Iran-Israel war: Brent tops $114 as Strait of Hormuz remains closed; Petrol, diesel prices in India hold stable

Crude oil prices have remained above or around the $100 per barrel mark over the last few days as supply has been disrupted due to the conflict in West Asia. Concerns have also increased over the Strait of Hormuz, as Iran continues to control the passage. The Strait of Hormuz is a crucial shipping route that carries nearly 20 per cent or one-fifth of the world’s ‌oil ⁠and liquefied natural gas trade.

Qatar’s Ras Laffan industrial city hit by Iran

Iran, on Thursday (Mar 18), fired ballistic missiles targeting Ras Laffan Industrial City, the heart of Qatar’s liquefied natural gas (LNG) infrastructure and one of the world’s most important energy export hubs.

The energy giant QatarEnergy said that multiple projectiles hit the facility, which led to fires and caused “extensive damage” to critical processing units.

Qatar’s government condemned the attack as a dangerous escalation and violation of sovereignty, closed parts of its airspace, and responded diplomatically by expelling Iranian military and security attaches. The strike came after Iran’s South Pars gas fields were hit by Israeli forces in aerial attacks.

Petrol and diesel prices in India

Petrol price in India, as of Thursday, stands at Rs 103.54 per litre, whereas diesel is at Rs 90.03 per litre.
The highest petrol price was recorded in Thiruvananthapuram at Rs 107.30, whereas the lowest was in Chandigarh at Rs 94.30.

LPG and CNG prices in India

The Domestic LPG (14.2 kg) price in India stands at Rs 912.50, which saw a surge from Rs 852.50 last month.
The highest price was recorded at Rs 1,002.50 — Patna (Domestic (14.2 kg)), and the lowest was in Noida at ₹910.50.

Crude oil carrier Jag Laadki reached Mundra Port in Gujarat on Wednesday. This followed the successful docking of the LPG carriers Shivalik on March 16 and Nanda Devi on March 17.

The ship experienced a scare while loading its cargo at Fujairah Port in the United Arab Emirates (UAE) on March 14, when Iran allegedly attacked the oil terminal. Fortunately, there were no reports of damage to the vessel or injuries to the crew during the incident.