Crude Oil Prices Cross $100 per Barrel

09-Mar-2026 02:15 PM

Mumbai: In the international market, crude oil prices have risen above $100 per barrel, and there is a possibility of further increases in the near future. This could have serious direct and indirect impacts on many oil-importing countries around the world. On the Chicago Mercantile Exchange, crude oil futures have surged by 20%, reaching $114 per barrel.

Earlier last week, the price of U.S. crude oil had already increased by 36%, while Brent crude prices had jumped by 28%. Due to the ongoing Iran–Israel war, petroleum production in West Asia, the Middle East, and Gulf countries has started to be affected.

Although diesel and petrol prices have not yet been increased in India, if global market prices continue to rise, a price hike may become necessary. This could lead to higher transportation costs and may once again push up food inflation.