OIL PRICES

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• A caution for India as Iran's one action can shoot up oil and LNG prices

  India-Israel war: Oil and LNG prices could see a notable rise if Iran opts to block the Strait of Hormuz, a key route for importing crude oil from Saudi Arabia, Iraq, and UAE. Analysts have pointed out that this could lead to increased inflation. The conflict between Iran and Israel has escalated recently, with Iran launching drone and rocket attacks on Israel, prompting Israel to respond with missile strikes. Crude oil prices have hovered around USD 90 per barrel amid the tensions. While efforts to de-escalate the situation are underway, Motilal Oswal Financial Services has warned of potential price hikes in oil and LNG if Iran takes steps to restrict the flow of oil through the Strait of Hormuz.

  

• Hungary's government to consider fuel price intervention on Wednesday

  The minister said reintroducing fuel price caps is "not ruled out", putting further pressure on suppliers to cut prices closer to the central European average as part of a wider government price-setting intervention after an earlier inflation surge.

  

• Oil inches up after U.S. reimposes Venezuela oil sanctions

  "Ongoing risks to supply should help support commodity markets, despite easing tensions in the Middle East," ANZ Research said in a note. "An improvement in risk appetite saw some buying return to the commodity sector."

  

• Crude oil prices may rise, but LS polls will cushion the blow to Indian consumers

  The growing tensions in West Asia following hostilities between Iran and Israel could throw global crude oil prices out of control. If they start inching towards USD125/barrel, India will need to gear up for an inflationary era where buying sentiment will take a hit. For now, the Lok Sabha elections will act as a buffer since voters need to be kept in good humour.

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• Rupee to struggle on worries over oil prices, weak risk

  Oil prices have been rising steadily in recent weeks and the near-term questions come down to how much further could it increase and how quickly, HSBC said in a note.

  

• Iran-Israel conflict: Fuel prices may not rise in poll season

  Irrespective of the volatility in global oil prices, domestic retail prices of petrol, diesel and cooking gas are unlikely to rise for the next two months due to elections, industry executives said.

  

• Oil’s rise complicates global war on inflation

  Rising oil prices pose inflation risks for India, with a USD 10/barrel hike potentially increasing consumer prices by 0.2-1.4%. Asian economies, especially net importers of crude, are sensitive to CPI and could face challenges.

  

• Oil at USD 100? Will oil prices hit a century this summer as a global shortage takes hold?

  Oil prices surged above USD 90 a barrel due to military tensions between Israel and Iran, compounded by global supply shocks. Mexico cutting crude exports and other disruptions are intensifying fears of inflation. This supply crunch is turbocharging an oil rally, potentially pushing Brent crude to USD 100, impacting global economies and Biden's reelection chances.

  

• Oil extends gains as geopolitical supply risks intensify

  Investors are also concerned that Iranian retaliation against Israel for an attack on Monday that killed high ranking military personnel could potentially lead to supply disruptions in the key Middle East producing region after it vowed revenge. Iran, who provides support of the Hamas militia fighting Israel in Gaza, is the third-largest producer in the Organization of the Petroleum Exporting Countries (OPEC).

  

• Oil prices fall for a second day as US crude inventories increase

  U.S. crude oil inventories rose by 9.3 million barrels in the week ended March 22, according to market sources citing American Petroleum Institute figures on Tuesday. Distillate inventories also rose by 531,000 barrels.

  

• Oil prices extend upward momentum on expectations of tighter supply

  Brent crude rose 23 cents to USD 86.98 a barrel by 0118 GMT. U.S. crude futures climbed 28 cents to USD 82.23. Crude oil gained on supply side issues and continued Middle East tensions, according to a note from ANZ analysts