Smoke rises from an Israeli airstrike that hit the southern suburb of Beirut, Lebanon. (AP Photo) NEW DELHI: Tensions in the Middle East surged after Iran launched a barrage of nearly 200 missiles on Israel, following an Israeli strike on Hezbollah in Lebanon. The region is now on high alert, with the world waiting to…
Oil prices jumped about 4% on Tuesday following reports Iran was preparing to launch a missile attack on Israel. Brent futures were up 3.5%, to $74.2 a barrel, while US West Texas Intermediate crude rose $2.54, or 3.7%, to $70.7.Israel’s elite units launched limited ground raids into Lebanon, as Hezbollah – an Iran-backed group in…
NEW DELHI: Fuel retailers in no rush to pass on to consumers the benefit of cheaper crude and will wait and watch for the market volatility to ebb before taking a call, a senior petroleum ministry official said on Thursday, even as brokerages estimated the companies are raking in Rs 8-9 as marketing margin on…
NEW DELHI: India saved an estimated $7.9 billion in oil import bill in the 11 months of 2023-24 financial year ended March 31, compared to $5.1 billion over the whole of 2022-23, by purchasing higher volumes of Russian crude at deep discounts, ICRA Research said on Tuesday.The increased savings leads to a “compression” of 15-22…
Citigroup Inc has increased its three-month target for West Texas Intermediate by $8 a barrel. Additionally, Citigroup analysts, including Max Layton, expressed in a note that the current market has not fully accounted for the possibility of an ongoing direct conflict between Iran and Israel. They estimate that such a scenario could drive oil prices…
The recent escalation in tensions, particularly following Iran’s drone offensive, is causing concern among finance ministers and central bank chiefs. The primary impact is expected on oil prices, which surged to $92.2 a barrel, posing risks to global economic stability. In India, while pump prices may not immediately rise due to elections, increased oil prices…
