India, UK discuss steel safeguard issue ahead of trade pact rollout Karaganda coke project expected to start first phase by 2029 Crude oil prices surge near $110 as Iran tensions rise Beekay Steel’s annual sales grow 9.17% in FY26
Crude oil prices have surged sharply, with Brent settling near $109.26 per barrel and WTI at $105.42 per barrel, as renewed Iran-related tensions keep global energy markets on edge. Brent gained 7.84% during the week, while WTI rose 10.48%, driven by concerns around supply disruptions near the Strait of Hormuz.
For the steel industry, higher crude prices could increase pressure on freight, fuel, logistics and overall production-linked costs. Since steel movement depends heavily on road, rail and shipping networks, sustained oil volatility may influence delivered steel prices and buyer sentiment in the coming weeks.
Market participants are watching whether geopolitical tensions ease or push crude prices even higher, which could directly impact industrial input costs and trade flows.
Also Read : India’s Steel Industry Faces Gas Supply Shortage India to build first commercial crude oil strategic storage
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