Iran is considering allowing European nations to remove mines from the Strait of Hormuz, according to reports. This is big deviation from Tehran's earlier stand that could lead to the opening of the Strait of Hormuz and allow normal shipping in the waterway. It also opens up great prospects for peace negotiations with the US.&nbsp;In recent weeks Tehran has shown signs of easing its stand, said diplomats familiar with the matter to Bloomberg on condition of anonymity.&nbsp;Iran’s foreign ministry hasn't yet responded on the matter to the media house.&nbsp;<h2>Rubio, Bessent hint at reaching deal to reopen Hormuz</h2>&nbsp;This comes amid US secretary of state Marco Rubio ⁠saying on Tuesday ​that Iran ⁠and Oman have made progress ​on ‌getting ‌more ships through ‌the strait of Hormuz but no final agreement has been ‌reached.&nbsp;“There’s been progress made ​in those talks, but not finality yet. ⁠We’re hoping that ​will happen ​very ​shortly,” said Rubio to reporters ‌at ​the ​State Department.&nbsp;ALSO READ: <a href="https://www.wionews.com/world/us-army-long-range-missile-stockpiles-iran-war-report-1785854932249">US Army exhausts 'virtually all' long-range missile stockpiles during Iran war</a>&nbsp;"There's a conversation and a negotiation that we are involved in between Oman and Iran on how more ships can be able to go through there safely in the short term," Rubio added.&nbsp;Earlier today, Treasury Secretary Scott Bessent also spoke about the possibility of US announce a deal with Iran to reopen the Strait of Hormuz “today or tomorrow".&nbsp;Speaking to CBS Bessent said, "There is a chance we may have a deal today or tomorrow to open the strait and move towards a more normalized position in this conflict."&nbsp;These remarks by Rubio and Bessent has shown a positive impact on the oil prices as they have dropped. The main US oil contract, West Texas Intermediate, dropped five percent to $76.32 a barrel, while the cost of a barrel of brent crude, the global benchmark for oil prices, slid back below $80 a barrel.

This comes amid US secretary of state Marco Rubio ⁠saying on Tuesday ​that Iran ⁠and Oman have made progress ​on ‌getting ‌more ships through ‌the strait of Hormuz.

Iran is considering allowing European nations to remove mines from the Strait of Hormuz, according to reports. This is big deviation from Tehran's earlier stand that could lead to the opening of the Strait of Hormuz and allow normal shipping in the waterway. It also opens up great prospects for peace negotiations with the US. In recent weeks Tehran has shown signs of easing its stand, said diplomats familiar with the matter to Bloomberg on condition of anonymity. Iran’s foreign ministry hasn't yet responded on the matter to the media house. Rubio, Bessent hint at reaching deal to reopen Hormuz This comes amid US secretary of state Marco Rubio ⁠saying on Tuesday that Iran ⁠and Oman have made progress on ‌getting ‌more ships through ‌the strait of Hormuz but no final agreement has been ‌reached. “There’s been progress made in those talks, but not finality yet. ⁠We’re hoping that will happen very shortly,” said Rubio to reporters ‌at the State Department. ALSO READ: US Army exhausts 'virtually all' long-range missile stockpiles during Iran war "There's a conversation and a negotiation that we are involved in between Oman and Iran on how more ships can be able to go through there safely in the short term," Rubio added. Earlier today, Treasury Secretary Scott Bessent also spoke about the possibility of US announce a deal with Iran to reopen the Strait of Hormuz “today or tomorrow". Speaking to CBS Bessent said, "There is a chance we may have a deal today or tomorrow to open the strait and move towards a more normalized position in this conflict." These remarks by Rubio and Bessent has shown a positive impact on the oil prices as they have dropped. The main US oil contract, West Texas Intermediate, dropped five percent to $76.32 a barrel, while the cost of a barrel of brent crude, the global benchmark for oil prices, slid back below $80 a barrel.

This comes amid US secretary of state Marco Rubio ⁠saying on Tuesday ​that Iran ⁠and Oman have made progress ​on ‌getting ‌more ships through ‌the strait of Hormuz.

Iran contemplates allowing Europe to clear mines in Strait of Hormuz for normal shipping: Report

The European Central Bank has kept interest rates unchanged, as widely expected. But while the decision itself was uneventful, the message from ECB President Christine Lagarde was notably more cautious.

Oil shock back for Global Central Banks | World Business Watch 

The continued tensions in the Middle East have pushed oil prices to rise more than 1.5 per cent, the highest in more than six weeks, on Thursday (Jul 23). This comes as the United States launched fresh strikes on Iran and Yemen’s Houthis targeting oil tankers in the Red Sea. Brent crude surged about 2 per cent to touch $96 a barrel in early trading, extending gains from the previous session, while US West Texas Intermediate (WTI) crude rose nearly 1.7 per cent to above $88 a barrel.The US military carried out a 12th consecutive strike on Iran overnight. The attack came hours after US President Donald Trump threatened to bomb a bridge or power plant in retaliation for any Iranian attack in the Strait of Hormuz.Also read | <a href="https://www.wionews.com/world/did-iran-secretly-ship-70-million-barrels-of-oil-to-china-report-claims-6-billion-crude-exported-before-blockade-restored-1784435146287">Did Iran secretly ship 70 million barrels of oil to China? Report claims $6 billion crude exported before blockade restored</a><h2>Trump threatens to bomb Iranian infrastructure</h2>In a post on his Truth Social platform, Trump said, “From this point forward, any time the Islamic Republic of Iran shoots at a ship in the Strait of Hormuz, whether it be by Missile, Rocket, Drone, or any other device or weapon, the United States will bomb and destroy ONE BRIDGE OR POWER PLANT, including those located next to, or in, the Capital City of Tehran.”<h2>Iran stops oil tankers</h2>Iran’s Revolutionary Guards said that they stopped three oil tankers from passing through the Strait of Hormuz. It did not say where the incident happened.Also read | <a href="https://www.wionews.com/world/iran-targets-us-bases-in-bahrain-kuwait-and-jordan-as-conflict-in-middle-east-escalates-1784372546894">Iran targets US bases in Bahrain, Kuwait and Jordan as conflict in Middle East escalates</a>“Three oil tankers, provoked and tempted by the child-killing American army, were trying to pass through the mine-laid route south of the Strait of Hormuz, but after one of them exploded and caught fire, the other two quickly turned around and turned back,” the Guards said in a statement.“The powerful IRGC Navy emphasises that the Strait of Hormuz is under our control... and any ship that is deceived by the US and intends to pass without coordination with the Islamic Republic of Iran will suffer the same fate,” it added.&nbsp;

Oil prices climbed to a six-week high as fresh US strikes on Iran, Trump's warning of retaliation, and Iran's tanker restrictions in the Strait of Hormuz raised fears of major supply disruptions.

The continued tensions in the Middle East have pushed oil prices to rise more than 1.5 per cent, the highest in more than six weeks, on Thursday (Jul 23). This comes as the United States launched fresh strikes on Iran and Yemen’s Houthis targeting oil tankers in the Red Sea. Brent crude surged about 2 per cent to touch $96 a barrel in early trading, extending gains from the previous session, while US West Texas Intermediate (WTI) crude rose nearly 1.7 per cent to above $88 a barrel. The US military carried out a 12th consecutive strike on Iran overnight. The attack came hours after US President Donald Trump threatened to bomb a bridge or power plant in retaliation for any Iranian attack in the Strait of Hormuz. Also read | Did Iran secretly ship 70 million barrels of oil to China? Report claims $6 billion crude exported before blockade restored Trump threatens to bomb Iranian infrastructure In a post on his Truth Social platform, Trump said, “From this point forward, any time the Islamic Republic of Iran shoots at a ship in the Strait of Hormuz, whether it be by Missile, Rocket, Drone, or any other device or weapon, the United States will bomb and destroy ONE BRIDGE OR POWER PLANT, including those located next to, or in, the Capital City of Tehran.” Iran stops oil tankers Iran’s Revolutionary Guards said that they stopped three oil tankers from passing through the Strait of Hormuz. It did not say where the incident happened. Also read | Iran targets US bases in Bahrain, Kuwait and Jordan as conflict in Middle East escalates “Three oil tankers, provoked and tempted by the child-killing American army, were trying to pass through the mine-laid route south of the Strait of Hormuz, but after one of them exploded and caught fire, the other two quickly turned around and turned back,” the Guards said in a statement. “The powerful IRGC Navy emphasises that the Strait of Hormuz is under our control... and any ship that is deceived by the US and intends to pass without coordination with the Islamic Republic of Iran will suffer the same fate,” it added.

Oil prices climbed to a six-week high as fresh US strikes on Iran, Trump's warning of retaliation, and Iran's tanker restrictions in the Strait of Hormuz raised fears of major supply disruptions.

