The biggest update regarding the prices of petrol and diesel! Crude oil reached near 100 dollars

The direct effect of the smoldering military tension in the Middle East is now clearly visible on the crude oil market around the world. Amidst the latest attacks and the fear of further expansion of the scope of war, the prices of Brent Crude in the international market have jumped to almost $ 100 per barrel. Many energy market experts clearly believe that if the situation is not controlled soon, crude oil can cross this psychological level of $100. Its biggest and direct blow will be to those countries like India, which import large quantities of oil for their energy needs.

Why are oil prices suddenly increasing like fire?

Let us tell you that the Middle East is considered to be the largest oil producing region in the world. In such a situation, even the slightest military conflict or geopolitical tension can directly shake the oil supply. Following the recent attacks, global investors fear that if this war escalates further or has an impact on major maritime trade routes, oil supply chains across the world could be disrupted. Due to this environment of uncertainty and fear, there is a huge increase in the prices of crude oil in the international market.

Market analysts say that the situation is very sensitive at present and investors are scared to avoid any major risk. If this military tension continues for a long time, we may see an even bigger jump in crude oil prices, which is sure to create panic in markets around the world.

What will be its impact on India’s economy?

India imports about 85 percent of its total oil requirement from abroad. In such a situation, every major movement in the prices of crude oil in the global market has a direct impact on the domestic economy of the country and the pockets of the common man. Oil becoming expensive means that the cost of petrol, diesel, cooking gas (LPG) and aircraft fuel (ATF) may increase in the country in the coming days. Apart from this, due to cost of fuel, the cost of transportation will also increase, due to which many things of daily need can also become expensive in the market.

Experts also say that if crude oil remains around $ 100 per barrel for a long time, then inflation within the country may once again increase uncontrollably. Along with this, it can also have a very bad impact on the total import bill and current account deficit of the government.

Huge crisis on stock market and global economy too

This earthquake in crude oil prices is not going to be limited to fuel prices only. Due to its impact, there may be a fall in the stock market, and at the same time, airline companies, logistics sector, chemical industry and manufacturing sector may also suffer a major blow. Apart from this, due to increasing energy costs, keeping inflation under control will become a big challenge for the central banks of many countries around the world.

At present, the eyes of all market experts are completely focused on the situation in the Middle East and the next steps of major oil producing countries like OPEC. If this tension subsides in the coming days, then some relief may be seen in the prices. But if the situation worsens further, crude oil will cross 100 dollars, due to which the whole world will have to bear the brunt.