Crude oil prices surged around 5% on Tuesday as fresh demands from Iran and the US cast doubt on prospects of reopening the Strait of Hormuz, a key route for global energy supplies. Investors are now closely tracking the diplomatic standoff and its potential impact on crude shipments from the Middle East.
Brent crude settled 5% higher at $87.72 a barrel, while US West Texas Intermediate (WTI) crude gained 5.1% to $82.13 a barrel. Both benchmarks recorded their strongest percentage gains since July 29, according to Reuters.
Iran has said the US must lift sanctions on Tehran and meet other conditions before the Strait of Hormuz can be fully reopened. Tehran has also sought compensation as part of its demands.
US President Donald Trump, however, has pushed back, saying Iran should pay compensation for people killed or seriously wounded during the conflict. The conflicting positions have reduced hopes of an immediate diplomatic breakthrough.
Even though crude prices are surging again in the global market, domestic oil marketing companies have kept the prices unchanged on Aug. 11, 2026.
Also Read: US Emergency Oil Reserves Hit 1983 Lows As Inventories Feel Squeeze Of Iran War
Petrol prices on August 11
- Petrol price in Delhi: Rs 102.12/litre
- Petrol price in Kolkata: Rs 113.51/litre
- Petrol price in Mumbai: Rs 111.21/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 11
- Diesel price in Delhi: Rs 95.20/litre
- Diesel price in Kolkata: Rs 99.82/litre
- Diesel price in Mumbai: Rs 97.83litre
- Diesel price in Chennai: Rs 99.66/litre
- Diesel price in Hyderabad: 103.82/litre
- Diesel price in Bengaluru: 98.80/litre
What Drives Petrol and Diesel Prices?
Even though global crude prices are the basis for determining petrol and diesel prices in India, there are several other factors, such as the rupee-dollar exchange rate, refining costs, taxes, dealer margins, and others, which are considered by state-run oil marketing companies for finalising fuel prices daily.
Also Read: India's Russian Oil Imports Hit Record For Second Month In Row Even As 100% Tariff Sword Looms
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