Business Desk:- An initial decline was recorded in the prices of crude oil on Monday, October 12, 2026, the first trading day of the week. Despite the attack by Iran-backed Houthis on Riyadh Airport in Saudi Arabia and increasing tension in the Strait of Hormuz, oil prices came down in the international market.
However, there is a possibility of further rise in prices in view of increasing tension in the region and possible impact on oil supply. The price of Brent crude fell 1.97% to $102.676 per barrel.
At the same time, the price of American WTI crude reached $ 89.997 per barrel after falling by more than 2%. Fluctuations in oil prices in the international market can also affect India. However, on Monday, government oil companies did not make any change in the prices of petrol and diesel.
How much will crude oil prices fall today?
On Monday morning, a decline in the prices of both Brent crude and WTI crude was recorded in the international market. Brent crude was trading 1.97% lower at $102.676 a barrel and WTI crude was down more than 2% at $89.997 a barrel.
This fall in oil prices has come at a time when there is tension in the Middle East. In such a situation, the market is keeping an eye on the developments in the region and its impact on oil supply.
Tension increases due to attack on Saudi Arabia’s Riyadh airport
On Sunday, news of an attack by Iran-backed Houthis on Riyadh Airport in Saudi Arabia came to light. More than 12 people are said to have died and more than 300 people were injured in this attack. Independent verification of these figures is necessary.
Earlier, US President Donald Trump was said to be ready to support Saudi Arabia in action against the Houthis. There is a possibility of further increase in regional tension due to such developments.
Trump also announced on Sunday that Russia and Ukraine have agreed to an energy deal. What impact this development will have on the oil market will depend on further circumstances.
Tension in Strait of Hormuz, threat to oil supply
Concerns about oil supply have increased after the news of a drone attack on a tanker near the Strait of Hormuz and Sohar port. Despite the increase in oil supplies from the Persian Gulf, there remains tension in the region and the threat of attacks on tankers.
The Strait of Hormuz is an important sea route for global oil supply. Due to increase in tension here or movement of ships being affected, the supply of oil in the international market may be affected. This may also increase the possibility of price rise.
What will be the impact on petrol and diesel prices in India?
If crude oil prices increase in the international market, the cost of purchasing crude oil for Indian oil marketing companies may increase. India imports a large part of its needs, so if oil remains expensive for a long time, there is a risk of the country’s import bill increasing.
However, it is not necessary that the effect of increasing or decreasing prices in the international market is visible immediately and in the same proportion on the prices of domestic petrol and diesel. Companies’ costs, rupee-dollar exchange rate and other factors also influence prices.
On Monday, October 12, government oil marketing companies did not make any change in the retail prices of petrol and diesel. The further market movements will remain under watch amid tensions in the Middle East and fluctuations in crude oil prices.