Business
US-Iran conflict may spike India’s crude prices and fuel inflation
Significance of Strait of Hormuz
The Strait of Hormuz sits between Iran to the north and Oman/UAE to the south. Although it does not run through Iranian territory, the strait directly borders Iran’s coastline, giving Tehran significant strategic influence. Most commercial shipping lanes lie within Omani territorial waters, but portions fall under Iran’s jurisdiction, enabling Iran to exert pressure when tensions rise. Historically, Iran has threatened to disrupt traffic by conducting naval drills, deploying military vessels, laying mines, or harassing oil tankers—tactics seen during earlier regional confrontations. Although Iran cannot legally shut the strait entirely, even limited obstruction could severely disrupt global oil flows.
The strait’s relevance becomes critical during periods of escalating U.S.–Iran tensions because nearly 20% of the world’s petroleum liquids and almost 30% of seaborne crude oil pass through this narrow waterway every day. With few alternative routes available for Gulf exporters, global energy supplies remain highly vulnerable to any disruption. Even the threat of a blockade or increased military movement often triggers immediate price volatility.
A complete shutdown remains a low-probability scenario due to a strong U.S. naval presence and Iran’s own dependence on the strait for exporting crude. However, temporary interruptions or heightened military activity can still elevate war-risk insurance premiums, slow tanker movement, and push oil prices upward.
Countries Likely to Be Adversely Impacted
Major crude importers such as India and China would be among the earliest and most affected. Both economies rely heavily on supplies from the Gulf region, and any perceived threat to uninterrupted shipping can trigger short-term spikes in domestic fuel markets. This trend mirrors previous periods of Middle Eastern instability, where fears of supply disruptions drove temporary oil price surges even when physical flows remained largely intact.
These price shocks, however, are often short-lived. Once diplomatic channels re-engage or confirmation emerges that shipping lanes remain operational, markets typically retreat, easing part of the geopolitical risk premium.
Impact on India’s Crude Oil Prices
If a military conflict between the United States and Iran erupts, the immediate impact on India would be a rapid rise in crude oil prices due to concerns over potential supply disruption through the Strait of Hormuz. A sudden spike in global crude benchmarks would raise India’s import costs and push up domestic crude and fuel prices. Such geopolitical shocks also heighten speculative activity in oil futures, with crude derivatives witnessing increased trading volumes as traders attempt to hedge against volatility. Broader markets may remain steady during such episodes since the risk is mostly concentrated within the energy complex.
If higher crude prices persist, the effect will extend beyond the oil market. Increased petrol and diesel costs typically translate into higher transportation and manufacturing expenses, raising inflationary pressures within the Indian economy. The longer global benchmarks remain elevated, the greater the potential for sustained inflationary impact.
Alternative Sources
In a worst-case scenario involving disruption in the Strait of Hormuz, India has the advantage of diversified sourcing. Over recent years, India has increased crude imports from countries such as Russia, the United States, Brazil, and West African producers. This diversification helps buffer risks associated with Persian Gulf tensions. The government has also signalled its readiness to rely on strategic petroleum reserves and explore additional non-Gulf suppliers if required. Other measures could include reducing refined product exports to prioritise domestic fuel availability and using alternative ports or supply routes where feasible.
Overall, while the geopolitical bias currently leans toward higher crude prices, the extent and duration of this rise will depend largely on whether the Strait of Hormuz experiences meaningful and sustained disruption. In the absence of an actual supply shock, any price rally is likely to be temporary and driven mainly by sentiment rather than structural supply constraints.
(The author is Head of Commodity Research, Geojit Investments)
Business
Inside the Four Seasons penthouse where ex-Starbucks CEO Howard Schultz is retiring
The Corcoran Group’s Mick Duchon gives Fox News Digital a tour of a $21.95 million unit at the Four Seasons residences in Surfside, where ex-Starbucks CEO Howard Schultz just bought the penthouse.
