OTP can’t secure payments: RBI rolls out stricter digital payment rules from April 1 – what is changing
Reserve Bank of India (File photo) With the beginning of the new financial year, India’s digital payments landscape is poised for a major security overhaul as the Reserve Bank of India (RBI) rolls out stricter authentication norms from April 1.The move comes in response to rising transaction volumes and increasing fraud risks. RBI aims to strengthen the country’s payment ecosystem with more robust and adaptive safeguards. What is changing in digital payments? Under the updated rules, all digital transactions will now require two-factor authentication (2FA). This means that every transaction must incorporate at least one dynamic element such as a one-time password, biometric verification (fingerprint, face ID, etc.) or device-based authentication, according to ET. Previously, OTPs alone were sufficient, but experts have raised concerns over vulnerabilities to phishing and SIM-swap attacks.According to Sanjay Tripathy, CEO and Co-Founder of cross-border payments platform BRISKPE, “The RBI by mandating risk-based checks has formalised a framework that encourages a variety of authentication mechanisms beyond just SMS-based OTPs. The requirement for an Additional Factor of Authentication (AFA) in cross-border card-not-present transactions is a critical step to increase trust and reduce risks, benefiting both businesses and customers.” The RBI’s new framework signals a shift from rigid rule-based compliance to principle-driven regulation, promoting innovation while establishing a strong baseline for payment security. Other banking and financial changes from April 1, 2026 Several banking and financial rules are set to change from April 1 affecting credit card users, FASTag holders, RuPay debit cardholders, PAN applicants and bank customers. SBI Card, for instance, has revised the redemption structure for its Cashback SBI Card, allowing statement credit redemption only in multiples of 4,000 reward points.The National Highways Authority of India (NHAI) has increased the annual FASTag pass fee from Rs 3,000 to Rs 3,075 for the financial year 2026–27.RuPay Platinum debit card holders will no longer be able to access airport lounges, both domestic and international, as well as train lounges, following a circular issued by the National Payments Corporation of India. PAN card applications will also face stricter requirements: from April 1 applicants will need to submit additional documents beyond Aadhaar and the name on the PAN will now exactly match the Aadhaar card, making it crucial for citizens to ensure their Aadhaar details are correct.HDFC Bank has announced several updates affecting lending rates, fixed deposit interest rates, ATM withdrawals and locker charges, while other banks including Punjab National Bank and Bandhan Bank are revising ATM withdrawal limits, fees and related rules.New income tax frameworkFrom April 1, the Income-tax Act, 1961, will be repealed and replaced by the New Income-tax Act, 2025. Certain transitional provisions have been included to ensure pending proceedings under the old Act continue without disruption, allowing for a smooth transition. Why these changes matter The RBI’s 2FA mandate is a significant step towards enhancing digital payment security, reducing fraud and aligning India with global best practices.The changes to PAN rules and the tax framework aim to streamline compliance while making citizens more accountable for accurate documentation. Meanwhile, banking changes, including modifications to credit card redemption, FASTag fees, and ATM access, will directly impact how customers manage their daily transactions. Collectively, these measures mark a substantial shift in India’s financial and digital payment ecosystem, laying the groundwork for a safer, more regulated and technologically aligned financial system.
