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The Latest Breaking News from Oil

Early trading on Wall Street mixed as oil prices tick higher with Iran cease fire under strain

Premarket trading on Wall Street was mixed while oil prices continued their ascent and Japan's Nikkei 225 index topped 68,000 for the first time

AAP

China is a ‘very big problem’ for EU sanctions against Russia, O’Sullivan tells Euronews

Exclusive: As the bloc readies its 21st sanction package against Russia for the country’s ongoing invasion of Ukraine, the EU Sanctions Envoy David O’Sullivan revealed to Euronews that Beijing remains a “very big problem” for the efficacy of measures.

Euronews

Ukraine drones strike St Petersburg oil terminal, naval base as Russia reports bus attack killing 8 civilians

Ukraine launched deep drone strikes on St. Petersburg's energy and military sites, including an oil terminal and naval base, just as Russia hosted its economic forum. This follows a deadly Russian barrage on Ukraine. Russia accused Ukraine of a separate bus strike killing eight. The escalating drone war sees both…

The Times of India

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Iran claims responsibility for attacks on US Fifth Fleet HQ, Kuwait air base

Iran's Revolutionary Guards have claimed responsibility for attacks on Kuwait and Bahrain. The strikes targeted the Ali Al Salem Air Base in Kuwait and the US Fifth Fleet headquarters in Bahrain. These actions were stated as retaliation for US attacks on an Iranian oil tanker and island. The Guards announced…

The Economic Times

Rupee falls 31 paise to close at 95.67 against US dollar

The rupee depreciated by 31 paise to 95.67 against the US dollar on Wednesday, influenced by proposed US additional duties on Indian imports due to labor violations. Strong dollar demand, rising crude oil prices, geopolitical tensions, and foreign capital outflows further weakened investor sentiment.

The Economic Times

Asia's industrial supercycle is outpacing the West Asia oil shock: Chetan Ahya, Morgan Stanley

A China-driven supply realignment, cutting gas imports by 45% and oil by 30%, has effectively added 7.5 million barrels daily to global markets, neutralising energy price fears. Morgan Stanley's Chetan Ahya argues a broad-based capex boom across AI, energy, defence, and industrial sectors is powering Asian growth, while urging India…

The Economic Times

S&P Futures Muted as Fresh U.S.-Iran Hostilities Lift Oil and Bond Yields, ADP Jobs Report and Broadcom Earnings on Tap

June S&P 500 E-Mini futures (ESM26) are trending down -0.05% this morning as oil prices and bond yields climbed after the U.S. and Iran exchanged heavy fire in the Persian Gulf.

Barchart

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What Garuda Purana Reveals About Sin Will Shock You

Most people have heard about heaven and hell. But very few know about a place in Hindu scriptures that is considered one of the most terrifying realms of punishment. Its name is Kumbhipak Narak. The very mention of it creates fear and curiosity. According to the Garuda Purana, this Narak…

MyLifeXP

Ukrainian drones hit St. Petersburg oil terminal ahead of 'Russian Davos'

Ukrainian long-range drones have struck an oil terminal in St. Petersburg, setting it ablaze, according to President Volodymyr Zelenskyy

AAP

Ukraine hits St Petersburg oil depot before Putin visit

Ukrainian drones have struck an oil terminal and naval base in St Petersburg hours before President Vladimir Putin's showcase economic forum gets under way.