From the moment you step through a private foyer and into the sun-washed living area, it’s clear that $44 million buys more than just a view; it buys a masterpiece.
At the legendary Four Seasons Surf Club in Surfside, Florida, the modern coastal aesthetic is defined by striking architecture and a warm glow all around, illuminating custom millwork and slatted wood feature walls. Outside, rows of crisp white umbrellas line tranquil pool decks that reflect resort-style luxury.
For titans like former Starbucks Chairman and CEO Howard Schultz, this is the new “Wall Street South” — a place where floor-to-ceiling glass erases the line between a high-stakes boardroom and the turquoise horizon of the Atlantic.
“It seems like the frequent thread that we discuss is, if they can facilitate business here, why would they do it in a place that is freezing cold? They may as well do it sitting next to the ocean,” The Corcoran Group’s Mick Duchon told Fox News Digital during a showing of a $21.95 million unit in the same residential building Schultz just moved into.
INSIDE AMERICA’S MOST GUARDED ENCLAVE: A RARE LOOK AT FLORIDA’S ‘NO BUDGET’ BILLIONAIRE BUNKER
“What I find with a lot of the buyers that are looking in this space in the market, they never really retire,” he continued. “So they’re looking for the next step in their adventure, like [Schultz], and it’s an exciting place to take that step.”

The Four Seasons Private Residences at The Surf Club in Surfside, Florida, on Monday, March 23, 2026. (Getty Images)
Last month, Schultz and his wife announced they had relocated to Florida for their “retirement phase,” leaving Washington state after nearly half a century. Schultz shared the news in a post on LinkedIn, recounting how he, his wife Sheri, and their golden retriever, Jonas, made the move from New York City to Seattle 44 years ago.
“We were starting a new life,” Schultz wrote, recalling how Sheri would be their primary income earner as he started a new job “at a place called Starbucks” in September 1982.
“The spirit of continuing forward has long underpinned our approach to life—in business, in philanthropy and most importantly, as a family,” Schultz further wrote. “We will be forever grateful for the memories made in Seattle and the relationships built along the way… To the family, friends and partners who made Seattle our home for so many years, thank you.”
The unit’s balcony overlooks the resort-style pool and the Atlantic Ocean.
He and his wife purchased a $44 million penthouse at the Four Seasons Surf Club Residences, The Wall Street Journal first reported, down from an initial listing price of $55 million. It features five bedrooms, a rooftop terrace, central courtyard, private garage and oceanfront cabana.
Schultz’s announcement came as Washington state has been working to pass what has been dubbed the “millionaires tax,” which would impose a 9.9% income tax on households earning more than $1 million annually. The Washington State House of Representatives passed the controversial bill in a 51-46 vote, and it was signed into law by Democratic Gov. Bob Ferguson on Monday.
“The wealth tax as a threat in the states that potentially may implement… is a major catalyst for these high-net-worth people moving here, and where we are right now at the Four Seasons Surf Club is a perfect landing for them because of everything that it offers,” Duchon said.
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Living at the Four Seasons Surfside means buying into a history where Winston Churchill used to paint and the Rat Pack hung out. In 2026, it has been updated for the modern business leader with dining by three-Michelin-starred Thomas Keller and a state-of-the-art hammam and spa.
Four Seasons Hotel at the Surf Club opened on New Year’s Eve in 1930.
“The 1930s history… creates this historical importance, and it just adds character to the property, which is meaningful. It has a story built into the property that these people really appreciate,” Duchon noted. “It creates a place that these people are comfortable in.”
“The lifestyle here is extraordinary, the climate’s extraordinary, and the landscape is unbelievable and there’s a few properties — the Surf Club being one of them — that really fits the criteria that they’re looking for from a service perspective, an exclusivity perspective, security, architecture, design and location,” he added.
