Published: June 22, 2026, 10:57 AM IST
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New Delhi: In a concerning development, oil prices have witnessed a major surge on Monday after US President Donald Trump warned of possible military action against Iran if Hezbollah continues its attacks on Israel. This has fueled major concerns that ongoing peace negotiations between Washington and Tehran could face setbacks. Following President Trump’s statement, Brent crude rose by as much as 2.2 percent at the market open, reaching USD 82.30 per barrel, while West Texas Intermediate climbed above the USD 78 mark on Monday.
Crude oil prices witness a major rise:
On Sunday, the Iranian media reported that the negotiations faced uncertainty after Tehran had suspended talks in Switzerland following a warning from Trump. However, sources familiar with the discussions said the negotiations continued. Iran also accused Israel of breaching the ceasefire in Lebanon.
The high-level discussions at the Swiss resort of Bürgenstock mark the beginning of a 60-day negotiation period initiated after Trump signed a memorandum of understanding last week aimed at easing tensions. Although Iran claimed once again to have shut the Strait of Hormuz, oil shipments through the crucial waterway continued largely uninterrupted over the weekend.
As per a Bloomberg report, negotiations extended into the early hours of Monday and focused on issues such as safeguarding navigation through the Strait of Hormuz and ensuring compliance with the ceasefire between Israel and Hezbollah in southern Lebanon.
Petrol remains over Rs 102 per litre in New Delhi Today
In India, the petrol and diesel prices are fluctuating amid the ongoing conflict in Iran and rising tensions around the Strait of Hormuz. Since March 2026, about 10.02 Lakh PNG connections have been gasified and infrastructure has been created for an additional 3.22 Lakh connections, taking the total to 13.24 lakh connections. Further, about 9.94 Lakh customers have been registered for new connections.
The Middle East crisis has resulted in an abnormal increase in crude prices. In order to protect consumers from this impact, the Government of India has decided to absorb a part of this burden through a reduction in excise duties on petrol and diesel by Rs. 10 per litre. It is important to note that there has been no report or official announcement from the government regarding any increase in petrol or diesel prices following the surge in crude oil prices.
In New Delhi, the petrol price on June 22 stood at Rs 102.12 per litre, while in Kolkata, the petrol price is Rs 113.47 per litre. In Mumbai, petrol is priced at Rs 111.21 per litre. In Chennai, the price of Petrol was recorded at Rs 107.87 per litre. Among NCR cities, the petrol price in Gurgaon is Rs 102.80. Petrol price in Noida is Rs 102.09. Meanwhile, petrol prices in Bangalore are Rs 110.61.