A milder 2025 summer and heavy rainfalls in the monsoon season later dragged down the growth in India's electricity consumption in the fiscal year ended March 2026 to the lowest level in six years. The electricity supplied by India's state power retailers between April 2025 and March 2026 increased by less than 1% compared to the previous fiscal year, according to data from the country's Central Electricity Authority cited by Bloomberg. The growth was India's slowest since the 2020-2021 fiscal year when the Covid pandemic and related restrictions…

Oil markets are hanging on U.S.–Iran talks as hopes for reopening the Strait of Hormuz push prices lower—but failure could trigger shortages and a new price spike. Friday, April 17, 2026 Oil markets are fixated on this weekend’s second round of US-Iran talks, with hopes rising for a negotiated end to the Strait of Hormuz’s 45-day blockade. Iran’s announcements that navigation through Hormuz is open come after Trump managed to seal a shaky Israel-Lebanon ceasefire, sending ICE Brent below $90 per barrel again. The negotiations…

A labor dispute could soon lead to industrial action at the Ichthys LNG plant offshore Western Australia, potentially further crippling global LNG supply at a time when 20% is already offline due to the missile strikes at Qatar's key plant and the closure of the Strait of Hormuz. The labor dispute has been brewing for days after the operator of Ichthys LNG, Japanese energy firm Inpex, proposed a new employment agreement that trade unions have slammed as 'sub-standard' in terms of wages and benefits. Employees have voted to reject the employment…

A labor dispute could soon lead to industrial action at the Ichthys LNG plant offshore Western Australia, potentially further crippling global LNG supply at a time when 20% is already offline due to the missile strikes at Qatar's key plant and the closure of the Strait of Hormuz. The labor dispute has been brewing for days after the operator of Ichthys LNG, Japanese energy firm Inpex, proposed a new employment agreement that trade unions have slammed as 'sub-standard' in terms of wages and benefits. Employees have voted to reject the employment…

A labor dispute could soon lead to industrial action at the Ichthys LNG plant offshore Western Australia, potentially further crippling global LNG supply at a time when 20% is already offline due to the missile strikes at Qatar's key plant and the closure of the Strait of Hormuz. The labor dispute has been brewing for days after the operator of Ichthys LNG, Japanese energy firm Inpex, proposed a new employment agreement that trade unions have slammed as 'sub-standard' in terms of wages and benefits. Employees have voted to reject the employment…

A labor dispute could soon lead to industrial action at the Ichthys LNG plant offshore Western Australia, potentially further crippling global LNG supply at a time when 20% is already offline due to the missile strikes at Qatar's key plant and the closure of the Strait of Hormuz. The labor dispute has been brewing for days after the operator of Ichthys LNG, Japanese energy firm Inpex, proposed a new employment agreement that trade unions have slammed as 'sub-standard' in terms of wages and benefits. Employees have voted to reject the employment…

When a geopolitical shock hits energy markets, the same pattern plays out: diesel prices spike fast, while gasoline lags behind. According to data from the Energy Information Administration, since the conflict in Iran began through to 4/6/26, the national average price of gasoline has risen by $1.11 per gallon. Meanwhile, diesel prices are up $1.75 per gallon. That divergence is important because diesel underpins freight and logistics, amplifying inflationary pressures across the broader economy. We saw this exact pattern after Russia’s invasion…

Iran's Foreign Minister Abbas Araghchi announced Friday that the Strait of Hormuz is "completely open" to commercial shipping for the remainder of the US-Iran ceasefire, a declaration that drew an immediate public thank-you from President Trump. "In line with the ceasefire in Lebanon, the passage for all commercial vessels through Strait of Hormuz is declared completely open for the remaining period of ceasefire, on the coordinated route as already announced by Ports and Maritime Organisation of the Islamic Rep. of Iran," Araghchi wrote on X. Trump…

Indian refiners that have bought Iranian crude under the one-month U.S. waiver on Iran's oil on tankers are settling the purchases in Chinese yuan via the Shanghai office of India's ICICI Bank, Reuters reported on Friday, quoting multiple sources familiar with the deals. After initial hesitancy following the temporary U.S. waiver on purchases of Iranian crude loaded on tankers, some Indian refiners have opted to buy Iranian oil during the window of 'unsanctioned' crude from Iran that closes on Sunday, April 19. Earlier this week, U.S. Secretary…

Indian refiners that have bought Iranian crude under the one-month U.S. waiver on Iran's oil on tankers are settling the purchases in Chinese yuan via the Shanghai office of India's ICICI Bank, Reuters reported on Friday, quoting multiple sources familiar with the deals. After initial hesitancy following the temporary U.S. waiver on purchases of Iranian crude loaded on tankers, some Indian refiners have opted to buy Iranian oil during the window of 'unsanctioned' crude from Iran that closes on Sunday, April 19. Earlier this week, U.S. Secretary…

