LPG and oil crisis LIVE: Oil drops after U.S. issues license for countries to buy Russian oil for 30 days

The West Bengal authorities connected Thursday chalked retired the modular operating process (SOP) to negociate the proviso and organisation of liquefied petroleum state (LPG) amid reports of substance shortage successful the state triggered by the struggle successful West Asia.

Chief Minister Mamata Banerjee had called for the framing of an SOP astatine an exigency gathering connected Wednesday to sermon ways to mitigate the situation.

“This SOP is issued to usher coordinated monitoring, stabilise supplies, and facilitate contiguous redressal of nationalist grievances. It aims to guarantee continuity of captious nationalist services specified arsenic midday meals successful schools, Integrated Child Development Services, infirmary diets, and indispensable home consumption,” the SOP stated.

There is nary shortage of petrol, diesel, kerosene, and aviation turbine substance successful the country, Union Petroleum Minister Hardeep Singh Puri informed the Lok Sabha connected Thursday (March 12, 2026) portion adding that India’s crude proviso has been secured amid the struggle successful West Asia.

“This is not the infinitesimal for rumour-mongering oregon fake narratives. India is navigating the astir terrible planetary vigor disruption successful recorded history,” Mr. Puri said, adding, “Every citizen, careless of governmental affiliation, has a involvement successful that. India indispensable basal agreed down its vigor warriors, down the institutions managing this crisis, and down the nationalist interest.”

Asian stocks slumped connected Friday (March 13, 2026), poised for a 2nd consecutive play diminution arsenic fast-dwindling hopes of a solution to the U.S. and Israel’s warfare with Iran kept lipid prices aloft, casting ‌a shadiness implicit planetary markets and spurring ostentation fears.

The U.S. dollar has go the safe-haven of prime during the tumult, putting astir different currencies nether pressure. The dollar was acceptable for a 2nd ⁠consecutive week of gains and is up 2% since the warfare broke retired astatine the extremity of February.

Oil prices remained adjacent to the intimately watched $100 per tube level, though they eased a spot successful aboriginal trading connected Friday aft U.S. issued a 30-day licence ‌for countries to bargain Russian lipid and petroleum products presently stranded astatine sea.

Brent futures were past astatine $99.85 a barrel, portion West Texas Intermediate crude was astatine $95.05 a barrel.

In Asia, MSCI’s broadest scale of ‌Asia-Pacific shares eased 0.5%, connected people for a 1.5% diminution for the week. Japan’s Nikkei fell 1.3%, portion tech-heavy ‌South Korean ⁠stocks slid astir 2% and Taiwan equities fell 1%.

With Iran stepping up attacks crossed the Middle ⁠East arsenic its caller Supreme Leader Mojtaba Khamenei vowed to support the Strait of Hormuz shipping lane closed, investors are bracing for a prolonged struggle and higher lipid prices. -- Reuters

Amid rising lipid prices, the Trump medication has announced a impermanent authorisation to different countries to acquisition Russian lipid presently stranded astatine sea, arsenic determination were nary contiguous signs of an aboriginal extremity to the U.S. warfare connected Iran.

The U.S. had granted a akin waiver from sanctions to India to bargain Russian lipid arsenic portion of efforts to chill down lipid prices that person been connected the emergence since the outbreak of warfare connected February 28.

“@POTUS is taking decisive steps to beforehand stableness successful planetary vigor markets and moving to support prices debased arsenic we code the menace and instability posed by the violent Iranian regime,” U.S. Treasury Secretary Scott Bessent said successful a station connected X connected Thursday (March 12, 2026). -- PTI