Crude oil is about to catch fire! US-Iran talks deteriorated, while Russia fired missiles; Will petrol cross ₹100?

New Delhi: All eyes of the world were on the peace talks between America and Iran, but a bad news has come from there. The second round of talks between America and Iran has completely failed. American representatives refused to go to Islamabad, due to which the hope of peace that was raised on Saturday has now been shattered. Iran’s Foreign Minister Abbas Araghchi kept waiting in Islamabad with his team. The breakdown of this conversation directly means the tension reaching its peak, the worst effect of which is going to be on your pocket.

Russia’s horrific attacks increased the world’s tension

On one hand, talks between America and Iran deteriorated, while on the other hand, the Russia-Ukraine war has also taken a new and dangerous turn. In the last 24 hours, Russia has launched its most serious attack on Ukraine so far. Russia terrorized Ukraine with 619 drones and 47 missiles overnight. The world was just grappling with the Middle East crisis when Russia set the oil supply chain on fire. When a war flares up between two major oil producing regions, the first thing that hits is crude oil prices.

Crude oil can cross 120 dollars

There is an outcry in the oil market right now. Iran has already closed the Strait of Hormuz, through which most of the world’s oil trade takes place. On the other hand, Russia, which is a big supplier of oil, its infrastructure has been shaken due to the war. Production capacity at the Tuapse refinery and other oil terminals has fallen. It is estimated that Russia’s oil production will decline by 4 lakh barrels per day in April 2026. Crude oil, which was at $70-75 till the end of February, has now crossed $105 and experts believe that it will soon break the level of $120 per barrel.

Alarm bells for India: Petrol and diesel prices may increase

Due to this fire of crude oil, the lines of worry on the forehead of India have deepened. India buys 85 percent of its oil needs from other countries. If crude oil crosses $120, it will be no less than a major blow to the Indian economy. India’s oil import bill will increase like a rocket, due to which the fiscal deficit will increase. This will have a direct impact on the country’s GDP.

Dollars will deplete rapidly from foreign exchange reserves and the subsidy burden on the government will increase. If the prices do not stop in the global market, then in the coming days we may see a big increase in the prices of petrol and diesel in the country, due to which inflation will break the back of the common man.