Oil recorded its biggest monthly gain since March as traders assessed ongoing global conflicts and supply risks from the Persian Gulf to the Black Sea.
Brent, the global oil benchmark was trading up 1.2% near $88 a barrel while West Texas Intermediate jumped 1% to settle below $85. WTI rose more than $86 a barrel on Friday afternoon after a CBS report report said that the US and Israel are planning to target energy targets in Iran.
In the month of July, all energy markets surged higher, with Brent posted a nearly 24% gain. Oil linked products such as diesel and natural gas also recorded big increases. US major Chevron Corp. said it expects fuel-making margins to remain elevated as the global refining system struggles to keep pace with the scale of supply disruptions.
India, which imports more than 85% of its crude oil requirements, any sustained increase in crude prices could considerably raise the country's import bill and add to inflationary pressures. Elevated oil prices also increase the risk of higher fuel costs, which have already seen multiple hikes in recent months.
Petrol Prices On August 2
- Petrol price in Delhi: Rs 102.12/litre
- Petrol price in Kolkata: Rs 113.51/litre
- Petrol price in Mumbai: Rs 111.12/litre
- Petrol price in Chennai: Rs 108.01/litre
- Petrol price in Hyderabad: Rs 115.73/litre
- Petrol price in Bengaluru: Rs 110.89/litre
Diesel Prices On August 2
- Diesel price in Delhi: Rs 95.20/litre
- Diesel price in Kolkata: Rs 99.82/litre
- Diesel price in Mumbai: Rs 97.83 litre
- Diesel price in Chennai: Rs 99.66/litre
- Diesel price in Hyderabad: 103.82/litre
- Diesel price in Bengaluru: 98.80/litre
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