Donald Trump’s Iran sanctions may spoil your Diwali; here’s how
Donald Trump’s sanctions on Iran are kicking-in from November 5, just two days ahead of Diwali. This could lead to oil prices jumping back to $85 a barrel, subsequently resulting in higher fuel prices, which have been on a downward path lately.
In the short term, once the sanctions come into play, the price of Brent could once again cross $85 given the sentiment of losing a major oil producer among other factors, Care Ratings said in a recent report.
The rising tensions between US and Saudi on the impending resolution of dead Saudi
journalist Jamal Khashoggi, the onset of the winter months and the supply outages in Libya and Venezuela could keep the prices of oil elevated for a while, the report added.
Oil prices have slumped lately below $80 a barrel as Saudi Arabia’s OPEC governor said the market may become oversupplied soon, Reuters reported. However, Fitch Solutions said “fundamentals in oil … remain broadly bullish (for higher prices)”, largely because of the US sanctions against Iran’s oil exports.
Meanwhile, fuel prices on Friday were cut for the ninth consecutive days on the back of falling crude oil. However, the trend may reverse if crude oil prices jump again, as widely expected, after November 4.
Despite the tax cut and 9-day-long cut by oil companies, fuel prices continue to remain high. In Delhi, petrol is retailing at Rs 80.85 per litre, and in Mumbai, it can be availed at Rs 86.33 per litre. Diesel prices in Delhi and Mumbai were Rs 74.73 per litre and Rs 78.33 per litre respectively.
Although, India recently increased its oil demand from Saudi Arabia to offset fall in supply from Iran. The country is also mulling ways to continue oil trading with Iran even after the sanction.
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