Rajeev Shukla to be BCCI interim president: Indian media
Rajeev Shukla is set to be the acting president of the Indian cricket board (BCCI), according to Indian media, quoting BCCI sources.
This comes as the current president Roger Binny will turn 70 on July 19, surpassing the age cap set out in the BCCI constitution.
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Zawya
5 hours ago
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Octa's oil outlook: Middle East tensions threaten global supply
KUALA LUMPUR, MALAYSIA - Media OutReach Newswire - 21 June 2025 - Crude oil, which is arguably the world's most important commodity, is on everybody's mind right now. The flared up conflict in the Middle East is increasing risks of a major oil supply shock, potentially pushing the price of 'black gold' into the stratosphere and completely derailing the global economy. In this article, Octa, a global retail broker, shares its expert opinion on the unfolding situation and outlines possible scenarios for the global oil market. As it often happens, the market started to price in the possibility of a new conflict in the Middle East well in advance. On 11 June, oil prices rose more than 4% after reports surfaced that the U.S. was preparing to evacuate its Iraqi embassy due to heightened security concerns in the region. Two days later, Israel and Iran exchanged airstrikes, pushing both Brent and West Texas Intermediate (WTI), the world's two major oil benchmarks, to five-month highs as investors anticipated potential supply disruptions from an open conflict. To this day, the conflict continues without resolution and oil prices remain elevated even as there are some telltale signs that the parties may be willing to negotiate. 'This burgeoning unrest introduces an unprecedented degree of volatility, significantly amplifying the specter of a catastrophic oil supply shock', argues Kar Yong Ang, a financial market analyst at Octa broker, adding that the conflict between Israel and Iran 'carries ominous potential to propel crude prices to unprecedented levels, thereby unleashing a cascade of detrimental effects that could, in the most dire of scenarios, cause a major global economic crisis'. Indeed, the Middle East in general and Iran in particular play a pivotal role in global energy markets. A substantial portion of the world's crude oil and liquified natural gas (LNG) is produced and exported in this region. Iran itself, despite the existing sanctions on exports, remains an important supplier of oil—notably, for China. Furthermore, a vast number of ships carrying crude oil and LNG transit through the Strait of Hormuz, a narrow yet vital chokepoint that Iran has repeatedly threatened to close. Should Iran act on this threat and block the strait, the repercussions would be quite severe, likely pushing global crude oil prices well above $100 per barrel, or even higher, due to the significant disruption of supply. Technically, if we look at a broader, long-term picture, WTI crude oil seems to be moving sideways with a minor bearish tilt. On a daily chart (see below), the price still has not escaped from the bearish parallel channel. However, due to the latest geopolitical news, the price has managed to rise above the 200-day moving average (MA) and seems poised to break above the critically important 77.60-78.00 area. 'Breaching the $80 handle should not be difficult if the current situation deteriorates sharply', says Kar Yong Ang. 'Continuing destruction of oil infrastructure in Iran, potential U.S. involvement in the war, countries' unwillingness to negotiate and, above all else, Iran's attempts to block the Strait of Hormuz, all of this will have a bullish impact on prices'. Indeed, a break above 80 level, would open the way towards 83.40, 85.20, 87.30, and 90.00 area. Alternatively, in case the hostilities moderate somewhat, other countries—particularly the U.S.—refrain from directly participating in the conflict, and both Israel and Iran express willingness to negotiate, bearish sentiment will immediately kick in. 