Brent futures extended gains to climb up $8.05, or 8.8 per cent to $100.03 at 10:25 a.m. ET or 1425 GMT, while U.S. West Texas Intermediate crude climbed $8, or 9.2 per cent to $95.25
The most immediate impact would be on India's current account deficit. This concern has pushed the rupee to a record low and forced the central bank to sell dollars from its reserves
Going ahead, analysts expect natural gas prices to stay elevated in the backdrop of developments in West Asia. In March alone, prices of natural gas have climbed 16 per cent to $3.277/MMBtu
Bharat Petroleum Corporation (BPCL), Hindustan Petroleum Corporation (HPCL) and Indian Oil Corporation (IOCL) were down by 4 per cent each on the BSE in Thursday's intra-day trade.
The global benchmark soared as much as 10.5 per cent to $101.59 a barrel, while West Texas Intermediate surged near $96
A prolonged West Asia conflict could strain India's fiscal position through higher fertiliser subsidies, rising import costs and weaker revenue growth
Tensions in West Asia, if sustained, could test the goldilocks mix of robust growth and stable inflation, Nomura said in a recent note.
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
Analysts believe Texas refinery deal could be a positive for Reliance given the current geopolitical environment; however, await for more clarity as the company is yet to issue an official statement.
Stock market crash: India VIX, the fear gauge index, spiked nearly 9 per cent to go past 20, indicating elevated uncertainty among traders and investors
Condemning the US remarks, Congress called it a blatant insult to India's sovereignty and dignity
The United Nations has warned of significant risks to global trade and development, including higher food prices and cost-of-living, if the Strait of Hormuz is closed amid the West Asia conflict. The UN Conference on Trade and Development (UNCTAD) said in a report Tuesday that the ongoing military escalation in the region due to the US-Israeli strikes on Iran and retaliation by Tehran has disrupted shipping flows through the Strait of Hormuz, one of the world's most critical maritime chokepoints. The narrow passage carries around a quarter of global seaborne oil trade and significant volumes of liquefied natural gas and fertilisers. "The resulting ripple effects go far beyond the region, affecting energy markets, maritime transport and global supply chains," the report said. "Higher energy, fertiliser and transport costs including freight rates, bunker fuel prices and insurance premiums may increase food costs and intensify cost-of-living pressures, particularly for the most ...
IEA members are considering a record release of oil from strategic reserves to stabilise global markets as the West Asia conflict disrupts supply and triggers sharp volatility in crude prices
Washington says move meant to ease global oil supply disruptions
Brent futures were trading down 23 cents, or 0.26 per cent lower, at $87.57 a barrel at 0023 GMT
The rupee strengthened and bond yields eased as crude oil prices fell sharply from recent highs, improving market sentiment and boosting demand for government securities
Brent crude briefly surged to $120 a barrel amid supply disruptions in West Asia. Analysts warn that the Iran war could reshape oil price trajectories and pose fresh risks to India's energy security
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
Countries across Asia are imposing fuel curbs, remote work and price caps as oil supply disruptions from the West Asia conflict trigger price volatility and threaten energy security
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