In a first, Indian oil public sector undertakings (PSUs) finalised a one-year contract to import around 2.2 million tonnes (mt) of liquefied petroleum gas (LPG) from the US. The LPG import deal comes at a time when negotiations for an India-US bilateral trade agreement (BTA) are gathering steam. Earlier in the month, US President Donald Trump had said Washington and New Delhi were "pretty close" to reaching a fair trade deal.
Donald Trump announced he is replacing the 20% reimbursement fee for securing the Strait of Hormuz with massive trade and investment deals from Gulf States into the United States, while maintaining a full blockade on Iranian ship traffic.
Analysts warn that global markets are significantly underpricing the risk of an oil price shock, with Brent crude potentially soaring to $150 per barrel if the West Asia conflict escalates or damages critical oil and gas infrastructure. This could lead to severe inflation and economic repercussions, particularly for import-dependent nations like India.
Reliance Industries Ltd on Thursday said it has halted the use of Russian crude at its export-only refinery in Jamnagar, Gujarat, as the company moves to comply with European Union sanctions. Reliance is India's largest buyer of Russian oil, which it processes and turns into fuel, such as petrol and diesel, at its giant oil refining complex at Jamnagar.
'Investors shouldn't let fear dictate their decisions. The most important step is simply to begin investing.'
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.
'Trump is likely being purposefully vague, hoping that this lack of clarity will pressure India, fearing the worst, to agree to scale back its imports of Russian oil.'
Foreign Portfolio Investors (FPIs) have withdrawn over Rs 62,853 crore from Indian equities in the first fortnight of June, bringing the total outflows for 2026 to Rs 2.87 lakh crore, surpassing the entire 2025 figure, driven by geopolitical tensions, global economic growth concerns, and a weakening rupee.
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.
In her first interview to CNN-IBN's Suhasini Haider after taking over as the US Ambassador to India in April 2012, Nancy J Powell, compared India's 'lower'oil cuts unfavourably to Japan that has already received an American sanction waiver after it cut oil imports by a whopping 80 per cent in April. India has announced a 34 per cent cut so far.
'The most important job after colouring your hair is maintaining it, which a lot of Indian women forget.'
Indian benchmark indices, Sensex and Nifty, closed lower, primarily due to a sharp sell-off in IT stocks, a fresh surge in crude oil prices, and sustained outflows from foreign institutional investors. The Sensex dropped over 300 points, while the Nifty declined by 77.95 points.
India's oil import bill is likely to jump 16 per cent to $18 billion in 2003-04 fiscal as refiners imported larger quantities of crude for exporting petroleum products.
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.
Petrol and diesel prices in India have been increased for the second time in a week, following a long freeze on revisions. The increase comes as global crude prices surge and state-run oil firms look to recoup losses.
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The escalating conflict in West Asia has resulted in 19 ships carrying essential energy resources for India being stranded in the Strait of Hormuz, raising concerns about potential disruptions to the country's energy supply.
The primary objective should be to figure out a way to grow at 7 to 7.5 per cent with inflation around 4 per cent. Any policy that can help us get there must be experimented with. Those that work should stay. Those that do not should go, suggests Karan Bhasin.
An Indian national was killed in an attack on an oil tanker off the coast of Oman. The tanker was struck by an explosive-laden unmanned boat, resulting in a fire and explosion.
India's net oil import bill has jumped by 51 per cent to Rs 27,135 crore (Rs 271.35 billion) in the first quarter of current fiscal on the back of sharp spike in international oil prices.
With its high iron content, unique black colour, intense flavour profile, Kadaknath chicken is sought after by chefs and gourmands alike.
Petrol and diesel prices in India have seen their fourth increase in less than two weeks, pushing cumulative hikes to nearly Rs 7.5 per litre since May 15, reaching their highest levels since May 2022. This surge, driven by global crude oil costs and the Iran conflict, is expected to exacerbate inflationary pressures and raise transportation costs across the economy.
The Congress party is set to challenge the Modi government on a range of critical issues, including alleged theft of Ram temple donations, 'systemic corrosion' of the education system, and constitutional amendment bills related to delimitation and dismissal of ministers, during the upcoming Monsoon Session of Parliament.
Replacing Iran, which is India's third largest oil supplier behind Iraq and Saudi Arabia, will not be a problem but margins will be hit as Tehran offers the best commercial terms
'Once the currency goes out of the hand, then possibly your major challenge is that it will not come back.'
Afraid of US sanctions, State Bank declines payment facilitation for oil imports from Iran.
Indian benchmark indices Sensex and Nifty rebounded in early trade, tracking a recovery in global equity markets and an easing of hostilities between Israel and Iran, after a sharp fall in the previous session.
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.
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.
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.
Prime Minister Narendra Modi on Sunday said the Bharatiya Janata Party-led central government is taking steps to reduce imports of crude oil and gas, focusing more on exploration of fossil fuels and green energy.
India's wholesale price index (WPI) inflation surged to 9.68 per cent in May, up from 8.26 per cent in April, primarily due to significant increases in the prices of fuel and power, manufactured goods, and food items.
Petrol and diesel prices have been increased by Rs 3 per litre each, marking the first hike in over four years, as state-run fuel retailers pass on some of the impact from surging global crude prices, which have been exacerbated by the Iran war.
Following through announcements with enforcement of measures is key, as a run through recent Indian economic history shows, points out A K Bhattacharya.
'Neither do the Israelis. The two attacking parties have very little economic interest in Hormuz.'
India's exports experienced their steepest fall in five months, declining by 7.44 per cent in March to $38.92 billion, primarily due to trade uncertainty and geopolitical tensions, with shipments to West Asia contracting by over 50 per cent.
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.
'At the first sign of real trouble, that money will move. There will be a run.'
