Amid reports that Iran may close the critical oil corridor Strait of Hormuz, Union Minister Hardeep Singh Puri said, "A large volume of our supplies do not come through the Strait of Hormuz now." He stated, "Our oil marketing companies have supplies of several weeks." Reportedly, Iran's parliament has approved the strait's closure following US' attacks on its nuclear sites.

India's dependence on Strait of Hormuz for oil is more than 35% of its total oil imports. Around 2 million barrels per day (bpd) of India’s total 5.5 million bpd oil imports transit through the Strait of Hormuz. Iran's Parliament on Sunday approved closure of the strait after US bombed three nuclear sites in Iran.

Iran's Parliament approved closure of Strait of Hormuz, considered to be world's most critical oil corridor, following US' strikes on Iranian nuclear sites. India has already diversified its imports, allowing it to explore Russian, American and Brazilian oil imports instead to work around the strait's closure. Additionally, Qatar, India's key LNG supplier, doesn't use the strait.

Value of a person's ₹1-crore savings today would automatically reduce to just ₹25.84 lakh in 20 years due to inflation. According to Moneycontrol, a 7% average annual inflation rate would reduce savings' value by 74%. This is because inflation causes rise in prices of goods, which thereby reduces amount of a particular good a certain amount of money can buy.

Israeli stock market hit record highs on Sunday after the US bombed three nuclear sites across Iran, strengthening investors' belief that Iran's nuclear works would be stopped. Tel Aviv 125 index closed 1.8% higher, extending gains to nearly 8% this past week, while Tel Aviv 35 index rose 1.5%. Even following Israeli strikes on Iran, Israel's market ended in green.

More than 21,000 jobs in India's audio electronics industry are at risk over China's restrictions on its exports of rare earth metals, industry body ELCINA said. Rare earth metals like terbium and dysprosium are key inputs for magnets used in consumer electronics. The jobs are at risk as manufacturers are planning to import fully-assembled speaker modules from China.

After cutting its global widebody flights by 15% till July 15, Air India on Sunday announced temporary cuts of less than 5% to its overall narrowbody network. With this, Air India has suspended services on three routes (Bengaluru-Singapore, Pune-Singapore and Mumbai-Bagdogra) and has reduced frequency on 19 domestic routes until July 15. Air India apologised for the curtailments.

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Amid Israel-Iran conflict, Air India said it "will be progressively avoiding the use of certain airspace over the Persian Gulf in the coming days." The airline stated that it will use "alternative paths for flights to destinations including the UAE, Qatar, Oman and Kuwait". It added, "Our flights currently do not operate over the airspaces of Iran, Iraq and Israel."

Consumer disputes commission in Mumbai has directed SpiceJet to pay ₹25,000 to a senior citizen passenger who was issued a wrong ticket in 2020. The airline gave the wrong ticket for an alternate booking after the flyer's initial flight was cancelled due to bad weather. The commission found SpiceJet guilty of "deficient service" and said complainant also "acted negligently".