Donald Trump has warned Iran to open the Strait of Hormuz within 48 hours or face military action, escalating tensions amid regional conflict and impacting global oil supplies.
The Indian rupee rebounded against the US dollar following intervention by the Reserve Bank of India, amidst ongoing concerns about foreign capital outflows, rising crude oil prices, and geopolitical instability.
The Indian stock market is poised for a volatile week, influenced by the Reserve Bank of India's monetary policy decision, crucial global macroeconomic data, and the escalating geopolitical tensions in West Asia, according to market analysts.
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.
Bharat Electronics, Reliance Industries, Mahindra & Mahindra, Larsen & Toubro, InterGlobe Aviation, ICICI Bank and UltraTech Cement were among the other major gainers. Axis Bank, Infosys, Tata Consultancy Services, Trent and Titan were the laggards.
Indian benchmark equity indices Sensex and Nifty experienced a significant crash in early trade, triggered by a sharp increase in crude oil prices and escalating tensions in the Middle East.
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.
Donald Trump defends the recent surge in global oil prices, arguing it's a necessary short-term cost to eliminate Iran's nuclear threat and ensure global security.
Indian stock markets tumbled sharply with the Sensex falling 800 points and nearly 4 lakh crore wiped out in a single session. Here are the 6 key factors, including rupee weakness and global cues, behind the crash.
The government has sharply reduced excise duty on petrol to 3 and diesel to zero, offering major relief to consumers. Here's how the price cut will impact fuel rates and inflation.
Calling such reports baseless, Finance Minister Nirmala Sitharaman said there was no such move under consideration.
The Indian government has implemented several measures to mitigate external risks, support the balance of payments, and maintain macroeconomic stability amidst the ongoing West Asia crisis, according to Minister of State for Finance Pankaj Chaudhary.
After a three-month slowdown, India's oil imports (already landed) from Russia bounced back in the first 15 days of October to 1.8 million barrels per day.
Crude oil prices could dip to the low $60s by the end of 2025 after rising to $80 a barrel in the last quarter (October-December) of 2024 - up nearly 10 per cent from current levels, suggest analysts at JP Morgan. The main players in West Asia, including Saudi Arabia and the UAE, have a strong incentive to keep the conflict contained, according to the JP Morgan report.
Petrol diesel price today March 20, 2026: IOCL & HPCL hike premium petrol (XP95, Speed, Power) by 2/litre and industrial diesel by 22/litre. Regular petrol in Delhi 94.77, diesel 87.67 unchanged. Full city-wise rates inside.
The latest flashpoint in West Asia has derailed India's preliminary plans to resume crude oil imports from Iran, officials said. In January, officials of the Ministry of Petroleum and Natural Gas had told Business Standard that the government had been studying proposals for the same, given that India was trying to expand sources of imports. "We are always monitoring the situation when it comes to crude flows.
Indian markets on Dalal Street rallied sharply as easing tensions in the US-Iran conflict and stable oil prices boosted sentiment. Track Nifty 50 and BSE Sensex performance and key global triggers.
The Reserve Bank of India (RBI) has opted to keep its key interest rates unchanged at 5.25%, anticipating a global economic recovery following a ceasefire in the US/Israel-Iran conflict, despite ongoing inflationary pressures and currency fluctuations.
A fall in the Nifty 50 to around 19,000 is not impossible, but that would likely require nuclear options to be exercised.
Mcap of top 6 most valued firms drops nearly Rs 65k cr; Airtel biggest laggard
Brent crude prices surged sharply on Monday, rising by more than 25 per cent to $116.5 per barrel, amid the ongoing conflict in West Asia, which has made crude prices bullish.
The Indian rupee weakened against the US dollar due to sustained foreign fund outflows and uncertainties in West Asia, although lower crude oil prices and a positive opening in domestic equity markets limited the losses.
Foreign portfolio investors (FPIs) withdrew a substantial amount from Indian equities in the first half of March, driven by geopolitical tensions, rupee depreciation, and concerns about crude oil prices.
Foreign investors have withdrawn a record Rs 1.14 lakh crore from Indian equities in March, driven by geopolitical tensions, a weakening rupee, and concerns about crude oil prices.
Petrol diesel price today March 20, 2026: IOCL & HPCL hike premium petrol (XP95, Speed, Power) by 2/litre and industrial diesel by 22/litre. Regular petrol in Delhi 94.77, diesel 87.67 unchanged. Full city-wise rates inside.
Rupee slumped 69 paise to an all-time low of 92.18 against the US dollar in early trade on Wednesday, as a sharp spike in crude oil prices amid geopolitical tensions following the escalation of the US-Iran conflict weighed on investor sentiment.
Foreign investors have withdrawn over Rs 88,000 crore from Indian equities this month, driven by geopolitical tensions, a weak rupee, and concerns about rising crude oil prices.
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.
The United States has temporarily lifted sanctions on the sale of Iranian oil already in transit to ease soaring global crude prices, making 140 million barrels available to the market.
24 Indian-flagged vessels with 677 Indian seafarers were currently located west of the Strait of Hormuz, and four vessels with 101 Indian seafarers were stationed east of the strategic waterway.
The ministry of finance is likely to assume crude oil price to remain within $85 per barrel while estimating subsidies for the Interim Budget 2024-25 (FY25), to be presented on February 1. Brent crude prices moved up on Thursday, ending at $78.9 per barrel. Crude oil and cooking gas prices, which move in tandem, impact fertiliser and cooking gas subsidies, constituting 53 per cent of the government's total subsidies.
The Indian rupee depreciated significantly against the US dollar, reaching a new all-time low due to rising oil prices, a strong dollar, and ongoing geopolitical concerns. Domestic equity market declines and foreign investment outflows further contributed to the rupee's weakness.
The Indian rupee weakened against the US dollar due to rising crude oil prices, geopolitical tensions in the Middle East, and foreign fund outflows.
A sharp sell-off in the Indian equities markets after a spike in crude oil prices should not be surprising. Historically there is a negative correlation between stock valuations in India and the price of Brent crude oil, which is the benchmark for the Indian crude oil basket. Between 2011 and 2014, crude oil traded above $100 a barrel for an extended period, the Sensex-trailing price/earnings (P/E) was 18X, on average, during the period, nearly 22 per cent lower than the current index P/E of 23X.
The incident came shortly after a spokesperson from Iran's military warned that Tehran could target ports and docks in the United Arab Emirates following recent United States strikes on Kharg Island, a key hub for Iran's oil exports.
Indian stock markets recovered from early losses to close higher, driven by value buying in IT and banking shares and a rebound in the rupee.
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.
Private-sector oil refiner Reliance Industries Limited (RIL) last week received a general licence from the United States (US) government to buy Venezuelan oil, an industry executive said.
Modi said that the West Asia crisis has been going on now for more than three weeks and is having a very adverse impact on the global economy and on people's lives. He said the entire world is urging all parties for the earliest resolution of this crisis.
Trump said that the strait will be "open very soon" if ongoing negotiations with Tehran continue successfully.
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