Crude Oil News

Mishra is also a member of the Prime Minister's Economic Advisory Council and is widely known for his work as an economist and market expert.

Speaking at the 37th SIDBI Foundation Day programme, the minister linked the uncertainty to the ongoing West Asia crisis and stressed that the government's approach is to protect citizens, support MSMEs and keep supply chains moving.

International oil benchmark Brent crude rose as much as 2.37 per cent or $2.60 to $111.86 per barrel.

Brent crude oil futures rose $1.32, or 1.25%, to $107.04 a barrel by ⁠0425 GMT, while ‌U.S. West Texas Intermediate futures ‌were up $1.33, or 1.31%, to $102.50.

Under the revised structure, royalty for deepwater areas has been fixed at 5 per cent for the first seven years from the commencement of commercial production and 10 per cent from the eighth year onwards.

The international oil benchmark Brent crude slipped 1.36 per cent to $112.88 per barrel, while US West Texas Intermediate (WTI) fell 2.34 per cent to $103.92 per barrel.

Brent futures for July on Intercontinental Exchange gained $0.81, or 0.73 per cent, to $111.21 a barrel, while West Texas Intermediate rose 31 cents, or 0.30 per cent, to $105.37. Both benchmarks have posted gains for four consecutive months, analysts noted.

Trump rejected Iran's proposal to first reopen the Strait of Hormuz and lift the blockade before holding nuclear talks. Instead, he has insisted that Iran address US concerns before any easing of restrictions.

Brent futures traded at $99.29/barrel US WTI rose 1.15% Both benchmark contracts gained 3%

Brent crude futures jumped as much as 3.31 per cent to $97.89 per barrel at 9:06 am. The US West Texas Intermediate (WTI) crude traded at $98.38, up 4.2 per cent from the previous close.

Trump's turnaround ‌came shortly before his deadline for Iran to open the Strait of Hormuz, where 20% of the world's oil transits, or face ⁠widespread attacks ‌on its civilian infrastructure.

According to a report by the bank, the economic outlook has shifted as global oil prices and supply chain blockades begin to weigh on domestic production.  

According to Bernstein analysts' estimates, for every USD 10 per barrel increase beyond USD 90, Nifty earnings may decline by 2-3 per cent, with the impact worsening sharply at higher price levels.

Brent crude futures rose as much as 2.01 per cent or $2.2, to $111.23 per barrel, hovering near a 52-week high. Similarly, US West Texas Intermediate (WTI) crude gained 3.53 per cent or about $4 to $115.48 by 10.20 am.

Meanwhile, crude oil prices for May futures on Multi Commodity Exchange (MCX) surged 0.65 per cent at Rs 9,318 per barrel.

The latest hike comes amid rising energy costs, including LPG and crude oil, which have increased operating expenses for restaurants and delivery partners, prompting platforms to adjust pricing.  

Oil surged after Israel’s strike on Iran’s South Pars gas field — the world’s largest. Iran retaliated, with attacking Qatar’s Ras Laffan industrial city, a major global gas hub.

Global energy markets have been pitched into turmoil by the US-Israeli war against Iran, which broke out on February 28 and has now entered its third week.

At around 9:45 am, Crude oil futures -- specifically the US benchmark West Texas Intermediate (WTI) -- surged by 3.77 per cent to USD 102.44, while Brent crude -- the international benchmark -- traded at USD 104.79, up 1.59 per cent from the previous close.  

Brent crude was trading at $99.99 per barrel, down 0.47 per cent, while West Texas Intermediate (WTI) dropped 0.67 per cent to $95.09 per barrel.

US President Donald Trump has defended the spike in oil prices, saying higher oil prices were a temporary cost tied to confronting Iran’s nuclear threat.

OMC stocks such as Indian Oil Corporation (IOCL), Bharat Petroleum Corporation (BPCL), and Hindustan Petroleum Corporation (HPCL) slumped up to 8.67 per cent in early trade.