Brent crude remained near the $89-a-barrel mark on Tuesday, holding close to multi-month highs as escalating tensions in the Middle East continued to fuel concerns over potential supply disruptions.
At the last count, Brent crude was trading at $88.88 a barrel, down marginally from the previous session.
Oil prices had surged on Monday after US President Donald Trump said Iran would "pay" for the deaths of three US service members, while Yemen's Houthi militants announced a maritime embargo on Saudi Arabia.
Brent crude rose 1.3% to settle at $89.22 a barrel on Monday, while US West Texas Intermediate (WTI) crude gained 0.9% to close at $83.23 a barrel. Crude prices have climbed about 20% this month as the conflict between the US and Iran has intensified, raising fears of disruptions to global oil supplies.
ALSO READ: Asian Stock Markets Today: Nikkei Gains, Kospi Slips As Investors Await Big Tech Earnings
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 21
- Petrol price in Delhi: Rs 102.12/litre
- Petrol price in Kolkata: Rs 113.43/litre
- Petrol price in Mumbai: Rs 111.12/litre
- Petrol price in Chennai: Rs 107.75/litre
- Petrol price in Hyderabad: Rs 115.69/litre
- Petrol price in Bengaluru: Rs 110.93/litre
Diesel Prices On July 21
- Diesel price in Delhi: Rs 95.20/litre
- Diesel price in Kolkata: Rs 99.78/litre
- Diesel price in Mumbai: Rs 97.78 litre
- Diesel price in Chennai: Rs 99.57/litre
- Diesel price in Hyderabad: 103.82/litre
- Diesel price in Bengaluru: 98.79/litre
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: Oil Prices On July 21: Brent Crude Near $89 As US-Iran Conflict Keep Traders On Edge
Essential Business Intelligence, Sharp Market Insights, Practical Personal Finance Advice, Daily Fuel, Gold and Silver Prices and Latest Stories — On NDTV Profit.
