"crude-oil"

Global crude oil prices surged past $91 per barrel amid escalating tensions involving the US, Israel and Iran, reviving inflation fears. However, Indian officials said the country has sufficient crude, fuel and LPG stocks despite possible disruptions near the Strait of Hormuz.

Escalating West Asia conflict and closure of Strait of Hormuz threaten to sharply raise Brent crude prices, exposing India’s energy vulnerabilities

Crude oil prices rose over 1 per cent amid West Asia tensions and threats to shipping through the Strait of Hormuz. Brent crude touched $79.2 per barrel, with analysts warning prolonged disruptions could sharply impact India’s imports

Trump’s plan to take control of Venezuela’s oil industry is unlikely to affect oil prices immediately. Years of mismanagement and sanctions have left production low, requiring massive investment and political stability before output can significantly rise

A parliamentary panel warned that India’s heavy dependence on crude oil imports exposes it to geopolitical risks and supply disruptions, urging diversification of sources, stronger strategic reserves, alternative routes, and institutionalised risk management to safeguard long term energy security

India’s Russian oil imports dropped by nearly a third after new US sanctions took effect on November 21, prompting refiners to cut purchases from designated companies. Analysts expect December arrivals to fall further as India turns to alternative suppliers and opaque trade routes

US President Donald Trump warned India of “massive tariffs” if it continues buying Russian oil, claiming Prime Minister Modi assured him of a halt in purchases. India denies such a commitment, citing energy diversification and market conditions.

India dismissed concerns over potential US sanctions on Russian oil imports, with Oil Minister Hardeep Singh Puri saying the country can meet its crude needs from other sources. Russia now supplies 40 per cent of India’s oil, up from just 0.2 per cent in 2022

Amid rising tensions between Iran and Israel, India has ramped up Russian and US crude oil imports in June, reducing reliance on Middle Eastern supplies. Data shows India’s evolving strategy to ensure energy security amid Strait of Hormuz risks

The 30-share BSE Sensex jumped 386.95 points to reach 80,888.94 in early trading, while the NSE Nifty advanced 114.05 points to 24,460.75. Among the top performers on the Sensex were Adani Ports, Asian Paints, Bajaj Finserv, Tata Consultancy Services, Infosys, HDFC Bank, Power Grid, HCL Tech, Titan, and Tata Motors.

Forex traders noted that a steep drop in crude oil prices, along with a strong performance in domestic equities, boosted investor sentiment. Brent crude prices fell by nearly 4 percent in early Asian trading after OPEC+ indicated plans over the weekend to ramp up production in the coming months.

Forex traders noted that encouraging macroeconomic data, combined with the 90-day relief from US reciprocal tariffs, spurred foreign investors to buy into domestic equities, which in turn boosted the local currency.

The news comes days after there was a buzz around prices of petrol and diesel being slashed owing to the falling crude oil  prices.

Forex analysts note that the local currency faced additional pressure from a strengthening U.S. dollar index and a rebound in crude oil prices, compounding the impact of selling in domestic equities and the ongoing outflow of foreign capital.

A lackluster domestic equity market and continuous foreign fund outflows exerted pressure on the local currency. However, easing crude oil prices provided some support, according to forex traders. At the interbank foreign exchange, the rupee opened weaker at 87.24 amid high volatility, hitting a low of 87.34 before stabilizing at 87.25 against the US dollar in early trade, marking a 30-paise decline from its previous close.

The sanctioned Indian firms are Austinship Management Pvt Ltd, BSM Marine LLP, Cosmos Lines Inc, and Flux Maritime LLP

Given the wild nature of his public statements, it is safe to assume that Trump 2.0 can have a profound impact on India, particularly in matters of trade and tariffs

The continued outflow of foreign funds from capital markets and a stronger U.S. dollar put pressure on the Indian currency, according to forex traders. At the interbank exchange, the rupee opened at 83.91 and slipped further to 83.93 against the dollar, trading 11 paise lower than the previous session's close.

Foreign Institutional Investors (FIIs) turned net sellers on Wednesday, adding further pressure on the domestic currency against the dollar, according to forex experts. In the interbank foreign exchange market, the local unit opened at 83.66, down 8 paise from the previous close of 83.58 against the American currency.

Forex traders noted that foreign institutional inflows, along with notable corrections in asset classes such as the dollar index and crude oil prices, supported the rupee. Additionally, the Reserve Bank's active intervention helped maintain the rupee within a narrow range.