West Asia Tensions Drive Crude Prices Toward $100 Mark
The global crude oil price has been steadily rising and is nearing the psychologically significant level of $100 per barrel. This increase in price comes as a result of ongoing strikes and counter-strikes in West Asia, which have not shown any signs of cooling off.
According to Reuters, Brent crude futures rose by 34 cents or 0.35% to reach $97.34 per barrel, while West Texas Intermediate was at $92.63 per barrel. However, Indian refiners are already purchasing crude oil for more than $100 a barrel.
The Indian Crude Oil Basket price has surged almost 20% compared to the lows in June and has crossed the dreaded level of $100. The rise in crude oil prices is expected to have a significant impact on the entire Indian economy, which was trying to recover from the high prices seen in April and May.
The figures provided by PPAC (Petroleum Planning and Analysis Cell) show that the Indian Crude Oil Basket price has been steadily increasing since February 2026. The lowest price recorded in December 2025 was $62.20, while the highest price in July was $70.95.