Due to military tension between the US and Iran, crude oil prices in the international market have neared $80 per barrel. However, petrol and diesel prices in India are stable.
The direct impact of renewed military tensions between the United States and Iran is now visible on crude oil prices.
These tensions have raised concerns about oil supply from the Middle East, leading to a sharp spike in crude oil prices in the international market.
Crude oil, which was trading around $72 per barrel for the past few weeks, has now reached the $79 level.
On Thursday at 8:30 AM, the price of Brent crude in the international market was recorded at $79.95 per barrel.
Meanwhile, US WTI crude also reached $75 per barrel.
Both benchmarks saw a rise of more than 1%. Earlier on Wednesday, July 8, Brent crude had made a significant jump from $75 to $78 per barrel.
Despite the increase in crude oil prices in the global market, state-owned oil companies in India have not made any changes to petrol and diesel prices for now.
Fuel prices remained stable in the country on July 9 as well. It is noteworthy that there has been no change in petrol and diesel rates since May 25.
According to a statement by the Petroleum Minister, if crude oil prices do not stabilize, the hope for cheaper petrol and diesel diminishes.
Scott Shelton, an analyst at TP ICAP, has expressed concern that if the Strait of Hormuz is closed again, crude oil prices could see a further increase of about $10 per barrel.
However, he also stated that if the oil supply through this route remains normal, a significant price hike is unlikely.
Currently, the market is closely monitoring the situation in the Middle East and the oil supply from the region.
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