Topic
crude
Commodities Oil price dives over 9% as US and Iran pause attacks, Brent drops below $88
The price of oil sank more than 9% on Monday, with Brent crude dipping below $88 a barrel, after the US and Iran paused attacks to give talks space. The fall follows last week's spike above $100 amid fears over the Strait of Hormuz and Houthi attacks in the Red Sea.
Commodities Oil Prices Tumble 5% on US-Iran Pause, Fueling Hopes of Diplomatic Breakthrough
Oil prices fell sharply on Monday after the US and Iran paused hostilities over the weekend, sparking hopes of a diplomatic solution. Brent crude dropped 4.52% to $92.41 a barrel, while WTI fell 4.81% to $85.01. The retreat follows three weeks of gains, though shipping through the Strait of Hormuz remains subdued.
Commodities Iran War Pushes Brent to $100, Oil Companies Fear Hit to Their Finances
Global benchmark Brent crude topped $100 per barrel for the first time in nine weeks amid renewed US-Iran conflict in West Asia. The disruption through the Strait of Hormuz and continued Houthi attacks on Bab el-Mandeb Strait have pushed prices up nearly 7% in a day. Indian oil marketing companies, already reeling from losses in the June quarter, face further financial strain as crude prices surge.
Logistics Tankers Carrying Saudi Crude for India, China Make U-Turn in Red Sea on Houthi Threats
Three tankers carrying Saudi crude oil bound for China and India reversed course in the Red Sea on Tuesday after Yemen's Houthi militia warned of a naval blockade on Saudi ports. The vessels are now heading toward the Suez Canal, lengthening voyages and raising insurance costs.
Commodities Crude Surges to One-Month High as US-Iran Conflict Escalates, Brent Nears $85
Oil prices climbed to a one-month high on Tuesday as the United States reinstated a naval blockade on Iran and intensified military strikes, while Tehran retaliated with attacks on UAE oil tankers in the Strait of Hormuz. Brent crude rose 2% to $84.98 a barrel, and WTI gained 2.1% to $79.79, adding to a 9.6% surge in the prior session.
Commodities Oil edges lower but heads for weekly gain as West Asia supply risks persist
Oil prices edged lower on Friday but remained on track for weekly gains as the United States and Iran continued trading strikes, keeping supply risks elevated. Brent futures fell 6 cents to $76.24/bbl, while WTI lost 4 cents to $72.04/bbl. For the week, Brent was set for a 6% gain and WTI for a 5% increase.
Commodities Oil Prices Slip but Head for Weekly Gains as US-Iran Conflict Keeps Supply Fears Alive
Oil prices edged lower in early trade on Friday but remained on course for strong weekly gains as renewed military exchanges between the United States and Iran kept concerns over global crude supplies elevated. Brent crude was set to post a 6% weekly gain, while WTI was on track to rise 5%. The disruption to the Strait of Hormuz remains a key concern, though demand-side worries from inflation limited the upside.
Commodities Oil Jumps Nearly 5% as Trump Declares Iran Ceasefire 'Over'; Wall Street Falls
Oil prices surged nearly 5% and US stocks fell on Wednesday after President Donald Trump declared the ceasefire with Iran effectively over, raising fears of renewed disruptions to global energy supplies. Brent crude rose 4.8% to $77.74 a barrel, while the S&P 500 dropped 0.5% and the Dow lost 550 points.
Commodities Oil prices inch higher as focus shifts to supply, demand and Hormuz shipments
Oil prices edged higher on Tuesday, with WTI crude at $68.83 per barrel and Brent at $72.26, as the market shifted focus to supply-demand dynamics and recovering shipments through the Strait of Hormuz. A tanker was struck by a projectile near Oman, renewing geopolitical concerns, but gains were capped by OPEC+ output increases and record UAE production.
Commodities OPEC+ to Prioritise Oil Supply Over Price Floor Until Hormuz Normalises, Says Kotak Securities Analyst
OPEC+ is prioritising oil supply over defending a price floor, according to Kotak Securities analyst Anindya Banerjee, as the Strait of Hormuz remains only half-normalized. Brent crude staying below $85 per barrel will benefit India, but a full normalization of Hormuz over the next six to nine months could lead to a surplus if OPEC+ continues unwinding cuts amid weak demand. Internal divisions within OPEC+, including UAE stepping out and Iraq demanding higher quotas, complicate the group's cohesion.
Commodities Oil prices slip after OPEC+ agrees to raise output targets from August
Oil prices edged lower on Monday after OPEC+ agreed to raise production targets by 188,000 barrels per day from August, the fifth consecutive monthly increase. Brent crude fell 0.58% to $71.70 per barrel, while WTI eased 0.36% to $68.44. The decline was fueled by improving Gulf exports and record-high Russian crude shipments, offsetting ongoing supply constraints from the Strait of Hormuz disruption.
