G7 finance ministers are reportedly set to discuss a coordinated release of emergency oil reserves on Monday, as governments scramble to contain a sharp surge in crude prices triggered by the war in Iran.

Ministers will hold a call with International Energy Agency (IEA) Executive Director Fatih Birol to assess the impact of the conflict and consider a joint release of petroleum from strategic reserves, according to the Financial Times.

The outlet reported that three G7 countries, including the United States, have expressed support for tapping stockpiles, with some U.S. officials viewing a potential release of 300 million to 400 million barrels, roughly a quarter to a third of the IEA system’s public reserves, as appropriate.

The White House did not immediately respond to Fox News Digital’s request for comment.

TRUMP IS REALIGNING WORLD ENERGY MARKETS AND THE IRAN STRIKES ARE ACTUALLY HELPING

President Donald Trump on Sunday said rising oil prices are a “very small price” for the United States and the world to pay for “safety and peace.”

“Short term oil prices, which will drop rapidly when the destruction of the Iran nuclear threat is over, is a very small price to pay for U.S.A., and World, Safety and Peace. ONLY FOOLS WOULD THINK DIFFERENTLY!” Trump wrote on Truth Social.

Oil prices on Monday morning were sharply higher in early trading, with benchmark crude posting double-digit percentage gains.

GOP SENATORS SAYS TRUMP’S STRIKES ‘SIGNIFICANTLY DEGRADED’ IRAN BUT EMPHASIZE ATTACKS NOT ‘FOREVER WARS’

West Texas Intermediate, the key U.S. oil benchmark, was trading at $103.80, up more than 14%, while Brent crude, the international benchmark, stood at $105.88, also up roughly 14%, according to OilPrice.com data.

Other key grades, including Murban and WTI Midland, were also solidly higher, and U.S. Mars crude showed an even steeper jump of nearly 24%.

The IEA says it was founded in 1974 in response to the 1973–1974 oil crisis, with a mandate to help countries coordinate a collective response to major disruptions in oil supply.

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Since then, it has maintained a joint emergency response mechanism designed to stabilize global energy markets and protect the broader economy during periods of severe price volatility.

The agency has activated that system on five occasions, including during the First Gulf War in 1991, after hurricanes Katrina and Rita in 2005, during the 2011 Libyan crisis, and twice following Russia’s invasion of Ukraine in 2022.

For India, which relies heavily on crude imports, the spike poses a serious challenge if the conflict in West Asia continues and oil prices stay elevated. VK Vijayakumar of Geojit said markets will increasingly start pricing in the broader economic impact of the surge in crude. He also cautioned that inflationary pressures are likely to rise regardless of whether the higher fuel costs are passed on to consumers.

Vijayakumar added that the biggest uncertainty at the moment is the duration of the conflict. This lack of clarity could also influence foreign investor behaviour. He noted that foreign institutional investors have once again turned aggressive sellers in Indian markets after a brief period of buying in February.Meanwhile, Qatar’s Energy Minister Saad al-Kaabi told the Financial Times that global oil prices could surge as high as $150 per barrel if the conflict in the Middle East intensifies and disrupts energy supplies from the Gulf region.Should you buy oil on MCX?

According to Ponmudi R, CEO of Enrich Money, higher timeframes continue to indicate strong bullish momentum, with prices holding firmly above key moving averages and important support levels. He said a decisive move above Rs 9,300 could push prices further towards Rs 9,500 to Rs 9,650. Immediate support is placed in the Rs 8,800 to Rs 8,500 range, while a sustained fall below Rs 8,400 could weaken the short-term trend and drag prices towards Rs 8,000. Stronger structural support is seen around Rs 7,000 to Rs 7,200. Overall, the outlook remains constructive if the upside breakout continues.

Aamir Makda, Commodity and Currency Analyst at Choice Broking, said U.S. WTI crude oil opened with a gap up at $98 and is currently trading around $115, reflecting a rise of nearly 26%. He noted that this marks the biggest jump in crude prices since 2020, largely driven by disruptions in the Middle East. Iran’s move to block the Strait of Hormuz over the weekend has heightened concerns around regional oil supply. He added that the sharp rise in the U.S. dollar, which is now trading above the 99 level, has also influenced crude price movements. Meanwhile, countries such as Iraq, Kuwait and Qatar have reported a decline in overall oil production.

Key support to be considered at Rs 9,000-Rs 8,127 respectively. On the other hand, immediate resistance would be at Rs 10,500 and breakout of this level will accelerate upside momentum in Crude oil price towards 11,300 in upcoming sessions.”
The ongoing war, which began on February 28, could leave consumers and businesses worldwide dealing with elevated fuel costs for several weeks or even months. Even if the conflict ends soon, suppliers may continue to face challenges such as damaged infrastructure, logistical disruptions and heightened risks to shipping in the region.
Domestic brokerage JM Financial said that every $1 increase in crude prices raises India’s annual import bill by roughly $2 billion. Prolonged tensions could elevate logistics and marine insurance costs, disrupt Gulf shipping routes and widen pressure on the trade balance. The INR faces a near-term depreciation bias, with potential RBI intervention via foreign exchange reserves. The transmission mechanism is evident: higher crude prices increase inflation risks; elevated inflation pushes bond yields higher; and rising yields compress equity valuation multiples.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)

BSE Index Services, a wholly owned subsidiary of BSE, today announced the launch of the BSE SmallCap 500 Index and four new factor indices based on the BSE SmallCap 500 Index universe.

The BSE SmallCap 500 Universe Factor Indices are reconstituted quarterly, have a base value of 1,000, and the first value date is September 19, 2005, along with the additional screening of 90% Stock Trading Frequency.