Gold price today (April 1, 2026): How much 22K, 24K gold cost in Delhi, Mumbai, Chennai and other cities? Check rates
Gold prices in India remained firm on Wednesday tracking gains in the futures market, even as retail rates across cities showed an upward trend.On the Multi Commodity Exchange (MCX), gold futures continued to trade higher with all major contracts posting gains. The June 5, 2026 contract was trading at Rs 1,52,113 per 10 grams, up Rs 1,352 or 0.90%, after moving between Rs 1,51,068 and Rs 1,52,758 during the session.The August 5, 2026 contract rose Rs 1,777 or 1.16% to Rs 1,54,378 per 10 grams, while the near-term April 2, 2026 contract gained Rs 2,281 or 1.55% to trade at Rs 1,49,200 per 10 grams, indicating broad-based strength across maturities.Here is how gold prices stand across major cities today: Gold price in Delhi today Gold prices in the national capital rose, with 24K gold quoted at Rs 14,884 per gram, up Rs 141, while 22K gold increased by Rs 130 to Rs 13,645 per gram. Gold price in Mumbai today In Mumbai, 24K gold was priced at Rs 15,148 per gram, up Rs 279, and 22K gold stood at Rs 13,885 per gram, higher by Rs 255. Gold price in Chennai today In Chennai, 24K gold was selling at Rs 15,327 per gram, up Rs 414, while 22K gold moved up by Rs 380 to Rs 14,050 per gram. Gold price in Kolkata today Gold prices in Kolkata were higher, with 24K gold quoted at Rs 15,148 per gram, up Rs 279, while 22K gold stood at Rs 13,885 per gram, gaining Rs 255. Gold price in Hyderabad today In Hyderabad, 24K gold was priced at Rs 14,869 per gram, up Rs 141, and 22K gold was at Rs 13,630 per gram, higher by Rs 130. Gold price in Bangalore today Gold prices in Bangalore edged higher, with 24K gold quoted at Rs 14,869 per gram, up Rs 141, while 22K gold increased to Rs 13,630 per gram, up Rs 130. Gold price in Ahmedabad today In Ahmedabad, 24K gold was priced at Rs 15,153 per gram, up Rs 279, while 22K gold stood at Rs 13,890 per gram, higher by Rs 255. Gold price in Patna today Gold prices in Patna were up, with 24K gold quoted at Rs 15,153 per gram, up Rs 279, and 22K gold at Rs 13,890 per gram, gaining Rs 255. Gold price in Jaipur today In Jaipur, 24K gold was priced at Rs 15,163 per gram, up Rs 279, while 22K gold rose to Rs 13,900 per gram, higher by Rs 255. Gold price in Lucknow today Gold prices in Lucknow edged up, with 24K gold quoted at Rs 15,163 per gram, up Rs 279, and 22K gold at Rs 13,900 per gram, gaining Rs 255.
Top 10 things that change for your finances from April 1, 2026: From new PAN application norms, FASTag fee to income tax & ATM rules
Top 10 changes to your finances (AI image) It’s the start of a new financial year 2026-27, and from today, April 1, 2026 several small and big changes in the way you manage your finance, and income tax come into effect. Some of the changes affect credit card users, FASTag subscribers, RuPay debit cardholders. Here are some of the key revisions scheduled for implementation from the start of the new financial year.Revised PAN application normsUntil March 31, 2026, individuals could apply for a PAN card using Aadhaar as the sole document. From April 1, 2026, however, applicants will need to furnish additional documentation. Applicants can submit any of several documents as proof, such as a birth certificate, voter ID card, Class 10 certificate, passport, driving licence, or a magistrate-issued affidavit. With this update, those seeking a PAN are expected to have these documents prepared beforehand to prevent potential processing hold-ups. Going forward, the name printed on the PAN card will mirror the details recorded in the applicant’s Aadhaar, making it essential for individuals to ensure that their Aadhaar information is accurate.Increase in FASTag annual pass chargesThe National Highways Authority of India (NHAI) has revised the annual FASTag pass fee for the financial year 2026–27. The cost will rise from the existing Rs 3,000 to Rs 3,075, with the updated fee becoming effective from April 1, 2026.Changes to ATM usage rulesMultiple banks, including HDFC Bank, Punjab National Bank and Bandhan Bank, have revised their policies related to ATM cash withdrawals, including applicable charges and limits. These updated rules will be implemented starting April 1, 2026.New Income Tax Rules 2026Effective April 1, 2026 the Income Tax Act 2025 is applicable doing away with the decades old Income Tax Act 1961. The new act has several important changes with implications for salaried taxpayers in terms of higher HRA limits for some cities, higher exemption limits etc. You can read about it in detail here:Changes to SBI Card benefitsSBI Card has introduced modifications to the benefits associated with its Cashback SBI Card. From April 1, 2026, the redemption framework has been updated, with statement credit redemptions for select cards now allowed only in multiples of 4,000 reward points.Revisions to RuPay debit card lounge accessRevisions to RuPay debit card lounge access Starting April 1, 2026, holders of RuPay Platinum debit cards will lose access to airport and railway lounges. The National Payments Corporation of India (NPCI) has communicated these changes to member banks via a circular, signaling an update to the lounge access perks associated with specific RuPay debit cards.Updates by