Brent crude prices have risen by a quarter since early last month as hopes fade for a permanent resolution to the six-month-old U.S.-Iran conflict. File
| Photo Credit: Reuters
As of late Tuesday evening (September 9, 2026), benchmark Brent Crude futures were trading 3.6% higher than their previous close at $101.43 per barrel. West Texas Intermediate futures had also soared 3.6% higher over its previous close at $96.44 for every barrel.Further, according to government data, India’s crude oil basket was averaging $108.91 per barrel on September 8.Reflecting on the current oil price trends, Prashant Vashisht, senior vice president and co-group head, corporate sector ratings, at ratings agency ICRA, observed that at the current benchmark prices until September in the ongoing month, petrol and diesel were incurring under-recoveries of ₹5 per litre and ₹23 per litre and under recoveries on domestic LPG are at ₹200/cylinder.“If the current geopolitical situation persists, crude oil prices could rise further given that several countries, including China, were tapping their strategic reserves for a significant proportion of their consumption and their return to the market could increase demand amid restricted supplies,” he observed.According to shipping data from Vortexa and Kpler, drone and missile attacks on Saudi Aramco’s Jizan refinery have offered prospects for Indian refiners to export and meet the emerging demand for diesel in Europe. Exports have surged to about 120,000 barrels per day in August, shipping data indicates. Published - September 09, 2026 01:26 pm IST
