Crude Oil

The White House said President Donald Trump would waive, for 60 days, Jones Act requirements for goods shipped between US ports to be moved on US-flagged vessels. The 1920s law, designed to protect the American shipbuilding sector, is often blamed for making gas more expensive. The moves highlight the increased pressure that the Republican administration is under to ease soaring oil prices as the United States, along with Israel, wages a war with Iran without a foreseeable end date. Global oil prices have since spiked as Iran halted traffic through the narrow Strait of Hormuz, where one-fifth of the world's oil typically passes through from the Persian Gulf to customers worldwide.

The ongoing war in West Asia has disrupted LPG supplies to India. Restaurants are limiting operations and customers are panic buying cylinders.

As the US–Israel war with Iran intensifies, Tehran has laid down three clear conditions for a ceasefire: recognition of its rights, payment of reparations, and guarantees against future attacks.

Several US allies have declined Donald Trump’s request to send naval escorts to the Strait of Hormuz to protect global shipping. Countries like the United Kingdom, Japan, Australia, and France

Crude oil above $100 a barrel threatens to widen India's CAD, stoke inflation, and strain key sectors, even as upstream firms gain and downstream players face margin pressures

Share price of MCX rallied 5% to ₹2,675 on the BSE in Tuesday's intra-day trade, and was quoting close to its all-time high of ₹2,706 touched on January 29, 2026.

On the Multi Commodity Exchange (MCX), crude oil for March delivery increased by ₹119, or 1.31 per cent, to ₹9,171 per barrel in a business turnover of 12,745 lots

Jaishankar says talks with Iran are helping ease shipping risks in the Strait of Hormuz, as an Indian oil tanker sails from Fujairah after a drone attack at the UAE terminal

The country still faces a shortfall of 700,000 bpd of crude oil in March compared to Feb

Asian nations seeking US energy to reduce reliance on West Asia

An Indian-flagged crude tanker sailed out safely from the UAE's Fujairah after loading oil, despite an attack on the oil terminal, as the government on Sunday said it is closely monitoring the situation in West Asia while ensuring stable fuel supplies and maritime safety. The vessel, Jag Laadki, carrying about 80,800 tonnes of Murban crude oil, departed Fujairah at 1030 hrs IST and is bound for India, with all crew members safe, the government said in an update on preparedness measures. Jag Laadki is the fourth Indian-flagged vessel to have come out of the war zone unharmed. Besides, the safe passage being an important milestone for Indian diplomacy, the cargo they are carrying is considered critical as shipping constraints in the Strait of Hormuz have impacted India's energy supplies. "On March 14, 2026, while the Indian-flag vessel Jag Laadki was loading crude oil at the Fujairah Single Point Mooring, the Fujairah oil terminal was attacked. The vessel sailed safely from Fujairah

India was also granted a similar 30-day waiver on March 5 for purchase of Russian oil

Oil prices rose sharply after Iran's Supreme Leader, Ayatollah Mojtaba Khamenei, said that Tehran could leverage the potential closure of the Strait of Hormuz and warned of attacks on Gulf Arab states

Nifty fall today:On a year-to-date basis, the Nifty has shed nearly 11 per cent, with near 7 per cent of the fall coming this March amid the US-Iran war. Analysts fear further downside for the market.

India will soon receive two cargoes each of crude oil and LNG via routes bypassing the Strait of Hormuz as refiners boost LPG production to ease supply pressures

The rupee weakened to 92.04 per dollar on Wednesday as rising crude oil prices, geopolitical tensions in West Asia and equity outflows weighed on the currency

A sudden spike in crude oil prices rattled global markets and triggered a sharp fall in Indian equities. The Sensex plunged over 2,700 points intraday, while the Nifty slipped below the 24,000 mark.

Kharg Island handles most of Iran's oil exports and is vital to its economy. Despite rising Israel-Iran tensions and strikes on other targets, the small Gulf island has remained untouched so far

Oil prices have already risen 23.6 per cent, from about $72 per barrel a day before the war began on February 28 to around $89 per barrel now

The retail prices of petrol and diesel currently stand at ₹94.77 per litre and ₹87.67 per litre, respectively, in Delhi, compared to ₹110.04 per litre and ₹98.42 per litre, respectively, in Nov 2021