Crude Prices Skyrocket Amid Geopolitical Uncertainty

Global crude oil markets are facing increasing pressure from geopolitical uncertainty and concerns over energy supplies. Brent crude prices hovered near $89 per barrel on August 17, with futures last trading 0.10% lower at $88.51 a barrel.

India imports over 85% of its crude oil requirements, making it vulnerable to fluctuations in global prices. A prolonged rise in international oil prices could increase India's import bill and add to inflationary pressures.

Petrol and diesel prices remained in focus across India on August 17 as global crude oil markets continued to face pressure. Among the major cities listed, Hyderabad recorded the highest petrol price at Rs 115.69 per litre, while Kolkata was close behind at Rs 113.43.