Daily brief
President Donald Trump announced a 'historic' deal for what he called the first new U.S. oil refinery in 50 years, stating it involves a $300 billion investment from India's Reliance Industries. Reliance has not officially confirmed the deal or its financial details. The announcement led to mixed reactions in financial markets.
India is monitoring energy supplies as tensions around the Strait of Hormuz threaten LPG imports, with industries reporting shortages and black-market activity, while the government maintains crude oil supply is secure.
The U.S. will release 172 million barrels of oil from its strategic reserve to reduce prices amid the conflict involving Iran (ongoing coverage).
India is supplying diesel to Bangladesh to help address a shortage caused by the regional energy crisis (ongoing coverage).
The Trump administration has opened a probe into unfair trade and manufacturing practices, with India among 16 economies under scrutiny.