US-Iran War Update: Crude oil prices jump 3 percent as tensions rise; Brent crude above USD 78 per barrel
India's imports of Russian crude oil surged to a record high in June, rising 34 per cent from the previous month despite a decline in Russia's overall oil export revenues, according to a report by the Centre for Research on Energy and Clean Air (CREA).
Crude oil prices jump 3% amid renewed US-Iran war tensions
New Delhi: In a concerning development, the oil prices surged after the US and Iran exchanged fresh military strikes on Monday morning. It is important to note that both the US and Iran have issued conflicting claims over the status of the Strait of Hormuz, a key global energy shipping route. Brent crude climbed 3 percent above USD 78 a barrel after gaining 5.4 percent last week, while US benchmark West Texas Intermediate hovered near USD 74. European natural gas prices also advanced by as much as 2.7 percent.
According to Iran, the Strait of Hormuz had been closed "until further notice." The statement comes after the US Central Command (Centcom) said it had launched further attacks to safeguard freedom of navigation through the strategic waterway.
Sunday's strikes marked the fourth round of US military action in a week. Centcom was quoted as saying by Bloomberg that the operation was carried out in response to Iranian attacks on a Cyprus-flagged container vessel.
CNN has said that Iran's Islamic Revolutionary Guard Corps had again targeted commercial ships, prompting US forces to intercept an Iranian cruise missile and an attack drone. The renewed conflict has restored a geopolitical risk premium to crude oil prices, reversing earlier declines that followed a temporary peace agreement, which had raised hopes of increased oil supplies from the Persian Gulf.
India's Russian crude imports hit record in June even as Moscow's oil revenues slip
India's imports of Russian crude oil surged to a record high in June, rising 34 per cent from the previous month despite a decline in Russia's overall oil export revenues, according to a report by the Centre for Research on Energy and Clean Air (CREA). India bought Russian crude worth EUR 4.5 billion in June, accounting for 83 per cent of its total Russian fossil fuel imports of EUR 5.5 billion, making it the second-largest buyer of Russian hydrocarbons after China, the report said.
The sharp increase came as India's overall crude imports rose 5.4 per cent month-on-month, with Russian supplies to key refineries posting steep gains. Deliveries to Reliance Industries' Jamnagar refinery jumped 150 per cent from May, while imports at Indian Oil Corp's Paradip refinery rose 126 per cent. BPCL's Kochi refinery and Nayara Energy's Vadinar refinery recorded increases of 83 per cent and 45 per cent, respectively, CREA said.
The surge in Indian purchases helped lift Russia's crude export volumes by 14 per cent in June, even as its crude oil export revenues fell 8 per cent month-on-month to EUR 348 million a day due to lower prices. Overall, Russian fossil fuel export revenues declined 1 per cent to EUR 734 million per day despite a 7 per cent rise in export volumes, the report added.
"India was the second-largest buyer of Russian fossil fuels in June 2026, importing a total of EUR 5.5 billion of Russian hydrocarbons. Crude oil constituted 83 per cent of India's purchases, totalling EUR 4.5 billion. Oil products (EUR 488 million) and coal (EUR 444 million) constituted the remainder of their monthly Russian imports," CREA said.
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