Petrol and diesel prices today: Fuel rates in Delhi, Mumbai and Bengaluru as Brent retreats after US halts strikes on Iran | Today’s news
Gasoline and diesel prices today, July 27: Retail fuel prices across cities in India were little changed on Monday, July 27, but remained in line with the last major price adjustment on May 25. Domestic fuel rates thus remained flat on Sunday, despite a drop in the price of Brent after the US halted strikes on Iran. The price of oil has witnessed significant volatility in the past two weeks due to the escalation of fighting in West Asia.
Brent crude oil price today
Global benchmark Brent crude fell 5% on Monday after the US and Iran ended strikes over the weekend, marking a halt to fighting after two weeks of attacks. As markets weighed signs of a diplomatic solution to de-escalate the conflict, Brent crude futures fell $4.89, or 5.05%, to trade around $91.89 at 0009 GMT, Reuters reported.
Meanwhile, U.S. West Texas Intermediate (WTI) crude was down $4.67, or 5.23%, at $84.64 a barrel. After gains over the past three weeks, both contracts are trading at their lowest levels in nearly a week.
Consumers in India remain insulated from global fuel price fluctuations and price shocks as state-owned oil marketing companies (OMCs) set retail fuel prices.
US-Iran War Update
US Ambassador to the United Nations Mike Waltz said on Sunday that US President Donald Trump has decided to suspend US strikes to allow more time for diplomacy, Fox News Sunday reported. Amid China’s push to revive stalled diplomatic efforts in Pakistan to end the war, an Iranian official told Reuters that Tehran would halt its own attacks until Washington did the same.
The tit-for-tat strikes over the past six months have restricted traffic in the Strait of Hormuz. According to shipping data from Kpler, fewer than 10 commodity vessels per day passed through the Persian Gulf over the weekend, despite the lull in attacks. As both sides vie for control of Hormuz, a strategic waterway through which 20% of oil and gas exports take place, renewed energy cuts following the signing of a peace deal on June 17 sent Brent above $100 a barrel as the conflict intensified.
Last week, the Iran-backed Houthis in Yemen effectively opened a second front in the war, as oil supplies spilled into the Red Sea through the Bab el-Mandeb strait to Asia. The Houthis further disrupted energy flows and targeted exports from the world’s largest exporter, Saudi Arabia.
“Market sentiment was supported by reports that Pakistan and Iran were exploring new peace talks with the US and that Middle East oil exports continued to flow,” Reuters said, citing a research report from Westpac analysts. He added: “Over the weekend, the US suspended strikes against Iran as tensions continued to escalate in the region.”
