After Prime Minister Narendra Modi’s visit, India and the UAE struck a slate of deals announced by Foreign Secretary Vikram Misri in Abu Dhabi. The biggest energy move: the UAE will store up to 30 million barrels of crude oil in India’s Strategic Petroleum Reserve to bolster energy security. Alongside, UAE-linked investments worth $5 billion were committed, spanning banking and infrastructure funding. The agreements also cover strategic gas reserves, defense manufacturing cooperation, shipyard projects, and an 8-exaflop supercomputing facility for India’s AI push.
Global oil prices spiked Tuesday as Brent crude jumped above $105 a barrel, driven by renewed worries about the fragile US-Iran ceasefire and a sustained disruption at the Strait of Hormuz. The Strait has been effectively closed for around 70 days, raising the threat of a widening supply gap. Saudi Aramco’s warning of 100 million barrels lost weekly underscores how long the crunch could last. India, which imports nearly 90% of oil, faces rising costs, OMC cash hemorrhaging, and fresh pressure on the rupee and equities.
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The US is releasing 53.3 million barrels from its Strategic Petroleum Reserve, awarding supply contracts to firms including Trafigura, Marathon Petroleum and Exxon Mobil. Trafigura received the largest portion of nearly 13 million barrels. The oil is scheduled to come out between June and August, ahead of peak US gasoline demand, amid price pressure tied to the Iran war.
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