‘Will bomb and destroy...’: Trump’s latest Iran warning sends oil prices soaring

Rising global crude oil prices have once again brought the economic conditions of India under pressure. The rise in oil prices is being driven by geopolitical tensions in West Asia, escalating concerns over disruptions in oil supplies. Given that India imports over 85 per cent of its crude oil needs, higher prices can push the import bill of the country, widen the current account deficit, put pressure on the rupee, and add fuel to inflation. Simultaneously, oil marketing companies (OMCs) may experience pressure on their margins if domestic retail fuel prices are not revised in line with global rates. This leaves the government to balance inflation control, consumer relief and fiscal stability.<h2>Why does India feel global oil shocks more?</h2>After the pandemic began in 2019, the prices of crude oil have swung dramatically on the world stage. After averaging US$59 per barrel in 2019-20, prices dropped to US$44 per barrel in 2020-21 as pandemic-driven lockdowns curbed global activity. As economies reopened and demand rebounded, prices then jumped roughly 79% to US$78 per barrel in 2021-22, climbing further to US$93 per barrel in 2022-23. The combined effect of lingering pandemic disruptions, sustained geopolitical strain from the Russia-Ukraine war, and sanctions on Russian oil exports drove a sharp spike in price volatility. From levels above US$90 per barrel in 2023-24, international crude prices subsequently slipped below US$70 per barrel starting in 2025-26. As a net importer, India has consistently remained exposed to the unpredictability of global oil markets, prompting the government to repeatedly step into the domestic fuel market to cushion the economy from the inflationary and output-related fallout of rising oil prices. Soon after the outbreak of the US–Iran conflict in February 2026 and subsequent disruptions around the Strait of Hormuz has massively triggered a sharp global crude oil price shock was triggered, delivering a significant macroeconomic blow to India.&nbsp;Also read: <a href="https://www.wionews.com/world/are-you-an-american-and-planning-to-visit-middle-east-read-the-us-state-department-s-latest-advisory-first-1784641695693">Are you an American and planning to visit Middle East? Read the US State Department's latest advisory first</a> This has resulted in India suffering an immediate expansion of its Current Account Deficit (CAD) and import bill. The surging oil prices caused substantial downward pressure on the Indian Rupee. It also cascaded into higher transportation, manufacturing, and consumer costs. This cost-push inflation complicated the Reserve Bank of India's monetary management. To cushion domestic consumers and farmers from global price surges, government outlays on energy and fertiliser subsidies rose steeply, straining fiscal deficit targets. Other than this, the shocks also disrupted supply chains, resulting in soaring freight rates and maritime insurance costs, which impacted key industries, including aviation, logistics, and agriculture.<h2>How can India solve this problem?</h2>1. Reducing import dependence&nbsp;The Ministry of Petroleum &amp; Natural Gas has opted for a multi-pronged strategy aimed at increasing production of oil and natural gas through various policy initiatives, alongside refinery process improvements and promoting energy efficiency and conservation. Policy measures like the Hydrocarbon Exploration and Licensing Policy (HELP) have reportedly helped reverse the decline in domestic crude oil production in 2023-24.&nbsp;&nbsp;2. Demand Substitution&nbsp;A core pillar of government policy is demand substitution by promoting usage of natural gas as fuel/feedstock across the country, moving towards a gas-based economy, and promoting renewable and alternate fuels like ethanol, compressed biogas, and biodiesel. The SATAT initiative (Sustainable Alternative Towards Affordable Transportation) has specifically been launched to promote Compressed Bio Gas (CBG) as an automotive fuel.&nbsp; 3. Ethanol Blending Programme (EBP) This has emerged as a flagship measure; as of September 2024, India's ethanol blending programme has saved over US$12.80 billion in foreign exchange while providing US$10.89 billion to farmers over the last decade.&nbsp;4. Diversifying the basket&nbsp;To reduce over-reliance on any single region (particularly the geopolitically volatile Middle East), the government has focused on insulating common citizens from high international prices by diversifying the crude import basket and invoking Universal Service Obligation provisions to ensure availability of petrol and diesel in the domestic market.&nbsp;5. Consumer relief measures&nbsp;When global prices spike, the government has previously used tax levers — reducing Central Excise duty on petrol and diesel by Rs 13/litre and Rs 16/litre respectively across two tranches in November 2021 and May 2022, fully passed on to consumers, with some states also cutting VAT.&nbsp;6. Renewable energy &amp; EV push&nbsp;Longer-term structural shifts include expanding electric vehicle charging infrastructure, with India targeting 500 GW of installed electricity capacity from non-fossil sources by 2030 through schemes like PM-KUSUM, PM Surya Ghar Muft Bijli Yojana, and the National Green Hydrogen Mission. Despite these measures, dependence on crude oil has risen sharply, increasing imports from 189 million tonnes in 2014-15 to 243 million tonnes in 2024-25, with import dependence rising from 84 per cent to around 90 per cent over the same period.&nbsp;&nbsp;In addition, India's crude oil import bill increased to approximately $50 billion in the June quarter of 2026, a 60 per cent jump from a year earlier, as the war in West Asia ended discounts that once cushioned the country's energy costs. The government data indicated that the world's third-largest oil importer paid $49.8 billion for crude in the April-June period. In addition, the volume of oil bought fell to around 60 million tonnes from 62.6 million tonnes a year ago.&nbsp;

To cushion domestic consumers and farmers from global price surges, government outlays on energy and fertiliser subsidies rose steeply, straining fiscal deficit targets. The shocks also disrupted supply chains, resulting in soaring freight rates and maritime insurance costs.

Rising global crude oil prices have once again brought the economic conditions of India under pressure. The rise in oil prices is being driven by geopolitical tensions in West Asia, escalating concerns over disruptions in oil supplies. Given that India imports over 85 per cent of its crude oil needs, higher prices can push the import bill of the country, widen the current account deficit, put pressure on the rupee, and add fuel to inflation. Simultaneously, oil marketing companies (OMCs) may experience pressure on their margins if domestic retail fuel prices are not revised in line with global rates. This leaves the government to balance inflation control, consumer relief and fiscal stability. Why does India feel global oil shocks more? After the pandemic began in 2019, the prices of crude oil have swung dramatically on the world stage. After averaging US$59 per barrel in 2019-20, prices dropped to US$44 per barrel in 2020-21 as pandemic-driven lockdowns curbed global activity. As economies reopened and demand rebounded, prices then jumped roughly 79% to US$78 per barrel in 2021-22, climbing further to US$93 per barrel in 2022-23. The combined effect of lingering pandemic disruptions, sustained geopolitical strain from the Russia-Ukraine war, and sanctions on Russian oil exports drove a sharp spike in price volatility. From levels above US$90 per barrel in 2023-24, international crude prices subsequently slipped below US$70 per barrel starting in 2025-26. As a net importer, India has consistently remained exposed to the unpredictability of global oil markets, prompting the government to repeatedly step into the domestic fuel market to cushion the economy from the inflationary and output-related fallout of rising oil prices. Soon after the outbreak of the US–Iran conflict in February 2026 and subsequent disruptions around the Strait of Hormuz has massively triggered a sharp global crude oil price shock was triggered, delivering a significant macroeconomic blow to India. Also read: Are you an American and planning to visit Middle East? Read the US State Department's latest advisory first This has resulted in India suffering an immediate expansion of its Current Account Deficit (CAD) and import bill. The surging oil prices caused substantial downward pressure on the Indian Rupee. It also cascaded into higher transportation, manufacturing, and consumer costs. This cost-push inflation complicated the Reserve Bank of India's monetary management. To cushion domestic consumers and farmers from global price surges, government outlays on energy and fertiliser subsidies rose steeply, straining fiscal deficit targets. Other than this, the shocks also disrupted supply chains, resulting in soaring freight rates and maritime insurance costs, which impacted key industries, including aviation, logistics, and agriculture. How can India solve this problem? 1. Reducing import dependence The Ministry of Petroleum & Natural Gas has opted for a multi-pronged strategy aimed at increasing production of oil and natural gas through various policy initiatives, alongside refinery process improvements and promoting energy efficiency and conservation. Policy measures like the Hydrocarbon Exploration and Licensing Policy (HELP) have reportedly helped reverse the decline in domestic crude oil production in 2023-24. 2. Demand Substitution A core pillar of government policy is demand substitution by promoting usage of natural gas as fuel/feedstock across the country, moving towards a gas-based economy, and promoting renewable and alternate fuels like ethanol, compressed biogas, and biodiesel. The SATAT initiative (Sustainable Alternative Towards Affordable Transportation) has specifically been launched to promote Compressed Bio Gas (CBG) as an automotive fuel. 3. Ethanol Blending Programme (EBP) This has emerged as a flagship measure; as of September 2024, India's ethanol blending programme has saved over US$12.80 billion in foreign exchange while providing US$10.89 billion to farmers over the last decade. 4. Diversifying the basket To reduce over-reliance on any single region (particularly the geopolitically volatile Middle East), the government has focused on insulating common citizens from high international prices by diversifying the crude import basket and invoking Universal Service Obligation provisions to ensure availability of petrol and diesel in the domestic market. 5. Consumer relief measures When global prices spike, the government has previously used tax levers — reducing Central Excise duty on petrol and diesel by Rs 13/litre and Rs 16/litre respectively across two tranches in November 2021 and May 2022, fully passed on to consumers, with some states also cutting VAT. 6. Renewable energy & EV push Longer-term structural shifts include expanding electric vehicle charging infrastructure, with India targeting 500 GW of installed electricity capacity from non-fossil sources by 2030 through schemes like PM-KUSUM, PM Surya Ghar Muft Bijli Yojana, and the National Green Hydrogen Mission. Despite these measures, dependence on crude oil has risen sharply, increasing imports from 189 million tonnes in 2014-15 to 243 million tonnes in 2024-25, with import dependence rising from 84 per cent to around 90 per cent over the same period. In addition, India's crude oil import bill increased to approximately $50 billion in the June quarter of 2026, a 60 per cent jump from a year earlier, as the war in West Asia ended discounts that once cushioned the country's energy costs. The government data indicated that the world's third-largest oil importer paid $49.8 billion for crude in the April-June period. In addition, the volume of oil bought fell to around 60 million tonnes from 62.6 million tonnes a year ago.

