Crude oil prices climbed on Friday amid a stalemate in US–Iran negotiations, with Tehran continuing to block the Strait of Hormuz and Washington restricting Iranian crude exports. Brent futures for July gained $0.81 (0.73%) to $111.21 a barrel, while West Texas Intermediate rose 31 cents (0.30%) to $105.37. Analysts noted both benchmarks have posted gains for four consecutive months, with Brent’s June contract hitting $126.41 a barrel on Thursday — its highest since March 2022. The surge has heightened inflation concerns globally, prompting warnings from British and European central banks, while the US works to form a coalition to secure transit through Hormuz.
The crisis has already impacted domestic energy prices in India. The price of a 19‑kg commercial LPG cylinder was hiked by ₹993 to ₹3,071.5 in Delhi, marking the third increase since February 28, when the West Asia conflict escalated. However, household LPG rates remain unchanged for 33 crore users, according to the Indian Oil Corporation. Officials emphasized that petrol, diesel, and aviation turbine fuel (ATF) prices for domestic consumption have not been revised, with state‑owned oil companies absorbing global cost pressures. Export levies on diesel and ATF were introduced from March 27 to ensure domestic availability, underscoring the wider economic risks posed by the prolonged Middle East crisis.