Commodities Oil Prices Little Changed as Persian Gulf Crude Flows Near Pre-War Levels
Oil prices were little changed in thin trading as the recovery of Persian Gulf flows created a new surplus in key parts of the global market. OPEC crude production rose by 2.34 million barrels a day in June, driven by Kuwait, Saudi Arabia and Iran. Brent futures traded just above $72 a barrel, while West Texas Intermediate was below $69, with both benchmarks erasing their war-time rally in their biggest quarterly slump since 2020.
Commodities India's Russian Oil Imports Hit Record High in June Amid Hormuz Disruptions
India imported a record 2.70 million barrels per day of Russian crude in June, more than half of its total oil imports, as refiners sought discounted barrels to offset supply risks from the Strait of Hormuz crisis. Overall imports held steady at around 4.9 million bpd, with Russia displacing Middle Eastern supplies.
Commodities Oil prices ease as US-Iran talks commence; Brent crude falls to $72.54 per barrel
Oil prices declined on Tuesday as markets focused on US-Iran talks in Doha. Brent crude slipped to $72.54 per barrel and WTI fell to $70.23, extending last week's 10.6% drop. The potential for diplomatic progress on Strait of Hormuz shipping disruptions weighed on prices, despite mixed signals from Tehran and ongoing risks.
Commodities Crude Oil Plunges Toward Pre-War Levels as India Mulls Relief on Flight Fares
Global crude oil benchmarks have fallen from above $100 per barrel to near pre-war levels, prompting the Indian government to consider asking airlines to reduce fuel surcharges. Civil aviation minister K Ram Mohan Naidu said the government is tracking aviation turbine fuel (ATF) prices and will work with airlines on fare reductions if price stability is sustained. A Rs 10,000 crore price stabilisation fund has been set up to support airlines during the West Asia crisis.
Commodities OPEC Global Crude Share Could Drop to 31% Without UAE, EIA Data Shows
The United Arab Emirates' departure from OPEC could reduce the group's share of global crude oil production from 35% to 31%, according to US EIA data. The exit, effective May 1, 2026, also impacts the OPEC+ alliance's share and comes amid significant production disruptions from the Strait of Hormuz closure.
Commodities Crude Oil Falls to Four-Month Low as Strait of Hormuz Traffic Improves and Iran Supply Outlook Weighs
Crude oil prices fell to four-month lows on Wednesday, with Brent crude dropping 1.8% to $75.71 per barrel and WTI falling 1.5% to $72.13, as improved tanker movement through the Strait of Hormuz and expectations of increased Iranian exports eased supply disruption concerns. The physical market also weakened, with Middle Eastern grades like Dubai, Oman, and Murban slipping into discounts. Despite the decline, analysts caution that geopolitical risks remain unresolved.
Commodities Trump Claims Record 19 Million Barrels of Oil Transited Hormuz; Prices Fall
US President Donald Trump claimed that 19 million barrels of oil transited the Strait of Hormuz on Monday, setting an all-time record. Oil prices ticked lower, with Brent crude falling to $77.45/barrel and WTI to $73.52/barrel. The US formally waived sanctions on Iranian oil for 60 days under General License X, in line with a US-Iran memorandum of understanding.
Commodities Record Russian crude buys, stockpiling: How India secures oil supply amid Hormuz closure and US-Iran war
India, importing 90% of its crude needs, is stocking up on oil and diversifying supply sources as the Strait of Hormuz remains disrupted due to the US-Iran war. Russian crude imports hit a record 2.66 million barrels per day in June, while imports from the UAE remain near historic highs. The government has tasked ONGC with developing a new strategic petroleum reserve with an investment of roughly $1.6 billion.
Commodities Oil Prices Fall After US-Iran Talks in Switzerland Conclude; Brent Drops Below $80
Oil prices fell on Monday after US-Iran talks in Switzerland concluded with Tehran saying it secured waivers for oil exports. Brent crude dropped 1.9% to $79.04 a barrel, while WTI traded lower. The talks eased concerns over supply disruptions, though regional tensions remain.
Commodities India boosts Russian, UAE oil purchases in June ahead of full Hormuz recovery
India's crude oil imports from Russia surged to 2.66 million barrels per day in June, while UAE imports stood near record levels, as refiners diversified supplies ahead of the full reopening of the Strait of Hormuz. Imports from the US dropped sharply, and Venezuela emerged as India's fourth-largest supplier. According to Kpler analyst Sumit Ritolia, the recovery of flows through the Strait will be sequential, with LPG normalising first, followed by LNG and crude.
