Fuel Prices Steady Amid Global Energy Disruptions
Global energy supply disruptions continued due to the ongoing conflict in West Asia. Despite this, fuel prices remained steady across major Indian cities on August 23.
The Brent crude oil price rose by 6.39% this week as market traders anticipated US sanctions on Iran. The global benchmark Brent crude settled at $94.39 a barrel, up 61 cents or 0.65%, while the West Texas Intermediate (US crude) notched a six-session run of gains and closed at $87.06 a barrel, up 23 cents or 0.26%.
Iranian President Masoud Pezeshkian issued a statement seeking a solution through dialogue and logic amid the US-Iran standoff on the critical energy chokepoint. He emphasized that the Islamic republic has not compromised on any clause of a Memorandum of Understanding (MoU) signed with the US.
US Energy Secretary Chris Wright underscored Washington's efforts to keep energy supplies moving through the Persian Gulf despite the deadlock with Iran, crediting the US Navy for increasing the seven-day average of oil transiting the Strait to over 8 million barrels a day. However, India and Mauritius recently signed a five-year agreement deepening their energy partnership, under which Indian Oil Corporation will supply the island nation's entire import requirement of petrol, diesel, and aviation turbine fuel.