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As tensions in the Middle East continue to boil, the ripple effects are being felt across global oil markets. Disruptions around the Strait of Hormuz, one of the world’s most vital oil transit routes, have thrown supply chains into uncertainty, prompting governments and refiners worldwide to rush in search of alternatives. The International Energy Agency…
Rupee hit an intra-day low of 92.37 against the US dollar, tumbling 12 paise in early trading on Friday. The currency was dragged down by rising global crude prices and weak domestic market sentiment amid the ongoing conflict in West Asia. At the interbank foreign exchange market, the currency opened at 92.33 per dollar before…
The Middle East crisis impact has continued to spill across global oil supply chains, once again pushing crude prices beyond the $100 mark. Brent crude, the global oil benchmark, rose slightly after moving past $100 a barrel on Thursday (local time), gaining 0.20% to trade at $100.66 by 0020 GMT. Meanwhile, US benchmark West Texas…
NEW DELHI: A crude oil tanker that passed through the Strait of Hormuz has arrived at Mumbai Port, becoming one of the first vessels to reach India via the critical route amid escalating tensions in the Middle East. According to the Mumbai Port Trust, the Liberia-flagged tanker Shenlong Suezmax, captained by an Indian national and…
US President Donald Trump on Wednesday (local time) said that the United States would tap its strategic oil reserves to help reduce fuel prices as global energy markets reel from the escalating Middle East conflict.“We’ll do that, and then we’ll fill it up,” Trump said about releasing crude from the US strategic reserve. “Right now,…
Oil price today: Oil prices surged more than 9% on Thursday, climbing back above the $100-a-barrel mark as fresh strikes on energy supplies and infrastructure in the Middle East heightened fears of major disruptions, overshadowing a record release of crude from strategic reserves aimed at calming markets.Brent Crude jumped 9.3% to $100.50 per barrel, while…
AI image for representative purpose only On any given morning in India, a quiet choreography of energy unfolds. In a Delhi kitchen, a blue LPG flame hisses beneath a pressure cooker. Hundreds of kilometres away, a freight truck hums along the Delhi–Mumbai Expressway, its engine burning diesel. At Bengaluru airport, a jet roars down the…
The government on Wednesday said India’s crude oil supplies remain secure and urged consumers not to panic over LPG availability, noting that steps have been taken to ensure fair distribution amid geopolitical disruptions.Sujata Sharma, Joint Secretary (Marketing & Oil Refinery) in the Ministry of Petroleum and Natural Gas, said domestic LPG supplies are currently being…
India has purchased around 30 million barrels of unsold Russian crude after the United States issued a 30-day waiver allowing the country to buy shipments already stranded at sea, Bloomberg reported citing sources.According to the report, Indian refiners moved quickly to secure the available cargoes, many of which were already positioned in Asian waters, offering…
Oil prices fell to around $88 per barrel after a report said that the International Energy Agency (IEA) is considering a record release of emergency oil reserves to stabilise global markets amid the escalating conflict in the Middle East, according to Bloomberg.According to a report by the Wall Street Journal, the proposed release could exceed…
