India will continue to purchase Russian oil based on commercial viability and energy security needs, irrespective of US sanctions waivers, according to a senior petroleum ministry official.
Markets face risk of a prolonged bear phase as oil shocks and geopolitical tensions test inflation, growth and investor confidence globally, points out Debashis Basu.
The government will lift restrictions on the sale of petrol and diesel to commercial and industrial consumers from July 1, easing emergency measures imposed to manage fuel supplies.
Gold prices experienced a significant decline in futures trading due to uncertainty surrounding geopolitical tensions in West Asia and conflicting statements regarding the conflict. Investors are also awaiting key macroeconomic data for further direction on interest rate cuts.
Trump's remarks marks one of the most direct rebukes yet from Washington to its allies over their refusal to support US-led military operations in Iran and over the energy crisis triggered by disruptions in the Persian Gulf.
When missiles fly in this region, they are never just aimed at military targets.
Live updates on the US-Israel-Iran war: Trump escalates threats, Iran retaliates, and oil prices surge as the Strait of Hormuz crisis disrupts global markets.
Indian benchmark stock indices, Sensex and Nifty, extended their winning streak for a third consecutive day, driven by positive global market trends and a significant softening of crude oil prices following a peace deal between the US and Iran.
India significantly increased its crude oil imports from Russia and the United Arab Emirates in June, securing supplies as the Strait of Hormuz began to reopen, with Russian barrels remaining attractive due to discounts and UAE supplies offsetting earlier uncertainties.
His remarks come after Trump warned Iran of severe consequences if it fails to reopen the strategically vital Strait of Hormuz, a key global energy transit route.
Indian benchmark indices, Sensex and Nifty, saw a significant rebound in early trade, driven by a decline in crude oil prices. This drop followed US President Donald Trump's announcement of progress in negotiations with Iran towards an agreement to end the war, leading to a temporary pause in 'Project Freedom' to escort ships through the Strait of Hormuz. Track Nifty 50 and BSE Sensex performance and key global triggers.
India addresses the escalating conflict in West Asia, outlining its diplomatic efforts to ensure energy security, the safety of its citizens, and advocating for a peaceful resolution through dialogue.
Indian benchmark indices Sensex and Nifty traded lower amid volatile trends, influenced by escalating geopolitical uncertainties in West Asia and fresh outflows from Foreign Institutional Investors (FIIs).
Nayara Energy, a private fuel retailer in India, has increased petrol and diesel prices following a surge in global oil prices due to Middle East tensions. This move contrasts with state-owned retailers who continue to freeze prices.
Indian benchmark equity indices, Sensex and Nifty, saw gains in early trade, driven by strong performance in banking shares and positive sentiment from Asian markets, alongside optimism surrounding the ongoing US-China Summit.
A high-stakes memorandum for a 60-day ceasefire between the United States and Iran is in its final stages, with negotiators working to close remaining gaps and avert further escalation in the region, including reopening of the Strait of Hormuz and the resumption of Iranian oil sales, according to an Axios report citing US officials.
Bessent indicated that the U.S. is evaluating the status of Iranian oil as the current campaign progresses.
Jio Platforms Ltd, the digital and telecommunications arm of Reliance Industries, has approved filing draft papers for an initial public offering (IPO) involving a fresh issue of up to 27 crore equity shares, aiming to unlock value for shareholders and fuel its ambitious expansion into 5G, AI, and global markets.
Indian benchmark indices Sensex and Nifty climbed in early trade, driven by a significant drop in crude oil prices following reports of a potential 60-day ceasefire extension between the US and Iran, coupled with positive global market trends and buying in IT stocks.
A spokesperson for the Central Khatam al-Anbiya Headquarters said that Iran's armed forces are prepared to intensify their response if aggression continues.
The World Bank has affirmed India's strong position to withstand the current global energy shock, citing high foreign exchange reserves, fiscal space, and low inflation as key buffers supporting continued growth despite international headwinds.
India possesses two months of fuel stockpiles and faces no supply concerns despite global energy disruptions, according to Oil Minister Hardeep Singh Puri. However, state-run fuel retailers are incurring losses of up to Rs 1 lakh crore in a single quarter due to elevated crude prices and unchanged retail fuel prices, raising questions about the sustainability of these losses.
One Indian oil tanker successfully crossed the Strait of Hormuz, while others turned back after Iran signalled the waterway's closure, amidst rising tensions and disruptions to global energy flows.
External Affairs Minister S Jaishankar discussed the West Asia conflict and its impact on energy supplies with his Russian counterpart Sergey Lavrov and EU's Foreign Policy chief Kaja Kallas.
Nayara Energy, India's largest private fuel retailer, has reduced petrol prices by Rs 5 per litre and diesel by Rs 3 per litre nationwide, marking the first such cut in over two years. This reduction follows easing tensions in West Asia and stabilised international crude oil prices, though public sector retailers have not yet followed suit.
The United States has extended a waiver from sanctions to allow countries to buy petroleum products from Russia by a month, days after it ruled out renewal of the special measure.
The United States has announced it will not renew sanctions exemptions for the purchase of Russian and Iranian oil, ending a 30-day waiver that allowed some countries, including India, to continue importing Russian oil despite sanctions related to the Ukraine war.
US President Donald Trump and Pakistan Prime Minister Shehbaz Sharif have announced a landmark peace deal between the US and Iran, which includes the crucial reopening of the strategically important Strait of Hormuz and the immediate cessation of military operations in Lebanon.
As tensions in the Middle East approach a critical juncture, reports have surfaced regarding a draft memorandum of understanding between the United States and Iran aimed at de-escalating the ongoing conflict, Iranian state media reported on Wednesday.
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.
Prime Minister Narendra Modi and US Secretary of State Marco Rubio discussed various aspects of India-US bilateral ties, focusing on defence, trade, energy, and technology. Rubio extended an invitation from President Donald Trump for PM Modi to visit the US.
India has significantly reduced Aviation Turbine Fuel (ATF) prices for international airlines by 27% due to easing global fuel benchmarks, while simultaneously increasing commercial LPG and 5-kg cylinder prices to record highs.
Mahindra & Mahindra (M&M) is implementing a comprehensive, multi-layered strategy to fortify its supply chains against geopolitical volatility, logistical challenges, and regulatory risks, drawing lessons from recent global disruptions.
S&P Global Ratings projects India's economic growth to slow to 6.6 per cent in FY27, down from 7.7 per cent in FY26, citing energy stress and a potential sub-par monsoon.
Indian benchmark equity indices Sensex and Nifty surged in early trade, driven by a sharp correction in crude oil prices below USD 100 per barrel and a rally in global markets, fuelled by improving sentiment surrounding US-Iran negotiations.
Aviation Turbine Fuel (ATF) prices have more than doubled to a record high, impacting airlines and consumers, while commercial LPG rates also see a significant increase.
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.
A potential US-Iran peace deal, expected to be signed on June 19, is anticipated to ease geopolitical stress and benefit various sectors, particularly in India, with analysts suggesting investors await finer details before making significant moves.
High-level peace talks between the US and Iran, facilitated by Pakistan, aim to de-escalate the conflict in West Asia and potentially reshape regional stability.
Indian equity benchmark indices Sensex and Nifty experienced a significant tumble in early trade, with the Sensex tanking nearly 700 points, driven by uncertainty surrounding US-Iran negotiations, a fresh spike in crude oil prices, and persistent foreign fund outflows.
