Trump on Monday told CBS News that he believes the war against Iran “is very complete” and that Washington was “very far ahead” of his initial four-to-five week estimated timeframe. He also told reporters that his administration was lifting sanctions on some countries as part of efforts to stabilise the oil market.“So we have sanctions on some countries. We’re going to take those sanctions off until the Strait is up,” he said, without providing further details.
“It’s going to end soon, and if it starts up again they’ll be hit even harder,” Trump added.
Following the remarks, crude oil prices plunged sharply after a blistering rally that had pushed prices past the $100 mark for the first time since Russia–Ukraine War began in 2022.
India imports more than 60% of its domestic LPG needs, and around 85–90% of these imports pass through the Strait of Hormuz. The country consumed 31.3 million tonnes of LPG in FY25, of which only 12.8 million tonnes were produced domestically.Earlier last week, the Indian government invoked emergency powers and directed oil refiners to ensure there is no shortage of LPG for domestic customers due to supply constraints arising from rising geopolitical tensions in West Asia.
Shares of Petronet LNG jumped around 5% to trade at Rs 291.5 apiece. The stock had earlier declined more than 9% last week after the company issued force majeure notices to QatarEnergy and others because vessels were unable to safely transit through the Strait of Hormuz. The possibility of traffic resuming through the critical chokepoint appears to have boosted sentiment.
Meanwhile, shares of Gujarat Gas rose about 1.6%, GAIL (India) gained more than 2%, while Indraprastha Gas Limited was up over 1%.
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