Indian refiners are settling payments for rare cargoes of Iranian oil purchased under a temporary US sanctions waiver using Chinese yuan through ICICI Bank, a Reuters report said, quoting four sources with knowledge of the matter.

Last month, Washington unveiled 30-day waivers on US sanctions for the purchase of Russian and Iranian oil at sea in an attempt to ease prices that were driven up by the US-Israeli war on Iran. Treasury Secretary Scott Bessent on Wednesday said the U.S. would not renew the waivers, with the exemption on Iranian oil set to lapse on Sunday.

Difficulties over arranging payment for such cargoes, given longstanding sanctions on Tehran, have deterred some would-be buyers of Iranian crude under the waiver, traders have said.

US President Donald Trump's administration on Friday issued a waiver allowing India and other countries to buy sanctioned Russian oil and petroleum products at sea for about a month, seeking to control global energy prices that have shot higher during the US-Israeli war on Iran, reported Reuters.

The US Treasury Department posted the license to its website late on Friday, allowing countries to purchase Russian oil loaded on vessels as of Friday through May 16.

The license, part of the administration's effort to control global energy prices that have shot higher during the U.S.-Israeli war on Iran, replaces a 30-day waiver that expired on April 11. It excludes transactions involving Iran, Cuba and North Korea.

In a move which is expected to boost wheat procurement drive for the current season, the food ministry on Friday relaxed the norms for Punjab, the biggest contributor to the central pool stock, for the harvested crop hit by unseasonal rains.

Food ministry in a communication to Punjab stated that norm for procurement is being relaxed the wheat crop got affected due to untimely rainfall in all the districts of Punjab adjoining Chandigarh.

Oil prices saw some relief on Wednesday. Prices tanked sharply below the $100/bbl mark after the announcement of the 2-week US-Iran ceasefire.

This is the first time crude oil prices are below the crucial $100/bbl mark this week. Prices had surged to 4-year highs after the escalation of violence in West Asia.

3 reasons why oil prices have fallen 13% today

Here are three reasons over what caused the retreat for oil prices:

1. US-Iran declare a two-week ceasefire; Strait of Hormuz opened
Oil prices slipped below the $100/bbl mark and saw some relief on Wednesday after US President Donald Trump agreed to a two-week ceasefire with Iran. The US President said he would suspend attacks on Tehran in exchange for the immediate and safe reopening of the crucial trade route—the Strait of Hormuz.

US crude futures, West Texas Intermediate (WTI) May contract, slipped by 19%, falling to a low of $91/bbl, marking its biggest intraday decline since 2020, while Brent crude futures for June slipped to an intraday low of $93/bbl.
What did Trump say?

The US President, in a social media statement on Truth Social, said that he had received Iran’s 10-point plan and believed it was a workable basis to negotiate. He added that both countries were very far along in reaching a definitive agreement concerning a long-term peace plan.

India, the world's second-largest sugar producer, has no plans to curb sugar exports, Food Secretary Sanjeev Chopra said on Tuesday, as a fall in domestic consumption partly offsets lower-than-expected output.

The South Asian country has allowed exports of 1.59 million metric tons on the assumption production would exceed local demand. However, output is projected to fall below consumption for a second consecutive year due to weaker cane yields in the biggest producing states.

Concerns over the upcoming monsoon have also led traders to speculate that the government could trim export allocations for the current year.

"There is no such proposal," Chopra said when asked whether India would impose a ban or curb sugar exports to divert supplies for ethanol production as a way of mitigating the disruption of crude oil supplies caused by the Iran war.

No plans to cut import duties on more costly edible oils
India also has no plans to cut import duties on vegetable oils such as palm oil, soyoil, and sunflower oil, he said.

The country's gold imports rose 28.73 per cent to USD 69 billion during April-February 2025-26 on account of high prices of the precious metal, according to the Commerce Ministry data.

Gold imports stood at USD 53.52 billion in April-February 2024-25.

The rise in gold imports pushed the country's trade deficit (difference between imports and exports) to USD 310.60 billion during the 11-months of the last fiscal as compared to USD 261.80 billion during April-February 2024-25, the data showed.

Prices of the yellow metal are hovering at around Rs 1,51,500 per 10 grams (inclusive of all taxes) in the national capital.

Switzerland is the largest source of gold imports, with about 40 per cent share, followed by the UAE (over 16 per cent) and South Africa (about 10 per cent).

Saudi Arabia has raised the price of its flagship crude for Asian buyers to a record premium as disruptions in Strait of Hormuz unsettle global energy markets, according to a report by Bloomberg.

