Why oil controls the world economy
India Today
Oil has shaped wars, alliances and global economies for more than a century. A sudden disruption in supply can shake financial markets, push up inflation and send governments scrambling for solutions.
Wars today are fought with drones, artificial intelligence, cyberattacks and advanced defence systems. But sometimes the most powerful weapon never explodes. It simply flows.
That weapon is oil.
Oil has shaped wars, alliances and global economies for more than a century. A sudden disruption in supply can shake financial markets, push up inflation and send governments scrambling for solutions.
That is exactly what the world is witnessing again.
As tensions escalated in West Asia and the Gulf region, global crude oil prices surged above $110 per barrel, one of the sharpest rallies in recent years. Financial markets have turned volatile and investors are once again watching the oil market closely.
But why does a war thousand of kilometres away influence petrol prices, airline tickets and inflation around the world?
IndiGo to impose Rs 425-Rs 2,300 fuel surcharge on flights from March 14
Quick commerce has become the go-to option for instant groceries and food deliveries. But with LPG prices rising and supply concerns growing, the cost pressure may be building behind the scenes. Could this soon make your quick commerce orders costlier? Let's have a look.
Sensex has declined over 6,000 points or roughly 7.5% in a little over two weeks as global tensions and rising oil prices triggered selling in equities.
Speaking in Parliament, Union Petroleum and Natural Gas Minister Hardeep Singh Puri said India has adequate fuel stocks, and there is no cause for concern over availability.
Industry sources told India Today TV that airline operators are now paying additional insurance charges for every aircraft flying into the Middle East, significantly increasing the cost of operations on these routes.
Under law, a domestic household is generally allowed to keep two LPG cylinders of 14.2 kg each at a time. This usually includes one cylinder connected for use and another spare cylinder kept as backup.
Early signals from GIFT Nifty suggest that the benchmark indices could open lower when trading begins. GIFT Nifty futures were trading at 23,784.50 at around 7:58 am. This indicates that the Nifty 50 may open below Wednesday's closing level of 23,866.85.
When markets fall sharply, fear often takes over investing decisions. But did you know continuing SIPs during market crashes has historically rewarded disciplined investors?
The move comes as global energy markets remain on edge due to escalating tensions linked to the conflict involving Iran, which has raised fears of disruptions to crude oil shipments from the Middle East.
India consumes roughly 5.3 to 5.5 million barrels of crude oil every day. However, domestic production is only about 0.6 million barrels per day. This means the country depends on imports for nearly 85% of its oil needs.