Reliance warns of trade, tariff, and crude volatility risks impacting margins and supply, amid global geopolitical and market uncertainty.

• Reliance fears losing access to discounted Russian crude could hurt refining margins amid global pressure.
• Geopolitical issues and new tariffs may disrupt trade flows and supply-demand balance in global oil markets.
• Reliance shares fell 1% after fresh US tariffs; oil stocks dropped up to 2% in weak broader market.