Crude oil prices rise for the third consecutive day due to US-Iran tensions. Brent crude has crossed $86 per barrel, raising fears that prices could reach $100.
Rising geopolitical tensions between the United States and Iran are directly impacting the global crude oil market. As a result, crude oil prices have registered an increase for the third consecutive trading session, pushing Brent crude to its highest level in over a month.
There is growing concern in the market that escalating tensions could disrupt oil supply from the Strait of Hormuz, leading to a further increase in prices.
On Wednesday, July 15, crude oil prices saw a rise for the third day in a row.
Brent crude rose by $1.46, or 1.72%, to $86.19 per barrel.
Meanwhile, West Texas Intermediate (WTI) crude was trading up by $1.11, or 1.4%, at $80.40 per barrel.
Previously, Brent was seen at this level on June 12 and WTI on June 15.
With renewed tensions in the Middle East, investors are worried whether crude oil prices will once again cross the psychological level of $100 per barrel.
According to a Reuters report, Tim Waterer, Chief Market Analyst at KCM Trade, has stated that if the tension between the two countries causes any damage to the energy infrastructure of the Gulf nations, the price of crude oil could again approach $100.
While the international market is witnessing a boil in crude oil, petrol and diesel prices in India remain stable for now. Oil marketing companies release new rates for petrol and diesel every morning at 6 AM.
The companies have not made any changes to the prices since May 25.
New Delhi: Petrol ₹102.12/litre, Diesel ₹95.20/litre
Kolkata: Petrol ₹113.51/litre, Diesel ₹99.82/litre
Mumbai: Petrol ₹111.21/litre, Diesel ₹97.83/litre
Chennai: Petrol ₹107.76/litre, Diesel ₹99.55/litre
Gurugram: Petrol ₹102.97/litre, Diesel ₹95.64/litre
Noida: Petrol ₹101.96/litre, Diesel ₹95.44/litre
Amid the ongoing controversy over E20 petrol in India, AAP chief Arvind Kejriwal has written a letter to the Prime Minister.
He has demanded that in view of the massive public outcry, consumers should be given the option of both pure petrol and ethanol-blended fuel. Along with this, he has also demanded a reduction in the price of E20.
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