Crude oil prices rose to $91.84 per barrel due to escalating tensions between the US, Israel, and Iran. Brent crude hit $91.84, while West Texas Intermediate (WTI) reached $89.62, marking a significant increase. This surge, with Brent up by 24.55% and WTI by 32%, has raised concerns about consumer prices.
Brent crude futures surpassed $90 per barrel for the first time since April 2024. WTI crude also saw an 11% increase, reaching a high of $89.62 per barrel. The rise in oil prices comes amidst statements from former US President Trump and Iranian Foreign Minister Abbas Araghchi regarding the situation.
Former President Trump claimed that Iran was facing unprecedented destruction, with its air force and defense capabilities severely impacted. On the other hand, Iranian Foreign Minister Araghchi stated that Iran was prepared for a ground invasion and had no intentions of negotiating. These statements have added to the geopolitical tensions in the region.
During the onset of the Russia-Ukraine conflict in 2022, Brent crude had surged to over $139 per barrel. Despite these global developments, India has ensured a stable supply of crude oil, petrol, diesel, and LPG by diversifying its import sources. Indian oil companies have been sourcing imports from regions outside the Gulf to mitigate any disruptions caused by the Iran conflict.
Indian officials have confirmed that the country’s energy reserves are adequate, with stocks of crude oil, oil products, and LPG being in a comfortable position. India has increased its crude oil imports from Russia significantly, from 0.2% in 2022 to 20% in February. Additionally, refiners have been directed to boost LPG production to maintain domestic supply amidst the ongoing crisis.
