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A surge in the import prices of key edible oils and the prospect of a below-par monsoon adversely impacting domestic oilseeds production are likely to keep cooking oil prices at elevated levels in the next few months, industry experts said. According to the Department of Consumer Affairs’ price monitoring cell, average retail prices of mustard, soybean and palm oils on Wednesday were Rs 193.54/kg, Rs 163.1/kg and Rs 147.37/kg, respectively. This represents an increase of 10.74%, 11.53% and 12.87% compared to prices a year ago. “Higher freight, insurance costs, rupee depreciation, and oil-exporting countries diverting cooking oils for biofuel have impacted the landed cost,” B.V. Mehta, executive director of the Solvent Extractors Association (SEA), told FE. Mehta said the surge in import prices has been rather sharp since the West Asia war.
For half a century, the mere possibility of a disruption in the Strait of Hormuz was enough to send shivers through global markets. Roughly a fifth of the world’s oil passes through the narrow waterway, making it one of the most strategic maritime choke points on the planet. Had analysts been asked to predict the consequences of its closure, few would have ventured anything below $150 a barrel, with many forecasting prices closer to $200. Instead, after briefly touching about $126, crude largely traded in the $90s. That outcome says less about the severity of the Iran conflict than about how profoundly the global oil market has changed. The crisis has exposed not the strength of the oil cartel but its diminishing ability to dictate prices. The contrast with the oil shocks of the 1970s could scarcely be sharper. Then, coordinated production cuts by a handful of exporters were enough to trigger prolonged shortages, soaring inflation, and global recession. Today, markets are larger, supply chains more diversified, and consumers far better equipped to absorb temporary disruptions.
Tens of millions of barrels of Iranian oil already on tankers have been left in limbo after the US walked back a waiver allowing the Islamic Republic to sell the crude. There are around 63 million barrels of Iranian oil currently on the water, either in transit or idling, according to Bloomberg calculations based on Vortexa data. The crude is on vessels in the Persian Gulf and spread across Asian waters. Most of these ships are not indicating a clear destination or are signaling that they’re available for orders, meaning they haven’t found a buyer. The US waiver, part of the interim peace deal between Washington and Tehran, was issued in late June and gave Iran 60 days to sell its oil without being subject to American sanctions. It was revoked in retaliation for Iranian attacks on tankers in the Strait of Hormuz.
Crude oil prices have slipped back to levels last seen before the US-Israel conflict with Iran erupted in late February. The latest slide has been driven by OPEC+, with Saudi Arabia twisting the knife further by slashing its official crude prices for Asia by the biggest margin in more than two decades. On Sunday, seven members of the producer alliance, including Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria and Oman, ratified a plan to raise combined output by 188,000 barrels per day from August. It is the fifth straight month that the group has increased output while oil prices have continued to weaken.
The United Arab Emirates has fired the opening shot in what is fast becoming a fierce battle among Middle East oil producers to reclaim market share after the Iran war, a contest that threatens to weaken oil prices and further erode OPEC's authority. Gulf producers, desperate for revenue to replenish state coffers depleted during the four-month-old conflict, are under enormous pressure to sell the millions of barrels accumulated in tankers and storage facilities during the effective closure of the Strait of Hormuz. Until this space is freed, these producers cannot restart the oil and gas operations that were crippled by the conflict. The UAE has moved first. Its crude exports surged to a record 3.8 million bpd in June, according to Kpler data, after the strait was partially reopened following the memorandum of understanding between the U.S. and Iran on June 17.
Oil prices fell by more than 1% on Monday after OPEC+ agreed to further increase its output targets from August while exports from key producers via the Strait of Hormuz are recovering, potentially adding to global supplies. Brent crude futures fell $1.02, or 1.41%, to $71.10 a barrel at 0756 GMT after settling 0.45% higher on Friday. U.S. West Texas Intermediate crude was at $67.89 a barrel, down 80 cents, or 1.16%. There was no settlement for WTI on Friday as U.S. markets were closed ahead of the Independence Day holiday on Saturday.
Crude oil prices stayed under pressure on Friday as tanker traffic through the Strait of Hormuz continued to recover and diplomatic engagement between the US and Iran showed signs of progress. Brent crude is also headed for a fourth straight weekly decline, its longest losing streak since August 2024 Crude oil price on July 3 Brent crude hovered near the $71-a-barrel mark after briefly dipping below that level in the previous session, while US benchmark West Texas Intermediate (WTI) traded around $68 a barrel.
