Oil Prices Surge: Will India Face The Attack Now?

It is already known that the oil price is across the globe have been fluctuating practically in the last few days due to the prevailing situation between the United States and Iran. And the new developments are suggesting that there is another fluctuation in the prices.

Global oil prices jumped more than 6%, according to reports after US President Donald Trump declared the memorandum of understanding with Iran "over," while saying talks could continue through negotiations.

It is further reported that Brent crude rose 6.3% to $78.80 a barrel, while US benchmark WTI climbed 6.4% to $75.00 a barrel, reflecting growing concerns over regional stability and global energy supplies.

The market reaction followed renewed US attacks on Iran, raising fears of renewed war and the closure of one of the world's most critical energy corridors.

Now that Trump has indicated that there could be another round of retaliation from the United States with regard to the market situation with this price fluctuation is going to be all the more prevalent.

It needs to be seen if the repercussions of this oil prices, such good affect India directly with the prices of petrol and diesel in increasing accordingly.

It needs to be noted that the government of India had already hired the price of petrol and diesel just a couple of weeks back and any kind of further enhancement could lead to severe public backlash.