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Due to the continuously increasing tension in West Asia, the price of crude oil is also continuously increasing in the international market.

Due to this rise, Brent crude jumped very close to the level of $ 100 per barrel today. Similarly, West Texas Intermediate (WTI) crude was also seen trading near the level of $ 95 per barrel today.

Today, Brent crude started trading at a flat level of $ 97.19 per barrel, showing a slight rise of $ 0.03. However, as soon as trading started, it slipped to the level of $ 96.81 per barrel, but after some time its movement increased.

According to Indian time, shortly after 3 pm, Brent crude crossed the level of $ 99 per barrel and reached the level of $ 99.37 per barrel. However, after this there was a slight decline in its price.

According to Indian time, after trading till 6 pm, Brent crude was trading at $ 98.72 per barrel, up by $ 1.56 per barrel or 1.61 percent.

Similarly, WTI crude jumped by $ 1.06 per barrel today and started trading at $ 92.54 per barrel.

Immediately after opening, it fell for a while to the level of $ 90.87 per barrel, but after that its movement increased. Within some time it jumped to the level of $ 94.73 per barrel.

However, later a slight decline in its price was also recorded. According to Indian time, at 6 pm, WTI crude was trading at $ 93.84 per barrel with a rise of $ 2.36 per barrel or 2.58 percent.

Market experts say that this increase in the price of crude oil in the international market can affect the economy of an oil importing country like India to a great extent.

Ravichander Khurana, CEO of Khurana Securities and Financial Services, says that India buys about 85 percent of its crude oil requirement from the international market. In such a situation, the continuous increase in the price of crude oil can significantly increase India’s import bill.

Khurana says that before the war between America and Iran started, Brent crude was trading at the level of $ 71 per barrel in the international market.

It is clear that in the period from that time till now, the price of Brent crude has increased by 40 percent. Due to increase in the price of crude oil, the import bill is not only increasing but the pressure on the oil marketing companies of the country is also increasing.

Earlier also, oil marketing companies had to increase the prices of petrol and diesel due to the increase in the price of crude oil.

Now, if this rise in the price of crude oil continues, then once again oil marketing companies can increase the prices of petrol, diesel, CNG and PNG.

If this happens, inflation will also increase. This will have a direct impact on the prices of essential commodities and this will spoil the budget of the common people.