The billionaire landing pad that Duchon has as a pending sale is a turnkey four-bedroom, multiple-bathroom sanctuary spanning just over 5,000 square feet. Upon entering, guests are greeted by fine art, remarkable light fixtures and calming, comfortable white and beige furniture. In the dining area, a bespoke travertine wine cellar towers to the ceiling. The primary lounging space feels vast and grand, all while overlooking the Atlantic Ocean.
When it comes to greater Miami, some might see a cooling market. However, insiders argue that in the ultra-luxury tier, the rules of traditional real estate don’t apply.
“The market dictates the price, and sellers are entitled to ask whatever they want,” he continued. “The price points are open oftentimes, there isn’t a ceiling… They’re oftentimes willing to spend more than any other transactions in order to achieve what they want.”
Fox News Digital gets a tour of Indian Creek Village from the Corcoran Group’s Julian Johnston, who shows why the world’s wealthiest are choosing to move into the ultra-exclusive neighborhood.
“That market is separate from the rest of the market,” he expanded, “and there’s only specific properties that those high-net-worth people would consider, including Indian Creek, the Four Seasons… It’s a specific demographic that we’re focusing on, and it’s only really a specific type of product that they’re going to be interested in.”
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As the sun sets over the emerald green lawns and white cabanas at the Surf Club, the message to the rest of the country is clear: Miami is the new destination for American capital and culture. The multimillion-dollar sales aren’t just isolated events; they are the catalysts for a “trickle-down” economy that is “really growing culturally” at a record pace.
“The transactions that are occurring now in this price point, they create a lot of momentum for the rest of the market, and it does have a trickle-down effect,” Duchon said. “It’s across the other markets on the islands and single-family homes and other condos… It has created more demand and appreciation comes from that. But it is a market within itself. So there are other spaces within the Miami market that are pretty stable and steady and approachable.”
FOX Business’ Stephen Sorace contributed to this report.
Business
What’s Open, Trading Hours And Activities
SYDNEY — Sydneysiders and visitors can look forward to a mix of family fun, outdoor adventures and selective shopping during the Easter long weekend 2026, which runs from Good Friday, April 3, to Easter Monday, April 6.

New South Wales treats Good Friday and Easter Sunday as restricted trading days, meaning most major retail stores, supermarkets and shopping centres must close. Easter Saturday operates under normal trading rules, while Easter Monday follows public holiday hours with many businesses open but often on reduced schedules.
Good Friday (April 3) Most large retailers, including Coles, Woolworths and Aldi stores across Sydney, remain closed. Westfield shopping centres and other major malls are shut for the day. Small exempt businesses such as pharmacies, petrol stations, convenience stores and some fruit and vegetable shops may open with limited hours. Many cafes and restaurants in tourist areas stay open, though some apply public holiday surcharges.
Easter Saturday (April 4) Trading returns to normal with no restrictions. Most supermarkets, department stores and shopping centres operate standard hours, typically 9am to 5pm or 6pm at Westfield locations and similar centres. This is often the busiest shopping day of the weekend.
Easter Sunday (April 5) Another restricted day in NSW. Major supermarkets and most Westfield centres close, though a small number of exempt or regional stores may trade. Some smaller independent retailers and tourist-focused outlets remain open. Dining options are widely available, especially near harbourside and beach precincts.
Easter Monday (April 6) Public holiday trading applies with fewer restrictions. Most supermarkets reopen, often from 8am to 8pm with some variations. Shopping centres typically open from around 9:30am or 10am to 4pm or 6pm. Check individual venues, as hours can differ.
Supermarkets and grocery stores
- Coles, Woolworths and Aldi: Closed Good Friday and largely closed Easter Sunday in metro Sydney; open normal or extended hours Easter Saturday and Monday.
- Smaller IGA or independent grocers may have more flexible hours on restricted days. Bottle shops face tighter rules, particularly on Good Friday when alcohol sales are heavily restricted unless served with a meal at licensed venues.
