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Oil Prices
India's energy outlook brightened on Wednesday after a fragile ceasefire between Iran and the US triggered a sharp drop in crude prices and reopened hopes of supply normalization through the world's most critical energy corridor. India, the world's third-largest energy consumer and fourth-biggest gas user, imports about 88 per cent of its crude oil, around half of its natural gas requirements and roughly 60 per cent of its liquefied petroleum gas (LPG) needs, underscoring its heavy reliance on overseas supplies. More than half of these crude imports, about 40 per cent of natural gas and as much as 85-90 per cent of LPG shipments are sourced from Gulf countries and transit through the Strait of Hormuz - the world's most critical energy corridor that was shut because of the West Asia conflict. The US and Iran have agreed to a conditional two-week ceasefire that included the opening of Strait of Hormuz for shipping. With energy supplies from Gulf countries impacted, India initially c
Oil prices plunged and US stock futures jumped after President Donald Trump said he would hold off on his threat of devastating attacks on Iran for two weeks if the Iranians agree to allow ships to pass through the Strait of Hormuz. Futures for US crude oil sank 18% to around $92.60 while Brent crude oil futures fell about 6% to $103.40. Both prices remain well above where they were at the start of the war. Futures for the S&P 500 rose 2.4%. Trump said Iran has proposed a "workable" 10-point peace plan that could help end war the US and Israel launched on Feb 28.