Petrol and diesel prices may increase, Joe Biden's statement increased the tension

Petrol-Diesel Price: The ongoing tension and the threat of war between Israel and Iran can now affect India as well, especially in the form of petrol and diesel prices. After the US indicated a possible plan, crude oil prices are seeing a jump in the international market. If this trend continues, the possibility of fuel prices rising in India increases, which can have a direct impact on the pocket of the common man.

US plan increases market tension

On Thursday, the international oil market witnessed huge turmoil when US President Joe Biden indicated that the US, along with Israel, is considering a plan for a possible attack on Iran's oil bases. The announcement caused a stir in the oil markets, and prices rose by 5%. The statement came when oil prices were already volatile due to the ongoing tensions and conflicts in the Middle East.

Threat to crude oil supply

Since Biden's statement, there has been growing concern among investors and traders that an attack on Iran could disrupt global oil supplies. Iran is one of the world's major oil producing countries, and potential attacks on its oil bases could mean a severe cut in global oil supplies.

This has further fuelled fears of an energy crisis in the global market. Brent crude prices jumped 5% to $89 per barrel on Thursday, indicating a new wave of tensions in the global energy market.

Possible impact on India

India imports a large portion of crude oil for its energy needs, and price fluctuations in the global market have a direct impact on the Indian market. If this rise in crude oil prices continues, India may also see an increase in petrol and diesel prices. Its impact will not be limited to vehicle fuel only, but the prices of transportation, food items and other essential commodities may also increase, which threatens to further increase inflation.

Global oil market volatility

Oil prices were already volatile due to the ongoing conflicts in the Middle East. Now, if Iran is attacked by the US and Israel, there could be a long-term disruption in global oil supply and production. The US energy market has also been shaken after Biden's statement, making it clear that the impact of this tension can be seen on global markets for a long time.

What can happen in the future?

Given the current situation, market experts say that if Iran is actually attacked, oil prices may rise even further. This tense environment can have a serious impact on oil supply, which is likely to deepen the global energy crisis. In such a situation, countries like India will need to take steps towards alternative energy sources and better supply management to deal with this crisis.

Conclusion

The growing tension between Israel-Iran and the indication of US plans have caused major turmoil in global oil markets. The impact of the rise in crude oil prices can also be seen on petrol and diesel prices in India. If this situation becomes more serious, it can have a long-term impact on the Indian economy along with increasing inflation.