HDFC BankHDFC Bank has announced a series of changes that will affect its customers, including revisions to lending rates, fixed deposit returns, ATM withdrawal norms and locker fees. While some of these updates have already been rolled out, the remaining changes will come into force from April 1, 2026.Two-factor authentication normsThe Reserve Bank of India has reiterated that all digital payment transactions must comply with two-factor authentication requirements. Although no specific method has been mandated, the system has largely relied on SMS-based one-time passwords as an additional verification layer. These guidelines will come into effect from April 1, 2026, unless specified otherwise for certain provisions.Revised rules for Sovereign Gold Bonds (SGBs) From April 1, 2026, the benefit of tax-free redemption on Sovereign Gold Bonds will be limited only to original investors who retain their holdings until maturity. Investors who purchase these bonds in the secondary market will be subject to a 12.5% Long-Term Capital Gains (LTCG) tax at the time of maturity, which reduces the overall returns compared to the earlier framework.Lower TCS on overseas spending The Tax Collected at Source (TCS) applicable on foreign travel has been brought down, offering some relief to travellers. Previously, tour packages attracted a 5% TCS for amounts up to Rs 10 lakh and 20% for amounts exceeding that threshold. Under the revised structure, a uniform 2% TCS will now be levied on the entire cost of the tour.Furthermore, the tax collected at source (TCS) on remittances for education and medical expenses overseas has seen a reduction. Previously, the rate was 5% for amounts exceeding Rs 10 lakh. It’s now been cut to 2%, which should lessen the financial strain on those sending money abroad for educational or medical purposes.
‘No choice’: Asian nations tap Russian oil under US waivers amid Middle East war
Representative image (AI-generated) With the near-closure of the Strait of Hormuz disrupting global oil supplies, several Asian countries are turning to Russian oil to fill the gap caused by the Iran war.Energy-starved nations in the region are taking advantage of US sanction waivers to secure Russian crude, Bloomberg reported. The Philippines recently received its first cargo of ESPO crude in nearly six years, while South Korea’s first Russian naphtha shipment of the year has arrived at Daesan port and is awaiting unloading. Sri Lanka and other countries are also in talks with Moscow over potential shipments. Why are countries looking towards alternatives? The war in the Middle East, involving the US, Israel, and Iran, has created a severe energy crunch. The near-total closure of the Strait of Hormuz, a key oil transit route, has left regional refiners scrambling for alternatives.India, for example, meets nearly 88% of its oil needs through imports and consumes about 5.8 million barrels per day, with 2.5–2.7 million barrels traditionally sourced from the Middle East. Shipments via the strait handle roughly 55% of India’s LPG imports and 30% of LNG used for power generation and fertilisers.“Incremental Russian crude imports in March could reach 1–1.2 million bpd, narrowing the shortfall from Hormuz exposure to around 1.6 million bpd,” said Sumit Ritolia, analyst at Kpler.Refineries are also optimising domestic LPG output, though even a 10–20% rise in production would only cover roughly half of total demand, making imports critical. Middle East supply risks for Asia Asia is heavily dependent on Middle Eastern energy, leaving it exposed to disruptions. Countries like China, Japan and South Korea face particular vulnerability: China: Imports around half its crude from the Middle East and holds strategic reserves estimated at 900 million barrels. Japan: Nearly 95% of crude imports from the Middle East; emergency reserves cover 254 days of consumption. South Korea: 70% of crude and 20% of LNG from the Middle East; reserves sufficient for 208 days. India’s growing reliance on Russian crude India’s purchases of Russian crude surged about 50% in March, rising to 1.5 million barrels per day from 1.04 million bpd in February. Refiners including Indian Oil Corporation and Reliance Industries have bought nearly all available cargoes on the spot market following US waivers.Russia’s oil has increasingly become a larger part of China’s oil mix, while India continues to source significant volumes from the Middle East where possible. Strategic reserves and a strong refining sector have helped cushion the supply shock.“There’s no other choice. Refineries that do not have much flexibility will be the first to look for Russian crude, as it is a relatively easy replacement for Middle Eastern supplies,” said June Goh, analyst at Sparta Commodities.Russia has emerged as a beneficiary of the conflict, with higher crude prices and US waivers increasing demand for its exports. The conflict in Iran has also shifted global attention away from Moscow’s invasion of Ukraine.The Strait of Hormuz remains a vital maritime corridor, handling about 20% of the world’s oil trade and large portions of LPG and LNG imports for Asia. Any disruption threatens energy availability and shipping flows, intensifying pressure on governments and refiners to secure alternative supplies like Russian crude.
