This comes after the stocks took a severe beating earlier last week as tensions between Iran and Israel-US escalated, with no sign of a diplomatic resolution. Supply shortages began to emerge in several cities, including Mumbai and Bengaluru, with restaurants in some areas warning of possible closures due to insufficient fuel.

Trump on Monday told CBS News that he believes the war against Iran “is very complete” and that Washington was “very far ahead” of his initial four-to-five week estimated timeframe. He also told reporters that his administration was lifting sanctions on some countries as part of efforts to stabilise the oil market.

“So we have sanctions on some countries. We’re going to take those sanctions off until the Strait is up,” he said, without providing further details.

“It’s going to end soon, and if it starts up again they’ll be hit even harder,” Trump added.

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Following the remarks, crude oil prices plunged sharply after a blistering rally that had pushed prices past the $100 mark for the first time since Russia–Ukraine War began in 2022.
India imports more than 60% of its domestic LPG needs, and around 85–90% of these imports pass through the Strait of Hormuz. The country consumed 31.3 million tonnes of LPG in FY25, of which only 12.8 million tonnes were produced domestically.Earlier last week, the Indian government invoked emergency powers and directed oil refiners to ensure there is no shortage of LPG for domestic customers due to supply constraints arising from rising geopolitical tensions in West Asia.

Shares of Petronet LNG jumped around 5% to trade at Rs 291.5 apiece. The stock had earlier declined more than 9% last week after the company issued force majeure notices to QatarEnergy and others because vessels were unable to safely transit through the Strait of Hormuz. The possibility of traffic resuming through the critical chokepoint appears to have boosted sentiment.

Meanwhile, shares of Gujarat Gas rose about 1.6%, GAIL (India) gained more than 2%, while Indraprastha Gas Limited was up over 1%.

(Disclaimer: Recommendations, suggestions, views and opinions given by experts are their own and do not represent the views of The Economic Times.)

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Venue planned for Bathampton as there are no courts in neighbouring Bath

Plans have been submitted to build padel courts in a village next to Bath as there remain none in the city.

Bath and North East Somerset Council’s planning committee has twice blocked plans to build the first padel courts in Bath – even though one of them was the council’s own plan. Members of the planning committee have warned that the “gunfire-like” noise of the game would harm neighbours’ mental health.

Now Smash Padel wants to build five padel courts on the former railway station in Bathampton on the edge of the city. But locals in the quiet village say they are concerned that no report on the noise impact of the courts has been submitted with the plan.

People in the village who contacted the Local Democracy Reporting Service said: “This seems to be a common reason for planning approval to be denied. Given the context of our quiet, conservation village and the topography of the surrounding countryside, this seems to be a big omission.”

Smash Padel wants to build five outdoor padel courts and a single storey pavilion made of shipping containers. The village’s railway station was closed in 1966 and the site was later used as a timber yard, but the planning application said it was now disused and “falling into a state of disrepair.”

The padel company said: “There are currently no existing padel facilities in the Bathampton area. Demand for such facilities is growing, particularly for venues to accommodate quality coaching. This is especially important for two young Bath residents who are elite athletes and currently have to travel considerable distances, notably to Smash Padel in Bicester, to access the high-level of coaching that they require.”

Padel is a sport similar to squash but plated with a solid racquet. Originally from Mexico, the sport has boomed in popularity since the Covid-19 lockdown and is one of the fastest growing sports. But there is nowhere to play the sport in Bath, as each proposal to build padel courts has been turned down by the planning committee.

Bath and North East Somerset Council originally planned to build some padel courts as part of its upgrades to Odd Down Sports Ground, but they were turned down by its own planning committee in 2024 over concerns the sound of the game would be like “Chinese water torture” for neighbours. The upgrades to the sports ground later went ahead without any padel courts.

Later that same year, the Lansdown Tennis Club proposed building padel courts but was refused planning permission over the “gunfire-like” noise. The club appealed the decision but planning inspectors upheld the planning committee’s ruling.

In addition to Smash Padel’s plans in Bathampton, the University of Bath is also trying to build the city’s first padel courts. It has included proposals to build two padel courts as part of major plans for a huge student accommodation development for 962 students at its campus The plan is still under consideration.

You can view and comment on the plan for the padel courts in Bathampton here.

To find all the planning applications, traffic diversions, road layout changes, alcohol licence applications and more in your community, visit the Public Notices Portal.

