By Admin 
Crude Oil Price Soars: After the new attack between America and Iran, the prices of crude oil have increased once again. There is a danger of closure of the Strait of Hormuz again due to conflict between the two countries. Since it is an important sea route for energy shipment and through it about one fifth of the world’s transportation takes place.
In such a situation, its closure will have a deep impact on the supply of crude oil. Due to this fear, today Brent crude futures jumped 3.5% to $ 78.67 per barrel and now it is moving towards $ 79, while American West Texas Intermediate crude futures have increased 3.4% to $ 73.87 per barrel.
Iran announced to close Hormuz
Meanwhile, Iran made a big announcement of closing Hormuz until further orders. However, the US Central Command has rejected this claim and said that its forces are ready to ensure freedom of navigation.
“The Strait of Hormuz is open to all vessels wishing to legally transit through international waterways,” Central Command wrote on X. US Central Command also said it had launched a new round of strikes at 5 pm (Eastern Time) on Sunday to hold Iran responsible for attacks on commercial ships in the strait.
The Strait of Hormuz is open to all vessels seeking to lawfully transit the international waterway. US forces are positioned and prepared to ensure that freedom of navigation remains available despite unwarranted Iranian aggression, harassment, threats, and arbitrary… pic.twitter.com/FS3TUBOZEj
— US Central Command (@CENTCOM) July 12, 2026
Peace agreement had no effect
A historic ceasefire agreement was signed between America and Iran during the G7 Summit in France on June 17 last month. Under this, both the countries agreed to permanently stop the war and ensure free and safe movement of ships from Hormuz. The purpose of this agreement was to prepare a timeline of 60 days to restore peace in the Middle East, which now seems to be failing somewhere.
How much danger is there for India?
Under the France agreement, Iran was allowed to sell oil, due to which crude oil came to the level of $ 71 in the global market. Now, due to the breakdown of the agreement, branch crude has suddenly jumped 3.7% to close to $ 79 per barrel.
If the situation continues like this, then government oil companies in India may be forced to increase the retail prices of petrol and diesel by Rs 3 to Rs 5 per liter. Apart from this, since India imports more than 90% of its LPG requirement from Gulf countries. In such a situation, if the supply of oil and gas from Hormuz stops again, the government may have to impose a minimum lock-in period of 25 days on cylinder booking again to ensure the supply.
Also read:
Petrol-Diesel Rate: Take heart, prices of petrol-diesel may increase; Crude oil on fire due to Iran’s sharp counterattack