India's crude oil inventory has rebounded sharply to near a one-year high, as strong imports replenished stocks after the drawdown earlier in the June quarter. Crude inventories stood at 104 million barrels at the end of June, up from a low of 90.5 million barrels at the end of April, according to estimates by commodity intelligence provider Kpler. The figures include strategic petroleum reserves, commercial inventories and refinery stocks, but exclude crude held in pipelines and on tankers bound for India. India consumes about 5 million barrels of crude a day, meaning current inventories are sufficient to cover roughly 21 days of consumption.
India's palm oil imports in June fell to their lowest in 14 months as subdued demand and a narrowing discount to rival oils prompted buyers to cut purchases, five dealers said. Lower palm oil buying by the world's biggest importer of vegetable oils could swell stocks in top producers Indonesia and Malaysia and weigh on benchmark Malaysian palm oil futures . Palm oil imports fell 10.5% from a month ago to 492,000 metric tons in June, the lowest level since April 2025, dealer estimates showed.
India imported a record 4.93 million barrels per day (bpd) of crude oil in June, marking the highest-ever import volume for the month despite heightened geopolitical tensions in West Asia. The surge was driven by higher purchases of discounted Russian crude, reinforcing Russia’s position as India’s largest oil supplier, according to data and analysis by energy intelligence firm Kpler.
Russia has started importing gasoline by sea from India for the first time as it is dealing with fuel shortages caused by repeated Ukrainian drone attacks on its oil refineries. This is a reversal in the energy trade relationship, where Russia has traditionally been India’s biggest crude oil supplier. News agency Reuters, quoting sources, reported that at least 60,000 metric tonnes of gasoline have already been shipped from India to Russia. Two tankers carrying between 30,000 and 40,000 tonnes each have been dispatched, industry sources said. Another source told Reuters that Russia plans to import around 400,000 tonnes of gasoline every month from several countries, including Belarus.
Iran's oil stockpile at sea is growing as the country struggles to find buyers ahead of the expiry of a 60-day window set by Washington, Bloomberg reported. More than 58 million barrels of Iranian crude and condensate were on the water as of July 1, according to data from Vortexa cited by Bloomberg. Over 90% of this had no clear destination, with vessels signalling "for orders" status or Singapore as their next port of call, indicating possible ship-to-ship transfers in the Malacca Strait.
The release of around 160 million barrels of crude oil stranded inside the Persian Gulf is widening discounts and easing conditions in the physical oil market, creating a more favourable procurement environment for Indian refiners after months of acute supply tightness triggered by disruptions in the Strait of Hormuz. Several West African crude grades from Angola and Congo are now trading at discounts of $4-11 a barrel to Dated Brent, while key Middle Eastern benchmarks — including Oman, Dubai and Murban — have also slipped into deep discounts. The shift marks a sharp reversal from the exceptionally tight market conditions witnessed in March and early April.
West Asia’s crude supply has recovered to around 14.6-15 million barrels per day (mbpd) after nearly 2 mbpd returned within three weeks of the June 17 preliminary US-Iran agreement, easing fears of a prolonged supply shock and pulling Brent crude to around $72 a barrel, its lowest level in nearly three months. The faster-than-expected rebound has prompted Rystad Energy to bring forward its forecast for a full regional supply recovery by an entire quarter to the end of 2026. However, it cautioned that the normalisation of tanker traffic through the Strait of Hormuz remains critical to sustaining the recovery.
Indian refiners are unlikely to significantly increase purchases of Iranian crude despite a temporary easing of US sanctions, as uncertainty over the duration of the waiver, payment constraints, and existing supply commitments limit the scope for new buying, according to a market analyst. The United States has provided a 60-day sanctions waiver that temporarily allows Iranian crude exports, but the short timeframe is unlikely to trigger a broad return of buyers beyond China, said Sumit Ritolia, who models refinery and oil markets at Kpler.
