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The Latest Breaking News from Oil

Downside risks to economy have begun materializing as continued West Asia conflict casts shadow over India's trade outlook: Crisil

The escalating conflict in West Asia is emerging as a major risk for India’s economy, threatening trade flows, increasing import costs, and putting pressure on growth. Higher crude oil and transportation expenses are expected to widen India’s current account deficit and push inflation upward as businesses pass on rising costs…

The Economic Times

ICRA lowers India's FY27 GDP growth estimate to 6.2%

Rating agency ICRA has revised India's FY27 GDP growth forecast down to 6.2% from 6.5% due to elevated crude oil prices stemming from the West Asia crisis. For FY26, growth is estimated at 7.5%. Q4 FY26 GDP growth is expected to slow to 7% amid moderating industrial and services sectors,…

The Economic Times

India soymeal exports to fall to four-year low on rising prices

India's soymeal exports are projected to drop by half to a four-year low in the current year, driven by a 47% price surge over the past month. This makes Indian animal feed uncompetitive against South American supplies, prompting Asian buyers to switch. Tight domestic supplies and strong demand are keeping…

The Economic Times

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Gold price on Tuesday: Why are silver, gold rates crashing today? What will be likely gold price in June?

Gold rater today: Oil prices fell more than 2 per cent, easing some inflation fears. Gold is considered a hedge against inflation, though higher interest ⁠rates tend to weigh on the non-yielding metal.

The Economic Times

Global shares trade mixed and Kospi falls 3% as oil prices keep swinging

Global shares are mixed as uncertainty about what will happen with the Iran war roils global markets

AAP

Kotak warns of massive fuel under-recoveries despite recent Rs 3/litre price hike

Fuel prices in India could see a significant increase. State-run oil companies may have to raise petrol and diesel rates further if crude oil prices stay high. This is due to ongoing disruptions in the Strait of Hormuz. Even after a recent small hike, refiners face substantial under-recoveries. Further price…

The Economic Times

India's fuel price hike among world's lowest outside Gulf nations: BJP

Fuel prices saw a hike of about 90 paise per litre. The BJP stated this increase is among the lowest globally. State-run oil firms absorbed significant losses for 76 days before passing on some costs. Global crude prices surged due to the West Asia conflict. India's fuel price rise remains…

The Economic Times

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Oil prices crash today: Why is Brent crude down big?

Oil prices on Tuesday: Brent futures for July were down $1.73, or 1.5 per cent, at $110.37 a barrel, while U.S. West Texas Intermediate crude for June delivery, which expires on Tuesday, slipped 63 cents, or 0.60 per cent, to $108.03.

The Economic Times

Shares steady as oil eases on Trump's Iran comments

European stocks have risen and US futures are flat after President Donald Trump's positive claims about US talks with Iran sent crude prices lower.

AAP

The $138 bn buffer: India’s most visible export can rescue the rupee

India is considering a policy push to accelerate overseas deployment of skilled workers as part of a broader strategy to support the rupee and strengthen remittance inflows amid rising external pressures, including a widening current account deficit and higher oil prices. According to the report, the Ministry of External Affairs…

The Economic Times

Economic outlook at risk of further deterioration, OECD says

OECD Secretary General Mathias Cormann stated that the ongoing Middle East conflict is worsening global economic risks, exerting downward pressure on growth and upward pressure on inflation. The organization will revise its economic forecasts next month, acknowledging the immediate challenges posed by rising oil prices to finance officials at a…

The Economic Times

Rupee plunges for eighth straight session, breaches 96.60 vs USD on rising crude, US yields

The Indian rupee has reached a historic low against the US dollar. This decline is driven by escalating oil prices due to the Iran conflict and higher US Treasury yields. India's trade deficit is widening, and inflation is accelerating. The nation faces challenges in lowering its current account deficit and…

The Economic Times

Lack of foresight, leadership in BJP: Mallikarjun Kharge attacks PM on oil prices, Adani matter

Congress president Mallikarjun Kharge has strongly criticised Prime Minister Narendra Modi regarding recent fuel price increases. Kharge alleged that the government is burdening common citizens while allegedly giving industrialist Gautam Adani a 'free pass'. He also accused the ruling party of lacking foresight and leadership.

The Economic Times

Ukrainian mid-range strikes deal double blow to Russia's war effort

Ukraine's growing drone strength is causing significant problems for Russia's war effort. Medium-range drone attacks are disrupting Russian advances and hitting targets deep behind front lines. This strategy is enabling Ukraine to strike Russian air defenses, logistics, and military facilities. The impact is being felt on Russian oil infrastructure and…

The Economic Times

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AAP

Asian shares trade mixed and Kospi falls 3% as oil prices keep swinging

Asian shares are mixed as uncertainty about what will happen with the Iran war roils global markets

The Independent UK

India says it will continue to buy Russian oil

IN FULL

AAP

The UAE's image as a Middle Eastern haven is tested by the Iran war

The United Arab Emirates for decades advertised itself as a haven for business in the Middle East

The Economic Times

India’s rising oil imports push trade deficit into risky territory: Crisil

India’s oil trade deficit is expected to widen significantly in FY27 due to rising crude oil prices and weakening petroleum exports, according to a report by Crisil. The report warned that India’s heavy dependence on imported crude could put added pressure on the country’s external finances, with the current account…

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Fortune

Forget tariffs and the Iran oil shock—a top economist says the Fed is blind to the real inflation threat

"We have an aggregate demand issue, not a supply disruption issue," says William Luther, an associate professor at Florida Atlantic University.

Fortune

High gas prices are just the beginning: How the Iran war is changing the global energy map

The largest global energy-supply shock in history is causing chaos around the world. Here are the winners and losers.

The Economic Times

Oil above $100: How soaring crude prices are hitting India - explained in 10 charts

Geopolitical tensions in the Middle East are significantly impacting India's economy. Rising crude oil prices have led to a Rs 3 per litre fuel hike, eroded investor wealth by over Rs 5.85 lakh crore, and pushed the rupee to an all-time low. Foreign investors are also withdrawing funds, while the…

The Economic Times

Airlines plead with state-run oil majors to postpone jet fuel hikes

Indian airlines are urging state-run oil refiners to postpone jet fuel price increases for domestic flights. This move aims to ease financial pressures and mounting losses for carriers like Air India, IndiGo, and SpiceJet. Discussions are ongoing, with the oil ministry involved. A decision is expected soon. Refiners are currently…

Euronews

Oil prices slip as Trump calls off planned military strike on Iran

Oil prices fell on Tuesday as Donald Trump announced he was calling off a planned military attack on Iran.

The Economic Times

Rupee finds some footing on dollar offers from state-run, foreign banks

The Indian rupee edged higher on Tuesday, recovering from an early dip near an all-time low. Dollar offers from state-run lenders and foreign banks provided support, with traders suspecting central bank intervention. The rupee faces ongoing pressure from a widening trade deficit, subdued capital inflows, and rising oil prices.

The Times of India

Has Russia lost 10% of its refining capacity? Ukraine launches drones as Moscow attacks Danube port city

Ukraine launched drone strikes on Russian regions, including those housing oil infrastructure, while Russia retaliated with attacks on Ukrainian port facilities. President Zelenskyy highlighted a significant drop in Russia's oil refining capacity due to these actions. Efforts to end the protracted conflict remain stalled, with both sides continuing cross-border strikes…

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