Market move● Neutral for Indian equities
325 million oil barrels released to counter global energy crisis: IEA
The brief
- The IEA released 325 million barrels to counter the global energy crisis
- The Strait of Hormuz crisis continues to weigh on energy markets, particularly diesel
- Supply relief may ease crude costs for Indian refiners, while Hormuz disruption still pressures diesel markets
- Iraq says it moved 2 million barrels of crude through Strait of Hormuz
- Trump says Iran war could end after U.S. elections as Hormuz tensions persist
- Five Indians rescued after projectile strikes tanker in Strait of Hormuz
- US-Iran war news LIVE: Two oil tankers attacked in Strait of Hormuz by 'unidentified projectiles,' says UKMTO
- Crude oil tanker struck by unknown projectile off Oman, UKMTO says
Diesel export-ban threat and G7 reserve release
Amid supply disruptions linked to wars in the Middle East and Ukraine, Trump threatened to ban US diesel exports unless European allies released reserves; a ban could remove about 1.2 million barrels a day from global supply. The G7 agreed to release 100 million barrels of oil and fuel over four months, including frontloaded diesel supplies.
Sunday, 4 October
- 325 million oil barrels released to counter global energy crisis: IEA