US ends Iran oil authorisation The United States has revoked a temporary licence that had allowed certain transactions involving Iranian-origin crude oil, petroleum products and petrochemical products, tightening pressure on Tehran after tanker attacks near the Strait of Hormuz. A US official said Iran’s actions in the strategic waterway were “wholly unacceptable??

Saudi Arabia’s latest oil price cut has turned attention back to Asia, where refiners are getting more room to negotiate as Gulf crude supply improves. Saudi Aramco has reduced the August official selling price of Arab Light crude for Asian buyers by $11 per barrel, placing the grade at a $1.50 discount to the Oman-Dubai benchmark. The sharp move shows how quickly the market has shifted from supply fear to buyer advantage. The cut is imp

India’s Russian crude imports in June could reach a monthly record as more tankers travel toward major refining ports, according to energy economist Anas Alhajji. Alhajji, chief economist at NGP Energy Capital Management, cited the unusually large number of vessels carrying Russian crude to India. He also shared a Kpler map showing tankers headed to ports across the country. India Russian Crude Imports in June: What the Data Shows The outlook

Global crude benchmarks have softened in recent sessions, driven by easing supply concerns and improved shipping conditions across key routes. Despite this decline, retail gasoline prices in the United States have not adjusted downward at the same pace, creating a widening gap between wholesale and consumer fuel costs. Market data indicates Brent crude has eased compared to earlier highs, yet pump prices remain relatively sticky. This lag has triggered renewed scrutiny of how quickl

Oil Falls On Peace Deal Hopes Oil prices fell sharply on Friday, June 12, 2026 as renewed hopes for a peace agreement between Iran and the United States eased fears of prolonged disruption to global energy supplies. Brent crude dropped below $86 a barrel during trading before recovering part of its losses, while market attention remained focused on whether diplomatic progress could reduce risks around Middle

India has removed central excise duty on petrol blended with 22% to 30% ethanol, marking a major policy step in its long-term biofuel and energy transition strategy. The exemption applies to higher ethanol petrol blends commonly known as E22, E25 and E30. By removing the tax burden on these fuel mixes, the government aims to encourage wider production and adoption of ethanol-rich petrol, support domestic biofuel manufacturing and reduce India’s dependence on imported c

Japan’s plastic bag shortage is showing how a disruption in crude oil supply can affect everyday items, from supermarket bags to food trays and gloves. Reports published in early June 2026 say supermarkets, bakeries, takeaways and food businesses in Japan are facing shortages of plastic bags, trays, food-service gloves and packaging materials. The issue is not only about plastic. It begins with naphtha, a crude-oil-derived raw material used to make plastics, synthetic products, ad

Petrol and diesel prices were increased again on Monday, May 25, 2026, marking the fourth fuel price hike in less than two weeks. Petrol has become costlier by Rs 2.61 per litre, while diesel has gone up by Rs 2.71 per litre. The new rates came into effect immediately across the country. According to current reports, Delhi’s petrol price has crossed Rs 100 per litre, while diesel prices in several major cities are now close to the Rs 100 mark. Reuters reported that India’s state-owned fue

Rubio linked the expected Delcy Rodriguez India visit to possible Venezuela oil discussions as Washington pushes to expand energy cooperation with New Delhi. US Secretary of State Marco Rubio said on Thursday, May 21, 2026, that Venezuela’s acting President Delcy Rodriguez was expected to travel to India the following week. Speaking before his own India visit from Saturday, May 23, 2026, to Tuesday, May 26, 2026, Rubio said the United States wanted a larger role i

Prime Minister Narendra Modi is set to chair a crucial Council of Ministers meeting at Seva Teerth in Delhi at 4 pm on Thursday. All Union ministers, including Cabinet ministers, ministers of state with independent charge, and ministers of state, have been asked to remain in the capital during this period. The meeting comes immediately after PM Modi’s foreign visit and is expected to cover governance priorities, regional geopolitical developments, and possible political changes within the g

The United Arab Emirates has achieved a major milestone with 50% completion of the West-East Pipeline, a strategic crude oil project designed to bypass the Strait of Hormuz. Managed by ADNOC and accelerated under Crown Prince Sheikh Khaled bin Mohamed bin Zayed, the pipeline aims to increase crude export capacity via the port of Fujairah by 2027. ADNOC CEO Sultan Al Jaber highlighted that even after the resolution of regional conflicts, global oil flows could take several months to

