Retail petrol and diesel prices across India showed little movement on July 17 despite Brent crude posting its largest weekly gain since April. Escalating conflict in West Asia raised fresh supply concerns as tanker traffic through the Strait of Hormuz declined sharply.
Brent crude rose for a fifth straight session, reaching its highest level in roughly a month after the United States carried out another round of strikes on Iran. The benchmark is on course for an almost 12 percent weekly increase and traded near 85 dollars amid worries over energy exports from the region.
Maritime authorities raised the threat level for the Strait of Hormuz to severe after the breakdown of a ceasefire and recent attacks on commercial ships. Reports indicated that Iran instructed Yemen’s Houthi forces to close the Bab el-Mandeb strait to Red Sea traffic should Iranian energy facilities come under attack.
Domestic fuel prices remained largely stable because they are set by state-owned oil marketing companies. Analysts noted that refined products face tighter supply conditions than crude itself, with limited inventory buffers available.
Goldman Sachs projected that Brent could climb to 110 dollars per barrel in the fourth quarter if Gulf export recovery stalls, though prices might drop into the 60s if tensions ease and output rebounds faster.
The government instructed Indian shipowners and recruitment agencies to avoid sending seafarers on voyages through the Strait of Hormuz. India supplies the world’s third-largest number of maritime workers, and more than 15,000 Indian sailors remain west of the waterway. The directive followed reports of two Indian seafarers killed in recent regional attacks.
