Oil prices could hit a record $200 per barrel if the war in the Middle East drags on through the entire second quarter, analysts at Macquarie Group have warned.  The odds of the Iran war dragging on until June were put at 40% by the analysts in a note carried by Bloomberg. But the scenario of the war ending by the end of March currently appears more plausible, with odds at 60%, ...

India on Friday moved to protect its fuel supply and consumers by reducing domestic taxes on gasoline and diesel and imposing a levy on fuel exports. In view of the West Asia crisis, the central excise duty on petrol and diesel for domestic consumption has been reduced by 10 rupees ($0.11) per liter each, Finance Minister Nirmala Sitharaman said in a post on X today. “This will ...

A cyclone has disrupted operations at a total of three LNG facilities in Australia, including Chevron’s Gorgon and Wheatstone, worsening an increasingly severe global LNG supply crunch. Santos was the first to report a shutdown at its Barossa gas field, which feeds the Darwin LNG terminal, earlier this week as a tropical cyclone barreled towards Australia. Chevron reported the o...

Japan is considering ramping up coal-fired power generation amid a liquefied natural gas crunch that has led to significantly higher prices. Per a proposal drafted by the economy ministry, the 50% utilization rate cap on coal-fired power plants could be removed in the new fiscal year that begins in April, Reuters reported, adding that this could reduce consumption of LNG by half...

Crude oil prices were set for a sharp decline this week despite ongoing hostilities in the Middle East, as traders pinned their hopes on President Trump’s statements suggesting the war would end soon. Brent crude was trading at $107.98 per barrel at the time of writing, and West Texas Intermediate was changing hands for $94.12 per barrel. For Brent, the decline would be from $11...