Iran’s attempted long-range strike on the US-UK military base at Diego Garcia has showcased a sharp escalation in both capability and intent, pushing the geography of the ongoing conflict far beyond the Middle East, as per a report by the Washington Post. The base, located roughly 4,000 kilometres from Iran’s coastline, was targeted with two intermediate-range ballistic missiles, according to US officials, in what appears to be one of Tehran’s longest-range strike attempts to date.Iran continues to strike Gulf nations — Follow live updatesNeither missile hit its target. One reportedly failed mid-flight, while the second was engaged by a US Navy destroyer using an SM-3 interceptor, though it remains unclear whether the interception was successful. Despite the lack of impact, the attempt itself has triggered alarm in Washington and allied capitals, as it suggests Iran may now possess or is willing to demonstrate strike capabilities far beyond its previously declared limits.Also read: Iran fires 2 ballistic missiles towards US, UK military bases in Diego GarciaThe strike came amid intensifying hostilities between Iran and a US-Israel alliance, even as Donald Trump indicated that Washington was “very close” to achieving its military objectives and could consider winding down operations. Yet the attack on Diego Garcia, a remote but critical military hub, suggests Tehran is widening both the scope and signalling of its retaliation.

A strike across 4,000 kilometres

The attempted strike stands out primarily for its distance. Diego Garcia lies deep in the Indian Ocean, more than 3,800 kilometres from Iran, well beyond the 2,000-kilometre range Tehran has long claimed as the upper limit of its missile programme.US officials believe the missiles used were likely from the Khorramshahr-4 class, an intermediate-range ballistic missile that analysts had previously assessed to have a potential range exceeding 4,000 kilometres, though publicly demonstrated capabilities had remained lower. If confirmed, the strike would mark the first operational indication that Iran can hit targets at such distances.

The implications extend far beyond this single incident. A 4,000-kilometre strike radius from Iran would place large parts of Europe including cities such as Paris and London within theoretical reach. For NATO countries that have largely viewed the conflict as regionally contained, the attempted strike alters that calculation significantly.The Khorramshahr-4 itself is a liquid-fuelled missile capable of carrying a warhead exceeding one tonne, with the option of deploying cluster munitions. Its design, derived in part from earlier North Korean and Soviet systems, combines relatively simple architecture with high payload capacity. The missile is also believed to feature manoeuvrable re-entry capabilities, making interception more difficult.

Why Diego Garcia matters

The choice of target is as significant as the distance. Diego Garcia is one of the most strategically important military installations operated jointly by the United States and the United Kingdom. Situated in the Chagos Archipelago, the base serves as a critical logistics and operations hub for long-range missions.It has historically supported US bombing campaigns in Afghanistan and Iraq, as well as more recent operations in the Middle East. Its airfield is capable of hosting heavy bombers, surveillance aircraft, and pre-positioned military equipment, allowing rapid deployment across Asia, Africa and the Gulf.The base’s isolation far from conventional conflict zones has long been considered one of its key advantages. Iran’s decision to target it challenges that assumption, demonstrating a willingness to strike even remote strategic assets.The attack also comes amid renewed scrutiny over the future of the base. The United Kingdom recently agreed to transfer sovereignty of the Chagos Islands to Mauritius while retaining long-term access to Diego Garcia under a lease arrangement, a move that has drawn political criticism in Washington.

Missile defence and widening conflict

The attempted interception reportedly using the SM-3 system highlights the growing importance of missile defence in the conflict. The SM-3, deployed on US Navy warships, uses a “hit-to-kill” approach relying on kinetic force rather than explosives to destroy incoming missiles. Its effectiveness against intermediate-range threats is well established, but the uncertainty around this interception underscores the challenges posed by advanced ballistic systems.At the same time, the strike on Diego Garcia fits into a broader pattern of Iranian escalation. Tehran has stepped up attacks on energy infrastructure across the Gulf, including reported drone strikes on Kuwait’s Mina Al-Ahmadi refinery, while issuing warnings to countries hosting US forces.Iranian officials have also expanded their rhetoric, warning that targets linked to their adversaries could extend beyond traditional battlefields. These signals point to a strategy that combines conventional missile strikes with the threat of asymmetric attacks.Meanwhile, the United States has reinforced its regional posture, deploying additional warships and thousands of Marines. Despite talk of winding down operations, Washington’s military build-up suggests preparations for a prolonged confrontation.

