Crude Oil Price Today: The effect of increasing tension between America and Iran is clearly visible on the oil market. The situation has become more serious after attacks on commercial ships in the Strait of Hormuz. Due to which the possibility of conflict has also increased. The direct impact of this news was visible on the prices of crude oil.

Today, Monday, April 20, a surge in crude oil prices has been seen. Also, imports in the country have decreased by 17 percent. Let us know about this.

Rise in crude oil prices

The impact of Middle East tension on the global oil market is clearly visible. The price in West Texas Intermediate (WTI) futures increased by about 6 percent to $ 88.93 per barrel.

At the same time, an increase of about 5.63 percent has been recorded in the June delivery contract of Brent crude. After which its latest price has reached the figure of $ 95.48 per barrel.

Decline in crude oil imports

The effect of ongoing tension in West Asia is clearly visible on India’s oil imports. Due to the current situation, there has been a decrease in the purchase of crude oil in the country. Due to which supply related challenges are also emerging.

According to preliminary data from the Petroleum Planning and Analysis Cell (PPAC), India’s crude oil imports have declined by about 17 percent in March compared to last year. Which clearly shows the growing crisis in this area.

danger of rising inflation

The increase in crude oil prices may also affect the prices of petrol and diesel. If fuel becomes expensive, its direct impact is visible on the expenses of common people. Due to cost of transportation, prices of everyday items may also increase. Due to which there is a possibility of inflationary pressure increasing further.

Conflict escalates in the Gulf

Tension between America and Iran has intensified in the Middle East. US President Donald Trump said that the US Navy took action against an Iranian container ship in the Gulf of Oman. After which the marine forces took it under their control. It is being said that this ship was trying to break the American blockade.

Along with this, Trump has given a strict warning to Iran and said that if the agreement is not reached, its important targets can be targeted.

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