Commodities India's strategic oil reserves cover only 9-10 days of crude imports, says CEEW report
India's strategic petroleum reserves equal just 9-10 days of net crude imports, far below other import-dependent nations like Japan and South Korea (over 200 days), according to a CEEW report. The report also notes over 85% of crude imports come from six countries, and highlights risks from lack of strategic gas storage and dependence on imported coking coal.
Trade Trump Says US Can ‘Soon’ Reimpose Russian Oil Sanctions After Strait of Hormuz Reopens
US President Donald Trump announced the US will soon reimpose sanctions on Russian oil shipments after crude flows resumed through the Strait of Hormuz following a deal with Iran. The remarks came at the G7 summit in France, where leaders discussed increasing pressure on Moscow over the Ukraine war.
Commodities Oil Prices Dip Near $70 per Barrel as Middle East Turmoil Cools After US-Iran Deal
Oil prices have fallen sharply, with WTI crude trading at $76.46 per barrel and Brent at $79.41, as a US-Iran peace agreement raises expectations that the Strait of Hormuz will reopen. Both benchmarks dropped about 5% to three-month lows. However, uncertainty over the truce's durability and the time needed to restore production persist, while US intelligence warns Iran retains the capability to shut the strait.
Commodities Oil Prices Slip Below $90: Brent, WTI Tumble After Trump Announces Ending War With Iran
Oil prices slipped below $90 per barrel as Brent crude and West Texas Intermediate tumbled following President Trump's announcement of ending the war with Iran. The Times of India report provided the headline but did not include specific price levels, volume changes, or trade implications.
Commodities Oil Prices Tumble 4% as Trump Announces US-Iran Deal, Strait of Hormuz Reopening; Brent Falls Below $85
Oil prices plunged to lowest since March on Monday after US President Donald Trump announced the completion of a deal with Iran and the immediate toll-free reopening of the Strait of Hormuz. Brent crude futures dropped 4.1% to $83.75 a barrel, while WTI fell 4.72% to $80.87, easing fears of supply disruptions through the critical waterway. The diplomatic breakthrough, mediated by Pakistan, will be formally signed in Switzerland on June 19.
Commodities Oil prices fall as Trump cancels planned strikes on Iran, easing Strait of Hormuz fears
Oil prices fell on Friday after US President Donald Trump cancelled planned strikes on Iran, reducing fears of an escalation of hostilities. Brent crude dropped $1.21 to $89.17 a barrel, while WTI fell $1.23 to $86.48. The move follows Iran's announcement of the closure of the Strait of Hormuz, though the US military said commercial ships continued to transit the waterway.
Commodities Oil Supply Recovery May Take Months Despite Strait of Hormuz Reopening, Experts Say
Despite the agreement to reopen the Strait of Hormuz, oil supply recovery is expected to take months due to stranded tankers, shut-in production, and security concerns. Experts from S&P Global, Wood Mackenzie, and Columbia University highlight slow logistics, insurance hurdles, and the need for a durable ceasefire before producers restart operations.
Commodities Oil prices ease as Iran and Israel pause attacks; Brent, WTI retreat from recent highs
Oil prices retreated on Tuesday after Iran and Israel paused attacks, with WTI falling 0.57% to $90.78 and Brent declining 0.51% to $93.77. The pullback followed a volatile session and a sharp rise on Monday. OPEC+ agreed to raise output targets for the fourth time, but analysts doubt impact due to production struggles and Strait of Hormuz risks.
Commodities How US overtook Saudi and Russia to become world's top oil exporter
The United States has become the world's largest oil exporter, with crude and fuel shipments reaching about 10.5 million barrels per day in May, overtaking Saudi Arabia and Russia. The milestone marks a dramatic reversal from past dependence on imported oil, driven by the shale revolution, the lifting of a four-decade export ban in 2015, and recent geopolitical disruptions including the Strait of Hormuz crisis. European and Asian buyers are increasingly turning to US supplies, reshaping global trade flows and challenging OPEC's influence.
Commodities Crude Oil Prices Dip Amid Middle East Tensions
Crude oil prices saw a slight decline as Hezbollah rejected a US-backed ceasefire proposal in Lebanon, impacting global supply routes. Despite this, oil prices recorded a weekly gain due to ongoing Middle East tensions.
Commodities India, Venezuela Strengthen Energy Ties Amid Oil Diversification
India and Venezuela are enhancing their energy partnership as India seeks to diversify its crude oil imports. Venezuela has become India's third-largest crude supplier, highlighting the strategic importance of this relationship.
Commodities Crude Oil Prices Rise Amid US-Iran Talks and Hormuz Uncertainty
Crude oil prices saw a slight increase due to ongoing uncertainty over US-Iran negotiations and the potential reopening of the Strait of Hormuz. Brent crude futures rose to $95.04 a barrel, while WTI slightly declined to $91.99.