The Crude Oil Prices have spiked by over 3% after the latest strikes on Saudi Arabian energy infrastructure and attacks on ships in the Middle East compounded supply concerns.
Brent crude futures were up $3.21, or 3.1%, to $107.82 per barrel by 1218 GMT, having hit a session high of $108.65. U.S. WTI futures gained $2.77, or 2.8%, to $102.82.
In a week, the oil prices have surged around 9% higher after the attacks in the Middle East intensified. Brent has risen above $100 a barrel for the first time since July and hitting its highest since May at around $110.
While the key factor that has led to the over 40% surge in crude oil prices since end of February 2026 is the US-Iran conflict. However, analysts are highlighting that concerns have now extended beyond production and exports to Saudi Arabia’s pipeline disruption, shipping routes and broader oil supply worries.
Driven largely by higher food prices, the retail inflation is putting renewed pressure on household budgets. India’s retail inflation has accelerated to 4.82% in August 2026 from 4.45% in July driven by the food prices and other key components of the consumer basket.
As per the data shared by the Ministry of Statistics & Programme Implementation (MoSPI), the year-on-year inflation rate based on All India Consumer Food Price Index (CFPI) for August is 5.95% with the corresponding inflation rates for rural and urban are at 6.13% and 5.64%, respectively.
The wholesale inflation for the month of August rose to 9.92 percent from 9.78 percent in July.
Oil prices have surged further after Saudi Arabia shut down the critical pipeline that bypasses the Strait of Hormuz.
Analysts believe the disruption of this pipeline has added a fresh layer of economic uncertainty to an already volatile global economic environment and uncertainty around the oil market.
Crude Oil Prices Shoots Up Over 3%, Hovers Near $108
