Crude oil prices have reached a six-week high. Brent crude is at $96 per barrel. Know the petrol and diesel prices in your city.
New Delhi | Rising tensions between the US and Iran, along with attacks on oil tankers in the Red Sea, have caused a stir in the global market. As a result, crude oil prices reached their highest level in six weeks on Thursday, raising concerns about increased inflation in India.
On Thursday, a strong surge was seen in the price of Brent crude in the international market. The price of Brent crude rose by $1.93, or about 2%, to reach $96 per barrel.
This is the highest level since June 8. Previously, in the last trading session, Brent had closed at $94.07.
Meanwhile, US West Texas Intermediate (WTI) crude was also trading at $88.27 per barrel, up by $1.44, or 1.7%. It had seen a rise of about 3% on Wednesday.
Despite the increase in crude oil prices, Indian oil marketing companies have not made any changes to petrol and diesel prices for now. Fuel prices are updated every day at 6 AM in the country, and today the prices remain stable.
New Delhi: Petrol ₹102.12/litre, Diesel ₹95.20/litre
Mumbai: Petrol ₹111.21/litre, Diesel ₹97.83/litre
Kolkata: Petrol ₹113.50/litre, Diesel ₹99.82/litre
Chennai: Petrol ₹107.76/litre, Diesel ₹99.55/litre
Jaipur: Petrol ₹112.69/litre, Diesel ₹97.78/litre
Lucknow: Petrol ₹101.89/litre, Diesel ₹95.36/litre
Patna: Petrol ₹114.13/litre, Diesel ₹100.10/litre
Concerns about crude oil supply have increased worldwide. The main reason for this is the growing tension in the Strait of Hormuz and the Bab al-Mandeb Strait.
On one hand, Iran is targeting oil tankers in Hormuz, while on the other, Iran-backed Houthi rebels have warned of targeting Saudi Arabian oil ships passing through Bab al-Mandeb.
Market experts believe that if geopolitical tensions escalate further, crude oil prices could rise even more.
Kaynat Chainwala, AVP Commodity Research at Kotak Securities, said, "Concerns about oil availability are growing. Tension persists in all three regions: Hormuz, the Red Sea, and the Black Sea. If the situation worsens, Brent crude could reach $100 per barrel in the coming days."
This situation could increase difficulties for a major oil-importing country like India, as expensive crude oil has a direct impact on the country's economy and inflation.
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