To cushion domestic consumers and farmers from global price surges, government outlays on energy and fertiliser subsidies rose steeply, straining fiscal deficit targets. The shocks also disrupted supply chains, resulting in soaring freight rates and maritime insurance costs.

EXPLAINED: Why crude oil shocks hit India harder than other major economies — And how can it change?

The White House is selling cheaper fuel in one region at 25 Freedom Fuel gas stations. This has been done to help take some stress off the people after gas prices soared following the increase in the cost of crude oil due to the US-Iran war. According to USA Today, the gas stations are located in the greater Philadelphia area, where fuel is being sold for $3.47 a gallon. This is only slightly lower than the fuel prices in other parts of the country. According to AAA data, the national average price of fuel was $3.79 on Tuesday, July 7.&nbsp;The White House announced the initiative on July 7, with a video showing customers thanking President Donald Trump. It shows an unidentified man saying, "I thought gas was more expensive, but it's not," the man, who was not identified, said. "Thanks, Trump, for saving me some money." The war in Iran led to a sharp spike in oil prices, which consequently increased the price of fuel as well. Trump's latest move comes four months before the November mid-term elections, and seems to be a way to appease the people.Also Read: <a href="https://www.wionews.com/world/oil-prices-jump-by-2-63-as-fresh-us-strikes-on-iran-shake-up-strait-of-hormuz-again-1783471599627">Oil prices jump by 2.63% as fresh US strikes on Iran shake up Strait of Hormuz again</a> &nbsp;

<blockquote class="twitter-tweet">FREEDOM FUEL HAS ARRIVED. ⛽️🇺🇸 The FIRST Freedom Fuel Network gas station has LANDED in Philadelphia, lowering the price at the pump to $3.47 for our 47th President. President Trump is leading the charge to lower gas prices this summer - putting more money in your pocket. 🔥 <a href="https://t.co/lcrCuioQv5">pic.twitter.com/lcrCuioQv5</a>&mdash; The White House (@WhiteHouse) <a href="https://x.com/WhiteHouse/status/2074499867989123417?ref_src=twsrc%5Etfw">July 7, 2026</a></blockquote> <script async src="https://platform.x.com/widgets.js" charset="utf-8"></script>

<h2>Crude oil prices amid the Iran war</h2>United States and almost every other country witnessed a rise in fuel prices because of the war. Brent crude shot up by more than 55% and nearly hit $120 a barrel at one point after the Strait of Hormuz was closed. Ships couldn't pass by, creating a shortage in supply, which pushed the prices up. As the situation mellowed down and the two countries signed an MoU to open the strait, prices started falling. However, fresh US strikes on Wednesday (July 8), &nbsp; West Texas Intermediate, the US benchmark, rose 2.63 per cent to $72.29 a barrel.&nbsp;Even though gasoline prices began to fall after the agreement, at fuel pumps, crude oil, refining costs, distribution and marketing, and federal and state taxes continue to spike the prices. AAA data shows average gas prices in Hawaii, California, and Washington were above $5 a gallon on July 7. Meanwhile, Indiana, Oklahoma, and Texas have the lowest prices.

Cheaper gas is available at 25 Freedom Fuel gas stations in one United States area. The White House announced the initiative in an X video, without giving a lot of details. The war in Iran has led to a spike in fuel prices globally.

The White House is selling cheaper fuel in one region at 25 Freedom Fuel gas stations. This has been done to help take some stress off the people after gas prices soared following the increase in the cost of crude oil due to the US-Iran war. According to USA Today, the gas stations are located in the greater Philadelphia area, where fuel is being sold for $3.47 a gallon. This is only slightly lower than the fuel prices in other parts of the country. According to AAA data, the national average price of fuel was $3.79 on Tuesday, July 7. The White House announced the initiative on July 7, with a video showing customers thanking President Donald Trump. It shows an unidentified man saying, "I thought gas was more expensive, but it's not," the man, who was not identified, said. "Thanks, Trump, for saving me some money." The war in Iran led to a sharp spike in oil prices, which consequently increased the price of fuel as well. Trump's latest move comes four months before the November mid-term elections, and seems to be a way to appease the people. Also Read: Oil prices jump by 2.63% as fresh US strikes on Iran shake up Strait of Hormuz again

Cheaper gas is available at 25 Freedom Fuel gas stations in one United States area. The White House announced the initiative in an X video, without giving a lot of details. The war in Iran has led to a spike in fuel prices globally.

25 pumps are selling cheaper gas in one particular area of US. Check out price and details

Oil prices climbed sharply on Wednesday (Jul 8) after fresh US strikes on Iran reignited fears over the Strait of Hormuz, the vital, narrow waterway through which a huge share of global energy supplies moves. As markets opened, West Texas Intermediate, the US benchmark, rose 2.63 per cent to $72.29 a barrel. This followed a similar 2.76 per cent gain on Tuesday.The price rise came after the US military said its forces launched strikes on Iran following attacks on three commercial vessels in the Strait of Hormuz. The renewed fighting has once again put the world’s most important oil chokepoint under pressure.<h2>Explosions reported near key Iranian ports</h2>Iranian state media reported multiple explosions in and around the strait. The reports said there were six blasts on Qeshm island, seven in the city of Sirik and more near Bandar Abbas, one of Iran’s biggest ports.US Central Command said the strikes were meant to punish what it called Iranian attacks on commercial shipping and warned that such actions would carry high costs.Also read | <a href="https://www.wionews.com/world/us-iran-peace-deal-inside-the-14-point-mou-that-ended-over-108-days-of-war-wion-decodes-donald-trump-mojtaba-khamenei-benjamin-netanyahu-lebanon-1781513800001">US-Iran peace deal: Inside the 14-point MoU that ended over 108 days of war | WION Decodes</a>Iran, however, pushed back hard. Tehran's foreign ministry accused Washington of violating the memorandum of understanding between the two sides and warned that Tehran would respond."Iran is issuing a serious warning about the consequences of America's breach of the treaty, and will take decisive measures to protect its interests and national security," the ministry said in a statement carried by official media.<h2>Shipping risk returns to the centre of the crisis</h2>The latest attacks have brought back an old fear, disruption in the Strait of Hormuz.That fear had eased in recent weeks after maritime traffic started moving again under a fragile US-Iran agreement. But the calm did not last long.British maritime security agency UKMTO said an unknown projectile hit a tanker overnight, sparking a fire. Two more vessels were then struck, with at least one hit by a drone.Also read | <a href="https://www.wionews.com/india-news/can-india-withstand-another-west-asia-crisis-how-israel-hezbollah-iran-tensions-could-hit-its-energy-security-wion-decodes-1782374369218">Can India withstand another West Asia crisis? How Israel-Hezbollah-Iran tensions could hit its energy security | WION Decodes</a>All three ships were attacked near Oman, where a temporary transit corridor along the coastline had been proposed. Iran has opposed that route, insisting on control over the narrow passage and the fees linked to it.Qatar said one of the vessels was its LNG tanker Al-Rekayyat and blamed Iran for the attack. Doha later summoned Iran’s deputy ambassador and demanded an explanation."We hold Iran fully legally responsible for this attack and for any resulting damages or repercussions," Qatari foreign ministry spokesman Majed Al Ansari wrote on X. Iran rejected the accusation and said it was dismayed by Qatar’s remarks.

Oil prices are climbing again after fresh US strikes on Iran reignited tensions around the Strait of Hormuz. With attacks on commercial ships and fears of supply disruptions returning, markets are once again on edge. Scroll down to find out why crude is rising, and what happened in the Gulf.

Oil prices climbed sharply on Wednesday (Jul 8) after fresh US strikes on Iran reignited fears over the Strait of Hormuz, the vital, narrow waterway through which a huge share of global energy supplies moves. As markets opened, West Texas Intermediate, the US benchmark, rose 2.63 per cent to $72.29 a barrel. This followed a similar 2.76 per cent gain on Tuesday. The price rise came after the US military said its forces launched strikes on Iran following attacks on three commercial vessels in the Strait of Hormuz. The renewed fighting has once again put the world’s most important oil chokepoint under pressure. Explosions reported near key Iranian ports Iranian state media reported multiple explosions in and around the strait. The reports said there were six blasts on Qeshm island, seven in the city of Sirik and more near Bandar Abbas, one of Iran’s biggest ports. US Central Command said the strikes were meant to punish what it called Iranian attacks on commercial shipping and warned that such actions would carry high costs. Also read | US-Iran peace deal: Inside the 14-point MoU that ended over 108 days of war | WION Decodes Iran, however, pushed back hard. Tehran's foreign ministry accused Washington of violating the memorandum of understanding between the two sides and warned that Tehran would respond. "Iran is issuing a serious warning about the consequences of America's breach of the treaty, and will take decisive measures to protect its interests and national security," the ministry said in a statement carried by official media. Shipping risk returns to the centre of the crisis The latest attacks have brought back an old fear, disruption in the Strait of Hormuz. That fear had eased in recent weeks after maritime traffic started moving again under a fragile US-Iran agreement. But the calm did not last long. British maritime security agency UKMTO said an unknown projectile hit a tanker overnight, sparking a fire. Two more vessels were then struck, with at least one hit by a drone. Also read | Can India withstand another West Asia crisis? How Israel-Hezbollah-Iran tensions could hit its energy security | WION Decodes All three ships were attacked near Oman, where a temporary transit corridor along the coastline had been proposed. Iran has opposed that route, insisting on control over the narrow passage and the fees linked to it. Qatar said one of the vessels was its LNG tanker Al-Rekayyat and blamed Iran for the attack. Doha later summoned Iran’s deputy ambassador and demanded an explanation. "We hold Iran fully legally responsible for this attack and for any resulting damages or repercussions," Qatari foreign ministry spokesman Majed Al Ansari wrote on X. Iran rejected the accusation and said it was dismayed by Qatar’s remarks.

