President Donald Trump said on Wednesday that the United States has a lot of boats coming through the Strait of Hormuz and claimed possession and complete control of the strait.&nbsp;Speaking to reporters outside the White House, Trump said that the US has a lot of boats coming through the Strait of Hormuz, as he was apparently referring to reports that the US Navy has been assisting in getting some oil safely through the strait.&nbsp;“Last night, we had a lot of boats come through,” Trump said during a tour of the helipad currently under construction outside the White House.&nbsp;“We have possession, complete control of the strait, I mean, outside of nuisance value. And there has been nuisance value when they shoot a drone every once in a while.”&nbsp;Also Read: <a href="https://www.wionews.com/world/pakistan-gets-miffed-by-us-ambassador-sergio-gor-s-j-k-important-part-of-india-remark-issues-demarche-1787157507821">Pakistan gets miffed by US Ambassador Sergio Gor’s ‘J&amp;K important part of India’ remark, issues demarche</a>&nbsp;He continued, “And not everybody is going to go through but they come through and over the last couple of weeks we’ve had a lot of oil coming in. It’s not going to be perfect, but it’s a lot of oil coming in.”&nbsp;The White House hasn’t directly admitted the US Navy is assisting a limited number of oil tankers out of the strait, though The New York Times reported on Wednesday that about 5 million barrels of oil are getting through the strait daily, down from 15 million barrels before the war.&nbsp;&nbsp;“One of the reasons that oil hasn’t gone to the proverbial $300 a barrel — it’s at $83, $84, $85 — and it’ll be a lot lower when this is over because we have plenty of oil,” Trump said.&nbsp;&nbsp;Also Read: <a href="https://www.wionews.com/world/nato-prepared-to-defend-all-allies-after-reports-of-iran-mulling-attacks-on-us-targets-in-europe-1787141867863">NATO ‘prepared to defend all allies,‘ says official after reports of Iran mulling attacks on US targets in Europe</a>&nbsp;“One of the reasons that it never went to $300, $350 numbers is because we do have a lot coming in.”Brent crude, the international standard for oil prices, was at about $92 a barrel on Wednesday and has been over $90 all week, creeping up from a wartime low of $71 during a brief ceasefire in late June and early July.&nbsp;Trump also said that “people” were coming to the United States for oil supplies, but did not specify who was coming to the US.“They’re coming to Texas, Alaska, Louisiana to get oil,” he said.&nbsp;Also Read: <a href="https://www.wionews.com/india-news/gen-z-threat-is-the-new-jaantay-nahin-ho-mera-baap-kaun-hai-omar-abdullah-reacts-to-viral-video-at-kargil-checkpoint-1787153305120">Gen Z ‘threat’ is the new ‘jaantay nahin ho mera baap kaun hai’: Omar Abdullah reacts to viral video at Kargil checkpoint</a>&nbsp;Meanwhile, the US Central Command said on Wednesday that the military blockade on the Strait of Hormuz redirected one ship in the past day, bringing the total number of vessels prevented from exiting or entering Iranian ports to 65 since the blockade was restarted on July 14.&nbsp;&nbsp;President Trump has consistently touted the blockade as a reason he is not concerned over negotiations with Iran being on hold at the moment.

The White House hasn’t directly admitted the US Navy is assisting a limited number of oil tankers out of the strait. Brent crude, the international standard for oil prices, was at about $92 a barrel on Wednesday and has been over $90 all week, creeping up from a wartime low of $71.

President Donald Trump said on Wednesday that the United States has a lot of boats coming through the Strait of Hormuz and claimed possession and complete control of the strait. Speaking to reporters outside the White House, Trump said that the US has a lot of boats coming through the Strait of Hormuz, as he was apparently referring to reports that the US Navy has been assisting in getting some oil safely through the strait. “Last night, we had a lot of boats come through,” Trump said during a tour of the helipad currently under construction outside the White House. “We have possession, complete control of the strait, I mean, outside of nuisance value. And there has been nuisance value when they shoot a drone every once in a while.” Also Read: Pakistan gets miffed by US Ambassador Sergio Gor’s ‘J&K important part of India’ remark, issues demarche He continued, “And not everybody is going to go through but they come through and over the last couple of weeks we’ve had a lot of oil coming in. It’s not going to be perfect, but it’s a lot of oil coming in.” The White House hasn’t directly admitted the US Navy is assisting a limited number of oil tankers out of the strait, though The New York Times reported on Wednesday that about 5 million barrels of oil are getting through the strait daily, down from 15 million barrels before the war. “One of the reasons that oil hasn’t gone to the proverbial $300 a barrel — it’s at $83, $84, $85 — and it’ll be a lot lower when this is over because we have plenty of oil,” Trump said. Also Read: NATO ‘prepared to defend all allies,‘ says official after reports of Iran mulling attacks on US targets in Europe “One of the reasons that it never went to $300, $350 numbers is because we do have a lot coming in.” Brent crude, the international standard for oil prices, was at about $92 a barrel on Wednesday and has been over $90 all week, creeping up from a wartime low of $71 during a brief ceasefire in late June and early July. Trump also said that “people” were coming to the United States for oil supplies, but did not specify who was coming to the US. “They’re coming to Texas, Alaska, Louisiana to get oil,” he said. Also Read: Gen Z ‘threat’ is the new ‘jaantay nahin ho mera baap kaun hai’: Omar Abdullah reacts to viral video at Kargil checkpoint Meanwhile, the US Central Command said on Wednesday that the military blockade on the Strait of Hormuz redirected one ship in the past day, bringing the total number of vessels prevented from exiting or entering Iranian ports to 65 since the blockade was restarted on July 14. President Trump has consistently touted the blockade as a reason he is not concerned over negotiations with Iran being on hold at the moment.

The White House hasn’t directly admitted the US Navy is assisting a limited number of oil tankers out of the strait. Brent crude, the international standard for oil prices, was at about $92 a barrel on Wednesday and has been over $90 all week, creeping up from a wartime low of $71.

‘Lot of boats’ coming through Strait of Hormuz, says Trump, admits to ‘nuisance’ of Iranian drones

A new U.S. government energy report is putting renewed focus on the Strait of Hormuz, as shipping through one of the world’s most important energy corridors remains constrained and uncertainty continues over how quickly oil flows will return to normal. The U.S. Energy Information Administration, or EIA, said in its latest Short-Term Energy Outlook that it expects severe constraints on shipping through the Strait of Hormuz to persist through August, before traffic gradually increases beginning in September. The agency said reduced shipments through the waterway are expected to further draw down global oil inventories in the coming months.Also read | <a href="https://www.wionews.com/world/who-bears-responsibility-iran-wants-polluter-pays-rule-for-strait-of-hormuz-as-oil-slick-plagues-qeshm-1786582552036">'Who bears responsibility?': Iran wants 'polluter pays' rule for Strait of Hormuz as oil slick plagues Qeshm</a> The assessment comes as President Donald Trump has said the United States has “total control” of the Strait, while administration officials have pointed to improvements in the movement of oil from the region. The administration has also disputed some estimates of how limited current shipping traffic remains. The EIA report, however, focuses primarily on the economic consequences of the disruption and the expected pace of recovery rather than the question of who controls the waterway. The agency now forecasts Brent crude oil to average around $85 per barrel during the third quarter of 2026, $11 per barrel higher than it projected just one month ago. The EIA expects prices to ease to around $78 per barrel in the fourth quarter as shipping increases and more oil production comes back online.Also read | <a href="https://www.wionews.com/world/us-sanctions-iran-s-crypto-network-after-strait-of-hormuz-attacks-offers-15m-bounty-for-intel-on-irgc-finance-1786150050092">US sanctions Iran’s crypto network after Strait of Hormuz attacks, offers $15m bounty for intel on IRGC finance</a> For the full year, the EIA forecasts Brent crude at an average of approximately $87 per barrel in 2026. It expects prices to decline further in 2027, averaging around $69 per barrel as inventories rebuild and supplies recover. The Strait of Hormuz is particularly important because it connects the Persian Gulf with the Gulf of Oman and the Arabian Sea, providing a crucial export route for major Middle Eastern energy producers. Disruptions there can therefore have consequences well beyond the region, affecting global oil supplies, shipping costs, and ultimately prices paid by consumers. The latest EIA outlook also suggests that some effects of the conflict could persist even after shipping conditions improve. Around 5.5 million barrels per day of Middle Eastern oil production was offline in July, equivalent to more than 5% of global oil consumption. Although much of that production is expected to return, the EIA forecasts that approximately 600,000 barrels per day could remain offline through the end of 2027 as some producers face difficulties restoring output to pre-conflict levels. The outlook represents another shift in expectations for an oil market that has changed rapidly as conditions around Hormuz have evolved. In July, the EIA had expected Brent to average about $74 per barrel during the third quarter. Its new forecast of roughly $85 illustrates how continued restrictions through the Strait have altered the supply picture. The central question now is how quickly normal commercial traffic can resume. The EIA expects conditions to begin improving in September, but its latest forecast makes clear that the economic consequences of the disruption could continue long after more ships begin moving through the Strait.&nbsp;

The agency now forecasts Brent crude oil to average around $85 per barrel during the third quarter of 2026, $11 per barrel higher than it projected just one month ago. The EIA expects prices to ease to around $78 per barrel in the fourth quarter as shipping increases.

