US President Donald Trump said America First Refining will open the first new US oil refinery in 50 years in Brownsville, Texas, calling it a historic $300 billion deal.
He added that India’s Reliance Industries would also be investing in the project, though the company has yet to issue a statement.
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Iran targets commercial ships, Dubai airport and oil facilities as concerns grow over global energy
Iran launched drone and missile attacks across the Persian Gulf, including near Dubai International Airport and commercial ships in the Strait of Hormuz, escalating tensions as US and Israeli airstrikes continued against Iran.
The attacks have disrupted cargo traffic through the key oil shipping route, pushing Brent crude prices about 20 per cent higher since the conflict began.
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West Asia financial hubs at risk, Iran identifies new targetss
Iran’s joint military command said banks and financial institutions in the Middle East are now potential targets, following reports that staff at a Tehran bank were killed in Israeli-American airstrikes.
The warning raises concerns for major financial hubs, particularly Dubai in the UAE, as well as Saudi Arabia and Bahrain.
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India buys 30 million barrels of Russian crude after US waiver
Indian refiners have purchased about 30 million barrels of Russian oil after the US granted a waiver to help India manage supply shortages caused by the West Asia conflict and the closure of the Strait of Hormuz.
State-run Indian Oil and Reliance Industries were among the buyers, snapping up available cargoes of Russian crude in the spot market.
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Research &VO: Shakthi
Published on March 12, 2026