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The Latest Breaking News from Oil

India’s gold import duty hike: A double-edged sword

India has raised gold import duty to 15% and urged citizens to buy less gold. This move targets foreign reserves and the rupee's value. However, India's strong cultural demand for gold may limit effectiveness. Higher duties could also boost illegal gold imports. Investors should consider gold as a long-term hedge.

The Economic Times

UAE Plans to Bypass the Strait of Hormuz to Export Oil Via the Gulf of Oman with an Ingenious Unexpected Plan

The UAE is expediting its oil pipeline expansion to bypass the Strait of Hormuz, enhancing export capacity and energy security amid regional tensions threatening global energy corridors.

International Business Times UK

Petrol-diesel panic in Odisha: Hundreds queue up outside fuel stations; bikes allegedly given fuel worth only Rs 200

Long queues formed at petrol pumps across Odisha due to rumours of a fuel shortage. Panic buying intensified after a price hike. Commuters faced hours of waiting in scorching heat. Boat operators and farmers also reported difficulties in procuring diesel. Oil companies stated there was no shortage, but some pumps…

The Economic Times

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Why did Russian FM Sergey Lavrov say ‘If you don't surrender your phone, they will take out a gun’ during Delhi press conference? Watch video

Russian Foreign Minister Sergey Lavrov lightened a press conference in Delhi with a humorous remark to a buzzing phone, drawing laughter and viral attention. As the phone of one of the camerapersons was constantly buzzing, Sergey Lavrov jokingly said, 'Sir, if you don't surrender your phone, they will take out…

The Economic Times

Crude oil surges 8% in a week to near $110 as Iran war tensions simmer again. Where are prices headed?

Oil prices surged this week as U.S. President Trump and Iran's foreign minister exchanged remarks, dampening hopes for a near-term agreement on ship attacks around the Strait of Hormuz. Brent crude futures rose 7.84% and WTI gained 10.48% amid uncertainty over the fragile ceasefire and the potential for prolonged disruptions…

The Economic Times

Oil prices climb more than 3% on fears of new US-Iran combat

Oil prices surged over 3% as U.S. President Trump and Iran's foreign minister exchanged confrontational remarks, diminishing hopes for a deal to end ship attacks around the Strait of Hormuz. Despite a shaky ceasefire, the strait's potential reopening is uncertain, impacting global oil supplies and pushing prices higher.

The Economic Times

WPI inflation to face further upside as oil and metal prices stay elevated amid geopolitical tensions: Report

India's Wholesale Price Index surged to 8.3 percent in April 2026. Fuel and manufactured goods drove this sharp rise. Global crude oil prices and geopolitical tensions impacted fuel costs. Metal prices also climbed significantly. Food inflation eased but may rise later. This marks the highest WPI since October 2022.

The Economic Times

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Operation Epic Fury to resume? Donald Trump weighs fresh Iran strikes after China visit: Report

As US President Trump returns from China, pressure mounts over Iran. Top aides are reportedly preparing options for renewed military action against Tehran if diplomacy falters, including intensified bombing and potential Special Operations deployments. Iran, meanwhile, signals readiness for conflict, while the Strait of Hormuz remains a critical concern for…

The Times of India

Why Vijay Removed The White Towel From His Chair

It was just a white towel on a chair. No speech. No announcement. No political slogan. But when Joseph Vijay quietly removed the traditional white towel from his official chair, social media exploded with reactions. For decades, the white towel has been a familiar sight in Indian government offices a…

MyLifeXP

Ukraine war briefing: Zelenskyy vows retribution over deadly Russian bombardments

President says three days of strikes will not ‘go unpunished’ and points to Ukrainian attack on Russian oil refinery. What we know on day 1,543

The Guardian - AU

Rising oil prices, gold imports to widen trade deficit, CAD may touch 1.5-2% of GDP: ICICI Securities

With the West Asia conflict persisting and global oil prices likely to average around USD 100/bbl, India's current account deficit could rise meaningfully this year, ICICI Bank Global Markets warns. While resilient services exports should offer some cushion, the brokerage expects the current account deficit (CAD) to settle between 1.5-2…

The Economic Times

Why Shani Dev Made A Hidden Promise To Hanuman

Every Saturday, millions of people visit temples of Hanuman and Shani Dev hoping for protection from suffering, bad luck, and obstacles. But very few know the mysterious reason behind this powerful connection. There is an ancient story hidden deep inside Hindu beliefs that changed the meaning of Saturdays forever. It…

MyLifeXP

Pedevco Q1 Earnings Call Highlights

Pedevco (NYSEAMERICAN:PED) reported first-quarter 2026 results that management said exceeded internal expectations in the company’s first full quarter following its merger with Juniper, with higher production from DJ Basin wells driving a sharp year-over-year increase in revenue and Adjusted EBITDA.

