Trump said that the strait will be "open very soon" if ongoing negotiations with Tehran continue successfully.
Bessent indicated that the U.S. is evaluating the status of Iranian oil as the current campaign progresses.
India has condemned the escalating attacks on commercial shipping in West Asia, particularly after a Thai-flagged vessel en route to India's Kandla Port was targeted in the Strait of Hormuz. The attacks have disrupted global oil and gas supplies, impacting India's energy imports.
Markets will look for clear guidance on how the MPC interprets the uncertainty and what it implies for the future course of monetary policy, points out Rajeswari Sengupta.
Trump's remarks marks one of the most direct rebukes yet from Washington to its allies over their refusal to support US-led military operations in Iran and over the energy crisis triggered by disruptions in the Persian Gulf.
The Iran conflict led to a sharp correction in Reliance Industries Ltd's (RIL's) share price, which has been partially reversed by a rebound.
According to the Pentagon, the vessels were targeted as part of efforts to prevent the deployment of naval mines in the strategically vital passage through which a significant portion of global crude oil shipments transits.
Uncertainty stemming from the US-Iran conflict has significantly impacted India's mutual fund industry, leading to a sharp decline in new fund offers (NFOs) in March, despite numerous regulatory approvals. This geopolitical tension, coupled with existing market strain and distributor hesitation, has dampened investor sentiment and affected overall inflows.
In a move that may boost the Indian hydrocarbon industry and bring more investments into the sector, the Union Cabinet on Wednesday decided to give marketing freedom to domestic crude oil producers, allowing them to sell petroleum to any company in the local market. The move is set to be beneficial for major crude oil producers, such as state-run Oil and Natural Gas Corporation (ONGC) and Oil India, and private sector majors like Vedanta's Cairn Oil and Gas and Reliance Industries. As of May 31, India was dependent on imports for 86 per cent of its crude oil consumption; domestic production sufficed the remaining 14 per cent demand.
In the present hyper-connected world, there are many domestic and global factors that affect financial markets. Of them, the most powerful and often least predictable are geopolitical events, which often boil down to one diplomatic headline.
US President Donald Trump indicated the possibility of further military operations against Iran's Kharg Island, a key oil export hub, claiming previous strikes had significantly damaged its infrastructure.
The public has benefited from this decline in crude oil, which has translated into lower prices of petrol and diesel.
US President Donald Trump has threatened to target Iran's civilian energy infrastructure, including power plants, oil wells and Kharg Island, if Tehran does not reopen the Strait of Hormuz.
India is set to reduce its direct imports of Russian crude from late November, following new US sanctions on Rosneft and Lukoil, effective November 21.
India, the world's third-largest oil consumer, spent 2.5 billion euro on buying crude oil from Russia in September, 14 per cent less than the previous month, a European think tank said. India remained the second-largest buyer of Russian fossil fuels in September behind China, according to the Centre for Research on Energy and Clean Air (CREA).
Despite ongoing tensions in West Asia, the successful arrival of the LPG carrier 'Nanda Devi' in Gujarat ensures a steady supply of liquefied petroleum gas to India, highlighting the country's efforts to secure its energy needs.
India's crude oil production fell 2.15 per cent in October as state-owned firms produced less but, natural gas output rose by a quarter on the back of output from KG-D6 fields of Reliance-BP, government data released on Tuesday showed. Crude oil production dropped to 2.51 million tonnes in October, as output from fields operated by Oil and Natural Gas Corp (ONGC) and Oil India Ltd (OIL) dipped. While ONGC produced 4 per cent less crude oil at 1.64 million tonnes, OIL output dropped 1.46 per cent to 2,53,000 tonnes.
Indian equity investors experienced a significant loss of 16.32 lakh crore due to a two-day stock market decline fueled by escalating geopolitical tensions involving the US, Israel, and Iran.
