Tensions in West Asia have once again reached a peak following recent airstrikes by the United States and Israel on Iran. The rapidly evolving situation has heightened uncertainty in global markets, with geopolitical risks clearly reflected in rising crude oil prices. Investors and energy markets remain on high alert.
Countries like India, which rely heavily on oil imports to meet energy demands, are particularly vulnerable to such global developments. Although there has been no immediate major change in petrol and diesel prices across India, any prolonged escalation or disruption in supply chains could lead to higher fuel costs in the coming weeks.
Following the February 28, 2026 attacks, Iran has vowed retaliation. Earlier nuclear negotiations in Geneva failed, though technical-level discussions are scheduled in Vienna. This ongoing uncertainty has significantly impacted the oil market.
Brent crude is currently trading between $72 and $73 per barrel — approximately 15 to 20 percent higher than at the start of the year. Meanwhile, US crude prices have crossed $67 per barrel.
As of March 1, 2026, petrol prices in Delhi range between ₹94.72 and ₹94.77 per litre, while diesel is priced between ₹87.62 and ₹87.67 per litre. In Mumbai, petrol is retailing between ₹103.50 and ₹104.21 per litre, and diesel between ₹90.03 and ₹92.15 per litre.
Oil marketing companies review prices daily, but the impact of sharp international market fluctuations typically reflects within one to two weeks. If tensions persist, Indian consumers may soon feel the direct impact at fuel pumps.
