It now seems that the results of the ongoing war between Israel and Iran can be seen in India. Because the sound of an American plan has increased the prices of crude oil in the international market. If this rise continues, we may see a rise in the prices of petrol and diesel in India.
Let us tell you that there was huge turmoil in the international oil market on Thursday, when US President Joe Biden said that America is discussing with Israel on possible attacks on Iran's oil bases. After this statement, oil prices rose by up to 5%, which has given a new impetus to the tension in the global energy markets.
This statement by Biden has increased the fear of interruption in the supply of crude oil among investors and traders. Potential attacks on Iran, one of the world's leading oil producing countries, would mean global oil supplies could be cut, potentially leading to further increases in oil prices.
Oil prices were already volatile due to the ongoing tensions and conflicts in the Middle East, but after this new announcement, Brent crude prices jumped 5% to $89 per barrel. Market experts believe that if Iran's oil facilities are attacked, it could have a serious impact on global oil supply, which could further increase the energy crisis.
After this statement of President Biden, there was a stir in the American energy markets. Due to cooperation between the US and Israel, any action against Iran could have a long-term impact on global markets, especially on oil production and its supply chain. Market analysts say that if tension increases in the coming days and the possibility of attack becomes real, then oil prices may see a further increase.
