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US Strikes Iran After Hormuz Ship Attacks Amid Khamenei funeral, Revokes Sanction Waiver On Oil
Iranian state media reported explosions and injuries across Qeshm Island, Bandar Abbas and Sirik.
Oil Prices On July 8: Brent Crude Surges 3% To $76 As US Strikes Iran After Ship Attacks
Brent crude climbed as much as 2.8% to trade above $76 a barrel, while US benchmark West Texas Intermediate (WTI) rose above $72 a barrel.
Explained - Why Nasdaq fell over 500 points on Tuesday and underperformed the Dow
Crude oil prices jumped overnight, a first significant move on the upside since the signing of the ceasefire agreement between the US and Iran. Brent crude surged over 5% after three commercial vessels transiting the Strait of Hormuz were reportedly attacked by Iran.
Near-zero E100 demand puts brakes on OMCs' E85 rollout
Oil companies are reluctant to expand E85 fuel stations due to poor demand. Nearly 400 pilot E100 outlets saw almost no fuel offtake. Flex-fuel vehicle sales must increase before infrastructure expansion occurs. Higher ethanol blends may damage engines in older vehicles. Low price difference and energy content hinder ethanol fuel adoption.
Russian Oil Gets Cheaper For India As Discounts Cross $10 Mark: Report
India has emerged as one of Russia's biggest energy customers.
Govt Evaluates Phased Shift To Higher Ethanol Blends
The shift towards higher ethanol blending is part of the government's broader strategy to reduce dependence on imported crude oil.
Gold, silver prices today: Comex gold and silver edge lower amid Middle East tensions, firm US dollar
Precious metals declined on 7 July amid rising tensions in the Middle East and ahead of Federal Reserve meeting minutes. Gold and silver futures fell sharply, continuously influenced by international geopolitical concerns and fluctuations in the US dollar and crude oil prices.
Market Pulse: Key triggers to watch before the July 8 trading session
Indian investors will track the continuing attacks on tankers by Iranian forces, which are increasing concerns among shipowners. Oil marketing companies, including Indian Oil Corporation, Bharat Petroleum Corporation and Hindustan Petroleum Corporation, may remain on investors’ radar amid developments in crude markets. Also, the government has decided to exercise the entire green shoe option in the Cochin Shipyard Offer for Sale (OFS) after strong investor response on the first day. Further, US markets are trading higher as investors rotate away from artificial intelligence-linked stocks. Oil prices remain in focus after vessel attacks in the Persian Gulf, with potential supply concerns keeping crude markets under watch.
US stock market today: S&P 500, Nasdaq futures edge lower as chip stocks retreat; crude oil prices rise - livemint.com
US stock market today: S&P 500, Nasdaq futures edge lower as chip stocks retreat; crude oil prices riselivemint.com
INR seen supported by improving global risk sentiments
The Indian rupee appreciated 48 paise to close at 94.95 (provisional) against the US dollar on Tuesday, on improved global risk sentiments as higher traffic flows through the Strait of Hormuz reduced supply uncertainties. Market sentiment was also buoyed after Saudi Arabia slashed August crude oil prices for Asia by USD 11 per barrel. Moreover, softness in Brent oil prices is alaos expected to ease inflationary pressures for India, the world's third-largest oil importer. However, Indian shares ended slightly lower on Tuesday, with benchmark indexes Sensex and Nifty snapping a four-day winning streak. The Indian benchmark equity indices snapped their four-day winning streak, ending marginally lower due to late-session profit booking and weak Asian cues. The NSE Nifty 50 declined by 31.65 points (0.13%) to close at 24,398.70, while the BSE Sensex dropped 104.35 points (0.13%) to settle at 78,180.72.
Name any car that faced issues due to ethanol-blended petrol: Nitin Gadkari
Union Minister Nitin Gadkari challenged critics to name any car facing issues with E20 petrol. He stated that India's fossil fuel dependence is an economic and environmental burden. Higher ethanol blends reduce reliance on imported crude oil and cut carbon emissions. Ethanol production from corn has generated significant income for farmers in Uttar Pradesh and Bihar. The ministry is proposing wider use of alternative fuels like E85 and E100.
Citi sees oil prices falling to $60-$65, says wait before buying gold
The investment bank says improving geopolitical conditions and higher oil production could push crude prices lower, while gold and silver may remain under pressure in the near term.