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The Latest Breaking News from Oil

Russia turns to India for gasoline as fuel shortages deepen after Ukrainian strikes

The Kremlin said on Tuesday that it was in discussions with several countries about importing fuel at acceptable prices. One industry source said India has already shipped at least 60,000 metric tonnes of gasoline to Russia. Another source said two cargoes, each carrying between 30,000 and 40,000 tonnes, have been…

The Times of India

Zelenskyy says Ukraine hits a Russian oil refinery for the second time in a week

Ukrainian forces have struck Russia's major Ufa oil refinery for the second time in a week, President Volodymyr Zelenskyy said Wednesday

The Independent UK

Ukraine takes the war to Moscow: Why Kyiv unleashed its biggest attacks after G7 summit

Ukraine has launched its most extensive long-range drone campaign, targeting Russian oil refineries, fuel depots, and military infrastructure deep within its territory. This escalation follows G7 commitments to bolster Ukraine's air defenses and economic resilience. The strikes aim to disrupt Russia's war financing and logistics, with President Putin acknowledging temporary…

The Times of India

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US and Iran enter technical talks to secure peace deal, restart shipping

Technical discussions between the U.S. and Iran are underway in Doha, aiming to secure the Strait of Hormuz shipping lanes and a lasting ceasefire. Mediated by Qatar and Pakistan, the talks follow a recent interim accord, though disagreements persist. Iran seeks recognition of its control over the strait and the…

The Economic Times

Rupee hits near three-week low at 95.24 vs USD as Asian currencies drop on Fed, Iran war caution

The Indian rupee hit a near three-week low on Wednesday, mirroring declines in Asian currencies. Investors grew cautious ahead of U.S. Federal Reserve Chair's remarks and uncertainty surrounding U.S.-Iran negotiations. Despite falling oil prices and measures to boost dollar inflows, analysts anticipate no significant rupee recovery in the coming year…

The Economic Times

European markets ride oil tailwinds, but can they challenge Wall Street’s tech supremacy?

European equities are rallying as lower crude prices following the Iran ceasefire improve the region’s near-term outlook, easing inflation and boosting corporate margins. While the STOXX 600 has hit record highs, investors remain unconvinced that the gains will trigger a lasting shift away from Wall Street, where AI-driven earnings growth…

The Economic Times

A ‘buttery’ mouthfeel or ‘meadow grass’ notes? How Australian olive oils rank against other supermarket options

Consumer advocacy group Choice blind tested 30 olive oils – and found many of the highest ranked came from Australia

The Guardian - AU

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Lower crude, easing FII selling brighten market outlook; large-cap financials offer better value: Kunal Vora

Indian equities are poised for a brighter outlook as crude oil prices retreat, corporate earnings show resilience, and foreign investor selling pressure eases. While near-term results may reflect temporary disruptions, the market's underlying strength is improving. Domestic flows are expected to sustain market momentum, with private banks, consumption, and telecom…

The Economic Times

India's economic plot twist comes with one villain stepping aside, another waiting

India's economic outlook has improved as falling crude oil prices ease inflation, strengthen the balance of payments and prompt economists to raise GDP growth forecasts. But the optimism comes with fresh risks, including an uneven monsoon, food inflation, geopolitical tensions in West Asia and uncertainty over global commodity prices, making…

The Economic Times

Trump Wants Lower Gas Prices, but Refineries Face Heat Waves, Iran War and a Russia-Ukraine 'Wild Card,' Analyst Says

While President Donald Trump has warned the oil companies to reduce gas prices at the pump to reflect the drop in crude oil costs, GasBuddy analyst Patrick De Haan says reducing fuel costs might be more complicated than it seems.

Benzinga

India's June crude imports hit record high as Russian supplies surge despite West Asia tensions

India's crude oil imports hit a record 4.93 million barrels per day in June, bolstered by substantial purchases from Russia, which solidified its role as the top supplier. This surge underscores India's robust supply chain resilience amidst global geopolitical tensions. Analysts highlight proactive diversification and procurement strategies as key to…

The Economic Times

The secret lives of Ukraine's deep-strike drone team

Ukrainian soldiers conducting daring long-range drone attacks on Russia operate in extreme secrecy, living lives shrouded in anonymity. These operatives, targeting Russian military sites and oil refineries, face immense pressure to remain undetected, with strict rules preventing any public association or discussion of their missions. Their efforts aim to cripple…

The Economic Times

India bonds rise as index-entry hopes counter rise in US yields

Indian government bonds saw gains as anticipation of Bloomberg index inclusion and improved liquidity bolstered prices. Despite higher U.S. yields and rising oil due to geopolitical tensions, traders are optimistic. Foreign investors have significantly boosted purchases of Fully Accessible Route bonds, driven by expectations of their inclusion in global indices.…

The Economic Times

Kazakhstan looks to boost oil exports via Baku-Tbilisi-Ceyhan pipeline after Georgia talks in Astana

In high-level talks held in Astana, Kazakhstan and Georgia agreed to strengthen economic cooperation, including plans to increase oil shipments via the BTC pipeline. The two countries also discussed agricultural development, investment expansion, and cooperation in digital services.

