Crude oil surges past $111 amid US-Iran tensions as the Strait of Hormuz remains closed to trade.

Crude oil surges past $111 amid US-Iran tensions as the Strait of Hormuz remains closed to trade. The 38-day conflict has created significant pressure on global energy markets, with Brent crude futures climbing sharply. However, India's government oil marketing companies are maintaining stable petrol and diesel prices at state-run pumps to protect consumers. Private retailers like Shell India have implemented substantial hikes, with petrol prices rising by 7.41 rupees per litre and diesel by 25.01 rupees per litre. Commercial segments face steeper increases, including a 25 percent hike in industrial diesel to 137.81 rupees per litre. The Centre's recent excise duty cuts of 3 rupees per litre on regular petrol and complete exemption on diesel are providing crucial relief, allowing government companies to absorb crude cost pressures.