Analysts predict that developments in West Asia and their impact on crude oil prices will heavily influence investor sentiment in the upcoming week. Global market trends, foreign investor activity, and rupee-dollar movement will also play a role.
Amidst the ongoing conflict in West Asia, the Oil Ministry assures citizens that India's LPG supply remains secure, with no need for panic booking of cylinders. The normal delivery cycle of two-and-a-half days is being maintained, and crude oil is being sourced from diverse routes.
External Affairs Minister S Jaishankar has emphasised India's commitment to safe maritime transit and condemned attacks on merchant shipping amidst the ongoing West Asia conflict and global energy market disruptions.
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.
Indian benchmark indices Sensex and Nifty experienced a sharp decline in early trading due to escalating tensions in the Middle East, driving crude oil prices higher. Global market bearishness and foreign fund outflows further contributed to investor unease.
'Oil is still well below its all-time highs, and the world is gradually running out of known reserves.'
Major paint companies in India, including Asian Paints, Berger Paints, Akzo Paints, and Kansai Nerolac, have announced price hikes ranging from 1% to 8% across various product lines, effective from mid-March to late April, in response to persistently high crude oil and gas prices.
Lavrov's comments came two days after Russia accused the US of attempting to prevent India and other countries from buying Russian oil, saying Washington was using a wide range of 'coercive' measures, including tariffs, sanctions and direct prohibitions.
The Kremlin states it has not received confirmation from India regarding a halt to Russian oil purchases, following claims made by former US President Donald Trump. Russia affirms its commitment to strengthening relations with India.
Greer said that India has taken down some digital services taxes and is moving tariffs down.
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.
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.
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 Indian government has not yet responded to Trump's comments yet.
India will maintain multiple sources for crude oil purchases and diversify them to ensure stability in the supply chain with national interests remaining the "guiding factor" for the procurement, Foreign Secretary Vikram Misri said.
Lavrov said that the US has set itself the objective of 'achieving economic domination', adding further to it that Americans want to control the routes to leading countries to provide its energy sources to them.
'The West Asia or the Gulf crisis has shown that what we develop as national infrastructure when things are not as bad as they could be, we forget to plan for adversities.'
Air India group announces fuel surcharges on domestic and international flights due to rising Aviation Turbine Fuel (ATF) prices, following the government's decision to cap domestic ATF price hikes.
The Indian rupee crashed to a record closing low against the US dollar due to rising global crude oil prices, a strengthening dollar, and geopolitical tensions in the Middle East.
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.
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.
United States President Donald Trump has said that India's Reliance Industries will make an investment in a new oil refinery being opened in Texas, thanking the company and 'our partners in India' for the deal.
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.
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.
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.
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.
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.
A new report suggests that prolonged conflict in the Middle East could significantly impact India's GDP growth and inflation.
Goldman Sachs has materially lowered its earnings growth forecast for Indian companies by a cumulative 9 percentage points over the next two years.
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.
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.
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.
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.
MEA spokesperson Randhir Jaiswal said India's energy decisions are guided by national interest.
State-owned Bharat Petroleum Corporation Ltd (BPCL) is willing to dilute a 30-40 per cent stake in its upcoming greenfield refinery in Andhra Pradesh, with Gulf energy major Saudi Aramco and upstream player Oil India Ltd (OIL) likely to join as partners, a senior BPCL executive said.
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.
'So far our production is not affected. But every day the situation prolongs, it does bring risks in terms of shipments getting delayed.'
Assam has become the first state in India to directly venture into oil production, following the discovery of hydrocarbons at the Namrup-Borhat block.
India's peak power demand is projected to hit 270 GW this summer, surpassing last year's record of 250 GW.
Indian equity benchmark indices Sensex and Nifty surged significantly in early trade, mirroring a global market rally and a drop in crude oil prices below USD 100 per barrel, driven by renewed hopes of diplomatic engagement between the US and Iran.
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