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Brent oil crude futures saw a modest rise of 27 cents or 0.3% to reach 90.75 dollars a barrel

Crude oil prices surge amid escalating middle east tensions

<h2>Brent oil crude futures saw a modest rise of 27 cents or 0.3% to reach 90.75 dollars a barrel</h2>

Oil prices held firm near six-month highs as it extended gains on Thursday. The prices continued to climb following a 1 dollar increase per barrel in the previous session, as investors anticipated a deepening of the Middle East crisis, which could involve Iran, the third-largest oil producer in OPEC.
Brent oil crude futures saw a modest rise of 27 cents or 0.3% to reach 90.75 dollars a barrel.
Tensions in the Middle East escalated as the region braced for possible retaliation from Iran following a suspected Israeli airstrike on Iran's embassy in Syria.
Meanwhile, negotiations between Israel and Hamas, amidst their ongoing Gaza conflict, have yet to yield any agreement.

Indian government cuts windfall tax on Petroleum crude, and export duties on diesel and ATF. Move aids struggling oil sector fuels exports amidst global price dip.

India Government Cuts Windfall Tax on Petroleum Crude, export of diesel, and ATF 

Indian government cuts SAED on crude, reduces windfall tax, and export duties on diesel and ATF. Move aids struggling oil sector, fuels exports amidst global price dip

Government reduces windfall tax on domestic crude oil, export of diesel, and ATF 

<h2>Indian government cuts SAED on crude, reduces windfall tax, and export duties on diesel and ATF. Move aids struggling oil sector, fuels exports amidst global price dip</h2>

India cuts Windfall Tax on Petroleum Crude: The government has cut the special additional excise duty (SAED) on crude petroleum to ₹9,050 per tonne with effect from October 18, 2023. The windfall tax on domestically produced crude oil was set at ₹12,100 per tonne in the last fortnightly review on September 29, 2023.
The SAED or duty on the export of diesel will be reduced to ₹4 per litre, from ₹5 per litre currently. The duty on jet fuel or ATF will be reduced to ₹1 per litre from ₹2.5 per litre currently.
The move is expected to provide relief to the domestic oil and gas industry, which has been struggling with high taxes and low prices for some time now. The reduction in taxes is also expected to boost exports of diesel and ATF.
The government&rsquo;s decision comes in the wake of softening international petroleum product prices. The tax on the export of diesel was cut to ₹5 per litre from ₹11, while that on jet fuel (ATF) was scrapped.
The Indian government had imposed windfall profit taxes on crude oil producers and levies on exports of petrol, diesel and aviation fuel in July 2022 after private refiners sought overseas markets to gain from the robust refining margins, instead of selling them for cheaper prices at home.
<h3>What is Windfall Tax</h3>
Windfall tax is a tax levied by governments against certain industries when economic conditions allow those industries to experience significantly above-average profits. Windfall taxes are primarily levied on companies in the targeted industry that have benefited the most from the economic windfall, most often commodity-based businesses.
The purpose of a windfall tax is to redistribute excess profits in one area to raise funds for the greater social good. However, this can be a contentious ideal.
Also Watch: <a href="https://www.editorji.com/business-news/russian-oil-deliveries-to-india-hit-14-month-price-low-in-june-1691406391388">Russian Oil deliveries to India hit 14-month price low in June</a>

After Brent and WTI futures drop, Saudi Arabia has cut crude oil price to $2.55 a barrel in its Asia market

As crude oil futures slump, Saudi Arabia cuts oil prices in Asia markets

After Brent and WTI futures drop, Saudi Arabia has cut crude oil price to $2.55 a barrel in its Asia market

Saudi Arabia has cut oil prices in its Asia market after the futures slumped amid the weakening energy market. The Brent &amp; WTI futures drop is triggered by a falling US economy, its unstable banks and China's demand fall.
As per Bloomberg, State-controlled Saudi Aramco cut all official selling prices for Asia in June. The company&rsquo;s key Arab Light grade was reduced to $2.55 a barrel above the regional benchmark, 25 cents less than the price for this month.
60% of Aramco's crude shipment is sold to Asia. Most of these sales are under long-term contracts and the pricing is reviewed every month. The biggest buyers of Aramco's crude are China, Japan, South Korea and India. Meanwhile, the company has raised prices for Europe and didn't change any US grades.&nbsp;
Earlier last month, the OPEC+ group led by Saudi Arabia decided to cut production by more than 1 million barrels a day, calling it a precautionary measure to stabilize the market. The next OPEC+ meeting is scheduled to be held on 3rd and 4th June.&nbsp;
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