Oil Hits $91.84 as Middle East Tensions Spark Global Price Fears

Brent crude reached $91.84 while West Texas Intermediate (WTI) hit $89.62. With this, both Brent and WTI have jumped 24.55 per cent and 32 per cent, respectively, reviving fears around consumer prices.

Brent crude futures crossed $90 per barrel for the first time since April 2024. WTI crude advanced 11 per cent to the day's high of $89.62 per barrel.

Earlier, Trump said Iran is being demolished "ahead of schedule and at levels people have never seen before," claiming the country now has "no air force, no air defence" and that its air force is "gone."

Meanwhile, Iranian Foreign Minister Abbas Araghchi told NBC News recently that his country had no intention of negotiating and was ready for a ground invasion.

At the start of the Russia-Ukraine war in 2022, Brent crude topped $139 per barrel.

Meanwhile, India is currently placed in a comfortable position with sufficient stocks of crude oil, petroleum products such as petrol, diesel, and LPG, and the country's oil companies are sourcing imports from countries outside the Gulf region to make up for the disruption in supplies due to the Iran war.

"Today, we have more energy sources than what is stuck in the Straits of Hormuz. We are in a comfortable position in crude oil, oil products and LPG. In terms of our current stock, we are in a comfortable position. We are going to ramp up our supplies from other parts of the geographies and make up for our supply crunch from the Straits of Hormuz," a senior official said.

"India has been buying crude oil from Russia since 2022. In 2022, we were importing 0.2 per cent of total imports from Russia. In February, we imported 20 per cent of our total crude oil imports from Russia. In February, India imported 1.04 million barrels per day from Russia," the official added.

The official also said that news of the MRPL refinery shutdown is incorrect. MRPL Refinery is very well stocked, and all the refineries producing LPG have been directed to increase production. Currently, the country is in a comfortable position with adequate LPG stocks.

The government has directed refiners to maximise the production of liquefied petroleum gas (LPG) and prioritise domestic supply in order to prevent a shortage of the cooking fuel amid supply disruptions caused by the Middle East crisis.

- IANS