Global oil prices jumped after Israel said it had struck Iran, in a dramatic escalation of tensions in the Middle East.

Benchmark oil contracts Brent Crude and Nymex light sweet were up by more than 10% after the news emerged.

Traders are concerned that a conflict between Iran and Israel could disrupt supplies coming from the energy-rich region.

The cost of crude oil affects everything from the price of food at the supermarket to how much it costs to fill up your car.

Analysts have told the BBC that energy traders will now be watching to see whether Iran retaliates in the coming days.

“It’s an explosive situation, albeit one that could be defused quickly as we saw in April and October last year, when Israel and Iran struck each other directly,” Vandana Hari of Vandana Insights told the BBC.

“It could also spiral out into a bigger war that disrupts Mideast oil supply,” she added.

In an extreme scenario, Iran could disrupt supplies of millions of barrels of oil a day if it targets infrastructure or shipping in the Strait of Hormuz.

The strait is one of the world’s most important shipping routes, with about a fifth of the world’s oil passing through it.

At any one time, there are several dozen tankers on their way to the Strait of Hormuz, or leaving it, as major oil and gas producers in the Middle East and their customers transport energy from the region.

Bounded to the north by Iran and to the south by Oman and the United Arab Emirates (UAE), the Strait of Hormuz connects the Gulf with the Arabian Sea.

“What we see now is very initial risk-on reaction. But over the next day or two, the market will need to factor in where this could escalate to,” Saul Kavonic, head of energy research at MST Financial said.

(BBC News)

One survivor was found in seat 11A of the London-bound Air India flight that crashed minutes after taking off from Ahmedabad with 242 people on board.

“The police found one survivor in seat 11A. One survivor has been found in the hospital and is under treatment. Cannot say anything about the number of deaths yet. The death toll may increase as the flight crashed in a residential area,” Ahmedabad Police Commissioner GS Malik told ANI on Thursday.

As per Reuters, more than 100 people have been killed in the crash and the death toll is likely to rise.

The plane, which took off at 1:38 p.m. and was bound for London Gatwick Airport, crashed into a dining facility at a local medical college. At least five students died, according to Minakshi Parikh, the dean of the college.

Footage and photos of the crash site showed plumes of black smoke coming from the wreckage and firefighters dousing charred residential buildings. The plane’s tail appeared to be hanging out of a damaged building.

The airline said the plane, a Boeing 787-8 Dreamliner, was carrying 169 Indian citizens, 53 British, seven Portuguese and one Canadian. Injured people were being taken to hospitals, the airline said, but it was unclear whether they had been on the ground or on the flight.

The plane departed from Sardar Vallabhbhai Patel International Airport, which temporarily shut down after the crash. It had been scheduled to land in London at 6:25 p.m., London Gatwick Airport said.

Prime Minister Narendra Modi said the crash was “heartbreaking beyond words” in a statement on social media. “In this sad hour,” he added, “my thoughts are with everyone affected by it.”

(Economic Times India)

A London-bound Air India flight carrying 242 people, has crashed shortly after take-off in Ahmedabad, western India.
Flight AI171 was travelling from Ahmedabad to London Gatwick.

According to foreign media, the plane crashed into a doctors’ hostel.

According to Air India, there were 169 Indian nationals on the flight, as well as 53 Britons, one Canadian national and seven Portuguese nationals,

Tracking website Flightradar24 says it received the last signal from the aircraft at 625 feet (190m) “just seconds after take off”.

On a X post, Indian Prime Minister Narendra Modi has said, “The tragedy in Ahmedabad has stunned and saddened us. It is heartbreaking beyond words.

“In this sad hour, my thoughts are with everyone affected by it…Have been in touch with ministers and authorities who are working to assist those affected,” he has added.

(BBC News)