Oil prices are climbing again after fresh US strikes on Iran reignited tensions around the Strait of Hormuz. With attacks on commercial ships and fears of supply disruptions returning, markets are once again on edge. Scroll down to find out why crude is rising, and what happened in the Gulf.

Oil prices jump by 2.63% as fresh US strikes on Iran shake up Strait of Hormuz again

Oil prices are falling since the MoU signing between the US and Iran and have reached pre-war levels, in major relief to economies across the world. Brent crude, the international standard, fell 3.8% to $73.87 a barrel. Brent has been trading below $80 in recent days but is still above the roughly $70 per barrel it was trading at before the war began at the end of February.&nbsp;US crude prices fell 3.9% to $70.34 a barrel. Early Thursday, Brent was down 1.3% at $72.90, while US benchmark crude lost 1.4% to $69.37.&nbsp;The drop in prices comes as shipping across the Strait of Hormuz slowly resumed last week under the US-Iran memorandum of understanding.&nbsp;Also Read: <a href="https://www.wionews.com/india-news/amazon-ceo-meets-pm-modi-says-e-com-giant-to-invest-48bn-in-india-by-2030-expand-ai-cloud-infra-1782387595374">Amazon CEO meets PM Modi, says e-com giant to invest $48bn in India by 2030, expand AI, cloud infra</a><h2>Hormuz management ‘will not involve imposing any transit fees’: Oman&nbsp;</h2>&nbsp;Oman’s Foreign Minister Sayyid Badr bin Hamad Al Busaidi said on Thursday after meeting with fellow top diplomats from Persian Gulf nations and US Secretary of State Marco Rubio, that “future arrangements concerning the Strait of Hormuz will not involve imposing any transit fees.”&nbsp;Al Busaidi reiterated Oman’s support for the memorandum of understanding signed between the United States and the Islamic Republic of Iran and stressed the importance of ensuring the success of its objectives in pursuit of the desired peace, the Omani Foreign Ministry said in a statement.&nbsp;Also Read: <a href="https://www.wionews.com/world/164-dead-around-1-000-injured-after-powerful-quakes-aftershocks-rock-venezuela-1782384631734">164 dead, around 1,000 injured after powerful quakes, aftershocks rock Venezuela; toll likely to rise further</a>&nbsp;He also stressed the importance of restoring freedom of navigation through the Strait of Hormuz and ensuring its safe and uninterrupted flow. The minister noted that Oman, as a littoral state of the strait, bears a special responsibility in supporting international efforts to secure maritime navigation in accordance with its responsibilities and obligations under international law and the United Nations Convention on the Law of the Sea, the statement added.&nbsp;<h2>Toll at one waterway would ‘spread like contagion’ to others: Rubio</h2>&nbsp;“International waterways do not belong to any nation state,” said Rubio earlier in the day at the Gulf Cooperation Council meeting in Bahrain.&nbsp;&nbsp;"If, in fact, we accepted that you can charge money to use an international waterway because it happens to be near your territorial space, well then this will spread throughout the world like a contagion,” the US Secretary of State said.&nbsp;Also Read: <a href="https://www.wionews.com/world/uk-records-its-hottest-june-day-beating-1957-and-1976-highs-who-warns-of-risk-to-lives-1782322982631">UK records its hottest June day, beating 1957 and 1976 highs; WHO warns of risk to lives</a>&nbsp;Iran and Oman have said that they are creating a new joint mechanism to regulate traffic through the Strait of Hormuz—a vital waterway for global energy supplies that was free and open before the US and Israel launched strikes on Iran around four months ago.&nbsp;In a previous joint statement, Oman and Iran said the new system could have “costs associated”. Tehran has for long now maintained that it could impose ‘fees’ on commercial vessels transiting the strait, something the Trump administration has rejected.&nbsp;<h2>‘Fall in pump prices going to take time’: Chevron CFO</h2>&nbsp;Meanwhile, Chevron’s chief financial officer, Eimear Bonner, said on Thursday that “it’s going to take time” for the prices Americans pay at the pump to fall, even as global oil prices dropped sharply with tankers starting to move in greater numbers through the Strait of Hormuz.“I mean, there is a lag between oil prices and reduction in oil prices and when that shows up at the pump,” Bonner said during a CNBC show.&nbsp;President Donald Trump on Wednesday criticised big energy firms and accused them of “gouging” American drivers by not cutting their prices. Trump also told White House reporters that he had ordered an investigation into the matter, as “gasoline prices should be much lower at the pump” and singled out Chevron, ExxonMobil, Shell and BP by name.

Iran and Oman have said that they are creating a new joint mechanism to regulate traffic through the Strait of Hormuz—a vital waterway for global energy supplies that was free and open before the US and Israel launched strikes on Iran around four months ago.

Oil prices are falling since the MoU signing between the US and Iran and have reached pre-war levels, in major relief to economies across the world. Brent crude, the international standard, fell 3.8% to $73.87 a barrel. Brent has been trading below $80 in recent days but is still above the roughly $70 per barrel it was trading at before the war began at the end of February. US crude prices fell 3.9% to $70.34 a barrel. Early Thursday, Brent was down 1.3% at $72.90, while US benchmark crude lost 1.4% to $69.37. The drop in prices comes as shipping across the Strait of Hormuz slowly resumed last week under the US-Iran memorandum of understanding. Also Read: Amazon CEO meets PM Modi, says e-com giant to invest $48bn in India by 2030, expand AI, cloud infra Hormuz management ‘will not involve imposing any transit fees’: Oman Oman’s Foreign Minister Sayyid Badr bin Hamad Al Busaidi said on Thursday after meeting with fellow top diplomats from Persian Gulf nations and US Secretary of State Marco Rubio, that “future arrangements concerning the Strait of Hormuz will not involve imposing any transit fees.” Al Busaidi reiterated Oman’s support for the memorandum of understanding signed between the United States and the Islamic Republic of Iran and stressed the importance of ensuring the success of its objectives in pursuit of the desired peace, the Omani Foreign Ministry said in a statement. Also Read: 164 dead, around 1,000 injured after powerful quakes, aftershocks rock Venezuela; toll likely to rise further He also stressed the importance of restoring freedom of navigation through the Strait of Hormuz and ensuring its safe and uninterrupted flow. The minister noted that Oman, as a littoral state of the strait, bears a special responsibility in supporting international efforts to secure maritime navigation in accordance with its responsibilities and obligations under international law and the United Nations Convention on the Law of the Sea, the statement added. Toll at one waterway would ‘spread like contagion’ to others: Rubio “International waterways do not belong to any nation state,” said Rubio earlier in the day at the Gulf Cooperation Council meeting in Bahrain. "If, in fact, we accepted that you can charge money to use an international waterway because it happens to be near your territorial space, well then this will spread throughout the world like a contagion,” the US Secretary of State said. Also Read: UK records its hottest June day, beating 1957 and 1976 highs; WHO warns of risk to lives Iran and Oman have said that they are creating a new joint mechanism to regulate traffic through the Strait of Hormuz—a vital waterway for global energy supplies that was free and open before the US and Israel launched strikes on Iran around four months ago. In a previous joint statement, Oman and Iran said the new system could have “costs associated”. Tehran has for long now maintained that it could impose ‘fees’ on commercial vessels transiting the strait, something the Trump administration has rejected. ‘Fall in pump prices going to take time’: Chevron CFO Meanwhile, Chevron’s chief financial officer, Eimear Bonner, said on Thursday that “it’s going to take time” for the prices Americans pay at the pump to fall, even as global oil prices dropped sharply with tankers starting to move in greater numbers through the Strait of Hormuz. “I mean, there is a lag between oil prices and reduction in oil prices and when that shows up at the pump,” Bonner said during a CNBC show. President Donald Trump on Wednesday criticised big energy firms and accused them of “gouging” American drivers by not cutting their prices. Trump also told White House reporters that he had ordered an investigation into the matter, as “gasoline prices should be much lower at the pump” and singled out Chevron, ExxonMobil, Shell and BP by name.

Iran and Oman have said that they are creating a new joint mechanism to regulate traffic through the Strait of Hormuz—a vital waterway for global energy supplies that was free and open before the US and Israel launched strikes on Iran around four months ago.