The long choked Strait of Hormuz is finally seeing business with supplies from Qatar entering the market for the first time since the war broke out. After being mostly quiet during the conflict, oil flows are picking up again as Gulf countries restart crude exports. This comes as regional activity improves and talks between the US and Iran move forward, helping ease tensions in the area. A shipment of Qatar's Al-Shaheen grade was sold this week to Taiwan's Formosa Petrochemical Corp, which was seeking supplies for August to September, according to traders familiar with the matter. The volumes were sold by trading house Mercuria Energy Group Ltd, they told Bloomberg. Traders also said that some of the same grade, along with Qatar's Marine and Land varieties, were sold to an Indian refiner last week. The traders asked not to be named as they were not authorised to speak publicly. These deals mark the first observed transactions of Qatari crude to Asian refiners since the war began. However, Qatar has been significantly more active in restarting production and exports of liquefied natural gas during this period.
Oil prices fell on Thursday to levels last seen before the start of the Iran war as expectations of rising supply from the Middle East outweighed demand concerns. Prompt-month Brent crude futures for August delivery were down $1.28, or 1.74%, to $72.46 a barrel by 0845 GMT, while U.S. West Texas Intermediate lost $1.15, or 1.63%, to $69.19 a barrel. Both contracts hit their lowest since February 27. U.S. Energy Secretary Chris Wright told a forum that flows through the Strait of Hormuz were close to those before the start of the Iran war, with at least 20 million barrels having exited the strait in the last 24 hours. A return to complete normalcy would take a few weeks, however, because the strait needs to be demined, he added.
Even as the reopening of the Strait of Hormuz raises hopes of easing supply disruptions, global oil markets could be heading into a fresh phase of tightening, with Brent crude expected to average $80-90 per barrel in the second half of 2026 as inventories continue to decline and demand returns, according to S&P Global Energy. The forecast comes after the June 17 memorandum of understanding (MoU) between the US and Iran, which paved the way for restoring navigation through the Strait of Hormuz following what S&P Global Energy described as the largest oil supply disruption in history. The closure had effectively removed 15 million barrels per day (bpd) of Gulf liquids production from global markets, yet crude prices showed a surprisingly muted reaction as major consumers slashed imports and alternative supplies emerged. “The effective closure of the Strait of Hormuz was the largest oil supply disruption in history. It was — and for the moment, still is — extraordinary. But what is surprising — even extraordinary — is the limited price reaction,” said Jim Burkhard, Vice President and Head of Research for Oil Markets, Energy and Mobility at S&P Global Energy.
Andhra Pradesh is set to make history on Wednesday with the launch of India's first private gold mining project at Swarnagiri, formerly known as Jonnagiri, in Kurnool district. Chief Minister N. Chandrababu Naidu will inaugurate the commercial operations of the gold mine, marking a significant milestone for the country's mining sector. Ahead of the inauguration, the Andhra Pradesh cabinet approved the renaming of Jonnagiri village as 'Swarnagiri', reflecting the area's growing importance as a gold mining hub. The project, operated by Geomysore Services India Pvt Ltd (GMSI), is the country's only operational private primary gold mine since Independence. Developed with an investment of around Rs 405 crore, the mine spans nearly 598 hectares in Tuggali mandal of Kurnool district.
The United States has temporarily lifted sanctions on Iranian crude oil exports until August 21, a move that could pave the way for the return of Iranian barrels to global markets, including India, as Washington and Tehran advance negotiations linked to a broader peace framework and the reopening of the Strait of Hormuz. In a general licence issued on Monday, the US Treasury department authorised “all transactions” previously prohibited under sanctions involving the production, sale, transport and delivery of Iranian-origin crude oil and related petroleum products through 12:01 am Eastern Daylight Time on August 21, 2026.
Vulnerable countries that paid a high economic price during the Iran war are seeking to build domestic oil and gas storage buffers against future shocks, a drive that could bring roughly half a billion barrels of additional demand down the pike. While the near-total closure of the Strait of Hormuz cut off a fifth of global oil and liquefied natural gas supplies for over three months – reshuffling energy markets and boosting Brent crude to nearly $120 a barrel – it could have been far worse. One key stabilizing force was the world’s ability to tap emergency reserves. Early in the conflict, all 32 members of the International Energy Agency agreed to a record 400 million-barrel release from strategic petroleum reserves (SPRs), with the U.S. contributing the largest share. The drawdown — the sixth since the energy watchdog's creation — validated a strategy forged after the 1973 Arab Oil Embargo, under which IEA members must hold emergency stocks equal to at least 90 days of net imports.