Cafes, restaurants and diningPlenty of options stay open across the long weekend, especially in popular areas such as the CBD, Darling Harbour, Bondi, Manly and Surry Hills. Chains like Bills, Black Star Pastry and many harbourside spots operate with adjusted hours and possible surcharges. Book ahead for popular venues, particularly on Good Friday and Easter Sunday.
Public transport Transport for NSW runs on a Sunday or public holiday timetable for Good Friday, Easter Sunday and Easter Monday, with fewer services than weekdays. Extra trains serve Sydney Olympic Park for the Royal Easter Show. Ferries and light rail generally follow holiday schedules. Travellers should check the Transport NSW app or website for real-time updates and allow extra time.
Major attractions and activities Many of Sydney’s top draws operate throughout the Easter long weekend, though crowds are expected and advance booking is recommended.
- Sydney Royal Easter Show: Runs from Thursday, April 2, to Monday, April 13, at Sydney Olympic Park. Gates open daily around 8:30am. Families can enjoy rides, showbags, animal displays, fireworks and entertainment. This is one of the biggest draws of the period.
- Sydney Family Easter Show at the Entertainment Quarter (Moore Park): Features rides, animals and activities from early April.
- Beaches and outdoors: Bondi, Manly, Coogee and other beaches remain open for swimming, surfing and walks. Coastal tracks and national parks are popular for hiking.
- Iconic experiences: Sydney Harbour Bridge climbs, Opera House tours, Taronga Zoo, SEA LIFE Sydney Aquarium and Luna Park typically open with possible adjusted hours. Harbour cruises and ferry rides offer scenic alternatives.
- Easter egg hunts and family events: Venues such as The Grounds of Alexandria, Centennial Parklands and various gardens host egg hunts and seasonal activities, often on Good Friday through Easter Sunday.
- Markets and other events: Some local markets and Easter-themed fairs operate, though major retail centres are limited on restricted days.
Tips for the weekendPlan grocery shopping for Thursday or Easter Saturday to avoid shortages. Book tickets for major attractions and restaurants early, as demand spikes. Public holiday parking and traffic rules apply, with potential congestion near Olympic Park and harbourside spots. Weather in early April is usually mild and pleasant for outdoor activities, but check forecasts.
Essential services including hospitals, emergency services and selected pharmacies remain available. Many smaller cafes and takeaway outlets provide coffee and meals when big chains close.
The Easter long weekend offers a balance of relaxation and excitement in Sydney. Whether hunting for chocolate eggs at family events, exploring the Royal Easter Show or enjoying a harbourside walk, plenty of options exist despite retail restrictions on Good Friday and Easter Sunday.
For the latest updates, consult official websites for individual stores, attractions and Transport for NSW, as hours can change.
Business
More Than 600 Service Stations Run Out of Fuel as Aussies Are Urged Again Not to Panic Buy

Australians are being urged yet again to stop panic buying as more than 600 service stations run out of fuel.
This is despite the government’s assurance that billions of litres of fuel are on their way to Australia.
Aussies Told to Stop Panic Buying
According to a report by Sky News, Energy Minister Chris Bowen revealed that 410 service stations across Australia have run out of diesel. 193 service stations, on the other hand, have run out of petrol.
New South Wales reported the most shortages as of Friday. 182 service stations are without diesel, while 48 are without petrol.
Victoria follows behind NSW with 76 service stations out of diesel and 37 out of petrol. Queensland reported the third highest shortage with 75 service stations out of diesel and 24 service stations running out of petrol.
Here are the numbers for other states and territories:
- Western Australia – 37 stations without diesel and 58 without petrol
- South Australia – 28 stations without diesel and 15 without petrol
- Tasmania – seven stations without diesel and seven without petrol
- Northern Territory – five stations without diesel and four without petrol
Despite this, Bowen has assured the public that there is no need to panic buy.
“I encourage people to be sensible, not to take more fuel than you need, to fill up when you need to, but not before that, and to get as much fuel as you normally would,” said Bowen.
