Crude Prices Near $100 Benchmark; India’s Basket Reaches $106 Amid Middle East Strife

Mumbai, Sep 8 – The price of crude oil worldwide is edging toward the $100 per barrel milestone, and India’s own basket has surged to $106.26 as hostilities intensify in the Middle East.

The Petroleum Planning and Analysis Cell reports the basket’s average hit $100.75 on September 7, the highest since May. Historical averages were $90.19 in August, $82.04 in July and $83.22 in June. During the May U.S.–Iran tensions, the basket briefly touched $106.23.

At 14:20 local time, Brent crude was quoted at $97.73, up 0.75 %, while WTI climbed to $93.11, gaining 1.78 %.

The Hormuz Strait, a vital conduit for about 20 % of global oil shipments, remains closed due to the sustained conflict, further tightening the market for Indian importers.