Petrol, diesel prices today, 23 July: Fuel rates in Delhi, Mumbai, Bengaluru, Kolkata amid rising oil prices
Petrol and diesel prices today, 23 July: Retail fuel prices across India remained unchanged on Thursday even as global crude oil prices climbed to their highest level in over six weeks to $95.5 per barrel, driven by escalating geopolitical tensions in the Middle East.
International oil benchmarks rose after fresh US military strikes on Iran and renewed attacks by Yemen’s Houthi rebels on shipping routes in the Red Sea heightened concerns over global oil supply disruptions. Brent crude futures rose nearly 2% to touch $96 per barrel during early trade, their highest level since early June, after settling at $94.07 in the previous session.
Meanwhile, US West Texas Intermediate (WTI) crude advanced about 1.7% to $88.27 a barrel, building on the previous day’s sharp rally, according to Reuters. Despite the rise in global crude prices, retail petrol and diesel rates in India have remained stable across states.
US-Iran War latest update
The United States carried out another round of strikes overnight after US President Donald Trump warned of stronger retaliation against Iran if attacks on ships in the Strait of Hormuz continued.
Iran’s Revolutionary Guards claimed that an oil tanker caught fire following an explosion while attempting to pass through a route south of the Strait of Hormuz. They also said two other tankers turned back and asserted that the strategic waterway remained under Iranian control.
Adding to supply concerns, the Iran-backed Houthis expanded their threats by announcing a naval blockade targeting Saudi Arabia and warning of attacks on vessels transporting Saudi oil through the Bab el-Mandeb Strait. The group claimed responsibility for an attack on two Saudi oil tankers, while maritime security agencies reported that one of the named vessels had been struck in the Red Sea.
On the supply front, data from the US Energy Information Administration (EIA) showed that US crude inventories increased by two million barrels last week as refinery activity slowed, crude exports declined, and imports rose. Analysts surveyed by Reuters had expected inventories to fall by around 1.1 million barrels.
(With inputs from Reuters)
