Following the outbreak of hostilities in the Middle East and the evolving global energy situation, Hardeep Singh Puri, Minister of Petroleum & Natural Gas, informed that "the country is well stocked with crude oil and inventories of key petroleum products including petrol, diesel and ATF to
Crude oil prices may surge above the USD 100 per barrel threshold if there is any structural disruption to oil infrastructure amid the ongoing military escalations in West Asia, according to a report by ICICI Bank.
Indian share markets are closed on Tuesday on account of the Holi festival holiday, with trading suspended on both the National Stock Exchange (NSE) and the BSE.
"We are continuously monitoring the evolving situation, and all necessary steps will be taken in order to ensure availability and affordability of major petroleum products in the country," the Ministry of Petroleum and Natural Gas said in a post on X.
Escalating tensions in Iran and the wider West Asia region have intensified concerns over global crude oil supplies, with experts warning of sustained volatility that could potentially impact India's energy sector.
The escalation of the Israel-Iran conflict, marked by the reported killing of Iran's Supreme Leader Khamenei, is set to impact Indian equity markets through trade flow disruptions and a spike in crude oil prices.
Gold prices could surge to USD 6,000 per troy ounce and rupee may weaken to 92-92.5 against USD if the Middle East conflict escalates further, according to a report by Elara Capital.
Energy policy expert Narendra Taneja expects stability to return within 7 to 10 days, as he predicts the US and Israel would likely call for diplomatic negotiations after their objectives are met.
Brent crude prices have surged around 10 per cent amid escalating tensions in the Middle East following ongoing military confrontation between Iran and the United States after the killing of Iran's Supreme Leader Ayatollah Ali Khamenei.
US President Donald Trump on Friday (local time) said the United States will refine Venezuelan oil in Texas for export, calling the plan beneficial for both nations and promising to help "build their country, which was a disaster."