AAP

Airlines' fuel, vehicle replacement & roadways in focus as Cabinet announces key decisions worth Rs 30,290 crore

The Union Cabinet has approved significant development initiatives totaling Rs 30,290 crore. A key focus is providing Rs 10,000 crore in budgetary support to Oil Marketing Companies. This aims to stabilize Aviation Turbine Fuel prices for Indian airlines. This measure addresses the current fuel price volatility. The support will help…

The Economic Times

Fire engulfs St Petersburg oil terminal amid large-scale Ukrainian drone attack in Russia

A major fire broke out at an oil terminal in Russia’s St Petersburg port following a Ukrainian long-range drone attack on Tuesday night. Explosions reportedly continued into the early morning hours and the blaze spread further. Numerous videos circulating online captured loud blasts, large flames and thick columns of black…

The Times of India

Ukrainian drones hit St Petersburg as ‘Russian Davos’ opens in city

Energy and military sites targeted as guests gather for economic forum where Putin is due to speak on Friday

The Guardian - UK

Putin’s ‘Russian Davos’ attacked by Ukrainian drones as St Petersburg oil port targeted

IN FULL

The Independent UK

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The Economic Times

RBI MPC Meeting June 2026: Check date, time, expectations and where to watch Governor Sanjay Malhotra's speech live

RBI MPC Meeting June 2026: The Reserve Bank of India's Monetary Policy Committee begins a crucial three-day meeting, with a policy announcement expected on June 5. Markets are closely watching for signals on interest rates amid rising crude oil prices and rupee pressure, though inflation remains contained. Economists largely anticipate…

AAP

World shares are mixed as Tokyo's Nikkei 225 follows Wall Street to an all-time high

Shares have opened lower in Europe

Euronews

Drone race: How Ukraine's defence tech redefined Russia's war

In its most recent attacks against Ukraine, Russia hit the cities with dozens of ballistic missiles, knowing very well that this is one of the very few weapons Ukraine remains vulnerable to. As for the drones — this is where Kyiv mastered both defensive and offensive know-how.

AAP

Ukrainian drones set fire to a St. Petersburg oil terminal ahead of Putin visit

Ukrainian long-range drones have struck an oil terminal in St. Petersburg, setting it ablaze, according to President Volodymyr Zelenskyy

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The Economic Times

India tightens checks on overseas flows as currency pressure mounts, sources say

India's central bank and markets regulator are intensifying scrutiny on overseas investments by firms and family offices, issuing multiple queries to detect potential misuse of investment routes. This move comes amid pressure on the rupee from rising oil prices and foreign outflows, prompting a focus on capital outflow pace and…

France 24

NATO chief in Kyiv says Russia is 'increasingly desperate'

NATO chief Mark Rutte said in Kyiv on Wednesday that Russia was growing desperate as it faced mounting military and economic difficulties in its four-year-long invasion of Ukraine. Earlier, Kyiv launched drone attacks on the Russian city of St. Petersburg where officials and visiting dignitaries were gathering for a flagship…

Bangkok Post

Hostilities flare in Iran war, oil jumps with talks at a stalemate

CAIRO/WASHINGTON - Gulf hostilities flared again on Wednesday, with an Iranian missile attack damaging Kuwait's airport and the U.S. military carrying out strikes near ‌the Strait of Hormuz, as diplomacy between Washington and Tehran showed little progress.

AAP

Environmental bypass to fast-track oil project

A state deputy premier will have the power to override environmental and heritage laws in a move slammed by the opposition and a conservation group.

The Guardian - UK

OECD predicts spate of recessions globally if Iran conflict drags into 2027

Policy forum lays out ‘prolonged disruption’ scenario in which world’s GDP falls to 2.1% this year from 3.4% in 2025

The Economic Times

Crude, LPG supply to India smoothens in May after two glitchy months; LNG supply beats pre-war levels

In May, India's oil and gas imports showed clear signs of recovery after recent setbacks, with crude oil inflows rising, though they have not yet reached the robust numbers seen in February. Natural gas supplies saw a notable upswing, going past pre-war levels.

The Economic Times

Silver down Rs 700/kg, gold opens flat as Mideast tensions, rising oil prices dent sentiment. What should you do?

Gold and silver prices opened lower on the MCX on Wednesday as escalating Middle East tensions pushed crude oil prices higher, raising concerns that persistent inflation could delay interest rate cuts. In the previous session, both precious metals had ended with modest gains, with silver rising 0.13%.

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