Topic
west asia tensions
Commodities Oil prices surge nearly 4% on West Asia tensions and lower US crude inventories
Oil prices surged nearly 4% on Wednesday after joint US-Saudi strikes in Iraq and interception of Iranian missiles, while US crude inventories fell by 3.3 million barrels. Brent rose to $87.39 and WTI to $82.31, with OPEC+ reportedly set to halt output increases. The geopolitical escalation dampens expectations for de-escalation in the Persian Gulf.
Commodities India imported record crude volumes in June despite West Asia tensions: Kpler
India imported a record 4.93 million barrels per day of crude oil in June 2024, the highest June volume on record, despite ongoing geopolitical tensions in West Asia. Russian crude imports climbed to around 2.6 million bpd, reinforcing Russia's position as India's largest supplier. Kpler analyst Sumit Ritolia attributed the resilience to proactive diversification and procurement strategies.
Trade India Weighs Extending 40-Product Import Duty Exemption Beyond June 30 Amid West Asia Tensions
India is considering extending a temporary customs duty exemption on 40 critical petrochemical products beyond June 30, 2026, according to Economic Times. The exemption, effective April 2, aims to cushion supply chain disruptions from West Asia tensions and reduced Strait of Hormuz cargo flows.
Commodities West Asia Tensions Weigh on Orthodox Tea Prices at Kochi Auctions
Ongoing war-related uncertainty in West Asia has dented export demand for orthodox teas at the Kochi tea auctions, with prices falling ₹6 per kg. Auctioneers report buyer resistance in Sale No. 24 amid renewed US-Iran tensions, while exporters serving Gulf and CIS markets provide only limited support. The orthodox offering of 255,383 kg saw 85% sold at an average of ₹178.60/kg, down from ₹184.78 last week.