Prior to the outbreak of the conflict, the Gulf region supplied roughly 40% of India’s crude oil imports. After the war began on February 28, inflows from the region declined sharply.
The US emergency oil stockpile has hit its lowest point since 1983, with the Trump administration drawing down reserves to mitigate economic impacts from global conflicts. Recent releases have pushed the Strategic Petroleum Reserve to less than half full, raising concerns about operational capacity and vulnerability to disruptions like hurricanes.
Gold price prediction today: Gold prices may rise in the near-term as oil prices ease but the US Federal Reserve’s meeting is an important thing to watch, says Praveen Singh, Head Currencies and Commodities, Mirae Asset ShareKhan.
A tentative US-Iran deal signals an end to a 100-day conflict impacting global oil. While prices dipped, analysts warn full recovery of Strait of Hormuz flows will take weeks, possibly months, due to shipping bottlenecks and ongoing mine clearance. Producers await lasting peace assurances before fully resuming output, with full normalization expected gradually.
Ideally, you should also cross check information across all your major documents such as Form 16, Form 26AS, Annual Information Statement (AIS), interest statements etc. to see if there are any discrepancies.
Stock market recommendations: Somil Mehta, Head of Retail Research at Mirae Asset Sharekhan recommends buying Oberoi Realty, HDFC Life Insurance, Blue Star, and Phoenix Mills as the technical top stocks for today, June 16, 2026:
Global oil prices have seen a significant drop following signs of de-escalation in Middle East tensions, spurred by a US-Iran memorandum of understanding. While this offers relief to consumers, questions linger about the speed of supply recovery. The Strait of Hormuz, a vital oil route, is expected to reopen, potentially easing inflationary pressures.
Analysts are bullish on Reliance Industries, citing strong energy policies and refining markets. LG Electronics India receives a ‘buy’ rating due to its dominant market share and growth potential. GMR Airports is favored for its premium travel consumption and expansion opportunities. Interglobe Aviation (Indigo) is recommended for its pragmatic approach and international growth.
In WPI, prices of crude petroleum and natural gas accelerated 61% in May, as compared to 56% in April. Similarly, the prices of mineral oils accelerated 50% during the month, reflecting the impact of the supply chain disruptions caused due to the prolonged conflict in west Asia. “If prices do come down sharply as has