GST collections rise 8.2% in March 2026 to hit Rs 1.78 lakh crore
GST collections: India’s net Goods and Services Tax (GST) collections increased to Rs 1.78 lakh crore in March 2026, marking a rise of 8.2% compared to the previous month, according to official figures released on Wednesday.Gross GST revenue for March stood at Rs 2 lakh crore, which is an 8.8% increase over the same month last year.Abhishek Jain, Indirect Tax Head & Partner, KPMG says, “GST collections continue to show steady 9% annual growth, supported by strong import activity this month and consistent compliance. While export refunds have eased this month but remain healthy overall for the year”Refunds during the month totalled Rs 0.22 lakh crore, up 13.8% on a year-on-year basis, which resulted in net GST collections of Rs 1.78 lakh crore.Domestic GST revenue reached Rs 1.46 lakh crore, registering a growth of 5.9%, while revenue from imports was recorded at Rs 0.54 lakh crore, rising sharply by 17.8% during the period.Post-settlement GST figures across states presented a varied trend. While industrially advanced states recorded strong growth, several others reported a decline.Maharashtra contributed the highest amount to the overall collections at Rs 0.13 lakh crore on a pre-settlement basis, followed by Karnataka and Gujarat.Among states showing an increase in post-settlement SGST collections were Himachal Pradesh, Punjab, Uttarakhand, Haryana, Rajasthan, Uttar Pradesh, Bihar, Gujarat, Maharashtra, Karnataka, Kerala, Tamil Nadu, Telangana and Andhra Pradesh, among others.On the other hand, states such as Jammu and Kashmir, Chandigarh, Delhi, Arunachal Pradesh, Meghalaya, Assam, West Bengal, Jharkhand, Odisha, Chhattisgarh and Madhya Pradesh, among others, registered a decline in post-settlement SGST revenues.
