Oil Prices Surge Near $92 Amid Escalating Iran War; India Assures Adequate Energy Supplies
Global crude oil prices surged sharply on Saturday as the conflict involving the United States, Israel, and Iran intensified, triggering fresh concerns about supply disruptions and inflationary pressures across global markets.
Benchmark Brent Crude climbed to $91.84 per barrel, while West Texas Intermediate (WTI) rose to $89.62 per barrel, reflecting sharp gains in global energy markets.
The surge means Brent has risen 24.55 per cent while WTI has jumped nearly 32 per cent in recent weeks as geopolitical tensions in West Asia deepen.
Brent crude crossing the $90-per-barrel mark marks the first time since April 2024 that prices have reached this level.
Conflict Drives Energy Market Volatility
The latest spike in oil prices comes amid intensifying military hostilities between the US-Israel alliance and Iran.
US President Donald Trump recently claimed that Iranian military capabilities were being “demolished ahead of schedule,” asserting that Iran’s air force and air defence systems had been severely weakened.
Meanwhile, Iran’s Foreign Minister Abbas Araghchi told NBC News that Tehran has no intention of entering negotiations and is prepared even for the possibility of a ground conflict.
Energy analysts warn that prolonged conflict in the region could disrupt supply routes and push prices further upward. During the early phase of the Russia-Ukraine War in 2022, Brent crude had surged to $139 per barrel, highlighting how geopolitical shocks can rapidly destabilise global energy markets.
India Says Energy Supplies Remain Stable
Despite global volatility, government officials in India have assured that the country remains in a comfortable energy position with sufficient stocks of crude oil and petroleum products.
According to senior officials, India currently has adequate reserves of petrol, diesel, aviation turbine fuel (ATF), liquefied petroleum gas (LPG), and liquefied natural gas (LNG) to handle short-term disruptions.
Officials said India has diversified its energy sourcing and continues to import oil from multiple regions, reducing dependence on the Strait of Hormuz, a critical global oil shipping corridor affected by the conflict.
“Today, we have more energy sources than what is stuck in the Strait of Hormuz. We are in a comfortable position in crude oil, oil products and LPG,” a senior government official said.
Russian Oil Imports Play Key Role
India has significantly expanded imports from Russia since 2022.
Officials noted that Russian crude accounted for just 0.2 per cent of India’s imports in 2022, but that figure rose to around 20 per cent by February 2026, with India importing approximately 1.04 million barrels per day.
These discounted supplies have helped stabilise India’s energy market despite global price fluctuations.
Refiners Boost LPG Production
The government has also directed refiners to maximise LPG production and prioritise domestic supply to prevent shortages of cooking fuel amid potential supply disruptions.
Officials clarified that reports claiming the shutdown of the Mangalore Refinery and Petrochemicals Limited (MRPL) refinery are incorrect.
According to government sources, the refinery remains well stocked, and refiners across the country have been instructed to increase LPG output to ensure uninterrupted supply.
With global oil prices rising sharply amid escalating conflict in West Asia, energy markets are bracing for continued volatility.
However, Indian officials maintain that diversified imports, adequate reserves, and increased domestic refining capacity are expected to keep the country’s fuel supplies stable despite global disruptions.
Our Final Thoughts
The sharp rise in crude oil prices highlights how geopolitical conflicts can quickly influence global energy markets and consumer prices. While the Iran war has pushed Brent crude close to $92 per barrel, India’s strategy of diversified sourcing and strategic reserves appears to be cushioning the immediate impact. The coming weeks will be critical in determining whether the conflict stabilises or pushes oil prices into another prolonged surge.