New Delhi, March 26 (IANS) Reliance Industries Limited (RIL) on Thursday refuted reports that it has purchased Iranian crude, calling these reports “baseless”.Reports earlier claimed that RIL had purchased 5 million barrels of Iranian crude after the US administration temporarily removed sanctions on Iranian oil at sea.According to the report, RIL bought the oil from the National Iranian Oil Co.”Reliance Industries Limited categorically rejects recent media reports that the company has pur…
Latest Scott Bessent News & Updates
Washington, March 22 (IANS) US Transportation Secretary Sean Duffy has warned that the ongoing conflict with Iran is pushing up fuel and travel costs, saying it is the rising cost burden that is now affecting American consumers even as supply chains remain stable.In an interview on ABC News’ This Week with George Stephanopoulos, Duffy said airlines are not facing supply shortages but are under pressure from higher fuel prices. “It is the cost, right?” he said.The warning comes as fuel pric…
Washington, March 21 (IANS) The United States moved against what it described as a sprawling financial network that channelled more than $100 million to Hezbollah, sanctioning individuals and companies operating across several countries.The US Department of the Treasury’s Office of Foreign Assets Control (OFAC) designated 16 individuals and entities linked to Hezbollah financier Alaa Hassan Hamieh, accusing him of overseeing a network of companies used to launder money and raise funds for the …
Washington, March 21 (IANS) The United States on Friday night issued a narrow, short-term authorisation allowing the sale of Iranian oil already stranded at sea, a move the Trump administration says will quickly boost global supply while maintaining pressure on Tehran, according to the Treasury Department and media reports. Treasury Secretary Scott Bessent said the step is designed to stabilise energy markets amid ongoing conflict and supply disruptions.“Today, the Department of the Treasury i…
Washington, March 21 (IANS) The United States has announced a 30-day sanctions waiver permitting the sale of Iranian oil currently stranded at sea, in a move aimed at easing mounting pressure on global energy supplies triggered by the ongoing conflict with Iran.Taking to X, US Treasury Secretary Scott Bessent said the decision is intended to quickly stabilise global markets by unlocking already available oil supplies.“By temporarily unlocking this existing supply for the world, the United Stat…
New Delhi, March 20 (IANS) The government on Friday said there has been no price increase on regular petrol for consumers and the hike is limited to the premium fuel category, which accounts for only 3-4 per cent of total petrol sales.Addressing the daily briefing, Petroleum and Natural Gas Ministry’s Joint Secretary, Marketing and Oil Refinery, Sujata Sharma said that petrol and diesel prices are deregulated and determined by the oil marketing companies (OMCs).OMCs increased the price of premiu…
Mumbai, March 20 (IANS) Global oil prices traded lower on Friday after the US signalled a possible easing of sanctions on Iranian crude, as efforts intensified to secure shipping through the Strait of Hormuz.Brent crude futures fell as much as 3.39 per cent to an intra-day low of $104.96 per barrel, while US WTI crude futures traded 3.22 per cent lower at $92.47, hitting an intra-day low.The decline in oil prices followed comments by US Treasury Secretary Scott Bessent, who indicated that Washin…
Washington, March 19 (IANS) The United States is considering a series of emergency energy measures, including releasing more crude from its strategic reserves and easing restrictions on Iranian oil, as the White House moves to contain rising prices after fresh disruptions in global supply. Treasury Secretary Scott Bessent, in separate interviews with Bloomberg and Fox News, said the administration had prepared contingency plans in advance of potential chokepoints in global oil flows, particul…
New Delhi, March 13 (IANS) Global equity markets have not fully priced in the economic fallout of the ongoing war in the Middle East, Christopher Wood, global head of equity strategy at Jefferies, said in his weekly note to investors.Wood said markets have shown surprising resilience considering that it has been nearly two weeks since the U.S.‑Israel strikes on Iran.“The explanation for the lack of a more dramatic sell‑off in stocks is markets’ continuing assumption that Donald Trump wil…
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…