Petrol and diesel prices today: Fuel rates in Delhi, Mumbai, Bengaluru and Kolkata on July 19 as Brent crude extends gains | Today’s news
Petrol and diesel prices today, July 19: Retail fuel prices in India were flat on Sunday despite little change, even as global benchmark Brent headed for its biggest weekly gain since April. Renewed hostilities between the US and Iran have expanded beyond strictly military objectives, further disrupting the movement of oil cargo through the Strait of Hormuz and introducing new risk to the market.
Uncertainty in energy flows and a dim prospect of a return to the fragile truce signed last month weighed on the market as the adversaries traded strikes targeting bridges, utilities and port facilities.
Brent crude extends gains as war in West Asia drags on
After a week full of strikes, Brent crude climbed 4.6% to settle at $88 a barrel on Friday. The Axios report signaled an escalation of the conflict as it suggested that the administration led by US President Donald Trump inform Israel of its decision to send more refueling planes to the country to bolster its Israeli air fleet. An Israeli military official confirmed the plan to Bloomberg on Saturday.
The retail price of petrol and diesel in India showed little change, even as surging Brent crude erased a roughly 30% drop in the second quarter. The prices of fuel on the domestic markets are mainly determined by the state oil marketing companies (OMCs). Fuel prices in India are in line with the last major price revision on May 25.
What is the latest update on the US-Iran conflict
The US launched a new round of attacks on Iran on Saturday, a day after two US servicemen were killed by Iranian missile and drone strikes in Jordan. Four soldiers were injured in the attack and one went missing. Friday’s strike now brings the US death toll to 16 since the West Asian war with Iran began on February 28.
US Central Command threatened to “swiftly punish Islamic Revolutionary Guard Corps units that launched attacks against US service members in Jordan.” Iran’s Supreme Leader Mojtaba Khamenei issued a statement on Saturday saying the US president’s signature was “worthless and invalid”, saying the US had violated the memorandum – a 60-day ceasefire during negotiations.
Tehran signaled the collapse of the terms of the interim peace deal on Saturday as it launched heavy attacks on US allies in the Persian Gulf. According to a Bloomberg report, nearly 50 people have been killed and more than 500 injured in recent attacks since June 27.
