Commercial LPG Prices Skyrocket by INR 993 in Delhi Amid Iran Crisis and Strait of Hormuz Standoff; Global Oil Prices Surge
Crude oil prices rose on Friday as efforts to resolve the Iran crisis reached a stalemate, with Tehran continuing to block the Strait of Hormuz and Washington restricting Iranian crude exports. Brent futures for July on Intercontinental Exchange gained $0.81, or 0.73 per cent, to $111.21 a barrel, while West Texas Intermediate rose 31 cents, or 0.30 per cent, to $105.37.
New Delhi, May 1: Crude oil prices rose on Friday as efforts to resolve the Iran crisis reached a stalemate, with Tehran continuing to block the Strait of Hormuz and Washington restricting Iranian crude exports. Brent futures for July on Intercontinental Exchange gained $0.81, or 0.73 per cent, to $111.21 a barrel, while West Texas Intermediate rose 31 cents, or 0.30 per cent, to $105.37. Both benchmarks have posted gains for four consecutive months, analysts noted.
Brent crude oil had crossed $120 per barrel for the first time in 4 years, heightening inflation concerns and putting pressure on global markets. Market participants flagged new supply concerns after Brent’s June contract, which expired on Thursday, hit $126.41 a barrel, its highest level since March 2022. British and European central banks cautioned about rising inflation, while the United States is working towards a coalition of allied countries and shipping companies to ensure secure transit through Hormuz. Brent Crude Price Hits Four-Year High of USD 126 As Donald Trump Signals Continued Blockade of Iranian Exports, Potential Military Escalation.
A ceasefire though in effect since April 8 felt shaky, as on Thursday evening, Iranian Foreign Ministry spokesperson Esmaeil Baghaei said it was unrealistic to expect quick outcomes from negotiations with the US, according to multiple reports. Fed Chair Jerome Powell has warned that rising oil prices due to the Middle East conflict are boosting inflation and complicating policy. Asia faces greater economic risks from the energy shock, he added. LPG Price Hike: Commercial Cylinder Rates Jump by INR 993, Domestic Rates Unchanged; Check Latest Prices in Delhi, Mumbai, Bengaluru, and Other Major Indian Cities.
The price of a 19-kg commercial LPG cylinder has been increased by Rs 993, starting Friday, and after the revision, a 19-kg cylinder will now cost Rs 3,071.5 in Delhi. However, there has been no change in the price of domestic LPG cylinders for 33 crore users, the Indian Oil Corporation (IOC) said in a statement. This is the third time that the price of a 19-kg commercial LPG cylinder has been increased since February 28, when the US-Israel and Iran war began.
(The above story first appeared on LatestLY on May 01, 2026 11:29 AM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).