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Market move▼ Bearish for Indian equities
Oil Prices Rise as U.S.-Iran Talks Face Fresh Hurdles
The brief
- Oil prices rose as U.S.-Iran diplomacy faced fresh obstacles and Middle East energy-security risks persisted
- Higher crude can pressure Indian oil marketing companies and raise fuel-cost risks for consumers
- Oil prices fall after Iran asks U.S. to return to failed memorandum of understanding from June
- Replacing 1 million bpd of Russian oil could cost India up to $3.7 billion annually
- Global Market: VLCC rates hit record as Saudi crude flows jump
- Puri warns West Asia crisis could escalate; says India does not need refinery investment
- Oil rises as Iran threat to widen war dims hopes of Strait of Hormuz deal