Oil prices drop to pre-war level as Oman affirms no transit fees for crossing Hormuz

The first round of talks between US and Iran ended in Switzerland on a "positive" note allowing a 60-day sanctions waiver for the production, delivery, and sale of Iranian oil. This is a major geopolitical and economic reset at a time the world economy has seen a slump due to the Iran war. For India it is a big relief as this will greatly reduce its massive oil import bill.Reduced Import Costs&nbsp;India is among the largest importer and consumer of crude oil in the world with its bill often exceeding $100 billion. The lifting of sanction will lead to price drop of crude oil which will immediately help lower fiscal and current account deficits.&nbsp;ALSO READ: <a href="https://www.wionews.com/world/who-will-pay-for-iran-s-300bn-reconstruction-fund-under-mou-this-is-what-we-know-1782299801226">Who will pay for Iran’s $300bn reconstruction fund under MoU? This is what we know</a>&nbsp;Iran’s geographical proximity to India leads to lower freight costs and shorter delivery times when compared to western routes. Also India has been a traditional importer of Iranian crude oil and its refineries are used to processing Iranian light and heavy crude grades. The refineries, therefore, need minimal adjustments to resume Imports.&nbsp;Lifting oil sanctions provides India relief in crude import bill, strengthens energy security. It also offers cheaper, diversified supply sources to manage inflation.<h2>Provides India oil diversification</h2>&nbsp;Since 2022 India has heavily relied on discounted Russian crude oil, but the re-entry of Iranian oil provides India with options and advantage in global energy negotiations.<h2>Revival of energy investments</h2>&nbsp;Waiver for the production, delivery, and sale of Iranian oil after the first round of talks in Switzerland also opens up beneficial trade corridors for India, including access to Central Asia and Afghanistan via the Chabahar Port. It also opens up chances to renew &nbsp;talks for transnational gas pipelines.&nbsp;It also allows opportunity to Indian public sector companies like ONGC, Indian Oil, and Oil India to revive exploration projects, such as the untapped Farsi Block gas field that has about 22 trillion cubic feet of reserves.<h2>Favorable trade terms</h2>&nbsp;Historically, Iran has offered India discounted shipping, extended credit periods, and barter payment systems. The waiver widens sourcing options, making India less vulnerable to geopolitical shocks or supply disruptions in other regions&nbsp;&nbsp;

The lifting of sanction will lead to price drop of crude oil which will immediately help India lower fiscal and current account deficits.

The first round of talks between US and Iran ended in Switzerland on a "positive" note allowing a 60-day sanctions waiver for the production, delivery, and sale of Iranian oil. This is a major geopolitical and economic reset at a time the world economy has seen a slump due to the Iran war. For India it is a big relief as this will greatly reduce its massive oil import bill. Reduced Import Costs India is among the largest importer and consumer of crude oil in the world with its bill often exceeding $100 billion. The lifting of sanction will lead to price drop of crude oil which will immediately help lower fiscal and current account deficits. ALSO READ: Who will pay for Iran’s $300bn reconstruction fund under MoU? This is what we know Iran’s geographical proximity to India leads to lower freight costs and shorter delivery times when compared to western routes. Also India has been a traditional importer of Iranian crude oil and its refineries are used to processing Iranian light and heavy crude grades. The refineries, therefore, need minimal adjustments to resume Imports. Lifting oil sanctions provides India relief in crude import bill, strengthens energy security. It also offers cheaper, diversified supply sources to manage inflation. Provides India oil diversification Since 2022 India has heavily relied on discounted Russian crude oil, but the re-entry of Iranian oil provides India with options and advantage in global energy negotiations. Revival of energy investments Waiver for the production, delivery, and sale of Iranian oil after the first round of talks in Switzerland also opens up beneficial trade corridors for India, including access to Central Asia and Afghanistan via the Chabahar Port. It also opens up chances to renew talks for transnational gas pipelines. It also allows opportunity to Indian public sector companies like ONGC, Indian Oil, and Oil India to revive exploration projects, such as the untapped Farsi Block gas field that has about 22 trillion cubic feet of reserves. Favorable trade terms Historically, Iran has offered India discounted shipping, extended credit periods, and barter payment systems. The waiver widens sourcing options, making India less vulnerable to geopolitical shocks or supply disruptions in other regions

The lifting of sanction will lead to price drop of crude oil which will immediately help India lower fiscal and current account deficits.

What impact will lifting of oil sanctions on Iranian oil have on India? WION Decodes

US President Donald Trump, in a social media post on Wednesday (Jun 24), announced that he has asked big oil companies to drop oil prices. Accusing major oil companies of overcharging consumers by failing to lower gasoline prices in line with the recent decline in crude oil prices, the POTUS said he had directed the Department of Justice (DOJ) to investigate the matter.Also read | <a href="https://www.wionews.com/india-news/us-supreme-court-makes-it-easier-to-deport-green-card-holders-what-does-it-mean-for-indians-wion-horizons-1782271724642">US Supreme Court makes it easier to deport Green Card holders: What does it mean for Indians? | WION Horizons</a><h2>Can Americans expect cheaper gasoline?</h2>In a post on his Truth Social platform, Trump claimed that oil prices had fallen sharply, but consumers were not seeing comparable relief at fuel stations. This, he said, meant that American customers were being "gouged" by "big Oil Companies"."The big Oil Companies are not dropping their price at the pump commensurate with the sharply lower prices they are paying for Oil. Those prices are dropping like a rock!" Trump wrote."In other words, customers are being 'gouged.' I have instructed the DOJ to immediately start looking into this. Gasoline prices better start going down a lot faster than what I'm seeing!" he added, signing off with his signature ‘President DJT’.The oil industry has yet to publicly respond to Trump's allegations.Also read | <a href="https://www.wionews.com/world/trump-asks-americans-if-ice-should-become-nice-in-unusual-rebranding-poll-says-media-would-go-totally-crazy-1782014525608">Trump asks Americans if ICE should become 'NICE' in unusual rebranding poll, says media would 'go totally crazy'</a><h2>Oil prices fall to lowest levels since start of Iran war</h2>Trump's remarks come as oil prices extended losses to sit around their lowest levels since the early days of the Middle East crisis. According to an AFP report, at 0230 GMT, Brent crude price fell by 0.7 per cent to $76.56 a barrel.Oil prices continue to fall as optimism persists about an eventual deal to end the war in West Asia.On Monday, traffic through the Strait of Hormuz reached its highest level since the war began on February 28.Global oil markets have experienced increased volatility in recent months amid geopolitical tensions in West Asia, supply disruptions, and concerns over global economic growth.&nbsp;

With oil prices falling to their lowest levels since the start of the Iran conflict, Donald Trump has accused major oil companies of overcharging consumers and ordered the DoJ to investigate whether Americans are being denied the benefits of cheaper crude. Can US citizens expect cheaper fuel?

US President Donald Trump, in a social media post on Wednesday (Jun 24), announced that he has asked big oil companies to drop oil prices. Accusing major oil companies of overcharging consumers by failing to lower gasoline prices in line with the recent decline in crude oil prices, the POTUS said he had directed the Department of Justice (DOJ) to investigate the matter. Also read | US Supreme Court makes it easier to deport Green Card holders: What does it mean for Indians? | WION Horizons Can Americans expect cheaper gasoline? In a post on his Truth Social platform, Trump claimed that oil prices had fallen sharply, but consumers were not seeing comparable relief at fuel stations. This, he said, meant that American customers were being "gouged" by "big Oil Companies". "The big Oil Companies are not dropping their price at the pump commensurate with the sharply lower prices they are paying for Oil. Those prices are dropping like a rock!" Trump wrote. "In other words, customers are being 'gouged.' I have instructed the DOJ to immediately start looking into this. Gasoline prices better start going down a lot faster than what I'm seeing!" he added, signing off with his signature ‘President DJT’. The oil industry has yet to publicly respond to Trump's allegations. Also read | Trump asks Americans if ICE should become 'NICE' in unusual rebranding poll, says media would 'go totally crazy' Oil prices fall to lowest levels since start of Iran war Trump's remarks come as oil prices extended losses to sit around their lowest levels since the early days of the Middle East crisis. According to an AFP report, at 0230 GMT, Brent crude price fell by 0.7 per cent to $76.56 a barrel. Oil prices continue to fall as optimism persists about an eventual deal to end the war in West Asia. On Monday, traffic through the Strait of Hormuz reached its highest level since the war began on February 28. Global oil markets have experienced increased volatility in recent months amid geopolitical tensions in West Asia, supply disruptions, and concerns over global economic growth.

With oil prices falling to their lowest levels since the start of the Iran conflict, Donald Trump has accused major oil companies of overcharging consumers and ordered the DoJ to investigate whether Americans are being denied the benefits of cheaper crude. Can US citizens expect cheaper fuel?

