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The Latest Breaking News from Oil

From India to China, a look at what governments worldwide are doing to shield households from rising energy costs

Governments globally are implementing diverse strategies to mitigate soaring energy costs stemming from the U.S.-Israeli war on Iran. Measures include fuel tax adjustments, reserve releases, external financing, subsidies, tax cuts, and energy conservation efforts. Countries are also exploring increased use of domestic resources and alternative energy sources.

The Economic Times

India’s gold import duty hike to 15% may remain for a year, says Senco MD Suvankar Sen

India's higher import duty on gold and silver could impact jewelry demand for a year, Senco MD Suvankar Sen said. Senco Gold predicts volumes may drop 10-15 percent and consumers may opt for lighter jewelry. This move aims to conserve foreign exchange reserves and protect economic stability amid global uncertainty.

The Economic Times

India raises gold import duty back to 15%: What’s behind the move

India has significantly raised import duties on gold, silver, and platinum. This move aims to safeguard the nation's economy and foreign exchange reserves. The government prioritises essential imports like crude oil and fertilisers. This decision reflects a proactive approach to manage external risks.

The Economic Times

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Oil Price Today (May 13): Crude oil snaps 3-day fall ahead of Trump’s China visit. What are experts saying?

Oil prices dipped after a three-day climb as investors monitored the fragile Iran ceasefire and an upcoming U.S.-China summit. The Strait of Hormuz remains effectively shut, impacting global supply and raising inflation concerns, with analysts warning of further price surges if disruptions persist.

The Economic Times

Dollar near one-week high as hot U.S. inflation fans Fed hike bets, peace talks stall

Global markets felt the heat as a surprising U.S. inflation surge boosted Treasury yields, weakening the euro and sterling. Rising oil prices, fueled by Middle East tensions, further dampened investor sentiment. The U.S. dollar index held firm, reflecting a cautious risk appetite as equity markets lacked upward momentum. Meanwhile, the…

The Economic Times

Gold steady with US-China summit, MidEast developments in focus

Gold prices remained stable in early Asian trade. Investors are awaiting a key U.S.-China summit in Beijing. Developments in the Middle East conflict are also being closely watched. U.S. President Donald Trump commented on the Iran war. Oil prices saw a dip. U.S. consumer inflation increased. India has raised import…

The Economic Times

India’s economic strength defies foreign outflow fears, S&P Says

S&P Global Ratings said India is coping with global financial pressures better than headline data indicate, adding that concerns over foreign investment outflows are overstated. The agency said India has enough buffers to manage a wider current-account deficit caused by rising oil prices.

The Economic Times

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Oil prices slip on teetering Iran ceasefire as Trump heads to China

Oil prices dipped as investors awaited developments on the Iran ceasefire and President Trump's summit with China's Xi Jinping. Brent crude futures fell to $106.95 a barrel, and WTI futures to $101.52. The ongoing conflict and supply disruptions are expected to keep oil prices above $80 for the year.

The Economic Times

Global Market Today: Asian stocks track Wall Street lower on US CPI

Asian stocks declined as US inflation accelerated, influenced by rising oil prices following the conflict in Iran. This prompted an increase in Treasury yields and boosted bets on a Federal Reserve rate hike in 2027. Elevated oil prices and inflation risks now threaten the recent equity rebound, particularly impacting chipmakers.

The Economic Times

Trump faces barrage of Democratic counter-proposals on gas tax

One House Democrat is proposing a 100% windfall tax on oil companies.

Axios

Cotton Retreats on Tuesday

Cotton futures closed the Tuesday session with front months down 105 to 145 points. The US dollar index was $0.366 higher at $98.190. Crude oil was up $2.83 at $102.05 at the close. The annual USDA Cotton Ginnings report showed a total of 13.539 million RB ginned for the 2025/26...

Barchart

Soybeans Closes with Tuesday Gains USDA Tightens Stocks

Soybeans were in rally mode on Tuesday, with contracts up 10 1/4 to 13 3/4 cents at the close. The cmdtyView national average Cash Bean price was up 14 1/2 cents at $11.61 3/4. Soymeal futures were up $1.20 to $5.10, with Soy Oil futures 85 to 162 points higher....