No quick reset for oil, gas prices even after war ends? EU issues warning
AP photo European Union energy commissioner Dan Jorgensen warned that amid the ongoing Iran war, oil and gas prices in Europe are unlikely to return to normal levels anytime soon, even if peace were declared tomorrow.Skyrocketing energy costs have pushed gas prices up by about 70% and oil prices by 60% in Europe since the conflict began. Watch Iran War Impact Hits India: Commercial LPG Prices Rise, Airfares Set To Surge As Fuel Costs Double “What I find extremely important is to state as clearly as I can, that even if that peace is here tomorrow, still we will not go back to normal in a foreseeable future,” Jorgensen said during a news conference following a meeting of EU energy ministers.He said that while there are currently no immediate shortages of oil or gas in the 27-member bloc, pressure on diesel and jet fuel supplies in global gas markets is driving up electricity costs, according to news agency Associated Press. The EU’s fossil fuel import bill has surged by 14 billion euros since the start of the war.Jorgensen outlined that the EU’s executive arm is preparing a range of measures to help families and businesses cope with the high energy prices.The upcoming measures will include ways for states to decouple gas prices from electricity prices and a tax cut on electricity, as suggested by Commission President Ursula von der Leyen.Although a repeat of the 2022 natural gas crisis is unlikely, the commissioner did not rule out a one-time “windfall tax” on companies that benefit disproportionately from the high prices. He emphasized coordinated action among all EU members to avoid fragmented national responses that could destabilize markets.Jorgensen also encouraged EU states to consider the International Energy Agency’s 10-point plan, which includes measures such as reducing highway speeds, increasing public transport use, and encouraging car sharing.The commissioner reaffirmed the EU’s commitment to the ban on Russian gas, which has reduced reliance from 45% before the Ukraine war to just 10% now and highlighted efforts to source energy from the US, Azerbaijan, Algeria, Canada and smaller global producers. He stressed that Europe must not repeat past mistakes that allowed energy to be used as a weapon against member states.
Rupee at 100? Currency may slide further versus US dollar as crude oil prices rise, Middle East conflict persists
Since the onset of the geopolitical tensions, the currency has declined by roughly 4%. (AI image) Will the US-Iran war lead to the rupee hitting the 100 per dollar mark? Experts are of the view that a prolonged Middle East conflict may lead to the rupee depreciating even more with policy measures unlikely to offer any substantial support.The rupee could weaken to an unprecedented level of 100 against the US dollar or even lower if the conflict involving Iran persists, with strategists cautioning that policy measures aimed at containing its roughly 10% depreciation over the past year may offer only limited and temporary support.Expectations are growing that the conflict may be approaching a resolution after US President Donald Trump indicated that he anticipates it could conclude within two to three weeks. However, the certainty of this timeline remains questionable, especially as the United States has recently increased its military presence in the region, leaving scope for further escalation if the stance changes.Even prior to the conflict, the rupee was facing downward pressure due to widening external imbalances and persistent capital outflows. The surge in oil prices has intensified these challenges for the world’s third-largest crude importer, while a possible decline in remittances from Indians working in the Gulf could further weaken inflows and overall sentiment.The Indian rupee slipped past the 95-per-dollar level on Monday, touching an all-time intraday low of 95.22, before recovering slightly to settle at 94.83, its weakest closing level on record. Since the onset of the geopolitical tensions, the currency has declined by roughly 4%. Rupee at 100 per dollar? According to analysts at Wells Fargo and Van Eck Associates Corp. quoted in a Bloomberg report, sustained high crude oil prices are likely to accelerate the currency’s decline by pushing up inflation and widening the current account deficit. Signals from the options market reinforce this outlook, with pricing indicating expectations of further depreciation and a possible move toward the 100 mark.The rupee, already among the weakest Asian currencies against the dollar this year, has prompted the Reserve Bank of India to introduce one of its most significant interventions in over a decade. The central bank has capped banks’ end-of-day positions in the domestic currency market at $100 million, effectively forcing lenders to reduce exposure and limiting their ability to take large directional bets against the rupee.However, trading on Monday underscored the limitations of these steps. The rupee initially strengthened by as much as 1.4% following the announcement but later reversed sharply, slipping to a new low of 95.125 during the session. Markets remained closed on Tuesday.