Oil Steadies After Rally as Trump Signals Short Iran Campaign
· Business · LiveMint, Investing.com
Oil prices steadied after a three-day rally, with Brent crude trading near $95 a barrel and West Texas Intermediate below $91, both up more than 8% over the past three sessions. President Donald Trump said renewed US strikes on Iran would be short-lived, adding "we're prepared to do another one," even as Iran retaliated by firing drones and missiles at American bases across the Middle East. US officials signalled robust energy flows through the Strait of Hormuz, with the American military escorting 40 vessels carrying 18 million barrels of oil on Tuesday and Energy Secretary Chris Wright noting about 8 million barrels a day were exiting the waterway. Crude prices are now nearly 60% higher year-to-date, with refined products such as diesel rallying even harder on the combined impact of the Middle East conflict and the Russia-Ukraine war. Neither side has returned to negotiations since the collapse of a June interim peace accord, and US crude inventories fell by 4.5 million barrels last
Why it matters
India imports over 85% of its crude oil needs, so Brent holding near $95 and a near 60% annual price surge directly raise pump prices, inflation, and the import bill for New Delhi. A prolonged Strait of Hormuz disruption would hit Indian refiners like Indian Oil and Reliance hardest, while any fresh Iran talks that deflate prices could offer quick relief at the fuel pump.
Read the original report — LiveMint
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