Trump accuses big oil companies of 'gouging' American customers, says 'gasoline prices better start going down a lot faster'

Global oil prices fell more than 5% on Wednesday after President Trump told reporters the US is in “final stages of Iran.” Trump had said, “We’ll see what happens. We’ll either have a deal or we’re going to do some things that are a little bit nasty, but hopefully that won’t happen.”&nbsp;US crude oil prices fell below $100 per barrel. West Texas Intermediate futures fell more than 6% to $97.74 per barrel by 12:58 p.m. ET. International benchmark Brent futures also lost nearly 6% to $104.62 per barrel.&nbsp;Also Read: <a href="https://www.wionews.com/world/iran-talks-in-final-stages-says-trump-warns-of-nasty-action-as-tehran-threatens-wider-war-1779296152964">‘Iran talks in final stages,’ says Trump, warns of ‘nasty’ action as Tehran threatens wider war</a>&nbsp;<h2>Stocks surge, S&amp;P 500 breaks three-day losing streak</h2>&nbsp;Meanwhile, stocks surged and the S&amp;P 500 broke a three-day losing streak. With Nvidia’s sales estimated to have grown at the fastest clip in more than a year, the shares led a rally in chipmakers. The advance in Treasuries sent long-term yields down from the highest since 2007.&nbsp;The S&amp;P 500 rose 0.9% as of 11.37 am. New York time, while the Nasdaq 100 rose 1.5%.&nbsp;The Dow Jones Industrial Average rose 0.9% while the Stoxx Europe 600 rose 1.5%. The Philadelphia Stock Exchange Semiconductor Index also rose 4.1%&nbsp;It all started when Trump, before boarding Air Force One to deliver a commencement address at the US Coast Guard Academy in Connecticut, said, “We’re in final stages of Iran.”&nbsp;Also Read: <a href="https://www.wionews.com/world/us-is-seeking-to-start-new-war-will-regret-it-says-iran-s-chief-negotiator-mohammad-ghalibaf-1779287982751">US is seeking to ‘start new war’, will regret it, says Iran’s chief negotiator Mohammad Ghalibaf</a><h2>Efforts to finalise US-Iran deal have entered decisive stage: Reports</h2>&nbsp;&nbsp;Arab media outlets claimed that efforts to finalise a US-Iran agreement have entered a decisive stage. They reported that diplomatic efforts between the US and Iran intensified on Wednesday, with reports suggesting a draft agreement between Washington and Tehran could be finalised within hours.Al Arabiya, citing sources, reported that negotiations over the wording of the agreement were nearing completion. The report added that Pakistan’s army chief is expected to visit Tehran on Thursday to help announce the framework of the deal, while another round of negotiations may be held in Islamabad after the Haj season.&nbsp;However, no official confirmation has been issued by Washington or Tehran.Some reports even suggested that the announcement could come within hours as negotiations reach a critical point, but the development remains unverified by official sources.&nbsp;Also Read: <a href="https://www.wionews.com/world/iran-drawing-up-plans-to-counter-high-intensity-us-strikes-if-war-resumes-1779215850724">Iran drawing up plans to counter high-intensity US strikes if war resumes</a>&nbsp;

<blockquote class="twitter-tweet">Earlier today in the Gulf of Oman, U.S. Marines from the 31st Marine Expeditionary Unit boarded M/T Celestial Sea, an Iranian-flagged commercial oil tanker suspected of attempting to violate the U.S. blockade by transiting toward an Iranian port. American forces released the… <a href="https://t.co/1AVT0MudKY">pic.twitter.com/1AVT0MudKY</a>&mdash; U.S. Central Command (@CENTCOM) <a href="https://twitter.com/CENTCOM/status/2057144264526598381?ref_src=twsrc%5Etfw">May 20, 2026</a></blockquote> <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>

&nbsp;<h2>US Marines board, search Iranian-flagged tanker: CENTCOM</h2>&nbsp;US Marines on Wednesday boarded and searched an Iranian-flagged oil tanker that was suspected of trying to violate the US blockade of Iranian ports, US Central Command said on X.The tanker, M/T Celestial Sea, was heading toward an Iranian port.&nbsp;Also Read: <a href="https://www.wionews.com/world/pakistani-officer-claims-to-have-successfully-hit-2-non-existent-airbases-in-india-with-fatah-1-missile-1779221782711">Pakistani officer claims to have hit 2 non-existent airbases in India with Fatah-1 missile</a>&nbsp;US forces later released the vessel and told the crew to alter their course, according to CENTCOM.“US forces continue to fully enforce the blockade and have now redirected 91 commercial ships to ensure compliance,” CENTCOM posted.

Global oil prices fell more than 5% on Wednesday while stocks surged, as the S&P 500 broke a three-day losing streak. The S&P 500 rose 0.9% as of 11.37 am. New York time, while the Nasdaq 100 rose 1.5%. The advance in Treasuries sent long-term yields down from the highest since 2007.

Global oil prices fell more than 5% on Wednesday after President Trump told reporters the US is in “final stages of Iran.” Trump had said, “We’ll see what happens. We’ll either have a deal or we’re going to do some things that are a little bit nasty, but hopefully that won’t happen.” US crude oil prices fell below $100 per barrel. West Texas Intermediate futures fell more than 6% to $97.74 per barrel by 12:58 p.m. ET. International benchmark Brent futures also lost nearly 6% to $104.62 per barrel. Also Read: ‘Iran talks in final stages,’ says Trump, warns of ‘nasty’ action as Tehran threatens wider war Stocks surge, S&P 500 breaks three-day losing streak Meanwhile, stocks surged and the S&P 500 broke a three-day losing streak. With Nvidia’s sales estimated to have grown at the fastest clip in more than a year, the shares led a rally in chipmakers. The advance in Treasuries sent long-term yields down from the highest since 2007. The S&P 500 rose 0.9% as of 11.37 am. New York time, while the Nasdaq 100 rose 1.5%. The Dow Jones Industrial Average rose 0.9% while the Stoxx Europe 600 rose 1.5%. The Philadelphia Stock Exchange Semiconductor Index also rose 4.1% It all started when Trump, before boarding Air Force One to deliver a commencement address at the US Coast Guard Academy in Connecticut, said, “We’re in final stages of Iran.” Also Read: US is seeking to ‘start new war’, will regret it, says Iran’s chief negotiator Mohammad Ghalibaf Efforts to finalise US-Iran deal have entered decisive stage: Reports Arab media outlets claimed that efforts to finalise a US-Iran agreement have entered a decisive stage. They reported that diplomatic efforts between the US and Iran intensified on Wednesday, with reports suggesting a draft agreement between Washington and Tehran could be finalised within hours. Al Arabiya, citing sources, reported that negotiations over the wording of the agreement were nearing completion. The report added that Pakistan’s army chief is expected to visit Tehran on Thursday to help announce the framework of the deal, while another round of negotiations may be held in Islamabad after the Haj season. However, no official confirmation has been issued by Washington or Tehran. Some reports even suggested that the announcement could come within hours as negotiations reach a critical point, but the development remains unverified by official sources. Also Read: Iran drawing up plans to counter high-intensity US strikes if war resumes

Global oil prices fell more than 5% on Wednesday while stocks surged, as the S&amp;P 500 broke a three-day losing streak. The S&amp;P 500 rose 0.9% as of 11.37 am. New York time, while the Nasdaq 100 rose 1.5%. The advance in Treasuries sent long-term yields down from the highest since 2007.

Oil prices plunge 5% on US-Iran peace deal likelihood, stock markets go green

India's oil trade deficit is set to increase sharply in FY27 as rising crude oil prices, weakening petroleum exports and heavy dependence of the country on imported oil continuously put renewed stress on external balances, according to a report by Crisil. The report, titled "Oil's not well", highlighted India’s continued heavy dependence on imported crude, noting that more than 85 per cent of the country’s annual oil demand is met through overseas supplies. "India's crude oil trade deficit has been under the pump historically because of having to meet over 85 per cent of its annual requirement from imports," the report noted. According to the data, India's oil imports have risen steadily from nearly 190 million tonnes in FY14 to over 300 million tonnes in FY26, while exports have largely remained within a limited range during the same period. The report also indicated that although the oil trade deficit had narrowed during phases of lower crude prices in the past, it has once again begun to widen.&nbsp;Also read: <a href="https://www.wionews.com/india-news/us-approves-apache-m777-support-package-india-1779180087690">US approves $428 mn support package to India for Apache helicopters and M777 howitzers</a><h3>Rise in the import amount</h3>The report further noted that the rise in import amount has not been matched by growth in refined petroleum product exports, which have remained constant over the years, other than the short-term spike after the Covid-19 pandemic. It highlighted that pressure on the oil trade deficit has increased since FY24, driven by a continuous rise in imports even as refined petroleum product exports declined for two consecutive financial years. "Consequently, the oil trade deficit in dollar terms rose, despite crude oil prices trending down in that period," Crisil said, and added that this marked "a break from the past when the deficit used to narrow as crude oil prices fell". It also cautioned that the situation may deteriorate further in the current fiscal year. CRISIL projects Brent crude prices to average between USD 90 and USD 95 per barrel in FY27, sharply above the previous fiscal’s average of USD 70.3 per barrel. As a result, the report forecasts India’s current account deficit (CAD) to widen to 2.2 per cent this fiscal. "With the prospect of oil trade deficit increasing and likely pressure on remittances from West Asia, we forecast India's current account deficit (CAD) to rise to 2.2 per cent this fiscal from an estimated 0.8 per cent last fiscal," the report further said.&nbsp;

Crisil report indicated that India's oil imports have risen steadily from nearly 190 million tonnes in FY14 to over 300 million tonnes in FY26, while exports have largely remained within a limited range during the same period.

