Middle East Crisis: Crude Oil Prices Rise in Asian Markets

Mumbai: Oil prices rose in Asian markets as the U.S.–Israel conflict with Iran reached its third week. Crude oil prices climbed above 102 dollar per barrel as Asian markets opened on Tuesday morning, March 17.

The price of Brent crude rose 2.8 percent to 103.08 dollar per barrel in early trading. Meanwhile, the price of crude oil imported by Indian refineries reached 136.56 dollar per barrel on March 13. Before the U.S.–Israeli alliance launched attacks on Iran, the price of crude oil for India was 70.86 dollar per barrel. Oil prices for India have increased by 93 percent since the conflict in the Middle East began.

Despite rising prices in the global market, oil companies in India have not yet changed the prices of petrol and diesel. The value of the Indian rupee has also declined following the increase in global oil prices.

Reports that some ships passed safely through the Strait of Hormuz led to a slight drop in oil prices on Monday. Iran had closed the Strait of Hormuz in retaliation for attacks by the U.S.–Israel alliance. However, Iran eased these restrictions the previous day.