A new U.S. government energy report is putting renewed focus on the Strait of Hormuz, as shipping through one of the world’s most important energy corridors remains constrained and uncertainty continues over how quickly oil flows will return to normal. The U.S. Energy Information Administration, or EIA, said in its latest Short-Term Energy Outlook that it expects severe constraints on shipping through the Strait of Hormuz to persist through August, before traffic gradually increases beginning in September. The agency said reduced shipments through the waterway are expected to further draw down global oil inventories in the coming months. Also read | 'Who bears responsibility?': Iran wants 'polluter pays' rule for Strait of Hormuz as oil slick plagues Qeshm The assessment comes as President Donald Trump has said the United States has “total control” of the Strait, while administration officials have pointed to improvements in the movement of oil from the region. The administration has also disputed some estimates of how limited current shipping traffic remains. The EIA report, however, focuses primarily on the economic consequences of the disruption and the expected pace of recovery rather than the question of who controls the waterway. The agency now forecasts Brent crude oil to average around $85 per barrel during the third quarter of 2026, $11 per barrel higher than it projected just one month ago. The EIA expects prices to ease to around $78 per barrel in the fourth quarter as shipping increases and more oil production comes back online. Also read | US sanctions Iran’s crypto network after Strait of Hormuz attacks, offers $15m bounty for intel on IRGC finance For the full year, the EIA forecasts Brent crude at an average of approximately $87 per barrel in 2026. It expects prices to decline further in 2027, averaging around $69 per barrel as inventories rebuild and supplies recover. The Strait of Hormuz is particularly important because it connects the Persian Gulf with the Gulf of Oman and the Arabian Sea, providing a crucial export route for major Middle Eastern energy producers. Disruptions there can therefore have consequences well beyond the region, affecting global oil supplies, shipping costs, and ultimately prices paid by consumers. The latest EIA outlook also suggests that some effects of the conflict could persist even after shipping conditions improve. Around 5.5 million barrels per day of Middle Eastern oil production was offline in July, equivalent to more than 5% of global oil consumption. Although much of that production is expected to return, the EIA forecasts that approximately 600,000 barrels per day could remain offline through the end of 2027 as some producers face difficulties restoring output to pre-conflict levels. The outlook represents another shift in expectations for an oil market that has changed rapidly as conditions around Hormuz have evolved. In July, the EIA had expected Brent to average about $74 per barrel during the third quarter. Its new forecast of roughly $85 illustrates how continued restrictions through the Strait have altered the supply picture. The central question now is how quickly normal commercial traffic can resume. The EIA expects conditions to begin improving in September, but its latest forecast makes clear that the economic consequences of the disruption could continue long after more ships begin moving through the Strait.

The agency now forecasts Brent crude oil to average around $85 per barrel during the third quarter of 2026, $11 per barrel higher than it projected just one month ago. The EIA expects prices to ease to around $78 per barrel in the fourth quarter as shipping increases.

New EIA report warns Strait of Hormuz disruptions could keep pressure on global oil markets

Brent crude futures and US crude futures both rose about 5 per cent on Monday as hope for a potential deal to open the Strait of Hormuz faltered. Oil prices briefly soared to $90 per barrel earlier Tuesday, hitting an intraday high of $90.02. Prices have since pared gains slightly to fluctuate between $87 and $89. Similarly, spot gold hit a two-month high earlier today, climbing above $4,400 an ounce for the first time since early June. The precious metal touched an intraday peak of $4,434.84 per ounce before paring some gains to trade in the $4,380 to $4,390 range.&nbsp;Iran has issued six strict preconditions for reopening the Strait of Hormuz. They want Washington to completely "correct its behaviour", no hostile language, absolute cessation of US and allied military aggression, Iran and its regional network across Lebanon, Palestine, Yemen, and Iraq; lifting of blockade and troop withdrawl, war reparation, removal of all "cruel and illegal" economic and political sanctions and asset release.US President Donald Trump responded to Iran's new demands of the reopening of the Strait of Hormuz, seeking compensation for the damages to US army and bases done by Iran.Also Read: <a href="https://www.wionews.com/india-news/tamil-nadu-assembly-anti-neet-resolution-centre-abolish-exam-1786446372416">NEET is against 'social justice, equality, and rights of states': Tamil Nadu Assembly passes anti-NEET resolution</a>“We’re going to ask for money for the damage they’ve done over a 50-year period. So if there’s damages to be paid, I think Iran should pay those damages,” said Trump.&nbsp;"So if there's damages to be paid, I think Iran should pay those damages,” and that “Also, with respect to the Iran negotiations, Iran should be responsible for the damages and death caused to the people of Lebanon, Syria, Yemen, and Gaza!”The opening price of gold futures on Tuesday, August 11, 2026, was 0.6 per cent higher than Monday's opening price. This indicates that the precious metal is returning to its status of safe haven following a weak US labour report showing an unexpected loss of 23,000 jobs in July. The upcoming consumer price data due ​on Wednesday and producer price data on Thursday will provide further clues on the Fed's policy ​outlook. According to the CME FedWatch Tool. FEDWATCH on Monday, traders are currently pricing a 48 per cent chance of an interest-rate hike in September. An interest rate hike will put downward pressure on Gold prices.

Brent and US crude futures rose about 5% as hopes of reopening the Strait of Hormuz faded, while gold climbed above $4,400 following a weak US labour report.

Brent crude futures and US crude futures both rose about 5 per cent on Monday as hope for a potential deal to open the Strait of Hormuz faltered. Oil prices briefly soared to $90 per barrel earlier Tuesday, hitting an intraday high of $90.02. Prices have since pared gains slightly to fluctuate between $87 and $89. Similarly, spot gold hit a two-month high earlier today, climbing above $4,400 an ounce for the first time since early June. The precious metal touched an intraday peak of $4,434.84 per ounce before paring some gains to trade in the $4,380 to $4,390 range. Iran has issued six strict preconditions for reopening the Strait of Hormuz. They want Washington to completely "correct its behaviour", no hostile language, absolute cessation of US and allied military aggression, Iran and its regional network across Lebanon, Palestine, Yemen, and Iraq; lifting of blockade and troop withdrawl, war reparation, removal of all "cruel and illegal" economic and political sanctions and asset release. US President Donald Trump responded to Iran's new demands of the reopening of the Strait of Hormuz, seeking compensation for the damages to US army and bases done by Iran. Also Read: NEET is against 'social justice, equality, and rights of states': Tamil Nadu Assembly passes anti-NEET resolution “We’re going to ask for money for the damage they’ve done over a 50-year period. So if there’s damages to be paid, I think Iran should pay those damages,” said Trump. "So if there's damages to be paid, I think Iran should pay those damages,” and that “Also, with respect to the Iran negotiations, Iran should be responsible for the damages and death caused to the people of Lebanon, Syria, Yemen, and Gaza!” The opening price of gold futures on Tuesday, August 11, 2026, was 0.6 per cent higher than Monday's opening price. This indicates that the precious metal is returning to its status of safe haven following a weak US labour report showing an unexpected loss of 23,000 jobs in July. The upcoming consumer price data due on Wednesday and producer price data on Thursday will provide further clues on the Fed's policy outlook. According to the CME FedWatch Tool. FEDWATCH on Monday, traders are currently pricing a 48 per cent chance of an interest-rate hike in September. An interest rate hike will put downward pressure on Gold prices.

