The Latest Breaking News from Oil

Middlemen offer Iranian oil to Indian refiners after US waiver, traders say

Middlemen and Iran's state oil company are offering discounted Iranian crude to Indian refiners after the US granted a 60-day sanctions waiver. However, refiners have limited room for fresh purchases due to existing supply commitments, while payment and banking uncertainties continue to delay commercial negotiations despite renewed interest.

The Economic Times · Jun 26

Traffic through Strait of Hormuz slows after attack on ship

Strait of Hormuz traffic saw a dip Friday after a Taiwanese ship was attacked, prompting a pause in evacuation efforts. Despite this, several tankers entered the Gulf to load oil, and two supertankers sought Iranian crude. Crude prices are heading for steep weekly losses amid easing supply concerns, with Saudi…

The Economic Times · Jun 26

Iran insists on right to control shipping in Strait of Hormuz after ship hit near Oman

Iran asserted its authority over the Strait of Hormuz, warning Gulf states against aligning with the U.S. This comes after an attack on a ship near Oman, highlighting the precarious nature of a tentative Iran war ceasefire. Tehran rejected a joint U.S.-Gulf statement challenging its control and toll demands. Meanwhile,…

The Economic Times · Jun 26

Crude at $65, consumption boom, and the Rupee's new shield: Dinshaw Irani's big market calls

India's economic headwinds are easing, with falling crude oil prices and a stabilizing rupee poised to boost the market. Helios Mutual Fund CEO Dinshaw Irani anticipates oil prices dropping to around $65 per barrel, significantly benefiting India. He favors discretionary consumption, especially digital-first companies targeting younger generations, over FMCG. IT…

The Economic Times · Jun 26

Goldman Sachs upgrades India's growth outlook after US-Iran peace deal

Goldman Sachs has raised India's 2026 real GDP growth forecast to 6.8% from 6.5%, citing lower oil prices, easing supply disruptions and resilient domestic demand following the US-Iran peace deal. The brokerage also lifted its FY27 GDP growth estimate to 6.5% from 6.1%, expecting stronger growth, lower inflation, and improved…

The Economic Times · Jun 26

Ukraine launches one of its biggest drone attacks on Russia and Crimea

The Russian Defense Ministry says it intercepted 660 Ukrainian drones overnight

The Independent UK · Jun 26

​​Paris court rules TotalEnergies must account for indirect emissions and tighten climate policies

A partial victory, the ruling stopped short of making TotalEnergies directly liable for its customers’ actions.

Euronews · Jun 26

Hormuz oil shock echoes 1973 embargo lessons

The recent Strait of Hormuz closure, though brief, signals a potential turning point for global energy. Echoing the 1973 oil embargo, this crisis highlights the vulnerability of interconnected markets. Nations are now prioritising energy security over cost, accelerating investments in domestic renewables, nuclear and even coal, alongside efficiency measures.

The Economic Times · Jun 26

Ukraine-Russia war latest: Putin admits to having ‘problems’ in invasion and warns of fuel shortage from Kyiv’s strikes

Putin admits fuel supply problems have created shortages in Russia as Kyiv continues attacks on his oil refineries

The Independent UK · Jun 26

Oil down 2% amid resumption of Hormuz shipments even as vessel hit near Oman

Aramco ​resumes Ras Tanura oil ⁠loadings after ⁠four-month halt

Bangkok Post · Jun 26