At the Multi Commodity Exchange, the June month contract of crude oil rose by Rs 34, or 1.04 per cent, to Rs 3,311 per barrel in a business turnover of 2,024 lots.
Iran's state television has declared incumbent President Hassan Rouhani the winner of the country's presidential election.
President Hassan Rouhani was leading in Iran's election with more than half of votes counted on Saturday, the head of the election committee announced.
Iran wants India to buy all of the natural gas to be produced from the Persian Gulf block at a price equivalent to the rate Qatar charges for selling liquefied natural gas (LNG) to India under a long-term deal.
The drop in volumes follows India's threat to order state refiners - Hindustan Petroleum, Bharat Petroleum, Mangalore Refinery and Petrochemicals Ltd, and Indian Oil Corp - to reduce purchases from Iran if an Indian consortium is not awarded the rights to develop Iran's huge Farzad B natural gas field.
The ribbon-cutting of phases 17-21 pave the way for Iran to surpass the production levels of neighbouring Qatar, which shares half the offshore gas field, Iranian officials said.
ATR spokesman David Vargas confirmed the finalized deal for the 20 ATR 72-600s, a twin-propeller aircraft, and said Iran Air had an option to purchase another 20.
Iran, India's third biggest oil supplier, used to give a 90-day credit period to refiners like Indian Oil Corp (IOC) and Mangalore Refinery and Petrochemicals Ltd (MRPL) to pay for the oil they would buy from it.
In an interview to CNBC-TV18, Arvind Sanger, Managing Partner of Geosphere Capital Management shared his readings and outlook on how to approach the market.
Sources familiar with the matter told Reuters last week that Indian state refiners were going to cut oil imports from Iran, as New Delhi seeks to put pressure on Tehran to award the Farzad B gas field to an Indian consortium.
Iranian state television described the temblor as hitting today near Mashaad, the country's second-largest city. It offered no immediate information on possible damage or injuries.
The proposed investment will be driven through a consortium of state-run oil companies led by its overseas arm ONGC Videsh (OVL). The statement comes amidst media reports that government is threatening to massively reduce crude intake from Iran as Tehran delays clearing the investment plan in the block.
ONGC Videsh expects to produce between 1 billion and 1.6 billion cubic feet per day of gas in five years from the start of development of the block, N. K. Verma, the company's managing director told Reuters in Mumbai on Tuesday.
Qatar declared a moratorium in 2005 on the development of the North Field, which it shares with Iran, to give Doha time to study the impact on the reservoir from a rapid rise in output.
Indian state refiners will cut oil imports from Iran in 2017/18 by a fifth, as New Delhi takes a more assertive stance over an impasse on a giant gas field that it wants awarded to an Indian consortium, sources familiar with the matter said.
US President Donald Trump has denounced an agreement between Iran and major powers on its nuclear programme as a bad deal, and his administration has put Tehran "on notice" after the test-firing of a ballistic missile.
Located in the Sistan-Balochistan province on the energy- rich Persian Gulf nation's southern coast, the port is easily accessed from India's western coast, bypassing Pakistan.
Chinese telecom giant ZTE Corp has agreed to pay a "criminal penalty" of USD 1.19 billion to US for illegally supplying telecommunication equipment to Iran and North Korea, Commerce Secretary Willian Ross said today.
The new plan, filed with Iranian Offshore Oil Company (IOOC), excludes liquefaction facilities to turn the gas into LNG for ease of shipping to nations like India, sources privy to the development said.
In an ambitious move, Indian Railways is exploring the possibility of a transcontinental rail freight service connecting India with Iran and Turkey.
The comments were a reference to the new sanctions the Trump administration imposed early this month on individuals and companies supporting Iran's ballistic missile program and the Revolutionary Guards military force.
Iran said on Thursday an increase in oil prices to more than USD55 per barrel was not in the interest of OPEC as it would lead to a rise in output by non-OPEC producers, the semi-official Fars news agency reported.
Iran used to be India's second-biggest oil supplier, a position which now belongs to regional-rival Iraq after tough Western sanctions over its nuclear development programme limited Tehran's exports and access to finance.
"India-Iran relations are rooted in history and are based on our close cultural and civilisational linkages that span millennia," the President said.
"There's also, ongoing conversations about water treaties between Afghanistan and Iran. Iran needs Afghanistan's water," he said in his testimony before the powerful Senate committee.