Oil Supply

US strikes targeted Iranian air defense and missile sites after explosions were reported in southern Iran's Sirik and Bandar Abbas. The US revoked a license for Iranian oil sales, citing Tehran's actions in Strait of Hormuz as unacceptable, further straining relations amidst ongoing negotiations.

Defence Minister Rajnath Singh said, currently, India has inventories of crude oil, petrol, diesel, and ATF (Aviation Turbine Fuel) sufficient for over 60 days of consumption.

The IEA is releasing 400 million barrels of emergency oil to global markets as the US-Israel conflict with Iran disrupts supplies. Member countries in the Americas, Asia Oceania, and Europe will provide government and industry stocks. The move aims to calm markets after crude hit $120/barrel.

The US-Israel war with Iran has pushed oil prices higher and disrupted Gulf exports. Analysts say this could benefit Russia, as rising crude prices and renewed Indian purchases boost Moscow’s oil revenues. Temporary sanctions relief and strong demand may generate billions in extra income.

US-Israel-Iran war: Amid the US-Iran war, several energy firms, including Bapco Energies, QatarEnergy and Kuwait Petroleum Corporation, have invoked force majeure, allowing them to suspend contracts as war-related disruptions hit oil, gas and petrochemical supplies across the Middle East and Asia.

Maritime traffic in the Strait of Hormuz has come to a ‘near-total temporary pause’, with only a few ships passing through in the past 24 hours amid sustained conflict by the United States, Israel and Iran in the Middle East.

Exxon Mobile shares surged 5% in pre-market trade on NYSE, reaching $126.33 apiece after US President Donald Trump said the United States would “run” Venezuela following the ousting of Nicolás Maduro over the weekend.