Oil prices rose on Monday, hovering near multi-month highs, as escalating tensions in the Middle East kept supply disruption fears firmly in focus. Brent crude traded above $90 a barrel, extending last week's rally after the ceasefire between the US and Iran effectively collapsed, renewing concerns over oil flows through the Strait of Hormuz.
Iran said over the weekend it intercepted four vessels transiting the Strait of Hormuz, while the US reported the death of a third service member in two days amid intensifying exchanges with Tehran.
The conflict has also broadened beyond military targets, with bridges, utilities and port infrastructure coming under attack. Kuwait Petroleum Corp. said one of its oil facilities was struck in an Iranian attack on Saturday.
ALSO READ: Brent Crude Tops $90 A Barrel As U.S.-Iran Conflict Raises Fears Over Hormuz Oil Flows
Brent has now rallied about 30% from its July lows as the fragile truce unraveled, the US resumed its blockade of Iranian ports, and Tehran stepped up attacks on vessels near the Strait of Hormuz, stoking concerns over potential supply disruptions from the world's most critical oil transit route.
Meanwhile, India, which relies on imports for more than 85% of its crude oil requirement, has also seen fuel prices revised upward multiple times over the past few months.
Petrol Prices On July 20
- 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 July 20
- 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
Global Crude Prices
Crude oil prices climbed on Monday as escalating hostilities in the Middle East heightened concerns over potential supply disruptions. Brent crude futures rose 2.78% to $90.54 a barrel, while US West Texas Intermediate (WTI) gained 2.34% to $83.69 a barrel, after Kuwait said an Iranian strike hit a power and water desalination facility.
What Drives Petrol, Diesel Prices?
Global crude prices remain the biggest determinant of retail fuel prices in India, but they are far from the only factor. Domestic petrol and diesel rates are also influenced by central and state taxes, refining margins, freight and distribution costs, as well as movements in the rupee against the US dollar.
ALSO READ: Asian Stock Markets Today: Nikkei Extends Slide As Middle East Tensions Lift Oil Prices
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