India's petrol and diesel prices unchanged despite global crude surge
India
Despite a sharp rise in global crude oil prices this week, petrol and diesel prices in India haven't changed.
OMCs last revised rates on May 25, bumping them up by ₹2.7 per liter for petrol and ₹2.8 per liter for diesel, but since then things have stayed steady, even with all the drama overseas.
US Iran tensions lift crude prices
Tensions between the US and Iran have pushed Brent crude up 7.6% to $92.68 a barrel, while West Texas Intermediate hit $91.48.
The Strait of Hormuz, a vital route for about 20% of the world's oil, has seen less traffic lately because of these tensions.
Even with analysts watching closely for supply cuts from the Middle East, no major export drops have happened yet, though forecasts are getting bumped up just in case things heat up further.