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.
Arvind Kejriwal criticized the Centre for high fuel prices, stating petrol should cost Rs 82 instead of Rs 102 due to falling global crude oil rates. He accused the government of enabling oil companies' 'illegitimate profit' and questioned the rationale behind high prices despite the push for E20 ethanol-blended petrol.
Amidst rising crude oil prices and renewed US-Iran tensions impacting the Strait of Hormuz, India's energy security is under scrutiny. While crude oil imports are diversified, LPG and LNG supplies, heavily reliant on the Middle East, face significant risks from shipping disruptions and increased costs.
Renewed fighting between the US and Iran has caused crude oil prices to jump 7% and stock prices to fall significantly. The escalation threatens market volatility and could impact Federal Reserve interest rate decisions.
Amidst rising US-Iran tensions impacting the Strait of Hormuz, India's crude oil imports remain diversified. However, its LPG and LNG supplies, heavily reliant on the Middle East, face significant risks due to potential shipping disruptions and increased costs.
Brent crude oil futures for September delivery exceeded $80 per barrel on London's ICE exchange for the first time since June 22. WTI crude futures also saw a significant rise.
Renewed fighting between the US and Iran has caused crude oil prices to jump 7% and stock markets to fall. President Trump declared an end to a ceasefire, leading to US military strikes on Iranian targets. This escalates global market volatility and adds pressure on the Federal Reserve.
US Treasury revoked General License X, impacting Iranian oil transactions. While crude oil prices rose due to tanker attacks near the Strait of Hormuz, Bitcoin remained stable, raising questions about market confidence and future inflation impacts.
Brent crude oil futures for September 2026 delivery on London's ICE exchange have climbed above $78 per barrel, marking the first time since June 23, 2026. Prices saw significant increases throughout the morning, with WTI crude oil futures also rising.
Indian stock market indices Nifty50 and BSE Sensex plunged around 2% on Wednesday, erasing nearly Rs 8 lakh crore in investor wealth. The crash was triggered by fresh US-Iran tensions following President Trump's declaration that the ceasefire arrangement was "over," leading to a surge in crude oil prices and a wave of risk aversion globally.