In a bid to cool rising oil prices amid the ongoing Middle East crisis the Trump administration has begun releasing crude from the Strategic Petroleum Reserve (SPR), lending 45.2 million barrels to energy companies in its first round. The volume released so far represents just over half of the 86 million barrels the administration had earlier said it would make available in the initial phase. The broader plan is to lend a total of 172 million barrels, with deliveries scheduled through this year and into the next, according to Reuters.The Energy Department said that firms awarded these early supplies include BP Products North America, Gunvor USA, Marathon Petroleum and Shell Trading. Other companies that secured contracts by Friday are Energy Transfer Crude Marketing, Mercuria Energy America, Trafigura Trading and Vitol.This release forms part of a wider coordinated effort involving 32 countries under the International Energy Agency, which together plan to inject 400 million barrels of oil into the market. Prices have climbed to their highest levels in four years following the war launched by the United States and Israel on February 28, marking the steepest surge since Russia’s invasion of Ukraine.The arrangement operates as a loan rather than a sale, with companies required to return the crude along with additional barrels as a premium. The Energy Department said the system is intended to steady markets “at no cost to American taxpayers.”Companies must repay between 18% and 22% more oil than they borrow, although some bidders offered higher returns to secure allocations. For the first tranche alone, the structure is expected to boost the reserve by nearly 10 million barrels once repayments are made.The SPR, stored in underground sites along the Texas and Louisiana coastlines, currently holds about 415 million barrels of crude, equivalent to more than four days of global consumption.Overall, while 172 million barrels are set to be lent out, the government expects to receive roughly 200 million barrels in return, factoring in the additional premium.Earlier this month, US President Donald Trump said that he would tap into strategic reserves to reduce prices amid the ongoingIran war.“Right now we’ll reduce it a little bit and that brings the prices down,” Trump said in an interview with Local 12 television, when asked if he was going to tap the US Strategic Petroleum Reserve.

NEW DELHI : Weight-loss therapy costs are set to reduce substantially by up to 90%, with generic versions of injectable semaglutide are expected to hit pharmacy shelves from March 21. The move kicks off one of the most closely watched price wars in the high-stakes obesity and diabetes drug market.This is in the wake of the innovator Novo Nordisk’s patent on semaglutide, the key ingredient in these therapies, expiring on Friday. Two drugmakers including Natco Pharma and Eris Lifesciences announced plans to roll out the pen-filled jabs over 50% cheaper than the innovator’s price, in April. Interestingly, in a bid to lower the therapy cost further, they are also introducing vials at Rs 1,300 per month — about 90% cheaper than the innovator brand Ozempic.The vial will need to be administered through a syringe by a trained hand. More companies including Sun Pharma, Zydus and Dr Reddy’s are expected to join the highgrowth Rs 1,500 crore therapy market on Day 1 (March 21).Blockbuster therapies — Wegovy and Mounjaro — marketed by Novo Nordisk and Eli Lilly respectively, were launched at ‘’India-specific prices’’ last year, while global bestseller Ozempic by the Dutch firm, made its India debut in Dec last year. Semaglutide, a GLP-1 (glucagon-like peptide-1) receptor agonist, helps to control blood sugar and improve satiety, reducing cravings for food, eventually inducing weight-loss.Natco plans to launch a semaglutide pen device in April starting at Rs 4,000 per month. The innovator Novo Nordisk’s Ozempic is priced at Rs 8,800 per month for the lowest strength. It is also introducing multi-dose vials starting at Rs 1,290 per month.Natco said: “It is the most affordable GLP-1 in Indian market as it is around 70% cheaper than pen device, and 90% cheaper than the price of the innovator’s brand. This will increase patient accessibility to the GLP-1 therapy and would help in long term compliance for the patients.”

MUMBAI: HDFC Bank has terminated three employees, including senior executives, after an internal probe into the alleged mis-selling of Credit Suisse AT-1 bonds to NRI clients at its UAE operations. The action follows regulatory scrutiny and investor complaints. Shares of the bank closed down 2.4%, continuing Thursday’s decline following the sudden resignation of the bank’s chairman Atanu Chakraborty.The employees dismissed include Sampath Kumar, group head of branch banking, Harsh Gupta, EVP for Middle East, Africa and NRI business, and Payal Mandhyan, SVP, for their roles in selling high-risk AT-1 bonds through the bank’s Dubai branch, in an episode that began in Jan 2025 and has since drawn attention to persistent concerns around such instruments after the Credit Suisse collapse.In response to a query, HDFC bank said, “The bank identified certain gaps in client onboarding requirements at its DIFC branch in the UAE and has completed a detailed and objective review of the matter. “Appropriate remedial actions have been taken in line with internal policies. Personnel changes have been undertaken along with appropriate action as per the bank’s conduct regulation.”AT-1 bonds are debt instruments with equity-like features. They offer higher yields but do not appreciate like equity, and the issuer’s liabilities can be extinguished if the bank’s net worth is impaired. In the event of bankruptcy, these instruments rank lowest among fixed income securities for repayment priority.According to allegations, staff in the Dubai and Bahrain branches persuaded NRI clients to shift FCNR deposits from India to Bahrain by presenting the bonds as fixed-maturity products with assured returns. Investors were asked to sign blank documents, and key disclosures on the perpetual nature and high risk of AT-1 bonds were omitted.These bonds were later written off during the UBS-led bailout of Credit Suisse, leading to losses for investors. The probe began in Jan 2025 after complaints from NRI investors and led to the suspension of Harsh Gupta and Payal Mandhyan. The bank’s internal investigation, conducted amid restrictions imposed by the Dubai Financial Services Authority, concluded on March 18 resulting in the terminations. The Dubai regulator barred the bank from onboarding new clients in the emirate, and the lender faces investor lawsuits.

