Fuel prices steady in major Indian cities despite crude dip
Gasoline and diesel prices didn't budge in major Indian cities on Monday, even though global crude oil rates slipped.
Brent crude fell 1% to $93.43 a barrel, and US crude dropped to $86.14, after both saw a big jump last week.
So, despite world markets shifting, your local pump price remains the same for now.
US sanctions slow Iranian oil exports
Why are oil prices moving? It's mostly about rising tensions between the US and Iran. Tougher US sanctions have slowed Iranian oil exports through the Strait of Hormuz, a key route for 20% of global oil and gas supplies, which means less Iranian oil reaching buyers like China.
Scott Bessent is set to talk about this strategy soon.
Meanwhile, Tehran condemned Trump's new sanctions and called them "economic terrorism," but says he hopes for a diplomatic fix.
Commonwealth Bank of Australia commodities analyst Vivek Dhar warns that if the US measures do work as intended, Iran's ability to respond via increased violence becomes a growing risk for energy markets to consider.