Global crude oil prices stayed above $90 per barrel on Tuesday as geopolitical tensions in West Asia continued to influence the market. Brent futures were volatile throughout the day before settling at $90.80 per barrel around 4:55 PM IST, a slight dip of 0.06% from the previous close, according to livemint.com.
The persistent uncertainty surrounding the US-Iran conflict and the strategic Strait of Hormuz has maintained a geopolitical risk premium on oil prices. Earlier in the day, Brent crude touched $91.74 per barrel, marking its highest level since June 30. This volatility reflects investor caution amid fading hopes for a diplomatic resolution between the US and Iran, the report noted.
The sustained high oil prices have significant implications for India, a major crude importer, potentially increasing import costs and inflationary pressures. The ongoing conflict in West Asia has kept global energy markets on edge, with Brent crude's price movements closely watched as an indicator of geopolitical risk. The current price levels are among the highest seen in recent months, underscoring the conflict's impact on commodity markets.
Brent crude futures for October delivery traded at $90.80 per barrel on the Intercontinental Exchange as of Tuesday evening, maintaining a price level above $90 for the day, livemint.com reported.