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An increase in the prices of crude oil is being seen in the international market on Monday. Three big reasons were seen for this. The first biggest reason was the closure of the Strait of Hormuz by Iran, second, the slowing down of shipping through the Strait of Hormuz and the third biggest reason was the difficult start of the first meeting of American and Iranian officials under the interim peace agreement. This is the reason why there was an increase of about 3 percent in the prices of crude oil. Crude oil from Gulf countries was seen crossing $82 per barrel. At the same time, the price of American crude crossed 78 dollars per barrel. Due to which, there is once again a danger of increase in the prices of petrol and diesel not only in India but in the whole world. Let us also tell you what the prices of petrol and diesel have become in the four metros of the country…

Crude oil prices rise

Brent crude futures rose 54 cents, or 0.67 percent, to $81.11 a barrel, after hitting a high of $82.30 early in trading on Monday. On the other hand, US West Texas Intermediate crude futures were at $78.62 per barrel, up $2.02 or 2.64% before contract expiry later on Monday. The more active August contract rose $1.43 to $77.28 a barrel. There was no settlement in the American market due to holiday on Friday. Shipping data showed a sharp decline in the number of ships passing through the Strait of Hormuz on Sunday. It came as Iran announced it had again closed the waterway, citing Israeli and US violations of the interim peace agreement.

Iran US talks

Saul Cavonik, head of energy research at MST Marque, said in a Reuters report that market expectations about the opening of the strait were premature. He said that Iran is likely to keep looking for excuses to block movement through the strait, because this is the only means of exerting pressure for them which they would hardly want to give up. US President Donald Trump threatened to resume attacks on Iran, while US Vice President JD Vance met Iranian officials on Sunday for the first talks under an interim peace deal. At the same time, Tehran said that America has failed to fulfill its promise to stop fighting in Lebanon. Lebanon's state news agency NNA said at least 20 people were killed in Israeli strikes in Lebanon on Saturday. The incident occurred a day after a ceasefire with Hezbollah came into effect, aimed at stopping months of escalating violence.

Prices had fallen by more than 8 percent

IG Markets analyst Tony Sycamore said in a note that the situation in Lebanon remains a serious threat to both the ceasefire and the reopening of the strait. Nevertheless, oil prices fell by more than 8 percent last week on expectations of increased supply from the release of stranded cargo in the Gulf and the possibility of the US lifting sanctions on Iranian oil under the US-Iran deal. Hamid Bovard, head of the National Iranian Oil Company, told state TV on Sunday that more than 25 million barrels of Iranian oil had passed through the virtual blockade line since Monday. The United Arab Emirates, Kuwait and Iraq have offered more oil to customers last week. Iraq's deputy oil minister for upstream affairs said in a statement on Sunday that Iraq plans to gradually increase crude oil production to 4.2 million to 4.3 million barrels per day.

Will petrol and diesel become expensive?

Now the biggest question has become whether due to increase in tension and increase in crude oil prices, the prices of petrol and diesel will increase once again in India. According to experts, it seems difficult right now. He said that the prices of crude oil are hovering around 80 and 81 dollars per barrel. Unless the prices cross 95 or 100 dollars per barrel, this seems difficult to happen. According to experts, this may be seen many times in the coming days during the talks on Hormuz and Iran-America deal. Hormuz is the only way for Iran to put pressure on America. Until Iran is completely convinced. Till then it will not loosen its grip on Hormuz at all.

Petrol and diesel prices in India?

By the way, the fridge button is pressed on the prices of petrol and diesel in India. This means that there has been no change in fuel prices since May 25. Due to which the price of petrol and diesel in Delhi is Rs 102.12 and Rs 95.20 per liter respectively. Whereas in Kolkata the price of petrol is Rs 113.51 and the price of diesel is Rs 99.82 per liter. Whereas in Mumbai the prices of petrol and diesel are seen at Rs 111.21 and Rs 97.83 per liter respectively. Whereas in Chennai the price of petrol has come to Rs 107.77 and diesel to Rs 99.55 per liter. However, in the month of May, there was an increase of 7 to 8 percent in fuel prices.

Saurabh Sharma

Covering stock market, economy and commodities for 15 years. Before joining TV9, he was also associated with many big organizations like DNA, A-Shiyanet, Jansatta and Rajasthan Patrika.

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