Oil Surges

The Strait of Hormuz is a narrow, 33-kilometre-wide maritime corridor between Oman and Iran but despite its size, it handles over 20 per cent of the world's oil supply

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

Another decade or more of rising consumption would be a boost for OPEC, whose 13 members depend on oil income

Oil fell with global equities markets on fears the variant, could dampen economic growth and fuel demand

A OPEC+ ministerial panel has recommended that the oil producing group stick to an existing pact to hike oil output by 400,000 barrels per day (bpd) in November

Brent crude futures were trading $1.86 or 3 percent higher at $62.46 a barrel by 12:00 pm Eastern time