll on civilian targets grew as Bahrain accused Iran of striking a desalination plant vital to drinking water supplies, and oil depots in Tehran smoldered following overnight Israeli strikes.

Oil prices have surged as the war, now in its second week, ensnares countries and places that are critical to the production and movement of oil and gas from the Persian Gulf.

Roughly 15 million barrels of crude oil — about 20% of the world’s oil — typically are shipped every day through the Strait of Hormuz, according to independent research firm Rystad Energy.

The threat of Iranian missile and drone attacks has all but stopped tankers from travelling through the strait, which is bordered in the north by Iran, carry oil and gas from Saudi Arabia, Kuwait, Iraq, Qatar, Bahrain, the United Arab Emirates and Iran.

Iraq, Kuwait and the UAE have cut their oil production as storage tanks fill due to the reduced ability to export crude. Iran, Israel and the United States also have attacked oil and gas facilities since the war started, exacerbating supply concerns.

The surge in costs for oil and natural gas is pushing fuel prices higher, cascading through other industries and jolting Asian economies that are especially vulnerable due to the region’s heavy reliance on imports from the Middle East.

The last time Brent and US crude futures traded near the current level was in 2022, after Russia invaded Ukraine.

Higher energy costs push inflation higher, straining household budgets and denting the consumer spending that is a main driver of many big economies.

Tokyo’s benchmark Nikkei 225 index plunged more than 7% early Monday, while other markets also foundered.

In the US, a gallon of regular gasoline rose to $3.45 on Sunday, about 47 cents more than a week earlier, according to AAA motor club. Diesel was selling for about $4.60 a gallon, a weekly increase of about 83 cents.

 India advocates de-escalation and return to dialogue and diplomacy, External Affairs Minister S Jaishankar said on Monday on the widening West Asia conflict, while stressing on respect for sovereignty and territorial integrity of all states in the region.

Making a suo moto statement on the crisis that broke out on February 28 when the US and Israel launched military strikes on Iran and Tehran retaliated with attacks of US positions in the region as well as Israel, Subrahmanyam Jaishankar said safety of Indian nationals as well as national interests such as energy security and trade remain top most priority for the government.

“India is in favour of peace and urges a return to dialogue and diplomacy. We advocate de-escalation, restraint, and ensuring the safety of civilians,” he said. “The wellbeing and security of the Indian community in the region is our priority. And our national interests, including energy security and trade, will always remain paramount.” India, Jaishankar said, expressed deep concern at the outset and urged all sides to exercise restraint, avoid escalation and prioritise civilian safety, stressing that dialogue and diplomacy remain the only viable path to resolve the crisis while respecting the sovereignty and territorial integrity of all states in the region.

Amid opposition MPs staging a walkout of the House after they vociferously put across their demand for a discussion on the issue, the minister said the government is closely monitoring the escalating conflict and has taken multiple steps to ensure the safety of Indian nationals in the region and safeguard the country’s strategic interests, he said.

The latest round of hostilities that began on February 28 has seen fighting between Israel and the United States on one side and Iran on the other, along with attacks on several Gulf countries and significant casualties, including among Iran’s leadership.

Jaishankar said the Cabinet Committee on Security met on March 1 under the chairmanship of Prime Minister Narendra Modi and reviewed the situation, including implications for regional security, economic activity and the safety of the large Indian community in the Gulf.

He noted that nearly one crore Indians live and work in Gulf countries, while few thousand are in Iran for study or employment, making regional stability critical for India. The Gulf is also central to India’s energy security and trade, accounting for nearly USD 200 billion in commerce, he said

The minister said attacks on merchant shipping have affected Indian seafarers, with casualties reported and one Indian mariner still missing.

Jaishankar said the government had issued a series of travel advisories since January, urging Indian nationals to avoid non-essential travel to Iran and advising those already there to remain in contact with the Indian embassy and follow safety precautions.

He said Indian diplomatic missions have assisted citizens with relocation and evacuation efforts, including helping some Indian nationals travel to neighbouring countries such as Armenia for onward return to India.

According to the minister, nearly 67,000 Indian nationals have returned from the region so far as the government facilitated additional commercial flights and other travel arrangements amid partial airspace openings.

The Ministry of External Affairs has also set up a dedicated control room to monitor the situation and respond to requests from Indian nationals, while the Directorate General of Shipping has created a quick response team to assist Indian seafarers.