'I think WTI oil may lose as much as 5 dollars per barrel in the blink of an eye should we see some progress in nuclear negotiations between Europeans and Iranians, which are due to commence in Geneva this Friday', concludes Kar Yong Ang. In this scenario, a break below 71.50 level would allow bears to target 67.80, 64.80 and 61.70. Overall, WTI crude price is now stuck in a broad range between $70 and $80. The move above and below these two levels will essentially indicate if the situation in the region is getting worse or is getting better. The chart below shows potential bullish and bearish targets, marked in green and red, respectively. NYMEX light sweet crude oil (WTI) daily chart ___ Disclaimer: This press release does not contain or constitute investment advice or recommendations and does not consider your investment objectives, financial situation, or needs. Any actions taken based on this content are at your sole discretion and risk—Octa does not accept any liability for any resulting losses or consequences. Hashtag: #Octa The issuer is solely responsible for the content of this announcement. Octa Octa is an international CFD broker that has been providing online trading services worldwide since 2011. It offers commission-free access to financial markets and various services used by clients from 180 countries who have opened more than 52 million trading accounts. To help its clients reach their investment goals, Octa offers free educational webinars, articles, and analytical tools. The company is involved in a comprehensive network of charitable and humanitarian initiatives, including improving educational infrastructure and funding short-notice relief projects to support local communities. In Southeast Asia, Octa received the 'Best Trading Platform Malaysia 2024' and the 'Most Reliable Broker Asia 2023' awards from Brands and Business Magazine and International Global Forex Awards, respectively. Octa
UAE Moments
7 hours ago
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Iran: Strikes Were Self-Defense, Diplomacy Still Possible
Nearly a week after a surprise Israeli attack that left several Iranians dead and caused major damage, Iran says it is still choosing diplomacy—but won't hesitate to defend itself. Iran's Foreign Minister Abbas Araghchi shared the country's stance on X (formerly Twitter), saying: 'Iran solely acts in self-defence. Even in the face of the most outrageous aggression… we have only retaliated against the Israeli regime and not those who are aiding and abetting it.' He emphasized that Iran continues to seek peaceful solutions, except when it comes to Israel, which he described as 'illegitimate' and 'genocidal.' Trump Tells Putin to "Fix Russia First" Meanwhile, former US President Donald Trump had strong words for Russian President Vladimir Putin after he offered to mediate in the Israel-Iran conflict. Speaking in an interview, Trump recounted their conversation: 'I said, 'Do me a favour—mediate your own. Let's mediate Russia first, okay? Worry about this [Israel-Iran] later.'' His statement refers to the ongoing war in Ukraine, which has caused global tension since Russia's invasion in 2022. What's Next? With both Iran and Israel continuing their back-and-forth attacks and global powers weighing in, the situation remains volatile. While Iran insists it won't escalate unless provoked, the region's stability hangs in the balance—especially with growing international involvement.
UAE Moments
7 hours ago
- UAE Moments
Various Countries Evacuate Citizens from Iran and Israel
Various countries are evacuating their citizens from Iran and Israel, as flights have been cancelled and airspace has been closed in the Middle East. Most European evacuees leaving Israel have been taken to Jordan or Egypt by bus, where they have boarded flights for their home countries. Evacuation from Iran China, India, and other states have already started evacuating their citizens from Iran. Pakistan evacuated its pilgrims and students from the country recently; nonetheless, hundreds of Pakistanis living in Iran arrived at the Taftan border on Wednesday, making their way back to their home country. China evacuated almost 800 citizens from Iran by moving them from Tehran to Turkmenistan by bus, according to the state-run China News Service. Indian students in Tehran have been moved out of the city, with 110 students being relocated, according to the Indian foreign ministry and media reports. Over 600 people have been evacuated from Iran to Azerbaijan from Friday to Tuesday, according to Reuters. Evacuation from Israel Bulgaria evacuated 148 people from Israel, which included 89 Bulgarian citizens and 59 foreign nationals on Wednesday, June 18. Germany has organized charter flights to Frankfurt in Jordan, but it has said that their citizens must travel by their own means to Amman. Almost 4,000 citizens from Israel and 1,000 in Iran have registered on a crisis list, according to their ministry. Poland has evacuated 200 citizens from Israel and Jordan and moved it diplomatic staff in Iran to Azerbaijan. Greece evacuated 105 of its citizens and foreign nations from Israel. The Japanese government is planning to send a military plane Djibouti to evacuate its citizens from Iran and Israel.
