Oil Trade

Nearly 90 days since the US-Israeli war on Iran all but closed the oil-and-gas sea route, it's worth considering what seems unthinkable but has happened elsewhere before

An oil shock, monsoon fears, rampant unemployment, and the seeming inevitability of inflation, are common to both eras. Indira Gandhi's self-destructive responses are instructive today

Reducing oil import dependence requires India to also curb its demand for oil

Crisil expects India's oil trade deficit and current account deficit to widen sharply in FY27 as Brent crude prices rise amid the West Asia crisis

MCX Crude Oil on the daily chart is consolidating within a symmetrical triangle pattern, indicating a phase of compression after the recent volatile swings

One clear message from the West Asia conflict is the need to build buffers of key inputs, and this should not be limited to oil and gas

The decade of the 1970s provides us the reference point. The world experienced big jumps in prices of crude oil in 1973 and 1979

Traffic in the strait has all but halted as Iran renews its attacks, striking two vessels on Wednesday; more than 300 ships linked to Iran have passed through the strait since the war began

Indian refiners use yuan via ICICI to settle rare Iranian oil purchases under US waiver, as sanctions and payment hurdles complicate trade

The United States on Wednesday ruled out granting any further exemption from sanctions for the purchase of Russian or Iranian oil. US Treasury Scott Bessent announced at a press conference at the White House here. "We will not be renewing the general license on Russian oil, and we will not be renewing the general license on Iranian oil. That was oil that was on the water prior to March 11, so all that has been used," Bessent told reporters here. On March 5, the US issued a 30-day sanctions waiver to India, permitting it to buy Russian oil despite sanctions imposed over the Ukraine war. A few days later, the US extended the sanctions waiver to a few other nations. The waiver from sanctions expired on April 11.

The commander of Iran's joint military command on Wednesday threatened to halt trade in the Gulf region if the US does not lift its blockade on Iranian ports. No vessels have made it past US naval forces during the first 48 hours of the blockade, according to the US Central Command. Even so, US President Donald Trump said the war in Iran was "very close to over" in an interview that aired Wednesday. Trump also claimed that China has agreed not to provide weapons to Iran as reports circulate that Beijing has considered transferring arms. China's Foreign Ministry has repeatedly denied in recent days that the country is providing any form of military support to Iran. Separately, Treasury Secretary Scott Bessent warned on Wednesday that the US is preparing to ramp up economic pain on Iran by levying secondary sanctions on financial institutions that do business with the Middle Eastern nation. Bessent called the measure the "financial equivalent" of the bombing campaign. Meanwhile, ...

US Central Command said no ships managed to pass through the blockade in the first 24 hours, adding that several vessels were instructed to turn back toward Iranian ports

JNPA says it has maintained operational efficiency despite global supply disruptions, with improved container dwell time, steady cargo movement, and strong performance indicators in FY26

If US enforces the blockade, the Iranian economy will suffer an enormous blow on top of the war destruction and will need to start shuttering oil wells in next few days as its storage tanks fill up

Hindustan Petroleum Corporation Limited seeks LPG cargo from Russia as Hormuz disruption deepens supply crisis, forcing India to diversify sourcing beyond the Middle East

JD Vance leaves Pakistan without a deal as US-Iran talks collapse, deepening uncertainty over ceasefire and escalating tensions in the Strait of Hormuz

A successful crossing is not yet guaranteed, as several vessels have turned back at the last moment and there has been little change in traffic over the past day

Amid rising Iran tensions, Gulf nations are reportedly exploring pipelines and new trade corridors to reduce dependence on the Strait of Hormuz

A broader escalation-including the potential closure of the Red Sea chokepoint by Yemen's Houthis-would likely push both Brent and WTI to new cycle highs

Traders reportedly placed $580 million in oil bets minutes before Donald Trump's post on Iran talks, triggering sharp moves in crude and stocks and raising questions over the timing of the trades