October 7, 2024 6:32 PM.
Oil prices extended gains today, fueled by concerns over potential disruption to exports from the major oil-producing region amid escalating conflict in West Asia.
In the global crude market, Brent crude was trading more than one and a half per cent up at 79 dollars and 44 cents per barrel and the U.S. West Texas Intermediate (WTI) was trading nearly two per cent up at 75 dollars and 84 cents per barrel when reports last came in.
With global oil prices flaring due to widening conflict in the Middle East, India is watching the situation carefully and is confident of navigating any challenges it may pose, Oil Minister Hardeep Singh Puri said on Monday.
“We are watching the situation very very carefully,” Puri said at ExxonMobil Global Outlook 2024 here.
Energy availability, he said, can be affected if there is an escalation in the Middle East.
But supplies are not impacted and India, the world’s third largest oil consuming and importing nation, is confident of being able to navigate any situation.
“I am confident, we will be able to navigate as we did previously,” he said.