Petroleum Minister Hardeep Singh Puri said rising crude prices during the West Asia conflict led to ₹74,781 crore in losses for state-run OMCs till June 30
Brent futures rose 50 cents or 0.69% to $73.45 a barrel at 1208 GMT, while US West Texas Intermediate (WTI) crude climbed 63 cents, or 0.91%, to $70.13 a barrel
Brent crude fell 10.6% last week, its third weekly decline, after crude shipments through the strait rose last week to their highest level since the US-Israeli conflict with Iran began in February
Brent crude futures fell 19 cents, or 0.25%, to $75.07 a barrel as of 0055 GMT, while US West Texas Intermediate fell 13 cents, or 0.18%, to $71.79 a barrel
Brent crude futures fell 78 cents, or 1.0%, at $76.30 a barrel as of 0350 GMT. US West Texas Intermediate slipped 78 cents, or 1.1%, to $72.43 a barrel
On Monday, oil prices fell nearly 5 per cent to their lowest close since March 4, after US President Donald Trump said a memorandum of understanding was signed to end the US-Israeli war with Iran
Brent futures were down $2.11 or 2.3 per cent at $88.27 a barrel by 0640 GMT, while US West Texas Intermediate (WTI) crude dropped $1.90, or 2.2 per cent, to $85.81
Prices have been volatile in recent sessions, swinging by as much as $6 for both benchmarks on conflicting signals over a possible end to the three-month US-Israeli war on Iran
The rupee weakened against the dollar as crude oil prices surged following fresh US strikes on Iran and concerns over disruptions in the Strait of Hormuz
Brent crude futures rose $2.16, or 2.05%, to $107.49 a barrel by 2346 GMT, the highest since April 7, and US West Texas Intermediate was at $96.17 a barrel, up $1.77, or 1.88%
On its part, the government has denied reports of hiking petrol and diesel prices despite the surge in crude oil in the backdrop of the conflict in West Asia.
Brent crude futures were up $1.59, or 1.6 per cent, at $100.07 a barrel at 0842 GMT while West Texas Intermediate futures rose $1.51, or 1.7 per cent, to $91.18
