India shifts its focus to finding new oil sources.

VTV.vn - In April and May, Indian refineries significantly increased their purchases of crude oil from Venezuela, Brazil, Angola, and Nigeria.

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The blockade of the Strait of Hormuz due to conflict in the Middle East has forced India – the world's third-largest oil importer – to urgently restructure its supply sources, shifting to Latin America and Africa.

In April and May, Indian refineries significantly increased their purchases from Venezuela, Brazil, Angola, and Nigeria. Notably, New Delhi bypassed Iraqi oil in April and resumed importing Iranian oil for the first time in seven years, thanks to a temporary waiver from the US.

Despite a nearly 30% drop in production due to plant maintenance, Russia remains the largest oil supplier to India, followed by the United Arab Emirates and Saudi Arabia.

Regarding the crude oil market, on May 26th, Brent crude oil prices rose by more than 2% after the US military conducted airstrikes on Iran. This move further heightened market tension amid the ongoing lack of an agreement to end the war and reopen the Strait of Hormuz.

At 1:30 PM Vietnam time, Brent crude oil prices rose $2.36, or 2.5%, to $98.50 per barrel, after falling as much as 7% in the previous trading session. Meanwhile, West Texas Intermediate (WTI) crude oil was trading at $91.95 per barrel. There was no official closing price on May 25th due to the US market being closed for Memorial Day.

Michael McCarthy, CEO of online trading platform Moomoo Australia, noted that although both types of oil had cooled down due to expectations of a peace deal, US airstrikes in southern Iran and Israeli attacks on Hezbollah forces had pushed Brent crude prices back up, widening the price gap with WTI crude.

The airstrikes occurred just as Iran's top negotiator and foreign minister was in Doha to discuss a potential deal with the US to end the three-month-long war with the Qatari prime minister.

Both the US and Iran have claimed to have made progress on a memorandum aimed at halting the war, giving negotiators 60 days to reach a final agreement.

However, Tony Sycamore, a market analyst at IG, warned that the US attack was a reminder that the deal still risks collapsing at the last minute, similar to the five previous unsuccessful attempts.

Source: https://vtv.vn/an-do-chuyen-huong-tim-nguon-dau-moi-100260526145640905.htm