Crude oil prices surged to new highs on Saturday as escalating tensions in the Middle East rattled global energy markets.
Brent crude reached $91.84 per barrel, while West Texas Intermediate (WTI) climbed to $89.62. This marks the first time Brent has crossed $90 since April 2024.
Both benchmarks recorded sharp gains, with Brent rising 24.55 per cent and WTI jumping 32 per cent. Analysts warned that the surge could revive inflationary pressures worldwide. The rally followed an intensifying conflict involving the US, Israel, and Iran, with global leaders issuing stark statements about the crisis.
India, however, reported a stable supply situation. Officials confirmed that the country holds sufficient stocks of crude oil, petrol, diesel, and LPG. They emphasised that imports from Russia and other regions are helping offset disruptions from the Gulf. In February, India sourced 20 per cent of its crude imports from Russia, amounting to 1.04 million barrels per day.
Authorities dismissed reports of refinery shutdowns, clarifying that facilities such as MRPL remain well stocked. Refineries producing LPG have been instructed to maximise output and prioritise domestic supply to prevent shortages.
The government’s proactive measures aim to shield consumers from the immediate impact of global price shocks. Still, the surge in Brent and WTI crude underscores the volatility of energy markets during geopolitical crises.
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