Due to increasing tension between America and Iran once again, the price of crude oil has crossed $ 100 per barrel. If the prices of crude oil continue to rise like this, it may increase the prices of petrol, diesel and LPG. Today i.e. on September 9, during early trading in Asia and Europe, Brent crude jumped 2.25% in the international market and crossed $ 100 per barrel. This is the first time since July 24 that Brent crude has reached this level. America destroyed 5 crude oil tankers of Iran. The main reason for this latest surge in oil prices is the new military clashes that have started between America and Iran. The US Central Command issued a statement late on Tuesday night saying that the US Army has destroyed 5 Iranian oil tankers. America claims that it has taken this action in response to the ballistic missile attack on a US Navy warship by Iran’s Islamic Revolutionary Guard Corps. The closure of the ‘Strait of Hormuz’ is the biggest reason for the increase in crude oil. This is about 167 km long waterway, which connects the Persian Gulf to the Arabian Sea. Due to Iran war this route is no longer safe. In view of the danger, no oil tanker is passing through there. 20% of the world’s total petroleum passes through here. Countries like Saudi Arabia, Iraq and Kuwait also depend on it for their exports. India sources 50% of its crude oil and 54% of its LNG requirement through this route. Iran itself exports through this route. Crude oil became costlier by 22% in 1 month. There has been an increase of 22% in the price of crude oil in the last 1 month. On August 10, Brent crude was at $82 per barrel, which is now at $100. Government companies had increased the prices of petrol and diesel in May. In May, IOC, BPCL and HPCL had increased the prices of both petrol and diesel in installments by a total of ₹7.50-₹7.50 per liter citing expensive international crude. These three government companies control more than 90% of the more than 1 lakh petrol pumps in the country.
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Crude oil crosses $ 100 per barrel: Due to increasing tension between America and Iran, petrol, diesel and LPG may become expensive.
