Brent Crude Prices Swing Amid US-Iran Tensions, Saudi Oil Restarts

Global crude oil prices saw sharp swings during the week ending October 2 due to developments in the US-Iran standoff and changing expectations around global oil supplies.

Brent crude moved between $102 and $108 levels before falling sharply towards the end of the week. The price initially climbed on concerns over possible supply disruptions after US-Iran negotiations broke down, but later eased as Saudi Arabia restored part of its oil export infrastructure and US crude inventories rose unexpectedly.

Indian petrol and diesel prices remained unchanged throughout the week, despite the sharp movements in international crude markets. Petrol remained at ₹102.12 per litre, while diesel stayed at ₹95.20 per litre.