Oil Prices Rise As Middle East Tension Flares Up; Check Latest Petrol, Diesel Price Here

Oil prices edged higher on Monday as geopolitical tension in the Middle East came back to focus, raising concerns related to supply issues from the region, but uncertainty over OPEC+ voluntary output cuts and global fuel demand growth obscured the sector's outlook.

Brent crude futures jumped 0.4% higher to $79.16 per barrel as of 0018 GMT, while US West Texas Intermediate (WTI) crude futures were up 0.4% at $74.36 a barrel.

According to a Reuters report which quoted U.S. military, fighting has resumed in Gaza and three commercial vessels came under attack in international waters in the southern Red Sea, as Yemen's Houthi group claimed drone and missile attacks on two Israeli vessels in the area. The resumption of the Israel-Hamas conflict triggered the bullish momentum for oil prices, CMC Markets analyst Tina Teng said.

The US oil rigs rose five to 505 this week, their highest since September, energy services firm Baker Hughes (BKR.O) said in its closely followed report on Friday.

Oil prices are recovering from a decline of more than 2% last week on investor skepticism about the depth of supply cuts by the Organization of the Petroleum Exporting Countries and allies including Russia, together called OPEC+, and concern about sluggish global manufacturing activity.

On Russian oil, western countries have ramped up efforts to enforce the $60 per barrel price cap on seaborne shipments of Russian oil it imposed to punish Moscow for invading Ukraine.

The US on Friday imposed fresh sanctions on three entities and three oil tankers.

India resumes imports of Venezuelan oil:

Indian refiners have resumed buying Venezuelan oil via intermediaries, with Reliance expected to meet executives from state company PDVSA next week to discuss direct sales after the easing of US sanctions on the South American country, reported Reuters quoting people familiar with the matter said.

Trade restarted between the OPEC producer and the second largest destination for its oil after Washington in October temporarily lifted sanctions banning Venezuelan oil exports, prompting a series of spot sales of crude and fuel through middlemen and investors, mostly to China.

Check New Updates Petrol and diesel In Your City Today

In the national capital Delhi, the price of one litre of petrol and diesel is Rs 96.72 and Rs. 89.62 respectively.

1 litre of Petrol in Bangalore is retailing at Rs 101.94, while the same quantity of diesel is selling at Rs 87.89 in the city.

In Noida, 1 litre of petrol costs Rs 96.79, while the price of the same quantity of diesel is Rs 89.96. One litre of Diesel in Gurgaon retails at Rs 89.96, while the cost of one litre of Petrol in the city is Rs 97.10.

In Chennai, 1 litre of Petrol is retailing at Rs 102.63, while the same quantity of diesel is selling at Rs 94.24 in the city.