Crude oil prices surged by more than 1% on Tuesday after registering a steep drop in the previous session, as conflicts between the US and Iran renewed threatening crude oil supply.
Brent Oil Futures expiring in October rose 1.4% to $84.94 per barrel, while West Texas Intermediate (WTI) crude futures for September gained 1% to $81.14 per barrel.
Both the benchmarks declined by 5% in the previous session on hopes of fresh negotiations between the nations at war.
Saudi Aramco meanwhile reported second-quarter profit, following a period of severe disruption through the Strait of Hormuz amid the sprawling Middle East conflict.
The world’s largest oil company posted adjusted net income of 125.2 billion Saudi riyal ($33.4 billion) over the April to June period, up 33% year-on-year and beating analyst expectations of $31.59 billion.
The oil firm leveraged its 1,200-kilometer (746 miles) East-West pipeline to the Red Sea, bypassing the Strait of Hormuz, to maintain exports at a maximum capacity of 7 million barrels per day.
Earlier, on Monday the Ministry of Petroleum and Natural Gas (MoPNG) invited Team Bharat for another round of discussions within the next three to four days to deliberate on consumer choice, fuel pricing and the implementation of the Ethanol 20 (E20) fuel policy.
The organisation, led by political analyst Tehseen Poonawalla, has been campaigning against what it describes as the rapid implementation of the ethanol blended petrol (EBP) programme, under which petrol contains 20 per cent ethanol, The Hindu Businessline reported.