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Oil prices tumbled over 5% on Monday, falling below the $100 per barrel mark, buoyed by optimism over a potential agreement aimed at ending the US-Iran war. The market reaction came even as US President Donald Trump sought to cool expectations of an imminent breakthrough.At around 7:40 am, WTI Crude was trading at $92.41, down…
Donald Trump and Mojtaba Khamenei (R) US President Donald Trump on Sunday claimed that the United States and Iran have “largely negotiated” a broader agreement that could reopen the Strait of Hormuz and potentially bring an end to the months-long conflict launched under “Operation Epic Fury.”However, Iran does not appear to align with the MAGA…
The United States and Iran are close to signing a proposed agreement that would extend the current ceasefire for 60 days, reopen the Strait of Hormuz and allow Iran to resume oil exports while negotiations continue on Tehran’s nuclear programme, as per US media outlet Axios.According to the report, the draft memorandum of understanding (MOU)…
Venezuela has emerged as India’s third-largest crude oil supplier so far in May, overtaking Saudi Arabia and the United States, as Indian refiners increased purchases of cheaper heavy crude amid disruptions linked to the ongoing West Asia conflict.The South American nation supplied around 417,000 barrels per day (bpd) to India this month, sharply higher than…
Global crude oil prices could surge to as high as $200 per barrel in a worst-case scenario if the Strait of Hormuz remains closed through the end of 2026, according to a report.As per a report by Wood Mackenzie, a prolonged disruption in the strategic waterway could trigger a severe global energy and economic crisis.The…
Oil prices climbed on Friday as investors remained uncertain about the prospects of a breakthrough in ongoing US-Iran peace negotiations, while concerns over supply disruptions through the Strait of Hormuz continued to support the market.Brent crude futures rose $2.38, or 2.3 per cent, to $104.96 a barrel by 0034 GMT, while US West Texas Intermediate…
President Donald Trump on Thursday said the United States has “total control” of the Strait of Hormuz through its naval blockade and vowed that Washington would recover Iran’s stockpile of highly enriched uranium, warning Tehran against pursuing a nuclear weapon.Speaking at the White House, Trump said, “We have total control of Strait of Hormuz with…
Oil prices edged higher on Thursday as continuous supply disruptions due to the Iran conflict raised concerns over tightening fuel reserves across the globe. Benchmark oil prices traded marginally higher, with WTI Crude rising 0.58% to $98.83 a barrel and Brent Crude gaining 0.44% to $105.5 a barrel.The recovery comes after a sharp decline on…
NEW DELHI: India is preparing to send ships through the strategically vital Strait of Hormuz to secure crude oil and energy cargoes from Middle Eastern suppliers as disruptions caused by the Iran war continue to strain global energy markets, according to a Bloomberg report citing people familiar with the matter.The report said the plans have…
North Atlantic Treaty Organization is discussing the possibility of deploying forces to help protect commercial shipping through the strategically crucial Strait of Hormuz if the waterway remains blocked into July, Bloomberg reported, citing senior alliance and diplomatic officials.According to Bloomberg, the proposal has backing from several Nato members, though the alliance has not yet reached…
