Global energy concerns remained high on Tuesday as the conflict between the US and Iran continued for another day. These tensions have put pressure on the Strait of Hormuz, a critical shipping route, and also impacted crude oil rates.
Brent oil reportedly rose above $85 a barrel for the first time in a month. This came as US President Donald Trump placed a blockade on Iranian ships passing through the strait and demanded payment for all other cargo, according to a Bloomberg report.
Oil has rebounded to its highest in almost a month, paring a second-quarter drop of about 30 per cent, the report added. Follow latest updates on US-Iran war here.
Crude oil price today
Brent crude, the global oil benchmark, quoted 1.63 per cent higher at USD 84.60 per barrel.
“There are some headwinds blowing again which might impact the Indian market in the near-term. The escalation of US-Iran conflict has pushed Brent crude to USD 84. If this spike continues it will again start impacting India’s macros,” according to news agency PTI, VK Vijayakumar, Chief Investment Strategist, Geojit Investments Limited, said.
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Petrol, diesel prices in Indian cities
According to Goodreturns, here are the prices of petrol and diesel in some of the major Indian cities:
Strait of Hormuz tensions
Earlier, US President Trump declared the return of a US naval blockade on Iranian ports. He also added that Washington would impose fees on ships transiting the Strait of Hormuz.
“The Hormuz Strait is OPEN, and will remain OPEN, with or without Iran. We are reinstating the THE IRANIAN BLOCKADE, so named because it is only stopping Iran’s ships or customers from entering or leaving. All other countries will have fair and open use of the Strait,” Trump said in a post on Truth Social.
“The U.S.A. will be, from this point forward, known as “THE GUARDIAN OF THE HORMUZ STRAIT,” but as such, and as a matter of FAIRNESS, will be reimbursed, at the rate of 20% on all cargo shipped, for any and all costs necessary to do the job of providing safety and security to this very volatile section of the World. The process and formation will begin immediately,” he added.
Following this, Iran’s Foreign Minister Seyed Abbas Araghchi, in a post on X, said, “POTUS is absolutely right. Whoever provides secure and safe passage of commercial vessels through the Strait of Hormuz should be compensated for this service.”
“Iran has always been the GUARDIAN of the Strait and will remain so FOREVER. 20% is of course too much. We will be fair,” the Iranian minister added.