India's oil trade deficit is set to increase sharply in FY27 as rising crude oil prices, weakening petroleum exports and heavy dependence of the country on imported oil continuously put renewed stress on external balances, according to a report by Crisil. The report, titled "Oil's not well", highlighted India’s continued heavy dependence on imported crude, noting that more than 85 per cent of the country’s annual oil demand is met through overseas supplies. "India's crude oil trade deficit has been under the pump historically because of having to meet over 85 per cent of its annual requirement from imports," the report noted. According to the data, India's oil imports have risen steadily from nearly 190 million tonnes in FY14 to over 300 million tonnes in FY26, while exports have largely remained within a limited range during the same period. The report also indicated that although the oil trade deficit had narrowed during phases of lower crude prices in the past, it has once again begun to widen. Also read: US approves $428 mn support package to India for Apache helicopters and M777 howitzers Rise in the import amount The report further noted that the rise in import amount has not been matched by growth in refined petroleum product exports, which have remained constant over the years, other than the short-term spike after the Covid-19 pandemic. It highlighted that pressure on the oil trade deficit has increased since FY24, driven by a continuous rise in imports even as refined petroleum product exports declined for two consecutive financial years. "Consequently, the oil trade deficit in dollar terms rose, despite crude oil prices trending down in that period," Crisil said, and added that this marked "a break from the past when the deficit used to narrow as crude oil prices fell". It also cautioned that the situation may deteriorate further in the current fiscal year. CRISIL projects Brent crude prices to average between USD 90 and USD 95 per barrel in FY27, sharply above the previous fiscal’s average of USD 70.3 per barrel. As a result, the report forecasts India’s current account deficit (CAD) to widen to 2.2 per cent this fiscal. "With the prospect of oil trade deficit increasing and likely pressure on remittances from West Asia, we forecast India's current account deficit (CAD) to rise to 2.2 per cent this fiscal from an estimated 0.8 per cent last fiscal," the report further said.

Crisil report indicated that India's oil imports have risen steadily from nearly 190 million tonnes in FY14 to over 300 million tonnes in FY26, while exports have largely remained within a limited range during the same period.

Rising oil imports to widen India’s trade deficit in FY27, push it into dangerous zone: CRISIL

Crude oil prices dropped sharply on Friday, by about 12 per cent, after US president Donald Trump and the Iranian government declared that the Strait of Hormuz is ‘completely open’ for all commercial ships for the remaining period of the ceasefire. The fall in oil prices led to stock market recovering in the United States and elsewhere.&nbsp;The S&amp;P 500 rose 1%, while the Dow Jones Industrial Average jumped 722 points, or 1.5%, and the Nasdaq composite added 1.1% in morning trading.&nbsp;The opening of the Strait of Hormuz is a major relief to all nations across the world.<h2>Strait of Hormuz open for commercial ships</h2>&nbsp;Iran’s Foreign Minister Seyed Abbas Araghchi made the announcement on X, saying, “In line with the ceasefire in Lebanon, the passage for all commercial vessels through Strait of Hormuz is declared completely open for the remaining period of the ceasefire."&nbsp;The announcement comes a day after US President Donald Trump announced a 10-day ceasefire between Israel and Lebanon. Trump had earlier imposed a naval blockade of the Strait of Hormuz, including all ports of Iran. The US Navy has already started the blockade.&nbsp;While trump took to Truth Social to announce that the Strait of Hormuz is open for all commercial ships.&nbsp;“The Strait of Hormuz is completely open and ready for business and full passage, but the naval blockade will remain in full force and effect as it pertains to Iran, only, until such time as our transaction with Iran is 100% complete. This process should go very quickly in that most of the points are already negotiated. Thank you for your attention to this matter!,” Trump wrote.

The sharp fall in crude oil prices led to stock market recovering in the United States and elsewhere after the declaration by US and Iran that the Strait of Hormuz is open.

Crude oil prices dropped sharply on Friday, by about 12 per cent, after US president Donald Trump and the Iranian government declared that the Strait of Hormuz is ‘completely open’ for all commercial ships for the remaining period of the ceasefire. The fall in oil prices led to stock market recovering in the United States and elsewhere. The S&P 500 rose 1%, while the Dow Jones Industrial Average jumped 722 points, or 1.5%, and the Nasdaq composite added 1.1% in morning trading. The opening of the Strait of Hormuz is a major relief to all nations across the world. Strait of Hormuz open for commercial ships Iran’s Foreign Minister Seyed Abbas Araghchi made the announcement on X, saying, “In line with the ceasefire in Lebanon, the passage for all commercial vessels through Strait of Hormuz is declared completely open for the remaining period of the ceasefire." The announcement comes a day after US President Donald Trump announced a 10-day ceasefire between Israel and Lebanon. Trump had earlier imposed a naval blockade of the Strait of Hormuz, including all ports of Iran. The US Navy has already started the blockade. While trump took to Truth Social to announce that the Strait of Hormuz is open for all commercial ships. “The Strait of Hormuz is completely open and ready for business and full passage, but the naval blockade will remain in full force and effect as it pertains to Iran, only, until such time as our transaction with Iran is 100% complete. This process should go very quickly in that most of the points are already negotiated. Thank you for your attention to this matter!,” Trump wrote.

The sharp fall in crude oil prices led to stock market recovering in the United States and elsewhere after the declaration by US and Iran that the Strait of Hormuz is open.

Crude oil prices drop sharply after US, Iran declare Strait of Hormuz is open

British Prime Minister Keir Starmer has flatly rejected joining the US naval blockade of the Strait of Hormuz, declaring 'we are not getting dragged in' to the Iran-US war, while announcing UK minesweepers will be deployed to help reopen the strategic waterway. Alongside French President Emmanuel Ma

'First time ever': UK takes stand against US, as Starmer rejects Trump's Hormuz blockade

President Donald Trump announced a sweeping US naval blockade of the Strait of Hormuz on April 12, 2026, after peace negotiations with Iran collapsed. The blockade, which has sent global oil prices surging past $100 per barrel, marks the most dramatic escalation in the 44-day-old Iran-US war. With 2

What Trump's US Navy blockade of Strait of Hormuz means after Iran peace talks collapse

Iran war uncertainty and Trump's shifting stances led to massive volatility in oil, gold, crypto and stocks. This enabled states, corporate firms, traders, and speculators to profit billions through bets, disruption, and strategic market moves. It was virtually a heist. Who made the money?

Iran war, the multibillion-dollar heist: How states, companies and speculators cashed in on uncertainty and Trump  flip-flops

Oil prices fell sharply on Tuesday (Apr 7) after the United States and Iran agreed to a temporary ceasefire. Oil plunged, and Asian stock indices were surging within hours of the temporary relief announced on the 38th day of the Iran war, in a dramatic reversal of the anxiety that has gripped global markets since the conflict began in late February. West Texas Intermediate, the main US crude benchmark, plunged more than 17 per cent to around $93 a barrel by late Wednesday GMT. Brent Crude wasn't far behind, dropping nearly 16 per cent to $93.38. This comes as Iran allowed safe passage through the Strait of Hormuz for a period of two weeks.Also read | <a href="https://www.wionews.com/world/oil-lifeline-back-tehran-reopens-strait-of-hormuz-for-2-weeks-as-us-iran-agree-to-11th-hour-truce-1775608923236">Oil lifeline back? Tehran reopens Strait of Hormuz for 2 weeks as US-Iran agree to 11th-hour truce</a><h2>Markets breathe sigh of relief</h2>The relief on equity markets was equally sharp. Japan's Nikkei 225 jumped 4.38 per cent, while South Korea's Kospi rocketed 5.71 per cent. "As fears of an escalation in fighting dispelled, buying is likely to take the lead in the Japanese market," Tokai Tokyo Securities said ahead of the Tokyo open.Also read | <a href="https://www.wionews.com/world/-agree-to-suspend-bombing-of-iran-for-two-weeks-says-trump-calls-it-double-sided-ceasefire-1775601586850">'Agree to suspend bombing of Iran for two weeks', says Trump</a>Just hours earlier, &nbsp;in a post on X, Iranian Foreign Minister Seyed Abbas Araghchi announced a temporary reopening of the Strait of Hormuz, the chokepoint whose closure has rattled global energy markets, sent oil prices surging past $100 a barrel, and pushed several Asian nations toward fuel rationing in recent days.Disclaimer: WION takes utmost care to accurately and responsibly report ongoing conflicts in West Asia involving Israel, Iran, US, Gulf nations and non-state actors like Hezbollah, Hamas, Houthis, Islamic State, and others. Claims and counterclaims, disinformation and misinformation are being made online and offline. Given this context, WION cannot independently verify the authenticity of all statements, social media posts, photos and videos.

Oil prices crash after weeks of surge: A US-Iran ceasefire and reopening of the Strait of Hormuz have triggered a sharp market reversal, with crude plunging over 15%. Is this relief here to stay or just temporary?

Scroll down to read more.