State-owned Saudi Aramco will price its Arab Light crude for May sales at a premium of $19.50 a barrel over the regional benchmark for Asian refiners, Bloomberg reported, citing a price list it has seen.

The premium, while a record, is lower than the $40 a barrel level expected by traders and refiners surveyed by Bloomberg.

The increase comes as Iran’s near closure of the Strait of Hormuz has disrupted regional energy flows. The US and Israeli war against Iran has effectively choked supplies moving out of the Persian Gulf, the report said.

The turmoil has pushed global oil prices sharply higher. Brent crude has risen by more than 50%, while fuel prices across the US, Europe and Asia have also surged.

The Organisation of the Petroleum Exporting Countries (OPEC) have decided to implement a production adjustment of 206,000 barrels per day. This adjustment will be implemented in May 2026.

The eight OPEC+ countries, which previously announced additional voluntary adjustments in April and November 2023, namely Saudi Arabia, Russia, Iraq, UAE, Kuwait, Kazakhstan, Algeria, and Oman, met virtually on April 5 to review global market conditions and outlook, according to a statement.

“In their collective commitment to support oil market stability, the eight participating countries decided to implement a production adjustment of 206 thousand barrels per day from the 1.65 million barrels per day additional voluntary adjustments announced in April 2023”.

Gold, a safe-haven asset, is often the last option for raising cash during a crisis. In times like these, when the world is on edge and tensions in the Middle East show no signs of easing, some central banks are feeling the heat.

Two big countries have already dipped into their gold reserves. According to a recent World Gold Council report, Turkey sold 8 tonnes, and Russia sold 6 tonnes of gold in February.

However, Turkey’s situation is more complex than the numbers suggest. That decline in gold reserves largely happened before the Iran war began.

The report clarifies that in Turkey’s case, the reduction appeared to reflect a decline in Treasury holdings, rather than central bank reserves. In March, however, the Turkish central bank was highly active, with estimates indicating it used around 50 tonnes of its gold reserves for liquidity purposes and foreign exchange operations.

Russian oil output cuts are imminent because Ukraine's strikes on port infrastructure, pipelines and refineries have reduced export capability by 1 million barrels per day, or a fifth of total capacity, three industry sources said on Thursday.

A cut in output in Russia, the world's second largest exporter, would add to the strain on global supplies when oil markets have already been jolted by unprecedented supply disruption because of the conflict in the Middle East.

Ukraine has intensified attacks on Russia's oil export infrastructure over the last month. In its heaviest drone strikes of the more than four-year war, Ukraine has targeted the Baltic ports of Ust-Luga and Primorsk, as it seeks to weaken Russia's economy.

Copper fell with other industrial metals after US President Donald Trump reiterated a threat to attack Iran's civilian infrastructure should negotiations fail to end the month-long war.
The US will strike Iran "extremely hard" over the next two to three weeks and could target "each and every one" of the country's power plants, Trump said in a primetime TV address. Though he also said the military operation was "very close" to completion, the risks around escalation sent copper, aluminum and zinc lower. Oil futures surged.
Metals markets have been shaken by supply disruptions from the Middle East and the growing prospect of an oil shock that batters the global economy and crushes demand. Copper's decline in March was its biggest monthly drop since 2022.

Brazil's central bank doubled its gold holdings in 2025, making the metal the second-largest component of its foreign exchange reserves after the U.S. dollar, according to its annual report released on Tuesday.

Gold accounted for 7.19% of total reserves, up from 3.55% in 2024, the highest level since the series began in 2016. Meanwhile, the share of U.S. dollar assets fell to 72.00% from 78.45%, its lowest level on record.

Brazil joined other countries such as Finland, Turkey and China that continued heavy gold purchases last year despite elevated prices, as the metal is widely seen as a "flight-to-quality" asset in times of market volatility.

Skyrocketing oil and gas prices in Europe as a result of the ongoing Iran war won't return to normal levels any time soon, even if peace is declared tomorrow, the European Union's energy commissioner warned Tuesday.

Commissioner Dan Jorgensen said although there are no immediate oil and gas supply shortages in the 27-member bloc, there's pressure on diesel and jet fuel supply as well as "increasing constraints" in global gas markets that are resulting in higher electricity prices.

"What I find extremely important is to state as clearly as I can, that even if that peace is here tomorrow, still we will not go back to normal in a foreseeable future," Jorgensen told a news conference after a meeting of EU energy ministers.

