Amidst escalating tensions with Iran, the US has granted India a temporary 30-day waiver to continue purchasing Russian oil, aiming to stabilise global energy markets and encourage future US oil imports by India.
The Congress has strongly criticised the US government's temporary waiver allowing India to purchase Russian oil, raising concerns about continued 'American blackmail' and its impact on India's energy policy.
In a statement issued by Iran's consulate in Mumbai, it said, "At present, Iran essentially has no floating crude or surplus available for international markets. The US Treasury Secretary's remarks appear aimed at reassuring buyers and managing market sentiment."
US Secretary of War Pete Hegseth on Friday claimed that Iran's new supreme leader, Ayatollah Seyyed Mojtaba Hosseini Khamenei, is "wounded and likely disfigured" in strikes by the US on the country.
US Energy Secretary Chris Wright said that long-term oil supplies are 'abundant' and there are no worries regarding that, but in the short term, there is a need to get oil on the market.
Fathali further stated that Tehran has instructed its embassy in India to facilitate the Indian government, ensuring smooth operations amid the ongoing regional conflict.
India imports nearly 60 percent of its LPG, with most cargo previously coming through the Strait of Hormuz, now closed for commercial shipping.
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The West Asia conflict escalated sharply as Iran launched missiles towards Israel, while Tehran confirmed the killing of its intelligence minister in Israeli strikes, marking the third assassination of a senior Iranian official in two days.
Qatar has halted liquefied natural gas (LNG) production after its facilities came under attack amid the ongoing West Asia conflict, disrupting supplies to India and squeezing feedstock availability for key domestic sectors.
Amid rising tensions, Iran reportedly launched ballistic missiles toward a US-UK military base, prompting concerns about regional stability and the potential for escalating conflict in the Middle East.
On Saturday, it was reported that a drone strike had targeted the Fujairah Port in the UAE, triggering a fire.
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An Indian-flagged crude tanker safely departed from the UAE's Fujairah after loading oil, despite an attack on the oil terminal. The Indian government is closely monitoring the situation in West Asia to ensure stable fuel supplies and maritime safety.
Asian Development Bank (ADB) on Friday warned that India's limited crude oil reserves of about 100 million barrels - sufficient for only 40-45 days of consumption - leave the country particularly vulnerable to supply disruptions through the Strait of Hormuz amid the ongoing war in West Asia.
Former NITI Aayog CEO Amitabh Kant warns that artificial intelligence (AI) could exacerbate global inequalities if not used for the benefit of people, highlighting its immense energy requirements and the need for renewable energy solutions.
The Israeli Air Force (IAF) said it struck several targets in Tehran, Shiraz and Ahvaz simultaneously over the past 24 hours, targeting sites linked to Iran's ballistic missile programme, air defence systems and military headquarters.
India and Canada solidify their partnership with a landmark uranium supply agreement and discussions to finalise a comprehensive economic partnership, signaling stronger ties and cooperation on key global issues.
An oil tanker carrying Saudi crude safely reached Mumbai after crossing the war-hit Strait of Hormuz with its tracking system briefly switched off.
The Indian government has directed oil refineries to increase LPG production to ensure a stable supply of domestic cooking gas, amidst concerns over potential disruptions from the escalating Middle East conflict and its impact on imports.
Experts at the Mosambi Climate Conference (MC2) emphasized the importance of incorporating digital architecture into the energy ecosystem for achieving significant climate transformation.
Opposition parties are demanding a full Parliament discussion on the West Asia conflict, criticising the government's silence and calling for a contingency plan to protect India's energy security and citizens.
Maharashtra minister Chandrashekhar Bawankule suspects negligence and safety lapses at SBL Energy Limited in Nagpur, where a blast killed 19. An investigation is underway to determine accountability.
The government has introduced a mandatory 25-day gap between LPG cylinder bookings due to supply concerns arising from global disruptions and tensions in the Strait of Hormuz. This measure aims to prevent hoarding and prioritise essential non-domestic sectors, while domestic LPG production is being increased to mitigate shortages.
India is well-stocked with inventories of crude oil and key petroleum products, including petrol, diesel, and aviation turbine fuel (ATF), to deal with short-term disruptions as the war intensifies in West Asia, Union Minister of Petroleum and Natural Gas Hardeep Singh Puri said on Tuesday.
The Indian rupee crashed to a record closing low against the US dollar due to rising global crude oil prices, a strengthening dollar, and geopolitical tensions in the Middle East.
Analysts predict that the ongoing conflict in West Asia, crude oil price fluctuations, and the US Federal Reserve's interest rate decision will significantly influence the Indian equity market this week.
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The death toll in the Nagpur explosives company blast has risen to 19, with 23 others injured. Police have arrested nine directors of SBL Energy Limited, and an investigation is underway.
Despite international crude oil rates crossing USD 100 per barrel due to Middle East tensions, the Indian government plans to maintain current petrol and diesel prices, ensuring uninterrupted fuel supply across the country.
Bangladesh is importing 5,000 tonnes of diesel from India through a cross-border pipeline on Tuesday, according to officials. The fuel consignment will enter Bangladesh through the Parbatipur point, said Muhammad Rezanur Rahman, chairman of the Bangladesh Petroleum Corporation (BPC).
The US has granted India permission to buy Russian oil already in transit to ease global supply pressures amidst the West Asia conflict. This decision comes after India agreed to halt sanctioned Russian oil purchases and substitute them with US oil.
Private bus operators in Sri Lanka warn of potential service disruptions and a nationwide strike due to significant fuel price increases, impacting public transport and raising concerns about inflation.
Iran has not closed the Strait. It remains open; however, due to current conditions and circumstances, ships are unable to pass through the Hormuz. Otherwise, Iran never wanted the Strait to be closed or blocked, the supreme leader's representative said.
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According to the report, the Pentagon is deploying the USS Tripoli ARG, along with the 31st Marine Expeditionary Unit (MEU), part of its own strike group.
Trump said he is unwilling to make a deal with Tehran at this stage despite indications the country wants negotiations.
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A blast at an explosives factory in Nagpur, India, resulted in 19 deaths. A state minister suspects negligence and announces compensation for the victims' families. An investigation is underway to determine accountability.
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