“100 per dollar is no longer a tail risk — it is a credible stress scenario if current conditions persist,” said Ahmed Azzam, head of financial market research at broker Equiti Group in Amman. “The latest measures look more like short-term stabilization tools than a structural solution.”Bearish positions on the rupee continue to persist. Nick Twidale of AT Global Markets noted that trading activity on his platform still reflects bets against the currency despite recent regulatory measures, indicating that some investors are looking beyond the central bank’s interventions.“100 and beyond is a virtual certainty as long as the war persists,” the veteran currency trader told Bloomberg. “The RBI will try and stop the weakness, but macro conditions will still take over. The rupee will turn one day, but it won’t be dictated by the RBI — it’ll be determined by markets.”Data from options markets suggests traders are assigning roughly a 13% probability that the dollar-rupee exchange rate could reach 100 by the end of June, and about a 41% likelihood by the end of the year, according to Bloomberg-compiled figures.According to Aroop Chatterjee, a global macro strategist at Wells Fargo, the future path of the rupee will largely depend on the extent and duration of elevated energy prices. He compared the situation to Russia’s invasion of Ukraine in 2022, when the currency depreciated around 10% over six months. In the current scenario, disruptions to oil supply could be more severe, although the rupee has declined by less than 5% since the conflict began.Chatterjee said that if the US-Iran conflict extends through the end of April, the dollar-rupee exchange rate could very likely move past the 100 level.Brent crude prices have surged nearly 44% since tensions escalated in late February, touching a peak of $119.50 per barrel. Some analysts caution that prices could rise further, potentially reaching $150 or even $200, if the near shutdown of the Strait of Hormuz continues for another six to eight weeks.Chatterjee also noted that the Reserve Bank of India’s restrictions may tighten liquidity in the domestic foreign exchange market. This could increase hedging costs for importers and foreign portfolio investors, while also encouraging more speculative trades to shift to offshore markets beyond the central bank’s direct influence.The rupee had already been under strain before the conflict, due to concerns around US-India trade relations, the potential impact of artificial intelligence on key service exports, and weak foreign investment inflows. As a result, some market participants believe that even a resolution to the Middle East tensions may not be sufficient to halt the currency’s decline.“If and when it does end, I’d expect the rupee to resume underperforming,” said Win Thin, chief economist at Bank of Nassau 1982 Ltd., who has close to four decades of experience in financial markets. “That is, it won’t see much relief.”Uncertainty surrounding the duration of the conflict has led global investors to withdraw approximately $12 billion from Indian equities in March, marking the largest monthly outflow on record.Anna Wu, a cross-asset strategist at VanEck, described India’s position as particularly challenging, pointing to its exposure to oil price shocks and sustained foreign capital outflows.“I think it’s possible to reach 100,” she said, highlighting the absence of a clear policy tightening trajectory from the central bank along with rising risks to economic growth, which she described as India’s strongest advantage.(Disclaimer: Recommendations and views on the stock market, other asset classes or personal finance management tips
‘Only a partial, staggered increase’: Government issues clarification on jet fuel price hike
NEW DELHI: The central government issued clarification on jet fuel price hike as it capped the increase in aviation turbine fuel (ATF) prices for domestic airlines to 25% on Wednesday. Citing tensions in the Middle East and closure of the Strait of Hormuz triggered by US-Israeli strike on Iran, the Centre called it “only a partial and staggered increase”.“ATF prices in India were deregulated in 2001 and are revised on monthly basis based on a formula of international benchmarks. Due to the closure of Strait of Hormuz and extraordinary situation in global energy markets, price of ATF for domestic markets was expected to increase by more than 100% on 1 April,” Ministry of Petroleum and Natural Gas said in a post on X.