Indian refiners have access to only limited Iranian volumes compared with Russian oil, and even the barrels on offer come with 'too many hassles'.
The bill, introduced on Thursday, was conceived by Democrat Senator Richard Blumenthal and late Republican Senator Lindsey Graham and has the support of over 60 lawmakers.
FPIs have already withdrawn Rs 2.6 trillion from Indian equities in 2026, exceeding the outflows recorded in any previous full calendar year.
State-run Oil and Natural Gas Corporation (ONGC) has approved the development of a 1.75 million tonnes (mt) strategic petroleum reserve (SPR) in Mangaluru, a project deemed of national importance, with plans for broad commercial utilisation.
Indian benchmark indices Sensex and Nifty experienced a significant decline in early trade, with the Sensex falling over 500 points and the Nifty over 150 points, as Brent crude oil prices surged past USD 100 per barrel due to escalating geopolitical tensions in the West Asia. track sensex, Nifty on July 24.
Indian benchmark indices Sensex and Nifty extended their losses for the fourth consecutive session, with the Sensex declining 363.66 points and the Nifty dipping 126.65 points, primarily due to a sharp jump in Brent crude oil prices to USD 98.32 per barrel amid escalating tensions in West Asia.
Indian benchmark indices Sensex and Nifty experienced a significant tumble in early trade, primarily driven by heavy selling in HDFC Bank following its quarterly earnings and a sharp spike in Brent crude oil prices due to escalating tensions between the US and Iran. Track Sensex, Nifty
A Mumbai consumer court has directed Flipkart and its seller to refund over Rs 1.11 lakh to a customer who received beard growth oil instead of an Apple iPhone, and to pay an additional Rs 70,000 in compensation and litigation costs, citing "unfair trade practice" and "deficiency in service."
Indian benchmark indices, Sensex and Nifty, experienced a significant downturn as escalating tensions in West Asia led to a sharp surge in crude oil prices, coupled with fresh foreign fund outflows and a weakening rupee.
The reopening of the Strait of Hormuz, following a ceasefire agreement between the US and Iran, is expected to significantly ease India's crude oil supply risks, lower freight costs, and reduce inflationary pressures, as global oil prices have already dropped.
Indian benchmark indices Sensex and Nifty tumbled nearly 1 per cent for the third consecutive day, driven by a sharp spike in crude oil prices and significant selling in bank stocks, with Brent crude jumping to USD 95.27 per barrel.
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.
India's crude oil imports from Russia reached a record high of approximately 2.73 million barrels per day (mbpd) in June, driven by discounts of $2-5 a barrel. This surge comes as the West Asia crisis disrupted supplies from traditional sources and China reduced its own purchases, leading Russia to offer more favourable terms to India.
Indian stock markets this week will be primarily influenced by a series of corporate Q1 earnings, the evolving geopolitical situation in West Asia, and fluctuations in crude oil prices, according to market analysts.
Despite decades of efforts towards energy transition, oil will remain the critical energy source for all nations for some decades. We can hope for peace opening the Strait of Hormuz, but must prepare for war closing it, points out former foreign secretary Ranjan Mathai.
A bipartisan group of US senators has introduced a comprehensive bill imposing extensive sanctions on Russia, with India identified as one of five countries that could incur tariffs for its continued purchase of Russian oil.
A tripartite pact -- amid the promise of removing AFSPA from almost all of the North East -- revives hydrocarbon exploration along the Assam-Nagaland border after decades of dormancy.
Indian benchmark indices Sensex and Nifty extended their winning streak to a fourth consecutive day, driven by strong buying in blue-chip bank stocks and a decline in global crude oil prices. Fresh foreign fund inflows also contributed to the optimistic sentiment in the domestic equity market.
India's outward foreign direct investment (FDI) plummeted by 47.9 per cent year-on-year to $3 billion in June 2026, according to the Reserve Bank of India (RBI), with declines across equity, debt, and guarantee commitments.
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.
The Indian stock market's trajectory this week will be significantly influenced by crude oil prices, global market trends, and the commencement of the corporate earnings season, with IT major TCS set to announce its June-quarter results on July 9.
'Exploration should be made easier and companies should be given operational flexibility.'
Indian benchmark indices Sensex and Nifty rallied in early trade, driven by a significant decline in crude oil prices and positive developments on the geopolitical front, alongside strong performance in blue-chip IT stocks. Track Sensex, Nifty on July 2, 2026
The Reserve Bank of India's Financial Stability Report indicates that the interim peace deal between the US and Iran has favourably shifted the balance of risks, reducing headwinds from the West Asia conflict. However, it cautions that exchange rate volatility could increase if crude oil prices spike due to delayed normalisation of supply chain disruptions.
Crude oil prices are projected to fall significantly this year, driven by hopes of a peace deal between the US and Iran, which could lead to the reopening of the Strait of Hormuz, and a notable drop in Chinese demand for seaborne crude imports.
India bought 1.87 million barrels of Russian oil per day in May so far, meeting approximately 40 per cent of its oil imports.
'Energy prices would shoot up with the closure of Hormuz again.'
The harsh truth is that the US is no longer a reliable partner, cautions Ramesh Menon.
Indian stock markets extended their gains for a second consecutive session, with the Sensex closing 736 points higher, driven by a global equity rally and a significant drop in crude oil prices following the finalisation of a peace deal between the US and Iran to end their 107-day conflict and reopen the Strait of Hormuz.
India has successfully evacuated 59 vessels, including 23 Indian-flagged and 36 foreign-flagged ships carrying cargo for India, from the Strait of Hormuz since March 1, 2026, amid fresh attacks and declining shipping traffic, Shipping Minister Sarbananda Sonowal informed the Rajya Sabha.
Indian benchmark equity indices, Sensex and Nifty, rebounded nearly 1 per cent, with the Sensex jumping 790.54 points to 76,991.22, driven by softening crude oil prices and strong buying in banking, financial, and IT shares.
India's nine core infrastructure sectors recorded a five-month high production growth of 5 per cent in June, primarily boosted by significant increases in the output of cement, electricity, and the newly added iron ore, despite declines in crude oil, natural gas, refinery products, and fertiliser.
Indian benchmark stock indices, Sensex and Nifty, advanced for the second consecutive day, driven by softening crude oil prices and a positive trend in global markets. Despite some profit-taking in IT and metal shares, auto stocks outperformed, contributing to the overall gains.
That means making it easier to invest, protecting investors through predictable rules, and avoiding policy reversals after investments have been made, notes Rajeswari Sengupta.
US Republican Senator Lindsey Graham, a prominent ally of former President Donald Trump and an influential voice on American foreign policy, has passed away at 71 following a 'brief and sudden illness', leaving a significant void in Washington's political landscape.
Indian benchmark indices, Sensex and Nifty, extended their rally for the fourth consecutive day, driven by a significant drop in crude oil prices and strong performance from IT firms, despite mixed global cues.
India's exports increased by 15.5 per cent to USD 40.41 billion in June, but the trade deficit significantly widened to a record USD 30.43 billion due to a 31 per cent surge in imports.
Indian stock market benchmark indices, Sensex and Nifty, experienced declines in early trade due to escalating tensions between the US and Iran, which led to a surge in crude oil prices and weak global equity trends.
Not a single retail outlet ran dry. Every household that wanted a cylinder got one. India faced neither a 1991 moment nor a 2013 one. Macroeconomic stability held. This was not an accident, and it was not luck alone. It was the work of a government that chose to act as it had during the pandemic -- deliberately and gradually, building one measure upon another rather than reaching for a single dramatic lever, explains V Anantha Nageswaran, chief economic advisor to the Government of India.
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.
