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Oil jumps more than 6% on renewed West Asia conflict fears
Brent for September traded around $89.44 per barrel, and the article estimates a sustained $1 rise in crude could add about ₹18,000 crore to India’s import bill over a year.
Oil prices surged more than 6% as renewed attacks in West Asia raised concerns about a wider conflict. LiveMint Markets reports that September Brent was trading at about $89.44 a barrel on Wednesday, up 6.36% from the previous close on the Indian Energy Exchange.
The article links the move to resumed US and Saudi attacks on Iraq, plus Iran strikes on US military assets in Jordan, which it says have resulted in about 20 casualties in Iraq. It also points to increased supply risk as trading volatility returns after a four-day gap in the attacks.
In parallel, the US Senate advanced a bill that would impose tighter restrictions and tariffs on the top buyers of Russian energy, including India. According to the article, if implemented the bill would give the US president authority to impose heavy sanctions on Russian officials and tariffs up to 100% on countries like India and China to deter purchases of Russian oil and gas.
The piece says India’s reliance on Russian crude remains high, with Russian oil accounting for over 50% of total crude imports, and that Indian refiners are expected to continue procuring from Russia in the near term. It adds that India imported about 2.6 million barrels per day of Russian crude in July, and notes that nearly 90% of India’s oil requirements are imported, with the annual oil import bill around $120 billion and the April to June crude bill at $49.8 billion, up 61% year on year.
Latest closeWTI crude $81.23 ▼1.7%|Brent $85.92 ▼2.8%