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There has been a big rise in the prices of crude oil in the international market this week. The biggest reason for this is the increasing military tension between America and Iran. There are continuous attacks between the two countries, due to which concerns about the supply of oil in the Middle East have increased. Its impact is clearly visible on the global oil market. However, it is a matter of relief that there has been no change in the prices of petrol and diesel in India even on July 19.
Government oil companies have maintained the prices of petrol and diesel as before. The prices of petrol and diesel in the country were last revised on 25 May 2026. Since then the prices have remained stable.
Oil prices in major cities
Why is crude oil becoming expensive?
The conflict between America and Iran has now become more serious than before. Both countries are targeting each other’s military bases as well as important facilities like bridges, power systems and ports. Due to this, the risk of oil movement being affected in the Middle East has increased.
The biggest concern is about the Strait of Hormuz. This is one of the most important oil routes in the world and a large amount of crude oil reaches different countries of the world through this route. If the supply here is affected, oil prices may increase further in the international market.
Big rise in Brent crude
Amidst the tension that lasted throughout the week, the price of Brent crude increased by about 4.6 percent on Friday and crossed $ 88 per barrel. This is considered to be its biggest weekly rise after April. At the same time, crude oil has increased by 11% in the last one week. Experts say that investors fear that if the war continues for a long time, the oil supply may be affected. Due to this fear, the prices of crude oil have increased.
Why haven’t the prices of petrol and diesel increased in India yet?
Retail prices of petrol and diesel in India are decided by government oil marketing companies (OMCs). Despite crude oil being expensive in the international market, companies have not made any change in domestic prices at present. This has brought relief to the common people. However, India imports most of its crude oil needs from abroad. Therefore, if oil remains expensive in the international market for a long time, it may also affect the prices of petrol and diesel in the coming days.
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