NEW DELHI: Tensions in the Gulf region surged more than two per cent on Monday in the international market due to tensions in the international market. The crude oil boom continued for the third consecutive day as tensions in the Gulf region escalated following iran's seizure of a British tanker. However, domestic oil marketing companies have not changed the prices of petrol and diesel.
Crude oil prices surged nearly 2.5 per cent in the Indian futures market as international oil prices rose sharply. The August futures contract for crude oil on the Multi Commodity Exchange (MCX) was trading at Rs 3,921 a barrel at 03.35 p.m. at 93.35 rupees, or 2.43 percent, while the price had climbed to Rs 3,943 a barrel.
On the other hand, Brent crude on the International Futures Exchange (IC) was trading at 63.79 dollars a barrel, up 2.11 percent to close at $64.02 a barrel. On the New York Merque Tile Exchange, U.S. Light Crude West Texas Intermediate (WTI)'s August delivery contract was up 1.78 percent to trade at $56.62 a barrel, while WTI's price had climbed to $57.02 a barrel.