Fitch Ratings has warned that India's oil marketing companies (OMCs) could face significant credit pressure if crude oil prices remain elevated, leading to eroded earnings and increased working capital needs due to delayed fuel price pass-through.
Despite international crude oil prices falling to a four-month low, retail petrol and diesel prices in India are unlikely to be cut immediately because state-run refiners are still processing costlier crude purchased during the peak of the West Asia crisis, Oil Minister Hardeep Singh Puri said.
The United States has announced new sanctions targeting Iran's 'shadow oil economy,' accusing Tehran of using illicit oil revenues to fund the Islamic Revolutionary Guard Corps (IRGC) and its regional activities.
Crude oil prices reached a new record high in futures trade, both domestically and internationally, as escalating military tensions between the US and Iran in West Asia continue to fuel market volatility. Diplomatic efforts concerning the Strait of Hormuz are being closely watched for potential price stabilisation.
Indian stock markets are poised for volatility this week, driven primarily by the outcomes of five state assembly elections, ongoing high crude oil prices amid West Asia tensions, and the release of Q4 corporate earnings, according to market analysts.
The United States conducted retaliatory strikes against Iran, targeting over 80 sites, after accusing Tehran of attacking commercial vessels in the Strait of Hormuz, while Iran condemned the US decision to revoke a temporary suspension of sanctions on Iranian oil sales.
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.
US President Donald Trump announced the 'reinstatement' of an 'Iranian Blockade' in the Strait of Hormuz, stating the US would charge a 20 per cent levy on transiting cargo for providing security, while Iran warned against any US interference, reaffirming its authority over the critical waterway.
India has condemned an attack on a Cyprus-flagged commercial vessel off the coast of Oman, which resulted in one Indian crew member going missing. The incident occurred amidst escalating hostilities between Iran and the US in West Asia, prompting India to call for immediate de-escalation and an end to targeting commercial shipping in the region.
Oil-marketing companies (OMCs) are set to significantly expand the sale of flex fuel (E85) across India, with plans to reach 5,000 outlets in major cities by the end of next year, according to Petroleum Minister Hardeep Singh Puri. This move aims to boost ethanol demand, reduce crude oil imports, and cut carbon emissions, coinciding with the launch of India's first flex-fuel vehicles by Maruti Suzuki and Hero MotoCorp.
State-run Indian Oil Corp is the biggest company in terms of revenue, followed by Reliance Industries, according to the Fortune 500 list of Indian companies for 2012.
Indian refiners have access to only limited Iranian volumes compared with Russian oil, and even the barrels on offer come with 'too many hassles'.
Hours after US President Donald Trump on Wednesday said that the ceasefire deal with Iran was "over", the US President indicated that Washington could launch another round of strikes against the Islamic Republic, following strikes on Tuesday, saying it had already hit Tehran "very hard" and warning of further attacks.
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.
Iran's Islamic Revolutionary Guard Corps (IRGC) on Sunday claimed it had destroyed eight US military infrastructures in Kuwait and Bahrain in a joint missile and drone operation, describing the strikes as retaliation for a second wave of US military attacks on Iranian targets.
The US has threatened to prosecute those buying or selling sanctioned Iranian oil and has announced a blockade of the Strait of Hormuz after peace talks failed.
S&P Global Ratings warns that Indian oil marketing companies like IOC, BPCL, and HPCL may face reduced profit margins due to rising crude oil prices and government pressure to maintain stable retail prices.
Falling debris from an intercepted Iranian drone caused a 'limited fire' at Saudi Aramco's Ras Tanura refining facility in Saudi Arabia, Saudi Defence Ministry spokesperson Turki Al-Maliki said, according to Al Arabiya.
Escalating geopolitical tensions in West Asia are beginning to disrupt India's automotive supply chain, leading to rising commodity prices, logistics bottlenecks, material shortages, and pressure on consumer demand, with two-wheeler makers already raising prices.
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.
As many as 35 vessels, including cargo carriers and oil tankers, successfully navigated through the strategic maritime chokepoint of the Strait of Hormuz over the last 24 hours, according to Iran's state media reports citing a formal declaration by the Islamic Revolutionary Guard Corps (IRGC) Navy.
Tensions escalate between Iran and the US over control of the Strait of Hormuz, a crucial shipping lane for global oil supplies, as both sides discuss extending a fragile ceasefire.
The United States and Iran could be set to announce an agreement soon to achieve a complete solution to the hostilities in West Asia, as reported by Saudi state media Al Arabiya on Wednesday, citing sources familiar with the ongoing negotiations.
State-owned ONGC and Oil India Ltd (OIL) are likely to buy a 10 per cent stake in Indian Oil Corp (IOC) from the government at Rs 220 per share, aggregating about Rs 5,300 crore (Rs 53 billion).
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.
Iran has asserted that maritime movement through the Strait of Hormuz will be strictly controlled by Tehran, stating that passage will be allowed only through designated routes and under Iranian approval.
Is the current rally telegraphing a durable peace plan in West Asia, boosted by United States (US) President Donald Trump's incoherent and contradictory posts on social media?
The Iranian Embassy in South Africa has launched a biting social media attack on US President Donald Trump, using a viral maritime audio clip to label him an "idiot".
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.
Amid ongoing tensions with the US, Iran's IRGC Navy has issued new directives restricting maritime movement through the Strait of Hormuz, allowing only civilian vessels on Iranian-designated routes and barring all military ships.
'Markets never fully lose hope. But an important shift could come if the Strait remains closed -- moving from high prices to no prices.'
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.
Tensions escalate between Iran and the US following an attack on an Iranian commercial vessel in the Sea of Oman, with both sides trading accusations over maritime security and ceasefire violations.
At the current market price of the stock, that stake would be valued at about $1.5 billion.
A United States missile strike has reportedly hit an educational facility in Khomeyn in central Iran, according to a report by Al Jazeera citing Iran's Mehr news agency. The site was identified as the Dr Hafez Khomeyni School.
The container ship SELEN, en route to Karachi, was denied passage by the Islamic Revolutionary Guard Corps (IRGC) Navy due to lack of permission and failure to coordinate with Iranian maritime authorities.
India has denied making any payments to Iran to secure safe passage for its vessels through the Strait of Hormuz, following reports that Indian vessels were fired upon in the region.
Iranian foreign ministry spokesperson Esmaeil Baghaei said that the country has held no "direct" talks with the United States as of now and added that it has received messages through some mediators regarding the US' desire for negotiations.
Iran has issued a defiant response to United States President Donald Trump's claims regarding the conclusion of hostilities, asserting that it alone will 'determine' the end of military actions against American and Israel targets.
Iran's Islamic Revolutionary Guard Corps (IRGC) claims control of the Strait of Hormuz and reports striking a US destroyer, escalating tensions in the Middle East following retaliatory strikes between Iran, the US, and Israel.
