Crude oil prices rise on global tensions

The spike in oil prices comes after Iran-backed Houthi rebels unleashed a coordinated attack on Saudi Arabia oil facilities and military bases.

New Delhi: Global crude oil prices jumped above $70 a barrel on Monday for the first time since the Covid-19 pandemic began.

The spike in oil prices comes after Iran-backed Houthi rebels unleashed a coordinated attack on Saudi Arabia oil facilities and military bases.

Consequently, the Brent crude futures jumped above $70 a barrel on Monday.

Similarly, the US crude touched its highest in more than two years.

Parallelly, the rise will have an impact on domestic petrol and diesel prices.

Lately, prices of petrol have crossed the psychological Rs 100 per litre-mark in some cities leading to increasing public outcry against the high prices and the inflationary impact of the auto fuels.

“Geopolitical tensions have supported the crude prices. Brent may test $73 and WTI may test $70,” Anuj Gupta, DVP Research, Angel Broking.

“Petrol and diesel prices may rise further in India.”