Barchart

What a US gas tax suspension could mean for drivers and the prices they see at the pump

President Donald Trump wants to suspend the federal gas tax to ease financial strain from high fuel prices during the war with Iran

The Independent UK

Stocks Settle Mixed on Tech Weakness and Inflation Pressures

The S&P 500 Index ($SPX ) (SPY ) on Tuesday closed down -0.16%, the Dow Jones Industrial Average ($DOWI ) (DIA ) closed up +0.11%, and the Nasdaq 100 Index ($IUXX ) (QQQ ) closed down -0.87%. June E-mini S&P futures (ESM26 ) fell -0.16%, and June E-mini Nasdaq futures...

Barchart

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The Economic Times

US Treasury yields hit 5%: Why investors are dumping bonds as oil prices and inflation rise amid US-Iran conflict

US Treasury yields today: Global bond markets are experiencing unease. Rising oil prices and persistent inflation are reshaping interest rate expectations in the US and globally. US Treasury yields are climbing as inflation fears intensify. This situation is causing investors to rethink Federal Reserve rate cut possibilities. UK bond markets…

Barchart

Why Was Tuesday Wheat's Time to Shine?

Tuesday's session brought to mind an old saying, “Even the sun shines on a cockroach some days”.

Barchart

Weak Stocks and Crude Oil Strength Lift the Dollar

The dollar index (DXY00 ) on Tuesday rose by +0.34%. The dollar moved higher on Tuesday amid renewed concerns that the US-Iran ceasefire may break down after President Trump said the current ceasefire was on “life support.” Tuesday’s +4% surge in crude oil prices also boosted inflation expectations and may...

Barchart

Crude Oil Prices Surge on Concern Over Prolonged Closure of Hormuz

June WTI crude oil (CLM26 ) on Tuesday closed up +4.11 (+4.19%), and June RBOB gasoline (RBM26 ) closed up +0.0979 (+2.72%). Crude oil and gasoline prices settled sharply higher for a second day on Tuesday after President Trump cast doubt over the ceasefire with Iran, which could lead to...

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Evening Standard

Up to Starmer if he quits, says Trump as he renews attack on UK energy stance

The US president also argued Britain needs to get ‘tough on immigration’.

The Economic Times

Is a US stock market crash beginning? Nasdaq 100 drops over 2% as Dow Jones and S&P 500 struggle after inflation shock hits investors

Is a US stock market crash beginning as Nasdaq sinks 2% after shocking CPI inflation rattles Dow and S&P 500? The Nasdaq 100 plunged more than 2% on Tuesday, extending its steepest single-day sell-off in weeks after the April Consumer Price Index confirmed what markets had quietly feared — US…

Evening Standard

UK to deploy mine hunters, drone boats and jets for Strait of Hormuz mission

Defence Secretary John Healey made the announcement amid a meeting of 40 ministers about plans to protect shipping in the waterway once the war ends.

Clever Dude

Mechanics Warn: The Cheap Oil-Change Habit That Ruins Your Engine — Stop Doing This

Every mechanic knows the look of panic that flashes across a driver’s face after a repair shop drops the words “engine sludge” or “bearing damage” into the conversation. Drivers across America chase bargain oil changes because flashy coupons and discount garages promise quick service for pocket change, yet many of…

Fortune

India brings back COVID-era work-from-home rules and asks farmers to halve fertilizer use as the Iran war chokes its oil lifeline

India is particularly exposed to the Iran oil shock as 50% of its crude oil imports pass through the Strait of Hormuz.

The Economic Times

Global turmoil is India’s 'wake-up call' to cut import dependence: Piyush Goyal

India's Commerce Minister Piyush Goyal urges domestic industry to embrace self-reliance amid global challenges. He calls for increased productivity and better use of trade agreements. The minister emphasizes reducing import dependence to bolster the economy. He also highlights the potential of electric vehicles and advanced technologies like AI for growth.…

Barchart

Soybeans Posting Strength as USDA Shows Tighter Stocks

Soybeans are in rally mode on Tuesday, with contracts up 11 to 17 cents on a friendlier USDA report from this morning. The cmdtyView national average Cash Bean price is up 14 1/2 cents at $11.61 3/4. Soymeal futures are up $3.70 to $5.10, with Soy Oil futures 80 to...

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