After the increase in tension in the Middle East due to the US-Iran war, the kind of speculation that was being made, something similar was seen in the crude oil market. If we look at the data, oil prices increased by 7 percent on Monday and reached a 15-month high. Due to increased attacks by Iran and Israel in the Middle East, tankers were damaged and shipments were disrupted. Due to which there was a rise in the prices of crude oil. Crude oil from Gulf countries crossed the level of around $82 per barrel. On the other hand, the price of American crude oil was seen at the level of $ 75 per barrel. According to experts, due to this tension in the Middle East, the prices of crude oil may soon reach the level of $ 100 per barrel. Let us also tell you at what level the prices of crude oil are seen trading in the international market.
Rise in crude oil prices
On Monday, Brent crude futures reached 82.37 in the international market, which is the highest since January 2025. This means that crude oil prices have reached a high of about 15 months. This was the first future trading since America and Israel attacked Iran on Saturday and killed its Supreme Leader Ali Khamenei. According to Indian time, at 7 am, Brent crude futures prices were trading at $ 77.40 per barrel with a rise of 6.22 percent. On the other hand, US West Texas Intermediate crude rose $4.66, or 6.95%, to $71.68 a barrel, after reaching 75.33 during the trading session, the highest since June 2025.
damage caused to ships
Israel launched a new wave of attacks on Tehran on Sunday and Iran responded with more missile attacks, a day after the assassination of Supreme Leader Ali Khamenei, further stoking uncertainty in the Middle East and the global economy. The attacks also caused damage to ships as missiles hit at least three tankers off the Gulf coast and killed one sailor, shipping sources and officials said Sunday. Iran has said it has closed navigation through the Strait of Hormuz, prompting Asian governments and refiners – main buyers – to assess oil stocks.
What are experts saying?
ANZ analyst Daniel Hines said in a note that the retaliation has now extended to attacks on oil tankers in the Strait of Hormuz, significantly increasing the threat to oil supplies. Citi analysts expect Brent to trade between $80 and $90 per barrel this week amid the ongoing dispute. Amid the feud, OPEC+ agreed on Sunday to increase oil production by 206,000 barrels per day for April. RBC Capital analyst Helima Croft said that except Saudi Arabia, every OPEC+ producer is producing according to its capacity. He said any extra barrel would be of little use if essential water mains were blocked. Shipping data on Sunday showed the threat to commercial shipping has increased over the past 24 hours, with more than 200 ships, including oil and liquefied gas tankers, anchored in the strait and surrounding waters.
74 days global reserve
Director Fatih Birol said on Sunday that the International Energy Agency is actively monitoring events in the Middle East and is in contact with the region’s major producers and IEA governments. The energy watchdog helps developed countries release Strategic Petroleum Reserves (SPR) during emergencies. Global total visible oil stocks currently stand at 7.827 million barrels, which is close to its historical median to cover 74 days of global demand, Goldman Sachs analysts led by Dan Struyven said in a note. He further said that once the Strait reopens, the oil market can remove stocks, deploy extra capacity, and take advantage of the global SPR release.
Will prices increase in India?
Due to the huge surge in crude oil prices, the biggest question that has arisen is whether there will be an increase in the prices of petrol and diesel in India? According to experts, there is no possibility of increase in the prices of petrol and diesel in the country until the price of crude oil crosses $100 per barrel. There is a reason for this also. India has considerable reserves of crude oil. Also, the country still has the option of importing crude oil from Russia. In such a situation there is no need to worry. Despite this, the government will keep its eyes on the prices of crude oil. If the price of crude oil crosses 100 dollars per barrel, then the price of petrol and diesel may see an increase of 3 to 5 rupees.