Topic
oil supply
Commodities IEA warns global energy security at risk if Strait of Hormuz oil flows are not restored
IEA Executive Director Fatih Birol warned on July 17, 2026, that global energy security is at risk if oil flows through the Strait of Hormuz are not restored in the next few weeks. The waterway has been mostly blocked since the conflict began on February 28 with U.S. and Israeli strikes on Iran. Birol highlighted that China's stockpile of over 1 billion barrels and an IEA-coordinated release of up to 400 million barrels have moderated price rises, but these measures cannot last indefinitely.
Commodities Indian refiners in no hurry to return to West Asian oil as Hormuz reopens despite ceasefire
Indian state-run refiners have enough crude for two months and are in no rush to resume West Asian purchases despite the Strait of Hormuz reopening after a US-Iran interim peace deal. They are weighing cheaper Russian crude and higher freight costs, with long-term supply commitments yet to be confirmed.
Supply Chain Strait of Hormuz reopening set to ease oil supply risks and inflation for India
The reopening of the Strait of Hormuz after a US-Iran ceasefire agreement will significantly ease oil supply risks for India, the world's third-largest crude importer. The disruption had driven Brent crude to $119/barrel and caused state-owned fuel retailers to lose ₹650 crore per day. India is now set to benefit from lower prices, reduced freight costs, and improved energy security.
Trade India Eyes Canada for Crude Oil Amid Diversification Efforts
India is exploring Canada as a potential supplier of crude oil, focusing on heavy crude compatible with its refineries. High Commissioner Dinesh Patnaik highlighted ongoing discussions despite regulatory concerns.
Commodities Crude Oil Prices Stabilize Below $100 Amid Geopolitical Tensions
Crude oil prices on the NYMEX have stabilized below $100 per barrel, despite significant disruptions in the Strait of Hormuz. Alternative supply routes and reduced Chinese demand have helped prevent a spike to $200.