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…
Latest Oil Prices News & Updates
Washington, March 8 (IANS) US Energy Secretary Chris Wright said on Sunday that the US asked India to purchase Russian oil cargoes that were waiting to unload at Chinese refineries in a bid to stabilise global energy markets during the ongoing conflict with Iran. In an interview to CNN, Wright said the Trump administration directly reached out to India as part of a short-term effort to calm oil markets rattled by disruptions in the Middle East.”I did call up the Indians, as did US Treasury Secre…
New Delhi, March 7 (IANS) Crude oil prices surged further on Saturday to reach $91.84 per barrel amid the escalating US-Israel and Iran war.Brent crude reached $91.84 while West Texas Intermediate (WTI) hit $89.62. With this, both Brent and WTI have jumped 24.55 per cent and 32 per cent, respectively, reviving fears around consumer prices.Brent crude futures crossed $90 per barrel for the first time since April 2024. WTI crude advanced 11 per cent to the day’s high of $89.62 per barrel.Earlier, …
New Delhi, March 6 (IANS) Union Commerce Minister Piyush Goyal on Friday said that talks are on with the Shipping Ministry and shipping companies to free up cargoes stranded due to the conflict in West Asia.The government will look at ways to ease exporters’ burdens, including high insurance and shipment costs.”Every day, the inter-ministerial group talks to the exporters. Even this morning, they must have had an engagement. They take feedback, and we will not be found wanting in supporting ou…
New Delhi, March 6 (IANS) After a surge of over 15 per cent since last week when the US-Israel and Iran war began, oil prices dropped early on Friday after the US said it would allow a 30-day waiver for Indian refiners to purchase Russian oil stranded at sea.The April contract of the benchmark Brent crude on the Intercontinental Exchange was trading at $84.21 per barrel, down by 1.52 per cent from its previous close. The West Texas Intermediate on the Intercontinental Exchange fell 2.10 per cent…
Wednesday, March 5 (IANS) The United States may deploy naval escorts for oil tankers passing through the Strait of Hormuz if necessary, the White House have said, as the conflict with Iran raises concerns about global energy supplies and shipping security in one of the world’s most critical maritime corridors. Speaking at a White House briefing on Wednesday (local time), Press Secretary Karoline Leavitt said that the administration was closely monitoring oil markets and maritime traffic as Ope…
New Delhi, March 4 (IANS) The Indian rupee breached a new record low on Wednesday, crossing Rs 92 per dollar as oil prices surged amid escalating geopolitical tensions in the Middle East.The domestic currency was trading at Rs 92.38 to the dollar, up 35 paise or 0.38 per cent from the previous session.Brent crude prices spiked to as much as $85 per barrel in recent days as military tensions between the United States, Israel and Iran intensified, the report further said.On Wednesday, WTI crude cl…
New Delhi, March 3 (IANS) If the war between Iran and the United States escalates, “the single biggest economic threat to Pakistan will come from oil,” with surging prices likely to lift inflation and making tax cuts harder, a report has said.The editorial piece from Dawn said inflation would rise again due to surging oil prices, making further policy rate cuts unlikely, and industry would face higher input costs, shrinking fiscal space and limiting the government’s ability to lower taxes or p…
United Nations, March 3 (IANS) UN Secretary-General Antonio Guterres has carried out a round of diplomacy with leaders in the Gulf region as the world organisation expressed concern over the global economic fallout of the Iran war.The UN is “worried about the negative impacts that the military activities in the region as a whole could have on the world economy”, Guterres’ Spokesperson Stephane Dujarric said on Monday.”And those impacts, as they often do, hit the most vulnerable the hardest…
New Delhi, Feb 28 (IANS) Oil prices are expected to rise due to the “massive combat operation” launched by the US and Israel on Iran which brings the Strait of Hormuz into the war zone, leading to a disruption in crude exports from the Middle East countries.Over 20 per cent of the world’s oil supply is shipped out of the Strait of Hormuz which links the Persian Gulf with the Gulf of Oman and the Arabian Sea. With heavy missile bombardment and US President Donald Trump announcing that an an…