India, once the world's second-largest sugar exporter, is expected to have little surplus for export for at least three more seasons as El Nino weather conditions threaten cane production and rising ethanol demand squeezes supply. The twin pressures are poised to keep millions of tons of sugar off the world market, tightening supplies for importers across Asia, Africa and the Middle East and supporting benchmark prices in London and New York. A prolonged absence by India from export markets would remove a key balancing supplier as weather risks and biofuel policies reshape global sugar trade flows.
After months of disruption, oil exports from Iran finally picked up after Tehran and Washington reached a peace deal. According to shipping data cited by Bloomberg a wave of 11 tankers carrying 20 million barrels of crude left the Gulf of Oman port. The vessels had previously been unable to sail into the Indian Ocean due to a US military blockade aimed at limiting Iran's access to oil revenues. Most of the country's oil exports are shipped to China.
India’s state-run refiners have already secured enough crude for the next two months and are in no rush to resume purchases from the Middle East even if the Strait of Hormuz reopens to commercial traffic. Local processors have been asked by Middle Eastern suppliers, including Abu Dhabi National Oil Co., to begin taking contractual volumes under long-term supply agreements, according to people familiar with the matter, who didn’t wish to be identified as the information isn’t public. The refiners, however, have yet to commit, they said. The global oil market is zeroed in on the waterway after the US and Iran agreed to an interim peace deal this week that should allow transits to resume. During the conflict, energy shipments initially came to a near-total halt — with the strait subject to a double blockade by both Tehran and Washington — but they are now starting to recover as ships trickle through.
The biggest question in the global copper market right now is whether US President Donald Trump will move ahead with tariffs on refined copper. The decision, expected within weeks, could shape the next phase of trade flows, inventories and prices. As the market awaits a Commerce Secretary review due at the end of June that will inform Trump’s decision, traders are watching for signals on whether to unwind their copper positions or double down on bets that US prices will continue marching higher. “Everyone is waiting before we can step in to do relevant trades,” said Nicole Ni, vice general manager at Eagle Metal International Pte, a trading firm that sells copper to fabricators. “This policy has a significant impact on copper prices.”
Brent crude steadied on Friday but remained set for a more than 8% weekly decline as traders weighed fading U.S.-Iran truce prospects after talks were called off and Israel escalated attacks in Lebanon. Brent crude futures were little changed at $79.78 a barrel by 0820 GMT. The front-month July contract for U.S. West Texas Intermediate crude, which expires on Monday, rose nearly $1 or 1.3% to $77.59 a barrel. The more actively traded WTI August contract was up 13 cents at $75.98 a barrel. Switzerland said U.S. talks with Iranian negotiators on a pact to end the Middle East conflict would not take place on Friday, as Vice President JD Vance dropped his travel plans, adding to uncertainty over the prospects for a lasting truce.
The Strait of Hormuz is back in business after more than 100 days of disruption, with over 60 million barrels of crude set to leave the pipeline. Following a US-Iran peace deal, one of the world's most important oil routes is set to reopen, releasing millions of barrels of crude that had been stuck inside the Persian Gulf. However, the return of crude shipments back into the market could create a problem that looked unthinkable just weeks ago an oversupplied market. For Asian refiners that spent recent weeks rushing to secure alternative supplies, the sudden return of those cargoes could quickly turn concerns over shortages into worries about too much oil on the way.
Raw material expenses of listed manufacturing companies surged 18.3% year-on-year in the January-March quarter of FY26, highlighting growing input cost pressures amid global uncertainties. The raw material-to-sales ratio rose to 58.5% in Q4 FY26 from 57.5% in the preceding quarter, signalling that a larger share of revenues was being absorbed by input costs, according to Reserve Bank of India (RBI) data released on Tuesday. The increase in input costs came despite a strong improvement in sales. Aggregate sales growth of 3,266 listed private non-financial companies accelerated to 13.9% year-on-year in Q4 FY26 from 10.1% in the previous quarter, while manufacturing companies recorded sales growth of 14.5%, driven by automobiles, electrical machinery and non-ferrous metals.
India is weighing a China-style policy to mandate domestic refiners to build and maintain significantly larger crude oil inventories to cushion the country against future supply disruptions such as those triggered by the Iran war, according to people familiar with the matter. The proposed stockpile would be in addition to the roughly 15 days of crude that refiners hold at their facilities for operational needs. The proposal is at a preliminary stage and key details have yet to be finalised, the people said, adding that no final decision has been taken on its implementation. Refiners are likely to push back against the plan, citing the substantial cost of building new storage facilities and filling them with crude oil, said one of the persons, who did not wish to be identified. If refiners are required to double their inventory levels to cover about 30 days of national demand, they would need to hold a combined 150 million barrels of crude, based on India's consumption of 5 million barrels per day.