US Seizes Iran-Linked Skywave Tanker In Indian Ocean The United States has seized the Iran-linked oil tanker Skywave in the Indian Ocean, marking another significant enforcement action under US sanctions against Tehran. Officials said the tanker, sanctioned in March for allegedly transporting Iranian crude oil, was intercepted west of Malaysia on May 19 after passing through the Strait of Malacca. Ship-tra

The United States has extended its sanctions waiver on Russian seaborne oil by 30 days, allowing continued imports to key global partners like India. This temporary extension reverses previous plans to let the waiver lapse, aiming to provide flexibility for nations managing critical energy needs. Treasury officials stated the extension ensures that stranded Russian crude and petroleum products can reach markets without violating US sanctions on major Russian oil firms. This marks th

The petrol, diesel, and CNG price hike in India took effect on Friday, May 15, 2026. This was the first retail fuel price increase in four years, following the surge in global crude oil prices due to the Iran war.   Fuel Price Hike Overview in Major Cities The government raised petrol, diesel, and CNG prices following a surge in global crude oil prices triggered by the Iran war. This is the first retail fuel price hike in four years. The increase is expected to affect transportation costs, household spending, and overall inflation. City Petrol Price (Rs/Litre) Petrol Hike (Rs) Diesel Price (Rs/Litre) Diesel Hike (Rs) CNG Price (Rs/Kg) CNG Hike (Rs) Delhi 97.77 3.00 90.67 3.00 79.09 2.00 Kolkata 108.74 3.29 95.13 3.11 — — Mumbai 106.68 3.14 93.14 3.11 84.00 2.00 Chennai 103.67 2.83 95.25 2.86 — — Hyderabad 104.50 3.10 94.20 3.05 80.50 2.00 Economic Implications and Expert Insights India’s state-run oil companies, IOCL, BPCL, and HPCL, were absorbing high crude costs for months, incurring daily losses of around Rs 1,600 crore. Imported crude prices jumped from $69 per barrel in February to $113-114 per barrel after the Iran war began on February 28. Economists, including Finance Commission Chair Dr Arvind Panagariya, recommended that retail prices be adjusted to prevent further losses and sustain OMC operations. Prime Minister Modi has appealed to citizens to conserve fuel and encouraged work-from-home practices to reduce foreign outflows. The Delhi government initiated a 90-day campaign promoting fuel-saving habits and limited office days. The fuel price increase is expected to push up transportation and logistics costs, which may drive inflation in essential commodities like milk and vegetables. Household savings could shrink, and discretionary spending may reduce, potentially slowing consumption, production, and GDP growth. While consumers will feel the immediate impact, this step was unavoidable given the international crude price surge.

The ongoing US blockade in the Gulf of Oman has forced Iran to face a massive loss, with the US Defense Department estimating that Tehran has lost nearly $5 billion in oil revenue. This economic setback is the result of a blockade imposed by the US military in an effort to increase pressure on Iran’s economy. The blockade, which began on April 13, 2025, has been described as one of President Donald Trump’s most powerful tools to drive Iran into negotiations that aim to resolve the ongoing conflict. However, diplomatic talks have been repeatedly stalling and restarting, leaving both parties in a stalemate. According to Pentagon officials, more than 40 vessels have been redirected since the operation’s start, as they attempted to smuggle oil and other contraband through the region. In total, 31 tankers carrying approximately 53 million barrels of Iranian crude are now stuck in the Gulf of Oman, and these shipments are valued at around $4.8 billion. Of these, two vessels have already been seized by US forces. With storage capacity on land reaching its limits, Iran has resorted to using older tankers as floating storage units, as reported by analysts. These tankers, which are no longer fit for regular commercial routes, have become temporary storage sites for Iran’s oil. Some shipments are being rerouted along longer and more expensive paths, primarily to avoid interception by US forces. To achieve this, Iranian ships have been following coastlines near Pakistan and India and using safer maritime corridors towards the Strait of Malacca, a key transit point for oil bound for China. Tanker tracking analysts such as Samir Madani, co-founder of TankerTrackers.com, have noted a shift in Iranian shipping patterns. He explained how one Iranian tanker, called “HUGE,” cleverly demonstrated how ships are using stealth routes to evade detection. According to Madani, ships are increasingly relying on hidden paths through regional waters to avoid the US military blockade. Madani also predicted that, in the future, Iran might attempt a large-scale breakout of its tankers. "I think the Iranians will wait for an opportunity to launch an overnight 'Great Escape' once they have built up further storage near the border with Pakistan,” Madani told Axios. This situation is part of a broader economic struggle between Iran and the United States, with both countries resorting to maritime pressure tactics. Iran has previously restricted access to the Strait of Hormuz, a critical shipping route, in retaliation. Meanwhile, the US has been tightening its control over the Gulf of Oman, an entry point to key waterways. According to Gregory Brew, an analyst at Eurasia Group, Iran is just weeks away from running out of storage space for its oil, which could collapse its oil production capacity. "They're probably several weeks, or perhaps as much as a month, away from running out of storage," Brew said. The Pentagon’s spokesperson, Joel Valdez, emphasized the severity of the situation, stating that the blockade is fully active and that the US military is delivering a devastating blow to Iran’s ability to fund terrorism and regional destabilization. “Our armed forces in the region will continue to maintain this unrelenting pressure,” Valdez said. This strategy, although harsh, seems designed to wear down Iran’s ability to sustain itself economically, and possibly force a change in its approach to negotiations.

