Global Crude Oil Price

Fars News Agency reported that more than 15 explosions shook the island, sending thick pillars of smoke into the sky

Brent futures were last at $99.85 a barrel, while West Texas Intermediate crude was at $95.05 a barrel

Israel and Iran exchanged fire early Wednesday as Tehran kept up its pressure on the region's oil industry, hitting a ship in the Strait of Hormuz and targeting infrastructure as concerns grew of a global energy crisis. Iran has effectively stopped shipping traffic through the narrow strait off its coast, through which about a fifth of the world's oil is shipped from the Persian Gulf toward the Indian Ocean. It has also been targeting oil fields and refineries in Gulf Arab nations as part of a strategy that appeared to be aimed at generating enough global economic pain to pressure the United States and Israel to end their strikes. Early Wednesday, Kuwait said its defences had downed eight Iranian drones over the oil-rich nation and Saudi Arabia said it had intercepted five drones heading toward the kingdom's vast Shaybah oil field. A projectile hit a container ship off the coast of the United Arab Emirates in the Strait of Hormuz. The United Nations Security Council was to vote la

The state-owned bank believes that engaging in such business could expose it to risks as it has a sizable loan portfolio in global markets, and also hurt its reputation

The currency was last up 0.15 per cent at 92.18, still close to its all-time low of 92.3475 hit in the previous session

Shortly after settlement, prices turned negative following news of a phone call between US President Donald Trump and Russian President Vladimir Putin

The strait carries about a fifth of global oil flows, as well as gas, fertilizer and other products

A supply disruption even at the mid-range of volumes at risk-7 to 8 million b/d of crude and products-would be higher than the volume that was initially at risk when Russia invaded Ukraine

On the flip side, a deal between the US and Iran coupled with the excess global supply/capacity could see limit the upside after a volatile phase, analysts said.

Crude oil prices continue to trade within a broader range of $5-$7, reflecting the persistent tug-of-war between supply excess and geopolitical flare-ups

Crude oil markets are pricing in a fair amount of uncertainty at the current levels, Das said. That's why oil had dropped below $60 for a time-before the West Asia tensions pushed it back up

Even with oil prices ruling at $110 and $108/bbl in FY13 and FY14 respectively, the Nifty 50 managed to post a gain of 7.3 per cent and 18 per cent in each of these two fiscal years

Mildly affect growth, inflation, say economists

The attacks, according to analysts at Rabobank International, expose wider risks to crude and natural gas supplies from the region despite the initial quick reversal of price gains for both markets

Russian refining runs rose by 2 per cent, or by 108,000 barrels, to 754,800 metric tons a day on Jan 15-19 from the first week of the year, according to the sources

On Wednesday, Brent crude was down around 1.2 per cent to $76.16/bbl, while US West Texas Intermediate crude fell around, or 1.05 per cent, to $73.47/bbl

Attacks by Iran-backed Houthi rebels since October 2023 on ships crossing the Suez Canal have hurt sales of transport fuel shipments from India

While the September inflation print may see a significant pick-up as base effects turn adverse and food prices register an upturn, food inflation, the RBI said, is expected to ease by Q4:2024-25

At 6:30 AM, GIFT Nifty Futures were trading 39 points lower at 25,079 levels, indicating a weak start for the Indian bourses.

At 6:40 AM, GIFT Nifty futures were trading 89 points higher at 25,262 levels, suggesting a robust opening for the markets.