NEW DELHI: Oil prices in the international market rose to the highest level since 2014 on Wednesday as Brent Crude Future surged to $90 per barrel. The reason for the steep hike in the oil prices, analysts believe is the ongoing geopolitical tensions in Europe and the East.
There is a fear of potential supply disruption in the Middle East as Yemen’s Houthi movement launched a missile attack on a United Arab Emirates base. In Europe, the Russian military buildup on the border of Ukraine has escalated tensions between the two countries.
On Wednesday, Brent crude rose $1.27 to $89.47 after reaching $89.87 and West Texas Intermediate (WTI) crude was up $1.02 to $86.62.
The Organisation of the Petroleum Exporting Countries and allies, known as OPEC+ is set to meet on February 2 to consider another output increase.
However, the price rise doesn’t have any impact on domestic fuel prices in India. The last time prices were changed was on Nov 4, 2021, when the central government cut excise duty.
A litre of petrol in Delhi costs Rs 95.41, while the price of diesel is Rs 86.67 per litre. In Mumbai, the price of petrol is Rs 109.98 per litre, in Kolkata it costs Rs 104.67 and Rs 101.40 per litre in Chennai.