Ocean Offshore Marine India

Oil Prices Plunge Below $100 on Iran Deal Optimism

Oil prices plunged in early Asian trade on Monday following reports over the weekend that a deal to reopen the Strait of Hormuz was in its final stages.

At the time of writing, both oil benchmarks had fallen by more than 5%, with Brent breaking back below $100 to trade at $98.27, while WTI fell to $91.63.

Optimism around a deal was tempered somewhat on Sunday when President Trump posted on social media that he had informed his representatives "not to rush into a deal". A senior U.S. administration official then added that, while progress had been made, the deal would not be signed on Sunday.

The deal itself would aim to reopen the Strait of Hormuz, end the war, and see Iran give up its enriched uranium. The first stage of the agreement would be a 60-day extension of the ceasefire, during which time traffic would resume through the Strait, and nuclear negotiations would continue.

Iranian news agency Tasnim reported that the number of vessels transiting the Strait could return to pre-war levels within 30 days if an agreement is reached.

The deal would include an end to the war between Israel and Hezbollah, although Israeli Prime Minister Netanyahu emphasized that "any final agreement with Iran must eliminate the nuclear danger".

Norway Doubles Down on Oil and Gas as Europe Scrambles for Supply

Norway is boosting fossil fuel production to offset energy supply disruptions caused by Middle East instability and sanctions on Russian energy.
The Norwegian government plans to reopen three North Sea gas fields and maintain high production levels beyond 2030.
Environmental groups argue the policy undermines climate goals and delays Europe’s transition away from fossil fuels

Norway, well known for its oil and gas production, has ramped up its fossil fuel output in recent weeks to fill the gap following the closure of the Strait of Hormuz and the ongoing energy trade disruptions. While some countries are grateful to Norway for helping alleviate oil and gas shortages, environmentalists have critiqued the move, suggesting that more of a focus must be placed on increasing the region’s renewable energy capacity.

Norway appears to have taken on the role of “Europe’s saviour” as it stepped in to replace Middle Eastern oil and gas imports following the closure of a key trade corridor connecting Asia and Europe. The Prime Minister of Norway’s Labour-run government, Jonas Gahr Støre, explained, “It’s [Iran] a war that appears to have no plan… In such unpredictable times, Norway needs to be reliable.”

Ocean Offshore Marine India

BPCL, HPCL, Adani Total, other oil and gas stocks gain after crude oil prices ease

Oil and gas shares increased on May 19 due to reduced US-Iran tensions, boosting optimism for crude supply stability. Major Indian oil firms saw shares rise nearly 4% as falling crude prices are expected to enhance profitability.

Oil and gas shares rose on Tuesday, 19 May, following indications of reduced tensions between the US and Iran, which lifted optimism for stability in global crude supply and a decrease in oil prices.

Investor confidence particularly strengthened for downstream oil marketing firms, as falling crude prices are expected to lower raw material costs and boost refining and marketing margins.

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In Texas, high schools bet on a bright future for oil and gas careers under Trump

The fossil fuel industry pumps millions into preparing high schoolers for jobs as lease operators, technicians and more. The president’s call to ‘drill, baby, drill’ has reinvigorated that work

MIDLAND, Texas — Dylan Ruiz sat in front of a nearly 6-foot-tall structure, a jumble of pumps and valves that simulate the flow of liquids and pressure changes. He was working through a training scenario on preventing oil leaks during his class on pumps, compressors and mechanical drives at Midland College in Texas. In the oil and gas industry, even minor errors can have major consequences.

Reliance, BPCL to Adani Total Gas: Oil & Gas shares fall after crude oil prices jump on fresh escalation in US-Iran war

Chennai Petroleum Corporation shares were the top loser in the index with a fall of 3.2%. It was followed by Indian Oil Corporation Ltd, Bharat Petroleum Corporation Ltd (BPCL) and Hindustan Petroleum Corporation Ltd (HPCL) shares which dropped more than 2.5% each.
Shares of oil & gas companies traded sharply lower on Monday, in-line with the broader Indian stock market crash, after crude oil prices surged amid escalating US-Iran war in the Middle East.

The Nifty Oil & Gas index declined 1.6%, with all its constituents trading in the red. Chennai Petroleum Corporation shares were the top loser in the index with a fall of 3.2%. It was followed by Indian Oil Corporation Ltd, Bharat Petroleum Corporation Ltd (BPCL) and Hindustan Petroleum Corporation Ltd (HPCL) shares which dropped more than 2.5% each.

