Crude Oil Price Today: Brent Holds Above $108, WTI Near $102 - Check Petrol Price Today

Crude oil prices steadied on Monday, finding a fragile balance after last week's sharp losses, as markets assessed contrasting geopolitical signals from the Middle East and renewed diplomatic activity between the United States and Iran.

Benchmark futures showed limited movement in early trade. U.S. West Texas Intermediate (WTI) hovered near $102 per barrel, while Brent crude remained above the $108 mark. Both contracts had declined notably on Friday after Iran submitted a revised proposal for negotiations, fuelling optimism about a potential breakthrough in its long-running dispute with Washington.

The current price stability reflects a tug-of-war between two competing forces. On one side, hopes of a diplomatic resolution are easing concerns about supply disruptions. On the other, ongoing uncertainty surrounding maritime security in the Strait of Hormuz continues to underpin risk premiums in global oil markets.

Adding to the complexity, U.S. President Donald Trump indicated on Sunday that Washington would attempt to assist vessels belonging to non-involved nations in exiting the Strait of Hormuz. The narrow waterway, a critical artery for global oil shipments, has witnessed disruptions in recent weeks, raising fears of supply bottlenecks.

Market participants are therefore navigating a delicate landscape, where even incremental developments-whether diplomatic or military-can trigger swift price movements. While easing tensions may cap further gains, any escalation in the region could quickly reverse the current trend.

A broader look at energy markets shows mixed signals across crude benchmarks and related commodities. Murban crude slipped nearly 4%, while Mars blend recorded a sharper decline of over 4.8%. In contrast, the OPEC basket rose by around 1.7%, and the Indian crude basket gained over 3%, highlighting the uneven impact of global developments across different grades. Natural gas prices also edged higher, while gasoline and heating oil futures remained relatively stable.

For India, the world's third-largest oil importer, the key concern is whether global price volatility will translate into higher fuel costs at the pump. Retail petrol and diesel prices have remained largely unchanged since 2022, despite significant fluctuations in crude oil markets. This prolonged price freeze has increasingly strained state-run oil marketing companies, which are believed to be absorbing substantial losses due to the mismatch between global input costs and fixed domestic retail rates.

According to recent reports citing government sources, a revision in fuel prices is under active consideration. Petrol and diesel prices could rise by ₹4-5 per litre, while domestic LPG cylinder rates may increase by ₹40-50. If implemented, this would mark the first upward revision in nearly four years.

However, the recent softening in crude prices has raised hopes that any immediate hike could be deferred. The government faces a difficult balancing act. Increasing fuel prices would help restore financial stability for oil companies and bring domestic rates closer to global benchmarks. Yet, such a move risks fuelling inflation and adding to the financial burden on households already grappling with elevated living costs.

For now, the modest cooling in crude oil prices offers temporary respite. But with geopolitical tensions in the Middle East far from resolved, the outlook remains uncertain. Any sudden escalation could push prices higher once again, keeping both policymakers and consumers on edge in the weeks ahead.