President Trump criticized Exxon and Chevron for excessive profits from rising oil prices after the Iran conflict, urging them to lower consumer prices. Crude prices rose 20% since Feb attack, gasoline up 40%.
India's oil imports from Russia hit a 2.8 million bpd record in July, comprising over half its total purchases. While Russian supplies remain dominant, India also increased imports from Saudi Arabia and Iraq, indicating a recovery from Middle Eastern suppliers.
Crude oil prices fell sharply and global stocks rallied after Donald Trump announced he cancelled strikes on Iran and claimed peace talks would resume, a claim Tehran denied. This occurred despite rising fuel prices for UK motorists.
India's crude oil imports from Russia reached a record 2.8 million barrels per day in July, constituting over half of its purchases. Concurrently, Indian refiners increased sourcing from West Asian suppliers as oil flows through the Strait of Hormuz normalized.
Indian stock market anticipates a pivotal week driven by the Reserve Bank of India's interest rate decision, ongoing US-Iran conflict impacting crude oil, and Q1 FY27 corporate earnings. Domestic macros and foreign investor activity also remain key factors.
A sanctioned tanker carrying over 800,000 barrels of crude oil is leaking near Oman's protected islands, creating a 20 sq km slick that has reached shorelines. Environmental experts warn of increased leakage due to monsoon winds, while Oman ordered its removal.
The US sanctions 8 mainland Chinese and Hong Kong shipping companies for operating vessels that transported Iranian oil to China and the UAE, amid ongoing economic campaign against Tehran.
US CENTCOM reports assisting ~1,000 ships and 500M barrels of oil through the Strait of Hormuz since May, amidst resumed airstrikes on Iran after a brief ceasefire.
Australian households are warned of a potential Reserve Bank interest rate hike and petrol prices exceeding $2 a litre due to the escalating Middle East crisis pushing global crude oil above $US100 a barrel, impacting inflation and household budgets.
Crude oil prices surpassed $100 a barrel, driven by new threats to Red Sea shipping from Yemen's Houthis, escalating the Middle East conflict. This surge is expected to lead to higher gas and diesel prices, impacting airline stocks and mortgage rates.
EU countries reached a deal on their 12th sanctions package against Russia, resolving a dispute over Russian gas shipments to third countries with a limited exemption for existing contracts. The bloc also agreed to freeze its price cap on Russian crude oil for 12 months.
The Indian rupee gained 0.1% against the US dollar on Thursday, opening at 96.49, despite facing pressure from rising crude oil prices. Traders expect continued strain, with the Reserve Bank of India (RBI) intervention anticipated to limit sharper losses. Geopolitical tensions are driving oil prices higher, offsetting previous RBI measures.
A US Navy-led maritime security group warned that Iran-backed Houthis in Yemen have completed preparations to attack Red Sea shipping, particularly near Bab el-Mandeb. The EU naval mission advised vessels linked to Israeli, US, or Saudi interests to avoid the area, while Iran has also increased attacks on tankers in the Strait of Hormuz.
South Korea's industry ministry confirms stable crude oil supply for July-September despite renewed Middle East tensions, including Houthi rebel threats in the Red Sea. The ministry is closely monitoring major shipping routes and has secured sufficient oil.
Indian petrol and diesel prices remained unchanged across major cities on July 21, despite global crude oil falling below $90 per barrel due to hopes of a ceasefire. Retail fuel costs in India are influenced by taxes, freight, and exchange rates, not just crude prices, leading to stable rates.
Average petrol prices in the United States have risen to $4 per gallon, driven by escalating tensions between the US and Iran in the Middle East. This increase reverses a period of easing costs and could have wider economic implications, impacting groceries and upcoming US midterm elections.
The security situation in the Strait of Hormuz has deteriorated to a "worse-case scenario" due to repeated Iranian attacks on oil tankers, causing crews to fear transit. At least nine ships have been attacked since July 6, leading to casualties and a reduction in shipping volume, despite a US-Iran MoU on safe passage.
The Indian Rupee depreciated 39 paise against the US dollar, opening at 95.72 and falling to 95.77 due to soaring crude oil prices and escalating Middle East tensions. Concerns over global crude supply disruptions, fueled by Iran's actions in the Strait of Hormuz, dampened market sentiment.
An attack by Iranian forces on a Cyprus-flagged ship with Indian crew has heightened concerns among shipping lines and seafarers' organizations, raising worries about fuel and fertilizer supply disruptions through the Strait of Hormuz.
ONGC's board has approved the development of a 1.75 million tonne strategic petroleum reserve at Mangaluru, enhancing India's emergency crude oil storage capacity amidst global turmoil and reliance on imports.
India's petroleum product exports may rise 25% by FY25, reaching $44.4 billion, driven by Indian Oil Corporation's (IOCL) expansion. New capacity by December 2026 will boost exports, despite India importing 90% of its crude oil.
India's Petroleum Ministry clarified that E20 petrol is costlier to produce than pure petrol currently but has protected consumers from volatile oil prices and enhanced energy security. The ministry refuted claims of engine damage or significant mileage reduction from E20 fuel.
Indian ship Lila Vadinar, carrying Kuwaiti crude, transited the Strait of Hormuz after being asked to turn back by Iran. Another Indian vessel also passed through. Seven India-bound ships, including fertilizer carriers, await evacuation amid escalating conflict restricting vessel movement.
India's crude oil imports are insulated from current Hormuz Strait tensions due to diversified sourcing, with Russia supplying over half. However, LPG and LNG supplies remain vulnerable to Gulf disruptions, potentially increasing shipping costs and regional prices.
