Lagatar24 Desk
Washington: Amid escalating tensions between Iran and Israel, US President Donald Trump has once again taken a hardline stance on Tehran. In a warning posted on his Truth Social account, Trump said Iran should have accepted the nuclear deal he proposed. “It’s shameful that it didn’t happen and now lives are being lost. I made it clear earlier that Iran will not be allowed to possess nuclear weapons. Everyone must immediately evacuate Tehran,” he wrote.
Trump Leaves G-7 Summit Midway
Trump is cutting short his trip to the G-7 Summit in Kananaskis, Canada, to return to Washington amid the growing crisis in the Middle East, the White House confirmed. Press Secretary Karoline Leavitt stated that Trump had secured some key achievements at the summit, including signing a major trade deal with British Prime Minister Keir Starmer, creating a new tariff arrangement between the US and UK. However, considering the seriousness of the situation in the Middle East, Trump decided to leave immediately after the final dinner.
Oil Prices Surge After Trump’s Warning
Trump’s harsh remarks about Iran have already started impacting global financial markets. Following his statement urging Tehran’s evacuation and reiterating his opposition to Iran’s nuclear ambitions, oil prices in Asian markets surged by nearly 2% on Tuesday. His comments signaled that the Iran-Israel conflict may not end soon, further escalating instability in the region. This uncertainty triggered a decline in the US futures market as well, indicating growing nervousness among global investors.
Petrol And Diesel Prices May Rise In India
India imports over 80% of its oil needs, making its economy highly sensitive to global crude price fluctuations. Experts warn that if this trend continues, fuel prices in India could rise in the coming days, putting additional pressure on inflation.
Economic Pressure Likely To Mount
The rising oil prices will have a threefold impact. Consumers may face higher inflation as increased transport costs drive up food and essential goods prices. Industries could also suffer, as higher logistics expenses inflate production costs, affecting competitiveness. For the government, this could result in financial strain as subsidies and import bills rise, disrupting fiscal balance. Analysts predict that if the geopolitical crisis deepens further, oil prices may climb higher, creating severe economic pressure on import-dependent nations like India.
