Oil prices were a little changed today compared to Sunday (July 12) amid fresh tensions in the Middle East. Earlier in the day, Al Jazeera reported that the US military carried out multiple strikes across Iran, saying the action was aimed at "degrading" Tehran's ability to disrupt commercial shipping in the Strait of Hormuz. The escalation follows Iran's move to again block the Strait of Hormuz, a critical chokepoint for global energy shipments, halting the flow of oil and other crucial supplies through the route. The developments have pushed crude higher and led to a broad rise in fuel prices. Last week, OPEC+ members said they plan to increase oil production as energy markets show early signs of recovery following the US-Israel conflict with Iran. In a virtual meeting on Sunday to "review global market conditions and outlook," the group announced that seven members - Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman - will raise output by 188,000 barrels per day starting August. That apart, in the past couple of months, fuel prices in India have been raised multiple times. Petrol prices on July 13
Diesel prices on July 13
Global Crude PricesOil prices climbed on Monday after the US and Iran exchanged fresh strikes, reigniting worries over crude supply through the Strait of Hormuz. Brent crude futures rose 3.5% to $78.67 a barrel, nearing $79, while US West Texas Intermediate gained 3.4% to $73.87 a barrel. What Moves Petrol And Diesel Prices?While international crude rates are the biggest factor for fuel prices in India, they aren't the only ones. Taxes, freight costs, refining margins, and the rupee-dollar exchange rate also play a key role in determining what you pay at the pump. The Centre recently revised export duties on petroleum products. The change, however, does not impact retail fuel prices in India. |
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