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Indian refiners hire tankers to load crude inside Persian Gulf and cross Hormuz
The brief
- Refiners are hiring tankers to pick up crude within the Persian Gulf
- The approach aims to cut costs and secure supply chains
- Crude-supply security and freight costs matter for Indian refiners and oil marketing companies
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- Asian stocks struggle as investors weigh US inflation, West Asia tensions
- Centre cuts windfall levies on diesel and ATF exports; diesel duty now ₹16 per litre
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- IOC, HPCL, BPCL shares rise - What is behind the rally in crude oil-linked stocks?
Iran tensions and oil flows through the Strait of Hormuz
Iran threatened regional oil exports as Brent rose above $106 a barrel, while tanker data later showed Hormuz crude flows averaging above 10 million barrels per day. Tehran said it received a US response to its peace proposal as US forces prepared to leave Iraq.
Thursday, 1 October
- Indian refiners hire tankers to load crude inside Persian Gulf and cross Hormuz