Brent and US crude futures rose about 5% as hopes of reopening the Strait of Hormuz faded, while gold climbed above $4,400 following a weak US labour report.

Oil surges 5% as Iran-Hormuz deal falters; gold hits two-month high above $4,400

India’s economic outlook is facing fresh uncertainty as tensions around the Strait of Hormuz raise concerns over global crude oil supply. An economic advisor has flagged the risk of rising import costs if disruptions occur in this key shipping route, which carries a significant share of the world’s oil. Since India depends heavily on imported crude, any instability in the region could increase fuel prices, widen the import bill, and add pressure to inflation and growth.


Hormuz Strait Tensions Put India’s Economy on Edge Amid Oil Price Fears 

Oil prices rose on Wednesday as Brent Crude is trading at $98.20 per barrel, as peace talks between the US and Iran stuttered. However, benchmark indexes across Japan, Taiwan, China, Sydney, Singapore and Manila continued to rally, driven by the tech sector and demand for artificial intelligence. Iran fired missiles at Kuwait and Bahrain, and the US fired on and disabled oil tankers heading towards Iran. Prices for August contracts have risen by more than 2 per cent since June 2 and by over 5 per cent since last week.&nbsp;Speaking to CNBC-TV18, International Energy Agency (IEA) Executive Director Fatih Birol Global economy could enter a “red zone” if disruption through the Strait of Hormuz continues. The IEA has warned that the Strategic Oil Reserves are depleting rapidly. In March, all of 34 IEA countries released 400 million of their strategic oil reserves to stabilise the market price. However, the IEA Chief said that there was no immediate need for the release of the second strategic oil reserve.&nbsp;Also Read: <a href="https://www.wionews.com/world/delcy-rodriguez-india-visit-venezuela-oil-imports-india-energy-security-1780474506610">Indian strategic pivot to Venezuelan oil, as Delcy Rodriguez visits India</a><h2>Stock markets continue to rally</h2>Stock markets across the globe continued to rally, driven by AI optimism. In the US, all three major indexes closed at fresh records on Tuesday's closure. S&amp;P 500 rose 0.13 per cent to end above 7,600 for the first time ever, while the Dow added 228.91 points, or 0.45 per cent. The Nasdaq Composite marked a gain of 0.03 per cent. Across the Asian market, Japan’s Nikkei 225 hit a record high, as investors appeared to look past the war in Iran. Nikkei 225 ended Wednesday’s trading session 2.50 per cent higher, while Topix added 1.83 per cent higher, China’s CSI 300 rose 0.49 per cent, and Hong Kong’s Hang Seng was down 1.62 per cent. While Australia's S&amp;P/ASX 200 rose 0.70 per cent. But India showed a downward trend as the Nifty 50 fell 0.83 per cent, while the BSE Sensex was down by 0.90 per cent.&nbsp;Most of the major indexes were driven by the AI optimism, but the economy underneath this rally does not appear evenly strong. Stocks are up, but households are under strain. US household purchasing power, when adjusted for inflation, has decreased; discretionary spending is declining, meanwhile, credit card delinquency pushes consumers towards a debt trap. Most equity markets are concentrated towards one particular sector, hinting at a looming correction.&nbsp;

Brent crude oil climbed to $98 per barrel as US-Iran peace talks faltered and tensions in the Gulf escalated. Meanwhile, global stock markets continued their AI-driven rally despite growing concerns about consumer debt and economic weakness.

Oil prices rose on Wednesday as Brent Crude is trading at $98.20 per barrel, as peace talks between the US and Iran stuttered. However, benchmark indexes across Japan, Taiwan, China, Sydney, Singapore and Manila continued to rally, driven by the tech sector and demand for artificial intelligence. Iran fired missiles at Kuwait and Bahrain, and the US fired on and disabled oil tankers heading towards Iran. Prices for August contracts have risen by more than 2 per cent since June 2 and by over 5 per cent since last week. Speaking to CNBC-TV18, International Energy Agency (IEA) Executive Director Fatih Birol Global economy could enter a “red zone” if disruption through the Strait of Hormuz continues. The IEA has warned that the Strategic Oil Reserves are depleting rapidly. In March, all of 34 IEA countries released 400 million of their strategic oil reserves to stabilise the market price. However, the IEA Chief said that there was no immediate need for the release of the second strategic oil reserve. Also Read: Indian strategic pivot to Venezuelan oil, as Delcy Rodriguez visits India Stock markets continue to rally Stock markets across the globe continued to rally, driven by AI optimism. In the US, all three major indexes closed at fresh records on Tuesday's closure. S&P 500 rose 0.13 per cent to end above 7,600 for the first time ever, while the Dow added 228.91 points, or 0.45 per cent. The Nasdaq Composite marked a gain of 0.03 per cent. Across the Asian market, Japan’s Nikkei 225 hit a record high, as investors appeared to look past the war in Iran. Nikkei 225 ended Wednesday’s trading session 2.50 per cent higher, while Topix added 1.83 per cent higher, China’s CSI 300 rose 0.49 per cent, and Hong Kong’s Hang Seng was down 1.62 per cent. While Australia's S&P/ASX 200 rose 0.70 per cent. But India showed a downward trend as the Nifty 50 fell 0.83 per cent, while the BSE Sensex was down by 0.90 per cent. Most of the major indexes were driven by the AI optimism, but the economy underneath this rally does not appear evenly strong. Stocks are up, but households are under strain. US household purchasing power, when adjusted for inflation, has decreased; discretionary spending is declining, meanwhile, credit card delinquency pushes consumers towards a debt trap. Most equity markets are concentrated towards one particular sector, hinting at a looming correction.

Brent crude oil climbed to $98 per barrel as US-Iran peace talks faltered and tensions in the Gulf escalated. Meanwhile, global stock markets continued their AI-driven rally despite growing concerns about consumer debt and economic weakness.

Oil jumps, stocks soar: Markets defy West Asia crisis amid AI boom, IEA warns of economy 'red zone'

Just when inflation appeared to be easing, Iran war-related disruptions have rattled global markets. Tensions around the Strait of Hormuz, warnings of shrinking oil inventories and growing supply-chain risks are raising concerns about a new inflation wave. WION's Kanishka Sarkar discusses with economic expert, Dr Jayant Menon, how higher oil prices could impact fuel costs, food inflation, EMIs, savings and economic growth in India.


Is Another Inflation Wave Coming? | Hormuz Crisis, Oil Prices & What It Means For India

Oil prices again fell below $100 per barrel after US President Donald Trump announced a pause in the “Project Freedom” on Wednesday. Trump said that he is halting the “Project Freedom” so he could finalise a deal with Iran, but suggested that his blockade or Iranian port will remain in place. At the time of writing, Brent Crude contract was trading at $103.22 per barrel. Brent crude fell 10 per cent to $98, and WTI dropped over 12 per cent to $89 on May 6 as Trump cited "great progress" toward a "complete and final agreement" with Iran. Iran's Foreign Minister Abbas Araghchi noted that Iran will accept only “a fair and comprehensive agreement”, leaving the idea of negotiations in limbo.&nbsp;The stock market rallied as major indices like the S&amp;P 500 jumped to a new all-time record, opening up 0.8 per cent and trading near 7,316, and the Sensex surged sharply by 940.73 points or 1.22 per cent to close at 77,958.52, recovering nearly 1,200 points from its intraday low. On May 6, 2026, the Indian rupee (INR) rebounded to 94.59 per US dollar, snapping a five-day losing streak. The crude oil had been falling since Wednesday morning after an Axios report suggested that White House was close to a one-page memorandum of understanding to end the war with Iran. It said the two sides were ready to set a framework for more detailed nuclear talks, citing four sources including two US officials.Also Read: <a href="https://www.wionews.com/world/singapore-school-caning-bullying-desmond-lee-policy-1777724517896">Caning for bullies? Singapore’s tough new school policy grabs attention</a>However, analysts predict this is another such see-saw occurrence of market volatility. Oil prices fall, the stock market rallies following Trump's announcement and then again markets correct course, and there is a sharp rise in oil prices following failure in negotiations or resumption in attacks in the Persian Gulf. Following the temporary easing, US President Donald Trump told the New York Post on Wednesday that it is "too soon" to consider face-to-face peace talks with Iran or prepare for a signing ceremony in Islamabad, cooling expectations that had sent oil prices sharply lower earlier in the day. Following the news, Brent prices climbed back up to $102, while WTI climbed to $94 on the news.

