India
oi-Prakash KL
Global oil prices rebounded sharply in early trade on Thursday after fresh US military strikes on Iranian targets reignited fears of a wider conflict in West Asia, raising concerns over global energy supplies and the future of the fragile ceasefire between Washington and Tehran.
Brent crude futures climbed nearly 2 per cent to trade around $95.68 per barrel, while US West Texas Intermediate (WTI) crude rose to $90.11 per barrel. The sudden rise came just a day after oil benchmarks had plunged more than 5 per cent on hopes that diplomatic negotiations between the United States and Iran could ease tensions and restore normal shipping through the strategically vital Strait of Hormuz.
Fresh US military strikes on Iranian targets near the Strait of Hormuz caused global oil prices, including Brent crude and WTI, to rebound sharply, raising concerns over energy supplies and leading to increased fuel prices in India.
The latest surge followed reports that the US military carried out overnight strikes on an Iranian military facility in Bandar Abbas, a crucial port city located near the Strait of Hormuz. According to the US Central Command (Centcom), American forces also intercepted and destroyed four Iranian one-way attack drones that were allegedly threatening vessels operating near the key shipping corridor.
Centcom stated that the targeted site in Bandar Abbas was preparing to launch another drone when it was struck. Iranian media later confirmed explosions in areas east of the city. The incident marks the second US strike on Iranian targets within three days, with Washington maintaining that the operations were conducted in self-defence.
Global Oil Price Today
| Futures & Indexes | Last | Change |
|---|---|---|
| WTI Crude | 90.64 | +1.96 |
| Brent Crude | 96.33 | +2.04 |
| Murban Crude | 89.93 | -5.12 |
| Natural Gas | 3.077 | -0.018 |
| Gasoline | 3.170 | +0.036 |
| Heating Oil | 3.648 | +0.051 |
| WTI Midland | 91.89 | +1.80 |
| Mars | 109.28 | -0.68 |
| Opec Basket | 107.37 | -5.01 |
| DME Oman | 95.56 | -6.09 |
| Mexican Basket | 97.61 | -4.84 |
| Indian Basket | 102.05 | -4.21 |
| Urals | 92.95 | -3.37 |
| Western Canadian Select | 81.54 | -2.71 |
| AECO C natural gas | 1.350 | +0.130 |
| Dubai | 102.59 | -0.77 |
| Brent Weighted Average | 99.44 | -4.58 |
| Louisiana Light | 100.35 | -1.85 |
| Domestic Swt. @ Cushing | 90.37 | -2.71 |
| Giddings | 84.12 | -2.71 |
| ANS West Coast | 113.55 | +0.06 |
| Gulf Coast HSFO | 90.87 | -0.42 |
| Ethanol | 1.980 | -0.030 |
| Dutch TTF Natural Gas | 16.19 | -0.38 |
| LNG Japan/Korea Marker | 18.43 | -0.38 |
Source: oilprice.com
The renewed hostilities have cast doubt over ongoing diplomatic efforts aimed at ending the three-month conflict that has severely disrupted maritime traffic through the Strait of Hormuz. The narrow waterway handles nearly one-fifth of the world’s oil shipments, making any instability in the region a major concern for global markets.
Apart from Brent and WTI, several other crude benchmarks and energy products also witnessed volatility. India’s crude basket, which reflects the average cost of imported oil, stood at $102.05 per barrel despite a decline from previous sessions. Murban crude traded at $89.93, while the OPEC basket hovered above $107 per barrel.
The fluctuations in global oil prices are beginning to impact Indian consumers directly. Petrol and diesel prices across the country have risen sharply over the past two weeks, with fuel rates increasing by nearly ₹7.5 per litre cumulatively since mid-May.
Will Petrol and Diesel Price Rise Again?
In New Delhi, petrol is currently retailing at ₹102.12 per litre, while diesel is priced at ₹95.20. Mumbai continues to witness some of the highest fuel rates in the country, with petrol crossing ₹111 per litre. In Chennai, petrol is being sold at ₹107.77, while diesel remains close to the ₹100 mark.
Cities such as Hyderabad and Thiruvananthapuram are also recording elevated prices, with petrol rates nearing ₹116 per litre. Fuel prices in Bengaluru, Kolkata and Jaipur remain above ₹110 in several categories, reflecting the growing pressure on domestic markets.
Petrol Price In Indian Cities Today
| City | Price |
|---|---|
| New Delhi | ₹102.12 |
| Kolkata | ₹113.47 |
| Mumbai | ₹111.18 |
| Chennai | ₹107.77 |
| Gurugram | ₹102.69 |
| Noida | ₹102.12 |
| Bengaluru | ₹110.91 |
| Bhubaneswar | ₹109.03 |
| Chandigarh | ₹101.51 |
| Hyderabad | ₹115.69 |
| Jaipur | ₹112.98 |
| Lucknow | ₹102.04 |
| Patna | ₹101.89 |
| Thiruvananthapuram | ₹115.49 |
Energy experts warn that if tensions between the US and Iran escalate further, crude prices could continue their upward march in the coming weeks. Any prolonged disruption in the Strait of Hormuz could significantly affect oil imports for countries like India, which relies heavily on overseas crude supplies to meet its energy demand.
Diesel Price In Indian Cities Today
| City | Price |
|---|---|
| New Delhi | ₹95.20 |
| Kolkata | ₹99.82 |
| Mumbai | ₹97.83 |
| Chennai | ₹99.58 |
| Gurugram | ₹95.36 |
| Noida | ₹95.56 |
| Bengaluru | ₹98.80 |
| Bhubaneswar | ₹100.74 |
| Chandigarh | ₹86.47 |
| Hyderabad | ₹103.82 |
| Jaipur | ₹97.06 |
| Lucknow | ₹95.36 |
| Patna | ₹99.36 |
| Thiruvananthapuram | ₹104.42 |
Market analysts are now closely watching diplomatic developments between Washington and Tehran, as any breakthrough or collapse in talks could determine the next direction for global oil prices and fuel costs in India.
