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Pakistan could see its monthly oil import bill jump to $600 million as tensions in West Asia escalate, country’s finance minister Muhammad Aurangzeb has warned. These comments come at a time when global oil markets are reacting sharply to the ongoing crisis, with prices surging past the $100 mark on Monday. Brent crude, the international…
Oil markets skyrocketed beyond the $100 mark on Monday as Middle East conflict continues to intensify, fueling fears about energy supplies disruption and shipping routes across the region. Brent crude, the global benchmark, climbed past $118 a barrel. US benchmark West Texas Intermediate followed a similar trajectory as the light, sweet crude grade jumped 30%…
Oil prices have climbed above $100 a barrel for the first time in more than three and a half years as the escalating war involving Iran disrupts energy production and shipping routes across the Middle East. US President Donald Trump called it a “very small price to pay for world peace”.“Short term oil prices, which…
NEW DELHI: Crude imports from Russia remained at the top of India’s oil basket despite US warning New Delhi against purchases from Moscow and the Trump administration later levying an additional 25% penal tariff.Indian oil purchases from Moscow picked up in 2023, soon after the Ukraine war broke out and Russian crude became available at…
Russia on Friday said it would not disclose details of Russia’s crude oil exports to India, citing security and geopolitical concerns amid heightened tensions in global energy markets, reported PTI.Kremlin spokesman Dmitry Peskov said Moscow would keep the figures confidential and would not release quantitative information about oil shipments to India.“No, of course, we’re not…
Global oil prices surged on Friday as the conflict in West Asia intensified, pushing benchmark crude above the $90 mark amid fears of further supply disruptions.The Brent North Sea crude, the international oil benchmark, rose more than 5% to $90.25 per barrel, its highest level since April 2024, AFP reported.The US benchmark West Texas Intermediate…
Indian refiners are currently paying a premium of $2 to $4 per barrel above Dated Brent for deliveries of Russia’s benchmark Urals crude. (AI image) In a quick and immediate fix to the Middle East oil supply shock, Indian refiners have begun purchasing readily available Russian crude oil. With ships and tankers currently not moving…
India has sought to buy Russian crude to avoid supply shortages as Middle East tensions show no sign of abating. (AI image) India is back to stepping up purchases of Russian crude as the ongoing US-Israel-Iran war blocks Strait of Hormuz and crucial oil supplies from the Middle East, according to reports. India imports nearly…
MUMBAI: The government’s decision to hold back cuts in retail petrol and diesel prices despite the earlier fall in global crude has given oil marketing companies (OMCs) room to cushion the impact of fresh spikes. According to a report by Nomura, this buffer means that a 10% rise in crude oil prices is likely to…
Any interruption to navigation in the Strait of Hormuz poses a serious threat to international oil trade flows. Strait of Hormuz closure has sent shockwaves in global markets and with no signs of the US-Israel-Iran war de-escalating, oil prices have been climbing up. The expanding conflict in Iran has brought tanker movement through the Strait…