Euronews

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The Independent UK

Iran-US war latest: Trump dismisses fears of renewed combat as Qatar cites ‘positive progress’ in deadlocked talks

Jared Kushner and Steve Witkoff were in Qatar to discuss the state of negotiations with mediators

The Economic Times

Jet fuel price cut by Rs 5/litre as global oil prices ease

A significant drop in jet fuel prices, by nearly Rs 5 per litre, brings welcome relief to Indian airlines. This reduction, driven by falling international crude oil rates and easing West Asian tensions, is expected to lower operating expenses for domestic carriers. Meanwhile, commercial LPG cylinder prices also saw a…

The Independent UK

Ukrainian drone attacks on oil refineries plunge Russia into a summer fuel crisis

Lines are growing at Russian gas stations -- and so is the frustration and uncertainty as several months of Ukrainian attacks have set oil refineries ablaze and choked supplies for motorists across the vast country

The Economic Times

Sensex rises over 150 points, Nifty above 23,900 as investors weigh Iran tensions, weak monsoon concerns

Indian stock markets opened the second half of 2026 with modest gains after recent declines. Investors are closely watching escalating US-Iran tensions, which are impacting oil prices, and a concerningly weak monsoon season. Analysts suggest adjusting portfolios towards fixed income and monsoon-proof sectors like healthcare and defense to mitigate potential…

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The Economic Times

LPG Gas Rate Today: Check domestic 14 KG cylinder price today in Delhi, Mumbai, Chandigarh, Hyderabad, Bengaluru and other cities

LPG Cylinder Price Today: Good news for consumers as state-run oil companies have revised LPG prices for July 2026. While domestic cylinder rates remain stable, commercial LPG users, including restaurants and hotels, will see a significant Rs 183.50 reduction on 19 kg cylinders. This brings much-needed relief to businesses after…

The Economic Times

Petrol, Diesel prices cut on July 1: Check latest fuel rates in Delhi, Mumbai, Chennai, Kolkata, Bengaluru and other cities

Nayara Energy has slashed petrol prices by Rs 5 and diesel by Rs 3 per litre, attributing the move to easing international crude oil costs. This follows a recent reduction in commercial LPG cylinder prices. While Nayara's over 7,000 stations now offer lower rates, public sector oil retailers, controlling over…

The Economic Times

Nayara Energy cuts petrol price by Rs 5, diesel by Rs 3 amid softening oil prices

Nayara Energy has slashed petrol prices by Rs 5 and diesel by Rs 3 per litre nationwide, marking the first reduction in over two years. This move follows easing West Asian tensions and stabilizing global oil prices. While Nayara reverses its March price hike, state-owned retailers like IOC, BPCL, and…

The Economic Times

LPG Cylinder Price: Commercial LPG down Rs 183.50 from July 1, first cut in 2026

LPG Price Cut: Commercial LPG cylinder prices have seen a significant reduction of Rs 183.50, effective July 1, 2026. This marks the first price cut for 19-kg cylinders this year, bringing relief to businesses. Domestic cylinder rates, however, remain unchanged. The price drop is attributed to easing global crude oil…

The Economic Times

Oil Price Today (July 1): Crude oil above $73 as Iran rejects direct peace talks with US. Where are prices headed?

Brent crude futures were up 50 cents, or 0.69%, at $73.45 a barrel at 1208 GMT. U.S. West Texas Intermediate (WTI) crude rose 63 cents, or 0.91%, to $70.13 a barrel.

Benzinga

Iran Refuses To Meet Trump Envoys, Signals Plans To Control Strait Of Hormuz In Fresh Challenge To US-Brokered Peace Efforts

On Tuesday, Iran ruled out direct talks with senior U.S. officials despite Washington’s latest diplomatic push, underscoring deep divisions over a fragile ceasefire and the future of one of the world’s most critical oil transit routes.

The Economic Times

Global funds revisit Indian stocks as oil, rupee risks recede

Global fund managers are reconsidering their exit from Indian stocks as falling oil prices and rupee stabilization ease key investment concerns. Daily foreign selling has slowed, and inflows into India-focused ETFs have turned positive. While some see India as oversold with attractive valuations, sustained earnings growth is crucial for a…

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