July 27, 2026: Indian basket of crude oil jumped 11 per cent in a day to $103.33 per barrel Thursday, highest in two months, amid disruptions due to the closure of Strait of Hormuz and Houthi militia targeting shipping vessels in the Red Sea, reports Atul Mathur.
Global benchmark Brent crude, which crossed the $100-per-barrel mark on Thursday, eased marginally to $97.08 (at 8.30 pm) Friday.
International FOB (free-on-board) prices of petrol and diesel have surged, raising the possibility of under-recoveries for oil marketing companies if retail pump prices remain unchanged. India’s retail petrol and diesel prices are linked to international product prices because it imports nearly 90 per cent of its crude oil requirement.
(Source: TNN)
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