Iranian oil returns but refiners wait & more today
Indian fuel consumers may not see immediate price changes as domestic refiners are expected to delay purchasing oil from Iran. Although the U.S. Treasury issued a waiver on Monday, June 22, allowing the sale and delivery of Iranian petroleum, Indian companies are likely to hold back for now. This follows the U.S. decision to permit the return of Iranian oil to the global market after years of restrictions.
Regional water security and diplomatic ties are in focus as Bangladesh and China agreed to deepen cooperation on managing the Teesta river. The Teesta is a major waterway shared between India and Bangladesh, and its management is a long-standing point of discussion for the Indian government. The agreement was reached during a recent official visit to Beijing.
Shipping safety in the Middle East has become more uncertain after Iran’s Revolutionary Guard (IRGC) warned vessels against using any routes in the Strait of Hormuz not approved by Iran. The IRGC described alternative paths as "highly dangerous and prohibited," which could impact the cost and delivery of goods and energy imports passing through this vital corridor.
In international news, Venezuela is responding to back-to-back earthquakes that killed at least 164 people and injured nearly 1,000 others. Interim President Delcy Rodríguez confirmed the casualties following the magnitude 7.1 and 7.5 quakes, which are among the strongest the country has seen in a century.
Check the app’s News section for more on the resignation of UK Prime Minister Keir Starmer, record heat in Paris, and a tense phone call between Donald Trump and Benjamin Netanyahu.