India's Oil Minister Hardeep Singh Puri suggested petrol and diesel prices may decrease as cheaper crude oil arrives. He defended current prices, noting limited increases despite global volatility and government excise duty cuts, while OMCs face daily losses.
India's crude oil imports from Russia are projected to reach an all-time high of 2.35 million barrels per day in June, driven by Strait of Hormuz disruptions and continued demand. Russia has become India's primary supplier since the US-Iran conflict began.
The Indian Rupee gained 20 paise against the US dollar in early trade on Friday, reaching 94.20. Optimism surrounding an India-US trade agreement, coupled with improved foreign inflows and lower crude oil prices, fueled the recovery from its previous all-time closing low.
The US and Iran have signed a deal to end a war that disrupted global energy supplies, including the opening of the Strait of Hormuz. However, Israeli airstrikes continue in Lebanon, raising doubts about the full cessation of hostilities.
Indian consumers won't see immediate price cuts on daily essentials and home appliances. Manufacturers hold high-cost raw material inventory, expecting potential relief around September-October, contingent on stable input costs.
Three Iranian tankers, Diona, Hero II, and Sonia I, owned by the sanctioned National Iranian Tanker Company, have broadcast their locations as they crossed a US naval blockade in the Arabian Sea. This move signals Iran's confidence despite the US stating the blockade remains until a deal is signed.
Russia's crude oil and petroleum product exports reached 7.35 million barrels per day in May 2026, a 0.14% increase from April, despite a 3.26% revenue drop to $20.79 billion due to lower energy prices.
India may require domestic refiners to hold 30 days' worth of crude oil reserves, akin to China's model, to secure energy supply amid global disruptions, potentially costing refiners nearly Rs 60,000 crore.
The Indian Rupee strengthened significantly against the US dollar, gaining over 30 paise to reach 94.29. This recovery is attributed to falling crude oil prices and a weaker dollar index, with markets anticipating the US-Iran framework agreement.
Hai siêu tàu chở dầu của Iran, DIONA và HERO2, đã rời khu vực bị hải quân Mỹ phong tỏa, vận chuyển 3,8 triệu thùng dầu thô. Một tàu khác cũng rời đi với 1 triệu thùng. Động thái này cho thấy Mỹ có thể đã dỡ bỏ lệnh phong tỏa trước thỏa thuận hòa bình dự kiến ký tại Thụy Sĩ.
At least three Iranian tankers carrying nearly five million barrels of crude oil have exited the U.S. Navy blockade in the Strait of Hormuz, the first outbound shipments in two months. This comes as shipowners cautiously reposition ahead of an anticipated U.S.-Iran deal signing in Geneva.
India is exploring a China-like policy to compel domestic refiners to maintain larger crude oil inventories, aiming to mitigate risks from supply disruptions. This proposal, still in early stages, would require refiners to hold approximately 30 days of national demand, potentially costing Rs 60,000 crore for crude purchases alone.
The Indian rupee depreciated by 2 paise to close at 94.60 against the US dollar on Tuesday, halting a two-session gain. Despite easing crude oil prices and optimism over a US-Iran peace deal, foreign capital outflows from Indian equities capped the rupee's rise.
The price of base oil for synthetic motor oil has tripled due to the war in Iran and disruptions in the Middle East. Supply chain issues, including damage to a key Qatari plant and prioritization of diesel fuel, are leading to higher prices and potential shortages for consumers.
Indian stock markets, Sensex and Nifty, rose for the third consecutive session on Tuesday, driven by positive global trends, foreign fund inflows, and easing crude oil prices following a reported US-Iran peace deal. The Sensex closed up 0.71% at 76,808.48 and Nifty 50 rose 0.57% to 23,989.15.
China's crude oil production rose 1.1% to 91.31 mln metric tons in January-May 2026. However, crude oil processing volumes in May fell 9.1% year-on-year. Natural gas production increased 1.7% in the same period, while coal output declined.
A potential US-Iran peace deal and the reopening of the Strait of Hormuz could lead to crude oil prices falling below $80 a barrel within weeks, according to Indian refining company executives. The agreement aims to end military conflict and lift US naval blockades, restoring vital shipping routes.
Falling global energy prices, potentially due to a US-Iran agreement, could offer relief to Indian refiners and gas consumers. Brent crude has dropped to nearly $83/barrel, impacting India's 88% crude import dependence. LNG prices, though moderated, remain elevated.
A potential US-Iran peace deal and reopening of the Strait of Hormuz could significantly benefit India's economy. Expected outcomes include lower crude oil prices, rupee appreciation, reduced inflation, and improved balance of payments, potentially boosting GDP growth.
The Indian rupee strengthened against the US dollar for the second consecutive session, driven by a significant drop in crude oil prices and supportive measures from the Reserve Bank of India. The currency closed at 94.71, reaching a five-week high.
Despite a new peace deal, the war on Iran and its ripple effects have normalized conflict, causing widespread hardship, economic upheaval, and collateral damage across the Middle East, with ongoing strikes and unresolved issues threatening lasting peace.
Crude oil prices dropped sharply Monday morning, with Brent crude around $83 and WTI at $80, after President Trump indicated a deal to end the war with Iran will be signed Friday, potentially reopening the Strait of Hormuz.
Crude oil prices dropped significantly Sunday night after President Trump announced on social media that a deal to end the war with Iran was "complete," leading to the reopening of the Strait of Hormuz. Brent crude fell below $84 and WTI below $81.
Crude oil prices dropped sharply Monday after President Trump indicated a deal to end the war with Iran would be signed Friday. Oil futures sank nearly 13% from mid-week, with Brent crude around $83 and WTI at $80, as markets anticipate the reopening of the Strait of Hormuz.
