Crude Oil Price Today - April 30: Brent Crude Rises To Record High - Will Petrol Rates Be Hiked?

Crude Oil Price Today - April 30: Global oil markets surged to a wartime high on Thursday, as escalating geopolitical tensions in West Asia rattled investors and heightened fears of fresh supply disruptions. Reports that the United States military is preparing to brief former President Donald Trump on potential action against Iran have intensified concerns that a broader conflict could erupt, further destabilising already fragile energy markets.

At the time of writing, Brent crude has climbed sharply to $125 per barrel, marking one of the highest levels seen in recent years. The rally comes amid an ongoing blockade of Iranian oil exports and continued uncertainty around key shipping routes, particularly the strategically vital Strait of Hormuz, through which a significant portion of the world's crude supply passes.

The broader commodities market reflected this volatility. US benchmark WTI crude rose to $109.40 per barrel, gaining 2.36 per cent, while Murban crude surged 6.34 per cent to $113.47. Several regional benchmarks, including the Indian basket, also recorded strong gains, underlining the widespread impact of the crisis. However, not all energy segments followed the same trajectory-natural gas and gasoline prices edged lower, signalling mixed demand expectations in the short term.

The current surge is largely attributed to the continuing conflict in West Asia. Since coordinated strikes by Israel and the United States on Iran earlier this year, global oil supply chains have faced repeated disruptions. The partial closure and heightened security risks around the Strait of Hormuz have particularly alarmed traders, given the route's importance in global energy logistics.

Despite the sharp rise in crude prices internationally, retail fuel prices in India have remained unchanged-an unusual trend that has now extended into a record fourth consecutive year. This comes even as crude costs have risen by more than 50 per cent in the past two months alone.

Source: oilprice.com

State-run oil marketing companies are reportedly bearing the brunt of this divergence. With input costs surging while pump prices remain static, estimates suggest daily losses could be as high as ₹2,400 crore. The situation has placed significant financial strain on public sector fuel retailers, raising questions about the sustainability of the current pricing policy.

Speculation had been rife that fuel prices would be revised following the conclusion of recent elections. However, the Centre has categorically ruled out any immediate hike, offering temporary relief to consumers already grappling with broader inflationary pressures.

As of April 30, fuel prices across major Indian cities remain steady. In Delhi, petrol is priced at ₹94.77 per litre and diesel at ₹87.67. Mumbai continues to record higher rates, with petrol at ₹103.54 and diesel at ₹90.03 per litre. Other metropolitan centres such as Hyderabad, Kolkata and Bengaluru have petrol prices well above the ₹100 mark, although diesel continues to stay below that threshold.

Fuel prices in key cities (April 30):

With geopolitical risks showing no signs of easing, analysts warn that crude oil prices could remain elevated in the near term. The key question now is whether India can continue to shield consumers from global price shocks, or if a correction in domestic fuel prices becomes inevitable in the coming months.