India's rice stocks in government warehouses rose 15 per cent year-on-year to a record high at the start of June, while wheat inventories climbed to their highest level in five years following strong procurement from farmers, according to official data.
Oil supplies could normalise and prices fall below $80 per barrel within two-three weeks if the planned US-Iran agreement is signed on Friday and the Strait of Hormuz is reopened without any restrictions, said executives at Indian refineries. The US and Iran have agreed on a deal, scheduled to be signed on Friday, to end all military hostilities, remove the US naval blockade of the Islamic Republic and reopen the Strait of Hormuz. The two countries have also given themselves another 60 days to conclude negotiations over Iran's nuclear programme. Brent crude fell 5% on Monday to $83 per barrel following the announcement.
India's gold imports rose by 34 per cent year-on-year to USD 3.41 billion in May, driven by high prices of the precious metal, while silver imports dipped 86.65 per cent during the month, according to the commerce ministry data. The government increased import duty on precious metals from 6 per cent to 15 per cent effective May 13. According to the data, silver imports dipped to USD 75.57 million during the month under review from USD 566.22 million in May 2025. The rise in gold imports in May pushed the country's trade deficit (difference between imports and exports) to USD 28.21 billion. The price of the yellow metal is hovering near Rs 1,60,000 per 10 grams (inclusive of all taxes) in the national capital. Silver was priced at around Rs 2.60 lakh per Kg.
A record 45% of the reserve managers surveyed by the World Gold Council, up 2 percentage points from a year ago, expect to increase their own institutions' gold holdings over the next 12 months, the international organization said on Tuesday. The majority — 54% of 74 central banks that responded to the WGC's annual survey, conducted between February 5 and May 19 — said their holdings would remain unchanged, while 1% anticipated a decline. Most responses were received after the start of the Middle East conflict in late February, which triggered a rally in oil prices and drove gold prices down. Central banks remain keen on gold, and the recent price fall has not changed their minds, said Shaokai Fan, head of the central banks sector at the WGC. The U.S. and Iran agreed over the weekend on terms to end their war and reopen the Strait of Hormuz, prompting a 3% rise in gold prices on Monday. [GOL/]
Global crude oil prices have retreated sharply from their wartime highs, offering relief to consumers and businesses alike. However, according to market expert Vandana Hari from Vanda Insights it is too early to declare victory, as significant uncertainties continue to surround the reopening of key energy routes and the broader geopolitical settlement.
Amid the US-Israel conflict with Iran, exports of basmati rice and tea to West Asia have come to a halt. Exporters said the Strait of Hormuz is shut and three vessels loaded with a total of 100,000 tonnes of basmati rice at Kandla Port have been waiting for the last one week for the route to reopen. Tea exporters said they are flooded with orders for the premium second flush orthodox teas from the Gulf Cooperation Council (GCC) countries, but are unable to ship them.
India's edible oil imports increased 6.7 per cent year-on-year to nearly 13.39 lakh tonnes in May, driven mainly by higher shipments of crude soyabean oil, industry body Solvent Extractors' Association of India (SEA) said on Friday, reported news agency PTI. According to SEA data, edible oil imports rose to 13,38,936 tonnes in May 2026 from 12,54,883 tonnes in the same month last year. The increase was led by crude soyabean oil imports, which climbed to 4,93,854 tonnes from 3,98,585 tonnes a year earlier. Imports of non-edible oils more than doubled to 26,202 tonnes last month from 12,040 tonnes in May 2025. With both edible and non-edible oils taken together, India's vegetable oil imports rose 8 per cent to 13.65 lakh tonnes in May 2026 from 12.67 lakh tonnes in the year-ago period, the association said. During the first seven months of the 2025-26 oil year, total vegetable oil imports increased 12 per cent to 93.65 lakh tonnes from 83.39 lakh tonnes in the corresponding period of the previous year. Edible oil imports during November 2025-May 2026 grew 13 per cent to 92.17 lakh tonnes from 81.31 lakh tonnes a year ago, while non-edible oil imports declined to 1,47,710 tonnes from 2,07,505 tonnes. SEA said edible oil imports rose in May primarily because the price premium of soyabean oil over palm oil narrowed, making soyabean oil more competitive.
