Ukrainian forces launched a massive overnight drone, missile and boat attack on Russia's Novorossiysk naval base, killing at least two people including a child, suspending grain terminal operations, and prompting widespread damage across the Krasnodar region.
Oil prices surged to $100 per barrel following renewed US and Iranian attacks in the Gulf and Houthi rebel strikes on Saudi oil tankers in the Red Sea. This escalation threatens key shipping routes like Bab el-Mandeb, potentially doubling the blow to global energy markets after the Strait of Hormuz crisis and leading to higher consumer fuel costs worldwide.
Brent crude surpassed $90 a barrel, its highest in over a month, due to intensifying US-Iran hostilities disrupting oil shipments through the Strait of Hormuz. US forces and Iran exchanged strikes, impacting shipping and raising concerns about global oil supply and inventories.
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.
Global oil prices surged over 1% as US President Trump declared the ceasefire with Iran "over" and fresh US military strikes heightened fears of supply disruptions. Brent crude rose to $79.04 and WTI to $74.46.
Oil prices jumped nearly 6% to over $80 a barrel after attacks on tankers near the Strait of Hormuz led to the collapse of a ceasefire deal with Iran. UK bonds experienced their worst day since March, and the FTSE 100 fell, while oil giants BP and Shell saw gains.
The UAE has initiated a market share battle among Middle East oil producers, increasing exports significantly after leaving OPEC. Saudi Arabia and other Gulf nations are following suit with steep discounts, weakening oil prices and challenging OPEC's influence.
Saudi Arabia has slashed the August price of its flagship Arab Light crude for Asian customers by $11 per barrel, the largest reduction in over 20 years. This move reflects weakening demand, improved supply conditions post-Middle East tensions, and increased competition.
The US cooking oil market is contracting due to economic and immigration enforcement pressures on Latino households, according to George Weston, CEO of Associated British Foods (ABF). He noted increased oil reuse and a general "miserable" sentiment among this demographic, impacting sales of brands like Mazola. GLP-1 drugs are also affecting foodservice demand.
The UAE has announced a sharp reduction in petrol and diesel prices for July 2026, effective July 1. This marks the end of a four-month price increase streak, offering relief to motorists and businesses.
Oil prices have dropped to near pre-war levels due to a U.S.-Iran truce, but strategists warn markets are overly optimistic. Persistent supply challenges, high shipping costs, and Iran's leverage over the Strait of Hormuz are expected to hinder normalization, keeping prices range-bound.
U.S. officials defended an interim deal with Iran, including a proposed $300 billion reconstruction plan, against criticism of giving "too much." Oil markets reacted with restraint as investors focused on potential U.S. interest rate hikes and OPEC's outlook on oil demand.
A US-Iran framework agreement aims to end Gulf hostilities, reopening the Strait of Hormuz to shipping. However, significant hurdles remain, including mine clearing, high war-risk insurance premiums, and unresolved broader issues like Iran's nuclear program, posing risks to the fragile deal.
A US-Iran framework agreement aims to end Gulf hostilities, reopening the Strait of Hormuz. However, significant hurdles remain, including mine clearance, high war-risk insurance, stranded vessels, and unresolved broader issues like Iran's nuclear program.
Despite a blockade of the Strait of Hormuz, the oil market has shown resilience due to significant storage buffers and reduced demand. However, analysts warn these reserves will deplete, potentially leading to price increases if the strait remains closed.
President Trump faces a hostile G7 summit crowd due to the Iran war's economic fallout, including inflation and disrupted energy supplies. European leaders seek a deal with Iran and discuss reopening the strait, while economists warn of AI supply chain impacts and slower global growth.
Donald Trump announced a "very powerful strike" against Iran and plans to control its oil and gas market, similar to Venezuela. This follows US strikes on ships in the Gulf of Oman and Iranian attacks on US allies.
Donald Trump announced on Truth Social that the US would launch a "very powerful strike" on Iran and take control of its oil and gas market, similar to Venezuela. This follows recent exchanges of fire and a US strike on a vessel in the Gulf of Oman.
Donald Trump vowed to intensify strikes against Iran, claiming its military capabilities are "finished." He expressed a desire to control Iran's oil island of Kharg, drawing parallels to actions taken with Venezuela, and pledged to impose full control over Iranian oil and gas markets.
Iran threatens to seize Kharg Island and other oil infrastructure, aiming for total control of oil and gas markets in the near future, according to a statement.
Donald Trump threatened to seize Iran's Kharg Island and control its oil markets, escalating tensions after Iran declared a ceasefire "practically meaningless." Both sides traded strikes, with the US disabling an oil tanker and Iran targeting US airbases.
President Trump expressed his "love" for inflation despite US consumer prices rising at their fastest annual pace in over three years. Data showed a 4.2% annual increase in May, driven by energy costs linked to the Iran conflict.
Russian Deputy PM Alexander Novak stated the global oil market is in an "extremely uncertain" state, with demand dynamics unpredictable even for the next 5-10 years. He met with Saudi Arabian Energy Minister Abdulaziz bin Salman at SPIEF, agreeing that current demand expectations are unknown.
India's Oil Marketing Companies face nearly Rs 700 under-recovery per domestic LPG cylinder. The Ministry of Petroleum and Natural Gas reports stable supplies despite global disruptions, with domestic production and imports bolstering availability. Digital systems streamline bookings and deliveries.
