Topic
petroleum
Commodities Oil Prices Jump Over 7% as Middle East Chaos Flares Up, Brent Crude Back at $90
Brent crude jumped 7.47% to $90.37/bbl and WTI rose 7.15% to $84.93/bbl after fresh US-Saudi strikes on Iran-backed groups in Iraq and Iranian attacks in the Strait of Hormuz. Industry data showed a 3.3 million barrel draw in US crude inventories, adding to bullish sentiment. Analysts expect volatile trade with Brent in the $80-$100 range.
Commodities India Says Premium Petrol to Stay Ethanol-Free, No Plan to Blend Beyond 20%
The Indian government has confirmed that premium petrol grades from state-run retailers will remain ethanol-free due to their niche performance-additive composition. Additionally, there is no current proposal to raise ethanol blending in regular petrol beyond the existing 20% or to reintroduce E0/E10 fuels, pending further scientific studies.
Commodities India Set to See 25% Rise in Petroleum Product Exports on IOCL Capacity Expansion
India's petroleum product exports are projected to rise by 25% from the FY25 level of $44.4 billion, driven by a major capacity expansion programme at state-owned Indian Oil Corporation (IOCL). The expansion will add 17.3 million metric tonnes per annum (MMTPA) of refining capacity across three refineries, set to commission by December 2026, reinforcing India's position as a global refining hub.
Commodities Saudi Arabia Slashes Crude Prices by $11/Barrel, Deepest Cut in 26 Years
Saudi Arabia cut its crude oil prices by $11 per barrel for August, the deepest single-month reduction in 26 years, amid rising OPEC+ output and resumption of flows through the Strait of Hormuz. The discount on Arab Light Crude follows a $6/barrel cut for July, and brings prices back to pre-war levels. Brent crude futures fell 47 cents to $71.7 a barrel, while OPEC+ agreed to further increase output by 188,000 bpd from August.
Commodities Fuel-hit Russia bought gasoline produced by India’s Nayara Energy via traders: Report
Russia has reportedly bought gasoline produced by India's Nayara Energy via international traders to address fuel shortages caused by Ukrainian attacks on its energy infrastructure. The refiner, 49% owned by Rosneft, has not confirmed the deal. At least 60,000 metric tons of gasoline have been shipped from India to Russia.
Commodities Ukraine's drone strikes cripple Russia's fuel supply, sparking queues and rationing
Months of Ukrainian drone strikes on Russian oil refineries have led to severe fuel shortages, with crude processing falling 25% year-on-year to a two-decade low. Gasoline production dropped 17%, and rationing has been imposed in over half of Russia's regions. Analysts warn repairs will be slow due to sanctions and ongoing attacks.
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.
Logistics Strait of Hormuz Reopening: Mine Clearance Delays Threaten Weeks-Long Recovery for Oil Shipping
The US-Iran tentative agreement ends the three-month Middle East conflict, but the Strait of Hormuz faces a slow recovery due to mine clearance and shipping bottlenecks. Over 20% of global oil supply was disrupted, with 500 vessels stranded. Shipping resumes gradually, with analysts warning of weeks to months for normal flows.
Commodities US Strategic Petroleum Reserve Falls to Lowest Level Since 1983 Amid Iran War
The US Strategic Petroleum Reserve fell to 340.3 million barrels as of June 12, 2026, its lowest since July 1983, as the Trump administration continues emergency releases to mitigate economic damage from the war with Iran. The reserve has dropped 75 million barrels (18%) since the conflict began in late February. Officials warn the stockpile must remain at least 20% full to be operational.
Trade India hikes windfall tax on diesel and ATF exports, petrol levy unchanged
India hiked the windfall gains tax on exports of diesel and aviation turbine fuel (ATF) effective June 16, while keeping the levy on petrol unchanged. The special additional excise duty on diesel was raised to Rs 14 per litre and on ATF to Rs 12.5 per litre. The tax is revised fortnightly and aims to ensure domestic fuel availability amid West Asia tensions.
Commodities India caps diesel sales after bulk users divert 3.5 lakh tonnes to retail outlets
The Indian government capped diesel sales at retail outlets after bulk industrial and commercial users diverted 3.50 lakh tonnes to retail stations in May 2026, driven by a ₹40-42 per litre price gap. The Oil Ministry limited sales to 200 litres per person per day and reported 1,330 FIRs filed since March in LPG cases. The diversion affected 80 districts with over 30% sales shift.
Commodities Brent Crude Falls to $83 on US-Iran Deal, UK Petrol Prices Set to Drop Further
Brent crude oil prices have fallen to around $83 a barrel following a US-Iran framework deal that ended the war and raised hopes for reopening the Strait of Hormuz. UK petrol prices, which peaked at 159.53p on 28 May during the conflict, have started declining, with the RAC forecasting a further drop to 148p if oil stabilises around $85. The article details the impact of the war on global oil flows and UK retail fuel costs.
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.