Oil prices plummeted 3% on Tuesday as the stark differences between the US and Iran continued pushing oil supply concerns into spotlight.
Brent crude futures gained $3.47, or 3.3%, to $107.68 a barrel by 1045 GMT and U.S. West Texas Intermediate was up $3.54, or 3.6%, at $101.61. Both benchmarks climbed nearly 3% on Monday.
Meanwhile, speaking at the industry Confederation of Indian Industries Annual Business Summit 2026 , reassured about the adequacy of retail fuels, placing concerns about oil marketing companies’ losses from the sale of petrol, diesel and LPG as they seek to hold prices firm, indicated that there should no crises prolong, the govt may have to consider passing on the pressure to domestic consumers as well.
HE added the India ramped up their domestic production of LPG from 35000 to 36000 metric tonnes a day to 54000 metric tonnes per day.
US President on Monday said that the ceasefire was on life support pointing to disagreements over Iran’s demands of a cessation of hostilities on all fronts, the removal of US naval blockade, the resumption of Iranian oil sales and compensation for war damage.
Join our whatsapp group for Latest updates
Click Here for Chhattisgarh News
Click Here for Entertainment News