As global oil markets reel from sharp price spikes triggered by the ongoing West Asia conflict, the Indian government has opted to absorb a substantial fiscal burden rather than pass on the full impact to consumers, Petroleum and Natural Gas Minister Hardeep Singh Puri said on Friday. Framing the decision as a policy trade-off, Puri…
Crude oil prices surged to nearly $120 a barrel earlier this week due to the war between the US and Iran. The ongoing conflict has disrupted energy production in the Middle East and resulted in a blockade of the Strait of Hormuz, which is a vital shipping lane. The effective closure of the Strait of…
President Donald Trump stated that the US would strike Tehran even harder if an oil blockade occurred. Iran’s Revolutionary Guards warned on Tuesday that they would prevent any oil shipments from the Middle East if the US and Israel continue their attacks. Despite this tense rhetoric, crude oil prices fell, and global stock markets rose…
Just as the global oil markets slump, tensions in the Gulf are threatening to disrupt supply further, keeping traders and governments on edge, Saudi Aramco’s chief executive officer has warned that the impact of this on the global oil markets will be “catastrophic”. In his first public remarks since the conflict disrupted Middle East energy…
