Following Iran’s missile attack on the US-led forces in Iraq early today and the mounting political tensions in the Middle East, the spiralling crude oil prices may cause a negative impact on the Indian economy in the long run, but not in the short to medium term period, say experts.
The international crude oil prices breached the $70 per barrel mark today, although cooled off later in the day. Brent crude futures rose 97 cents to $69.24 by around 0403 GMT, after earlier rising to $71.75, the highest since mid-September 2019. However, oil retail prices in India remained unchanged after rising consistently during the week. The petrol price is at Rs 75.74 per litre in Delhi today and Rs 81.33 per litre in Mumbai.