Bessent indicated that the U.S. is evaluating the status of Iranian oil as the current campaign progresses.
Iranian Foreign Minister Seyed Abbas Araghchi on Saturday criticised the United States over its stance on Russian oil, claiming Washington was now "begging" countries across the globe, including India, to purchase Russian crude.
Indian-flagged vessels are navigating the Strait of Hormuz safely despite ongoing tensions in the region, ensuring the continued flow of vital energy supplies to India.
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.
A senior government official asserts India's independence in purchasing Russian oil, stating that US sanctions waivers merely remove friction but do not dictate India's energy policy. The official highlights India's commitment to energy security and affordability for its citizens.
The Trump administration has announced a temporary authorisation for countries to purchase Russian oil stranded at sea, aiming to stabilise global energy markets amid rising oil prices and tensions with Iran.
The Indian government has refuted reports suggesting a deal with Iran involving the release of seized oil tankers in exchange for safe passage of Indian vessels through the Strait of Hormuz.
The United States has encouraged India to purchase Russian oil already at sea to mitigate supply shortages and price increases amid the West Asia conflict, according to Energy Secretary Chris Wright. This move is described as a short-term effort to stabilise the market without altering Washington's policy towards Russia.
The Ministry of External Affairs (MEA) has refuted reports suggesting a deal with Iran involving the release of seized vessels in exchange for safe passage of Indian ships through the Strait of Hormuz.
When asked about Bessent's announcement allowing certain Russian oil sales to India and whether the US is considering any other moves, including tapping the Strategic Petroleum Reserve (SPR), Trump said, "If there were some, I would do it just to take a little of the pressure off."
An Indian national has reportedly been killed in an attack carried out by Iran using a 'suicide' boat against a US-owned oil tanker near Iraq. The incident has raised concerns about the safety of seafarers in the region.
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.
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.
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.
An Indian crew member was killed after a US-owned oil tanker was attacked near Basra, Iraq. Fifteen other Indian crew members were evacuated.
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.
'Oil is still well below its all-time highs, and the world is gradually running out of known reserves.'
Will rising tensions between US-Israel and Iran threaten crude oil supply through the Strait of Hormuz, putting India's fuel prices, imports, and economic stability at risk?
Trump said he is unwilling to make a deal with Tehran at this stage despite indications the country wants negotiations.
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.
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.
Fitch Ratings on Friday said persistently higher oil prices could cause India's retail inflation to rise faster than the expected gradual pace, and lead to a slowdown in economic growth in the first half of financial year 2026-27 (FY27).
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.
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.
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.
Odisha Police formed a Special Investigation Team (SIT) to investigate an illegal hashish oil trade operating from an island in Koraput district, following a major drug seizure and multiple arrests.
Analysts predict India will face oil price volatility and macroeconomic effects due to the escalating Iran crisis, though the country's oil supply chain is not yet structurally insecure.
Indian refiners are negotiating for additional crude cargoes from the US, Russia, and West Africa to ensure adequate supplies amid Middle East tensions. Refineries are maintaining normal processing rates and deferring maintenance to build reserves. The move comes as conflict impacts tanker movements through the Strait of Hormuz, a key energy transit route.
Indian equity markets experienced a significant downturn as geopolitical tensions in West Asia, rising oil prices, and foreign fund outflows dampened investor confidence. The Sensex and Nifty both fell sharply in early trade, reflecting broader global market weakness.
Amidst escalating tensions with Iran, the US has granted India a temporary 30-day waiver to continue purchasing Russian oil, aiming to stabilise global energy markets and encourage future US oil imports by India.
Asian Development Bank (ADB) on Friday warned that India's limited crude oil reserves of about 100 million barrels - sufficient for only 40-45 days of consumption - leave the country particularly vulnerable to supply disruptions through the Strait of Hormuz amid the ongoing war in West Asia.
India is well-stocked with inventories of crude oil and key petroleum products, including petrol, diesel, and aviation turbine fuel (ATF), to deal with short-term disruptions as the war intensifies in West Asia, Union Minister of Petroleum and Natural Gas Hardeep Singh Puri said on Tuesday.
The Madhya Pradesh government has formed a committee to monitor gas and oil supplies amid concerns over the West Asia crisis, assuring citizens that there are adequate stocks and no need to panic. The government is also working to ensure the safe return of Indian citizens from Gulf countries.
Of the 1.32 trillion capex target for FY26, State-run oil firms have already spent 1.07 trillion in the first 10 months.
Police in Odisha's Koraput district seized hashish oil worth approximately 225 crore from a forest manufacturing unit. Over 1,800 litres of hashish oil were recovered, and equipment was confiscated. In a separate operation, 1,143 kg of ganja worth 5 crore was seized, leading to four arrests.
India possesses approximately 100 million barrels of commercial crude oil stocks, capable of covering 40-45 days of its requirements if flows through the Strait of Hormuz are disrupted, according to Kpler.
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.
ONGC launched the 7th Para Games 2026 in New Delhi, featuring around 300 Divyang athletes from eight oil and gas PSUs, highlighting the company's commitment to inclusiveness and employee empowerment.
Replacing over a third of India's oil imports at competitive rates is going to be a challenge, said traders from State refiners, even though some progress was made in the last two months.
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.
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