Oil prices surge in global market amid escalating Iran-Israel tensions
The price of Brent crude had fallen to around $87 per barrel on Wednesday following higher US inventories and the decline in Chinese demand due to a slowing economy.
The price of Brent crude had fallen to around $87 per barrel on Wednesday following higher US inventories and the decline in Chinese demand due to a slowing economy.
Oil prices steadied after falling sharply in the previous session, as concerns eased about shipping disruptions along the Red Sea route even as tensions in the Middle East continued to rise, media reports said.
Oil prices jumped by 4 per cent on Monday on concerns that the situation in Israel and Gaza could disrupt output from the Middle East.
Oil prices have soared about 20 per cent since late June but they could go even higher this year if…
The attack on Pacific Zircon, which is owned by Idan Ofer and operated by the Singapore-based Eastern Pacific Shipping, sent Brent crude prices up 65 cents to $94, The Guardian reported. The Liberian-flagged tanker had departed from Sohar on Monday afternoon and was destined for Buenos Aires.
Saudi Arabia is aiming to boost its crude oil output of over 10 million barrels per day in April after the current supply deal between OPEC Russia ie OPEC+ expires in March.
Oil markets were the main drivers of decline, as the oil prices plunged about 20 per cent on Monday.
Sensex on Monday fell by 787.98 points at 40,676.63, as investors were on edge due to increased tension in the Middle East.
Brent crude oil rallied over 4.4 per cent to USD 69.16 and WTI jumped 4.3 per cent to 63.84.
As per the Indian Oil Corporation website, petrol prices in Delhi went up by Rs 75.25 a litre while diesel was selling at Rs 68.10 a litre,