Inflation in the fuel and power basket accelerated to 25.85 per cent in September from 22.93 per cent in August, reflecting elevated energy costs amid the West Asia conflict
West Texas Intermediate (WTI) crude declined $0.90, or 0.96 per cent, to $92.84 a barrel, while Brent crude fell $1.01, or 0.95 per cent, to $105.60 a barrel
Brent crude futures declined 0.07 per cent to $99.18 a barrel as of 0119 GMT, while West Texas Intermediate (WTI) futures fell 0.39 per cent to $90.17 per barrel
Brent crude futures for November rose USD 1.14, or 1.1 per cent, to USD 101.48 per barrel at 0317 GMT
India’s daily LPG consumption is around 90,000 metric tonnes, compared with domestic production of about 34,000-35,000 metric tonnes
The attacks followed recent Houthi advances along Yemen’s western coastline, including the capture of Perim Island at the entrance to the Red Sea
Oil movements through the region have continued despite the conflict, but further attacks on tankers or infrastructure could increase the risk of more significant disruptions
The International Energy Agency (IEA) had previously expected global coal consumption to decline slightly this year
The latest increase followed fresh military action involving the US and Iran as well as attacks by Iran-backed Houthis on Saudi Arabia, adding to uncertainty over energy supplies from the region
Iran on Monday threatened retaliation against further US attacks on its assets. The warning followed strikes between the two sides over the weekend, with no diplomatic breakthrough reported
Shipments from Asia, including India, are expected to total between 1.8 million and 2 million metric tonnes, equivalent to roughly 13.4 million to 14.9 million barrels, during August
Brent crude futures rose $2.11, or 2.40 per cent, to $90.20 a barrel, while US West Texas Intermediate (WTI) crude gained $1.89, or 2.27 per cent, to $85.30 a barrel
Brent crude futures fell 0.7 per cent to $87.24 a barrel in early trade, marking a fourth consecutive session of losses
Crude prices have risen more than 50 per cent this year as the six-month conflict between the US and Iran has disrupted shipments of crude oil and refined petroleum products from the Middle East
The assessment comes as energy markets contend with disruption around the Strait of Hormuz and the possibility of continued instability in the Red Sea
Both benchmarks had settled more than $1 higher on Tuesday, reaching their highest closing levels since July 31
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Oil prices are now at their highest levels since the two countries signed a memorandum of understanding on June 17 aimed at ending the conflict