Oil prices fall sharply after Donald Trump pauses Project Freedom amid Iran deal talks, while global stocks surge and markets remain volatile.

Oil prices again fell below $100 per barrel after US President Donald Trump announced a pause in the “Project Freedom” on Wednesday. Trump said that he is halting the “Project Freedom” so he could finalise a deal with Iran, but suggested that his blockade or Iranian port will remain in place. At the time of writing, Brent Crude contract was trading at $103.22 per barrel. Brent crude fell 10 per cent to $98, and WTI dropped over 12 per cent to $89 on May 6 as Trump cited "great progress" toward a "complete and final agreement" with Iran. Iran's Foreign Minister Abbas Araghchi noted that Iran will accept only “a fair and comprehensive agreement”, leaving the idea of negotiations in limbo. The stock market rallied as major indices like the S&P 500 jumped to a new all-time record, opening up 0.8 per cent and trading near 7,316, and the Sensex surged sharply by 940.73 points or 1.22 per cent to close at 77,958.52, recovering nearly 1,200 points from its intraday low. On May 6, 2026, the Indian rupee (INR) rebounded to 94.59 per US dollar, snapping a five-day losing streak. The crude oil had been falling since Wednesday morning after an Axios report suggested that White House was close to a one-page memorandum of understanding to end the war with Iran. It said the two sides were ready to set a framework for more detailed nuclear talks, citing four sources including two US officials. Also Read: Caning for bullies? Singapore’s tough new school policy grabs attention However, analysts predict this is another such see-saw occurrence of market volatility. Oil prices fall, the stock market rallies following Trump's announcement and then again markets correct course, and there is a sharp rise in oil prices following failure in negotiations or resumption in attacks in the Persian Gulf. Following the temporary easing, US President Donald Trump told the New York Post on Wednesday that it is "too soon" to consider face-to-face peace talks with Iran or prepare for a signing ceremony in Islamabad, cooling expectations that had sent oil prices sharply lower earlier in the day. Following the news, Brent prices climbed back up to $102, while WTI climbed to $94 on the news.

Oil prices fall sharply after Donald Trump pauses Project Freedom amid Iran deal talks, while global stocks surge and markets remain volatile.

Donald Trump pauses Project Freedom, oil dips below $100 before rebound

Oil prices have moved past the $126 a barrel mark after surging 13 per cent in the last 24 hours, and then settling around &nbsp;$122.31 a barrel in intraday trading, its highest level since 2022. Last time Brent Crude topped $120, it was during the Russian invasion of Ukraine, then it was trading at $139 per barrel. In the early hours of Thursday, the US benchmark crude WTI also rose more than 3 per cent and hit over $110 per barrel. The Indian basket of crude oil, representing a weighted average of sour (Oman/Dubai) and sweet (Brent) grades, is hovering around $116+ per barrel, lower than the peak of $135+ per barrel on April 7.&nbsp;<h2>Why are the markets spooked?</h2>The recent surge is the result of the stalemate in the US-Iran talks. Trump appears to be willing to let the Hormuz blockade continue, as he is unwilling to allow use Iran the nuclear leverage. Iran wants the postponement of nuclear negotiations and lifting of the US blockade in the Persian Gulf in exchange for lifting the Hormuz blockade. A deal which will be considered a defeat for Trump by many among his voters, as the US is going for midterms later in 2026. Meanwhile, the UAE has decided to exit OPEC to boost its production capacity and manage the increased demand, but the whole exercise is futile unless the usual traffic is restored in the Strait of Hormuz. The market is spooked by these stand offs, and is anticipating an extended disruption in the naval traffic through the vital choke point.&nbsp;Also Read: <a href="https://www.wionews.com/world/uae-exits-opec-impact-oil-petrodollar-global-markets-1777448292891">UAE exits OPEC: What it means for UAE, petrodollar system and global markets</a><h2>What does Oil $120+ mean for the Indian market and the rupee?</h2>The Indian market traded weakly following the global cue. At the time of closing, Sensex was down 582.86 points or 0.75 per cent at 76,913.50, and the Nifty was down 180.1 points or 0.74 per cent at 23,997.55. Crude-sensitive stocks like Oil company HPCL fell 2.14 per cent, BPCL declined 1.38 per cent, and IOC slipped 1.3 per cent in the intraday trading. Similar weak trading was seen in aviation, tyre and paint stocks.Between January 1 and April 30, the Brent Crude changed from $60.75 a barrel to $126 a barrel, a 100-110 per cent rise in prices. During the same time period, the Indian Rupee weakened from 89.96 to 95.01 against each dollar, approximately by 5.61 per cent. The rupee's slide is not just due to oil shock; it had been on a downward trajectory since mid or early 2025, since US President Donald Trump's election to the office and his trade war. For a country like India, which is import-dependent for fertilisers and energy needs and trades mostly in dollars, the Rupee-oil shock means a mounting import bill, a widening of the trade deficit, inflation and potential slowing down of economic growth.&nbsp;

Global oil prices jump above $120 amid US-Iran tensions and Hormuz disruption fears. Here’s what it means for India, markets, and the rupee.

Oil prices have moved past the $126 a barrel mark after surging 13 per cent in the last 24 hours, and then settling around $122.31 a barrel in intraday trading, its highest level since 2022. Last time Brent Crude topped $120, it was during the Russian invasion of Ukraine, then it was trading at $139 per barrel. In the early hours of Thursday, the US benchmark crude WTI also rose more than 3 per cent and hit over $110 per barrel. The Indian basket of crude oil, representing a weighted average of sour (Oman/Dubai) and sweet (Brent) grades, is hovering around $116+ per barrel, lower than the peak of $135+ per barrel on April 7. Why are the markets spooked? The recent surge is the result of the stalemate in the US-Iran talks. Trump appears to be willing to let the Hormuz blockade continue, as he is unwilling to allow use Iran the nuclear leverage. Iran wants the postponement of nuclear negotiations and lifting of the US blockade in the Persian Gulf in exchange for lifting the Hormuz blockade. A deal which will be considered a defeat for Trump by many among his voters, as the US is going for midterms later in 2026. Meanwhile, the UAE has decided to exit OPEC to boost its production capacity and manage the increased demand, but the whole exercise is futile unless the usual traffic is restored in the Strait of Hormuz. The market is spooked by these stand offs, and is anticipating an extended disruption in the naval traffic through the vital choke point. Also Read: UAE exits OPEC: What it means for UAE, petrodollar system and global markets What does Oil $120+ mean for the Indian market and the rupee? The Indian market traded weakly following the global cue. At the time of closing, Sensex was down 582.86 points or 0.75 per cent at 76,913.50, and the Nifty was down 180.1 points or 0.74 per cent at 23,997.55. Crude-sensitive stocks like Oil company HPCL fell 2.14 per cent, BPCL declined 1.38 per cent, and IOC slipped 1.3 per cent in the intraday trading. Similar weak trading was seen in aviation, tyre and paint stocks. Between January 1 and April 30, the Brent Crude changed from $60.75 a barrel to $126 a barrel, a 100-110 per cent rise in prices. During the same time period, the Indian Rupee weakened from 89.96 to 95.01 against each dollar, approximately by 5.61 per cent. The rupee's slide is not just due to oil shock; it had been on a downward trajectory since mid or early 2025, since US President Donald Trump's election to the office and his trade war. For a country like India, which is import-dependent for fertilisers and energy needs and trades mostly in dollars, the Rupee-oil shock means a mounting import bill, a widening of the trade deficit, inflation and potential slowing down of economic growth.

Global oil prices jump above $120 amid US-Iran tensions and Hormuz disruption fears. Here’s what it means for India, markets, and the rupee.

Oil prices cross $120 on Hormuz fears: What it means for India and the Rupee

Global crude oil prices play a critical role in shaping the economic stability of oil-importing countries. From inflation and currency pressure to rising fuel costs and trade deficits, fluctuations in oil markets directly affect growth and household spending. As geopolitical tensions and supply disruptions continue to influence energy markets, understanding why crude prices matter is essential for policymakers, businesses, and consumers alike.

Oil Crisis: Why Global Crude Prices Matter for Any Importing Country

The probability of an April rate hike by major global central banks looks unlikely. But for the European Central Bank, markets are pricing a 0.25 percent hike by June and at least one more later in 2026.

