Brent Oil

Brent crude oil prices have risen nearly 50% since the start of the year due to the effective closure of the Strait of Hormuz, which typically handles one-fifth of global oil flows.

Crude prices dropped nearly 10% after US president Donald Trump suggested the Iran conflict may be short-lived and signalled possible easing of oil sanctions, calming markets after a sharp spike above $100.

India’s dependence on imported crude and deep trade linkages with West Asia make the currency particularly vulnerable.

Oil surged by the most in four years, before paring some gains as traders assessed the effective closure of the Strait of Hormuz triggered by the US-Israeli war against Iran.

Crude Oil Prices Highlights: Israel launched a new wave of strikes on Tehran and Iran responded with more missile barrages. Iran has said it has closed navigation through the Strait of Hormuz, prompting Asian governments and refiners to assess oil stockpiles.

India, which imported around 400,000 barrels per day of Venezuelan crude before sanctions were imposed in 2020, currently procures a negligible quantity from the country. And not all Indian refineries can process viscous and heavy crude from the Latin American nation.

Russia currently accounts for about one-third of India’s total oil imports. India and China remain the two largest buyers of Russian seaborne crude, which is under US and European Union sanctions.

Donald Trump and Russian President Vladimir Putin are set to meet in Alaska on Friday, 15 August 2025. Investors and market experts await the talk results as they expect oil prices to remain volatile in the commodity market.

Members to raise production by 548,000 bpd in August, reversing cuts faster than expected; S&P says supply will outstrip demand by 1.2 million bpd in H2 2025.

Oil prices rebound as markets track the fragile ceasefire between Israel and Iran; India calls for diplomacy, citing risks to energy security if disruptions hit Strait of Hormuz.