State-owned ONGC and Oil India carrying out deepwater exploration campaigns in Andaman basin, but no commercial discoveries have yet been reported

After a strong recovery on Monday, Indian markets are expected to open steady on Tuesday as investors assess cooling inflation, stable global cues, easing commodity prices, and the U.S. Fed’s policy outlook. Sectoral rotation and macro data remain key triggers.

While the crisis is centred in West Asia, its ripple effects would be felt far beyond – and India, with its deep stakes in the region, would not be spared.

Union Minister for Petroleum and Natural Gas, Hardeep Singh Puri on Monday reviewed India's petroleum supply situation with top officials of the Ministry of Petroleum and Natural Gas and executives from state-run oil companies.

The surge in crude prices following Iran-Israel battle is raising concerns across India’s industrial landscape as it would challenge corporate cost management and unsettle the broader economic outlook.

Israel conflict. However, state-run companies such as HPCL, BPCL and IOC are expected to absorb the hike, shielding consumers from higher petrol and diesel prices. Consequently, inflation may not pick up either.

OMCs such as HPCL and BPCL can see heavy selling pressure amid escalating tensions in the Middle East, as concerns of oil supply weigh on stock prices.

India's palm oil imports jumped to a six-month high in May, driven by low inventories and the tropical oil's price discount to rival soyoil and sunflower oil, which prompted refiners to boost purchases,

India may be on the verge of a major oil and gas discovery in the Andaman region, with early offshore exploration pointing to promising reserves. Union Petroleum and Natural Gas Minister Hardeep Singh Puri on Monday said the country could be looking at the potential of "several Guyanas,