Russian oil tankers carrying over 15 million barrels of crude are heading towards India after the US issued a temporary 30-day license allowing purchases, offering supply relief amid Middle East disruptions. However, Qatar’s Energy Minister warned the Financial Times that a Middle East war could push oil prices to $150, choking Gulf energy supplies and forcing exporters to halt shipments. Indian markets witnessed steep declines with the Sensex falling nearly 1,000 points to around 79,000 and Nifty dropping about 270 points to hover around 24,500, marking one of the worst weeks for banking and financial stocks. The government has directed refiners to maximize LPG production and prioritize supplies to state-run fuel retailers as nearly 90% of India’s LPG imports come from the Gulf. US Undersecretary of State Christopher Landau stated that a trade deal with India is almost ready but warned Washington will not repeat mistakes made with China, stressing the partnership must be based on reciprocity and fairness.
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