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Iran has successfully transported at least 34 oil tankers through the Strait of Hormuz, despite US sanctions and Navy patrols. The US had imposed restrictions on Iranian oil imports on April 13, which were later extended to include all ships passing through the Strait on April 16. US President Donald Trump described the move as a “great success” in an interview last week, saying that restrictions on Iran would remain in place until a final agreement was reached.
The European Union has expressed concern over the possible shortage of oil supplies due to the ongoing tension between the US and Iran, and has begun to consider alternative sources and emergency stockpiles. Meanwhile, reports from the US media suggest that dozens of ships have evaded the sanctions, including at least six tankers carrying 10.7 million barrels of Iranian crude oil.
As a result of the sanctions, Iranian oil is being sold at a lower price than its counterpart, Brent Crude, and if a 10-dollar discount per barrel is assumed, Iran could have earned around 910 million dollars from the sale of this oil.
Social media users in India have taken to criticizing the Modi government over the issue, with some calling out Trump’s comments as a reflection of his “desperation.” The move has also resulted in the deaths of two Palestinians, a 14-year-old student and a 32-year-old man, and has left three others injured.
Following a joint statement from the defense ministers of the UK and France, the two countries expressed hope that the Strait of Hormuz would soon be reopened. Meanwhile, the London Underground has been affected by a second 24-hour strike by the RMT union.
In other news, former Philippine President Rodrigo Duterte will face a trial for his alleged crimes. Iran has also showcased its ballistic missiles in a rally in Tehran, sending a clear message to the US. The US Congress has approved a $12.5 billion upgrade for the US military, which is expected to be the lowest amount ever approved for a military upgrade.
The UK and France are set to sign a $622 million agreement to prevent small boats carrying migrants from France to the UK. Reports suggest that despite the ceasefire, the situation remains uncertain due to a lack of trust and delay in negotiations.
In a separate development, Bollywood superstar Shah Rukh Khan’s manager, Pooja Godkhindi, and her family have purchased three apartments in Mumbai’s suburb of Bandra for 38.21 crore rupees. The property documents show that the apartments were purchased in the name of Godkhindi’s husband, Hitesh Prakash Godkhindi, and her father, Mohan Seeram Dadlani.
The decline in global gold prices has led to a decrease in the value of gold in India, with the current rate standing at 4,93,762 rupees per tola, according to the All Pakistan Sarraf Association.