Billions of Litres of Fuel on the Way to Australia
There has been good news amidst the fuel crisis as the Australian government assured that billions of litres of fuel are now on the way to the country.
According to ABC News, Bowen revealed that 53 ships carrying fuel are currently on their way.
However, some industry stakeholders have expressed uncertainty regarding whether the fuel will even make it to Australia or not.
It can be recalled that six oil tankers meant to deliver fuel to Australia either deferred or cancelled at the end of March.
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From Tokyo Neon To Okinawa Beaches
Japan continues to captivate Australian travellers, with more than 1 million Aussies visiting the country in 2025 — a record 15 per cent increase from the previous year. As 2026 unfolds, the destination remains a top choice for those seeking a perfect blend of ancient traditions, futuristic cities, stunning nature and world-class food, all easily accessible visa-free for up to 90 days.
Australian passport holders enjoy straightforward entry with no visa required for short-term tourism or business stays. Travellers simply need a valid passport covering the duration of their visit, proof of onward travel and sufficient funds. Direct flights from major Australian cities such as Sydney, Melbourne and Brisbane make the journey convenient, with flight times around 9-10 hours to Tokyo.
Here are 10 must-visit places in Japan for Aussies planning a trip in 2026, offering a mix of iconic highlights and experiences tailored to Australian tastes for beaches, food, culture and efficient travel via the Japan Rail Pass.

1. Tokyo Japan’s bustling capital tops nearly every list for good reason. From the neon lights of Shibuya Crossing and Shinjuku to the serene grounds of the Imperial Palace and historic Senso-ji Temple in Asakusa, Tokyo delivers endless contrasts. Aussies love the efficient public transport, including the famous bullet trains, and the vast array of dining options from Michelin-starred restaurants to casual izakayas and conveyor-belt sushi. New attractions in 2026, such as expanded anime and esports zones, add fresh appeal for younger travellers. Allow at least four to five days to explore neighbourhoods like Harajuku, Akihabara and teamLab Planets.
2. Kyoto The former imperial capital remains the heart of traditional Japan, with more than 1,500 Buddhist temples and 400 Shinto shrines. Fushimi Inari-taisha’s thousands of red torii gates, the golden Kinkaku-ji (Golden Pavilion) and Arashiyama’s bamboo grove are unmissable. In spring 2026, cherry blossoms are forecast to peak around late March to early April, creating magical scenes in Maruyama Park and along the Philosopher’s Path. Aussies appreciate the walkable historic districts, geisha culture experiences and kaiseki dining. Pair it with a day trip to nearby Nara for its famous deer park.
3. Mount Fuji and Hakone No trip to Japan is complete without viewing the iconic, snow-capped Mount Fuji. The Fuji Five Lakes area offers hiking, boating and views from spots like Lake Kawaguchiko. In Hakone, Aussies can relax in onsen hot springs, ride the ropeway over volcanic valleys and even catch a glimpse of Fuji on clear days. The area is easily reached from Tokyo via the JR Pass, making it ideal for a two- or three-day side trip. Summer 2026 brings pleasant weather for outdoor activities, while autumn foliage provides another spectacular season.
4. Osaka Known as Japan’s kitchen, Osaka delivers vibrant street food, friendly locals and energetic nightlife. Must-dos include Dotonbori’s neon signs and canal views, okonomiyaki and takoyaki stalls, and Universal Studios Japan with its popular Super Nintendo World. Aussies often combine Osaka with a day trip to nearby Kobe for beef or Himeji Castle, one of Japan’s most impressive feudal fortresses. The city serves as a convenient transport hub for western Japan explorations.
5. Hiroshima and Miyajima Hiroshima offers a powerful lesson in peace and resilience at the Peace Memorial Park and Museum. A short ferry ride away, the “floating” torii gate of Itsukushima Shrine on Miyajima Island ranks among Japan’s most photographed sights, especially at high tide. Deer roam freely on the island, adding a gentle charm. Many Australian visitors appreciate the region’s moving history balanced with natural beauty and fresh seafood, including oysters. The Shinkansen makes it a straightforward day or overnight trip from Osaka or Kyoto.
