Economy · India
India's Crude Oil Basket Nears $100 Amid US-Iran Tensions
India's crude oil basket price is approaching $100 per barrel following increased tensions between the US and Iran. This surge has led to the steepest weekly gain for oil since mid-July, with prices remaining above $96. The price increase has contributed to a four-week losing streak for the Nifty index. US Treasury Secretary Scott Bessent claimed that crude oil prices could drop as low as $40 per barrel after the Iran conflict concludes due to oversupply, which he expects will subsequently lower bond yields. Additionally, Virgin's Richard Branson claimed that wars started by 'foolish leaders' have choked oil production and transportation, increasing the cost of car and jet fuels.
How outlets across the spectrum covered it
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- Centre (4): Telangana Today, The Economic Times, The Financial Express, The Hindu BusinessLine
- International (1): BBC News