Petrol, Diesel Prices Today: Fresh Fuel Rates Announced As Crude Oil Nears $100 After Houthi Attack

New Delhi: The global oil market has once again been thrown into turmoil, Crude oil prices have reached a six-week high following rising tensions in the Middle East and the complete closure of the Starit of Hormuz, the world's most vital oil route. 

How much did the price of oil increase?

Brent crude oil prices rose nearly 2 per cent to $96 a barrel, while US WTI crude oil also rose to $88.24 a barrel. Both benchmarks are trading at six-week highs.

Brent crude had also closed at its highest level in six weeks in the previous trading session.

What is the price of petrol and diesel?

Rates of petrol, diesel and CNG remained unchanged on Thursday. Oil marketing companies (OMCs) and natural gas distribution companies revise the fuel prices every day at 6 am. 

In Delhi, petrol continues to be priced at Rs 102.12 per litre, while diesel is retailing at Rs 95.20 per litre. In Mumbai, petrol is selling at Rs 111.21 per litre and diesel at Rs 97.83 per litre.

What is the reason of increase?

The impact of rising tensions in the Middle East is now clearly visible on the global oil market. Crude oil prices rose again on Wednesday when Iran-backed Houthi rebels claimed they had attacked two Saudi Arabian oil tankers in the Red Sea with missiled and drones. The development increased concern s about global oil supply, pushing Brent crude prices above $95 per barrel. 

Houthi rebels said that they targeted two Saudi oil tankers, the Encelia and the Layla, alleging they had violated a blockade imposed by them. Prior to the attack, the UK Maritime Trade Operations (UKMTO) also reported that a ship in the Red Sea near Al Shuqaiq, Saudi Arabia, was hit by a projectile, causing a fire. However, the agency did not name the ship.

Why is the Red Sea so important?

This attack is considered significant because it is the first time oil tankers have been directly targeted in the Red Sea. The Red Sea has become a vital oil export route for Saudi Arabia. It bypasses the Strait of Hormuz and ships millions of barrels of crude oil to various countries around the world. Therefore, any attack on this route could impact the global supply chain.