Prime Minister Narendra Modi addressed the media before the Monsoon Session, emphasizing Indian youth's aspirations and national achievements like Skyroot's rocket launch. He urged the opposition to use logic in Parliament, while also taking a veiled swipe at Rahul Gandhi amid protests over issues like the NEET-UG paper leak.
China's CNPC calls for strengthened maritime security and emergency response capabilities, citing the fragility of global chokepoints like the Strait of Hormuz. Disruptions have driven up prices and inflation, with US inflation reaching 4.2% in May.
Baku Energy Week 2026 opened with Azerbaijan's President Ilham Aliyev emphasizing the continued need for fossil fuels while advocating for parallel investment in renewables. Discussions focused on AI, gas geopolitics, and emissions reduction, highlighting the oil and gas sector's modernization efforts.
The Middle East war has severely impacted India's energy supply, leading to three consecutive fuel price hikes. Meanwhile, 27 countries are seeking rapid financial support from the World Bank to mitigate the economic fallout.
Oil prices surged as President Trump rejected Iran's peace proposal, reigniting fears over global energy supply routes. Hopes for breakthrough talks faded, shifting market attention to Trump's upcoming visit to Beijing. Saudi Aramco warned of significant oil market losses, while tankers navigated the Strait of Hormuz with tracking systems off.
Global oil prices surged past $120 per barrel on Thursday, reaching $122 — the highest level since 2022 — as fears of prolonged supply disruptions intensified amid deadlock in US-Iran nuclear talks. Brent crude rose 1.9% to near $120 while WTI climbed to about $107, building on nearly 6% and 7% gains respectively from the previous session. The spike follows President Trump's direction to prepare for a prolonged blockade of Iran, with the Strait of Hormuz effectively choked since US-Israeli strikes began February 28.
The World Bank warned Wednesday that the US-Israeli war on Iran has triggered the biggest global energy supply shock on record, with attacks on Strait of Hormuz infrastructure cutting oil supply by about 10 million barrels per day. Energy prices will jump 24% to their highest since 2022, while overall commodity costs rise 16%, with fertilizer prices up 31% and metals hitting record highs. Under a severe disruption scenario, oil could average $115 per barrel.
Despite global energy supply strains due to Middle East conflict, India's government assures robust domestic fertilizer availability, exceeding current requirements. Commercial LPG allocations have also increased, with officials confirming sufficient supplies and no distributor dry-outs, even as panic buying is reported.