The government’s wheat procurement for 2026-27 rabi marketing season (April-June) has crossed 35 million tonne (MT), highest in the last four years. As agencies wind up the Minimum Support Price (MSP) purchase operations in key producing states, the overall grain purchase so far has been 35.41 MT which exceeds the target of 34.6 MT for the season. Wheat purchases this season, which officially ends by the end of June, are 18% higher compared to 30 MT purchased in the previous marketing year (2025-26). This against the arrivals of 42.22 MT of grain across mandis in key producing states. The aim of the government purchase is to bolster stock and ensure supplies under the public distribution system. Previously, a record 43.33 MT of wheat was purchased from farmers during the 2021-22 marketing season.
The Middle East conflict has already removed 1 billion barrels of crude oil from global markets in just three months — equivalent to nearly two-and-a-half times the entire US Strategic Petroleum Reserve — with cumulative losses projected to approach 2 billion barrels by the end of the year even under a relatively optimistic recovery scenario, according to Rystad Energy. The disruption has shut in 11.8 million barrels per day (bpd) of production across six Gulf producers, making it the most severe oil supply disruption of the modern era, the consultancy said, warning that every additional month of conflict could erase another 350 million barrels from global supply. “Cumulative losses have now reached 1 billion barrels and are on track to nearly double by year-end under our base case,” said Aditya Saraswat, MENA Research Director at Rystad Energy.
OPEC oil output in May hit its lowest in more than two decades, a Reuters survey found, as a U.S. naval blockade cut Iran's exports and Iran's effective closure of the Strait of Hormuz slashed exports by other Gulf producers. Output by the 11-member Organization of the Petroleum Exporting Countries fell by 1.06 million barrels per day month-on-month to 16.13 million bpd, the survey found. That was the lowest monthly figure since at least 2000, according to Reuters surveys, and well below the levels seen during the COVID-19 pandemic in 2020 when demand collapsed.
OPEC+’s latest decision to raise oil production by 188,000 barrels per day (bpd) is unlikely to bring meaningful relief to global markets as the closure of the Strait of Hormuz and Russia’s inability to meet higher production targets undermine the alliance’s efforts to boost supply, according to Rystad Energy. The producer group remains on course to unwind the first tranche of voluntary production cuts by September, but analysts say the market is increasingly facing a gap between announced production targets and actual barrels reaching consumers. The warning comes at a time when energy markets are grappling with one of the biggest supply disruptions in recent years, with the Strait of Hormuz remaining shut and limiting the movement of crude from the Gulf region, a critical source of global oil supplies.
India's sharp increase in gold import tariffs is fuelling a resurgence in smuggling that could exceed 100 metric tons this year, as soaring grey market margins allow smugglers to undercut banks and refiners of the precious metal, industry officials and bullion dealers said. India, the world's biggest gold market after China, more than doubled import tariffs to 15% in May to curb demand, cut the trade deficit and ease pressure on the rupee. But the move has created an opportunity for smugglers who are able to offer prices legitimate importers cannot match, they said. The grey market discount has gone beyond $200 per ounce, or more than 4%, said a Mumbai-based bullion division head at a private gold importing bank, adding that banks were unable to offer even a $10 discount, let alone one of three digits. He declined to be named because he was not authorised to speak to media. The recent resurgence in the grey market suggests illegal imports could exceed 100 tons in 2026, said another dealer who also declined to be identified because he was not authorised to speak to the media.
In a move that may possibly be a sign of upcoming measures on gold, the finance ministry has directed bullion-importing banks to furnish detailed information on gold metal loans and loans backed by gold from 2023 onwards. Despite a lower import volume of 721 tonnes compared with the previous year, India's gold import bill rose 24% to a record $71.9 billion in 2025-26. The dozen banks involved in gold imports either borrow gold from international lenders and extend it to jewellers through gold metal loans, or procure the metal from overseas banks under a consignment arrangement, making outright payments based on confirmed demand from domestic wholesale buyers.
OPEC+ approved a fourth consecutive increase in oil production targets on Sunday, even as a severe supply crisis continues to disrupt oil exports from several major producers and keeps the group’s actual output far below official targets, reported Reuters. The alliance, which includes members of the Organization of the Petroleum Exporting Countries (OPEC) and partners such as Russia, agreed to raise production targets by 188,000 barrels per day (bpd) in July, reported Reuters. The increase follows similar output hikes announced for April, May and June.
