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The Latest Breaking News from Oil

RBI may have sold gold to save foreign reserves, BE report shows

The RBI may have sold about $12 billion worth of gold reserves in the two weeks through May 22 to protect its foreign-currency assets amid capital outflows and rising oil prices, according to Bloomberg Economics. The move suggests policymakers are prioritising liquid forex reserves as Middle East tensions pressure the…

The Economic Times

BP backs Amanda Blanc to lead search for new chair despite investor concerns

Senior independent director to handle process again after Albert Manifold’s shock departure last week

The Guardian - UK

Watch: The oldest trick in the book—how Russia’s shadow fleet hides from global tracking

Last Sunday, French maritime forces, operating alongside the UK, intercepted a sanctioned Russian oil tanker that was part of the shadow fleet. What actually is this ghost fleet, and how does it affect Europeans?

Euronews

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The Iran war is pushing the global gas trade into the shadows

As the Strait of Hormuz remains under Iranian control amid the ongoing West Asia conflict, Qatar has quietly resumed some LNG exports by adopting tactics more commonly associated with the oil industry's “shadow fleet.” LNG carriers are increasingly switching off transponders, travelling in pairs, and making “dark transits” through the…

The Economic Times

A ₹3 lakh crore rain check? India’s monsoon now comes with a Hormuz fine print

India’s fertiliser supply chain is under strain as the West Asia conflict disrupts shipping through the Strait of Hormuz, a critical route for imports. The crisis comes just as India faces a below-normal monsoon forecast, with the IMD projecting rainfall at 90% of the long-term average and a 92% probability…

The Economic Times

Why Asia's oil lifeline can't survive on US crude alone

Asian nations are receiving more crude oil from the United States. However, these increased shipments cannot fully replace oil lost due to the closure of the Strait of Hormuz. This situation is creating supply challenges for refineries. Experts believe prices for refined fuels may rise. Less developed countries in Asia…

The Economic Times

Hormuz gauntlet runner says Trump has been good for shipping

Dynacom Tankers Management founder George Procopiou stated that US President Donald Trump's policies have benefited the shipping industry.

The Economic Times

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Oil rally may fuel stagflation concerns, though AI remains market's key driver: Arnab Das

Renewed Middle East tensions are driving oil prices higher, fueling inflation and economic growth concerns. Despite market optimism, significant challenges remain in resolving issues with Iran, and markets may not have fully priced in potential disruptions, particularly around the Strait of Hormuz.

The Economic Times

US Stock Market: Treasury yields rise after strong US data, geopolitical risks fuel inflation fears

US Treasury yields closed higher on Monday as stronger-than-expected manufacturing and construction data reinforced economic resilience, while uncertainty over US-Iran diplomacy and rising oil prices fueled inflation concerns. Investors reassessed Federal Reserve rate expectations amid geopolitical risks, pushing benchmark yields higher and lifting market-based inflation forecasts.

The Economic Times

Oil prices fall after Trump claims to have ended Israeli attacks on Lebanon

Brent crude slipped 0.6 per cent to $94.45 a barrel, retracing some of Monday’s gains

The Independent UK

Why This Rare June Amavasya Is More Powerful Than Usual

Not all Amavasyas are the same. Some carry a spiritual weight that makes devotees pay extra attention to every ritual, prayer, and decision. Jyeshtha Adhik Maas Amavasya is one such occasion. Falling during the rare Adhik Maas, this sacred day is associated with Pitru Tarpan, charity, and seeking blessings from…

MyLifeXP

Silver, gold open flat as investors assess Iran war peace deal uncertainty. Where are precious metals headed?

Gold and silver prices were largely steady on MCX on Tuesday, with gains capped by a stronger U.S. dollar and higher crude oil prices as markets awaited U.S. President Donald Trump's decision on extending the Iran ceasefire. MCX silver futures for July 2026 rose Rs 167 to Rs 2,66,350 per…

The Economic Times

India's CPI inflation expected to rise to 4.8% with crude oil averaging USD 90/bbl in FY27: Report

Forecasts indicate that by FY27, India’s inflation could hit 4.8%, driven by crude oil prices projected at USD 90 per barrel. Factors such as the ongoing conflict in West Asia and a less favorable monsoon outlook are pivotal. Economic growth might taper to 6.3%, with both fiscal and current account…

