Oil prices jump as U.S.-Iran ceasefire uncertainty fuels supply fears
Oil prices jumped on Tuesday as uncertainty around a U.S.-Iran ceasefire made traders nervous about future supply.
President Trump called the truce "unbelievably weak," while Iran's parliamentary speaker warned they're ready to hit back if provoked.
Even though the US tried to calm things down by releasing 53 million barrels from its oil reserves, prices kept rising.
India oil companies losing 1,000 cr
India buys almost 90% of its oil from other countries, so pricier crude is a big deal here.
Fuel prices at the pump haven't changed, but oil companies are losing about ₹1,000 crore every day: quarterly losses could hit ₹1 lakh crore, according to Petroleum Minister Hardeep Singh Puri.
On the bright side, officials say India has enough reserves to last 60 days for crude and natural gas, and 45 days for LPG.