Central Bank Policy Will Depend on Oil Price 

The Iran war and obstruction caused to the Strait of Hormuz, which links the Gulf to the Gulf of Oman has led to world economy taking a hit. Passage of vessels carrying oil has been a major problem with the Strait being obstructed &nbsp;by Iran. This has led to oil prices soar across the globe. The cost of transport has risen due to oil prices, also owners of private vehicles are finding it difficult to keep up with the rising fuel costs.&nbsp;This, however, seems to benefit one, and that is electric car manufacturers, particularly Chinese EV makers. Yes, you heard that right. If reports are to be believed, the popularity of Chinese electric vehicles in the United Arab Emirates (UAE), has soared. Consumers in Dubai are fast turning away from traditional fuel-powered cars.&nbsp;A two-week ceasefire announced between Iran and US has for the time being eased the world economy, but analysts say that prices are unlikely to return to pre-conflict levels anytime soon due to the uncertainty surrounding the truce.&nbsp;Dealers in Dubai have reported inquiries about Chinese EVs that according to reports have risen more than 30 percent in the past month.<h2>EV sales in United Kingdom</h2>&nbsp;Notably, United Kingdom has also seen a rise in demand for electronic vehicles. According to a report in Microsoft News, Some 86,120 new EVs entered Britain's roads in March - the most in a single month, the Society of Motor Manufacturers and Traders (SMMT) said on March 7.&nbsp;However, EVs still only account for 22.6 per cent of registrations, which is much behind the Government's mandated target of 28 per cent for the year.&nbsp;The Chinese EV car maker BYD sold the most number of cars (15,162) in UK leaving behind Peugeot, Hyundai, Skoda, Land Rover, Volvo. In fact it did better sales that its EV rival Tesla in the country.&nbsp;

Popularity of Chinese electric vehicles in the United Arab Emirates (UAE), has soared. Consumers in Dubai are fast turning away from traditional fuel-powered cars.

The Iran war and obstruction caused to the Strait of Hormuz, which links the Gulf to the Gulf of Oman has led to world economy taking a hit. Passage of vessels carrying oil has been a major problem with the Strait being obstructed by Iran. This has led to oil prices soar across the globe. The cost of transport has risen due to oil prices, also owners of private vehicles are finding it difficult to keep up with the rising fuel costs. This, however, seems to benefit one, and that is electric car manufacturers, particularly Chinese EV makers. Yes, you heard that right. If reports are to be believed, the popularity of Chinese electric vehicles in the United Arab Emirates (UAE), has soared. Consumers in Dubai are fast turning away from traditional fuel-powered cars. A two-week ceasefire announced between Iran and US has for the time being eased the world economy, but analysts say that prices are unlikely to return to pre-conflict levels anytime soon due to the uncertainty surrounding the truce. Dealers in Dubai have reported inquiries about Chinese EVs that according to reports have risen more than 30 percent in the past month. EV sales in United Kingdom Notably, United Kingdom has also seen a rise in demand for electronic vehicles. According to a report in Microsoft News, Some 86,120 new EVs entered Britain's roads in March - the most in a single month, the Society of Motor Manufacturers and Traders (SMMT) said on March 7. However, EVs still only account for 22.6 per cent of registrations, which is much behind the Government's mandated target of 28 per cent for the year. The Chinese EV car maker BYD sold the most number of cars (15,162) in UK leaving behind Peugeot, Hyundai, Skoda, Land Rover, Volvo. In fact it did better sales that its EV rival Tesla in the country.

Popularity of Chinese electric vehicles in the United Arab Emirates (UAE), has soared. Consumers in Dubai are fast turning away from traditional fuel-powered cars.

Buyers in UAE, UK shifting to electronic vehicles amid rising oil prices due to Iran war

Oil prices have climbed back again to ~$100 per barrel as uncertainty looms over the negotiated cease-fire between the US and Iran. According to maritime data by global ship tracking firm MarineTraffic, a total of six ships travelled through the Hormuz on April 9, bringing the total number to 22 since the ceasefire was brokered. The Hormuz remains functionally open, but it operates like a “high-risk” exclusion zone.&nbsp;On April 7 and April 8, following the ceasefire, a total of 11 and five ships transited through the Hormuz respectively. The oil prices plummeted following the announcement of a ceasefire. Brent crude for June delivery and WTI for May delivery retreated to the mid-$90s per barrel, alongside falling refined product prices. However, the oil and commodity analysts at the Standard Chartered agreed that the correction could be too deep and the prices could rise sharply at the news of any escalation. According to its forecast for the second quarter, Brent Crude will likely be around $98 per barrel, and WTI Crude will be at $92.50 per barrel. As of April 10, all the major oil indices, Brent, WTI, Murban, are moving upwards, hovering in the region of $97per barrel to $99 per barrelThe Strait of Hormuz accounts for 20 per cent of global oil trade. Among all the tankers that passed through the Strait of Hormuz between February 28 and April 9, 59 per cent are oil, chemical and gas tankers, while 37 per cent are cargo ships. A total of 212 ships have passed through Hormuz since the beginning of the war, among them 29 per cent were in the first two days. There are approximately 426 tankers stranded in the Strait at the moment.&nbsp;Also Read: <a href="https://www.wionews.com/world/trump-iran-ceasefire-netanyahu-israel-lebanon-strikes-1775798305375">Trump backtracked on Lebanon ceasefire after Netanyahu call</a>Analysts predict that the Gulf countries are unlikely to settle with Iran's ability to assert that much force in the global energy supply, but momentarily concede just to clear the backlog. Meanwhile, Iran is planning its Hormuz toll, and US President Donald Trump is warning Iran that it had better not charge any "fees" to tankers. This is just after Trump conceded that the US have an idea where it will charge toll. Oman has denied any such arrangements of levying a toll, but the uncertainty around the technicality of the passage is also likely to weigh in on the spot and insurance prices.&nbsp;&nbsp;The OPEC countries will also likely take considerable time to restore their production capacity, more than a month or so, if there are no further damages to the infrastructure. However, if there are further damages to the oil production capacity in the Gulf and to Russia in its war with Ukraine, it might redirect most of the consumers towards the US, since it has newly acquired reserves in Venezuela. It will consolidate US dominance in the short term as countries holding its debt will be dependent on it for energy needs.&nbsp;&nbsp;&nbsp;

Oil prices surge toward $100 per barrel as Strait of Hormuz traffic volume remains low despite the US-Iran ceasefire. The future of the oil market seems highly volatile, and the US is likely to be the beneficiary of it.

Oil prices have climbed back again to ~$100 per barrel as uncertainty looms over the negotiated cease-fire between the US and Iran. According to maritime data by global ship tracking firm MarineTraffic, a total of six ships travelled through the Hormuz on April 9, bringing the total number to 22 since the ceasefire was brokered. The Hormuz remains functionally open, but it operates like a “high-risk” exclusion zone. On April 7 and April 8, following the ceasefire, a total of 11 and five ships transited through the Hormuz respectively. The oil prices plummeted following the announcement of a ceasefire. Brent crude for June delivery and WTI for May delivery retreated to the mid-$90s per barrel, alongside falling refined product prices. However, the oil and commodity analysts at the Standard Chartered agreed that the correction could be too deep and the prices could rise sharply at the news of any escalation. According to its forecast for the second quarter, Brent Crude will likely be around $98 per barrel, and WTI Crude will be at $92.50 per barrel. As of April 10, all the major oil indices, Brent, WTI, Murban, are moving upwards, hovering in the region of $97per barrel to $99 per barrel The Strait of Hormuz accounts for 20 per cent of global oil trade. Among all the tankers that passed through the Strait of Hormuz between February 28 and April 9, 59 per cent are oil, chemical and gas tankers, while 37 per cent are cargo ships. A total of 212 ships have passed through Hormuz since the beginning of the war, among them 29 per cent were in the first two days. There are approximately 426 tankers stranded in the Strait at the moment. Also Read: Trump backtracked on Lebanon ceasefire after Netanyahu call Analysts predict that the Gulf countries are unlikely to settle with Iran's ability to assert that much force in the global energy supply, but momentarily concede just to clear the backlog. Meanwhile, Iran is planning its Hormuz toll, and US President Donald Trump is warning Iran that it had better not charge any "fees" to tankers. This is just after Trump conceded that the US have an idea where it will charge toll. Oman has denied any such arrangements of levying a toll, but the uncertainty around the technicality of the passage is also likely to weigh in on the spot and insurance prices. The OPEC countries will also likely take considerable time to restore their production capacity, more than a month or so, if there are no further damages to the infrastructure. However, if there are further damages to the oil production capacity in the Gulf and to Russia in its war with Ukraine, it might redirect most of the consumers towards the US, since it has newly acquired reserves in Venezuela. It will consolidate US dominance in the short term as countries holding its debt will be dependent on it for energy needs.

