Washington, July 2 (IANS) President Donald Trump said that shipping through the Strait of Hormuz had reached record levels and predicted further declines in oil prices, offering an upbeat assessment of the situation with Iran during a speech in North Dakota. “Those boats are coming out of the Hormuz Strait. They’re coming out by numbers that nobody ever saw. We’re setting records actually,” Trump said while dedicating the Theodore Roosevelt Presidential Library in Medora on Wednesday (local time…
Latest Energy Markets News & Updates
Washington, June 25 (IANS) US President Donald Trump has said his administration was investigating major oil companies over suspected price gouging, arguing that falling crude oil prices had not translated into lower prices at American petrol stations.Speaking after his meeting with NATO Secretary General Mark Rutte at the White House on Wednesday (local time), Trump said the Department of Justice was examining whether energy companies were passing on lower costs to consumers.”We are not seeing …
New Delhi, June 22 (IANS) Apex industry body ASSOCHAM on Monday welcomed the agreement reached between the US and Iran in Switzerland to ensure safe commercial shipping through the Strait of Hormuz, saying the development is expected to ease global crude oil prices and deliver significant benefits to the Indian economy.The chamber said the breakthrough — which comes amid heightened geopolitical tensions in the region — could help restore stability to global energy markets and reduce risks asso…
Washington, June 12 (IANS) US President Donald Trump predicted a sharp decline in global oil prices if a proposed agreement with Iran is finalised, arguing that greater stability in the Middle East and the reopening of key shipping routes would ease pressure on energy markets.Speaking at the White House, Trump said markets had already responded positively to news of the emerging agreement.“Stock markets up 1000 points,” Trump said. “That means they like the deal.”He said oil prices had a…
Washington, June 11 (IANS) The conflict in the Middle East is emerging as a major economic threat to South Asia through rising oil, gas and fertiliser prices, with the World Bank warning that the region is among the most exposed to the fallout from the crisis despite remaining the world’s fastest-growing economic region.The World Bank’s latest ‘Global Economic Prospects’ report projects South Asia’s growth to slow from 7 per cent in 2025 to 6.3 per cent in 2026 as higher energy costs, inflationa…
New Delhi, June 6 (IANS) Prime Minister Narendra Modi on Saturday chaired a meeting of the Economic Advisory Council to the Prime Minister (EAC-PM), discussing measures to sustain India’s growth momentum, strengthen economic resilience and navigate emerging global challenges amid the West Asia conflict, officials said on Saturday.The meeting focused on strategies to further accelerate economic growth, at a time when major economies across the world continue to face geopolitical uncertainties, …
Washington, June 6 (IANS) President Donald Trump has said that the confrontation with Iran is nearing an end and declared that Tehran’s nuclear ambitions would be stopped “one way or the other.” Speaking at an agriculture roundtable in Chippewa Falls, Wisconsin, on Friday (local time), Trump said the United States had already largely achieved its objective of preventing Iran from becoming a nuclear-armed state.”We had to extinguish a nuclear weapon…,” Trump said. “We weren’t going to let that …
Washington, May 29 (IANS) US Treasury Secretary Scott Bessent expressed confidence that global oil prices could decline rapidly once shipping disruptions in the Gulf ease, arguing that energy markets remain well supplied despite tensions surrounding the Strait of Hormuz.Speaking at a White House briefing, Bessent said the market had already shown resilience and suggested that fears of a prolonged energy shock may be overstated.”There are almost 2,000 ships waiting to come out of the Gulf and I t…
Washington, May 27 (IANS) President Donald Trump on Wednesday ruled out any arrangement that would allow Iran to control the Strait of Hormuz, insisting the strategic waterway would remain open to all nations even as his administration continued negotiations with Tehran over its nuclear programme. “The Strait is going to be open to everybody,” Trump said during a Cabinet meeting at the White House. “Nobody’s going to control it. It’s international waters.”Trump said Iran had sought c…
Vadodara, May 11 (IANS) Prime Minister Narendra Modi on Monday highlighted global instability and its direct impact on India’s economy, particularly in relation to crude oil dependence and disrupted supply chains, while addressing a programme in Vadodara linked to Sardardham initiatives. Referring to the current international situation, he said the world is passing through multiple overlapping crises.“First the COVID-19 crisis, then global economic challenges, and now increasing tensions in …