• Feedback
  • RSS Feed
  • Sitemap
Ommcom News
  • Home
  • Odisha
  • Nation
  • World
  • Sports
  • Business
  • Entertainment
  • Videos
  • Science & Tech
  • Photo Gallery
  • ଓଡ଼ିଆରେ ପଢନ୍ତୁ
No Result
View All Result
  • Home
  • Odisha
  • Nation
  • World
  • Sports
  • Business
  • Entertainment
  • Videos
  • Science & Tech
  • Photo Gallery
  • ଓଡ଼ିଆରେ ପଢନ୍ତୁ
No Result
View All Result
Odisha News, Odisha Breaking News, Odisha Latest News || Ommcom News
Home Business

Oil Prices Surge In Global Market Amid Escalating Iran-Israel Tensions

OMMCOM NEWS by OMMCOM NEWS
April 19, 2024
in Business
oil

New Delhi: Oil prices surged by $3 a barrel in the international market on Friday amid reports of Israel launching a missile attack against Iran raising fears of escalating geopolitical tensions that could disrupt crude shipments.

The benchmark Brent crude price rose to around $90 a barrel U.S. West Texas hovered at around $85 a barrel.

The price of Brent crude had fallen to around $87 per barrel on Wednesday following higher US inventories and the decline in Chinese demand due to a slowing economy.

US media reports on Friday said that Israeli missiles had hit sites in Iran. The attack was reported to be in retaliation to Iranian drone attacks on Israel carried out earlier.

However, Iran denied reports of the Israeli missile attack and claimed that the explosions heard were from the firing of its air defence systems.

Since India imports over 85 per cent of its crude oil requirement, a sharp increase in global oil prices could lead to an increase in the country’s oil import bill and weaken the rupee due to the larger outgo of foreign exchange.

The cheaper purchase of oil from Russia has helped India to reduce its oil import bill by 16 per cent to $132.4 billion for the fiscal year 2023-24 from $157.5 billion spent in the previous year.

The total quantity of oil imported in 2023-24 was 232.5 million metric tonnes (MMT) compared with 232.7 MMT in 2022-23 which is more or less the same level.

(IANS)

Tags: Iran-Israel TensionsOil Prices
ShareTweetSendSharePinShareSend
Previous Post

How to Wear a Lower Back Brace

Next Post

Voting Over, Vijay Sethupathi Makes Wheelchair-Bound Fan’s Day, Takes Selfie With Her

Related Posts

Income Tax Bill 2025
Business

Govt Withdraws Income Tax Bill 2025 From Lok Sabha, New Version To Be Tabled On Monday

August 8, 2025
Indian stock markets
Business

Indian Stock Market Ends Lower Amid US Tariff Jitters, Sensex Declines 765 Points

August 8, 2025
Business

SBI Clocks 12.5 Pc Rise In Q1 Net Profit At Rs 19,160 Crore

August 8, 2025
Business

50 Pc Tariffs By US Bad Policy Move, India Must Continue To Protect Its Farmers: SBI Report

August 8, 2025
Business

India’s Income Roadmap: Gujarat Emerges Frontrunner; MP Improves As Southern, Western States Consolidate Earnings Dominance

August 7, 2025
Business

US Tariff Hike To Impact Only 4.8 Per Cent Of India’s Total Exports

August 7, 2025
Next Post
Vijay Sethupathi

Voting Over, Vijay Sethupathi Makes Wheelchair-Bound Fan's Day, Takes Selfie With Her

Karachi:

Close Shave For Foreign Nationals In Suicide Attack In Karachi

injured

Two CRPF Jawans Injured In Blast In Chhattisgarh's Bijapur

khimji
TPCODL
OMC
  • Feedback
  • RSS Feed
  • Sitemap

© 2025 - Ommcom News. All Rights Reserved.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist

No Result
View All Result
  • Home
  • Odisha
  • Nation
  • World
  • Sports
  • Business
  • Entertainment
  • Videos
  • Science & Tech
  • Photo Gallery
  • ଓଡ଼ିଆରେ ପଢନ୍ତୁ

© 2025 - Ommcom News. All Rights Reserved.