New Delhi, 23 July (H.S.): Crude oil prices have once again witnessed a sharp rise in global markets amid the ongoing crisis in West Asia and escalating tensions between the United States and Iran. Brent crude surged nearly 4 per cent on Thursday, crossing the $98 per barrel mark to reach its highest level in the past six weeks.

During trading in the international market, crude oil prices recorded a fresh rally. Brent crude jumped by $4.58, or 4.87 per cent, to trade above $98.65 per barrel, marking its highest level in six weeks. Meanwhile, US West Texas Intermediate (WTI) crude also gained $3.69, or 4.25 per cent, reaching around $90.52 per barrel.

The continued rise in crude oil prices has raised concerns over inflation and energy security in India. It is also expected to impact the Indian rupee and foreign portfolio investment (FPI) inflows.

The increase in global oil prices has put significant pressure on the retail fuel margins of Indian oil marketing companies. Due to the surge in crude prices, companies are reportedly facing losses of around ₹20.4 per litre on diesel sales.

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Hindusthan Samachar / Jun Sarkar