Oil prices surge toward $100 per barrel as Strait of Hormuz traffic volume remains low despite the US-Iran ceasefire. The future of the oil market seems highly volatile, and the US is likely to be the beneficiary of it.

Oil prices hover around $100/bl as 22 tankers pass through Hormuz since ceasefire

Global markets may appear stable on the surface, but beneath that calm, signs of a deeper strain are rapidly building.

From oil and gas to fertilisers and logistics, multiple critical supply chains are coming under simultaneous pressure.

From Price to Access: A Market Reset

Asian stocks fell sharply, and oil prices surged on Tuesday (Mar 31) morning as the conflict in the Middle East took another sharp turn, as US President Donald Trump threatened to obliterate one of Iran's most critical economic assets if a deal isn't reached soon. The price of West Texas Intermediate (WTI), the main US benchmark for oil, went up 3.30 per cent to $106.28 a barrel. Brent Crude also climbed by 2.23 per cent to $109.78.Also read | <a href="https://www.wionews.com/world/as-death-rumours-swirl-netanyahu-sits-down-for-interview-claiming-iran-war-past-halfway-but-refuses-to-give-end-date-1774909870850">As death rumours swirl, Netanyahu sits down for interview claiming Iran war past halfway; but refuses to give end date</a><h2>Asian stocks tumble after Trump's threat</h2>South Korea's Kospi index shed more than four per cent in early trading, while Japan's Nikkei dropped 2.24 per cent, before both recovered slightly. The moves reflect growing unease among investors about where this conflict is headed and what it means for the global economy.Oil markets told an equally stark story. West Texas Intermediate, the main US benchmark, climbed 3.30 per cent to $106.28 a barrel, a day after crossing $100 for the first time since the war began. Brent Crude, the international standard, rose 2.23 per cent to $109.78 in early Tuesday trade.Also read | <a href="https://www.wionews.com/world/fbi-confirms-michigan-jewish-temple-synagogue-ramming-a-hezbollah-inspired-terror-attack-1774915926247">FBI confirms Michigan Jewish temple ramming a ‘Hezbollah-inspired terror attack’</a><h2>What triggered the turbulence, the oil price rise?</h2>The trigger for the latest market turbulence was a threat from Trump on Monday directed squarely at Iran's Kharg Island, the country's primary oil export terminal. Kharg Island handles the vast majority of Tehran's crude shipments. Trump warned that unless Tehran moved quickly toward a deal, US forces would take out the island along with power stations and desalination facilities. As he put it bluntly in a Truth Social post, US troops would destroy "all of their Electric Generating Plants, Oil Wells and Kharg Island (and possibly all desalinization plants!)."Even as he issued the threat, Trump suggested diplomatic talks were gaining traction, a mixed signal that has become something of a pattern throughout this conflict.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.

Asian stocks slid while oil surged past $100 after Donald Trump threatened Iran’s key oil hub. With investors rattled, how serious is this latest warning?

Scroll down to read more.

Asian stocks fell sharply, and oil prices surged on Tuesday (Mar 31) morning as the conflict in the Middle East took another sharp turn, as US President Donald Trump threatened to obliterate one of Iran's most critical economic assets if a deal isn't reached soon. The price of West Texas Intermediate (WTI), the main US benchmark for oil, went up 3.30 per cent to $106.28 a barrel. Brent Crude also climbed by 2.23 per cent to $109.78. Also read | As death rumours swirl, Netanyahu sits down for interview claiming Iran war past halfway; but refuses to give end date Asian stocks tumble after Trump's threat South Korea's Kospi index shed more than four per cent in early trading, while Japan's Nikkei dropped 2.24 per cent, before both recovered slightly. The moves reflect growing unease among investors about where this conflict is headed and what it means for the global economy. Oil markets told an equally stark story. West Texas Intermediate, the main US benchmark, climbed 3.30 per cent to $106.28 a barrel, a day after crossing $100 for the first time since the war began. Brent Crude, the international standard, rose 2.23 per cent to $109.78 in early Tuesday trade. Also read | FBI confirms Michigan Jewish temple ramming a ‘Hezbollah-inspired terror attack’ What triggered the turbulence, the oil price rise? The trigger for the latest market turbulence was a threat from Trump on Monday directed squarely at Iran's Kharg Island, the country's primary oil export terminal. Kharg Island handles the vast majority of Tehran's crude shipments. Trump warned that unless Tehran moved quickly toward a deal, US forces would take out the island along with power stations and desalination facilities. As he put it bluntly in a Truth Social post, US troops would destroy "all of their Electric Generating Plants, Oil Wells and Kharg Island (and possibly all desalinization plants!)." Even as he issued the threat, Trump suggested diplomatic talks were gaining traction, a mixed signal that has become something of a pattern throughout this conflict. 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.

Asian stocks slid while oil surged past $100 after Donald Trump threatened Iran’s key oil hub. With investors rattled, how serious is this latest warning?Scroll down to read more.

Markets rattled, oil prices up as Trump threatens to destroy Kharg Island amid Iran war

A Financial Times report states that just minutes before Trump announced a halt to Iran strikes, massive bets were placed in the oil market, amounting to billions of dollars. A sudden flurry of activity was reported in the oil market between 6:49 am and 6:50 am ET.

Rs 5,373 crore in mystery oil bets placed 15 minutes before Trump's Iran talks post: Report

Prices of premium petrol in India have increased by up to Rs 2.35 from Thursday (Mar 20) as Oil marketing companies (OMCs) are pushed to absorb the higher crude oil import costs. This comes amid the rising uncertainty over global energy supply during the Iran war. As the conflict in West Asia enters its third week, hostilities continue to rise. The war, which started on February 28 after US and Israeli forces launched joint strikes on Tehran, killing its supreme leader Ali Khamenei, has rattled global energy markets. This week, Brent crude reached as high as nearly $108 a barrel.<h2>Petrol price today</h2>According to ANI, Prices of BPCL’s Speed, HPCL’s Power, and IOCL’s XP95 have been increased by Rs 2.09-Rs 2.35 per litre. However, the price of regular petrol remains unchanged currently.Perium or high-octane fuels are considered to provide higher performance with better engine efficiency and smoother performance. These alternative fuels are used in select vehicles and make up a smaller share of overall fuel consumption.<h2>Why are fuel prices rising?</h2>Amid the escalating tensions in West Asia, Iran has shut down the Strait of Hormuz and warned that any vessel attempting to pass could be targeted and set on fire, with several oil tankers being hit in recent days. In recent days, at least 3 India-flagged LPG tankers have crossed the strait after discussions with Iran.The Strait of Hormuz is the only maritime outlet for ports located in the Persian Gulf. Its blockage has significantly affected global energy supply, triggering a sharp rise in oil prices.On February 28, the US and Israeli military launched strikes on Iran, killing Iran’s supreme leader Ali Khamenei and several other top Iranian officials. The operation was named ‘Epic Fury’ by the US and ‘Lion’s Roar’ by Israel. The attacks came amid heightened tensions between Washington and Tehran and ongoing talks over Iran’s nuclear program. In retaliation, Iran launched attacks on Israel and US military bases in the region, including in Bahrain, Kuwait, the UAE, Iraq, Qatar, Saudi Arabia, Jordan, and Azerbaijan.Disclaimer: WION takes utmost care to accurately and responsibly report ongoing conflicts in West Asia involving Israel, Iran, the 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.

Premium petrol prices in India rose up to Rs 2.35 amid Strait of Hormuz disruption and the Iran war, as crude oil surged and global energy supply tightened.

