Iran has reimposed restrictions on the Strait of Hormuz, with its forces opening fire on a passing tanker and forcing at least two Indian vessels to reverse course, escalating tensions in the region and raising concerns over energy supplies.
India's net oil import bill could rise by $56 billion to $64 billion annually assuming global crude averages $110 to $115 per barrel in FY27.
A convoy of India-bound ships carrying crude oil and gas was stopped by the Iranian Revolutionary Guard Corps (IRGC) in the Strait of Hormuz, leading to several vessels returning to the Persian Gulf.
External Affairs Minister S Jaishankar addresses the Indian Ocean Conference, expressing deep concern over the West Asia conflict and its economic repercussions on energy, trade, and food security. India calls for a swift return to peace and opposes targeting civilians and infrastructure.
Indian equities on Dalal Street saw volatility as global market trends and oil price hike impacted investor sentiment. Track Sensex, Nifty50 movement and key market drivers for Apr 23, 2026.
Indian equity benchmarks Sensex and Nifty surged nearly 1 per cent, driven by strong earnings reports from FMCG and auto sectors, alongside a rally in Asian markets and signs of de-escalation in geopolitical tensions.
Assam has become the first state in India to directly venture into oil production, following the discovery of hydrocarbons at the Namrup-Borhat block.
Around one full month of supply is firmly arranged with additional procurement being continuously finalised, and oil companies are successfully delivering over 5 million cylinders every day.
MEA spokesperson Randhir Jaiswal said India's energy decisions are guided by national interest.
Goldman Sachs has materially lowered its earnings growth forecast for Indian companies by a cumulative 9 percentage points over the next two years.
Historically, India was a major buyer of Iranian crude, importing significant volumes of Iranian light and heavy grades due to strong refinery compatibility and favourable commercial terms.
A new report suggests that prolonged conflict in the Middle East could significantly impact India's GDP growth and inflation.
'Markets never fully lose hope. But an important shift could come if the Strait remains closed -- moving from high prices to no prices.'
'It was diminishing even before Trump came to power.' 'The US was at the centre of the global economy. That position is going to become less and less important and less central.'
The cost of the war is being counted not in the corridors of power in Washington or Tehran, but in Firozabad's darkened furnace rooms, Howrah's idle casting sheds, and a barbershop in Kochi where the wait is suddenly, inexplicably, an hour long, notes Prem Panicker in his must read blog on the Iran War.
Karan Johar made a significant impact at the Meta Gala 2026 in New York, donning a stunning 30 kilo, Ravi Raja Varma-themed costume designed by Manish Malhotra.
India has gained the least since Russia invaded Ukraine in February 2022 and was penalised the most, while the US, China and the European Union emerged as the biggest beneficiaries from the war.
Indian benchmark indices, Sensex and Nifty, closed almost unchanged in a volatile session as investors reacted cautiously to mounting geopolitical headwinds and a significant jump in crude oil prices, with Brent crude surging to USD 94.68 per barrel.
A major fire near the main unit of the newly built Rajasthan refinery of HPCL has postponed the inauguration by Prime Minister Narendra Modi. The fire, which broke out near the crude distillation unit, was doused in about two hours with no reported casualties.
A Palau-flagged oil tanker with 15 Indian crew members was attacked off the coast of Oman, resulting in injuries. The incident occurred amidst rising tensions in the Middle East following attacks between Iran, the US, and Israel.
Elevated global crude oil and natural gas prices, driven by geopolitical developments in West Asia, could significantly influence the Government of India's fiscal position for 2026-27, according to a report by ratings agency Icra.
The Indian rupee depreciated by 28 paise to settle at 93.44 against the US dollar, influenced by ongoing uncertainties surrounding West Asia peace negotiations, volatile crude oil prices, and the Reserve Bank of India's recent adjustments to non-deliverable forward market regulations.
S&P Global Ratings has increased India's GDP growth forecast for the next fiscal year to 7.1 per cent, citing private consumption, investment, and exports as key drivers. However, the agency also cautioned that the conflict in the Middle East could strain India's fiscal position due to higher energy prices.
'We are targeting a 2.5x to 3x increase in valuation by FY31.'
India's new manufacturing project announcements more than halved in the fourth quarter of FY26, falling 60 per cent sequentially and 78 per cent year-on-year to approximately 1.7 trillion, driven by global uncertainties, geopolitical conflicts in West Asia, and existing unutilised manufacturing capacity.
Indian private sector and State-run refiners continued to receive crude oil from Russian suppliers even after November 21 -- the winding-down date for US sanctions on supplies from leading Russian oil producers imposed in October -- as new intermediaries sprung up in West Asia to sell the oil, according to senior refining sources and ship tracking data.
India has raised concerns with Iran over the safety of merchant shipping after two vessels were fired upon in the Strait of Hormuz, prompting them to turn back.
Indian benchmark indices Sensex and Nifty experienced volatility due to conflicting developments in West Asia, including reports of the Strait of Hormuz closure, which led to a rebound in crude oil prices and heightened investor concerns about supply disruptions and inflation.
The Reserve Bank of India (RBI) net-bought $7.4 billion from the spot foreign exchange market in February, its highest buy since March 2025, before heavily intervening by selling dollars in March as the rupee declined over 4 per cent following a spike in crude oil prices.
India's core sector output contracted by 0.4 per cent in March, marking the first decline in five months, with coal, crude oil, fertiliser, and electricity production falling, according to official data.
The US has temporarily permitted India to accept Russian oil already on ships to ensure energy supplies amid the conflict with Iran. This short-term measure is not expected to significantly benefit Russia financially.
'Even if the war ends tomorrow, which is unlikely, and we go back to the pre-war status quo, the world will still need some time to get over the sudden shock of oil price increases.'
State-owned Indian Oil Corporation (IOC), Bharat Petroleum Corporation Ltd (BPCL), and Hindustan Petroleum Corporation Ltd (HPCL) are reportedly incurring losses of Rs 18 per litre on petrol and Rs 35 per litre on diesel, as they continue to absorb rising crude oil costs without increasing retail prices. This situation is leading to expectations of a fuel price hike after upcoming state elections.
'So far our production is not affected. But every day the situation prolongs, it does bring risks in terms of shipments getting delayed.'
Production growth in India's eight core infrastructure sectors slowed to a three-month low of 2.3 per cent in February, impacted by contractions in crude oil, natural gas, and refinery products output.
India's peak power demand is projected to hit 270 GW this summer, surpassing last year's record of 250 GW.
The Indian rupee appreciated by 23 paise to settle at 92.91 against the US dollar, driven by a weakening American currency, retreating crude oil prices, and renewed foreign institutional investor (FII) inflows amid increasing hopes of easing geopolitical tensions.
Reliance Industries Ltd reported a 12.5 per cent fall in its March quarter net profit, primarily impacted by the global energy crisis affecting its oil and chemicals business, while its consumer-facing Jio Platforms unit saw a 13 per cent increase in profit after tax.
Rahul Gandhi accuses the government of compromising India's energy security by allowing the US to dictate oil supply relationships, raising concerns about the impact of global conflicts on India's energy access.
The Indian government is actively developing a policy for flex-fuel vehicle adoption and aiming for 100 per cent ethanol blending in petrol to enhance energy self-reliance, particularly in light of supply disruptions from the West Asia conflict.
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