US Israel Iran War: Crude oil prices surge 5%, cross $112-per-barrel mark, prices of dry fruits soar, check updates
US Israel Iran War: Crude oil prices have witnessed a sharp surge due to the ongoing conflict between the U.S., Israel, and Iran. As a result of disruptions to supplies from the Persian Gulf, prices for the global benchmark, Brent crude, rose by over 4% on Thursday, climbing past the $112-per-barrel mark.
The oil tankers that are required to traverse the Strait of Hormuz are considered at high risk. The conflict involving Iran, the U.S., and Israel has impacted tanker movements, consequently driving up both insurance and freight costs.
Meanwhile, prices of dry fruits in Delhi's markets have risen by up to 50%. The cost of raw materials for Paracetamol has also increased by up to 47%.
Meanwhile, due to a shortage of gas, the number of new PNG connections has surged by 1,20,000 over the past two weeks. Additionally, the demand for ready-to-eat meals and packaged foods on e-commerce platforms like Amazon has risen by over 15%.
Due to the ongoing conflict in the Middle East, India continues to face a shortage of LPG. Long queues have formed outside gas agencies, and instances of black marketing and hoarding of gas cylinders are also being reported.
In the first 15 days of March, LPG consumption dropped by 17.7% to stand at 1.14 million tonnes.
In light of the cooking gas crisis, the Central Government has appealed to the public to refrain from panic buying (booking out of panic). Meanwhile, a record 120,000 new PNG (Piped Natural Gas) connections have been added over the past two weeks. To curb black marketing and hoarding, the government has conducted over 12,000 raids across the country so far, resulting in the seizure of more than 15,000 cylinders.
Although the government has authorized the supply of commercial gas to hotels and restaurants, the supply volume remains so low that it has become difficult for them to sustain their operations.