Oil Prices Hold Steady Amid Strait of Hormuz Tensions
Oil prices remained steady on August 14 in India, despite Brent crude's decline. Petrol and diesel rates were unchanged in major cities like New Delhi, Bengaluru, Mumbai, and Pune. The stability in fuel prices is due to state-run fuel retailers shielding consumers from volatility in oil prices.
The last major price revision by OMCs was implemented on May 25. Traders are closely monitoring efforts towards a possible deal that could reopen the Strait of Hormuz, which has been affected by fresh attacks and energy infrastructure disruptions. Brent crude was trading near $87 a barrel after falling 2.2% in the previous session.
The US Defense Secretary stated that the US Navy can maintain a naval blockade on Iran indefinitely due to its capability to rotate ships in and out of the region. This move has caused significant economic damage to Iran, and the US plans to inflict more financial pressure.