Oil prices rose Tuesday after a sharp decline, as investors balanced optimism from US-Iran peace talks with uncertainty over crude shipments via the Strait of Hormuz. Brent crude futures increased to $78.15 a barrel, and WTI gained to $74.19.
Indian refiners have secured sufficient crude oil and LPG supplies to last through August and mid-July, respectively, by increasing purchases from suppliers like ADNOC and through spot tenders, amid ongoing Middle East energy supply disruptions.
India and UAE are accelerating plans to build 30 million barrels of strategic oil reserves, expanding UAE-linked capacity from 5.8 million barrels. This move aims to bolster India's energy security amid geopolitical risks, with potential for commercial utilization of stored crude.
China holds the world's largest strategic oil reserves, followed by the US and Japan, according to IEA data. Amid the US-Iran conflict and the closure of the Strait of Hormuz, nations are managing emergency stockpiles to mitigate supply disruptions.