“In order to insulate the domestic travel costs from the substantial increase in international prices, PSU Oil Marketing Companies of the Ministry of Petroleum, in consultation with Ministry of Civil Aviation, have passed only a partial and staggered increase of 25% (only Rs.15/litre) to the airlines. Foreign routes will pay for the full increase in ATF prices consistent with what they pay in other parts of the world,” it added.Jet fuel prices for scheduled Indian airlines have risen by around 8.5% in April, helping avoid a sharp increase in airfares for most passengers. In Delhi, aviation turbine fuel (ATF) now costs Rs 1,04,927 per kilolitre, up from Rs 96,638.14 last month. At the country’s second-busiest hub, the price has increased to Rs 98,247 from Rs 90,451.87. The relatively moderate hike comes as a relief for financially strained airlines as well as flyers. However, the situation is very different for non-scheduled, ad hoc, and charter operators, where jet fuel prices have more than doubled. For domestic flights in this segment, ATF prices have surged by about 115%, while international operations have seen an increase of roughly 107%. Watch Iran War Impact Hits India: Commercial LPG Prices Rise, Airfares Set To Surge As Fuel Costs Double
Asian stocks today: Markets rallied as hopes grew that Iran war could end soon; Kospi jumps 5.5%, Nikkei rises 3.9%
Asian shares rallied in early trade on Wednesday after hopes grew that the Iran war could end soon.MSCI’s broadest index of Asia-Pacific shares outside Japan rose by 2.7%, while South Korea’s Kospi surged as much as 5.5% and Japan’s Nikkei 225 jumped 3.9%.The gains came after US President Donald Trump said that the United States could end its military actions in Iran within two to three weeks. “They’re still quite far apart in terms of what a truce means, or what peace means, but the market is embracing the fact that they are talking. That’s a positive sign, at least in terms of signalling or willingness to end the conflict,” said Rodrigo Catril, currency strategist at National Australia Bank in Sydney. Stocks and bonds rallied and the US dollar weakened at the start of the Asian session, while strong economic data for March boosted Korean and Japanese markets, according to Reuters. In South Korea, Samsung Electronics soared 8% and SK Hynix rose 7.8% as exports climbed 48.3% year-on-year, while a separate manufacturing survey showed the fastest expansion in factory activity in more than four years.In Japan, business sentiment among large manufacturers improved in the three months to March, suggesting that uncertainty from the Middle East conflict has yet to dampen corporate confidence.US futures also rose, with S&P 500 e-mini up 0.3% and Nasdaq futures gaining 0.5%, following a 2.9% rally in the S&P 500 on Tuesday. The US dollar index nudged up 0.1% to 99.80, while the 10-year Treasury yield fell slightly to 4.297%. In cryptocurrencies, bitcoin slipped 0.3% to $67,988.87 and ether declined 0.2% to $2,100.94.
Crude Oil Price: Oil prices today: Crude climbs as markets weigh Trump’s signal on possible end to Iran war
Representative image (AI-generated) Oil prices rose on Wednesday, with Brent crude climbing above the $100 per barrel mark and US West Texas Intermediate (WTI) crude also gaining sharply.Brent crude rose by 0.63 per cent to $104.63 per barrel. WTI crude rose by 0.95% to $102.34 per barrel, while WTI futures for June rose 46 cents, or 0.49%, to $103.62 per barrel. Watch ‘Global Oil Crisis May Push India Closer To Iran’: US Expert Robert Pape Hints Big Diplomatic Shift Brent had recorded a record monthly gain of 64% in March, the largest since LSEG data tracking began in 1988.Analysts said that the rise reflects continued market concern over supply risks, despite signs that the US and Iran may be edging closer to a negotiated end to the ongoing war, according to Reuters. “Even with diplomatic channels reportedly still active and intermittent comments from the US administration predicting a short end to the conflict, the combination of limited tangible progress, continued maritime attacks, and explicit threats against energy assets keeps supply risks skewed to the upside,” LSEG analysts said.Oil prices recovered some losses from Tuesday, when Brent crude had settled down more than $3 after reports suggested that Iran’s president was ready to end the war.US President Donald Trump told reporters that the military campaign could end within two to three weeks, adding that Iran does not have to make a deal for the conflict to conclude. Analysts said that even if the conflict ends soon, infrastructure damage in the region is likely to keep supplies tight.The Strait of Hormuz, a critical route for around 20% of global oil and LNG trade, remains a key factor in supply concerns. Trump has suggested the war could end before the strait is reopened.OPEC oil output dropped by 7.3 million barrels per day in March compared with February, according to a Reuters survey, reflecting export cuts tied to the Hormuz closure. Analysts have raised their annual oil price forecasts sharply: Brent is now expected to average $82.85 per barrel in 2026, about 30% higher than February’s forecast of $63.85, marking the steepest annual forecast revision in Reuters’ monthly oil poll data since 2005.
