Brent crude prices were little changed on Thursday, hovering around $95 a barrel, as renewed tensions between the US and Iran kept markets on edge. Brent crude futures were down 0.1% at $95.15 a barrel at last check.
Prices had risen about 1% on Wednesday after the US and Iran exchanged military strikes, ending weeks of relative calm. Brent settled at $95.63, while US West Texas Intermediate gained nearly 1% to $91.01.
The US military said it had struck Iran's Islamic Revolutionary Guard Corps, targeting air defences, radar systems, maritime assets, mine-laying capabilities and communications sites. Iran's Revolutionary Guard later said it targeted US military positions in Jordan, Kuwait, Bahrain, Iraq and the UAE in retaliation.
The renewed fighting has raised concerns over oil flows through the Strait of Hormuz, a key global energy chokepoint. More than 17 million barrels of oil transited the strait on Monday, though flows remain below the roughly 20 million barrels per day recorded before the war.
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US oil prices have gained about 9% this week as markets price in a higher risk of Middle East supply disruptions. President Donald Trump has also indicated little interest in negotiations with Iran, with Washington shifting towards economic pressure through a naval blockade and expanded sanctions.
For India, which imports more than 85% of its crude oil needs, a sustained rise in global oil prices could push up the import bill and add to inflationary pressures, while raising the prospect of domestic fuel price revisions.
Petrol Prices On September 3
- 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 September 3
- 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 Moves 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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