The Latest Breaking News from Oil

Oil prices fall to pre-war levels as Strait of Hormuz shipping slowly recovers

Tanker traffic through Hormuz has begun to recover, though vessel movements remain well below pre-conflict levels

The Independent UK · Jul 2

Govt lines up PSU stake sales to cushion budget hit from oil

India is accelerating plans to divest stakes in major state-owned entities, including the nation's largest insurer, Life Insurance Corp., to boost public finances. Hindustan Zinc and several banks are also slated for stake sales. Officials are actively engaging with investment bankers to gauge market appetite and finalize offerings, aiming to…

The Economic Times · Jul 2

Fed can afford to stay patient as inflation risks ease: Steve Englander

The Federal Reserve is unlikely to alter interest rates soon, as inflation moderates and the economy remains stable, according to Steve Englander of Standard Chartered. He believes muted labor costs and easing oil prices reduce the need for immediate policy shifts.

The Economic Times · Jul 2

Iran's unsold oil piles up at sea as buyers stay wary

Iran is struggling to sell its growing oil stockpile at sea as a US deadline looms, potentially costing Tehran vital revenue and weakening its negotiating position. Weak demand from China, its primary buyer, and lingering sanctions concerns are major hurdles. While some oil has been discharged in China, India remains…

The Economic Times · Jul 2

Trump Says This 'Very Smart' Retailer Will Cut Gas Prices in the Northeast, Urges Others to Follow: 'They Love the U.S.A'

President Donald Trump reaffirmed his call for lower gas prices following a decline in global oil costs, noting that the Freedom Fuel Network will lower gas prices in the Greater Philadelphia area ahead of the Fourth of July weekend.

Benzinga · Jul 2

Gold prices snap 2-day rally; silver gains Rs 9,000/kg in 3 days as falling oil eases inflation bets. Key levels to watch

Gold prices fell on Thursday, snapping a two-day rally, while silver edged higher on the MCX as weaker U.S. jobs data and lower oil prices boosted safe-haven demand. Investors are awaiting the U.S. nonfarm payrolls report for cues on the Federal Reserve's interest rate path.

The Economic Times · Jul 2

Sensex jumps 580 points, Nifty closes above 24,150 as IT stocks outperform; oil prices near $70/barrel

Indian equity benchmarks rallied over 0.7% as easing crude oil prices, lower market volatility, and gains in IT stocks lifted sentiment. Analysts expect the market to remain supported by global macro developments, the India–Japan Summit, US jobs data and the upcoming corporate earnings season.

The Economic Times · Jul 2

Petrol, diesel price today: Have state-run OMCs cut fuel prices after Nayara Energy's rate slash? Check latest rates

Nayara Energy, India's largest private fuel retailer, has slashed petrol prices by Rs 5 and diesel by Rs 3 per litre nationwide. This marks the first retail price cut in over two years, following a dip in global crude oil costs. While Nayara reversed its earlier March hike, state-run oil…

The Economic Times · Jul 2

Trump Says Iran Talks 'Going Well'; Oil Falls to Nearly $67 While South Korea's KOSPI Slides More Than 5%

On Wednesday, President Donald Trump’s upbeat assessment of U.S.-Iran negotiations weighed on oil prices and shaped global market sentiment, even as Asian equities tumbled sharply.

Benzinga · Jul 2

Oil Price Today (July 2): Crude oil at $70, falls for 2nd session as US-Iran talks progress. Worst over?

Brent crude futures fell 80 cents, or 1.09%, to $70.80 a barrel, while U.S. West Texas Intermediate crude declined 90 cents, or 1.28%, to $67.75 a barrel. In the previous session, both benchmarks had dropped more than 1%, settling at their lowest levels in four months.

The Economic Times · Jul 2