The biggest oil supply shock in decades has entered its fourth month - with no resolution in sight as neither the U.S. nor Iran appears willing to budge - yet the market has settled into an eerie calm. This disconnect reflects an uncomfortable reality: the biggest drivers of today's energy market are a host of unknowns. In recent weeks, benchmark Brent crude has retreated from a four-year high of $118 a barrel, set in March, to below $95, returning to levels that sit comfortably within the range of the past two decades. This has happened even though the Strait of Hormuz - the world's most critical oil chokepoint - has remained largely shut for more than three months, disrupting flows equivalent to roughly 13% of global supply.
When the day comes, the reopening of the Strait of Hormuz will be an extraordinary event: restarting about 10,000 oil wells, pumping roughly 15% of the world’s production, that had been shut down for a hundred days and counting. Nothing even remotely close has been attempted — ever. The oil industry doesn’t have a playbook for it; it will learn by doing. Unsurprisingly, the commodity market is deeply divided about how long it would take: oil bears believe it could be done in days and weeks, while the bulls talk about six to eight months, perhaps even a year. The most pessimistic say many wells won’t restart at all. My industry soundings are far more upbeat: When it happens, it would start as a trickle, but very quickly — in just a handful of weeks, if not days — transform into an oil flood. I’m on the side of the bears, as you may have guessed.
Gold has crossed a key milestone in the financial markets that would have seemed unthinkable just a few years ago. For the first time, gold has surpassed US government bonds as the leading reserve asset globally, driven by massive central bank purchases and a price rally that has nearly doubled gold’s value in just two years. Central banks now hold more gold than US government bonds or euros in their foreign exchange reserves. The share of gold in total official foreign reserves reached 27% at the end of 2025 — surpassing both the euro at 15% and US Treasuries at 22%. In other words, gold is now the single largest component of global official reserves.
The government's wheat procurement rose 17 per cent to over 35 million tonne in the 2026-27 rabi marketing season, surpassing both the target of 34.5 MT and the previous year's procurement of 30 MT, a senior food ministry official said on Wednesday. "Wheat procurement has crossed 35 million tonne so far this season. We have exceeded the target. Procurement in major producing states has been completed," the official told PTI. The Food Corporation of India (FCI) and state agencies procure wheat at the minimum support price (MSP) to meet requirements under the National Food Security Act and other welfare schemes.
The United States has signalled that it wants to end the special waivers that allow countries such as India to continue buying Russian oil, a move that could have major implications for global energy markets and India-US ties. Speaking before the Senate Foreign Relations Committee on Tuesday, US Secretary of State Marco Rubio said Washington would like to stop extending the waivers as soon as possible because US policy continues to support sanctions on Russian oil. However, he added that the final decision rests with the US Treasury Department and will depend on the circumstances when the current waiver expires on June 17.
In a further tightening of import norms for silver, the government on Tuesday mandated that imports be routed through RBI-nominated agencies, Directorate General of Foreign Trade-approved entities and qualified jewellers authorised by the IFSCA via the India International Bullion Exchange against a valid import authorisation. The import authorisation will be issued by the DGFT. Last month, the government raised import duty on gold and silver to 15% to curb non-essential imports amid the West Asia crisis. Silver imports in April jumped 157% year-on-year to $411 million. In a notification, the DGFT said that import of silver (including silver plated with gold or platinum), unwrought or in semi-manufactured forms, or in powder form; powder, grains; and containing 99.9% or more by weight of silver, "through nominated agencies notified by the RBI, in the case of banks, by the DGFT, in case of other agencies, and by qualified jewellers as notified by the IFSCA for import through the India International Bullion Exchange (IIBX), wherever allowed, shall be permitted only against a valid import authorisation issued by the DGFT".
Indian rice export prices extended gains this week on stronger demand and a rebound in the rupee from a record low, while Thai rice demand firmed as buying interest emerged from the Philippines and Africa. India's 5% broken parboiled variety was quoted this week at $337-$345 per ton, up from the last week's $336-$343. Indian 5% broken white rice was priced at $338-$344 per ton. "Demand from African buyers is improving as supplies from other origins are more expensive than those from India," said a Kolkata-based trader.