India’s Oil Crisis Deepens as Hormuz Remains Shut

India has lost over 40% of its crude oil flows since the Hormuz Strait closed, leaving oil marketing companies bleeding up to ?1,000 crore per day as the government keeps pump prices artificially low to shield consumers.

The rupee hit a new all-time low this week and foreign investors have pulled more than $20 billion from Indian equities in the first four months of 2026, already surpassing last year’s full-year record outflows.

India’s GDP growth is forecast to slow to 6.7% in fiscal 2026/2027 from 7.7% last year, with analysts warning fuel price hikes are likely in Q2 if the Middle East conflict drags on.

India's economic pains are intensifying every day that the Strait of Hormuz remains closed.

Two and a half months after the Middle East conflict began, one of the highest-performing emerging markets in recent years and the world's third-largest crude oil importer is scrambling to contain the oil shock that is spreading to consumer prices, foreign exchange reserves, and economic growth
Indian Oil Corporation Ltd. COSCO Shipping Global Petroleum Society Ocean Offshore Marine India Ship Lovers

India raises retail fuel prices for first time since Iran war started

India's state-run fuel retailers have raised petrol and diesel prices for the first time in four years by 3 rupees ($0.03) per litre, or more than 3%, ‌according to dealers, to recoup some of the losses incurred due to higher global crude oil prices.
India - the world's third-biggest oil importer and consumer - is one of the last major economies to raise retail fuel prices following the disruption to shipping through the Strait of Hormuz by the war started by U.S.-Israeli attacks on Iran,

State-run Indian Oil Corp (IOC.NS) Hindustan Petroleum Corp (HPCL.NS), and Bharat Petroleum Corp (BPCL.NS), , which together control more than 90% of India's 103,000 fuel stations, tend to set diesel and petrol prices in tandem.
A BPCL spokesperson confirmed the price increase at its retail outlets. Indian Oil and HPCL did not immediately respond to a request for comment.
Diesel in ⁠Delhi will cost 90.67 rupees a litre and petrol 97.77 rupees, reflecting increases of 3.4% and 3.2%, respectively, from 87.67 rupees and 94.77 rupees a litre.

Ocean Offshore Marine India COSCO Shipping Ship Lovers Indian Oil Corporation Ltd. Global Petroleum Society

Global energy crisis highlights meagre oil buffers in developing world

Governments in the Global South are among the least prepared to respond to the oil shock caused by the Iran war.

As the blockade of the Strait of Hormuz drives the worst energy crunch in modern history, leading governments to scramble to unload their emergency oil stockpiles, developing countries are among the least prepared to mitigate the shock.

Although surging fuel prices due to the fallout of the US-Israel war on Iran have impacted most of the world, import-reliant poorer countries are among the worst affected and the most lacking in energy reserves to cushion the blow.

International Energy Agency (IEA), the Paris-based body tasked with ensuring the global oil supply, is comprised exclusively of the industrialised countries that are part of the Organisation for Economic Co-operation and Development (OECD).

Established in 1974, when developed Western countries accounted for the bulk of global oil consumption, the IEA’s 32 member countries represent only about 16 percent of the world’s population.

While the agency’s coordinated release of 400 million barrels of emergency reserves in March was aimed at easing prices globally – theoretically benefitting all countries – the move highlighted the lack of stockpiles across much of the Global South.

Apart from the Middle East and Central Asia, the epicentre of the conflict, the Asia Pacific region, where many economies are heavily reliant on imported fuel, is expected to take the biggest economic hit.

US upstream oil and gas deals hit $38 billion in first quarter

Dealmaking in the U.S. upstream oil and gas sector reached $38 billion in the first quarter of 2026, the highest quarterly total in two years, according to analytics firm Enverus.

The Devon (NYSE:DVN) and Coterra merger accounted for the majority of first quarter activity. The two companies closed their $25 billion combination last week after announcing the plan in February. Devon and Coterra both operate in multiple shale formations, including the Delaware portion of the Permian Basin in Texas and New Mexico, as well as Oklahoma’s Anadarko Basin. Deal activity declined in March as crude price volatility increased following U.S.-Israeli strikes on Iran in February. The strikes led to a wider Middle East conflict and disrupted shipping through the Strait of Hormuz.

Since the conflict began on February 28, global benchmark Brent crude futures have ranged from $77.74 per barrel to $118.35 per barrel.

Enverus said higher oil prices will likely support a rebound in dealmaking by allowing more private exploration and production companies to pursue sales and enabling continued consolidation in the sector. Bosiet HUET H2S HLO Course Ocean Offshore Marine India