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New Delhi. Tension between the United States and Iran in the Middle East seems to be increasing once again. The American missile attack on Iran's Larak Island and the news of Iran targeting American military bases in response to this have increased the turmoil in the global energy market. Amid fears of military conflict, crude oil prices rose by more than 2 percent in the international market.

Brent crosses $90, WTI also rises

The direct impact of increased tension between America and Iran was seen on the prices of crude oil. Brent crude futures rose by $ 2.12, or 2.41 percent, to $ 90.22 per barrel. At the same time, American WTI crude was seen trading at $ 85.20 per barrel with an increase of $ 1.80 or 2.16 percent.

Market experts believe that if the military tension between the two countries continues for a long time and the oil supply is affected, then crude prices may once again touch the level of $ 100 per barrel.

America's first attack on Iran since July

According to the report, the US Army targeted two missile launchers located on Iran's Larak Island located in the Strait of Hormuz. This is being said to be the first military attack by America on Iran since July.

After this, Iran's Revolutionary Guards claimed to attack two American airbases in Jordan. The increased tension between the two countries has once again created concerns in the market that global oil supply may be affected in the coming days.

Ships decrease on Hormuz route, concern increases

The biggest concern for the oil market is regarding the Strait of Hormuz. About one-fifth of the world's oil needs pass through this sea route. Amid the threat of attacks, the number of ships passing through this route dropped to about 5 a day on Sunday and Monday.

Earlier on Saturday, there was news of a crude tanker being targeted by a missile on the same sea route. Due to the ever-increasing danger, many international shipping companies are taking extra precautions regarding the movement of their ships on this route.

America is preparing to fill its strategic reserve

Amid growing uncertainty in the oil market, US President Donald Trump has said that the crude oil obtained from the recent agreement with Venezuela will be used to refill America's Strategic Petroleum Reserve (SPR).

America's strategic oil reserves are currently said to be at their lowest level in about 44 years. In such a situation, increasing tension in the Middle East may also increase the concern of the American administration.

At present the prices of petrol and diesel are stable in India.

Despite fluctuations in crude prices in the international market, government oil companies in India have not made any change in the prices of petrol and diesel at present.

Even on Monday morning, petrol in Delhi remained stable at Rs 102.12 per liter and diesel at Rs 95.20 per liter.

However, if the US-Iran tension prolongs and impacts global oil supply, then crude oil prices may see a further rise. In such a situation, the Indian fuel market will also be under watch in the coming days.