Traders urge council to rethink charges

Nailsea Farmer’s Market used to mean the busiest day of the month for high street pub-bistro Coates House – but its owner says the end of free parking has changed all that.

North Somerset Council controversially introduced parking charges to the Station Road Car Park in the small town in June. Now the town is warning that the move has harmed the local economy and is urging the council to rethink the charges.

Emma Lake, who runs Coates House, said: “When we first took it on in January 2024 we were taking a business that wasn’t doing great, and we started building up trade and we’ve turned it around which is great. And then come about six/seven/eight months ago when the parking charges came in, we saw quite a bit of a decline during our peak time.”

The numbers coming in for lunch have now dropped by half. In fact, its busiest times have gone from being lunchtimes and Fridays and Saturdays, to evenings and Sundays – the only times when car parking remains free.

But Ms Lake said that the evening trade was not enough to compensate for the loss. Even the monthly market day is now little different from any other Saturday. Coates House took £4.2k on market day in November 2024 and just £2.5k on November 2025’s after parking charges were introduced.

As a result, the local business has had to cut its hours – which Ms Lake says she has tried to be as fair about as possible. Lower sales also mean that the pub is ordering less from the five local suppliers it uses, another claimed knock on effect of the parking charges on the local economy.

And it is not the only business struggling with the charges – 79% of businesses which responded to a Nailsea Town Council said their turnover had been adversely affected by the introduction of the parking charges. The average reduction in turnover reported was 29%.

Nailsea Fruit and Veg has recently closed, meanwhile the company which owns May News on Somerset Square is now planning to sell the shop to be run by someone else if profits don’t improve. Ryan Higgs who works at the newsagents said: “Ever since the parking charges came in our business has been slowly dropping.”

The shop’s customers are mostly older, he said, and did not want to pay the parking charges but were less able to walk in. He said: “The parking charges are ruining a lot of shops. I have never seen this town centre as dead and as quiet and depressing as it is now.”

“It is not going to be free”

On February 26, Ms Lake addressed a North Somerset Council scrutiny committee alongside Nailsea Town Council’s Graham Parsons, urging them to rethink the parking charges. Ms Lake told councillors: “It does feel like North Somerset Council do not want small independent businesses to survive.”

Mr Parsons added: “Everyone is aware of the financial situation North Somerset Councils finds itself in. However the erosion of a town centre’s viability is not an acceptable way to help plug the gap.” A report by the town council, submitted to the committee, warned the impact on local businesses from the parking charges was a “serious economic concern.”

But North Somerset Council officers said the relationship between parking charges and the health of the high street was “more complex.” The scrutiny panel was discussing the council’s six month review of Nailsea’s parking charges.

Committee member Mike Bird, who is also the independent councillor for Nailsea Yeo on North Somerset Council, told the meeting: “The North Somerset review you have before you only really considered parking numbers and not the consequences for the local community.”

He pointed out that the closure of Nailsea Fruit and Veg meant the council had lost out on £23k a year in business rates. He warned: “Quickly the losses of business rates could outstrip the so-called profits of these parking charges.”

Since the introduction of parking charges, Station Road Car Park has only been about half full. It is now proposed to trial a reduction in price of the one hour ticket from £1 to 50p from June 2026 “to strike an appropriate balance between local calls for low-cost or free short-stay parking to support the high-street and the need to ensure that car parks remain financially self-sustaining.”

But Mr Bird warned that this could do more harm than good if people were encouraged to stay for an hour instead of two. He said: “We need to be encouraging people to stay longer in the town, not shorter.”

He called for the parking charges for one and two hour stays to be abolished and a cheaper three hour ticket introduced. But the proposal faced opposition from some other councillors on the scrutiny committee in a tense hour-long debate which was defined more by geographical lines than party affiliation.

Several councillors representing areas of Weston-super-Mare, which has had parking charges for years, rejected the idea that other towns in North Somerset should be spared them. Decisions on parking charges are up to the council administration, with the scrutiny panel having an advisory role.

Ms Lake told the Local Democracy Reporting Service that she did not think dropping the hour charge to 50p would help. She said: “They need to look at doing something that will entice people to stay to have a meal and to be able to then go and shop in other local shops.”

She said: “It’s Nailsea. It’s not a destination place. It’s not a place where you come and spend a day. So anything that helps people come to Nailsea and spend in the local community is going to help massively.”

To find all the planning applications, traffic diversions, road layout changes, alcohol licence applications and more in your community, visit the Public Notices Portal.

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