Crude oil prices are witnessing a surge again today. Brent crude has once again crossed the $90 mark. Meanwhile, US West Texas Intermediate (WTI) crude has also jumped by nearly 3%.

There has been no change in petrol and diesel prices today, the last day of the month. Amidst constant fluctuations in crude oil prices and an atmosphere of geopolitical tension, the decision by state-owned oil companies to keep petrol and diesel prices stable comes as a major relief for ordinary consumers.

Since India is heavily dependent on crude oil imports—sourcing over 85% of its requirements from other countries—volatility in international crude prices impacts both corporate profits and government policies. Nevertheless, amidst this uncertainty, oil marketing companies have released the new petrol and diesel prices for August 31.

Crude oil prices rise again

Crude oil prices surged again on Monday following reports that the US military had attacked Iranian military targets. The price of Brent crude climbed back above the $90 per barrel mark. US crude prices also saw a significant spike during this period.

Crude oil prices today

Brent crude, the international benchmark, rose by 2.52% to reach $90.32 per barrel. Similarly, US West Texas Intermediate (WTI) crude is trading at $85.41 per barrel, up by 2.41%.

What is the situation?

According to US Central Command (CENTCOM), the US military targeted two Iranian rocket launchers on Larak Island that were attempting to deploy sea mines in the Strait of Hormuz. In a retaliatory move, Iran's Revolutionary Guards (IRGC) launched missile and drone attacks on US military bases in Jordan (King Hussein and Al-Azraq bases). The escalating tension between the two sides has once again caused a sharp spike in crude oil prices.

City-wise petrol and diesel prices today