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

India has moved to strengthen its energy security as global tensions rise in West Asia, with Prime Minister Narendra Modi confirming that the country currently holds a strategic petroleum reserve of 53 lakh metric tonnes. Addressing the Lok Sabha, he also revealed plans to expand this reserve to 65 lakh metric tonnes in the near future.

A crude oil tanker captained by an Indian reached Mumbai after a

Global oil prices fell sharply on Tuesday after the United States confirmed that a naval escort ensured the safe passage of an oil tanker through the Strait of Hormuz, a critical shipping lane for the world’s energy markets. The announcement helped calm investors who had been reacting to escalating geopolitical tensions and fears of a major oil supply disruption linked to the ongoing Iran conflict. U.S. crude oil dropped around 15 percent to $79.96 per barrel, while Brent crude, t

Global crude oil prices have surged past $110 per barrel as escalating tensions in the Gulf region shake energy markets worldwide. The sharp increase has triggered concerns about potential supply disruptions, particularly through the Strait of Hormuz, one of the most critical oil transit routes globally. The sudden spike represents the biggest jump in crude prices since 2020 and has raised fears about its possible ripple effects on economies that depend heavily on imported oil. Desp

Global oil markets experienced unprecedented volatility this week as escalating tensions in the Middle East disrupted key energy supply routes and triggered the largest weekly surge in U.S. crude futures since trading began in 1983. The sharp rise in oil prices reflects growing concerns among investors and governments that prolonged conflict in the region could severely affect global fuel supply chains and economic stability. West Texas Intermediate crude futures climbed sharply on

In response to the escalating crisis in the Middle East, Russia is preparing to ship 9.5 million barrels of crude oil to India. This move comes as India faces severe supply disruptions, particularly after Iranian attacks targeted vessels in the Strait of Hormuz, a critical oil route that handles 40% of India's crude imports. The current geopolitical tensions have left India vulnerable, as its crude stocks cover only about 25 days of demand, and inventories of refined products like gasoline, g

Amid escalating geopolitical tensions in West Asia and growing concerns over potential disruptions in the Strait of Hormuz, government sources have reassured citizens that India’s oil reserves and fuel stocks remain sufficient, urging the public not to panic or hoard essential petroleum products. Officials said the country currently maintains around 25 days of crude oil and petroleum products, including petrol and diesel, ensuring stability in the event of short-term supply disruptions. Liq

Oil prices climbed sharply on Wednesday, rising more than 4% as investors reacted to escalating tensions between the United States and Iran following the latest round of nuclear negotiations. Market sentiment shifted after U.S. Vice President JD Vance indicated that Tehran had failed to address key American demands and warned that military options remain under consideration. U.S. West Texas Intermediate crude settled up $2.86, or 4.59%, at $65.19 per barrel, while global benchmark B

Russia has said it has not received any official confirmation from India that the country plans to halt purchases of Russian oil, a day after U.S. President Donald Trump claimed New Delhi agreed to scale back those imports as part of a new trade agreement with Washington. Kremlin spokesperson Dmitry Peskov stated that Moscow had yet to hear directly from Indian authorities regarding any change in energy flows. While acknowledging the evolving relationship between the United States a

United States Secretary of State Marco Rubio said on Wednesday that Washington holds significant leverage over Venezuela’s interim authorities and is preparing to execute a plan that would place control of the country’s oil exports firmly in US hands. Speaking to reporters on Capitol Hill, Rubio said the administration is finalising an arrangement to take possession of oil currently immobilised in Venezuela and sell it on global markets at full market prices. According to Rubio,

U.S. crude oil prices fell to their lowest level since May on Tuesday, deepening a prolonged downturn that has put the market on track for its weakest annual performance in seven years. The decline reflects growing concerns over a looming supply surplus and shifting expectations around geopolitical risks, particularly the possibility of a peace agreement between Ukraine and Russia. West Texas Intermediate crude briefly dropped to $55.69 per barrel, while global benchmark Brent crude

Hours after United States President Donald Trump asserted that Indian Prime Minister Narendra Modi had personally assured him that New Delhi would soon halt the purchase of oil from Russia, the Indian government issued a carefully worded statement reiterating its independent energy policy. The clarification underscored India’s commitment to protecting its national interests and consumers amid global price volatility, without directly confirming or denying Trump’s remarks. In a s

Oil sector stocks in India saw notable gains today, largely driven by major geopolitical developments. A ceasefire between Iran and Israel led to a sudden shift in oilarket sentiment, reversing a recent upward trend in crude prices. The announcement resulted in a noticeable decline in global oil benchmarks, which had been elevated due to the prior escalation of tensions. Brent crude, which had surged earlier in the week to a peak of $81.40 per barrel, dropped sharply following the

Global financial markets came under pressure on Friday as Iran launched hundreds of missiles toward Israel in retaliation for earlier airstrikes on its nuclear and military facilities. The geopolitical escalation sparked fears of a wider Middle East conflict, leading to a steep sell-off on Wall Street and sharp gains in oil and gold. The S&P 500 fell 1.1%, while crude oil futures jumped 7.5%, their largest single-day gain in over two years. The VIX fear g

Oil prices rose on Monday as encouraging signs from trade talks between the United States and China improved market sentiment. Over the weekend, both sides reported progress in negotiations, helping ease concerns in global markets and fueling optimism that the two largest crude consumers are moving closer to resolving their long-running trade dispute. Brent crude futures increased by 43 cents, or 0.67%, reaching $64.34 per barrel in early Asian trading. At the same time, U.S. West

The Indian government is set to review the windfall tax on crude oil after recently reducing the tax to nil, as reported by Bloomberg News. Tarun Kapoor, advisor to the Prime Minister, confirmed that the oil ministry has requested the removal of the windfall tax on crude oil output during a press briefing at the World Biogas Associations' India Conference in New Delhi. Previously, the windfall tax was set at ₹1,850 per tonne as of September 17, but it was eliminated effective