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.
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.
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.
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.
The trade relationship between India and the United States has been strained by the imposition of 25% tariff by the US on Indian goods.
India bought 1.87 million barrels of Russian oil per day in May so far, meeting approximately 40 per cent of its oil imports.
India has no plans to ration fuel supplies despite ongoing disruptions in global energy markets, according to a top oil ministry official. The country has maintained adequate inventories of crude products and LPG while diversifying imports to manage supply risks.
US Secretary of State Marco Rubio on Tuesday said the United States would prefer to end its extension of waivers on Russian oil "as soon as possible", while noting that such decisions ultimately rest with the US Treasury Department.
The government on Thursday restored liquefied petroleum gas (LPG) supplies to commercial consumers such as hotels, restaurants and other businesses to pre-crisis levels, and lifted sector-specific restrictions imposed during the recent West Asia conflict, in a sign that energy supply concerns are easing as global markets stabilise.
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.
Russia's state-owned oil firm Rosneft has agreed to supply up to 500,000 barrels per day (bpd) of crude oil to Indian upstream oil and gas major Reliance Industries (RIL) in the largest-ever energy deal between the two countries, Reuters reported on Thursday. The 10-year agreement amounts to 0.5 per cent of global oil supply and is valued at roughly $13 billion per year at current prices, it said.
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 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.
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.
Indian benchmark indices Sensex and Nifty surged significantly in early trade, mirroring a global rally and a sharp decline 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.
Indian benchmark indices Sensex and Nifty experienced a significant slump in early trade, mirroring weak global trends, as escalating tensions in West Asia, particularly a drone attack on the UAE's Barakah nuclear facility, pushed crude oil prices higher. Track Sensex, Nifty50 movement and key market drivers for May 18, 2026.
The Indian government has allocated an additional 40,000 kilolitres of kerosene to states as an alternative fuel to LPG, amid the ongoing crisis in West Asia. The government assures a comfortable crude oil supply situation in the country.
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.
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.
Indian refiners are recalibrating their crude sourcing strategy due to supply disruptions in West Asia, leading to Venezuela and Brazil emerging as top five suppliers in April, replacing traditional sources like Iraq and the United States.
Amidst global energy market volatility driven by the West Asia crisis, Russia has proposed increasing its crude oil and natural gas supplies to India, strengthening bilateral energy ties and aiming for USD 100 billion in annual trade by 2030.
Global oil prices fell on Thursday to their lowest levels since before the outbreak of the Iran conflict, offering a significant economic tailwind for India, the world's third-largest crude importer, by easing inflation risks, reducing the import bill and improving the government's fiscal position.
A US-sanctioned tanker carrying Iranian crude oil is heading to India, marking the resumption of oil imports from Iran after seven years.
India possesses two months of fuel stockpiles and faces no supply concerns despite global energy disruptions, according to Oil Minister Hardeep Singh Puri. However, state-run fuel retailers are incurring losses of up to Rs 1 lakh crore in a single quarter due to elevated crude prices and unchanged retail fuel prices, raising questions about the sustainability of these losses.
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.
Sports Minister Mansukh Mandaviya led the FIT India Cyclothon in Mumbai, advocating for cycling as a sustainable mode of transportation. The event, attended by Narsingh Yadav and Jackie Shroff, highlighted the importance of cycling for personal health, environmental sustainability, and energy conservation, especially amidst global fuel supply concerns.
Live updates on the US-Israel-Iran war: Trump escalates threats, Iran retaliates, and oil prices surge as the Strait of Hormuz crisis disrupts global markets.
Crude oil prices surged over 3% in futures trade after US President Donald Trump expressed doubts about the Iran ceasefire, reigniting fears of supply disruptions from West Asia and pushing Brent crude above USD 107 per barrel.
The escalating conflict in West Asia has resulted in 19 ships carrying essential energy resources for India being stranded in the Strait of Hormuz, raising concerns about potential disruptions to the country's energy supply.
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.
Escalating geopolitical tensions in West Asia are beginning to disrupt India's automotive supply chain, leading to rising commodity prices, logistics bottlenecks, material shortages, and pressure on consumer demand, with two-wheeler makers already raising prices.
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.
Indian benchmark indices Sensex and Nifty experienced a significant slump, with the Sensex tumbling 719.08 points, driven by escalating West Asian tensions, a sharp rise in crude oil prices, and a global sell-off in technology stocks.
The International Energy Agency (IEA) has proposed immediate demand-side measures, including remote work, lower speed limits, and reduced air travel, to mitigate the impact of a global oil supply shock caused by Middle East disruptions.
US President Donald Trump has rejected Iran's proposal to end the ongoing war, deeming it 'totally unacceptable'. This decision comes amid efforts to negotiate an end to hostilities that began on February 28 and have disrupted global oil supplies.
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 rallied in early trade, driven by a significant decline in Brent crude oil prices, which fell below the USD 73 per barrel level, and positive trends observed across most Asian equities.
Indian benchmark indices Sensex and Nifty closed lower, snapping a two-day rally, as a spike in crude oil prices, triggered by reports of fresh US military operations in southern Iran, dampened investor sentiment and reignited fears of renewed energy supply disruptions.
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.
Delhi Police dismantled a counterfeit engine oil manufacturing unit in Ghazipur, arresting two individuals and seizing hundreds of litres of fake oil labelled as popular brands.
