Crude Oil Prices: Crude oil fell to pre-war level, but hopes of petrol and diesel becoming cheaper were dashed; Know the reason – ..

Due to the huge fall in the prices of Crude Oil in the international market, there was hope of getting great relief to the general public, but the geopolitical situation has spoiled it. Globally, crude oil has fallen to near pre-war levels i.e. 70 to 72 dollars per barrel. In the global market, Brent Crude Oil has fallen by $ 2.31 to $ 72.95 per barrel, while WTI Crude is also trading at $ 70.24 per barrel. After this recession in oil prices, the speculations about reduction in the prices of petrol and diesel in India now seem to be in trouble.

Fierce war between America and Iran: Second major attack in 24 hours

Consumers were about to get the benefit of falling crude oil prices when the ongoing tension between America and Iran changed everything. The interim ceasefire agreement signed between the two countries on June 17 seems to be completely broken. Despite claims of ceasefire, America has carried out air strikes on Iranian targets for the second time in the last 24 hours. Missiles are being fired continuously from both sides at each other. According to the report of the US Central Command (CENTCOM), the US military has launched several precision missile strikes on Iran-backed targets. US President Donald Trump has taken a tough stance on this and has clearly said that if Iran does not stop violating the ceasefire, then these military attacks from America will continue in the future.

Iran targets ‘Ever Lovely’ oil tanker, 2 million barrels of crude at stake

This latest dispute started when Iran, taking unilateral action on Saturday, started targeting commercial ships with drones near the strategically important Strait of Hormuz. Iran carried out a drone attack on a giant oil tanker named ‘AV Ever Lovely’, which was loaded with more than 2 million barrels of crude oil. Only after this audacity, the US Army retaliated and launched swift attacks on Iran, due to which the war situation in the entire Gulf region has again become serious.

Will oil prices rise again? Threat of blockade of Hormuz increases

This latest military conflict between Iran and America is expected to have a direct impact on the supply chain of crude oil in the coming days. Frustrated by American retaliatory attacks, Iran may once again impose a complete blockade of the world’s busiest oil route ‘Strait of Hormuz’. Due to fear of continuous attacks on oil tankers at sea, big global shipping companies have started removing their ships from this route. If the Hormuz Route remains blocked for a long time, the supply of crude oil in the international market will stop, due to which oil prices may skyrocket once again.

What will be the impact on Indian consumers? Hopes of relief may end

India imports about 85 percent of its crude oil requirement from abroad, hence any movement in the global market has a direct impact on the domestic economy. With crude oil reaching the level of $70, Indian oil companies had a good opportunity to reduce the prices of petrol and diesel by Rs 2 to 3 per liter. However, due to this renewed tension in the Gulf countries and the fear of supply stoppage, the prices of crude oil may increase again. In such a situation, the hopes of reduction in oil prices in the Indian market seem to be almost over and inflationary pressure may increase in the coming days.