Oil

West Asian oil producers step up plans to bypass Strait of Hormuz

Before the war in Iran, roughly 15 million barrels of Persian Gulf oil were shipped each day through the Strait of Hormuz. Within a few years, much of that oil could bypass the strait. As Iran's chokehold over the strait drags on and oil prices surge, countries across the Gulf are planning to spend billions of dollars to build pipelines enabling them to redirect more supplies to ports along the Red Sea, Suez Canal and Gulf of Oman. At least seven major pipeline projects are under construction, in the planning stage or being discussed as possibilities, according to government officials, oil companies and analysts. Even alternatives to Hormuz can become vulnerable, as Iran-backed Houthi rebels in Yemen have shown this week with a stated blockade on Saudi-linked vessels attempting to transit the Red Sea. But the war has been a wake-up call for Gulf oil producers, who are determined to become less dependent on a transit point that hugs Iran's coast. Some alternative routes will take th

Indian refiners halt Iraq oil loadings as Hormuz risks escalate: Report

Indian Oil Corp. abandoned plans to load the supertanker Lila Jamnagar, which can hold as much as 2 million barrels of oil, the people said, asking not to be identified because the matter is private

What’s next for markets? Oil, earnings and West Asia hold the key | Market outlook | Nifty | Sensex

Fresh tensions in West Asia have rattled global markets, pushed oil prices higher and reignited fears over corporate earnings. So, should investors buy the dip or stay cautious?

Who controls the future? Oil, AI and power | US-Iran peace deal | Oil price | Macro Matters Ep 3

In this episode of Macro Matters, veteran journalist A. K. Bhattacharya joins us for a wide-ranging discussion on the forces shaping the future of global power.

“We know what the game is...”: Watch EAM Jaishankar expose US double standards on Russian oil

External Affairs Minister S Jaishankar has staunchly defended New Delhi's strategic energy choices, highlighting the inherent contradictions in Western criticism over India's procurement of Russian

Sensex rises 1,700 pts; Nifty above 23,600: What's behind the rally? | West Asia war | US-Iran | Oil

Indian stock markets rallied sharply on June 12, with the Sensex soaring nearly 1,700 points to an intra-day high of 75,608.02, and the Nifty50 surged more than 450 points to touch 23,645.35.

India buying Russian oil regardless of US sanctions waivers: Govt official

Sujata Sharma, Joint Secretary in the Petroleum Ministry, said India has been buying Russian oil irrespective of US sanctions waivers

How is India adapting its oil strategy as Gulf supplies get disrupted? | Strait of Hormuz | Iran war

A sharp disruption in the Strait of Hormuz has forced India to redraw its energy map. Russian crude imports have surged, Gulf supplies have dropped, and gas shipments have taken a hit,...

Fuel protests disrupt Ireland as over third of service stations run dry

Protests over the soaring cost of fuel spread disruption across Ireland on Saturday with many gas stations running dry as truck and tractor drivers staged a fifth day of blockades at the country's sole fuel refinery and several depots. Vehicles blocking traffic led to closures of the main highway around the capital, Dublin, as well as six other major roadways. More than a third of the 1,500 service stations in the republic are out of fuel and that number is expected to grow dramatically if the roadblocks remain, Fuels for Ireland chief executive Kevin McPartlan said. Irish police put all its officers on notice they could be called to duty over the weekend and the military was on standby to help remove the vehicles as the government was due to renew talks Saturday to resolve the dispute. Frustration over the soaring cost of fuel led to the protests that began Tuesday and have continued to grow as word spread on social media. Government officials, who had already introduced measures

Oil shock concludes FY26 amid record gold, silver gains as volatility rises

The oil crisis is unfolding amid record global debt, fragile supply chains, and emerging market volatility

Rapeseed-mustard output to rise 3.5% to 11.94 mn tonne in 2025-26: SEA

India's rapeseed-mustard production is estimated to rise 3.5 per cent to 119.4 lakh tonne in the 2025-26 rabi season, driven by higher acreage, industry body Solvent Extractors' Association of India (SEA) said on Monday. Total production stood at 115.2 lakh tonne in the 2024-25 rabi season. Area under the crop rose to 93.91 lakh hectares from 92.15 lakh hectares a year earlier, while average yield improved to 1,271 kg per hectare from 1,250 kg per hectare, supported by favourable weather conditions and improved agronomic practices, SEA said in a statement. Rajasthan remained the top producing state with output estimated at 53.9 lakh tonne. Uttar Pradesh recorded a notable rise to 18.1 lakh tonne, while Haryana showed steady growth at 12.7 lakh tonne. West Bengal and Gujarat also registered gains, with production estimated at 7.4 lakh tonne and 5.9 lakh tonne, respectively. Assam reported lower yields, with output declining to 2.1 lakh tonne, while Bihar remained largely stable at

Fuel price relief? Why India cut fuel excise duty now and what it means for oil prices

The government has reduced excise duty by ₹10 per litre on both petrol and diesel amid rising global oil risks linked to West Asia tensions. This brings excise on petrol down to roughly ₹3 per litre,

Core sector growth slows to 2.3% in Feb on fall in oil, gas output

Production growth in eight core infrastructure sectors slowed down to 2.3 per cent in February from 3.4 per cent in the same month last year, according to government data. Production of crude oil, natural gas, and refinery products declined during the month. During April-February, the cumulative production growth in infrastructure sectors was 2.9 per cent, compared with 4.4 per cent in the same period of the last financial year.

Explained: Why Russian oil is returning to India

As tensions escalate in West Asia and the Strait of Hormuz faces disruptions, global oil flows are shifting fast. India, the world’s third-largest oil consumer,

Watch EAM S Jaishankar's statement on West Asia conflict | Rajya Sabha | US-Iran war | Israel | Oil

India advocates de-escalation and return to dialogue and diplomacy, External Affairs Minister S Jaishankar said on Monday on the widening West Asia conflict, while stressing on respect for sovereignty

7 Years, ₹8,700 cr: Why India’s oil safety project is still stuck | Strategic oil reserves

India planned a massive ₹8,743 crore strategic oil reserve in Odisha to strengthen the country’s energy security during global crises. But even after seven years,

Trump Alaska lease sale draws record $163 million from oil majors

The record auction revealed pent-up demand among drillers for acreage in the reserve, more than six years after the last federal oil and gas auction there

Trump grants 60-day waiver from Jones Act shipping rules to ease oil costs

The White House said President Donald Trump would waive, for 60 days, Jones Act requirements for goods shipped between US ports to be moved on US-flagged vessels. The 1920s law, designed to protect the American shipbuilding sector, is often blamed for making gas more expensive. The moves highlight the increased pressure that the Republican administration is under to ease soaring oil prices as the United States, along with Israel, wages a war with Iran without a foreseeable end date. Global oil prices have since spiked as Iran halted traffic through the narrow Strait of Hormuz, where one-fifth of the world's oil typically passes through from the Persian Gulf to customers worldwide.

Oil tanker reaches India: Vessel ‘Shenlong’ carrying Saudi crude enters India via Strait of Hormuz

An Indian-captained crude oil tanker carrying 135,335 metric tonnes of Saudi crude reached Mumbai after briefly switching off its tracking system to cross the Strait of Hormuz in dark mode.

EVs avoided the use of 2.3 million barrels of oil per day in 2025

Two- and three-wheeler vehicles now make up the bulk of avoided road fuel use due to the fast rise of electric motorbikes, especially in developing nations