Israel-Palestine War Update: Ongoing War Situation May Lead to Rise in Crude Oil Prices

Petrol-Diesel News:  While the world was already concerned about the Russia-Ukraine conflict, another geopolitical issue, the Israel-Palestine conflict, has heightened global tensions. Several industries have been impacted by the Israel-Hamas war, from IT to export-import. A spike in crude oil prices has also been included in this list. According to Nomura Research Institute, there is a chance that oil prices would rise as a result of the Middle East conflict. 

Petrol-Diesel Prices in India

Crude oil prices had reached $90 per barrel at the end of last month, after falling by approximately 9% the previous week. Prices fell as a result of OPEC’s decision to prolong output curbs at its meeting on October 5. Analysts are concerned that this new geopolitical issue will propel petroleum prices higher, with oil prices expected to reach $100 per barrel soon. In India, there have been no changes in the petrol-diesel prices as of yet. In Delhi, petrol costs Rs 96.72 a litre and diesel costs Rs 89.62 per litre.