Sydney, April 15 (IANS) Virgin Australia said on Wednesday it will reduce flights in the current quarter and flagged increased fares to offset higher jet fuel costs. In an update to the Australian Securities Exchange (ASX), Virgin Australia said that its fuel costs in the second half of 2026 are expected to be up to 40 million Australian dollars (about 28.5 million US dollars), higher than previously forecast, as a result of a surge in oil prices driven by the conflict in the Middle East, report…
Latest Oil Prices News & Updates
New Delhi, April 14 (IANS) The International Energy Agency (IEA) warned on Tuesday that demand for crude oil will likely see the biggest slump in the second quarter (Q2 2026) since the Covid pandemic slashed fuel consumption.Oil demand is expected to contract by 80,000 barrels per day (kb/d) this year, “as the Iran war upends our global outlook”.”This is 730 kb/d less than in last month’s Report and a forecast 1.5 mb/d 2Q26 decline would be the sharpest since Covid-19 slashed fuel consumption….
Washington, April 10 (IANS) US Vice President J D Vance on Friday set off for Pakistan for talks on Iran, saying Washington is ready to “extend the open hand” if Tehran negotiates in good faith, while warning against attempts to “play” the United States. “We’re looking forward to negotiation. I think it’s going to be positive,” Vance told reporters at Joint Base Andrews before boarding Air Force Two for Islamabad.He reiterated that the US approach would depend on Iran’s willingne…
New Delhi, April 8 (IANS) While the International Monetary Fund (IMF) has asked Pakistan to remove subsidy on diesel as keeping prices of fuels below the market price violates the conditions that have been fixed for its loans to the cash-strapped country, Islamabad has, in brazen defiance of the norms, gone ahead with reducing the subsidy on petrol as well.“The prime minister’s Friday night dash to slash the petrol levy — undoing a massive price hike meant to fully pass on the global incre…
New Delhi, April 7 (IANS) A rate cut in this environment will be fairly difficult because of inflation pressures, so the RBI may stay at current rate levels, Anant Goenka, President of FICCI, said on Tuesday. Speaking to IANS on the sideline of an event, he noted that the ongoing geopolitical crisis “has had several adverse impacts in the form of logistics, cost increases, demand slowdown and long-term uncertainty” for Indian industry.”Industry is grappling with rising uncertainty as global …
New Delhi, April 7 (IANS) Global geopolitical tensions are beginning to weigh on India’s economic outlook, but the country is still expected to maintain steady growth as GDP growth expected at 6.2 per cent for FY2027, a report said on Tuesday.The data compiled by Morgan Stanley projected India’s growth, even as rising energy costs, supply disruptions, and external pressures pose fresh challenges.However, it is lower than earlier estimates of 6.5 per cent, the report stated. The downgrade ref…
Washington, April 6 (IANS) Global energy markets and supply chains are coming under pressure as tensions over Iran and the Strait of Hormuz escalate, with oil prices rising sharply and fears mounting over disruptions to one of the world’s most critical shipping routes.Oil prices climbed after US President Donald Trump threatened strikes on Iranian energy infrastructure if Tehran does not reopen the Strait of Hormuz, according to CNN.“Oil prices pushed higher Sunday after President Donald Tru…
Tokyo, April 2 (IANS) Japan Airlines (JAL) and All Nippon Airways (ANA) are expected to raise fuel surcharges sharply on international flights from June, due to rising oil prices amid the Middle East conflict, local media reported.Fuel surcharges on flights to Europe and North America in June and July are planned to reach 55,000 yen (about 346 U.S. dollars) for ANA, up 23,100 yen from April and May, while JAL is expected to raise its surcharge by 21,000 yen to 50,000 yen, Kyodo News reported Wed…
Washington, April 2 (IANS) Global markets fell, and oil prices rose after US President Donald Trump signalled the Iran conflict would continue for weeks, raising concerns about supply disruptions and prolonged economic fallout, according to American media reports.US stock futures declined after Trump’s address, with S&P 500 futures down about 0.8 per cent, Nasdaq futures losing around 1 per cent, and Dow futures falling roughly 350 points, reported US media, including The Wall Street Journ…
Seoul, March 31 (IANS) The South Korean currency fell sharply to a 17-year low against the US dollar on Tuesday as the escalating Middle East conflict fuelled fears of further disruptions to global oil supplies and broader economic impacts.The won was quoted at 1,530.1 won per dollar, down 14.4 won from the previous session, extending its losing streak to a fifth consecutive session, reports Yonhap news agency.Tuesday’s level marked the lowest since March 9, 2009, on a closing basis, when the wo…