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New Delhi. Due to America and Iran launching new attacks on each other’s targets, the price of crude oil has once again become bullish in the international market. Due to this surge, Brent crude crossed the level of $ 90 per barrel today. At the same time, WTI crude has also reached near the level of $ 86 per barrel.

Iran also retaliated after the US attacked two launchers on an Iranian island in the Strait of Hormuz. After the US attacks, Iran attacked two American bases in Jordan. Due to both the countries attacking each other’s targets, a situation of tension has once again arisen in West Asia, the effect of which is visible in the rise in the price of crude oil in the international market.

Today Brent crude jumped $ 1.35 per barrel and started trading at $ 89.455 per barrel. Shortly after the start of trading, its price crossed the level of $ 90 per barrel. Due to fear of tension, Brent crude had reached the level of $ 90.98 per barrel around 10 am Indian time. However, after some time a slight decline was also recorded. According to Indian time, at 11:30 pm, Brent crude was trading at $ 90.79 per barrel, up by $ 2.69 per barrel or 3.05 percent.

Similarly, trading of West Texas Intermediate (WTI) crude started today with a rise of $ 1.29 per barrel at the level of $ 84.69 per barrel. In the beginning it slipped for some time to $ 84.11 per barrel. After this, its price increased and within a short time it jumped to the level of $ 85.96 per barrel. According to Indian time, at 11:30 pm, WTI crude was trading at $ 85.73 per barrel with an increase of $ 2.33 per barrel or 2.79 percent.

Experts say that if the series of new attacks between America and Iran continues, the price of crude oil may rise in the international market. America has attacked two launchers on Iran’s island only to gain complete control over the Strait of Hormuz. In response, Iran has also made it clear by attacking the American base in Jordan that it will not surrender in front of American attacks. It is clear from the attitude of both the countries that there is no hope of any reduction in the tension in West Asia any time soon. Market experts say that if this tension continues, the upward trend in crude oil prices may also continue. The rise in the price of crude oil can have a negative impact on the economy of an oil importing country like India.

Tarakeshwar Nath Vaishnav, CEO of TNV Financial Services, says that prolonged continuation of the increased price of crude oil in the international market can increase India’s current account deficit. Along with this, due to this the fiscal deficit target can also be hit. Apart from this, the increased price of crude oil can weaken the Indian currency, increase inflation and further increase foreign capital outflow. Similarly, increasing pressure on the economy may bring uncertainty in the stock market, as the government may have to take tough decisions regarding subsidies, interest rates and impact on the rupee-dollar exchange rate.