Business

Oil prices dipped Tuesday, reversing Monday’s surge, as hopes for US-Iran peace talks eased supply disruption fears. Despite Iran’s Strait of Hormuz closure and vessel seizure, investors are watching potential ceasefire extensions. However, Tehran’s participation remains uncertain, with supply risks persisting and analysts warning of significant price hikes if talks falter.

Withdraws directives as volatility eases, some controls stay

NITI Aayog’s report highlights the Middle East conflict’s potential impact on India’s trade and economy, risking the current account deficit and exchange rate. Instability also slows India-GCC FTA talks, hindering market access. Despite global uncertainty, merchandise trade remains steady, with services showing strong performance.

Air India is investing $400 million to revamp its older wide-body planes with upgraded cabins, including suite-style business class seats, aiming to attract high-value passengers and boost revenue. The airline is also inducting new aircraft and expanding premium airport lounges, with refurbished Boeing 787s already enhancing customer satisfaction on key international routes.

The US government has launched a tool to refund over $166 billion in tariffs imposed by former President Trump, following a Supreme Court ruling. Importers can now submit documentation to recover payments, with electronic refunds for approximately $127 billion in duties available initially. The extent of consumer repayment hinges on companies sharing recovered funds.