Oil prices fell sharply on Tuesday (Apr 7) after the United States and Iran agreed to a temporary ceasefire. Oil plunged, and Asian stock indices were surging within hours of the temporary relief announced on the 38th day of the Iran war, in a dramatic reversal of the anxiety that has gripped global markets since the conflict began in late February. West Texas Intermediate, the main US crude benchmark, plunged more than 17 per cent to around $93 a barrel by late Wednesday GMT. Brent Crude wasn't far behind, dropping nearly 16 per cent to $93.38. This comes as Iran allowed safe passage through the Strait of Hormuz for a period of two weeks. Also read | Oil lifeline back? Tehran reopens Strait of Hormuz for 2 weeks as US-Iran agree to 11th-hour truce Markets breathe sigh of relief The relief on equity markets was equally sharp. Japan's Nikkei 225 jumped 4.38 per cent, while South Korea's Kospi rocketed 5.71 per cent. "As fears of an escalation in fighting dispelled, buying is likely to take the lead in the Japanese market," Tokai Tokyo Securities said ahead of the Tokyo open. Also read | 'Agree to suspend bombing of Iran for two weeks', says Trump Just hours earlier, in a post on X, Iranian Foreign Minister Seyed Abbas Araghchi announced a temporary reopening of the Strait of Hormuz, the chokepoint whose closure has rattled global energy markets, sent oil prices surging past $100 a barrel, and pushed several Asian nations toward fuel rationing in recent days. Disclaimer: WION takes utmost care to accurately and responsibly report ongoing conflicts in West Asia involving Israel, Iran, US, Gulf nations and non-state actors like Hezbollah, Hamas, Houthis, Islamic State, and others. Claims and counterclaims, disinformation and misinformation are being made online and offline. Given this context, WION cannot independently verify the authenticity of all statements, social media posts, photos and videos.

Oil prices crash after weeks of surge: A US-Iran ceasefire and reopening of the Strait of Hormuz have triggered a sharp market reversal, with crude plunging over 15%. Is this relief here to stay or just temporary?Scroll down to read more.

Oil prices fall below $100 as Iran-US ceasefire kicks in after last minute Strait of Hormuz deal

India's electric vehicle sales have jumped to 24.6 per cent in FY26, around 24.52 lakh units. The total EV retail sales include two-wheelers, three-wheelers, passenger vehicles and commercial vehicles, according to retail data shared by the Federation of Automobile Dealers Associations (FADA). The jump in EV adoption followed at a time when crude prices are floating around USD 100/barrel amid the West Asia war, as India remains highly dependent on importing crude oil from the Gulf region, accounting for nearly 88 per cent to meet its requirements. This makes New Delhi make a sustained shift toward electric mobility strategically as it play significant role for India's energy security, especially when oil markets are disrupted amid the West Asia crisis.<h3>Sales of electric two-wheeler &amp; three-wheelers&nbsp;</h3>According to FADA retail data, electric two-wheeler sales reached 14,01,818 units in FY26, marking a 21.81 per cent increase from 11,50,790 units in FY25. This pushed EV penetration in the segment up to 6.5 per cent, compared to 6.1 per cent the previous year. Electric three-wheelers maintained their dominance, with sales rising 18.87 per cent to 8,30,819 units from 6,98,914 units in FY25. Their market share grew to 60.9 per cent from 57.2 per cent, meaning six out of every ten units sold were electric. Electric passenger vehicles recorded the fastest growth among major segments, jumping 83.63 per cent to 1,99,923 units from 1,08,873 units in FY25. Their EV penetration increased to 4.2 per cent, up from 2.6 per cent. Meanwhile, electric commercial vehicle sales more than doubled to 19,454 units in FY26 from 8,820 units in FY25, reflecting a 120.57 per cent rise. Their market share also nearly doubled, reaching 1.83 per cent from 0.93 per cent.&nbsp;Also read:<a href="https://www.wionews.com/photos/-akshay-patra-of-power-how-new-advanced-atomic-reactor-is-key-to-india-s-1-000-year-energy-plan-1775559002801"> 'Akshay Patra of power': How new advanced atomic reactor is key to India’s 1,000-year energy plan</a>

FADA data indicates that electric two-wheeler sales reached 14,01,818 units in FY26, marking a 21.81 per cent increase from 11,50,790 units in FY25. This pushed EV penetration in the segment up to 6.5 per cent, compared to 6.1 per cent the previous year. 

India's electric vehicle sales have jumped to 24.6 per cent in FY26, around 24.52 lakh units. The total EV retail sales include two-wheelers, three-wheelers, passenger vehicles and commercial vehicles, according to retail data shared by the Federation of Automobile Dealers Associations (FADA). The jump in EV adoption followed at a time when crude prices are floating around USD 100/barrel amid the West Asia war, as India remains highly dependent on importing crude oil from the Gulf region, accounting for nearly 88 per cent to meet its requirements. This makes New Delhi make a sustained shift toward electric mobility strategically as it play significant role for India's energy security, especially when oil markets are disrupted amid the West Asia crisis. Sales of electric two-wheeler & three-wheelers According to FADA retail data, electric two-wheeler sales reached 14,01,818 units in FY26, marking a 21.81 per cent increase from 11,50,790 units in FY25. This pushed EV penetration in the segment up to 6.5 per cent, compared to 6.1 per cent the previous year. Electric three-wheelers maintained their dominance, with sales rising 18.87 per cent to 8,30,819 units from 6,98,914 units in FY25. Their market share grew to 60.9 per cent from 57.2 per cent, meaning six out of every ten units sold were electric. Electric passenger vehicles recorded the fastest growth among major segments, jumping 83.63 per cent to 1,99,923 units from 1,08,873 units in FY25. Their EV penetration increased to 4.2 per cent, up from 2.6 per cent. Meanwhile, electric commercial vehicle sales more than doubled to 19,454 units in FY26 from 8,820 units in FY25, reflecting a 120.57 per cent rise. Their market share also nearly doubled, reaching 1.83 per cent from 0.93 per cent. Also read: 'Akshay Patra of power': How new advanced atomic reactor is key to India’s 1,000-year energy plan

FADA data indicates that electric two-wheeler sales reached 14,01,818 units in FY26, marking a 21.81 per cent increase from 11,50,790 units in FY25. This pushed EV penetration in the segment up to 6.5 per cent, compared to 6.1 per cent the previous year.&nbsp;

India’s EV sales jump 24.6% in FY26 as oil prices climb amid West Asia crisis

According to Goldman Sachs Group, a barrel of Brent oil could reach $110 by the third quarter if China and other Asian economies fully reopen from coronavirus restrictions.

World Business Watch: Goldman sees $110 oil by third quarter on full China reopening

The Biden administration has announced the release of strategic oil reserves but the US is not alone here. Joining Washington are India, Japan, South Korea, China, and the UK.

United States: Emergency oil release to lower fuel prices

United States: US plan could strain ties between Washington and Riyadh

Oil prices eased slightly on Monday on concerns that a resurgence of COVID-19 infections in India and Japan, the world's third and fourth largest oil importers, would cut fuel demand in Asia.

World Business Watch: Oil inches lower on concerns over COVID-19 surge in India, Japan

Oil prices have went down in early Asian trade on Monday after OPEC+ agreed last week to gradually ease some of its production cuts between May and July.

World Business Watch: Oil prices slip after OPEC+ agree to ease output cuts

The US oil benchmark, known as West Texas Intermediate or WTI, hit a low of $19.85 a barrel, losing more than 7 per cent, before picking up to slightly above $20 in the European afternoon.

US crude up by 2.9%, at $20.68 a barrel

Brent slid to its biggest daily loss in more than 11 years on Friday after Russia balked at OPEC's proposed steep production cuts to stabilize prices hit by economic fallout from the coronavirus, and OPEC responded by removing limits on its own production.

Brent slid to its biggest daily loss in more than 11 years on Friday after Russia balked at OPEC's proposed steep production cuts to stabilize prices hit by economic fallout from the coronavirus, and OPEC responded by removing limits on its own production. More than 1 million US crude contracts changed hands during the session, as the three-year pact between OPEC and Russia ended in acrimony. "Prices plunged because the OPEC confab ended up being an epic fail on the part of all involved. Russia has clearly decided to employ a scorched earth approach to the oil market: every country for itself," said John Kilduff, partner at Again Capital LLC in New York. Brent futures had their its biggest daily percentage fall since December 2008, down $4.72, or 9.4%, to settle at $45.27 a barrel. It was Brent's lowest closing price since June 2017. US West Texas Intermediate crude dropped $4.62, or 10.1%, to $41.28, its lowest close since August 2016 and the largest daily percentage loss since November 2014. More than 4.58 million US front-month crude contracts changed hands this week, the busiest week ever for that contract. Both Brent and WTI are down over 30% so far this year. The number of people infected with coronavirus across the world surpassed 100,000 as the outbreak reached more countries and the economic damage intensified. Business districts began to empty and stock markets tumbled. The split between OPEC and Russia revived fears of a 2014 oil price crash, when Saudi Arabia and Russia fought for market share with U.S. shale oil producers, which have never participated in output-limiting pacts. OPEC was pushing for an additional 1.5 million barrels per day (bpd) of cuts until the end of 2020. Non-OPEC states were expected to contribute 500,000 bpd to the overall extra cut, OPEC ministers said. The new deal would have meant OPEC+ production curbs amounting to a total of 3.6 million bpd, or about 3.6% of global supply. "From (April 1) all oil producers are allowed to produce as much as they like," analysts at ABN AMRO said in a report. The Dutch bank cut its Brent oil price forecast for 2020 by 15.5% to $49 a barrel from the previous forecast of $58. The bank noted that OPEC Secretary-General Mohammad Barkindo indicated there will be more informal meetings on the proposed cuts in coming weeks, however.

Oil takes biggest daily dive in over a decade as Russia, OPEC split

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