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

Microsoft has broken ground on a 48-megawatt data center campus in San Jose’s Alviso neighborhood, a project expected to support growing demand for artificial intelligence, cloud computing and digital services. The Microsoft Alviso data center is described as the company’s first purpose-built, company-owned and operated data center in San Jose. The source information said the groundbreaking took place on a Wednesday, but did not provide a full calendar date or time.

Trump threatened Iran’s Kharg Island as US-Iran Gulf attacks intensified across oil routes, tankers and military targets, raising new risks for regional security and global energy markets. President Donald Trump said the United States would hit Iran “very hard” and threatened to take Kharg Island, a key hub in Iran’s oil economy, as Washington increased pressure on Tehran to shut down its nuclear program and accept a peace deal. US-Iran Gu

US shale oil exports reached a new milestone in May, pushing the United States ahead of Saudi Arabia and Russia in global crude oil and refined fuel shipments. The shift marks a major reversal for a country that once depended heavily on West Asian oil and was deeply affected by the 1973 Arab oil embargo. US Shale Oil Exports Reach May Record Ship-tracking data cited by Reuters showed U.S. exports of crude oil and refined fuels reached about 10.

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

The fragile calm between Israel and Iran shattered as both nations launched attacks targeting key infrastructure. For the first time since their April ceasefire, strikes on petrochemical and industrial sites in Mahshahr and Haifa have escalated tensions in the Middle East. International observers are warning of broader consequences for regional security and global energy supply. Mahshahr and Haifa Facilities Hit

Trump Expands Coal Funding US President Donald Trump has announced a $700 million initiative to expand coal production and support coal-related projects across ten US states. The funding aims to keep over a dozen coal plants operational, support 42 coal mines, build two new coal plants, and develop a coal export terminal. This effort, executed under the Defence Production Act, underscores the administration?

Strengthening India-Venezuela Relations Prime Minister Narendra Modi held a high-level meeting with Venezuela's Acting President Delcy Rodriguez in New Delhi on Thursday. The meeting took place at Hyderabad House, where both leaders discussed the full spectrum of India-Venezuela relations. Key focus areas included energy security, trade and investment, pharmaceuticals, healthcare, transportation, and renewabl

Oil prices rose sharply as Brent crude touched $98.20 per barrel on Wednesday, fueled by rising tensions between the United States and Iran. Recent missile activity in the Gulf region and disrupted shipping routes have intensified concerns about energy supply. Although strategic oil reserves remain untapped for now, the market is reacting to potential risks in the Strait of Hormuz. August contracts have jumped over 2% since early June and more than 5% in just the past week.

Commercial LPG cylinder price in Delhi has increased from June 1, adding fresh cost pressure on hotels, restaurants, caterers, cloud kitchens, bakeries and other businesses that use 19-kg cylinders for daily operations. According to reports citing industry sources and fuel retailer data, the price of a 19-kg commercial LPG cylinder in Delhi has been raised by ₹42. The new rate is ₹3,113.50, compared with the earlier price of ₹3,071.50. The latest commercial LPG price hike come

The Ofgem July price cap 2026 will raise typical UK household energy costs from July as higher wholesale gas prices continue to affect Britain’s energy market. Ofgem announced on Wednesday, May 27, 2026, that the energy price cap for Great Britain will rise by 13% for the period from Wednesday, July 1, 2026, to Wednesday, September 30, 2026. Under the existing typical household usage measure, the annual figure will rise from £1,641 to £1,862.

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

India relies heavily on imported crude oil, with domestic production covering only 10–15% of demand. Historically dependent on Middle Eastern oil, India is now sourcing crude from the U.S., West Africa, and Russia to reduce vulnerability to geopolitical risks. Very Large Crude Carriers (VLCCs) transport oil in shipments of 200,000–300,000 DWT to key ports on the west coast—Mumbai, Mundra, Kandla, Jamnagar—and east coast—Paradip, Visakhapatnam, Chennai. From ports, extensive pipeline

Chinese President Xi Jinping and Russian President Vladimir Putin met in Beijing to reaffirm the growing strategic partnership between their nations. The summit emphasized energy cooperation, trade expansion, and technological collaboration. Xi described the bilateral relationship as a “source of stability,” underscoring the importance of maintaining a strong alliance amid shifting global dynamics. Key Agreemen

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

Chinese President Xi Jinping welcomed Russian President Vladimir Putin to Beijing this week, shortly after a visit from US President Donald Trump. The summit emphasizes China’s role as a central global power, balancing relations with both Washington and Moscow while advancing its strategic interests. Amid energy crises, trade disputes, and geopolitical conflicts, China aims to project stability and strengthen its influence on the global stage. Strengthening China-Russia S

Israeli Prime Minister Benjamin Netanyahu held a phone conversation with US President Donald Trump on Sunday, May 17, as tensions involving Iran remained high and questions continued over the durability of the ceasefire. The discussion reportedly focused on the war with Iran, regional security conditions and the future of diplomatic efforts aimed at preventing another round of escalation. The call came amid reports that Washington and Jerusalem are weighing their next steps after the ceasefir

Dubai, May 15, 2026 – Prime Minister Narendra Modi landed in Dubai, marking the start of a critical diplomatic and economic mission ahead of his Europe tour. The visit focused on strengthening India UAE diplomacy, with major agreements signed in energy, defence, and investment, signaling deeper bilateral cooperation. Key Agreements Strengthen India-UAE Ties

Iranian Foreign Minister Seyyed Abbas Araghchi confirmed that the Strait of Hormuz remains open to international shipping, except for vessels from countries currently at war with Iran. Speaking in New Delhi, Araghchi emphasized that Tehran prioritizes safe navigation through this vital maritime corridor. Strategic Importance of the Strait The minister highlighted the strait’s significance for oil, gas, and global trade. With a substantial share of worl

India LPG Carriers Move Through Strait of Hormuz India has moved nearly all of its LPG carriers out of the Strait of Hormuz with support from the Indian Navy as tensions continue to affect shipping security in the Persian Gulf region. Government sources said on Thursday, May 14, 2026, that the 14th Indian liquefied petroleum gas carrier had crossed the strategic waterway, while one final vessel remained in the process of crossing under close monitoring.