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Rupee tumbles to one-month low; crude spike pushes bond yields higher
The rupee recorded its sharpest one-day fall in a month on rising crude oil prices and renewed West Asia tensions, while the benchmark 10-year government bond yield climbed
Indian Stock Market Plunge: Rs 8.96 Lakh Cr Lost, Oil Surges - Rediff MoneyWiz
Indian Stock Market Plunge: Rs 8.96 Lakh Cr Lost, Oil SurgesRediff MoneyWiz
INR tumbles sharply against US dollar as oil prices soar on renewed US-Iran tensions; Sensex, NIFTY plunge over 2%
The Indian rupee tanked 59 paise to settle at 95.55 (provisional) against the US dollar on Wednesday as the US launched fresh strikes on Iran after Tehran struck three ships in the Strait of Hormuz, pushing up crude oil prices and strengthening the dollar. The US military attacked Iran early Wednesday after it said Tehran struck three ships in the Strait of Hormuz, part of an American effort that also revoked the Islamic Republic's ability to openly sell crude oil in the world market. Iran retaliated with strikes targeting Bahrain and Kuwait. Following the strikes, global crude oil prices rose exponentially. Brent crude, the global oil benchmark, was trading higher by 6.16 per cent at USD 78.73 per barrel in futures trade. The Indian stock market also suffered a massive crash, with the NSE Nifty 50 plunging 516.65 points (2.12%) to close at 23,882.05, while the BSE Sensex tanked 1,677.12 points (2.15%) to settle at 76,503.60.
US stock market today: Dow, S&P 500 futures drop up to 1% as oil rally and Middle East risks hit sentiment
US stock futures indicated a weak start on 8 July amid rising crude oil prices and tensions in the Middle East. S&P 500 futures fell 0.8%, while Dow Jones and Nasdaq futures declined 1%. Investor sentiment weakened following US strikes on Iran amid escalating conflict.
Indian Oil Tanker Turned Back From Omani Corridor As Hormuz Tensions Escalate
Iran says it turned back an Indian oil tanker from the Omani corridor in Hormuz.
What are the risks of an LNG tanker explosion?
A Qatari LNG tanker sustained damage in an attack near the Strait of Hormuz. The vessel, Al Rekayyat, is reportedly at risk of exploding following the incident. This marks the second war-related attack on an LNG carrier this year. LNG is natural gas cooled to liquid form for easier transport. Modern LNG carriers have multiple safety features to prevent explosions.
TVS Motor, Indian Oil partner to deploy TVS King Kargo HD for last-mile LPG distribution
Shares of TVS Motor Company Ltd ended 1.85% lower at ₹3,642.05, down ₹68.55, while Indian Oil Corporation Ltd shares settled 3.51% lower at ₹137.25, down ₹5.00, on the BSE.
Backlash on ethanol-blend fuel intensifies in India, puts carmakers in the dock
India's mandatory E20 fuel policy faces public backlash and political opposition. Car owners report reduced mileage and potential vehicle damage from the new fuel. The government asserts E20 reduces crude oil imports and aids farmers. Opposition leaders demand clarity from automakers regarding vehicle compatibility with E20. This policy, implemented nationwide, has reignited concerns about its rapid rollout.
India Eyes Talks With Iran To Secure Safe Passage For Tankers In Strait Of Hormuz
India are exploring talks with Iran to secure oil and LPG tankers amid fresh Strait of Hormuz tensions.
Sensex, Nifty tumble over 2% as oil spike and Middle East tensions spook investors
The S&P BSE Sensex tanked 1,677.12 points or 2.15% to 76,503.60. The Nifty 50 index lost 516.65 points or 2.12% to 23,882.05.
Oil jumps over 6% as Trump declares Iran ceasefire, MoU effectively over
The US has reinstated sanctions on Iranian oil and launches fresh strikes, reviving fears of disruption in the Strait of Hormuz and raising fresh concerns for India's energy security and inflation outlook.
Indian-flagged crude tanker turns back from Strait of Hormuz after vessel attacks: Report
Several oil and gas tankers have turned back from the Strait of Hormuz. This action follows renewed attacks on vessels in the critical waterway. A Qatari LNG tanker and a Saudi crude oil tanker were damaged near the strait. Maritime authorities have raised the threat risk for transiting vessels to severe. Indian refiner Mangalore Refinery cancelled a crude oil charter from Iraq.