New Delhi, March 13 (IANS) The US waiver for buying seaborne Russian crude has immediately freed another 20-odd million barrels of oil on board ships which is expected to cool runaway prices that have crossed the $100 per barrel mark in the global market amid the Iran war.There are currently around 25 ships carrying Russian crude at sea while another five ships are carrying petroleum products. These can be diverted immediately to destinations from where the demand emanates.The temporary waiver c…
Latest Oil Prices News & Updates
New Delhi, March 13 (IANS) Gold and silver prices opened flat but dipped marginally on Friday, amid profit‑taking capped after recent record highs and strengthening of US dollar.MCX gold April futures lost 0.14 per cent to Rs 1,60,046 per 10 grams around 11.10 am on an intraday basis. Meanwhile, MCX silver May futures declined 0.19 per cent to Rs 2,67,448 per kg.However, the decline was capped by safe‑haven demand amid the ongoing US‑Iran war, and high crude prices kept underlying support …
Washington, March 13 (IANS) Facing a sharp rise in fuel prices and disruptions in global shipping routes, the White House is considering a temporary waiver of the century-old Jones Act to allow more vessels to deliver energy and agricultural supplies to US ports.Press Secretary Karoline Leavitt confirmed that this major move is under consideration but has not yet been finalised.“In the interest of national defense, the White House is considering waiving the Jones Act for a limited period of ti…
Washington, March 12, (IANS) President Donald Trump has said that US military action against Iran would help bring down global oil prices, telling supporters in Kentucky that a coordinated release of emergency crude reserves and continued pressure on Tehran would stabilise energy markets.Speaking at an event in Hebron, Kentucky, on Wednesday (local time), Trump defended the ongoing US military campaign against Iran and said Washington would continue operations until its objectives were achieved….
Mumbai, March 11 (IANS) The Indian equity markets posted moderate losses in early trade on Wednesday over cautious sentiment amid the ongoing war between US-Israel and Iran, leading to the prolonged closure of the Strait of Hormuz.As of 9.25 am, Sensex lost 109 points, or 0.14 per cent, to reach 78,096 and Nifty eased 26 points, or 0.11 per cent to reach 24,234.Main broad-cap indices showed divergence with the benchmark indices, as the Nifty Midcap 100 gained 0.72 per cent, and the Nifty Smallca…
Washington, March 11 (IANS) The White House said that the United States is determined to keep the Strait of Hormuz open as the war with Iran intensifies, stressing that President Donald Trump will not allow Tehran to disrupt global energy supplies.White House Press Secretary Karoline Leavitt said the administration has made protecting the vital shipping lane a central objective of Operation Epic Fury, the US military campaign against Iran.“President Trump reiterated his commitment toward keepi…
Washington, March 10 (IANS) Oil prices hovered near $90 a barrel on Tuesday as the war involving Iran sent shockwaves through global energy markets, raising fears of prolonged supply disruptions through the critical Strait of Hormuz and pushing US lawmakers to propose emergency measures to curb rising fuel costs. Brent crude, the global benchmark, traded around $91.94 a barrel, while US crude slipped to about $88.87 after volatile trading earlier in the week, according to CNBC and CNN.Energy mar…
New Delhi, March 10 (IANS) Gold and silver prices posted strong gains on Tuesday as the US dollar softened, and energy prices fell on signals from President Donald Trump that the conflict in the Middle East could be nearing an end.MCX gold April futures gained 1.15 per cent to Rs 1,62,150 per 10 grams around 12.15 pm on an intraday basis. Meanwhile MCX silver May futures gained 3.68 per cent to Rs 2,77,000 per kg.In international markets, spot silver climbed toward $82.50 per ounce, while spot g…
New Delhi, March 9 (IANS) Finance ministers from the Group of Seven (G7) will discuss a possible coordinated release of emergency petroleum reserves during a call on Monday as oil prices surge following the conflict in the Gulf, a report has said.The ministers are expected to hold the emergency discussion at 8:30 am New York time (around 7 pm local time) alongside Fatih Birol, executive director of the International Energy Agency (IEA), according to people familiar with the matter, the Financial…
Washington, March 8 (IANS) The United States of America urged India to draw down more than 100 million barrels of Russian crude waiting offshore for Chinese refineries in an effort to cool rising oil prices during the Iran conflict, Energy Secretary Chris Wright said on Sunday. Speaking in interviews on US television programmes, including CNN and CBS News, Wright said the Trump administration directly reached out to India as part of a short-term effort to calm energy markets rattled by disruptio…