Crude Oil Supply

Brent futures are currently trading near $95/bbl after a 4.6 per cent correction, yet remain up 31 per cent since the start of the conflict, 56 per cent year-to-date

As the US plans a blockade of the Strait of Hormuz after failed Iran talks, here's a look at how wartime blockades -- from world wars to today -- have disrupted trade and daily life globally

War-driven oil disruptions are reshaping global energy markets, accelerating the shift to renewables while exposing deep vulnerabilities in energy security worldwide

India has also ramped up oil purchases from alternate sources such as Nigeria and Angola

Iran's warning over a possible Bab al-Mandeb closure has raised concerns over global trade. The strategic strait carries oil and goods between Asia, Europe and West Asia

India is set to import the most oil from Venezuela in almost six years as over 12 million barrels head to its west coast, reflecting a strategic shift amid West Asia supply disruptions

Oil grades from Texas and North Dakota to Alberta are surging as refiners compete with rivals in Asia and Europe for barrels after weeks of strangled shipments via the Strait of Hormuz

Escalating US-Iran conflict and oil disruptions threaten global stability, while shifting alliances signal a weakening of America's geopolitical influence

Amid vessel-diversion rumours, the petroleum ministry also said that Indian refiners have secured crude and LPG imports, including from Iran

Iranian crude tanker reroutes from Gujarat to China amid tightening payment terms, underscoring rising sensitivity of oil trade flows during West Asia tensions

From Iran to China, President Trump's global aggression has encouraged other countries to search for new ways to pressure the US economy

Wealthier economies like China, Japan and Singapore, with deep pockets and strategic reserves, can cushion the blow - in the short term at least - but others are more exposed

ONGC plans to spend $18-20 billion to hire deepwater rigs in its largest exploration push, seeking drillships and semi-submersibles for up to five years to boost production

The effect of the current disruptions is equivalent to the two major oil crises in the 1970s and the 2022 natural gas crisis after Russia invaded Ukraine 'all put together,' IEA director Birol said

Indian refiners weigh buying Iranian crude and LPG after US issues a 30-day waiver, as energy markets tighten amid the West Asia conflict

Missile strikes on Qatar's Ras Laffan LNG hub have hit global gas supply, pushed up prices and may take up to five years to repair, raising fears of a prolonged energy crisis worldwide

The West Asia conflict showed no signs of easing on Day 19, with Israel striking Iran and Tehran confirming Ali Larijani's death; Donald Trump said US-Israel operations are 'proceeding very well'

India's net oil import bill could rise by $56-64 billion annually assuming global crude averages $110-115 per barrel in FY27

A petroleum ministry official said refineries are currently operating at full capacity to meet energy demand, while measures are being taken to stabilise gas and LPG supply

US Ambassador Sergio Gor said India's ongoing Russian oil purchases are helping stabilise global oil markets amid volatility triggered by the escalating West Asia conflict