Prices of premium petrol in India have increased by up to Rs 2.35 from Thursday (Mar 20) as Oil marketing companies (OMCs) are pushed to absorb the higher crude oil import costs. This comes amid the rising uncertainty over global energy supply during the Iran war. As the conflict in West Asia enters its third week, hostilities continue to rise. The war, which started on February 28 after US and Israeli forces launched joint strikes on Tehran, killing its supreme leader Ali Khamenei, has rattled global energy markets. This week, Brent crude reached as high as nearly $108 a barrel. Petrol price today According to ANI, Prices of BPCL’s Speed, HPCL’s Power, and IOCL’s XP95 have been increased by Rs 2.09-Rs 2.35 per litre. However, the price of regular petrol remains unchanged currently. Perium or high-octane fuels are considered to provide higher performance with better engine efficiency and smoother performance. These alternative fuels are used in select vehicles and make up a smaller share of overall fuel consumption. Why are fuel prices rising? Amid the escalating tensions in West Asia, Iran has shut down the Strait of Hormuz and warned that any vessel attempting to pass could be targeted and set on fire, with several oil tankers being hit in recent days. In recent days, at least 3 India-flagged LPG tankers have crossed the strait after discussions with Iran. The Strait of Hormuz is the only maritime outlet for ports located in the Persian Gulf. Its blockage has significantly affected global energy supply, triggering a sharp rise in oil prices. On February 28, the US and Israeli military launched strikes on Iran, killing Iran’s supreme leader Ali Khamenei and several other top Iranian officials. The operation was named ‘Epic Fury’ by the US and ‘Lion’s Roar’ by Israel. The attacks came amid heightened tensions between Washington and Tehran and ongoing talks over Iran’s nuclear program. In retaliation, Iran launched attacks on Israel and US military bases in the region, including in Bahrain, Kuwait, the UAE, Iraq, Qatar, Saudi Arabia, Jordan, and Azerbaijan. Disclaimer: WION takes utmost care to accurately and responsibly report ongoing conflicts in West Asia involving Israel, Iran, the 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.

Premium petrol prices in India rose up to Rs 2.35 amid Strait of Hormuz disruption and the Iran war, as crude oil surged and global energy supply tightened.

Premium petrol price hike by Rs 2.35 per litre in India amid Iran war – Check fuel rates today

Oil prices hit $116 amid the 2026 Iran conflict. A look at historic oil shocks from the 1973 embargo to the COVID crash and Ukraine war surge.

Oil price shocks: When was the crude oil price highest in history?

U.S. President Donald Trump says the united states will temporarily waive certain oil-related sanctions in an effort to Stabilise global energy supplies. The move comes as Washington looks to keep oil flowing to global markets and prevent prices from rising. Trump also warned that the U.S. Is prepared to take action to ensure critical shipping routes remain open.


 Trump Waives Certain Oil-Related Sanctions

Global oil prices surged on Friday (March 6), pushing the international benchmark Brent crude above the $90-per-barrel level for the first time in nearly two years, as escalating conflict in the Middle East raised fears of supply disruptions and wider economic fallout. The sharp rise came as attacks targeted oil fields in Iraq and tensions deepened in the ongoing war involving the United States, Israel and Iran. At the same time, fresh economic data from the United States showing an unexpected decline in employment weighed on global stock markets.&nbsp;Brent crude climbed more than six per cent at one point to $91.89 per barrel, while US benchmark West Texas Intermediate (WTI) jumped over 11 per cent to trade above $90. The surge follows growing concerns that the conflict could drag on after US President Donald Trump demanded Iran’s “unconditional surrender,” a stance analysts say reduced expectations of a quick diplomatic resolution. The war and retaliatory attacks across the Gulf region have already disrupted energy and shipping routes. Maritime traffic through the Strait of Hormuz, a critical chokepoint through which roughly one-fifth of the world’s crude oil and liquefied natural gas passes, has dropped sharply as shipping companies avoid the region.&nbsp;Also Read: <a href="https://www.wionews.com/world/is-russia-giving-iran-satellite-intel-on-us-troops-amid-war-here-s-what-the-report-suggests-1772818141335">Russia giving Iran satellite intel on US troops amid war? Here's what report suggests</a>&nbsp;Oil prices have climbed dramatically over the past week, with Brent gaining more than 25 per cent and WTI rising by roughly one-third. Market analysts warn that prolonged disruptions to energy infrastructure or shipping lanes could push prices even higher and create serious consequences for the global economy. Concerns also intensified after reports that attacks struck oil facilities in southern Iraq and the autonomous Kurdistan region, forcing a US-operated oil field to halt production.&nbsp;While the United States has pledged to protect commercial vessels in the Strait of Hormuz, many shipping companies remain cautious. US Energy Secretary Chris Wright said the US Navy was preparing to escort ships through the vital waterway when conditions allow. Iranian state television also reported a drone strike on a vessel in the Strait of Hormuz on Friday, which triggered a fire aboard the ship.&nbsp;The spike in energy prices is raising fears of renewed inflation globally. Higher oil costs could limit the ability of central banks to cut interest rates in order to support economic growth. Meanwhile, economic data from the United States added to market uncertainty. The Labor Department reported that the economy lost 92,000 jobs in February, reversing the revised gain of 126,000 jobs recorded in January. Unemployment also ticked higher.&nbsp;<a href="https://www.wionews.com/videos/israel-us-war-israel-pounds-beirut-suburbs-as-iran-war-expands-into-lebanon-1772821780436/embed">https://www.wionews.com/videos/israel-us-war-israel-pounds-beirut-suburbs-as-iran-war-expands-into-lebanon-1772821780436/embed</a>&nbsp;Additional data showed US retail sales slipped 0.2 percent in January, signaling weakening consumer demand.Although slowing economic data can increase expectations for interest rate cuts by the Federal Reserve, analysts say the situation is complicated by rising wages and surging energy prices. As a result, markets are now betting the Fed will delay any interest rate cuts until September rather than June. Global stock markets reacted negatively. Major indices on Wall Street fell more than one per cent in late morning trading, while European markets closed the day with losses of around one per cent.&nbsp;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.

Brent crude crosses $90 mark for first time in nearly two years as Middle East war jolts markets

Global oil prices surged on Friday (March 6), pushing the international benchmark Brent crude above the $90-per-barrel level for the first time in nearly two years, as escalating conflict in the Middle East raised fears of supply disruptions and wider economic fallout. The sharp rise came as attacks targeted oil fields in Iraq and tensions deepened in the ongoing war involving the United States, Israel and Iran. At the same time, fresh economic data from the United States showing an unexpected decline in employment weighed on global stock markets. Brent crude climbed more than six per cent at one point to $91.89 per barrel, while US benchmark West Texas Intermediate (WTI) jumped over 11 per cent to trade above $90. The surge follows growing concerns that the conflict could drag on after US President Donald Trump demanded Iran’s “unconditional surrender,” a stance analysts say reduced expectations of a quick diplomatic resolution. The war and retaliatory attacks across the Gulf region have already disrupted energy and shipping routes. Maritime traffic through the Strait of Hormuz, a critical chokepoint through which roughly one-fifth of the world’s crude oil and liquefied natural gas passes, has dropped sharply as shipping companies avoid the region. Also Read: Russia giving Iran satellite intel on US troops amid war? Here's what report suggests Oil prices have climbed dramatically over the past week, with Brent gaining more than 25 per cent and WTI rising by roughly one-third. Market analysts warn that prolonged disruptions to energy infrastructure or shipping lanes could push prices even higher and create serious consequences for the global economy. Concerns also intensified after reports that attacks struck oil facilities in southern Iraq and the autonomous Kurdistan region, forcing a US-operated oil field to halt production. While the United States has pledged to protect commercial vessels in the Strait of Hormuz, many shipping companies remain cautious. US Energy Secretary Chris Wright said the US Navy was preparing to escort ships through the vital waterway when conditions allow. Iranian state television also reported a drone strike on a vessel in the Strait of Hormuz on Friday, which triggered a fire aboard the ship. The spike in energy prices is raising fears of renewed inflation globally. Higher oil costs could limit the ability of central banks to cut interest rates in order to support economic growth. Meanwhile, economic data from the United States added to market uncertainty. The Labor Department reported that the economy lost 92,000 jobs in February, reversing the revised gain of 126,000 jobs recorded in January. Unemployment also ticked higher. https://www.wionews.com/videos/israel-us-war-israel-pounds-beirut-suburbs-as-iran-war-expands-into-lebanon-1772821780436/embed Additional data showed US retail sales slipped 0.2 percent in January, signaling weakening consumer demand. Although slowing economic data can increase expectations for interest rate cuts by the Federal Reserve, analysts say the situation is complicated by rising wages and surging energy prices. As a result, markets are now betting the Fed will delay any interest rate cuts until September rather than June. Global stock markets reacted negatively. Major indices on Wall Street fell more than one per cent in late morning trading, while European markets closed the day with losses of around one per cent. 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 surged above $90 as Middle East conflict and attacks on Iraqi oilfields raised supply fears, while weak US jobs data pushed global stocks lower