The government has raised the windfall profit tax levied on domestically produced crude oil as well as on the export of diesel and ATF, in line with firming international oil prices, according to an official order. The levy on crude oil produced by companies such as Oil and Natural Gas Corporation (ONGC) has been increased to Rs 2,100 per tonne from Rs 1,700 per tonne, the order dated January 2, said. Crude oil pumped out of the ground and from below the seabed is refined and converted into fuel like petrol, diesel and aviation turbine fuel (ATF).
Fixed deposits from nationalised banks delivered higher returns than equities, outperforming both inflation and stock market benchmarks.
India's aviation sector is facing fresh turbulence, with rising fuel costs, the Ministry of Civil Aviation's free-seat directive, and geopolitical disruptions in West Asia clouding near-term earnings visibility.
Analysts predict continued volatility in Indian equity markets due to domestic macroeconomic data, F&O expiry, global developments including US tariff policies, and geopolitical tensions.
The government has assured citizens that there is no need to panic book LPG cylinders, as uninterrupted supply to households is being ensured despite the ongoing conflict in West Asia.
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.
The government has reduced the windfall profit tax levied on domestically-produced crude oil as well as on the export of diesel and ATF, in line with softening international oil prices, according to an official order. The levy on crude oil produced by companies such as Oil and Natural Gas Corporation (ONGC) has been cut to Rs 1,900 per tonne from Rs 2,100 per tonne, the order dated January 16, said. Crude oil pumped out of the ground and from below the seabed is refined and converted into fuel like petrol, diesel and aviation turbine fuel (ATF).
Reliance Industries Ltd, India's largest buyer of Russian oil and most impacted by the latest US sanctions, on Friday said it will comply with all applicable restrictions and will adjust its refinery operations to meet compliance requirements.
An Indian-flagged LPG vessel successfully transited the Strait of Hormuz, reducing the number of Indian ships stranded in the Persian Gulf. India is in talks with Iran to ensure safe passage for its tankers, and Indian refiners continue to purchase crude oil and LPG from Iran despite regional tensions.
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.
Sensex and Nifty post steepest weekly loss in over a year, falling nearly 3 per cent.
If international crude oil prices zoom past the current level of about $90 per barrel and move towards $100 and beyond, middle-class consumers are not going to keep quiet about their discomfort, points out Arun Balakrishnan, former chairman and managing director, Hindustan Petroleum.
India has gained the least since Russia invaded Ukraine in February 2022 and was penalised the most, while the US, China and the European Union emerged as the biggest beneficiaries from the war.
The vessels are carrying around 92,600 metric tonnes of LPG and have 33 and 27 Indian seafarers onboard, respectively. Visuals showed Pine Gas crossing the critical chokepoint.
India's foreign secretary Vikram Misri on Thursday participated in a high-level meeting hosted by the United Kingdom on the evolving situation in West Asia, underlining concerns over maritime security, energy supply disruptions and the need for diplomatic de-escalation.
India's economy is projected to maintain growth above 7 per cent in 2026-27 (FY27), supported by strong domestic consumption and investment, even as global growth faces risks from geopolitical tensions, according to industry body Assocham.
Shares of Reliance Industries Limited (RIL) tumbled on Tuesday, posting its biggest single-day decline in 19 months, amid controversy over its purchase of Russian oil and profit-booking after recent gains.
India's eight core infrastructure sectors experienced a slowdown in production growth, reaching a two-month low of 4% in January. Crude oil and natural gas output declined, while refinery products remained flat. Overall growth for the April-January period was also lower compared to the previous fiscal year.
Gold prices experienced a significant drop in futures trading due to global selloff, inflation concerns, and a strong US dollar. Analysts predict a continued downward trend amid geopolitical tensions and potential rate hikes.
US President Donald Trump warned India about potential tariffs for continuing to purchase oil from Russia, claiming he received assurances from Prime Minister Narendra Modi that India would halt such purchases.
Prime Minister Narendra Modi addresses the Rajya Sabha, detailing India's strategies to navigate the global energy crisis sparked by the West Asia conflict, including securing diverse energy sources and expanding strategic oil reserves.
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