For Quick Alerts
For Daily Alerts

Iran Sanctions From November 5 To Make Fuel Dearer


US President Donald Trumps' Iran sanctions will apply from November 5 and in its wake it is highly likely that crude oil which has receded to lower levels will again trade higher at levels of $85 per barrel. This will again make auto fuel dearer in Indian cities, which for quiet some time has given some sigh of relief of Indian consumers.

Iran Sanctions From November 5 To Make Fuel Dearer

The economic sanctions on Iran have been re-imposed by withdrawing away the nuclear accord of 2015.

Early this week, prices of brent crude touched levels of $77 per barrel but again due to kick back in equities is trending higher in price. And now as the Iran sanction is to come in from November 5, brent crude will again climb up in price to $85 per barrel.

The higher price will be on the hopes of losing a major oil producer as per the Care Ratings report. Also, the report pointed that prices can remain on the higher end due to the winter months, supply side constraints in Venezuela and Libya and impending resolution between the US and Saudi Arabia.

But, given the bullish outlook for crude after the Iran oil export sanctions become effective, auto fuel will again jump higher in price, which for 9 consecutive days has seen a fall in some of the major Indian cities.

So, despite the current situation of higher petrol and diesel prices out country is reeling under, we may expect the trend to continue even further.

Read more about: us iran oil petrol diesel
Story first published: Saturday, October 27, 2018, 9:39 [IST]
Company Search
We use cookies to ensure that we give you the best experience on our website. This includes cookies from third party social media websites and ad networks. Such third party cookies may track your use on Goodreturns sites for better rendering. Our partners use cookies to ensure we show you advertising that is relevant to you. If you continue without changing your settings, we'll assume that you are happy to receive all cookies on Goodreturns website. However, you can change your cookie settings at any time. Learn more