Jaishankar said the Indian government has remained in close contact with regional leaders, with Prime Minister Modi speaking to the leaders of the UAE, Qatar, Saudi Arabia, Kuwait, Bahrain, Oman, Jordan, and Israel, all of whom assured the safety of the Indian community.

He added that India has also maintained diplomatic contact with the US and Iran, and he himself spoke with Iranian Foreign Minister Abbas Araghchi on February 28 and March 5.

“While attempts have been made, contacts with Iran at the leadership level are obviously difficult at this time. I have, however, spoken to (Iranian) Foreign Minister Araqi on 28th February and 5 March 2026. We will continue these high-level conversations in the coming days,” he said.

The minister also informed the House that an Iranian vessel, IRIS Lavan, was docked at Kochi on March 4 after India granted permission for humanitarian reasons.

Jaishankar said the government remains committed to protecting India’s energy security and economic interests amid the volatile situation. (Agencies)

Coimbatore:

Office-bearers of the Hindu Mahasabha, including State Secretary Prem Sethupathi, submitted a petition to the Coimbatore City Police Commissioner seeking action against Professor Kamaraj for allegedly spreading defamatory allegations about the Isha Yoga Centre.

In the petition, they stated that the Isha Yoga Centre in Coimbatore district is a prominent symbol of Hindu spiritual heritage and has also been recognized by the Central Government as a major tourist destination.

The organization alleged that Professor Kamaraj, citing a personal family dispute, has been making unsubstantiated accusations that his two daughters staying at the centre are being “illegally detained” and “kept under influence.” However, they pointed out that a bench of the Supreme Court conducted a direct interaction with the two women through video conferencing and confirmed that they were staying at the centre voluntarily, in good health and sound mental condition. Following this interaction, the court dismissed Kamaraj’s petition.

The petition further stated that despite the court’s decision, Kamaraj continues to claim that the women are being influenced by the Isha Yoga Centre, which they argued amounts to contempt of court.

Additionally, the petition accused him of insulting millions of devotees who visit the centre by referring to them as “brainwashed” and “fools” in social media posts and press interactions, which they said has deeply hurt the sentiments of devotees.

The petition also mentioned that a gas-based electric crematorium worth several crores had been established within the Isha campus with proper government approval to serve the Ikkarai Boluvampatti Panchayat. According to them, the facility is operated by the local panchayat administration.

However, the petition alleged that certain communist and atheist organizations are spreading claims that the crematorium is “illegal” and “environmentally hazardous,” thereby attempting to incite religious tensions and create law-and-order issues among the public.

The Hindu Mahasabha has therefore urged the police to register a case against Professor Kamaraj and individuals associated with the concerned communist and atheist organizations. They also demanded that Kamaraj be placed under preventive detention to prevent further disturbance to public peace and order.

PATNA, Mar 5: JD(U) chief Nitish Kumar on Thursday announced that he will be contesting the Rajya Sabha polls, bringing the curtain down on his tenure as the longest-serving CM of Bihar.

Kumar, who has been the CM since 2005, said the new government that will be formed in the state will have his full cooperation and guidance.

“For more than two decades, you have consistently placed your trust and support in me, and it is on the strength of that trust that we have served Bihar and all of you with complete dedication. It was the power of your trust and support that has enabled Bihar today to present a new dimension of development and dignity,” he said, expressing gratitude to the people of the state.

Kumar said that from the very beginning of his parliamentary journey, he wanted to become a member of both Houses of the Bihar legislature as well as both Houses of Parliament.

“In keeping with this aspiration, I seek to become a member of the Rajya Sabha in the elections being held this time,” he said.

“I want to assure you with complete honesty that my relationship with you will continue in the future as well, and my resolve to work together with you to build a developed Bihar will remain steadfast. The new government that will be formed will have my full cooperation and guidance,” he added.

With Kumar stepping down after leading the ruling NDA to a landslide victory in the 2025 assembly elections, a BJP leader is expected to take over the top post.

If that happens, Bihar will get its first BJP chief minister — the only Hindi heartland state where the party has not held the office so far.

Five Rajya Sabha seats from Bihar will go to the polls on March 16, and Thursday is the last day for filing nominations.

Kumar’s election to the Upper House of Parliament is all but certain, as per the tally in the state legislature. (Agencies)