America stopped attacks on Iran over the weekend. Due to which there has been a big relief in the prices of crude oil in the international market. On Monday, a decline of about 6 percent was seen in the prices of crude oil in the international market. Due to which the crude oil of Gulf countries is trading at the range of $91. On the other hand, the price of American crude is seen trading at $84 per barrel.
Due to the cessation of bombing by Iran and America, there is hope for a diplomatic solution between the two countries. This may reduce tension and resumption of shipping in the Strait of Hormuz. Let us also tell you what the price of crude oil has become in the international market. Also, what are commodity experts saying?
Big fall in crude oil prices
There was a continuous rise in the prices of crude oil for the last three weeks. But on Monday morning the crude oil of American and Gulf countries fell to the lowest level in a week. The price of American crude was seen trading at $ 84.15 per barrel, down by $ 5.16 or 5.78 percent per barrel. On the other hand, crude oil from Gulf countries was trading at $91.42 per barrel, down by $5.36 or 5.54 percent.
The special thing is that on the last trading day of last week, the price of crude oil was seen trading at $ 100 per barrel for the first time since 2026. The biggest reason for this was that the conflict between America and Iran had reached the Red Sea. This hindered exports to Asia from Saudi Arabia, the world’s largest exporter (this export takes place through the Bab al-Mandeb Strait).
Diplomatic path may open
US Ambassador to the United Nations Mike Waltz told “Fox News Sunday” and other US media that President Donald Trump has decided to pause the US strikes to allow more time for diplomacy. IG Markets analyst Tony Sycamore said in a note that hopes are growing that a real diplomatic path can be opened. Returning to the 14-point MOU with some more clarity on control of the Strait of Hormuz would be a solid first step. Despite the attacks stopping, Kpler shipping data showed that fewer than 10 commodity ships a day passed through the Strait of Hormuz over the weekend.
Additionally, the number of ships passing through the Bab al-Mandeb Strait declined on Sunday as Yemeni Houthis attacked Saudi oil facilities on the Red Sea coast. However, a third Chinese supertanker passed through the Bab al-Mandeb Strait. MST Marquee analyst Saul Cavoncic said any recovery in traffic through the Strait of Hormuz is likely to be slow and partial, as many shipping companies are still cautious and would like to be more confident about their safety before bringing more empty ships into the strait.
Petrol and diesel price in India
The prices of petrol and diesel have remained stable since May 25. At that time, government oil marketing companies (OMCs) had increased the prices of petrol by Rs 2.61 per liter and diesel by Rs 2.71 per liter. The price of petrol in Delhi remains above Rs 100 per liter at Rs 102.12, while diesel is being sold at Rs 95.20 per liter.
Even in Mumbai, petrol prices remain above the level of Rs 110. Here petrol is being sold at Rs 111.21 per liter and diesel at Rs 97.83 per liter. Petrol prices in other major cities like Bengaluru, Hyderabad and Kolkata are also above Rs 110 per liter. Diesel prices are less than Rs 100 in these cities, except Hyderabad and Chennai. The price of diesel in Hyderabad is Rs 103.82 and in Chennai it is Rs 100.92.
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