Global Tensions Send Oil Prices Soaring Amid Geopolitical Uncertainty

Global tensions are driving up oil prices, with Brent crude reaching around USD 103.73 per barrel on September 30. This surge in international oil prices could put pressure on domestic fuel prices in India, which relies heavily on imports.

Ajay Kedia, Director of Kedia Advisory, noted that Bank of America has raised its Brent crude forecast for the second half of 2026 to USD 95 per barrel from USD 83. The bank is citing prolonged geopolitical tensions as its base-case scenario, with a warning that disruptions into 2027 could push front-month Brent above USD 150.

The latest petrol and diesel prices in India remain largely unchanged, despite the sharp movement in international crude prices. In Delhi, petrol costs Rs 102.12 per litre, while diesel is available at Rs 95.20 per litre. Mumbai's petrol price is Rs 111.21 per litre, with diesel selling at Rs 97.83 per litre.