Crude oil prices rose on Wednesday as renewed US-Iran strikes raised concerns over disruptions to supplies from the Middle East, a key source of oil for India. Brent crude was up 1.1% at $96.25 a barrel, while US West Texas Intermediate gained 1.46% to $91.54.
The rise follows a sharp rally on Tuesday, when Brent jumped 4.5% and WTI nearly 5% after fresh US strikes on Iranian targets. A prolonged conflict could put further pressure on global oil supplies and keep prices elevated, adding to concerns for major importers such as India.
The Strait of Hormuz remains a major risk. A tanker was hit by three unidentified projectiles while passing through the waterway, according to the UK Maritime Trade Operations Centre. Any disruption to shipping through the strait could tighten supplies further and push crude prices higher.
However, state-run oil marketing companies kept the petrol and diesel prices unchanged across Indian cities.
Also Read: Oil's $100 Question: Brent Nears $97 As US-Iran War Escalates
Petrol prices on September 2
- 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 107.77/litre
- Petrol price in Hyderabad: Rs 115.69/litre
- Petrol price in Bengaluru: Rs 110.89/litre
Diesel prices on September 2
- 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 99.55/litre
- Diesel price in Hyderabad: 103.82/litre
- Diesel price in Bengaluru: 98.80/litre
What Drives Petrol and Diesel Prices?
Crude prices are crucial for determining domestic fuel prices, but there are several other factors as well, such as the rupee-dollar exchange rate, refining costs, taxes, dealer margins, and others, which are considered by state-run oil marketing companies for determining fuel prices on a daily basis; thus, not all changes in international crude prices lead to changes in domestic fuel prices.
Also Read: 50 People Injured, Four Killed In US Strikes On House Hosting Wedding; Iran Vows Firm Response
Essential Business Intelligence, Sharp Market Insights, Practical Personal Finance Advice, Daily Fuel, Gold and Silver Prices and Latest Stories — On NDTV Profit.