A top aide to Donald Trump, Stephen Miller, has accused India of funding the Russia-Ukraine war through its continued purchase of Russian oil. Miller stated, “it is not acceptable for India to continue financing this war by purchasing the oil from Russia.” He noted that people would be shocked to learn that India is nearly…
Oil prices climbed more than 2% on Friday after the International Energy Agency (IEA) said the global market may be tighter than it seems, supported by strong summer demand. Meanwhile, concerns over new US tariffs and possible fresh sanctions on Russia also added upward pressure.Brent crude rose $1.72, or 2.5%, to settle at $70.36 per…
Addressing critics of India’s Russian oil imports, Puri noted that certain commentators make unwarranted criticisms of Indian policies. (AI image) India’s ongoing crude oil imports from Russia have contributed to global energy price stability, according to Petroleum and Natural Gas Minister Hardeep Puri. He has said that discontinuing Russian oil trade would have caused crude…
The Strait of Hormuz, a strategic location connecting the Persian Gulf to the Arabian Sea, faces potential closure. This choke point for global trade is critical for oil-exporting nations in West Asia, with 20 percent of global oil and major LNG exports passing through. Iran’s possible Gulf disruption plan includes mining the strait and deploying…
Brent Crude prices spiked as much as 5% on Monday following the US airstrikes on Iran’s key nuclear facilities on Sunday. The move ended days of speculation over whether the US President Donald Trump would join Israel in its confrontation with Iran.While prices surged initially, they soon pared gains. The attacks on Fordow, Natanz and…
Iran has spent decades building multi-tiered military capabilities at home and across the region that were at least partly aimed at deterring the United States from attacking it. By entering Israel’s war, the U.S. may have removed the last rationale for holding them in reserve. That could mean a wave of attacks on U.S. forces…
Iran has repeatedly warned of blocking the Strait of Hormuz, a narrow yet strategically crucial maritime chokepoint for global oil supply, however, the country has not yet shut it down. Analysts say that the vital passage has never been shut down and Iran is using this threat as a diplomatic lever and that the chances…
The Bank of England is expected to keep interest rates unchanged on Thursday amid growing fears that the ongoing Israel-Iran conflict might drag in the US, pushing oil prices higher and worsening inflation in the UK. The bank’s nine-member Monetary Policy Committee is predicted to hold the main rate at 4.25%, a two-year low, while…
Wall Street held steady in early trading on Wednesday as investors awaited the US Federal Reserve’s policy decision, with the S&P 500 flat, the Dow Jones Industrial Average unmoved, and the Nasdaq composite edging up 0.1%.Around 20 minutes into trading, the Dow Jones Industrial Average ticked up 0.2 percent to 42,277.37, as did the broad-based…
NEW YORK (AP) — Oil prices leaped, and stocks slumped Friday on worries that escalating violence following Israel’s attack on Iranian nuclear and military targets could damage the flow of crude around the world, along with the global economy. The S&P 500 sank 1.1% and wiped out what had been a modest gain for the…