UAE’s exit from OPEC may boost oil supply, ease prices, and strengthen India energy ties, while raising volatility risks in global markets amid geopolitical tensions. Will UAE leaving OPEC lower oil prices? Yes, it could ease global supply pressure as the United Arab Emirates prepares to formally exit Organization of the Petroleum Exporting Countries and OPEC+ on May 1,

India growth slowdown: oil price surge impacts economy India growth slowdown has become a major concern after crude oil prices crossed $100 per barrel following tensions linked to the Iran conflict. The sharp increase in energy costs is already affecting corporate earnings and is expected to impact the FY27 outlook, according to analysts tracking the India economy slowdown. The rising oil price surge is not seen as a short-term issue. Higher crude oil prices are likely to continue putting pressure on multiple sectors including consumer, auto, and financial industries. JP Morgan has warned that supply disruptions and elevated energy costs India could persist for months, even after a ceasefire, delaying full normalization. The firm has reduced its FY27 earnings forecast by 2–10 percent across major sectors, highlighting the growing risks to corporate earnings India. Experts point out that the impact will be visible in different ways. Companies may face margin compression, reduced demand, and operational challenges, while consumers may experience the effects through higher prices and inflation India. These combined factors are expected to slow overall economic momentum. Market estimates show that Nifty EPS growth could drop sharply from earlier expectations of around 15 percent to nearly 7–8 percent if crude oil prices remain high. Key industries such as automobiles, oil and gas, and airlines are likely to be the most affected due to their heavy dependence on fuel. Despite these pressures, India Inc revenue growth remains stable, but the growth pattern is shifting from volume-driven to price-led expansion. This means companies are increasing prices to maintain revenues, a strategy that may not be sustainable if inflation continues to rise. West Asia continues to play a crucial role in India’s economy. The region accounts for a significant share of exports and remittances, making India highly sensitive to disruptions in West Asia trade and income flows. Any prolonged instability could further deepen the India growth slowdown. Investor sentiment has also weakened amid global uncertainty. Foreign portfolio investors have turned net sellers, with total FPI outflows reaching nearly ₹1.68 trillion since early 2026, reflecting concerns over geopolitical risks and economic stability.

India is set to continue importing Russian crude oil and Liquefied Petroleum Gas (LPG) even after the expiration of the 30-day sanctions waiver granted by the United States on April 11, 2026. Officials indicated that the country’s energy import strategy is guided by sovereign priorities and commercial considerations rather than external sanctions frameworks. Indian refineries are expected to maintain their existing procurement approach by sourcing supplies from non-sanctioned entities and c

Oil prices climbed sharply on Tuesday (date not sp

Gas prices across the United States climbed above an average of $4 per gallon on Tuesday, March 31, 2026, marking the first time since 2022 that national fuel costs have reached this level, according to data released by AAA. The national average for regular gasoline rose to $4.02 per gallon, reflecting a sharp increase of more than $1 compared to prices before the ongoing Iran conflict began on Friday, February 28, 2026. The surge is largely tied to disruptions in global oil markets followin