Indian refiners buy millions of barrels of Nigerian crude as US-Iran conflict disrupts Middle East supplies
Indian Refiners Shift to African and Omani Crude
India’s state-owned Hindustan Petroleum Corporation Limited purchased a total of four million barrels of Nigerian crude through two separate tenders amid efforts to secure alternative supplies. One transaction involved two million barrels of Forcados and Bonga grades from Shell for the Visakh refinery in Andhra Pradesh. The second transaction involved two million barrels of Okwuibome and Utapate grades from Glencore for the Rajasthan refinery. Mangalore Refinery and Petrochemicals Limited acquired about one million barrels of Omani crude through a tender at a premium of about $3 per barrel to Dated Brent from Mitsui & Co Energy Trading Singapore. Indian Oil Corporation bought four million barrels of West African crude from Chevron that included Angola’s Nemba, Saxi Batuque and Clov grades as well as Congo’s Djeno crude. These purchases reflect growing demand for Nigerian and other non-Middle Eastern grades as term supplies from the Middle East remain constrained by shipping issues. [1]
Oil Prices Rise Amid Hormuz Disruptions
Oil prices rose to $81 per barrel on Thursday, up from $79 on Wednesday, according to data from Oilprice.com. The increase occurred as shipping constraints around the Strait of Hormuz and Bab el-Mandeb disrupted Middle Eastern oil shipments to India. Several Indian refiners turned to suppliers as far away as Angola in Africa after term supplies from the Middle East failed to reach India as scheduled in July. The closure of the strait and attacks on energy infrastructure in the region have sent oil prices soaring. [1] [2]
Iran Accuses Trump of Theatre Diplomacy
Iran’s parliament speaker Mohammad Bagher Ghalibaf accused US President Donald Trump of conducting “theatre diplomacy on loop” after the president repeatedly ordered attacks on Iran before calling them off. Ghalibaf wrote on X that Washington keeps switching from military threats to negotiation offers as a failed pressure tactic, adding that “Using bullying + broken promises + fake news as leverage is a failed strategy.” Trump cancelled a planned large-scale military attack on Iran on Saturday, claiming that Tehran and other countries in the region had asked the US to call off the strikes as a diplomatic breakthrough was close. Trump told reporters on Thursday that he believed the war with Iran was close to an end and that he is involved in the negotiations. [2]
Iran Warns of Attacks on Gulf Targets
Iran has warned it will attack Saudi and Gulf energy, oil and infrastructure targets if the US strikes again. The warning includes possible strikes on oil fields, refineries, power plants, energy networks, water infrastructure, transport and other strategic sites belonging to Washington’s closest Arab partners. Iranian Foreign Minister Abbas Aragczi held talks with the foreign ministers of Saudi Arabia, Qatar and Turkey as well as the army commander of Pakistan to convey that Iran is ready for retaliation but prefers a diplomatic solution. Saudi Crown Prince Mohammed bin Salman urged Trump to return to negotiations and to suspend military action. Riyadh indicated it would respond militarily if its territory is attacked. [4]
Venezuela Transition Talks Open Without Machado
US-backed political transition talks between Venezuela’s interim government and opposition representatives began Thursday in Caracas. The discussions seek the restoration of democratic institutions and will address the response to the twin earthquakes of June 24 as well as the strengthening of democracy and political rights. Exiled opposition leader and Nobel Peace Prize laureate Maria Corina Machado was not invited to the talks. The opposition is represented by Dinorah Figuera, who heads the bloc that won a majority in the 2015 National Assembly. National Assembly President Jorge Rodriguez represents the interim government. The US State Department welcomed the start of in-person talks and urged all concerned to support the effort to deliver tangible results for Venezuelans. [3]
Mossad Dismissals Over Failed Iran Plan
Mossad chief fired two senior officials over a failed regime-change plan targeting Iran. One of the officials was the head of the intelligence directorate and the other was the head of the agency’s Iran division, according to Israeli broadcaster Channel 12. [5]
What to watch next: Iran continues to assert sovereignty over parts of the Strait of Hormuz while holding talks with Oman on reopening routes, and Trump has stated that a Hormuz deal is close and that the war will end pretty soon.
