Coca-Cola has increased prices in India due to severe disruptions in the Strait of Hormuz, a key supply route for aluminum cans and raw materials, following the collapse of an interim truce in the Iran conflict.
India's state-owned oil refiners Indian Oil Corp and Hindustan Petroleum Corp purchased approximately 7 million barrels of crude oil last week. This comes as the country's crude inventories have recovered significantly after disruptions.
Iran's Foreign Minister Abbas Araghchi warned that disrupting Tehran's control over the Strait of Hormuz would escalate tensions, amidst ongoing peace talks and recent exchanges of attacks with the US.
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.
China and India are increasingly turning to Brazil for oil supplies due to disruptions in the Strait of Hormuz caused by the US-Iran conflict. Brazil's exports to Asia have surged, with China and India significantly increasing purchases, though it's not a complete replacement for Middle Eastern crude.
Chinese traders are exploring transcontinental freight links across Eurasia as a more reliable alternative to shipping routes through the Strait of Hormuz, which continue to face disruptions. Rail capacity is in high demand, with May slots fully booked.
Petrol and diesel prices saw a third hike in under 10 days, with prices rising by up to 87 paise for petrol and 91 paise for diesel per litre. This surge is attributed to escalating global crude oil prices driven by the West Asia conflict and disruptions at the Strait of Hormuz.
Oil prices saw a slight uptick as traders awaited crucial talks between US President Trump and China's Xi Jinping. Lingering concerns over the Strait of Hormuz disruptions and the ongoing Middle East conflict are keeping markets on edge. Despite US pressure, China's continued reliance on Iranian oil adds complexity to potential resolutions.
Oil prices extended gains on Tuesday as stalled US-Iran peace talks and disruptions to the Strait of Hormuz tightened global supply. WTI Crude rose 0.98% to $97.31 while Brent Crude gained 0.97% to $109.30. The Middle East conflict has now entered its third month, disrupting the strategic waterway that handles 20% of global oil and gas consumption. The US maintains its blockade of Iranian ports while Iran requires vessel approval for Strait passage.
Global oil prices surged Monday, with Brent crude hitting $107.49 and WTI reaching $96.17, driven by stalled US-Iran peace talks and ongoing Strait of Hormuz disruptions. This supply squeeze, exacerbated by restricted shipping, has led Goldman Sachs to revise its Q4 oil price forecasts upwards, signaling continued market volatility.
Gold prices in major Gulf cities including Dubai, Abu Dhabi, Doha, Riyadh, Jeddah, Kuwait City and Muscat are drawing attention due to escalating US-Iran tensions, disruptions in the Strait of Hormuz and rising Brent crude prices. As of April 24, 2026, 24k gold in Dubai is AED 564.25 per gram, while rates vary across other Gulf cities with 24k gold ranging from OMR 59.25 in Muscat to KWD 47.14 in Kuwait City.
India and China are fiercely competing for limited Russian crude supplies as disruptions in the Strait of Hormuz and the Middle East conflict tighten global oil markets. Chinese imports through the critical waterway fell to 222,000 bpd in April from 4.45 mbd before the Iran war, while India's supplies dropped to 247,000 bpd from 2.8 mbd in February. India faces greater vulnerability with only a 30-day supply buffer, while China can rely on 3-4 months of stockpiles.
Oil prices slipped slightly on Thursday after strong gains the previous session, as investors weighed stalled peace talks between Iran and the United States and ongoing restrictions on the Strait of Hormuz. Brent crude fell 15 cents to $101.76 a barrel, while WTI slipped 14 cents to $92.82. Both benchmarks had surged over $3 on Wednesday driven by a draw in US fuel inventories and uncertainty over US-Iran diplomatic progress. Iran seized two ships in the strait, tightening control over the critical waterway that handles around 20% of global oil and LNG flows.
Defence Minister Rajnath Singh warned during his visit to Germany that disruptions in the Strait of Hormuz directly threaten India's energy security and economic stability, emphasizing that West Asian instability is a global concern rather than a regional issue. He called for stronger India-Germany defence ties, expanded industrial cooperation, and coordinated responses to emerging security challenges including cybersecurity, artificial intelligence and drone warfare.
Indian refiners have doubled their Russian oil purchases for April to 60 million barrels, paying premiums above Brent benchmarks as the US-Israeli conflict with Iran disrupts shipping through the Strait of Hormuz.
