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UAE Minister and ADNOC CEO Sultan Al Jaber said the Iran war’s disruption of Strait of Hormuz shipping has drained nearly one billion barrels from global oil inventories and sharply raised transport costs.
Kerala gold prices fell for a third straight day, bringing rates closer to the ₹1 lakh mark as global bullion trends, oil prices, the rupee, and US interest-rate expectations weigh on the market.
Gas prices in the US and many countries have soared during the eight-month-long US-Iran war
Gold prices surged, reaching a near one-week high. This rise occurred as a tentative US-Iran peace agreement lowered oil prices and eased concerns about potential US Federal Reserve rate hikes.
The UAE joined the OPEC in 1967
This rerouting means India missed out on its first Iranian crude shipment in nearly seven years, highlighting the complexities of international oil trade under sanctions.
The review focused on ensuring uninterrupted supplies, stable logistics, and strengthened distribution systems for essential commodities across India.
Oil prices experienced a significant decline on Tuesday, with Brent crude futures dropping to $92.45 a barrel and US West Texas Intermediate (WTI) falling to $88.65, a sharp reversal from Monday's surge past $100
Various reports quoted officials as saying that India has enough stock reserves which can last up to 74 days to meet demands during crisis.
The Oil Ministry declined to comment on the issue
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