Crude Oil Price: Due to increasing tension in West Asia, crude oil started boiling again, price reached near $ 93 per barrel.

Crude Oil Price: Due to increasing tension in West Asia, crude oil started boiling again, price reached near $ 93 per barrel.

Crude Oil Price: The war between Israel and Hamas in West Asia is taking a very severe form. In such a situation, in view of the increasing threat of global tension, the prices of crude oil in the international market have again reached close to $ 93 per barrel. The price of global oil benchmark Brent crude has increased by 3.36 percent to reach $ 92.92 per barrel. 

After the strike on Gaza hospital, tension is increasing in West Asia and Gulf countries. Expressed fear that the war between Israel and Hamas could spread from the entire West Asia to the Gulf countries. Due to this, there is a rise in the prices of crude oil. 

India’s problems may increase due to increase in crude oil prices. More than 80 percent of its fuel consumption is dependent on import of crude oil. On one hand, the rupee has weakened to the level of 83.27 against the dollar, while the government oil companies may face a double blow due to the rise in crude oil prices in the international market. They will have to spend more money to buy dollars to import crude oil. On top of that, buying crude oil will also be expensive. 

Last month crude oil had reached $97 per barrel. After which the prices came down to $85 per barrel. But since the start of the war between Israel and Hamas, crude oil prices have taken a U-turn and have now reached close to $ 93 per barrel. 

Due to the rise in crude oil prices, a big decline has been seen in the Indian stock market. Sensex fell by 550 points and Nifty by 150 points. Investors have suffered a loss of about Rs 2.50 lakh crore in today’s trade. The fear of judgment has spread to other areas of the war in the market too. 

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