6. Okinawa For a tropical escape that feels worlds away from mainland Japan, head to Okinawa’s subtropical islands. White-sand beaches, turquoise waters and coral reefs make it ideal for snorkelling, diving or simply relaxing — a welcome contrast for Aussies accustomed to beach culture at home. Naha’s Kokusai Street buzzes with local Ryukyu culture, markets and unique cuisine featuring goya champuru. The Kerama Islands offer even quieter paradises. Direct flights from some Australian cities or connections via Tokyo or Osaka make it accessible, with warmer weather extending well into autumn.
7. Sapporo and Hokkaido Hokkaido’s capital Sapporo shines for its snow festivals, fresh seafood and beer. In summer 2026, the region’s vast lavender fields, national parks and outdoor adventures appeal to nature-loving Aussies. Winter visitors can enjoy world-class skiing and the famous Yuki Matsuri ice sculptures. Hokkaido’s dairy, ramen and seafood differ noticeably from mainland fare, providing delicious variety. The island’s open spaces and cooler climate offer a refreshing change of pace.
8. Kanazawa and the Japanese Alps Often called “Little Kyoto,” Kanazawa boasts well-preserved samurai and geisha districts, Kenrokuen Garden and fresh seafood from the Sea of Japan. Nearby Takayama and Shirakawa-go’s thatched-roof villages transport visitors back in time. For those seeking mountain scenery, the Japanese Alps, including Kamikochi, deliver hiking trails and dramatic landscapes. These areas see fewer crowds than the Golden Route, suiting Aussies who prefer authentic, slower-paced experiences.
9. Nara Just a short train ride from Kyoto or Osaka, Nara earns fame for its ancient temples and the free-roaming sacred deer in Nara Park. Todai-ji Temple houses the massive Great Buddha, while the surrounding park and museums provide a peaceful half- or full-day escape. It pairs perfectly with a Kyoto itinerary and offers a gentle introduction to Japan’s deep Buddhist heritage.
10. Hakone or Izu Peninsula (for onsen and nature) Beyond the Fuji area, the Izu Peninsula and Hakone region provide excellent onsen experiences, coastal views and hiking. Aussies often enjoy the mix of relaxation and scenery, with easy access from Tokyo. New or renovated ryokan (traditional inns) in 2026 continue to elevate the luxury onsen stay, complete with kaiseki meals and private baths.
Practical tips for Australian travellers in 2026 Purchase a Japan Rail Pass before departure for unlimited Shinkansen and JR train travel — it remains excellent value despite recent price adjustments. Download apps such as Google Translate, Hyperdia or the official JR app, and consider an eSIM or pocket Wi-Fi for connectivity. Cash is still widely used alongside cards and mobile payments like Suica or Pasmo.
Book accommodation and popular experiences, including teamLab, Ghibli-related sites or Universal Studios, well in advance, especially during cherry blossom season. English signage has improved significantly, and many restaurants offer English menus or picture boards. Respect local customs: remove shoes indoors, queue patiently and speak quietly on public transport.
Travel insurance is strongly recommended to cover potential health, cancellation or adventure activity needs. Japan’s safety levels remain high, though standard precautions apply in busy tourist areas.
With record numbers of Australians discovering Japan, 2026 promises even more seamless travel as infrastructure and services continue adapting to international visitors. Whether chasing cherry blossoms in spring, summer festivals, autumn colours or winter snow, the country offers layered experiences that reward both first-timers and repeat visitors.
From the high-energy streets of Tokyo to the serene temples of Kyoto and the beaches of Okinawa, these 10 destinations provide an ideal framework for an unforgettable Japanese adventure. Start planning early, embrace the efficient rail network and prepare for a destination that effortlessly balances the old and the new.
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