Global crude oil prices rose sharply on Saturday as escalating tensions in the Middle East unsettled energy markets and raised concerns about possible supply disruptions.
Brent crude rose to $91.84 per barrel, while WTI reached $89.62, marking sharp gains and renewing concerns over global inflation. Brent also crossed the $90 mark for the first time since April 2024, reflecting heightened uncertainty in energy markets.
The spike in prices comes amid intensifying geopolitical tensions involving the United States, Israel, and Iran.
The situation has heightened concerns over disruptions in critical oil supply routes, particularly through the strategic Straits of Hormuz.
US President Donald Trump claimed that Iran had lost its air force and air defence systems, saying recent strikes had severely weakened the country’s military capabilities.
In contrast, Iran’s Foreign Minister Abbas Araghchi told NBC News that Tehran will not negotiate and has prepared its forces to confront any potential ground invasion.
Despite the global price surge, Indian officials said the country has sufficient stocks of crude oil and petroleum products, including petrol, diesel, and LPG. They added that India has diversified energy sources and increased imports from regions outside the Gulf.
India has also expanded crude imports from Russia since 2022, with its share rising from 0.2 per cent to about 20 per cent of total imports.
Officials further dismissed reports of a shutdown at Mangalore Refinery and Petrochemicals Limited, stating the refinery remains fully operational and well stocked.
The government has also directed refineries to maximise LPG production and prioritise domestic supply.
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