The Economic Times

Ukraine-Russia war latest: Putin ‘is being misled by his own generals’ as Zelensky warns he could strike again

Putin believes his forces can achieve his goals despite Russia’s battlefield performance steadily declining in 2026, says think tank

The Independent UK

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The Economic Times

Petrol, Diesel price changed today on June 2? Check fuel rates in Delhi, Mumbai, Chennai, Gurgaon and other cities

Petrol, Diesel price today (June 2): Petrol and diesel prices remained stable nationwide on Tuesday, June 2, 2026, despite recent increases in crude oil prices. Analysts indicate state-run oil companies are still facing marketing losses on both fuels. Global oil prices saw minor fluctuations amid U.S.-Iran ceasefire uncertainty and Strait…

The Times of India

An alternative to the Strait of Hormuz? Why Iran is eyeing Yemen's Bab al-Mandab

Escalating Middle East tensions are now focusing on the Bab al-Mandab Strait, a crucial global shipping lane. Iran, via its Yemeni allies, may use this chokepoint to pressure adversaries, potentially disrupting vital oil and goods transit. This raises fears of wider conflict impacting international trade routes and energy markets.

AAP

Australian shares pare losses as mining stocks bounce

The ASX has edged lower for a second session as concerns about Australia's economic growth and the ongoing Persian Gulf conflict unnerve investors.

The Economic Times

Oil Price Today (June 2): Crude oil at $95 per barrel amid conflicting Iran war signals. What are experts saying?

Oil prices held steady Tuesday, following Monday's surge, as global markets weighed U.S.-Iran ceasefire talks and the potential reopening of the Strait of Hormuz. Conflicting reports emerged regarding negotiations, with President Trump suggesting talks continue while Iranian media indicated a halt.

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The Economic Times

Oil steadies as uncertainty over US-Iran talks keeps markets on edge

Oil prices held steady Tuesday amid uncertainty surrounding U.S.-Iran ceasefire talks and the potential reopening of the Strait of Hormuz. Brent crude futures edged up, while WTI saw a slight dip. Market analysts emphasize that ongoing negotiations and Iran's threats regarding the Strait will dictate oil price volatility.

The Economic Times

Global Market Today: Asian stocks ease from record highs, oil steadies

Asian markets dipped from record highs as peace talks with Iran faltered. Oil prices remained elevated amid geopolitical tensions. US stock futures also saw a slight decline. Investors are closely watching upcoming economic data for clues on the US economy and Federal Reserve policy. The AI boom continues to drive…

Bangkok Post

Interest rates static as inflation deemed brief

While elevated oil prices have caused inflation to rise, economists expect the Bank of Thailand to maintain its policy interest rate for the rest of 2026, assuming the higher costs will be temporary.

Barchart

Cotton Closes Higher on Monday

Cotton futures were up 36 to 62 points in most contracts on Monday. The US dollar index was $0.288 lower at $98.140. Crude Oil as up $5.26 at the close. The weekly NASS Crop Progress report showed 66% of the US cotton crop planted as of 5/31, 1% below normal....

Barchart

Soybeans Fades Lower into Monday’s Close

Soybeans closed the Monday session with contracts down 1 to 6 cents. The cmdtyView national average Cash Bean price was down 3 3/4 cents at $11.21 1/4. Soymeal futures were down 40 cents to $3.30, with Soy Oil futures 137 to 173 points higher. Weekly Crop Progress data indicated 87%...

The Economic Times

Why is gold price down today, and will precious metals continue to drop or rise again? Gold falls as inflation concerns grow amid Middle East conflict

Why is gold price down today, and will precious metals continue to drop or rise again? Gold prices declined after rising inflation concerns linked to the Middle East conflict increased expectations that interest rates could remain higher for longer. A stronger U.S. dollar also weighed on bullion prices. Investors are…

The Economic Times

Why are oil prices up today and will Brent and US WTI crude futures continue to drop or rise again? Oil prices surge as Iran talks stall and supply concerns return

Why are oil prices up today and will Brent and US WTI crude futures continue to drop or rise again? Oil prices moved higher after Iran suspended negotiations with the United States and concerns returned over crude supplies through the Strait of Hormuz. Brent crude and US WTI futures gained…

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