Crude Oil Price Today - May 1: Brent Holds Above $111; Petrol Rates Remain Unchanged

Global crude oil prices held firm on Friday, with Brent Crude trading at $111.11 per barrel despite ongoing diplomatic engagement between Iran and the United States. The stability follows a volatile session a day earlier, when the June Brent contract surged to a four-year high of $126.41 per barrel before easing upon expiry.

At the time of writing, the July Brent futures contract was up 1.11 per cent at $111.11, while West Texas Intermediate (WTI) futures for June rose 0.45 per cent to $105.54 per barrel. The broader energy complex showed mixed movements across benchmarks.

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Source: oilprice.com

The ongoing surge in oil prices continues to be driven by geopolitical tensions in West Asia. Escalating conflict involving Israel, the United States and Iran has disrupted supply chains and raised concerns about stability in the region. A key flashpoint remains the Strait of Hormuz, through which a significant portion of the world's oil supply passes.

Security concerns and partial disruptions in this vital corridor have heightened market anxiety, pushing prices upward. Analysts warn that even the threat of prolonged instability is enough to keep oil markets elevated.

Despite the global rally, retail fuel prices in India have remained unchanged, extending a rare freeze that has lasted nearly four years. This comes even as crude prices have surged more than 50 per cent in just two months.

State-run oil marketing companies are bearing the brunt of this disparity, with reports suggesting potential daily losses of up to ₹2,400 crore due to rising input costs and static retail pricing. This has sparked debate over the sustainability of current fuel pricing policies.

Fuel Prices in Major Indian Cities (May 1)

While there had been expectations of a fuel price revision after recent elections, the government has ruled out any immediate hike, offering short-term relief to consumers.

With geopolitical risks persisting, crude oil markets are expected to remain volatile in the coming weeks, keeping both global economies and domestic policy decisions under close watch.