Brent crude extended its rally on Thursday, climbing above the $95-a-barrel mark and hovering near multi-month highs as escalating tensions in the Middle East heightened concerns over potential disruptions to global oil supplies.
At the last count, Brent crude was trading 1.66% higher at $95.48 per barrel.
The latest leg of the rally follows sharp gains in the previous session after US President Donald Trump renewed threats to target Iranian bridges and power plants, while Secretary of State Marco Rubio said Tehran was not serious about negotiations to end the conflict.
On Wednesday, Brent crude futures, the global benchmark, surged more than 3% to settle at $94.07 a barrel. US West Texas Intermediate (WTI) crude also gained around 3% to close at $86.83 per barrel. Oil prices have now rallied more than 20% so far this month amid the intensifying conflict between the US and Iran.
The sustained rise in crude prices could pose challenges for India, which imports more than 85% of its crude oil requirements. Higher oil prices also come at a time when domestic fuel prices have witnessed multiple upward revisions in recent months, adding to inflationary concerns.
Petrol Prices On July 23
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 23
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
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.
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