MUMBAI: As the West Asia war rages on, India’s middle class has begun bearing the brunt. From airfares to air-conditioners, home interiors, bottled water and even regular laundry services, companies across segments are starting to take price hikes to cope with inflating input costs on the back of of supply disruptions and soaring oil, derivatives of which are key to the manufacturing of a lot of components used in daily products. Much of the price increases will hit the markets from April, industry executives said.Godrej Appliances will take price hikes of 5-10% across categories including ACs, washing machines and refrigerators from next month, a company spokesperson said. In the case of white goods and broader durables, volatile commodity (metals like copper etc) costs and new energy norms had already nudged companies to implement price increases; the war has only exacerbated the situation by triggering gas supply crunch and shortage of raw materials such as plastic.

Lack of availability of memory and SoC chips have continuously been pushing up prices of television sets and now with the war-led disruption, there is expected to be another 1-2% impact on prices, said Arjun Bajaj, director at Videotex which manufactures TVs for brands. Polymer prices, for instance, which are used in cabinet parts, cables and insulation materials have increased by nearly 40-50% per kg in recent days while cost of packaging materials have gone up 80%, said Bajaj. With input costs rising across materials such as plywood, adhesives, hardware, Bengaluru-headquartered home interior firm DesignCafe will be implementing price hikes in the range of 10-15% for new customers from April 1. “There is also growing uncertainty around material availability in the coming weeks due to fluctuating stock levels across the supply chain,” said CEO & co-founder Shezaan Bhojani. Some suppliers have also introduced temporary surcharges for 30 to 60 days, with a wait-and-watch approach thereafter, said Tanuj Choudhary, co-founder & COO at HomeLane. New Delhi-based laundry firm Perfecto Cleaners is now implementing an increase in service pricing as the shift to electric alternatives from LPG has led to rise in expenses, said founder Kshitij Rajpal. The turn around time for stores dependent on gas supplies are suffering, said Arunabh Sinha, founder at Uclean. Bisleri has raised the rates of its packaged water bottles by 11%. The impact of the war is far and wide, touching almost every sector. Indian carriers Air India, Indigo and Akasa Air have already started levying a fuel surcharge which means air tickets will become more expensive. “Discretionary spending like dining out and travel could weaken first,” said analysts at The Knowledge Company in a recent study. Besides the strain on consumer pockets, there’s also growing apprehension of job losses in labour intensive sectors such as restaurants if the turmoil persists, giving the common man more reasons to worry. “Fund flow is certainly an issue now. There are no job cuts yet but if this gets prolonged, then there will definitely be,” said Mumbai-based restaurateur and NRAI vice-president Pranav Rungta.FMCG firms may raise MRPThe full effect of the rise in plastics and logistics costs will start playing out by next month. If the situation persists, many FMCG companies will be forced to increase their MRPs to manage the high-cost environment, said Piruz Khambatta, group chairman at Rasna. “Our focus is on ensuring accessibility through the right product mix and formats. At the same time, we will continue to monitor the external environment and take appropriate action should the need arise,” said Rakshit Hargave, MD & CEO at Britannia. Margin pressure is likely to show up through smaller packs, selective hikes or lower promotions, analysts said.

After Russian crude, the US has now issued a 30-day sanction waiver on Iranian oil, currently at sea, to ease rising concerns about energy supply flows as Middle East conflict continues to boil. US treasury secretary Scott Bessent said that the authorisation applies specifically to Iranian crude and petroleum products that are already in transit. “This temporary, short-term authorization is strictly limited to oil that is already in transit and does not allow new purchases or production,” he stated.The waiver, outlined in a general licence posted on the US Treasury website, covers cargoes loaded between March 20 and extends till April 19. This marks the third instance in roughly two weeks that Washington has relaxed sanctions, following an earlier easing on Russian oil.