Conflict Update (as of 12:00 a.m. ET, April 18) The U.S. rushed to lock in a 10-day Israel-Lebanon ceasefire starting on Thursday because the Lebanon front was starting to blow up the Iran talks. The Lebanon ceasefire did not get off to a smooth start, with Israeli strikes continuing right up to the deadline, killing civilians, and Hezbollah openly signaling it doesn’t trust the deal. Iran backed the Lebanon pause immediately and tied it to its own ceasefire with Washington, making clear it expects the regional fighting to be part of any…

Israel failed to demonstrate any meaningful gains in its own version of the war with Iran. Now, it needs a new enemy to target, and preferably one that would cause a dangerous wedge. The target is Turkey, a very important U.S. ally in this conflict, and Netanyahu is now publicly attempting to tie Erdogan to Iran and its proxies. Simultaneously, the propaganda machines are working overtime, with U.S. media now taking the Israeli “think tank” bait and questioning Turkey’s place inside NATO, pointing to Hamas links and Muslim Brotherhood…

WTI and Brent crude traded through a volatile stretch from this week, driven almost entirely by headlines tied to the U.S.-Iran conflict. By Thursday night, June WTI crude was trading at $89.23, up $0.25, or 0.28%. The week started with a sharp rally as supply fears spiked, then shifted into a mix of profit-taking and cautious buying as traders weighed the risk of a longer disruption against the chance of renewed talks. At the center of everything was the Strait of Hormuz, a key shipping route for global oil, and the question of how long those…

Empty supertankers have left Asia en route to the U.S. via the Cape of Good Hope in one of the biggest queue of vessels ever seen at sea, as Asian buyers rush to load U.S. crude to replace part of the supply lost in the Middle East. "Tankers are forming what looks like a fleet, an unbroken line heading to the U.S.," Kpler's analyst Matt Smith has told Nikkei. "The queue of VLCCs bound for the U.S. is the biggest we've ever seen, highlighting a squeeze in oil supply," the analyst noted. Asia is starved of crude as its biggest suppliers, the oil…

Oil prices have held steady below $100 per barrel since the U.S. on Monday initiated a naval blockade to deter Iran-linked ships from passing through the Strait of Hormuz. The three days of calmer oil futures markets so far this week aren’t expected to last long amid the volatile geopolitical situation at the world’s most vital oil shipping lane. The price of oil has the potential to either surge to new highs or slump to pre-war levels, depending on the U.S.-Iran talks, but most of all—on the status of navigability of the Strait…

Oil markets clawed back their recent losses, with oil prices rallying after Congress voted in favor of keeping the U.S. military in Iran. The House rejected a resolution requiring President Trump to withdraw U.S. forces from the conflict with Iran, with Republicans largely supporting continued intervention, citing the need to tackle Iran's nuclear capabilities. Brent crude for June delivery gained 4.7% to trade at $101.7 per barrel 6:.44 pm ET on Thursday, while WTI crude spiked over 4% immediately after the vote, but by evening was trading down…

Damage caused to energy infrastructure in Gulf states would cost $58 billion to repair, Rystad Energy estimated this week, suggesting the fallout of the war between the U.S. and Israel, and Iran is more severe than futures market-focused observers would assume, because just two weeks ago, Rystad had calculated the damage at less than half that amount. According to the International Energy Agency’s head, Fatih Birol, more than 80 oil and gas facilities in Gulf states have been damaged in U.S. and Israeli attacks on Iran's oil and gas facilities…

It could take up to two years to restore a meaningful share of oil and gas production lost in the Iran war, according to International Energy Agency chief Fatih Birol. That timeline matters because markets are still treating the disruption as temporary. It isn’t. Oil fields, refineries, and pipelines have sustained damage across the Persian Gulf. The Strait of Hormuz has also been largely shut, cutting off a key export route for crude and fuels. Together, those disruptions have removed hundreds of millions of barrels from the market. In an…

It could take up to two years to restore a meaningful share of oil and gas production lost in the Iran war, according to International Energy Agency chief Fatih Birol. That timeline matters because markets are still treating the disruption as temporary. It isn’t. Oil fields, refineries, and pipelines have sustained damage across the Persian Gulf. The Strait of Hormuz has also been largely shut, cutting off a key export route for crude and fuels. Together, those disruptions have removed hundreds of millions of barrels from the market. In an…

India’s central bank has told state-run oil refiners to stop buying dollars in the spot market and instead use a government-backed credit line. That matters because oil is priced in dollars, and refiners are some of the biggest buyers of dollars in the country. When they all go into the market at once to pay for crude, it puts direct pressure on the rupee. That pressure has been building for weeks. The Reserve Bank of India is now stepping in to manage the demand. State refiners, including Indian Oil Corporation, Hindustan Petroleum Corporation,…