Crude Oil Price Fall Today: Amidst the tension in the Middle East, a day earlier i.e. on Tuesday, there was a big fall in the prices of crude oil in the international market. Due to the situation arising out of the Iran-Israel dispute and the closure of the Strait of Hormuz, Brent crude oil reached $ 117 per barrel intraday on Monday. However, on Tuesday morning it was seen falling by about 10.17 percent and trading at $ 85.15 per barrel.

A day before this, in the last trading session, oil prices had reached such a high level for the first time after the year 2022. Therefore, the market has also got support from this sudden decline. Let us know why such a sharp decline has been recorded?

Market softens after Trump’s statement

Donald Trump’s recent signal is being believed to be the reason behind this weakness in oil prices. Trump has indicated that the ongoing tension between America and Iran may end soon. Meanwhile, West Texas Intermediate (WTI) crude also fell by about 10.06 percent to $ 85.25 per barrel.

According to reports, meanwhile, a phone conversation took place between Vladimir Putin and Trump, which is being seen as an attempt to calm the situation.

Priority of oil companies regarding LPG supply

Bharat Petroleum has said that the supply of domestic LPG is being given first priority. Due to the global situation, pressure on the supply of fuel and LPG has increased. Therefore, LPG production is being increased to ensure that there is no shortage of gas in homes. LPG will also be provided to hospitals, schools and other important institutions as per the requirement.

A committee of oil companies has been formed to look into the demand from the non-domestic sector. Which includes officials of Indian Oil, Bharat Petroleum and Hindustan Petroleum. This committee will decide how much LPG should be given to which sector, because the supply of non-domestic LPG is largely dependent on imports and in such a situation it is not possible to meet every demand.

Also read: Annual consumption of 3 crore tonnes of LPG in India, know what steps have been taken till now after Iran War

Actor and politician Kamal Haasan has given a strong response to Donald Trump by writing an open letter. He said that India is an independent and sovereign country and no longer takes orders from any distant country. Kamal Haasan shared this letter on social media platform X.

Haasan wrote, ‘India is an independent country and the time for taking instructions from any foreign power is over.’ He asked the American President to concentrate on his work. He said that only mutual respect between countries can be the foundation of lasting peace in the world. At the end of the letter, he described himself as a proud Indian citizen and signed as the founder of his party Makkal Needhi Maiam.

This statement of Kamal Haasan has come at a time when America has announced to give a temporary exemption of 30 days to India to buy Russian oil. This exemption allows Indian refineries to continue purchasing oil from Russia. This announcement was made by US Treasury Secretary Scott Besant. Scott Besant said that India is an important partner of America and it is expected that New Delhi will also increase the purchase of American oil in future. This decision has come at a time when there is a possibility of a rapid increase in energy prices due to the increasing conflict in the Middle East.

To
The President of the United States of America @POTUS

Dear Mr. President,

We, the people of India, belong to a free and sovereign nation. We no longer take orders from distant foreign shores.

Please mind your own business to the best of your abilities.

Mutual respect…

— Kamal Haasan (@ikamalhaasan) March 7, 2026

America’s claim

America had earlier claimed that India has agreed to stop purchasing Russian crude oil, but this claim was not confirmed by the Indian government. On the other hand, Russia had also said that it has not received any indication that India is going to reduce its oil purchases. Russian Foreign Ministry spokesperson Maria Zakharova said that Russian energy purchases by India are beneficial for both countries and it maintains stability in the international energy market.

The increasing conflict in the Middle East is also considered to be a major reason behind this entire incident. On February 28, America and Israel launched a military attack on Iran. The news of the death of Iran’s supreme leader Ayatollah Ali Khamenei was revealed in this attack. After this, tension increased rapidly throughout West Asia. In retaliation, Iran launched attacks at several places, due to which many oil and gas fields in the region had to be closed. Due to this, global energy supply has also been affected.