Business News / War started between Israel and Iran, crude oil will cross 100 dollars!

Business News: Iran has started a war against Israel. Iran has carried out drone attacks on Israel. On the other hand, talks are going on between Israel and America for retaliatory action. If experts are to be believed, due to this tension the price of crude oil may cross $100 per barrel. Iran is the third largest oil producer of OPEC. If Israel also attacks Iran. Also, if the US government imposes a series of sanctions on Iran, the prices of crude oil will also rocket. According to experts, there was already a problem of both supply and production of crude oil.

Now Iran's entry into the tension in the Middle East will create even more crisis. Now all those countries of the world will have to be prepared for expensive crude oil which is dependent on imports for more than 80 percent of their needs.

In which the names of India and China can be taken prominently. Due to the cost of crude oil, an increase in inflation will also be seen in such countries. Let us also tell you what kind of economic consequences could happen if Iran attacks Israel?

Crude oil prices will rise

Tension has reached its peak in the Middle East. Iran has started attacking Israel. Israel is also retaliating. It is also in talks with the American government to take major action. In such a situation, America can take action like imposing economic sanctions on Iran, which it did on Russia two years ago.

America can also ban Iran's oil, which will be a big step. Iran is the third largest oil producer of OPEC. If Iran's oil is banned, the oil crisis in the world will reach its peak. Suddenly the prices of crude oil will start touching the sky. As was seen during the Ukraine-Russia war.

Will the price of crude oil go to 100 dollars?

At present, oil from Gulf countries is trading above $90 per barrel. In view of this attack and possible American action on Iran, when international markets will open on Monday. There may be a tremendous rise in the prices of crude oil. There may be a rise of more than 10 percent in the price of crude oil.

This means that the price of Brent crude oil i.e. oil from Gulf countries can reach $ 100 per barrel. This means that the price of Brent crude oil may see an increase of $ 10 per barrel. On the other hand, there will be a rise in the price of American crude oil and the price may reach $95 per barrel.

When was the last time the price was $100?

About 21 months ago, the price of crude oil was seen at $ 100 per barrel. On August 31, 2022, the price of Brent crude oil reached the day's high at $ 100.46 per barrel. Since then there has been a decline in the price of crude oil. Since last year, after the Israel and Gaza war, the price of crude oil has been seen more than $ 85 per barrel.

At that time the price had also gone up to $95 per barrel. At that time, the Middle East country which is an oil producer did not jump into this war. Now Iran is in front of Israel. Besides, America also stands in support of Israel. In such a situation, crude oil prices may cross $100 per barrel.

What could be the impact?

If the price of crude oil goes to $100 per barrel, then fuel prices will increase in those countries of the world which import most of the crude oil they require. If we talk about India, according to government figures, India imports more than 85 percent of its oil requirement. In such a situation, if the price of crude oil increases in the international market, the petroleum companies of the country will have to buy expensive crude oil. Due to which the cost of petroleum companies will increase. In such a situation, they will have to increase the price of petrol and diesel.

If the price of crude oil goes beyond $100 per barrel, then there may be an increase in the price of petrol and diesel in India. It is possible that there may be no change in prices till the election results are announced, but after the first week of June, petroleum companies may take strict steps.

Petrol and diesel prices in major cities of the country

• New Delhi: Petrol rate: Rs 94.72 per liter, Diesel rate: Rs 87.62 per liter
• Kolkata: Petrol rate: Rs 103.94 per liter, Diesel rate: Rs 90.76 per liter
• Mumbai: Petrol rate: Rs 104.21 per liter, Diesel rate: Rs 92.15 per liter
• Chennai: Petrol rate: Rs 100.75 per liter, Diesel rate: Rs 92.34 per liter
• Bengaluru: Petrol rate: Rs 99.84 per liter, Diesel rate: Rs 85.83 per liter.
• Chandigarh: Petrol rate: Rs 94.24 per liter, Diesel rate: Rs 82.40 per liter
• Gurugram: Petrol rate: Rs 95.19 per liter, Diesel rate: Rs 88.05 per liter
• Lucknow: Petrol rate: Rs 94.65 per liter, Diesel rate: Rs 87.76 per liter
• Noida: Petrol rate: Rs 94.83 per liter, Diesel rate: Rs 87.96 per liter

Current price of crude oil

Even though the international market was closed, crude oil from American and Gulf countries closed sharply on Friday. According to data, crude oil from Gulf countries is trading at $90.45 per barrel. If we talk about the current year, an increase of 17.10 percent has been seen in the price of crude oil. Whereas in the last one month the prices of crude oil have increased by about 6 percent.

Secondly, American crude oil prices are at $ 85.45 per barrel. Which is expected to reach $95 per barrel. If we talk about the last one month, the prices of crude oil have increased by 5.41 percent. On the other hand, if we talk about the current year, an increase of up to 20 percent has been seen in the price of crude oil.