Oil Price Hike: The ongoing Middle East crisis has pushed Brent crude to $103.25 a barrel, a hike of 1.3 percent while West Texas Intermediate crude has been pushed 1.4 percent to $94.25 a barrel. According to some media reports, this could push fuel prices that may be made public only after the ongoing assembly elections are completed.
The Brent crude hike was after the Islamic Republic of Tehran announced that it would not reopen the strategic Strait of Hormuz as long as the United States Navy maintains the blockade.
Oil Price Hike-Iran Raises Stakes In Hormuz
Iran commented that a series of commitment breaches along with threats and blockade have remain some of the biggest challenges to genuine talks with Donald Trump. Interestingly, the United States President had announced an extension of the two-week ceasefire after Pakistan Field Marshal Asim Munir and Prime Minister Shehbaz Sharif made a request to Trump for a ceasefire extension until a mutually-agreeable ceasefire plan is formulated by Iran.
DON'T MISS
Iranian President Masoud Pezeshkian has commented that Tehran is open to dialogue but Washington has been engaging in contradictory actions. Iran’s Parliament Speaker Mohammad Bagher Qalibaf remarked that there would be no ceasefire unless the US navy blockage is removed.
Fake News Alert-India Fuel Prices
Many websites in India have claimed that a proposal to revise the prices of petrol and diesel is presently under Union Government’s consideration. According to these reports, the government would raise the prices by Rs. 25-28 once the ongoing assembly elections are over.
However, the Indian Ministry of Petroleum and Natural Gas has vehemently refuted such allegations. The Ministry remarked India is the only country where petrol and diesel prices haven’t increased in the last 4 years. It added that the government of India and Oil PSUs have taken relentless steps in order to insulate the Indian citizens from steep increases in international prices.
