Global oil prices ended their most volatile week of the year near monthly lows. US Vice President JD Vance said on Sunday that 21 hours of talks with Iran had ended without any deal, adding that he was leaving after presenting what he described as the “final and best offer”.
However, fuel prices for petrol and diesel in India remained unchanged as oil companies continue to assess the stability of the situation.
Despite a sharp one-day decline of 16-17% in international markets on April 8, there was no revision in retail fuel prices at state-run pumps today.
US WTI crude is at $96.57, down 12% for the week, while global benchmark Brent is at $95.20, reflecting a 10% weekly drop.
Meanwhile, despite recent supply concerns, the government has maintained that LPG availability in India remains stable and sufficient and has repeatedly urged consumers not to panic, book or hoard cylinders. Domestic LPG prices have been revised once, while commercial cooking gas rates have been revised twice in the last two months, putting more financial pressure on restaurants, eateries and other businesses.
Middle East War: What’s Latest?
After hours of talks in Pakistan between the US and Iran, the talks hit an impasse on Sunday when US Vice President JD Vance said no deal had been reached in talks with Iran. He said that while they will be returning to the US, the development is “bad news for Iran” than for the United States, ANI reported.
Vance told reporters in Islamabad that several substantive discussions took place during the 21-hour meeting, but no conclusions were reached.
The war, which has claimed thousands of lives and unsettled global markets, has entered its seventh week. Delegations from both sides met to discuss how to advance a fragile truce that is already under pressure due to deep disagreements and continued Israeli attacks on Iran-backed Hezbollah in Lebanon. The American team was led by JD Vance, while the Iranian delegation was led by Mohammad Bagher Qalibaf.
Earlier, the AP reported, in an interview with reporters outside the White House on Saturday, US President Donald Trump declared a military victory against Iran and downplayed the importance of ongoing ceasefire talks involving Vice President JD Vance because “no matter what happens, we will win.”
“We’ll see what happens — maybe they’ll come to an agreement, maybe they won’t,” the president said. “It doesn’t matter. From America’s point of view, we’re going to win.”
(With input from agencies)
