Oil shock for India: Brent crude crosses USD 120 as Trump vows to keep Hormuz blockade

Brent crude oil prices surged above USD 120 per barrel on Thursday after President Donald Trump said the naval blockade of the Strait of Hormuz will continue until Iran agrees to a deal with the United States USIn an exclusive interview with Axios on Wednesday Trump said the blockade is being used as a key tool to pressure Iran over its nuclear programmeThe blockade is somewhat more effective than the bombing They are choking like a stuffed pig And it is going to be worse for them They cant have a nuclear weapon Trump told AxiosAccording to Axios Trump rejected Irans proposal to first reopen the Strait of Hormuz and lift the blockade before holding nuclear talks Instead he has insisted that Iran address US concerns before any easing of restrictionsThe report added that while Trump currently views the blockade as his primary leverage he could consider military action if Iran does not agree to negotiations However he declined to discuss any specific military plans during the interviewThe development comes amid rising tensions in West Asia and concerns over disruption in global oil and gas supplies The Strait of Hormuz is a key route for energy shipments and any prolonged blockade is expected to impact global marketsReacting to the situation renowned economist Jeffrey Sachs warned that the world economy could face severe consequences due to the ongoing crisisIndian airlines to resume Doha flights from May 1Indiarsquos leading airlines are preparing to restore fullscale operations at Hamad International Airport from May 1 marking a significant step towards normalisation of air connectivity in the regionThe resumption comes exactly two months after a joint USIsraeli military offensive launched on February 28 targeting Iranian leadership and nuclear facilities This escalated into a broader regional conflictThree major Indian carriers mdashAir India Air India Express and IndiGo mdash are expected to lead the resumption reconnecting Doha with several key Indian metropolitan cities and regional hubsldquoIndian carriers plan to resume operations at Hamad International Airport Doha as flight operations continue to expand Air India Air India Express and IndiGo plan to resume their flight services between Doha and various destinations in India starting May 1 2026rdquo the Embassy of India in Doha said in a post on XUpdateNoticeIndian carriers plan to resume operations at Hamad International Airport Doha as flight operations continue to expand Air India Air India Express and Indigo plan to resume their flight services between Doha and various destinations in India starting 1 May 2026hellipmdash India in Qatar IndEmbDoha April 29 2026The Embassy highlighted that the move is part of a coordinated effort involving global aviation authorities working to stabilise operations in the regionAt the same time it cautioned that flight schedules remain subject to ongoing coordination underscoring the stillfragile security environmentPassengers have been advised to remain in close contact with airlines for realtime updates regarding schedules terminal information and booking statusDespite playing a mediating role in the crisis Qatar was not spared its impact Qatari airspace remained largely closed to commercial traffic for nearly two months with Hamad International Airport operating only limited emergency and evacuation flights since early MarchA fragile ceasefire brokered in Islamabad in midApril and recently extended by US President Donald Trump has opened a temporary window of stability This has enabled commercial insurers to approve the gradual return of international flight operations to the regionIran war has cost USD 25 billion so farA senior Pentagon official has said that the cost of the ongoing US war against Iran is estimated to be 25 billion US dollars so far as the conflict has dragged on for two monthsApproximately on this day were spending about 25 billion dollars on Operation Epic Fury acting Pentagon Comptroller Jules Hurst III told the House Armed Services Committee as he testified alongside Defence Secretary Pete Hegseth and Chairman of the Joint Chiefs of Staff Dan CaineHurst added that most of those costs were from munitions and included operations maintenance and equipment replacements reports Xinhua news agencyAccording to previous media reports Pentagon officials told lawmakers in a closeddoor briefing on March 11 that the Trump administration spent more than 113 billion dollars in the first six days of its war against IranHegseths attendance at the hourslong hearing marks his first public questioning since the United States launched military strikes against IranDuring the hearing most Republicans expressed support for President Donald Trumps decision to carry out military action against Iran while Democrats engaged in heated exchanges with Hegseth over the wars strategy objectives and consequencesIn response to a series of sharp questions from Democrats regarding the rapidly escalating costs of the Iran war significant reductions in key munitions stockpiles and the impact of the conflict on US citizens cost of living Hegseth dismissed criticism of the war as politicalThe defence secretary also refused to answer questions about how long the conflict might last or how much it would ultimately costHe further defended the Pentagons proposed recordhigh defence budget of 15 trillion dollars for fiscal year 2027 This budget will ensure the United States continues to maintain the worlds most powerful and capable military as we grapple with a complex threat environment across multiple theatres Hegseth saidWith ANI IANS and AFP inputs