MarketBeat

The US turns to Guyana’s bauxite in its latest push for Latin America's resources

The U.S. is turning its attention to Guyana's bauxite for business opportunities

The Independent UK

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Barchart

Cotton Pushes Losses into the Friday Close

Cotton futures rounded out the Friday session with contracts down 151 to 333 points. July was 412 points in the red this week, with December falling 355 points. The US dollar index was $0.467 higher at $99.195. Crude oil was up $4.49 at $105.66 on the day. Few details announced...

MarketBeat

Evolution Petroleum Q3 Earnings Call Highlights

Evolution Petroleum (NYSEAMERICAN:EPM) management said fiscal third-quarter 2026 results were pressured by temporary items, including weather-related downtime, weak regional natural gas pricing and a one-time transportation adjustment at Delhi, while emphasizing that the company expects a stronger f

The Economic Times

Dow Jones, S&P 500 and Nasdaq end this week lower as tech stocks slide, Treasury yields and oil prices climb after Trump-Xi China summit disappoints investors - US stock market performance today May 15

Dow Jones, S&P 500 and Nasdaq today: Wall Street experienced a sell-off on Friday, with major indices like the S&P 500, Nasdaq, and Dow Jones closing lower. Technology stocks led the declines as investors took profits, while rising Treasury yields and inflation concerns added pressure. Disappointment over the Trump-Xi summit…

Barchart

Stocks Settle Sharply Lower as Bond Yields Jump on Inflation Fears

The S&P 500 Index ($SPX ) (SPY ) on Friday closed down -1.24%, the Dow Jones Industrial Average ($DOWI ) (DIA ) closed down -1.07%, and the Nasdaq 100 Index ($IUXX ) (QQQ ) closed down -1.54%. June E-mini S&P futures (ESM26 ) fell -1.26%, and June E-mini Nasdaq futures...

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Barchart

Dollar Rallies as Inflation Risks Push Bond Yields Higher

The dollar index (DXY00 ) rallied to a 2.5-week high on Friday and finished up by +0.47%. The dollar rallied on Friday on concerns that strong US economic news and soaring crude oil prices will prompt the Fed to tighten monetary policy, a bullish factor for the dollar. Friday's economic...

Barchart

Crude Oil Prices Surge on Concern of a Prolonged Disruption to Global Supplies

June WTI crude oil (CLM26 ) on Friday closed up +4.25 (+4.20%), and June RBOB gasoline (RBM26 ) closed up +0.0962 (+2.67%). Crude oil and gasoline prices rallied sharply on Friday, with crude posting a 1.5-week high. Crude prices are surging as the lack of negotiations to end the US-Iran...

MarketBeat

YPF Sociedad Anónima Q1 Earnings Call Highlights

YPF Sociedad Anónima (NYSE:YPF) reported higher first-quarter revenue, record first-quarter adjusted EBITDA and sharply improved free cash flow, as executives said the company continued shifting its portfolio toward shale production in Argentina’s Vaca Muerta formation. Chairman and Chief Executive

MarketBeat

W&T Offshore Q1 Earnings Call Highlights

W&T Offshore (NYSE:WTI) reported first-quarter 2026 results that management said met or exceeded guidance across several operational and financial measures, helped by steady production, higher realized pricing and lower operating costs. Chairman and CEO Tracy Krohn told investors the Gulf of Me

The Guardian - US

Threatened indictment of Raúl Castro ratchets up US pressure on Cuba

Trump administration move echoes indictment of Venezuela’s Nicolás Maduro as fuel crisis racks Cuba

International Business Times

Trump Says U.S. 'Controls' Strait of Hormuz as Iran Says Negotiations Deadlocked Because It 'Cannot Trust' Americans

At a BRICS meeting in New Delhi, Iranian Foreign Minister Abbas Araghchi said Tehran "cannot trust the Americans at all," and said that the United States was sending conflicting messages.

The Economic Times

Govt imposes ₹3/litre windfall tax on petrol exports; cuts diesel, ATF levies

The government has introduced a windfall gains tax of Rs 3 per litre on petrol exports. Levies on diesel exports are now Rs 16.5 per litre, and on aviation turbine fuel, they are Rs 16 per litre. These changes are effective from May 16.

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