Brent crude futures surged was at $113.36 per barrel, whereas West Texas Intermediate (WTI) Crude was trading at $100.95 per barrel.
The escalating conflict in the Middle East, which severely impacted the global crude oil and feedstock supplies, kept the oil prices elevated, deepening concerns over growth and earnings outlook.
Brent crude futures surged was at $113.36 per barrel, whereas West Texas Intermediate (WTI) Crude was trading at $100.95 per barrel.
The Indian basket of crude surged to $156.29 a barrel, surpassing the benchmark Brent crude.
The prices of petrol, diesel and CNG remained relatively stable.
Petrol, diesel prices in India
As of Monday (Mar 23), the petrol prices stand at Rs 103.54 per litre, whereas diesel is at Rs 90.03 per litre.
The highest petrol price was recorded in Hyderabad at Rs 107.50, whereas the lowest Chandigarh at Rs 94.30.
The highest diesel price was recorded in Thiruvananthapuram at Rs 96.21, and the lowest was in Chandigarh at Rs 82.45.
LPG and CNG prices in India
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The Domestic LPG (14.2 kg) price in India is at Rs 912.50, reflecting a massive surge from Rs 852.50 in February, according to Good Returns report.
The highest price was recorded at Rs Patna – ₹1,002.50, whereas the lowest was at Rs 910.50 in Noida.
Iran war energy crunch worse than 1970s oil crises, says IEA chief
The International Energy Agency (IEA) chief said that the energy crisis owing to the ongoing war in West Asia is worse than the 1970s oil crisis and the Ukraine war combined.
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Tehran blocked the maritime chokepoint between the Persian Gulf and the Gulf of Oman, following the US-Israeli attack on February 28, sending fuel prices spiralling worldwide. Benchmark Brent crude went from $73 a barrel before the war to averaging $100 a barrel.
Prices peaked at $119.50 last week as both sides battered each other’s energy installations in tit-for-tat strikes with Washington’s Gulf partners caught in the crossfire.
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