Middle East Tensions Push Brent Crude Past 73 Dollars; Will Petrol Prices Rise in India?

New Delhi: The effect of increasing tension in the Middle East is now visible on the price of oil. After the latest tension between America and Iran, the prices of crude oil have increased again. On Monday, Brent crude crossed 73 dollars per barrel. At the same time, American crude was also seen trading above 70 dollars. However, it is a matter of relief that the rates of petrol and diesel have not increased in India yet.

Why have the prices of crude oil increased?

Experts say that due to US-Iran tension, the supply of oil from the Strait of Hormuz has been affected. The movement of oil ships through this route has slowed down. About 20% of the world's oil passes through here. Due to the tension of tight supply, prices increased in the international market.

How expensive did oil become in the international market?

Brent crude reached 73.15 dollars per barrel in Monday's trading. US WTI crude also remained above Rs 70. Last week there was a fall in crude oil, but the latest situation in the Middle East changed the whole game.

Why did the Strait of Hormuz become a cause of tension?

The Strait of Hormuz is the world's most important oil route. In the last few days, the movement of tankers has been affected due to attacks on ships and increasing tension here. The market fears that if the situation worsens, the global oil supply may get seriously disrupted.

Will petrol and diesel become expensive in India?

Its effect has not been seen in India yet. The prices of petrol and diesel in the country have remained the same for the last 35 days. Experts say that oil companies are keeping an eye on the international market. If crude remains expensive for a long time, then only fuel rates can increase.

What did Saudi Aramco do?

Meanwhile, Saudi government company Aramco has started loading crude oil from its Ras Tanura terminal again. This is expected to provide some relief to the market. But experts believe that until the tension in the area does not end completely, it will take time for the supply to become normal.

What are the rates of petrol and diesel in big cities?

There is currently no change in rates in all major cities including Delhi, Mumbai, Kolkata and Chennai. Oil companies review rates daily. Till now the customers have not got any relief and there has been no increase either. What happens next, these crude prices will decide.