Oil prices have surged for the 3rd day straight, as the US-Israel offensive on Iran has widened. One of the biggest threats of any conflict involving Iran was the spillover of the tension on the shipping route, the Strait of Hormuz, which carries one-fifth of the global oil supply.“The price of oil has reached $81/bbl, and the world is certainly waiting for it to reach at least $200. The Strait of Hormuz is closed. Our heroes in the Islamic Revolutionary Guard Corps Navy and the Army will set fire to any ships that wish to pass through this strait,” said the IRGC adviser General Ebrahim Jabari on state TV.&nbsp;The cumulative jump in crude oil prices was by at least 10 per cent following the US-Israel attacks on the Islamic Republic. On Tuesday, Brent future is trading at $79.85 per barrel, up by 2.78 per cent, WTI future is trading at $73.15 per barrel, up by 2.70 per cent, Murban future is trading at $80.41 per barrel, up by 2.37 per cent from Monday. Brent briefly touched $82.37 per barrel on Monday, then retreated before the market closed. The Spot prices have also seen a cumulative jump of 10 per cent since the pre-conflict period, with Brent at $77.82 per barrel for Brent, WTI spot at $70.90 per barrel, and Murban spot at around $79 per barrel. The surge in oil prices was apparent in US gas stations as the US had an average price of gasoline that topped $3 per gallon for the first time since November. Gasoline is being sold at $3.052 per gallon, up by 11.1 cents, and Diesel is being sold at $3.812 per gallon.&nbsp;Also Read: <a href="https://www.wionews.com/opinions/epic-fury-enduring-freedom-war-names-psychology-1772368544008">Epic Fury to Enduring Freedom: What war names reveal about power</a>&nbsp;The US Secretary of State Marco Rubio has said on Monday that they have a phased plan in place to tackle the spike in oil prices. “ We anticipated this could be an issue. And Secretary Wright and Bessent will begin to roll out those steps starting tomorrow to mitigate – to mitigate – against the impact that could have,” said Marco Rubio, referring to &nbsp;Energy Secretary Chris Wright and Treasury Secretary Scott Bessent.&nbsp;&nbsp;However, analysts predict a further surge in the volatility, as there is no proper plan in place for de-escalation in the region. The Strait of Hormuz remains technically open but functionally closed. “Traffic is down at least 80 per cent,” said Michelle Bockmann, a senior maritime intelligence analyst at Windward. Most commercial operators have withdrawn from the site, and insuarance premium have reached six years high. This could impact the Gulf countries and specifically South East Asian countries, China, India, Japan, South Korea and Europe. As some 30 per cent of Europe’s supply of jet fuel passes through the lane. The US seems immune at the beginning with the rising cost, as it likely helps the US Producers. &nbsp;Ships are compelled to reroute, and longer routes cost more in transport and insurance. A prolonged conflict might encourage South Asian countries to look at other producers in Russia. However, market analysts predict that Iran's attack on the shipping route might just work against them, as it will draw the Gulf nations into the war and might make “boots on the ground” feasible for the US.&nbsp;&nbsp;(Disclaimer: WION takes utmost care to accurately and responsibly report ongoing conflicts in West Asia involving Israel, Iran, the 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 jump 10% after US-Israel strikes on Iran. Brent nears $82 as Iran threatens to close the Strait of Hormuz, raising global supply fears.

Oil prices have surged for the 3rd day straight, as the US-Israel offensive on Iran has widened. One of the biggest threats of any conflict involving Iran was the spillover of the tension on the shipping route, the Strait of Hormuz, which carries one-fifth of the global oil supply. “The price of oil has reached $81/bbl, and the world is certainly waiting for it to reach at least $200. The Strait of Hormuz is closed. Our heroes in the Islamic Revolutionary Guard Corps Navy and the Army will set fire to any ships that wish to pass through this strait,” said the IRGC adviser General Ebrahim Jabari on state TV. The cumulative jump in crude oil prices was by at least 10 per cent following the US-Israel attacks on the Islamic Republic. On Tuesday, Brent future is trading at $79.85 per barrel, up by 2.78 per cent, WTI future is trading at $73.15 per barrel, up by 2.70 per cent, Murban future is trading at $80.41 per barrel, up by 2.37 per cent from Monday. Brent briefly touched $82.37 per barrel on Monday, then retreated before the market closed. The Spot prices have also seen a cumulative jump of 10 per cent since the pre-conflict period, with Brent at $77.82 per barrel for Brent, WTI spot at $70.90 per barrel, and Murban spot at around $79 per barrel. The surge in oil prices was apparent in US gas stations as the US had an average price of gasoline that topped $3 per gallon for the first time since November. Gasoline is being sold at $3.052 per gallon, up by 11.1 cents, and Diesel is being sold at $3.812 per gallon. Also Read: Epic Fury to Enduring Freedom: What war names reveal about power The US Secretary of State Marco Rubio has said on Monday that they have a phased plan in place to tackle the spike in oil prices. “ We anticipated this could be an issue. And Secretary Wright and Bessent will begin to roll out those steps starting tomorrow to mitigate – to mitigate – against the impact that could have,” said Marco Rubio, referring to Energy Secretary Chris Wright and Treasury Secretary Scott Bessent. However, analysts predict a further surge in the volatility, as there is no proper plan in place for de-escalation in the region. The Strait of Hormuz remains technically open but functionally closed. “Traffic is down at least 80 per cent,” said Michelle Bockmann, a senior maritime intelligence analyst at Windward. Most commercial operators have withdrawn from the site, and insuarance premium have reached six years high. This could impact the Gulf countries and specifically South East Asian countries, China, India, Japan, South Korea and Europe. As some 30 per cent of Europe’s supply of jet fuel passes through the lane. The US seems immune at the beginning with the rising cost, as it likely helps the US Producers. Ships are compelled to reroute, and longer routes cost more in transport and insurance. A prolonged conflict might encourage South Asian countries to look at other producers in Russia. However, market analysts predict that Iran's attack on the shipping route might just work against them, as it will draw the Gulf nations into the war and might make “boots on the ground” feasible for the US. (Disclaimer: WION takes utmost care to accurately and responsibly report ongoing conflicts in West Asia involving Israel, Iran, the 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 jump 10% after US-Israel strikes on Iran. Brent nears $82 as Iran threatens to close the Strait of Hormuz, raising global supply fears.

Oil prices surge 10% as Iran threatens to 'set fire' to ships passing through Strait of Hormuz

While precious metals’ rally indicates rising safe-haven demand, the commodity directly in the line of geopolitical crossfire has been oil. Despite expectations of a deep global oversupply, crude prices have rallied sharply this year. Take a look at this next report for more…


Oil Price Rally Challenges Oversupply Narrative

In 2025, crude oil fell over 20 percent to post its deepest annual loss since 2020 on surplus concerns. A punishing supply is expected to weigh on prices this year as well. However, fuel prices at Indian pumps have remained elevated since the government cut petrol and diesel prices in march 2024. In this next report, we dive into why fuel prices haven't come down in the country despite a significant fall in international crude. Take a look.

Why No Change in Indian Pump Price Despite Crude Plunge?

The global oil market is facing fresh uncertainty as escalating trade tensions take a toll on economic sentiment. The International Energy Agency has cut its demand forecast, warning that slowing global growth is now weighing on energy consumption. Concerns that a broader trade war could stoke inflation and dampen industrial activity are adding to the pressure on oil markets already grappling with weak momentum.

Crude down 13% in 2025 amid trade war fears

Oil prices are facing a turbulent future, with Goldman Sachs predicting Brent crude could plunge below $40 a barrel in an extreme scenario. As global economic uncertainties and US-China trade tensions intensify, the oil market is bracing for more volatility. Could this be the beginning of a deeper slump?

Goldman Sachs warns oil could drop below $40

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