India’s crude oil import reliance remains at 90% despite a drop in overall primary energy import dependence to 42%. India’s crude oil import dependence held steady at 90% of total demand in the financial year 2025, an industry report revealed. The country’s overall primary
Oil markets trim gains as West Texas Intermediate dips under $76.00 on potential easing of Hormuz shipping restrictions. West Texas Intermediate crude fell below $76.00 on Friday, reversing earlier gains as markets weighed discussions to reopen the Strait of Hormuz. The be
Diplomatic efforts to reopen the Strait of Hormuz ease supply concerns, pushing oil prices down 10% for the week. West Texas Intermediate crude fell below $76.00 on Friday, extending a 10% weekly decline as markets assess ongoing negotiations to reopen the Strait of Hormuz
September WTI futures fall $8.72 this week as traders reassess geopolitical risks amid diplomatic progress in the Strait of Hormuz. September WTI crude futures traded at $78.08 early Friday, marking a $8.72, or 10.05%, decline for the week. The contract opened at $80.10, p
Brent crude jumps amid Iran’s proposed restrictions on US and Israeli vessels in the Strait of Hormuz, though prices remain under $85 per barrel. Oil prices climbed sharply on renewed geopolitical tensions in the Strait of Hormuz, a critical chokepoint for global crude shi
India’s crude output declined for the third straight year, pressured by aging fields and lower yields, government data showed. India’s crude oil production fell 3% in the fiscal year ended March 31, 2026, marking a third consecutive annual decline. The drop reflects natura
Vessel transits through the Strait of Hormuz dropped to 33 this week from 50 last week amid stalled US-Iran negotiations. Vessel traffic through the Strait of Hormuz declined 34% week-over-week, with 33 ships transiting between Monday and Thursday compared to 50 in the sam
Zero Saudi crude imports to the US in July reflect geopolitical tensions and supply disruptions in the Persian Gulf. The US imported no crude oil from Saudi Arabia in July, the first full-month halt since 1985, according to preliminary government data. The drop follows hei
Brent oil prices to trade in a volatile range Brent oil is currently near $81 and West Texas Intermediate is at $76.30. The forecast for Brent is to trade between $70-$100. Geopolitical tensions and disruptions at the Strait of Hormuz are driving the price
July customs data shows China’s daily crude imports surged to 8.45 million barrels, rebounding from a decade-low June slump. China’s crude oil imports climbed 22% in July to 8.45 million barrels per day, totaling 35.73 million tons, reversing a sharp decline in June. The r
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