Global crude oil prices have stabilized near $94 per barrel after Israel and Iran agreed to halt attacks against each other, reducing fears of a broader escalation that could have further disrupted global energy supplies. Brent crude futures last traded 0.3% lower at $94 after settling at $93.10 per barrel, up $1.65 or 1.8%. US crude futures finished at $90.03 a barrel, up $1.83, or 2%, with both contracts jumping about $3 in afternoon trading after Trump reiterated that Iran would be attacked again following an exchange of fire overnight that was one of the most significant since an April ceasefire. This represents a significant improvement from recent highs, with Brent crude having risen around 31% since the eve of the conflict just over 100 days ago, while WTI has risen around 37%. Prices gained more than 5% earlier on Monday after renewed Israeli strikes on Iran and attacks on Lebanon had reduced hopes of an imminent end to the wider war. The latest developments show Israel hit a petrochemical plant in southwestern Iran that it said was used to produce ballistic missiles, and Iran's Islamic Revolutionary Guard Corps said the country retaliated with a strike aimed at a similar Israeli facility in the city of Haifa.
India has expressed deep concern over the rapidly escalating Iran-Israel conflict, calling the situation a matter of 'utmost concern' for the international community. According to the Ministry of External Affairs, the conflict has now lasted over 100 days and has already caused immense human suffering and a debilitating impact on the global economy and energy supplies. New Delhi stressed the need to protect civilian lives and urged stakeholders to pursue diplomacy to restore peace and stability in the region. The latest developments have intensified concerns about a wider regional confrontation involving multiple state and non-state actors, with India reiterating its call for dialogue and negotiations, emphasizing that a diplomatic solution remains the only viable path toward lasting peace and regional stability.
Fuel prices in India have increased by ₹7.5-8 per litre since the start of the US-Iran war as global oil prices have soared due to ongoing conflict in the Middle East. Retail prices of petrol and diesel largely remained unchanged on June 10 with the exception of a few paise, with the latest increase of ₹2.6 and ₹2.7 per litre respectively announced the previous week. In Delhi, petrol is priced at ₹102.12 per litre, while diesel costs ₹95.20 per litre. State-owned oil firms are incurring losses of ₹1,600-1,700 crore per day, over ₹1 lakh crore in 10 weeks amid the crisis. Indian consumers are facing a sharp rise in fuel expenses once again, with petrol prices in several cities set to touch the ₹114-per-litre mark, revealing the widening gap in fuel costs across states. Indian state retailers have raised fuel prices four times since mid-May to offset the impact of supply disruptions, with petrol now about 7.8% higher and diesel up 8.6%.
India expects oil and gas prices to ease in coming months despite the ongoing Iran-Israel conflict, according to Oil Minister Hardeep Singh Puri as reported by The Hindu BusinessLine. "Oil prices cannot remain at their current height for a very long time and are expected to fall in the months ahead," Puri told broadcaster CNN-News18 on Monday. Indian state retailers have raised fuel prices four times since mid-May to offset the impact of supply disruptions, with petrol now about 7.8% higher and diesel up 8.6%. The minister emphasized that India has oil and gas reserves to last 76-80 days and expects suppliers from the Western Hemisphere, including the U.S. and Canada, to make up for shortages. India sourced more than 40% of its crude imports and about 90% of its liquefied petroleum gas imports through the Strait of Hormuz before the conflict erupted in February.
Iran's ambassador to Moscow indicated that the Strait of Hormuz could remain open but under revised terms. "Of course, this strait will be open, but with new conditions to be determined by the Iranian and Omani authorities," Ambassador Kazem Jalali told Russian newspaper Izvestia, as quoted by Reuters. "We understand that Iran and Oman provide certain services related to this strait. And fees will be charged for those services," he added, as quoted by Reuters. The Strait of Hormuz is a critical global shipping route through which roughly one-fifth of the world's oil supply typically passes. Any disruption or additional costs associated with transit through the waterway could further impact global crude prices.
