Tensions rise in West Asia, crude oil may exceed $100.

Geopolitical tensions in West Asia are once again at their peak. Iran and Israel have come face to face for the first time. Direct war is likely in West Asia. The effects of this stress can be seen all over the world. In India too, this crisis can have an impact on people’s pockets.

At present crude oil prices are so.

Brent crude futures rose 71 cents to $90.45 a barrel on Friday. Meanwhile, American West Texas Intermediate crude rose 64 cents to $85.66 a barrel. Although the prices of both recorded only a marginal decline on a weekly basis, the price of crude oil is at risk of crossing Rs 100 per dollar.

Iran attacked Israel.

If we look at the whole week, the price of Brent crude fell by 0.80%, while the price of West Texas Intermediate fell by more than 1% before Iran’s attack on Israel. Fears of an attack sent prices soaring over the weekend. After which late Saturday night, Iran attacked Israel with more than 200 drones and missiles. Israel suffered minor losses in the attack, but now there is a growing threat that a direct war could break out in West Asia.

India is dependent on imports.

If the rising tension between Iran and Israel cannot be eased, it is sure to have a direct impact on crude oil prices. Crude oil could cross the $100/billion level again after a long period of time in the event of a war or escalation of tensions. India may suffer more from a rise in crude oil prices, as India buys about 90 percent of its crude oil from other countries to meet its energy needs.

This may affect diesel-petrol.

If the price of crude oil crosses 100 dollars, common people in India may also suffer. If crude oil rises, diesel and petrol prices in India may rise. In such a situation, the relief that the common people got in the matter of diesel and petrol during the election season, may end in a few days.

Also Read: Over 2 Lakh Accounts Suspended In One Month, X Creates A Record In India

(Tags to Translate)Crude Oil

Leave a Comment