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The indices launched today include – BSE Smallcap 500, which is a combination of the constituents of the BSE 250 Smallcap Index and the BSE 250 Microcap Index, BSE Smallcap 500 Quality 50, which measures the performance of the 50 highest quality companies in the BSE Smallcap 500 Index, based on their quality scores.

The BSE Smallcap 500 Momentum 50 tracks the performance of the 50 companies in the BSE Smallcap 500 Index with the strongest persistence in relative performance, based on momentum scores. The BSE Smallcap 500 Low Volatility 50 monitors the 50 least volatile companies in the index, while the BSE Smallcap 500 Enhanced Value 50 measures the performance of the 50 companies with the most attractive valuations, based on value scores.

“The launch of the BSE SmallCap 500 Universe Factor Indices marks an important expansion of our factor-based index offerings. This index family provides transparent and rules-based benchmarks designed to capture key equity factors across India’s Small-Cap segment by incorporating distinct factor strategies such as Quality, Value, Momentum and Low Volatility,” said Ashutosh Singh, MD and CEO of BSE Index Services, highlighting the significance of these indices.
These indices aim to support product innovation and offer asset managers and institutional investors efficient tools to access differentiated small-cap factor exposures within the broader equity market,” Singh further said.Also Read | Samir Arora-backed Helios Flexi Cap Fund adds Tata Motors, exits REC and 2 others

These new indices can be used for running passive strategies such as ETFs and Index Funds. It can also be used for benchmarking of PMS strategies, MF schemes and fund portfolios. Investors can now access a broader spectrum of market opportunities, further enriching their investment strategies with this latest addition to BSE’s suite of indices.

The 1.5 gigwatt project from Ocean Winds would straddle both Welsh and English waters in the Celtic Sea

A leasing agreement for a huge floating offshore windfarm in the Celtic Sea, which would straddle both English and Welsh waters, has been agreed. Ocean Winds, the 50-50 joint venture between Spanish firm EDPR Renewables and French venture ENGIE, has entered into an agreement with the Crown Estate for a 1.5 gigawatt project.

It comes after last year Norwegian energy venture Equinor and Gwynt Glas – a joint venture between EDF power solutions and Irish Government-owned ESB – entered into lease deals with owner of the seabed for their respective 1.5 gigawatt floating wind farm schemes.

The project from Gwynt Glas is solely in Welsh waters off the coast of Pembrokeshire, while the scheme from Equinor is located wholly in English waters. The leasing deals were struck under the Crown Estates’s offshore wind leasing round five.

A bidder for the site in both Welsh and English waters initially failed to materialise following a competitive bid process, which led the Crown Estate to re-engage with the marketplace and the resulting agreement with Ocean Winds.

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Once all three are operational, which will be in the mid 2030s, they will have combined capacity for 4.5 gigawatt of clean energy that would generate the electricity needs for more than four million homes and create more than 5,000 direct and supply chain jobs – creating a £1.5bn economic boost.

However, it is not clear how many supply jobs will be Wales and UK-based. All three operators will also be seeking contract for difference support, which will ensure energy produced will be commercially viable, from the UK Government. Turbines could be as high as the Shard building in London at 300 metres on floating platforms similar in size to a football pitch. They will be anchored to the seabed via huge chains.

In its Senedd Election manifesto Reform said it would block all new onshore and offshore renewable projects in Wales. The Celtic Sea projects are not a devolved planning matter, so would require Reform to form the next Westminster Government to implement.

Ocean Winds is a global leader in floating technology and delivered the world’s first semi-submersible floating wind farm, WindFloat Atlantic, in Portugal in 2020. It also delivered fixed bottom offshore wind in the UK including Moray East and Moray West.

Ocean Winds will now focus on developing its project designs, delivering onshore and offshore site surveys, Environmental Impact Assessments (EIA), public engagement and securing planning consents.

Julia Rose, head of offshore wind at the Crown Estate, said: “Round five is such an exciting opportunity to establish an innovative new technology at commercial scale in the UK, supporting many new jobs whilst also contributing to our national energy security and clean energy transition.

“Ocean Winds entering into an agreement for lease for their site in the Celtic Sea is a significant moment and testament to the attractiveness of the UK’s world-leading offshore wind sector. We’re delighted they have achieved this milestone and look forward to working closely with them as they begin their development stage.”

Adam Morrison, UK country manager at Ocean Winds said: “Signing the agreement for lease for the Celtic Sea site demonstrates our commitment to the development of commercial scale floating offshore wind in the UK. Over the coming years we will begin early-stage development work, engaging with local stakeholders to identify opportunities to deliver lasting benefits to our local communities whilst supporting the UK’s energy security and net zero objectives.”

Michael Shanks, Minister for Energy, said: “This is a big step forward, not just for the Celtic Sea, but for Britain’s clean energy future. We’re seeing real momentum behind floating offshore wind and we’re backing an industry where the UK has the expertise to lead.

“This project will mean new skilled jobs and opportunities for communities across Wales and the south West of England. Offshore wind is the backbone of a secure energy system, and today’s milestone shows we’re getting on with the job – investment, jobs and clean, homegrown power that we control.”

Welsh Government Cabinet Secretary for Economy, Energy and Planning, Rebecca Evans said: “This agreement marks another major step forward in our mission to make Britain a clean energy superpower. Ocean Winds joining Equinor and Gwynt Glas in the Celtic Sea demonstrates continued investor confidence in Wales. These projects will create thousands of skilled jobs and help secure our energy independence for generations to come.”