"Energy can never be created, nor destroyed; it can only be changed from one form to another."
The first law of thermodynamics remains a quiet scientific truth despite a broken supply of crude oil due to the ongoing Middle East crisis. As geopolitical disruption tightens its grip around the Strait of Hormuz, that law reads less like classroom physics and more like a warning. The oil is still there, in the reservoirs beneath Kuwait, Iraq and the Emirates. What has changed is whether the crude oil can move without disruption.
The disruption in the Middle East has exposed a deeper fault line in global oil markets. For India, it's significant because the country imports nearly 90 per cent of its crude oil requirement. With roughly 50 per cent of its crude imports transiting the Strait of Hormuz, according to S&P Global Commodities at Sea data, India now finds itself at the intersection of simultaneous pressures: a disrupted supply route, a changing import mix since it began unwinding Russian crude purchases.

Saudi Arabia has brought its East-West pipeline into full operation, pushing 7 million barrels of oil a day through the route as it works to maintain supplies following the effective shutdown of the Strait of Hormuz, a person familiar with the matter said.
The pipeline, which runs across the kingdom to the Red Sea, has become central to efforts to keep exports moving. Oil shipments are now being rerouted to Yanbu, where tankers are loading crude for international markets, offering a crucial alternative at a time when the main passage has been disrupted, Bloomberg reported.

According to the person cited by the agency, crude shipments from Yanbu have reached about 5 million barrels
a day.

As supply disruptions from the Strait of Hormuz continue due to the US-Iran war, India has stepped up its purchases of Russian crude oil. In fact, compared to the January levels, India's procurement of Russian crude may actually double!
Russian crude has once again taken centre stage amid the ongoing US-Iran conflict, as disruptions in global supply through the
Strait of Hormuz have made it difficult for Middle Eastern producers to ship oil, driving prices sharply higher. This has had a significant impact on India, which depends on imports for nearly 90% of its crude oil needs.

India's wheat harvest is expected to rise in 2026 from a year earlier but fall short of initial estimates after unseasonal rains and hailstorms hit the maturing crop, trade and industry officials said.

India, the world's biggest wheat producer after China, grows a single annual crop, sown in October-November and harvested in March and April. In recent years, late-February and early-March heat has tended to cut yields.

After years of weak output, production rebounded in 2025 on favourable weather, but a late-February heat spike again this year raised concerns.

"Production will be higher than last year but below our earlier projections," Navneet Chitlangia, president of the Roller Flour Millers Federation of India, told Reuters.

Edible oil prices, particularly palm oil, climbed earlier this month as crude surged amid the Middle East conflict. However, Indian refiners are not rushing to buy. In fact, Indian vegetable oil refiners are pulling back on fresh imports of palm oil, soyoil and sunflower oil, betting that the recent price spike may not sustain, Reuters reported, citing industry officials.

Instead of rushing to secure supplies at higher prices, buyers are choosing to wait, hoping to restock once prices ease if tensions cool.

No rush to buy at elevated prices
Since palm oil is also used in biodiesel, higher crude tends to push its prices up. But Indian importers don’t seem convinced the rally will last, as per Reuters.

“There’s no need to panic-buy. There are ample stocks available in the global market, and prices will come down sharply the moment the war ends,” Reuters quoted key industry stakeholders.

India's gold sector is currently undergoing a structural transformation as the industry navigates a shift from consumption-led to investment-led demand. According to a joint report by ICRA and ASSOCHAM, India remains heavily dependent on imports due to negligible domestic mining output.

To address this vulnerability, the joint report emphasised that "reducing import dependence by scaling up organised refining and recycling needs to be prioritised." Key recommendations included continued support for lower import duties on gold dore relative to refined gold and the wider acceptance of IGDS-compliant bars to better integrate domestic refiners with financial markets.

The report also highlighted the need to recalibrate the Gold Monetisation Scheme (GMS), which has seen limited uptake since its inception. Cultural and behavioural factors continue to constrain consumer participation, particularly when sentimental jewellery is involved.

Oil rose more than $1 per barrel on Thursday, clawing back losses from the previous session, on concerns that protracted fighting in the Middle East will further disrupt energy flows.

Brent futures rose $1.65, or 1.61%, to $103.87 a barrel by 0424 GMT, while U.S. West Texas Intermediate crude futures were up $1.49, or 1.65%, at $91.81 a barrel.

Both benchmarks slumped more than 2% on Wednesday.

Iran is still reviewing a U.S. proposal to end the war, but has no intention of holding talks to end the Middle East conflict, Iran’s foreign minister said on Wednesday.

U.S. President Donald Trump will hit Iran harder if Tehran fails to accept that the country has been “defeated militarily”, White House press secretary Karoline Leavitt said.