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Market move▼ Bearish for Indian equities
Oil rises as Iran threat to widen war dims hopes of Strait of Hormuz deal
The brief
- Brent futures rose more than 3% to above $106 a barrel before paring gains
- Traders assessed higher oil flows from the region as Iran threatened to widen the war
- Higher crude prices pressure Indian airlines and oil-marketing companies while benefiting upstream producers
- Oil prices rebound after Trump rejects peace deal to resolve Iran conflict
- Crude oil price dips as traders weigh US-Iran Hormuz talks, supply risks
- Replacing 1 million bpd of Russian oil could cost India up to $3.7 billion annually
- Italy to Convene Oil Refiners as it Seeks to Boost Fuels Output
- Global Market: VLCC rates hit record as Saudi crude flows jump
US-Iran standoff over reopening the Strait of Hormuz
Oil rose as Iran threatened to widen the conflict and held to a seven-day proposal to reopen the Strait of Hormuz, while Trump rejected the proposal. Iran said indirect talks with the US remained open; Trump said the conflict could end soon but did not rule out further strikes.
Friday, 25 September
Thursday, 24 September
- Oil rises as Iran threat to widen war dims hopes of Strait of Hormuz deal